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December 15, igo6
IlECORD AND GUIDE
991
ESTABUSHED-^ MWPH sm^ 1 ae s.
DE^TrtpI^EsTAJE.SinLDIffc A^ITECTURE,HaUSElf01I>DEGCiRAnOtf.
Bi/sr/ess Alto Themes of GeSei^V iKrapi,
PRICE PER YEAR IN ADVANCE EIGHT DOLLARS
Published eVery Saturday
communications should bo addressed to
C. W. SWEET
Downtown OHice: 14-16 Vesey Street, New York
Telephone, Cortlandt 3157
Uptown Olfice: U-13 East 24th Street, New York
Telephono, 4430 Madieon Square
''Entered al the Tost Office at New York, N. Y,, as second-class matter."
Vol. LXXVIIl.
DECEMB(>R 1."., 3900,
No. 2022
INDEX TO DEPARTMENTS,
Advertising Section.
Page Page
Cenaent ..................xxiii Law....................xl
Consulting Engineers ..........x Lumber ...............xxvil
Clay Products............xxil Machinery.................Iv
Contractors and Builders ......v Metal Wort..............xviii
Electrical Interests........viii Quick Job Directory ........xxvii
Fireproofing..............il Real Estate ..............xiii
Granite.................xxiv Rooters & Rooflng !Materlals,.xxvt
HeatinK ..................xvii Stone....................xxlv
Iron and Steel ..'...........xx Wood Products .........xxviii
THIS week's stock market differs but little from that of
last week. It still wants to go up. It shows that the
moment the pressure is lifted, whether that pressure be
tight money or what not, that the market in trying to reach
its goa], has to meet half-backs and short-stops and every
other form of Interference. Yet, notwithstanding all this,
it maintains an upward trend, with, here and there a stock
like Canadian Pacific or St. Paul breaking ioose and making
a ten point advance on its own account. Should money ease
so that the commission houses would feel encouraged to ad¬
vise buying, a smart advance aJong the whole line would be
a certainty. One of our largest banking houses, however, ex¬
pressed some fear as to weight on the market of the new
issues of _stocks by the New York Central, Great Northern,
Northern Pacific and St. Paul companies, amounting in the
aggregate to over two hundred millions of dollars. While
the rights attached to these issues are all favorable in re¬
spect to the larger holders, it is fair to assume that they are
availed of almost entirely by borrowers of money, so that the
new securities do not to any extent find their way into the
hands of investors, and can only be digested by the stock
market. The point made by the banking house referred to
is that during this period of digestion it may be impossible
for these shares to advance. Great care is being taken to
assure Wall Street that there will be an increase in the divi¬
dend rate of Reading next week, and, acting on this in¬
formation, there is a great deal of short selling of the stock.
It will be interesting to see the effect on the shares of the
official announcement that the dividend rate is unchanged.
Recent experience has been that au increase in a dividend
rate has knocked down the price of the shares affected.
The money market still remains nervous, and looks as though
It might grow harsher for commercial and real estate inter¬
ests. Several hundred millions of dollars have clearly dis¬
appeared from circulation, and can only be in the stockings
and pockets of the well-employed laboring class, only to see
the light again after a period of idleness. Incidentally St.
Paul continues to justify all that has been said of this stock
in the columns of the Record and Guide. A price above two
hundred is not improbable for it in the near future.
UNDERNEATH and supporting the present real estate
market there is felt to be by every token a basis of
public confidence and financial strength quite beyond even
what the transactions of a very interesting week have typi¬
fied or been able to measure. In Manhattan especially this
feeling is daily spreading wider among the strongest invest¬
ing and speculative forces, and the several centers of special
interest were all represented prominently in the business of
the week. Particularly significant were the transactions in
Fulton and Barclay streets, which are attributed to the in¬
fluence of the lower McAdoo tunnel project, and certain deals
of exceptional moment on Washington Heights tended to
counteract any thought of a general readjustment of values
in that section. Likewise, the Pennsylvania terminal section,
Middle Stb av and the Brons, ail favorite spheres of action.
were prominent in the trading of the week. No doubt the
activity is largely professional and more particularly note¬
worthy in transition neighborhoods, but notwithstanding it
is clearly based on a quickened investment movement, and
all pointing to the fact that the sentiments now prevailing
are not reactionary. While that demand which in the sub¬
urbs springs from small building companies and home¬
seekers seems to have slackened, the loss on this account
can easily be abscribed to the severities of the season as well
as the money tightness.
The Police Department.
THE Police Department of the City of New York is cer¬
tainly in an extraordinary condition. During the term
of ex-Mayor Van Wyck the collusion between the police and
the keepers of gambling houses, pool rooms and other illegal
resorts was so flagrant that public opinion was incensed,
and it was this public resentment more than any other one
cause which resulted in the election of Setli Low as Mayor.
Mr. Low was committed, above all things, to the reform of
the Police Department, and undoubtedly appointed men as
Commissioners who tried to effect such a reform, but they
failed, and their failure had much to do with his subsequent
defeat. Mr. McClellan, when he became Mayor, in 1903,
showed his mettle immediately by appointing Mr. McAdoo to
the commissionership and later by substituting Mr. Bingham.
Both of these gentlemen have undoubtedly done their best
to break up the collusion between the men who violate the
laws and the men whose duty it is to see that the laws are
enforced, but it is generally admitted that, despite their
best endeavors, they have so far failed. It is no wonder,
consequently, that the public-spirited residents of thia city
are coming to the conclusion that the Commissioner evi¬
dently has not the power under the existing law to reform
the department, and that they are taking counsel for the
purpose of agreeing upon some effective amendment of the
law. The committee of the Citizens' Uniou which is con¬
sidering this matter claims that its purpose has the support
of both the Mayor and the District Attorney, and it hopes to
prepare a bill which will.be passed at the coming session of
the Legislature.
It is very questionable, however, whether any bill can be
drawn which will accomplish its proposed object without the
tise of means wliich public opinion is not as yet prepared to
approve. The general provisions of the bill which will be
submitted to the Legislature have already been outlined.
In the first place, the term of the Commissioner will be
lengthened so that an energetic and able man will retain
office for a great many years and will really be in a position
to learn the business of effectively controlling his subordi¬
nates. The Commissioner will be made more independent of
the Mayor by providing that he can be removed only for
cause and on the official publication of definite charges.
Finally, the Commissioner will be given a greater authority
over his subordinates, so that he will be in a better position
to enforce disciplinary measures. There can be no doubt that
every one of these provisions is intended to correct evils
which the experience of the last five years has proved to be
serious and stubborn. An inexperienced Commissioner is
very much at a disadvantage compared to the experienced
officials who lead the uniformed force. He does not under¬
stand the game as well as they do, and he does not know
whom to trust and whom not to trust. He makes mistakes.
The public becomes impatient and critical. The Mayor feels
obliged to substitute somebody else in his place and the same
process, with variations in detail, is repeated. Hence i tis ex¬
pected that a longer term and a more independent position
will enable an upright and able commissioner to retain the
office until he is really in a position to build up within the
department an effective following of honest and energetic
policemen of all grades, and the additional power granted
to him of disciplining offending members of the force would
undoubtedly greatly contribute to this end. The scheme has,
under existing conditions nevertheless, one serious difficulty,
and that is its tendency to diminish the responsibility of the
Mayor. The whole theory of the existing charter is that the
Mayor shall have absolute authority over the heads of de¬
partments and be able for the purpose of securing loyal sub¬
ordinates to dismiss and appoint them at will. The proposed
revision of the law would make him less responsible than he
is for the most important department of the municipal gov¬
ernment. It would place the Commissioner in respect to the
Mayor in very much the same position that the uniformed
officials of the Police Department have been placecl in respe(^