Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 50, no. 1269: July 9, 1892

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JtiTy9,1892 Record and Guîde. 37 # 0e/07ED ĩO F^t ESTAJE ■ BuiLDIf/G ApCtíITECTJl^ .KDUSEWOLn DEGOHAIiOtí. BlíSltJESS Atto ThEMES Of GeHERAI i;JT£í\ESĨ PRICE, PER FEAR I\ åOTliyCE, 8IX DOLLARS. Publisked evøry Saturdag. Tblkphonb:: . _ . . Cobtlaniit 1870. Commumcations should be addressed to C. W. SWEET, 14 & 16 Vesey St. J. J. LINDSEY, Business Manager. "Entered at the Poetofflee at New York 'N. F., o* secimd'Olnss matt'^r." VoL. L. JULY 9, 1893. NO. 1.269 rTTHAT thTe is very little to be said of the present condition of tbe -L Stock Market íb proved by Ibe readiness with which it returns to professioDal lines after the agitation of the early part of theweek. Tbe raliy from the lower pricee iiflrects most a limited line of specu- lative issues provĩng the character of the trading, and from the fact thatinvestment issues readily respond to depression aud rally tardily, it may be conciuded that there is no prospect of a aubstantial bull move, Tbe best that can be hoped is ihat tbe market wiU not deveiop more weakness than it now sbows or has shown for some weeks. With a renewal of Ihe melancholy affair at HomeBtead or further Congressional actim toward free coinage of silver, prices would undoubtedly stiffer, though it is not so sure that they would benefit very much by the failure of eĩther. The moveraent of prices on Tuesday forcibly illustrated the fact that in matters of ũuancial leeislation the thine to hs most feared Í8 not a scientific deduction of its results but what the public think or fear the results will be. The passing of the Siewart bill by the Senate to thinking minds was not sufficient to warrant the dechne in Stock Market quotations that took place. The action of one chamber of Congress is a long way from making a law, and espe- cĩally when the session is aDparently near its close and, more important still, when it is presumed on good grounds that even if suchaction Í8 approved by tbe House íts admissĩon to the Statute Book would be barred by the PresideQt's veto. The fact is that on the BÍlver question there is în the minds of the public a sensítive- nessapproaching tbe fever point, and a mere indication on the part of our lawmakers of an intention to force thÍB country furtber on in the bimetallic experimenc witbout the co-operation of the other great nations creates fear, while a move in that direction canuot fail to be disturbing and tDÍschievous. The House of Eepresenta' tiveshashad more than one opportunity of seeing how harmful silver legislation caa be 10 the business community,aDd if it wants to remedy the injury so recently done by the Senate it will give an emphatic disapproval of aoy attempt in that directíon until the views of tbe whoie businees world bave heen obtained on the questiou in the confetence for wbich aiTange- ments are now heing made, It is a melancholy fact that buBÍness men look upon the adjournment of our legislative bodies witb the same saLÍsfaction as schoolboys regard tbe back of a severe schoolmaster, At oae time it is ihe lawgivers of Texaa or Elansas, or some other granger State, whoserelegation to their pri- vale coDcerna is most desired; at the present moment the on.y pleasurable prospect afforded by the present session of CongreBs to the eye of Wall street is the prospect of its ciose. The feara of the advocates of a single standard, it is true, may be exaggerated and the uUimate results of a larger measure of silver currenoy less injurious tban tbey believe. Tbere always is a good deal of tbe hogy in any figure set up by a partisau. But io tbis case the par- tisans happen to have the power of realizing for tbe tĩme being all the fears that animate them. The act of 18itO has been followed by an accumulation and jealous holding of gnld by the banks and a lessening of tbe Treasury gold surplus. An erlargement of the purposes of that act, such as is contemplated by tbe Stewart bill, in tbe present circumstances, would unquestionablylead to further hoarding of gold and might compel ihe Treasurj to resort to extreme measures to maintain the paiityof gold and silver, The very first evidence that tbe Treasury had to take such steps would be tbe sigual for a sbarp decline in securities. The decline in tbe price of silver is a fact which alone ought to , alarm its friends, and to warn tbem t..at tbeir eff-Tts are mis- directed, Increased production does not esplain tbat decline. If there is any iiicrease of production, the amountannually takeninto ^ the Treasury vaults under tbe act of 1890 verV much more tban off' pets it, That the price of silver is lower lO'day than ic was prior to tbe passicg of tbat act is onl? explained by tbe faot tbat tbe atti< ^de oí tbe ânaucial worl^ fowaid tbat ^ct makea lulver a 1«|)^ desirable commodity to hnld than it was before its enactraenfc. There are those who maiotain t at even if a silcer basis was reacbed no harm would result provided it wae fixed, and m sup- porfc of their argument they point to the time prior to the resumption of sf>ecie payments wben the ccuntry prospered and grew rich, had its boomH anrt its paoics. Those who argue this way forget that since tbe resumption of specie payments neither booras nor panics have been so violent, simply becauee the basis was the most stable one that could be devised, and the trade and commerce of the counlry have beeo all the better fur such steadier conditions as have been. Nĩr do they take mto account the dan- g*TS incident to and inseparablefroraa processof liansition. What they may be, the last two years have given a mild Bpecimen. THE polifcical sifcuation of EuroperemaînsunusuallTundisturbed and consequently the businees of both the contineot and Great Britain, althouab dull, is regular and suund. According to thGbestaccounts the visit of theKmgand Queen of Italy to tbe German Eoaperor appears to have strengthened the trauquĩlity. It has certainly assisted a rise in the price of It.nlian Funds. German politicians and siatesmen put such enormius síress on the import- ance and stabili'y of tbe Italian Alliance, that boih operatofB aud tbe public see a reason for putting higher appreciation in Italiau finances than they would be iuclined to do if they made tbeir opĩn- ion upon a considerationof the Italian Buãget alone. Tbe favor- able impressions derived from polilical calculations are very much emphasized by the silent, yet powerful ac[i