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.Innnniy 27, 1891 Record and Guide. '129 ESTABLISHED-^ »ARPH2l'J^ 1868, Dn^TED TO Real Estate . OulLDI^'c ApcrfiT£CTUi\E ,KouseHou) DEGd^nori, Bifsii/Ess A^fo Themes ofGejJei^L IKteres-j. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. Telephone, ...... Cortlandt 1370 Coniraiinieations sUonlrt he aiUlressed to ,;... C. W. SWEET, 14-16 Vesey Street. ../. J. LINDSET. Business Manager. Brooklyn Okfuk, 27ii-282 Washington Stiieet, OiT. Post Office. " Entered al the Post office at New Tork. N. P., as second-class matter." Vol. LIIT. JANUARY 27, 1894. No. 1,350 For additional Brooklyn matter, see Brooklyn Department immedlatdy following New Jersey records {page 15.S). THE stock market fluctuates according to the way in wliich Wa.shinjrtoii news att'ects the profes.sional mind, also occa- sionally influenced by the returns of earninjis fioiii the difl'erent roads. But the way in which prices in the main keep their ground or recover it wlicii lost shows that outsiders are not anxious sellers. The outw.-ird aiipearances are not the best that could be wished for by any nieaiis; there is very little doing in the commis.sion houses and money continues to pile up in tlie banks, showing how small is the demand. The failures continue heavy in point of numbers at least, and in the aggregate if not in the average greater in the matter of liabilities than they Avere at this time last year. The continued fall in the price of wheat is a very unsatisfactory feature, though not by any means so much ,so as the doings in Congress, where any crank.y theorist has an opp
^l'.i,- 000,000 in the annual expenditures for interest whereby a new loan could be issued, the Trea.sury being m need of new money. Indeed, .M. Leroy Beaulieu declares that at the rate at which money is spent a loan of from .$11)0,000,000 to.t20O,(l0(l,(l00 will be reiiuired ever.y three or three and a-half years. Three years ago a loan of iiii7."i,000,000 was raised and the Trea.sury is again bare. .Moreover, reports of revenue from taxes show a large falling ott'. In (Terniany it is expected that a further reduction in the Bank rate will be made before very long. This gives some satisfaction, but it does not do away with the fact that the general de]>ression is very great. Besides the reports that come from Beriiu, of the large number of unemployed in that city, a further iiroof of bad times is found in the estimates of returns for the Prussian income tax for the .year 18!i4-i»,"> ; notwithstanding that tlie number of taxpayers has increased by l:t,!)51, thi; estimated total yield of the tax shows a decline ol' l,(i,")2,717 marks. Towards tliis decline corporations coiitribnt<^ a large share. The total of the iucomes sub.iect to taxation shows .a decline of about 9 per cent. Reports from some of the coal and iron centres of the Fatherland are encouraging. The .Vuslrian anil Hungarian Fiuauce Ministers have decided ou the measures to be taken to realize the currency and standard reforms in the Empire. Jlore than one-half of the money necessary being already coined, 200 millions of florins' worth of notes are to be withdrawn and destroyed in 1S<)4 and ]S>>,j. This total is made up of 07 millions of one-florin notes, 70 millions' worth of five-florin notes, and 03 millions' worth of fifty-florin notes. For these 200 million florins the bank is to receive 100 millions of florins' worth of gold coins each year as a return for the silver florins and notes. This will rid the bank of its silver and allow it to build uji a gold ie.serve. Silver is to be substi¬ tuted for the small notes, and it will be interesting to watch from this side where there is a geueral, but largely sentimental Iireference for small paper to the exclii.sion of silver, how the .Vustro-Hungarian public takes to the uew silver coins in the place of the greasy scraps of paper they are accustomed to. The cautious way in wliich this reform is being carried out is creating confidence of its success in the minds of the business public. The Britisii public has in the Board of Trade returns .just published an opportunity of seeing what were the con¬ ditions of trade last year. Imports decreased 4.4 per c-Mit and exports 4.1 per cent, the money involved being about !i<9.">,000,00( I ill the fir.stca.se and !^42,."iOO,000 in the »"cond. This is not nearly so liad as it appears, because a very 1 irge jiart of the decline in im])orts is due to cheapness of the articles imported. In the item of wheat imports alone there was a saving to the nation of about .fHli.TiOl^OOO by reason of reduced price, and in other grains a saving trom the same cause of $32,0(»0,000. I'hc live cattle landed in iH!)!! were valued at !fil.'.,000,000 less than in ln92. These advantages of cheaper food were gained largely at the cost of the United States, aud it is some satisfaction, though not much, to note that the decline ill British exports was due in .some measure to (.Termany and other countries coming to tis directly for cotton aud other sup- ]ilies instead of purchasing through Loudon as had previously been the custom. Judged from the remarks of Lord Landsdowne, the retiring Viceroy of England, it is not likely that the Government will go back in its currenc.y policy by reopening the mints to silver, although he does not ajipear to have given any indii-atioii of what the next step toward a better state of things will be, Italy continues and is likely to continue to occupy an unenviable prominence in all the financial centres of Europe. It is generally conceded that it is impossible for her to go either forward or back. The treasury is without resources, yet fre.sh taxation means increased discontent, and failure to meet obligations means inability to rai.se money for current needs in the foreign markets. .\ modification of the terms of the triiile alliance seems imperative in order to enable Italy to reduce her military burdens. German.y and .\ustrla have to consider whether they would pre¬ fer au ally that can with a moderate army, but a jieaceable jiopu- lation, keep France engaged in one quarter, or one with a nominal military force of half-a-million men, but really with troops insuflicient to restrain its dissatisfied people, 'i'he Island of Sicily alone requires the presence of over 40,000 troo]is, and it is .said th
