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December 15,1994 Record and Guide. 879 ^■^ ^ - t5TfiBLISHED-^WARpH2liJ>166B. Dev&teD io Rea,! Eswe . BuiLoiffc Af^cif itecture .HouseHoid DEcaufciKMij Bifsii/Ess Alto Themes oFGEffeR^L Wtcrest, PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.I Pnhlished every Saturday. Telepho.ve,......CoriTLANDT 1370 Communications sliould be .iddreBfled to C. W. SWEET, 14-16 Vesey Street. J. 1. LINDSEY. Business Manager. Brooklyn Office, 276-282 Wasdington Street, Opp. Post Office, "Entered al the Posl-office al New Torlr. A\ T., as second-class matter." Vol. liv. DECEMBER 15, 1894. No. 1,396 For additional Brooklyn matter, see Brooklyn Department inimediaieiy following New Jeraey records {.gaiie 90(1), THE stock market has rarely ii ever been so strong iu tlie I'lu-e of beavj' 5iol(l exports as it has this week, antl although it weakened somewhat yesterday wlieu the amoimt to be shipped wae actually annotiuced, the Iaet did uot detract from or make less apparent the real stren^rtk tliat uuderUes the market. Whatever teiitleneiew prices display in the next week, or uutil the demands of Eiiroiie tipoii our gold supply tire sati.sHed, it is finite obvious that there is a greater disposition to buy thau to sell, aud tbis, coupled witli thelight realizing of security holders in the past thirty days, argues well t'oi' better quotations with the incoming year, Tlie ehasteued spirit in which Cougress lias received siiggcstiotis i:
y kiudied in¬ dustries, uotabl.v the iiou iudustiy, wliich is languishing siinpJy beeanse of the policy of extreme economy to wbicli the railroad companies are now compelled to jesort because of the povert.y of their returns. It has become an anxiom that when the rail¬ road industry' is depressed alt bnsiuess is depressed. That is hitrdly the ease, because tbe railroads can only lose theiu busi¬ ness when other industries decliue. But there can be no question what<'ver that as soon as th<; railroads feel justified iu placing their orders for steel rails, equipnient, etc., ahead of the time Avheu they will be required, bii.siiiess all over the country will receive an immeuse stimulus. For this reason the attitude; of the Sen¬ ate and President toward the Pooling Bill will be awaited with the utmost interest iu all the markets of the countiy. The iiu¬ niediate movement of prices will therefoi e, continue to hinge ou aetiou or iiiactitui in I 'ongress. LONDON is not doiugnunhiuforeign securities, consequently home and colonial governments and municipals ave receiv¬ ing more attentiou than .sfCiiis quite consistent with an expecta¬ tion of tlie niaintcnauee ot prices of those issues. Consols make uew records every week and some of the municipal 2^s iiroinise to touch par, one, of wluch !j<7,."i00,0()0 were issued onIj'eigh¬ teen months ago at SH, is now teu poiuts higher. These prices will not stand when the fi Die comes for large withdrawals of money into lonimeice. Speculation i)uie and .simple has beeu aluiost wholly conhued to South Afriean gold mining shares, of wliich large issues have been made asa resuitof the increased output of the mines. The advance in tlie price of Consols, in which deposits in tli<' Post Ottiee Savings Bank are invented, and the automatic reduction that \v\\\ take place iu the return paid on tbem, may Compel the government to consider the necessity for reducing interest luiid on deposits from 2^2 to 2 percent. Paris has not only taken to speculating in SoittJi African gold mining shares, but is also forming a company to work a number of claims under a <-one(!Ssiou from the East Rand Company, The French Chamber of Deputies has under discussion a bill to iucrease by '30 to .">0 per ceut. tbo duties ou starch, exotic farin- acea aud their derivatives. The Bour.se was kept strong for the fioatingof the now Russiau loau. Germany repovts the condi tion ofthe several irou centres in her midst as still unsatisfac¬ tory, business .shrinking notwithstanding low prices. In Berlin a demand for American investments is .springing up. Renewed friction between the Government and tbe Socialists is can.sing uneasiness iu political circles, Vienua and Budapest liave it . seems botb beeu thoroughly scared by their recent narrow escape from panic, and propositions have beeu introduced into the bourses of liotb cities to prevent iucreasiug gambling i 11 securities; if will be interesting to learn how thoy propose to do it. Austria is again in tlie market for gold; all the gold cur- reuLy reijuired for the refonu ii«\v being canied out must be coiued within two years. Bohemian sugar has fallen in value ill advauce of an inci-ease in the output of the German refineries this year. The premium on gold at Buenos Ayres baving risen agaiu, Argentine securities have decliued. Figures recently published show that exports of wheat, corn, etc., from the Argentina iucreased in value from $l(j,800,000 in 1889 lo $29,000,000 in 1893, aud exports of wool, hides, skins, etc, de¬ creased from fp!Hi.700,000 ill 1889 to :^.~i3,000,000 last year. The growing capacity of the Republic to ship wheat is .shown by the faet that exports for the tirst half of 1894 were greater than those forthe whole of the ^previous year, which iu turu were double what they were iu 1892. Iu 1882, 1,700 tons only were exported, and ten years later nearly 500,000 tons, last year, 1,000,137 tons, and this year, in six mouths, l,029,54(j tons. From ,Juiie SOtb to October 31 st, the British market alone took about 300,000 tons, so that it is possible that the complete re¬ turn for tbe year will show another doubling of the amount sold in foreigu nnirkets. " Map-Making," ^0 nutuy reforms have beeu .suggested lately that one hesitates 1^ to add to the list. Such a great uumber of plans bave been laid out for tinkering with the municipal structure without re- con.stnieting it at tbe foundation, where the evil really is, that tbero is great dauger that in the end we shall conclude to retain the old bnilding witb tbe addition of merely a few slight super¬ ticial alterations, liowever, while people are in so kindly a mood towards all schemes for reformation which do not include themselves, we canuot resist the temptation to point ont a cer tain direction along which the zeal of the real estate body might travel for the beneht of all eoucerned. It is obvious that as fhe city grows, the lines of individual iu¬ terest and activity must, with increasiug frequency, cross the lines of public or corporate inteve-st and activity. All legal pro¬ ceedings attending Ihe opening of new streets, the wideuing of old ones, the creation of parks and public places, the acquisi¬ tion of land for railroad and other .similar pnrposes indicate where these intersections occur. Broadly speakiig, the princi¬ ple that rules in these collisions between the iuterest of the few und the interest of the many is that the lesser mnst succumb to tbe greater—public requirements dominate private convenience. This is all very well, aud on the score of the principle oue has' no complaiut to make. The evil, and hence the need tor refor¬ mation, arises from the manner in whichthe principle is worked out. It is sciircely too much to say tbat the entire .system of acquiring veal estate fov public ov quasi-public purposes now in vogue, ueeds restriction if not reconstruction in ovdev to insure a full measuve ot fair dealing to owners of realty which that chiss is very frequently de.x»ived of to-day. In another column our readers will hnd a story of how the City bas, unwittingly, no doubt, and perhaps through the force of tbe defects of the system undev which the aiitliorities work, trifled with a vast amount of property of its citizens tone .ad¬ vantage to any one. It is an ordinary example of how, when- cvev veal estate is wanted lor municipal purposes a cviule auti- quated ineflicient piece of machinery is set in motion at an unnecessary eost to everybody—except, be it uever forgotten, to the few who arc " wovking" it. In this Concourse ov Boulevard mattcv beyond the Havleui, to which we allude, tbe Departments liave goue to wovk in a randoiii way to jilan on the maps of the city a new thoroughfav<' of quite uuusual dimensions. By the e-stimates the improvement culls fov an expenditm-e of fi-om Iifteeu to tweuty millions of dollars. It affects, of course, a very lavge amount of property divectly as well as iudiveetly. We have nothing to say about tho impiovemeut itself; what we wish to point out, iu tbo interest of pvopevty owners, is tbat it and othev similar improvements should not be legally consideved until the authorities have fully deter¬ mined that the improvemeut is necessary and piacticable and pavticulavly have ascevtuiin^d that the means fov cavvying it ont pvouiptiy to a successful conclusion arc positively at theiv com¬ mand. As mattevs van to-day, tlie Deptirtnient " go it blind," us the saying is. A few ambitious, ov perchance public-spirited citizens, make their appearance, lift theiv heads fov a moment above tbe euovmous level of populav iudiftereuce to civic affairs and demand that the Great Multilineav Boulevavd extending for -----miles, fvoni —th street to —th stveet, to eost $50,000,000, move ov less, be undertaken, as it is an immediate necessity if New York City is to retain its supremacy as tlie chief city in the Union. The authorities arc convinced. It is havd to be dis¬ obliging iu so small a matter. It is comparatively easy to de¬ lineate the proposed impvovement upon the city maps and, too, the action has an air abont it of official activity aud entevprise. This essay iu map makiug, bowevev, is a veally serious mat¬ ter for tbe veal estate owuevs whose propevty is touched by tbe cai'togvapbei'.s'linei^, The only veality in the proceediug up to this point is the effect which it has npon real estate. !Monlbe
