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Real estate record and builders' guide: v. 55, no. 1401: January 19, 1895

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January 19,1805 Record and Guide. 81 Dented to Rp\l Estme.BuiLDiKc %cKiTEcrrun,E*KousEKou>DESOHjnoit B[J5I(/ess AttoThemes of GEffefifcl ll^EST. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Publislied every Saturday. TBtxEpHONB,......Cortlandt 1370 Communications should be addressed to C. W. SWEET, 14-16 Vesey Street. J. 1. LINDSEY. Business Manager. Brooklyn Office, 276-282 Washington Street, Qpp, Post Offioh. " Entered al the Post-office al "New Tork, if. T., as second-class matter." Vol. LV. JANUARY 19, 1895. No. 1,401 For additional BrooMyn matter, see BrooMyn Department immediately following New Jersey records {page llOj. THE Imsiiiess world evidently takes it for granted that Con¬ gress will provide for the needs of the Treasury before adjourning, besides passing some other measures calculated to improve the commercial situation. Senator Sherman's proposi¬ tion is the best yet suggested, aud it will probably form the basis for action when the party leaders finally come to see that it is hopeless to attempt to iiass a comprehensive currency measure at present. The public evidently does not think it possible that Congress can adjourn without putting the Treasury iu a better condition than it is now in, otherwise the reports from trade centres would not be as cheerful as they are and the stock mar¬ ket would not advance iu the face of a rapidly declining Treas¬ ury gold reserve and very large exports of gold. In fact, to allow things to drift on as they are drifting would be an offense on the part of our legislators too monstrous to contemplate. Be¬ sides this faith on the part of tlie public, "Washington advices indicate that it is uot misplaced and that the Pooling bill will pass the Senate substantially in the form xn which it came from the House. Other conditions are not unsatisfactory* but clearly in¬ dicate improvemeuts. One fact of importance in this connection is the favorable reports which wholesale houses are receiving from their men on tho road. A further fact, probably more sig¬ nificant than any, is the disappearance cf the crowds of unem¬ ployed from the streets, who last year at this time not only pre¬ sented a picture of indigence very painful to see but in many places endangered the puhlic peace. This change can only be the result of improved commerci.il conditions providing more work for the laboring classes. Whether the improvement of business which has beeu going on for some time will continue remains entirely with Congress, and upon its acts or omissions prices will depend. ---------•--------- STATISTICS, which appear in large quantities at the opening of the year, bear out the assertions made for some time that business abroad touched bottom last year and is nowimproving. The clearings of the Loudon banks for 1894 were less than in auy year since 1887 aud the tot.al clearings for Stock Exchange days less thau in any year since 1885, but when details are ex¬ amined it appears that there was a gratifying increase in both items for the last quarter of the year compared with the same qua^rter of 1893. The revenue returns also show a pleasing increase to tho extent of promising a surplus afc the close of the Government's fiscal year in Marcli next. The Bank of England has increased its advances upon both government aud other securities, whieh is also true of the returns of the Bank of France, the Nethcrlauds Bank, the Bank of Spain and the National Bank of Belgium. Rates for money coutiuue absurdly low for Loudon, but quite good on the Continent, especially at Paris. Prices, however, have as yet shown small signs of rally¬ ing, but the drop has been so steady that 1894 ought to be the low year for most things. The London Eeonomisfs table shows of twenty-six typical articles twenty selling at the close of 1894 lower than at the end of 1893, four at the same price, and only two, saltpetre and petroleum, selling higher. The Vienna Boui'se has had another scare, rates for loans on securities hav¬ ing risen to 20 per cent., the Austro-Hungarian Bank refused to make loans to operators, aud only the intervention of funds from other markets prevented a panic. The action of the home bank was intended apparently to punish houses that were repu¬ tably fond of speculation and not because its loanable funds were exhausted. Trade returns for November in Germany, Austria and India all show increases. The political situation at the opening of 1895 is not more mixed than usual, the evident disposition of the Emperor of Germany to run things alone ex¬ citing more fear for his oi,vn people than for others. At the moment, remarkable as it may appear, there is no war scare, though of course one can arise at auy moment where so many nations maintain armies on a scale warranted only by a. near danger of war; but, this notwithstanding, the specialists in that line will apparently fight many a campaign in the reviews and newspapers before more effective forces are sent to the front. Another significant fact ia the coolness with which the French public took the resignation of one President aud the election of his successor; all the excitement seems to have beeu confined to purely political circles. -----------■----------- A CORRESPONDENT writes chiding us bitterly for publish¬ ing last week Mr. Benner's prediction of the financial outlook for the coining year. He thinks, in the first place, that it is very poor policy for a newspaper to say anything that must be unpleasant to the majority of its readers, and what could be more unpleasant now than to be told that business depression has settled down upon us and will remain upon us for some time to come? Ho also thinks Mr. Benner is utterly discredited as a "prophet," and no attention should be given to his utterances. It is, of course, unuecessary to say anything about the strange idea that it is the whole duty of a newspaper to tickle the taste and the imagination of its readers. As to Mr. Benner's efficiency as a "prophet," Mr. Benner utterly disclaims any intention to figure in that role. Every business man attempts to do what Mr. Benner attempts, that is, to anticipate future commeicial conditions by reasoning from the exiierience of the past and the state of the present. Wall street operations are largely based upon just such anticipations about the future. Finaucial writers on all the daily papers vaticinate likewise. The only difference between the diurnal screed and Mr. Benner's forecast is that the latter endeavors to reach out a little further- There are at times facts in a nation's affairs the significance of which may legitimately be supposed to extend over a twelve mouths, and with care these facts and their consequences may be understood. In the years 1889,1890 and 1891, Mr. Benner pre¬ dicted a renewal of speculation and trade and high prices. There were facts at the time which warranted the prediction. We know it was not very far from correct. In 1892, when everything was booming, Mr. Benner said: " We are noio approaching a lotv price cycle.'''' " I now predict tliat the channel of trade will become stagnant, and general htisiness will lam-gnish and low prices will prevail for the next six years." That was three years ago. The events of the last eighteen months have painlully proved the accuracy of this prediction. No man, of course, can be cognizant of all the elements which make up the commercial condition of a nation like ours. There is great opportunity for error. The most that Mr. Benner or any oue else can do is to study with care the larger signs of the times. More than once Mr. Benner has done this with rare accuracy. Wo have not aud'others have not always agreed with the reasons he gave for Mr anticipations and often when we have differed from him theresultssomehowhavejustitiedhis judgments. To-day he thinks that business is not about to revive. Certainly this is uot a hazardous statement to make in view of existing condi¬ tions. The deficiency in t^o corn ei'op last year, tho low prices that prevail generally, the despondent tone of peojile, make very strongly forthe dark side. On the other hand there are many things which abundantly justify more hopeful presemtments. The very lowness of prices, the prevalence of despondency are regarded in some quarters as indicating thatthe bottom has been touched. Then, too, unquestionably there are not so many people unemployed to-day as there were at the same time twelve months ago. We publish elsewhere some interesting facts ou this point. During the last year great economies have beeu effected in the working of the commercial machinery, and these read,iiistmeut9 give merchants flrm ground to stand upon. Moreover, there are vast sums of capital lying idle in all the great money-centres and histoiy certainly shows that this is one of the most importaut and potent of prerequisites for a revival of trade. In sliort, the facts of our situation are pretty well known. Every man may be his "own prophet" in these mat¬ ters if he does not care to accept Mr. Benner as such. To some extent every merchant must do something in the "prophet business " for himself. ---------«--------- WHEN the Power of Removal Bill is passed the necessity of bringing all the "diffeieut departments of the city to¬ gether in one building, or in a set of connected bnildiugs, will be more pressing than ever. The M,ayor of the city will then he tho real head and not merely a member ex-offlcio of each and every department, and that beiug tho case it ought to be po,ssi- ble for him to bring the responsible chiefs together for consulta¬ tion or to confer personally with any oue of them by a touch of a bell. The importauce of concentrating the offices of the city departments is so obvious that it is a matter of unceasing wonder that it has uot beeu done long ago. Among the virtues of our people none excites the unflattering regard of the foreigner as does its patience under offtci.al inflictions. It is its cajiacity for long suffering that has made it possible for tbe municipal authorities