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Move mber H, 1888
Record and Guide.
"^^ ^ ESTABUSHED'^'wARilHSl'-^'^ I86B.'
Dev&JeD to Re\L ESTME . BuiLOiKg Afi.Cti'lTECTUI^E .HohSEHOLD DeCOI^TIOpI.
BUsii^ESS aiJd Themes of GEHEfiftL Ij>itÂ£i\est
PRICE, PER TEAR IN ADTAIVCE, SIX DOLLARS.
FidMshed every Saturday.
TELEPHONE, - . - JOHN 370,
ikiinmunlcations should be addressed to
C. W. SWEET, 191 Broadway.
I. T. LINDSEY, Business Manager.
NOVEMBER 34, 1888.
The bracing weather of the past few days, starting from the Westi
has brought with it a. good trade feeling, which has sliown itself
both in retail and wholesale lines in every city and large centre of
business from Omaha to New York. Whatever may be the outÂ¬
come, certainly we hear more hopeful talk lately than has been
indulged in for months. In many articles this talk has been backed
up by ijricee. For instance, raw wools, since the first week in
November, have advanced from 15 to 18 per cent. One of the
largest manufacturers of wool blanketing in the country, Dobson, of
Pennsylvania, states tbat he has been offered 18 per cent, advance
on every pound of wool which he laid in previous to November.
Yarns of all gi^ades have improved in price, and as stocks are low
there is every i^robability of still further advances, particularly if
general trade continues to improve. Many large hnes of cotton
goods have been sold this week at prices which last week buyers
refused, and some manufacturers who have moved a large part of
their surplus stocks refused further business at figures wliich
only last week they would gladly iiave accepted. On the whole
the outlook has sensibly improved.
If the stock market is really the pulse of a country it would seem
tliat the business of the nation is not in an entirely satisfactory conÂ¬
dition. There has been no marked decline in quotations, but there
has been dullness and an unsettled feeling. Hopeful people were
looking for a better state of things after the Presidential election was
over, but this has not made its appearance. It was supposed that the
large corn, hay, cotton, fruit, vegetable and other crops would have
added to the receipts of the raik-oads, despite the shortage of the
wheat crop. But railroad profits seem to be falling off, not only
because of rate wars, but for the reason that there is an actual
diminution of business as compared with last year. A bad sign has
been the failure to import gold this fall. Indeed instead we are
shipping some gold, which is anything but a " bull" argument,
A suspicion begins to prevail tha.t the great railroad interests of
the country are not ready for any upward movement in securities.
They want the Interstate Commerce law amended in several
important particulars. The clause against poohng is regarded as
especially obnoxious. Undoubtedly a determined effort will be
made to get this law amended duriug the coming short session of
Congress. Should the railroad companies be successful it would
change the whole financial situation, but if this is the programme
what hoise is there for the "bulls" in stocks before the 4th of
March, when Congi-ess adjourns. We will miss the expected Jan-
uaiy rise and there will be no money on the " bull " side except in
Still there are hopeful people in the " street" who think tbe market
cannot be kept down. They point to the great corn, hay aud
cotton crops, and say these will give the roads all the freigiit they
can carry. As for rates they can be put up any time the trunk
lines agree to do so. There is certainly a better feeling in real
estate, and then there is a larger demand and a higher price for
iron and steelâ€”always a good sign. For the year just closing we
will have built 6,000 miles of new track. This makes a good average
year for railroad construction, aud the chances seem to be that next
year will be an active one for the opening of new lines and the
extension of old ones. New construction has pretty well stopped in
the West. The more recent enterprises are in the South, on tlia
-Pacific coast, and are distributed among other parts of the country.
Hence the new construction has been more wholesome, for it has
met natural wants. The section of the country which seems to
require most attention is in those regions in the Southern States
which have developed new industries.
The St. Lawrence haa been deepened between Montreal and
Quebec. Time was when there was only 11 feet of water in
many places between these two cities. The depth is now 23 feet,
so that incoming vessels can sail for 800 miles up the St. LawÂ¬
rence to Montreal. The Dominion of Canada is straining every
nerve to satisfy the wants of her foreign commerce, while our press
bitterly opposes the internal improvements which would enable us
to keep pace with oui- northern neighbor. The appropriations for
our own hai'bor and for improvements on the lakes are ridiculously
inadequate, ^nd every effort to improve our harbors and waterways
at once oalls down the anathemas of the journals of the country.
We ought to spend from $5,000,000 to $8,000,000 right here in this
harbor to deepen the channel in the Lower Bay, to construct the
Harlem Ganal and accommodate the throng of shipping which is
attracted to wai'ehouses on the Brooklyn side of Buttermilk Channel.
But the contemptibly mean attitude of New York towards the rest
of the couuti-y in the matter of improvements is met naturally by a
refusal by Western and Southern Congressmen to vote appropriaÂ¬
tions which are needed in New York,
The rapidity of the gi-owth of the west side is very well shown by
the recent annual report of the Manhattan Elevated, which gives
the following comparative statement of the passenger traffic on the
several lines during the past two years:
Year ending Year ending Increase
Sept, 30, 1888. Sept, 30, 1867. '88 over W
Second aveuue.............................. 33,280,853 30,593,079 1,758,874
Third avenue............................... 68,308,460 e6,57u,454 1,733,006
Sixth avenue.............................. 53,115,905 45,204,992 7,010,973
NlQtbavenue.............................. 17,814,411 16,050,717 1,103,684
Tota^ ...................................171.628,780 158,963,333 J3,Gfi6,557
These figures show that wliile the increase of passengers on the
Third Avenue road was 1,700,000, on the Sixth Avenue road the
increase amounted to nearly 8,000,000. As the total increase on all
tiie roads was over 13,566,000 it follows that the increase on the
Sixth Avenue was nearly three-fourths of the total number. It will
be remembered that when the famous merger scheme was projected
the Metropolitanâ€”that is, the west side roadâ€”was put in at a small
valuation, but Mr. Kneeland and his associates always contended
that in time the Metropolitan (when the west side was btdlt up)
would do a larger busiuess than the rest of the system. The above
figures also show that the Second Avenue had a greater increase in
passengers during the year than the Thu-d. The problem of the
futm-e, however, is to further utilize the Manhattan system so as to
give swifter and more frequent trains on all the elevated roads.
What we need, of course, is an Arcade road, or such a one as that
projected by Mayor Hewitt; but any such improvement would necÂ¬
essarily take time, and a great deal of it. In addition to extra tracks
on the Second, Third and Sixth Avenue Elevated, there ought to be
another elevated road over the Boulevard ; also one over a widened
and extended Elm street. These we could have in a few years'
time, and New Youk would be fixed until a real rapid transit road
was built under Broadway, or in accordance with some such scheme
as that of our JWayor. Our point is, that the city authorities should
co-operate with the Manhattan Company in extending present facilÂ¬
ities. Of course, we expect that the company would pay for the
chance to make more money out of our citizens.
lu the meantime our surface street car service could be improved.
Nay, it is being improved by the gradual addition of cables and
electric motor power. The Julien cars on the Fourth Avenue road
seem to be successful, and we are promised a cable on the Third
Avenue within a year. Indeed, we are informed that the Eighth
and Sixth Avenne lines are as desirous of adopting the cable as the
Tliird. When this is done our streets will be rid of many unnecesÂ¬
sary horses and a great deal of dirt. There will also be a valuable
saving in the time of ti-ansit. Our progi-ess in intermural travel is
slow, but it is real. By the end of this century local travel will be
in pretty good shape in New York city.
Oue of the surprises of the recent Presidential contest was the
hea-Vy falling-oif in the Prohibition vote. The temperance sentiÂ¬
ment was so aggressive and active, particularly in the South and
West, it did seem as if there would have been an increase instead of
a decrease in the vote for Candidate Fisk as compared with that of
Candidate St. John. But it is clear that the large Prohibition vote
four years ago was due to the dishke of Blaine by the Republicans
with temperance proclivities. Evidently Harrison was more satisÂ¬
factory to them. Then the saloon vote proper showed itself very
powerful, both in New York and New Jersey. It is very clear that
the concentrated liquor interest won its way by money very largely.
It re-elected Governor HiU, notwitlistanding the Mugwump and
Labor opposition to him, and money must have been veiy extenÂ¬
sively used. It is clear that burning local questions of the future will
be opposition to the saloon vote and reform in oui- election laws,
practically doing away with bribery at the polls. The use of money
in carrying elections must be put a atop to orjour Republican instiÂ¬
tutions cannot last. The Republicans in thia coming session of the
Legislature will undoubtedly pass the High License and Election
Refoi-m enactments. Governor Hill will veto them probably, buf
the issue will be made up for furture contests.