April 22, 1S99
Record and Guide
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PRICe PER VEAR *H ADVANCE SIX DOLLARS
Publtslied every Sat%rday
Tblepbomb, Cobtlandt i:i7«.
Communications should be addressed to
C. W. SWEET, 14-10 Vesey Street.
/. 1. LINDS EJ, Business Manager,
"Entered at the Post-O.Sice at New Joj-fc, A. T., as second-class matter."
Vol. LXIII.
APRIL. 22, 1S99.
No. 1.623.
AN irregular but, on the whole, somewhat strong, stock mar¬
ket has heen seen this week. The irregularity is ex¬
plained by the lessening of speculative interest on the bull side
aud the strength by the fact that a great many of the buyers
in the recent advance have not yet caught on to the fact that
the tendencies do not point their way, and ave still awaiting that
further advance that is to carry them out with a profit. It is
always the case that the close of a movement, either way, leaves
a large party stranded, so to say, but obstinately ignorant of their
true position. As time goes on and the movements of prices
under the ordinary operations of the market bring enlightenment
to them, they sell out or buy in, as the case may be, and so bring
about those reactions for which the shrewd always wait to avail
themselves. A grading down of prices is inevitable after such
a big advance as the one we have just seen, no matter what the
conditions may be. The last weekly government crop report was
better than its predecessor, but local reports from some sections
are in instances discouraging. Frora Kansas, for instance, this
is particularly the case, and ought to prepare Wall Street for a
reconsideration cf the values of the securities of railroads own¬
ing much mileage in that state. Kansas has, probably, been
more disappointing to Eastern capital than any other state in
the Union, because, while it is so very largely an agricultural
state, it possesses a climate which is constantly reproducing
alternating periods of plenty and famine. A poor year means
something far worse in Kansas than it does in other agricultural
states. In the southeastern section of the country the prospects
â– appear to be much better than they are elsewhere, and an at¬
tempt is being made to advance the securities of the railroads
developing that section, on the excellent earning statements re¬
ported and on the fact that these securities did not benefit by
the late advance as much as others did. We called attention
to the favorable position of these securities some time back, and
it has improved since, but whether it is possible to put up their
<luotations in the face of a general tendency towards a contrary
movement remains to be seen. It is a sure thing, however, that
they will not decline very much and will be the first to advance
as soon as liquidation is completed and a new movement on the
long side can be inaugurated; meantime they have a chance of
being the exceptions that always are found to any movement.
FRO'M Europe not much of interest commercially and finan¬
cially has transpired during the week. The improvement
in the condition of the Bank of England, shown by its statement
issued last Thursday, and the drop in the outside discount rates
remove some of the fear th-at was expressed for the money mar¬
ket, but the change in the conditions was not sufficiently favor¬
able to induce the Bank to lower its own rate, which remains
at the comparatively high point of 3%. The persistency with
which Araerican securities are sold by Europe whenever a good
market is offered for them indicates the demand that exists for
funds for home enterprises. But for this, instead of selling
Louisville & Nashville, Southern Railway and Norfolk & West¬
ern, London, at any rate, which has always had a great regard
for these issues, would be buying them, now that the railroads
on which they are predicated are doing so well. It is also clear
that Europe is raising money on other Araerican bond and stock
issues, as it has often done before when in need. Russia has
stopped buying gold and is in the market again as a borrower,
owing, it is said, to the extreme distress caused by the famine
and the demands on the government for assistance. The loss
of revenue is always great as a result of such calamities; for,
while the failure to pay taxes is one of the unpardonable of¬
fences in Russia, it is not possible to collect them from the
people who have parted with their all to keep breath in their
bodies. Politically, however, Russia is as alive as ever. Having
established herself securely at Port Arthur, there are the usual
Indications that she is preparing to press herself forward to the
Persian Gulf. There is the usual shower of newspaper para¬
graphs, magazine and review articles relating to her necessity
for an opening on the Gulf, such as have always preceded the
diplomatic aud military movements that have produced her other
advances. Meantime the preparations for the Czar's peace con¬
gress are proceeding, and Russian journals are prudently fore¬
stalling the first question likely to be asked—whether Russia
herself would set the example of disarmament?—by laboriously
endeavoring to show that her necessities reciuire that she shall
keep h-er present military equipment intact.
THE chances of Rapid Transit seem to be slipping away again.
That is the regular course. For years every attempt to
give this city real Rapid Transit has resulted in the sarae impo¬
tent conclusion which seems to be uow again staring the city in
the face. We might arrange the course of each crisis in the
Rapid Transit disease as fellows: A demand for better transpor¬
tation facilities arises, due to intolerable conditions somewhere.
Everybody agrees that really something must be done. A com¬
mission is appointed, and out of innumerable plans the only
reasonable and practicable one is selected. The Commissioners
go to work to make the selected plan operative. Rapid transit
at last! Nothing of the sort. Somebody, somehow, for sorae
purpose, objects. Sorae other plan which is clean impossible is
revived. The whole situation is thrown into confusion. Poli¬
tician, Governor, Court, some one interferes. Time has elapsed.
Everyone is disheartened. The curtain goes down amid a
chorus of newspaper chatter. In this way what we might call
a Rapid Transit period is completed. And everybody is ready
to 1)egin the crazy process once again.
NSW YORK apparently is now suffering from one of these old
fits. A week or two ago a distinct and solid offer of rapid
transit was raade. All that was needed was a little additional
legislation, and the Rapid Transit Commissioners would have
been in a position at last to give New York the one service it
requires more than any other. The scheme proposed was not
by any means the best ideally, but it possessed this colossal
virtue—it was the best practically. No doubt it would be better
for the municipality to build the underground road itself. We
are in favor of that. But the city can't do it. It fias not the
money. It is not likely to have the money for years to come,
unless by the practice of unheard-of economies and by the ab¬
solute neglect of all improvements otber than Rapid Transit.
The city authorities are opposed apparently to the city's
financing the undertaking. Politicians would clash over it cer¬
tainly. In short, to the practical vision the plan of municipal
ownership is as far away from us as the moon. Yet, the crazy
spell is on us. People are dropping the substance for the shadow.
Misled by self-advertising newspaper clap-trap, they are all run¬
ning toward a precipice beyond which, so far as actual transit
is concerned, there is nothing but the void. Of course if the
citizens of New York prefer to make paper plans and go through
a sort of mock performance of getting them' into effect, instead
of actually building a railroad and running cars on it, why, they
are doing the right thing. They are getting a lot of amuse¬
ment and a heap of talk. But they are not getting a railroad,
and, what is more, they won't get a railroad unless they are
willing to consent to terms that will interest private capital
as much as any other project to which private capital can at the
moment turn. If the city is willing to make those concessions,
someone will build the road for it. There is no prophesying
in this. It is simply saying: We can have the goods if we will
pay the market price for them. If we are not willing to pay
the market price, we must make the goods ourselves—that is,
the City must go into the railroad bui:iness and provide capital.
But as the City cannot provide capital to-day, nor within any
period now in sight, it is illusicnary to accept this alternative.
It means nothing. If we decide that the City must build or
own, it would be shorter and better to stop talking about Rapid
Transit and continue to pay out five cents without grumbling
fcr standing room only in crowded cars.
IT is satisfactory to receive assurance from Dr. Roger S.
Tracy, Registrar of Vital Statistics in the Bureau of Rec¬
ords of the Health Department, that the population of this city
is undergoing its natural increaEe, because the increase is neces¬
sary for our progress and prosperity. Dr. Tracy estimates that
on July 1 next Manhattan will have a population of 1,953,569,
an increase of 52,237 over the population on the same day of last
year; Bronx, 16.^.537. an increase of 10,161; Brooklyn, 1,231,548.
an increase of 34,610; Queens, 134,139, an increase of 6,032; Rich¬
mond, 67,260, an increase of 1,944. The percentages'of the in¬
creases do not, however, favor Manhattan as much as do the