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Real estate record and builders' guide: v. 53, no. 1349: January 20, 1894

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J.nnn.117 20, lSt>4 Record and Guide. 83 iii€traii, s*'.?, ESTABUSHED-^ IWPH 21^^ 18S8, Dp/SteD to Bm- Estate . Buildi)/g %crfiTECTURE .KousEHoiD DEeciF|ATioil, BUsit/ESs Atfo Themes ofGe]>1er&L If/TEFtEst. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published eviry Saturday. Telephone,......Cobtlandt 1370 Communications should lie addressed to C. W. SWEET, 14-16 Vesey Street. J, 2. LINDSET. Buaineas Manager. Brooklyn Office, 276-282 Washington Street, Opp. Post Office. "Mntercd at the Post-offlce at New York, iV. F., as second-class matter." Vol. LIII. JANUARY 20, 1894. No. 1,349 SECRETARY CARLISI-E h.as found courage to do the thing 1^ he ought to have done a year ago, namely, to issue bouds to protect tlie Treasury surplus; but it will not iirofit any one to complain of the delay if the results now are as .satisfactory as they shoulil be. There is no doubt that the ofleriiig will be largely over-subscribed, indeed it is said to be so already, and it is uot likely that the banks will jiut obstacles in the wa.y of their customers getting gold to pay for their bonds, as seems to be the idea iu some quarters. It is as much to the interest of the banks as to any one that the condition of the Treasury should be made good, and from this view alone they may be expected to assist the procurement of the gold mcessary to pur¬ chase the bonds. During all the past ye.ar the b.anks have never done anything but protect themselves, aiiil doubtless they will in the same spirit of self-care see that this loan is not a failure. It is absolutely necessary that the supply of gold in the Treasury should be increased; every iuterest iu tho country, of which banking is ouly one, demands it. The banks which existed all last summer owing to the indidgence of the public are surely not going either actively or passively to .allow that public to be injured. Judged from the results in the stock market the action of the Treasury is having beneticial results already. While the market is in no wise an active oue and prices do not advance rapidly it has an appearance of strength unusual to a professional market. The professional operator is a buyer or a seller indift'erenty as occasion offers, and, as in a trading market the outsider is mainly a seller, the preponderance of influence is tow.ards lower figures. Recently, however, prices have been strong, even when there has beeu no advance. With the n;itional treasury put into a lie.althy condi¬ tion and, as .an Improvement in the condition of general business seems now to be coming, even though very slowly, the hesitation of capital that stands in the way of an advance in the prices of investments and speculative securities should disappear. The bond transactions are already growing larger, with prices advancing, and tliis only needs some such encouragemeut as indicated .above to develop into a regular buying movement that, once begun, will soon spread through the list. THE amount of new capital issued in Great Britain last year was equal to only about five-eighths of what it was in 1892, half of what it was in 1891, a third of that of 1890 and a fourth of thiit of 1889. This .shows not ouly the depression iu tiuancial afl'airs that existed there last year, but also how suspicious the investing public has become since the Baring failure of new enterprises put forward to capture capital. The falling off from year to year shows conclusively that promoters receive less aud less encouragement. The London Bankets' clear.ances, too, show for the year 1893 that the proportion of loss iu business was very much larger ou the Stock Exchange thau in general trade, but the returns irom particular trades show ex en thiit to have been very great, France has a party which is carrying on a campaign for increased protection to agriculture which has some of the revolutionary features to be expected, but what wiU be of most importance on this side is the demand it contains for a prohibitive import duty on wheat. Our populists are outdone by the proposers of a bill now in the Chamber of Deputies, which provides, iu relation to mines, that when a strike has lasted two months and no arbitra¬ tion has succeeded in settling the dispute, the State shall take possession of the mines, with or without compensation, and either work them itself or concede them to a new company or to au association of workmen. Naturally, this has affected the price of mining shares. The bill as described in the foreign prints practically proposes that the State shall indorse any claims the miners may set up against their employers. The shares of French iron and steel -works are advancing in price. On the whole, what with Socialistic views in Parliament and losses on the Bourse as a result of trouble at home and bankruptcy abroad, affairs are no better in France than they are here. The great powers have arranged a customs modus vivcndi with Spain which avoids the trouble anticipated as a result of the favoring treaties made with Hol¬ land, Norway and Sweden, Denm.ark aud Switzerland. N.aturally the Sicilian outbreak -with sympathetic growlings in different points on the mainland, make the Italian financial situation, already bad enough, worse than ever. The continued decline in Italian rentes is also a disturbing feature in Berlin, for the reasons already given. There is