Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 54, no. 1376: July 28, 1894

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Jnly 28,1894 Record and Guide. 123 ESTABUSHED-^MARpHSf^ Dr/oTd) 10 Rea,l Esta.ie .0uildi/Jg %crfrrEcrTUKE .KohseKold DE(3ciF;ATOri, Bl;SI^/ESSA^(DTHEHCSOfGEKERAl-IT^TERES^. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS.! Published every Saturday. Telephone,......Cortlandt 1370 Communicalioiis should Ije aildreasBd to C. W. SWEET, 1-1-16 Vesey Street. J. 1. LINDSEY. Business Manager. HRooiiLYN Office, 270-282 Washington Strebt, Off. Post Office. "Entered al Ihc Post-office at Nav Toi-k, If. T., as secondrctass matter." Vol.. LIV JULY 2S, 1891. No. 1,370 For additional Brooklyn viatter, see Brooklyn Department immediately followina -Vcju Jersey records ipage 143). IN lines dh'ectlj''affected by recent strikes there are signs ot pickin;; up. Tliis is notably the case in the iron trade, for while tlie reports ot production for the first halt' oi" the yejir are uot favorable lu'ices are firm aud the stocks ou luiud com¬ paratively very light. Reports from centres of di'y-goods, drugs, etc., .^how uo falling hack aud, if anything, an increase in demand. Considering what a strong luflueuee political con¬ ditions have on trade and that we are iu the very heart of what is the dull season of any year the conditiou of general business ~ cannot he considered at all un.satisfaetory. The stock market, owing (o the continued absence of legitimate business, continues to be swayed aceoidiug to the view taken by the majority of pro- fessifuial traders lor the time beiug of news from Washington. This being the case it is natural that Sugar should receive the greatest amount of altention. Very few, if any, of these traders know- what the ett'eet of the proposed new duties will be upon tlie actual commodity it' imposed, but act on the rule that anything less than tho refiners ask for will be detrimental to the stock. It will be very surprising if there is no room to satisfy the sugar trade between tlie duties as fixed by the Senate, which are prac¬ tically all that is asked hy the trade, and the views of the House, Suppo.sing the rate suggested by Mr. Vilas should be finally adopted, it is very probable that any one who sellsthcstoek short on thiit acconnt will be treated to a disagreeable surpri.se. The railroad list ha.s been weak in consequence of the exposures relating to tlie Atchison accounts, the supposition being that what was done in one case is done in most if not in all the others and llie sii-called stiridus is only a bubble which disap¬ pears on being pricked. The passage of the dividend ou Lake Erie & Wheeling preferred, suggests also that other properties have yet to show their ability to maintain dividends in the face of excessively bad business, and this fact is likely to have a depressing inihience on railroad stocks for a little time yet to come. The continued fall iu the price of wheat, due to the favor¬ able crop news from Europe, is also having its etfect on the value of railroad securities, as is also the continued export of gold. XJAPiVEST jirospects are very good throughout Europe. In -t-L England the percentages made up for July 1, for wheat, barley, oats, beans nud grass were all above 100. Barring the intervenlion of unfavoriible eircunistances the production of cereals will lie tiu; largest ever known in France, Even in Aus¬ tria a wMrni sjiell has remedied much of the mischief caused by cold and rnin in the early pnrt of the season. British receipts of wheat from the United Stjitc-^ wore-1,000,000 cwts. less iu tbe six months closed on June 30 last than in the sametimeof ISOll, this decrease being offset by increased imports from Argentina, Russia and India. A review of the irou trade of Great Britain shows that the exports forthe tirst halt'of this year were smaller than iu the corresponding period for four previous years, but while prices are low there seem to be no large stocks on hand or pressure to .sell, con-iequently a hopeful view is taken of the sit¬ uation. A .similarly favorable prospect is oflered by the great iron centres of Germany. Referring to the overstocked condition of the Lmidon money nnirket and the prospects for iu creased rates, the Economist of that city says: "What W(mld tell immediately would be a drain of gold for the United .States and that is by no means unlikely to arise hefore very huig," The demand for a customs union between Great Britain and her colonies is uot received with much favor in the mother country for the reason that 77.4 per cent of her export trade is done with foreigu countries and only 22,6 percent with hei- possessions, while at the same time only about 20 per cent of the Colonial import and export trade is done outside of British territory. Auy system of differential duties would therefore be at the cost of the home merchants. Argentine custom receipts are falling off at a rate that endangers the existence of what is known as the Romero compromise agreement with the foreign creditors. Tax receipts of France are better than hist year, from which it may be fairly inferred that business there is 'mproviug. T' MIERE is a factor in the situation which is either not seeu or has (piite beeu lost sight of by those who undertake to express au opinion upon the future ot the silver market. The friends of silver have all apparently taken the view that the limit of the demand for the white metal for monetiuy purposes has practically been reached, and thiit tho only way that the nse of silver for coinagecau he increased is hy legislative enactment. It is begiuning to be seen, however, that it is very probable that Africa is destined to play in the immediate future a prominent part in the status of the precious nmtals. That continent is not only becoming oue of the world's chief sources ftn- the supply of gold, but is likely to he a very large user of silver. The com¬ mercial greed of (Termany and Eugland is bringing the white man into trade relations W'ith an immense population which a few years ago was practically nonexistent. These millions are being rapidly annexed t(» the conimertnal markets ot the world. Evenafew years of intercourse with the European had heen sutticient to develop the trader from the former savage, content tobarter his oils and tusks tor old flint locks and fir<; water. Wampum, the old form of shell money once current ou the AVest Coast, is falling into disfavor with the natives, and it is very probable that within a very short time the African races will be numhered amoug the silver using peoples of the world. qualify a case. exactly deliver WHEN the body politic is suffering, a legion of (piaeks come to the front each with a specific that is sure to cure. These misguided men do not seem to nnderstaud that a long course of study and preliminary practice is necessary to them to speak even in the humblest tones about such They come forward, mixtures of ignorance aud—uot im)Mulence—stupidity is probably the right word, and themselves of their ci'ude thoughts with as much assurance as i£ they were the perfect residts of knowledge and experience. In this way we have currenc.v, anti-option, aud other populistic cures for Ihe present business distress. There are many, too, who think the restrielion ot immigration will do the country good. Among these is the Nebraska Congi-essman who has introduced a bill into the House to restrict immigration by the imposition of a poll-tax i>f $100, at a time when working peo¬ ple are leaving the Uuited States as if it were stricken with the plague and the immigration has fallen olf to aucimrmous extent. The cutting of steerage rates between this country and Europe is increasing the eastward travel but not the westward. The people who are going away are of course the thrifty ones who having saved money and finding themselves out of work are returning to their old homes either to wait for better times here or because they see better chances for employment on the other side of the Atlantic. Iu view of these circamstauees alone, any attempt to restrict immigration is an absurdity. Economically nothing could be more unwise or mis¬ taken. Labor follows the line of the greatest demand, like other things, and that fact alone, whether we wish it or not, will be sufficient to limit immigration for the present. But there will come a time w-hen the flow should be this way and any artificial barriers to its movement will inflict the greatest injury to the country. The value of these additions to our pojiulation will then he learned. Great Britain has a population equal to about half that of the United Stiites, in a territory equal in extent to that of the State of New^ York only, yet refuses to stop the infu¬ sion of new blood info its working forces, thereby recognizing the value and necessity of Fleming, Frenchman, German and others in maintaining its many iudustries. The United States, Avitli immense undeveloped territory and in the dawn of ita industrial success, can very much less afford to turn away the thought and energy, to s;iy nothing of the actual cash, that is represented by every shipload of immigrants that conies to its shores. A DISCUSSION recently had in the French Chamber of Deputies brings out forcibly the illogical aud unreason¬ able stand that workmen will take under the advice of irre¬ sponsible leaders. A company working the Grai-ssessac collieries, which has paid no dividends tor two years, decided to close some pits worked at a loss and discharge 300 men. The otlier men employed by the company asked that all the miners be kept on, but that the weekly hours ol labor be reduced so that all could he employed. As an experiment of this kind had already been tried unsuccessfully the company declined to renew it and a general strike was organized. The Socialistic group in the Chamber sought to bring pressure to bear on the company by moving to cancel its niiuiug concessions, which was, however, not voted. In the course of the discussion of this inotiou the Minister of