Record and Guide







ESTABUSHHt^J^











;H2u;i^ie68.





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Bi/siWess AJi)Themes Of GeSer&I Ifftwf*!^

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Published every Saturday
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Co mm iin lea tlon 3 should be addressed to

C. W. SWEET, 14-16 Vesey Street.
J. 1, LENBSEY, Business Manager.

"Entered «(the Post Offiot at New York, If. ¥., as seeond-elass matter."





Vol. LXII.





JULY 16, 1898.





1,583





Tlie Index to Vohme LX.I. of the Becord and Guide, cover¬
ing the period between January 1st and June 30th, lh98, ivill
appear 0)1 Saturday next, July 23. Fricc $1.00. This Index in its
enlarged form is now recognized as indispensable to every one
engaged or interested in real estate and buiidiug operations.
It covers all transactions —deeds, mortgages, leases, aucUon
sales, buiidiug plans fled, etc. Orders .for the Index, accom¬
panied by .til.OO for each, should he sent at onee to the office
of publication,  14 and  16   Vesey Street.

X N industrious body of professionals have kept the Stock
-^~^ Market looking active this week, but a comparison of
prices between now and a week ago shows on the whole rather lo
the disadvantage of the present time. From this remark some
special issues of bonds, which are particularly well affected hy
husiness developments, should he excepted; but they are, though
in a pronounced degree, only the exceptions that always appear
in the market. Attempts have heen made to make much of the
victory of Santiago, but a thing that has long been anticipated
cannot influence the market when it transpires. In fact nothing
can be of benefit while the public is indifferent, as they are now
and naturally are, seeing the big buying and advance we have
had in the past three months. There are in the outlook more
changes for unfavorable than favorable developments, especially
on our political horizon. "Whether Spain makes peace now or
later makes very little difference to our commercial and indus¬
trial situation, the nature of the conclusion is foregone, but
much depends on the laying out of the future national policy and
the manner of its reception by other nations. The Subig Bay
incident is proof positive that Germany has the will to be mis¬
chievous, aud the comments of the German press thereon show
clearly that any attempt to add to the colonial possessions of the
Fatherland will receive the unanimous endorsement and back¬
ing of the German people. We may, therefore, look for a German
finger in the Philippine pie when that question has to be disposed
of. This need not lead to extremities between ourselves and Ger¬
many, and, indeed, is very unlikely to, but it may create an ugly
complication, and one full of danger. The Government and Naval
and Military authorities have so far acted with admirable pru¬
dence so as to insure success to their plans; they need now to be
more prudent than ever, because if they hereafter get themselves
and the country into a difficult or awkward position that will be
Germany's opportunity, and anyone who thinks it will not be
accepted does not know either that people or their rulers. While
the Stock Market is rendered dull by these facts and another fact,
that prices are high, general business is good and improving,
testimony to which is found in the annual report of the H. B.
Claflin Co., which records its experience in these words: "Dur¬
ing January and February our trade was excellent, but the Maine
disaster and consequent expectation of war caused serious mer¬
cantile depression in March and April, from which the country
is now gradually recovering. Great agricultural prosperity and
large importations of gold have in the past been followed in¬
variably by notable activity in trade. Such considerations point
to a material improvement in general business during the com¬
ing half yeai-."





CAPITAL applications in London in the first half of this
year amounted to £86,211,000, or £10,000,000 more than in
the same time last year. A feature of the returns is the compara¬
tively small amount that was applied for from outside the Em¬
pire. The Chinese and Greek loans were the only Foreign Gov¬
ernment loans offered in this market and, outside of £7,148,000
for foreign railroads, very little besides went abroad. This is evi¬
dence of the growing independence of other financial centres of
Loadon. It Is also remarkable that, despite this independence, the





capital applications should Increase. This fact, however, dis¬
closes the enormous activity and development that Is going on
within the British possessions themselves. The cotton industry
of Lancashire has improved considerably during this year, and
the limited liability companies engaged therein have shown In¬
creased profits and declared larger dividends. Prices generally
have advanced substantially as compared with the opening of the
year, the London "Economist's" index figures for the end of June
being 1,915 as against 1,885 for March and 1,890 for December.
The period of advance includes the temporary Leiter wheat boom
and the duration of the Hispano-Americo war, but an examina¬
tion of the various prices in detail does not lead to the conviction
that the rise is wholly due to those events. Of Germany it ia re¬
ported, with a qualification as to the high prices ruling on the
bourses, that trade and commerce are in a very prosperous con¬
dition, and the domestic trade particularly so. The coal and coke
districts continue to report a buoyant business, and tho Krupp
Works, in Essen, are said to be fully supplied for nine years with
orders in guns and other war materials. Austria continues to feel
the adverse effects of a bad internal political situation and tho
Government is in no enviable situation, for the summer months
are being spent in uninterrpted consultations as to how the right
of decreeing what is necessary for carrying on the business of the
state may be applied, and how far the Government can go without
infringing the constitution and taking upon itself responsibilities
that might in future prove too heavy to be borne. The question
of most interest in France is whether the seven-franc duty nn
wheat, suspended May 3 and resumed on the 1st instant, shall be
repealed in response to a popular cry for cheap bread. Reports of
the Indian wheat crop are quite favorable. In the Argentine par¬
liament retrenchment bills have been introduced, but as they be¬
gin retrenchment by cutting down the salaries of representatives
they are said not to be well received. Regarding Mexico, the
British Consul at Vera Cruz states that the effects of the steady
development of the resources of the country are apparent, in spite
of former loss of crops and the retarding influence exercised on
its commerce by protection, aided by a still further drop in
silver. Chili, which has just authorized the issue of ?50.000,000
paper to help out the banks in a crisis, it may be remarked. Is
one of the little powers that caught the gold basis fever from tlia
great ones some years ago, and offers another proof of the saying,
as applied t-> the gold question, that what may be good for one Is
not necessarily good for all.





INDUSTRIAL depression is likely to increase with the continu¬
ation of the war. Complaint Is becoming louder except In %
few special industries directly stimulated by the large expendi¬
tures for military purposes. Real estate and building unfor¬
tunately are not one of these, and our readers have every reason
to hope, not only that Spain will cease from the unequal contest,
but that the campaign will not create in this country a large
body of men selfishly interested In the continuance of hostilities.
War everywhere creates this class. It Is composed not only of
naval and military men anxious for activity and promotion, but
of : cheming politicians who find war a personal and partisan asset
which they are r;luctant to relinquish, in addition to contractors
and others who derive large profits from army and navy sup¬
plies. Now that we have got Spain's measure and are sure of
the finish, all these people are likely to become more and more
opposed to a rapid campaign £Bd a speedy termination of the
fight, either through force of arms or by making the way to
peace as smooth as possible for our enemy. If these people once
get into the saddle and Spain remains obstinate, the opinion of
those military experts In ^ ashington who have said that the war
won't be over for another year at least will not be far from the
truth.





REAL estate men and those who are Interested in building
have particular reasons for hoping that the destruction of
Cervera's fleet, or at any rate the approaching fall of Santiago,
will end the war. From a military and strategic point of view
the success of our arms in southern Cuba Is not a vital matter.
Were Spain possessed of greater resources than she Is, and were
she a united nation at home, the capitulation of Santiago would
be a very distant step indeed from final victory. The importance
of recent events lies chiefly in their probable effect upon the
Spanish mind. Everybody except the Spaniard at home recog¬
nizes that the contest is an utterly hopeless ©ne for Spain. Part
of our problem is to get the people of the Peninsula to see what
other people see, and realize that peace Is for them an affair of
prudence and common sense. We hope the fall of Santiago may
bring the Spaniard face to face with his real position, for It is
clear that if we have to push on to Havana the war will be a
long and costly struggle. We shall have to land a large army In
Cuba, and months of preparation and effort will be necessary.





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