'May 13,1899.
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BlfSD^I A^D IkkuES Of CeHeI^ IrfTDt^l,.
PRICC PER TEAR IN ADVANCE SIX DOLLARS
Published every Saturday.
IBLEFHONB, COBTLANXIT 1370.
Conununlcatlous should Tra addreBsed to
C. W. SWEET, 14-16 Veaey Street.
J. 1. LrNDSBY, Business Manager.
"Entered at the Fost-O^ice al New York, N. Y., asseeond-class matter."
Vol. LXIII.
MAT 13, 1899.
No. 1.626.
A SIMPLE demonstration explains the situation on the stock
market. The recent and unprecedented rise in prices took
its excuse from the removal of danger to our currency, the boun¬
tiful harvest at home simultaneously with crop failures else¬
where, and consequent high prices for grain; our large exports
accompanying small imports, and creating a colossal balance in
our favor, and finally the revival of business activity all over
the country. The question now is to what extent these factors
remain to support prices. While the condition of the currency is
not satisfactory no danger is apprehended from that source.
Business is not only good but growing, and in some directions our
foreign trade, particularly of manufactured goods, is likely to
increase. These are what may be called the permanent bull
^factors. On the other hand our agricultural competitors are again
in the market, and our own crop prospects are not anything like
what we wish them to be; nor are grain prices as good as they
were. We are buying more abroad than we did, and as our in¬
dustries increase must buy more. These things to a very consider¬
able extent mitigate the beneflts we will receive from our perma¬
nent factors. While we have much to be thankful for, everything
is not going our way as it did for two years, and in our opinion
the elements of the situation that favor us are insufficient to
maintain the speculative view that has hitherto prevailed; or, in
other words, that the liquidation so far forced has been insuffi¬
cient to discount the change in the situation or to bring about
that equation between speculative and intrinsic values that is
made from time to time under the mechanical operations of the
market. The outlook is encouraging enough to warrant confi¬
dence in good paying issues and to prevent the others from sink¬
ing to levels reached in times of despondency; but there is such
a difference between high quotations and the low records of the
comparatively recent past that in view of the changes in the
situation just pointed out the movement to lessen this distance
has not by any means been fully worked out.
THE money situation in Europe is somewhat mixed, though on
the whole improved. In Berlin the week has seen a reduc¬
tion of the bank rate, and in London an adherence to a moder¬
ately high rate accompanied by a weak statement and indications
of an increased demand for internal trade. The easier condition
of the Berlin market ought to give satisfaction, because it re¬
moves fears of stringency which were prevalent until lately. One
reason for the change is that this market has not participated in
any foreign government loans this year, while last year much
German,money went into Chinese and Russian loans. Continued
speculation in 'industrial shares, however, is giving cause for
alarm, though the industrial situation continues to be excellent.
Work upon an underground railroad to traverse the centre of
Paris from east to west for a distance of nine miles, which was
begun" some time ago, it is expected, will be completed in time
to permit the use of the railroad in the Exposition year. The
motive power is to be electricity. A foreign exchange, speaking
of ttie financial situation at Vienna, says: "No money is in¬
vested in industrial concerns, capitalists selecting the safest se¬
curities only, content to get three per cent, and even less. There
is a vague but quite generally felt apprehension that a collapse of
some kind is impending, and not even the slightest hopes are
entertained that the Governments of Austria and Hungary will
succeed in coming to some sort of an agreement that will insure
the economical existence of the dual monarchy as a united eco¬
nomical factor with interests common to both halves. Official
statistics show the population of Australasia (British) to be 4,477,-
OOO, an increase of 667,100 since 1891; about one-third of the
growth was made in free trading New South Wales alone, while
in protected Victoria almost the smallest numerical gain was
made, being not much more than that of the little colony of
Tasmania. The surplus of wheat available from the last harvest
for exportation was estimated at 2,300t000 quarters. The condi¬
tion of business in Australia Is discouraging, and relief measures
are being concerted both in New South Wales and Victoria to
meet the distress likely to arise from the scarcity of work A
lull in trade and some depression of feeling is reported from
Buenos Ayres. The amount of wheat available for export is
estimated at 800,000 tons. Retrenchment in public expenditures
IS still talked of, but talked of only, and a proposal for a new
loan of $30,000,000 to be floated in London is on the carpet Re¬
turns from six Brazilian railways show that last year four of
hem had decreased earnings; one passed dividends, four reduced
them and one maintained the rate of 1897. Still on the prices at
which the shares are sold in foreign markets the returns, where
there were any ^ere at rates frcm 6 to 12% on the investment.
So much has been said of the extreme political tension in the
Transvaal that it is comforting to receive the assurance that now
omes from abroad that, instead of there being danger of war
the Government at Pretoria and the mining interests have mad^
distinct progress toward a settlement of their differences.
T N another column we give complete details of the transactiona
which virtually close the Real Estate Exchange. As Bacon
says, "Death extinguishes envy and openeth the gates of fame "
and m the same way we are sure, in spite of discordant opin¬
ions, every one interested in real estate will feel that the closlnsr
of this institution, which since April, 1885, has been the public
centre of the profession, is a distinct loss. The Exchange repre¬
sented an effort to localize and in a representative sense dignify
the real estate business, which in its very nature is scattered and
easily misrepresented by actions of irresponsible persons, and to
Ijave to admit that this effort has failed is deplorable. On ac¬
count of the public function which the Exchange performed for
the real estate fraternity it should never have heen closed, and
now that it is closed an effort should at once be promptly made
10 place some other organization publicly in its stead. The
Record and Guide views with particular regret the closing of the
Exchange, because we may say it was due in some measure to
our efforts and to those of the late David G. Croly, then editor of
the Record and Guide, that the Exchange was organized. Our
feelings will be shared, we are sure, by those who remember
the meeting held in 1882 at th old offlces of this paper, 191 Broad¬
way, which culminated three years later in the opening of the
buiiding. The flrst list of applications for membership published
by the "Ludlow Committee" forms a species of roll of honor. It
will not be out of place if we print here the list as it was issued.
Astor, William, 23 W. 26th st.; Aspinwall, Lloyd, 25 E. 10th st.;
Andrews, George H„ trustee, 146 Broadway; Bellamy, Albert, 5
Pine St.; Bailey, Nathaniel P., 11 W. 28th st.; Berrian, William,
;261 Brcadway; Bogart, A. W., Jr., 16 E. 18th St.; Brien, John[
152 E. 65th St.; Burchell, John J., 206 E. 56th St.; Blakely, S. M.,
--------; Cruger, S. Van Rensselaer, Fulton St.; Cammann, Herman
H, 4 Pine st.; Crulkshank, Edwin A., 163 Broadway; Croly, David
G.. 191 Broadway; Cudner, A.bert M., 325 W. 20th St.; Carreau,
Cyrille, 2115 Fifth ave.; Coates, Howard W., 42 W. 34th St.;
Clinton, A. J., 71 Wall st.; Crulkshank, A. W., 163 Broadway;
Detmold, Christian E., --------; Davidson, John, 237 Broadway;
Degraaf, H. P., Bowery Nat. Bank; Ely, Horace S., 22 Pine St.;
Friedman, Leopold, 9 Pine st.; Fink, John W., 243 W. 56th st;
Fish, Ferdinand, 149 Broadway; Gantz, George F., 345 W. 58th
St.; Griswold, John N. A., 250 Madison ave.; Hamilton, Robert
Ray, --------; Harnett, Richard V., Ill Broadway; Honig, Isaae,
111 Broadway; Hinchman, Benjamin, Jr., 163 Broadway; Hays,
Jacob, 13 E. 54th St.; Hildhurgh, Henry, 42 E. 6Sth st.; Higgins,
Elias S., S2 and 84 White st.; Jayne, Samuel F., Orange, N. J.;
Johnson, Jeremiah. Jr., 9 Pine St.; Jackson, Charles, 1570 Broad¬
way; James, D. Willis, 40 E. 39th st.; Krohn, Franz, 53 Beaverst.;
Ludlow, Edward H., 3 Pine St.; Lawrence, Newbold T., 4 Pine st.*
Leviness, J. Edgar, 3 Pine St.; Lichtenauer, Joseph M., 36 Broad
St.; Lowe, James M., 13 W. 123d St.; Leaycraft, J. Edgar, 915 7th
ave.; Lockwood, Calvin B., 129 Broadway; Lockwood, Frederick
F., 108 W. 130th St.; McMullen, Thomas, 44 Beaver St.; Magrath,
John A„ 74 Irving pl.; Morrison, E., 13 W. 39th st; Meyers, Sin¬
clair, 922 Madison ave.; Muir, James, 20 E. ISth st.; Mordecai, A.
L., 5 Pine st.; Meyer, Siegmund T., --------; O'Brien, Henry S.,
1115 Madison ave.; Phillips, Louis J., 4 Pine st,; Read, George R.
3 Pine st.; Richards, Benjamin, Jr., 3 Pine St.; Riker, Nathan W.,
998 6th ave.; Robinson, Andrew J., 116 E. 30th St.; Ryan, William
M., Great Neck, L. L; Roome's Son, W. H., Piainfield, N. J,;
Sherwood, John H., 6th ave. and 115th st; Stevens, Byam K., 33
W. 32d St.; Scott, George H, 8 Pine St.; Sweet, Clinton W., 191
Broadway; Sause, Edward J., Jr„ 3 Pine St.; Smyth, Philip A.,
342 E. 16th St.; Taber, Henry M., 141 Pearl st; Van Siclen, George
W., 99 Nassau St.; Von Hesse, Christian, Albermarle Hotel; Wlnd-
muller, Louis, 49 E. 46th st.; Weyman, C. S., 18 W. 33d st;
Westbrook, David B., Ill Broadway; Willard, Edward K., 72
Broadway; Willard, James S,, 72 Broadway; Winthrop, Robert
Drexel Buiiding; Zittel, P., 1026 3d ave.