December 23, 1899.





RECORD AM)  GUIDE.





965









ï





DBfrtEDToRfV-EsTMT.BuiLoiflG AR.cKiTEeTui^'.Hai)sn(oiDDE(îa!;jn(»t

PRICE    PER    YEAR    IW    ADVANCE    SIX    DOLLARS.

PuAlishcd every Haiurday.

TBLBPHON»,                                                    COETLAHDT 1370.

Gommuntcations ahould be addressed to

C. W. SWEET, 14-16 Veaey Street.

■/.  7". LINDSEY, Business Manager.





• Entered at the fost-Off^e ai New'XorK, N. £..aêseeowt^tats wtoMen."





Vol. LXIV.





DECEMBER 23, 1899.





'—-INCE last -week a factor of tremendous influence on the
Q flnancial and security martets has developed itself, namely
the failure of the British authorities to appreciate and adeauately
proTide for the military requirements in South Afriea. Much
has heen made of the excellent conduct of the troops, but Per¬
sonal hravery will uot score against military science aud supe¬
rior weapons, especially when the men on one side are as brave
as thoE« on the other. Consequently, while so. much praise is
lavished on the rank and file, all that ean be claimed for the
War Department and General Beiler is a succès de fiasco. With¬
out going as far as European critics have done, in taking this as
évidence of the vital décadence of the nation, it shows an alarm-
ing overeonfidence and a lack of science that leaves Great
Britain under the necessity of provins her right to her pré¬
dominance in th-e world's ahairs. It may be that the British are
now cnly opening their eampaign with the blundering that has
generally characterized similar movements on their part, but in
tue face of a foe developing unexpected military skill, aud armed
with up-to-dale implements, this characteristic has been very
costly ËO far, and suggests possibilities for the near future very
uncomfortable to thinK of. But for the blunders in the conduct
of this war the pinch in the money market would be over, and
we cou.d have contemplated the opening of the new year with
cheerfulnets. They have, however, destroyed confidence and
awakened doubts that cannot fail to check enterprise until the
lirst is restored by the removal cf the last. Untii such time as
the situation clears—which may be to-morrow and may be much
more distant—there will be a shrinkiug of capital into safe
places, and a hard time for issues of a spéculative character.
London's pecuniary requirements, now heavier than ever, will
flnd relief through the return cf American stocks and bonds, and
ln this way directiy affect quotations in our markets. Ex-Ccmp-
troUer Eckels is quoted as dating the turn for the better from
the first British victory in Soulh Afriea. He is probably right,
but who knows when that will be? lÊ it is r.ong delayed we will,
of course, in time cut ourselves free of this influence; meantime
all that can be said funher is, tbat it is in such times as thèse
the market cffers the best bargains,





of induatrial needs, the money market will in all probability
continue to expérience the extraordinary conditions that hav*
prevailed for the past two years; and very liKeiy lhe pressure
will become severer than ever, belore tne présent remaritabl*
movement has run its course." In Austria lhe appiicaiion of th*
Zones tariff on, the State raiiroads, introduced tour or nve year»
ago, which makes short and very loug journeys exceedingly
cheap, has been a great success through increased iravei In¬
duced by lower rates. It is now proposed to apply the samo
principle to medium-length trips. The great banks are resoning
10 every artifice allowable to retain their supplies o£ gold, and
now, with the advance made this week by tue Bank of ij'rance,
the discounts at every money centre are at distress ratea. Weeks
agO' we called attention to the iikelihood of gênerai stringency
before the close of the year; now everyone is aware of the hard
conditions of the markets. But for the circumstances alluded to
in the previous paragraph the stringency wouid be over by now;
but, these circumstances baving arisen, further liquidation seem*
to be necessary before anything like ease can be attained ualesi
the military situation in- South Afriea undergoes a speedy and
great change.





No. 1G5S





— LONGSIDE of the most satisfactory returns of European
,^\ trade, bo'th officiai and private, may be found just as un-
satistaetory reports oî an accompanying extension of spéculation
that to a considei-able extent explains the présent distressing
conditions in the mcney and security markets. For instance,
the London "Economist" publishes a list of thlrty-three company
issues based cn patents, all ofiered to the public in 1896 and
representing about two and a half millions sterling. Of the whole
Ust only three have now a quoted value; only one had received a
dividend, that, the first and last, declared two years ago, and one,
a tube company, had averted failure by entering a successful com¬
bination. The new Panama Company have made a report ln
obédience to an article in their statutes, that when half the
capital of €5,000,0110 francs had been expended prospects should
be reported. To June 30, 1898, 28,537,298 francs were expended,
and it was declared that construction with Iccks was practicable
ln ten years at a cost of 512,000,000 francs. The following is
given as the opinion of Reichsbank officiais cn the future of
German trade: ■'That no considérable décline in the demands
wbich trade and industry are making upon the German money
market will be experienced for some time to come; on the con¬
trary, that the présent remarkable boom has not yet reached
high-water mark. The great prosperity that has prevailed in all
otber branches of manufactures has till quite recently not been
experienced in the textile industries; but these industries now
■how that the boom has reached them also.   Thus from the aide





The Realty Market.





CONDITION GOOD FOR A PANIC WEEK.
-—.ROM présent appearances, the brokerage branch of the real
X" estate mark«t would seem to have sustained little, if any,
injury from the money panic in Wall street. The reports are
above the average for the season in number, and contain some
items of first rate importance. On the other hand, not aU, or
even perhaps a majority, of the sales reported in the weeklf
budget are ever consummated during the week, so that tli*
budget is by no means an accurate reflex of current busincB».
In view of the conditions which have recently obtained in real
estate, however, it is probable that the Wall street incident ia
more likely to curtail the house market than any other branch
of the realty business. The shrinkage of value in crédit secu¬
rities has undoubtedly wiped out many prospective customers ïor
private houses, and possibly may prevent for the présent some
business concerns from making contemplated purehases for occu¬
pancy. Buying for investment, having for some time been at ebb
tide, can hardly recède further. The capital employed by real
estate operators, whieh is more or less in the nature of a spécial
fund, is not likely to be withdrawn from its particular use bo
long as the outlook in real estate remains fundamentally un¬
changed, and that outlook is determined by the gênerai indus¬
trial situation ratln r than by temporary conditions in the money
market. This line of thought suggests the continuanee of spécu¬
lative activity, and a temporary failing off in the buying for
occupancy which has come to be a feature of the brokerage re¬
ports. Meantime, there is nothing in the budget indicative o£
adverse results from the money panic, except, perhaps, as re¬
gards private houses, of which the sales are iess in number and
importance than last week. On the contrary, transactions in
mercantile property hold an uncommonly prominent place; be¬
sides, the items relating to medium-priced flats and tenements
are numerous, both absolutely and relatively, a circumstance be-
speaking an improved demand for small investments.

Several of the transactions in mercantile property foreshadow
building improvements for the use of the purchasers. The Im¬
porting dry goods commission house, F. Vietor & Achelis, will
erect a 10-story building on the plot 61x100 at the southeast
corner of Mercer and Spring streets, which they purchased from
the Sternberger estate. This purchase, by so prominent a house,
cannot fail to hasten the disintegration of the old centre for
the dry goods commission business in and adjacent to Léonard
and Worth streets. A plot of six lots in 33d street, east of 3d
avenue, was bought by a publishing house, which will erect a
6-story building. The property comprising Ncs. 7 and 8 Chatham
square was bought by Peter Herter for improvement wlth a
G-story store and loft building, suitable in part for light manufac¬
turing. The new S-story flreproof store and loft buiiding No. 59
4th avenue was disposed of by the builders. Irons & Todd, and
rumor was active with prominent parcels in the drygoods section
of Broadway. Weil & Mayer denied the report tbat they have
afBxed their signature to a contract to sell, for about $1,000,000,
part of their holding between Prince and Houston streets, and
that a représentative went this week to St. Louis to uecure the
subscription of the buyer. This was but one cf several promising
rumors investigated only to be contradicted by the owners of
properties concerned. That the renting conditions in the
section of Broadway devoted largeiy to light manufacturing are
sush as to encourage negotiations for the sale of new spécu¬
lative buildings to investors is apparent even to him who runs as
he reads the to-let signs, and explains the readiness of the real