July 5, 1902.





RECOBX) AND   GUIDE.





^^                ^             ESTABLlSHID-S$?WARpH2l*?^!8B8,

DEVtrnD ID RffL E>T«E. SuiLDIflG A^rTECTUI^ .HoUSOJOU) DEQOHUlDtl.

Business AltoThehes Of GEiteR^. iKTCRgsT.

PRICE PER YEAR IN ADVANCE  SIX DOLLARS

Published eVerg Saturdag

Communlcatlana should be addreased to

C.  W.  SWEET.   14-16 Vesey Street. New YorK





J. T. LINDSEY, Bualneaa Manager





Telephone, Cortlandt 3157





"Entered at   he Pos   Ojjic^ at JVe'o Tori, X. I'., a.s seeo)id-:io_s matter.'





Vol.  LXX.





JULY 5, 1902.





No. 1790.





IN the sky as presented to the habitues of Wall Street, there
are a dozen or so of fixed stars and an occasional meteor.
The first are represented by those securities that have been large¬
ly absorbed either for investment or control, whose floating frac¬
tion can easily be manipulated up or down and whose continued
prominence gives the appearance of strength to the market that
the daily press never fails to point to. The meteors are such
issues as Colorado Fuel which rise or fall so quickly, that the
observer from the tape has not breath enough left to take a'dvan-
tage of their movements before they are, so to say. out of sight.
Outside of these kinds of securities there is a gradually lowering
of values which is quite discouraging to holders, and in general
the situation is in every way like that that follo-ws a boom. Ob¬
stinate holders, who will not see that the procession has gone by
refuse to sell until, one by one they are forced to do so. Owing
to the general prosperity and the cheapness of money the process
Is a slow one, but it is liquidation all the same. The first of the
month passed easily in the money market, but there are signs of
growing interior demands, and the possibility and probability
of early gold shipments. With speculation light these facts
ought not to affect rates materially. Attention must be fixed on
the crop situation for the next thirty or sixty days, and action in
both the security and grain markets will depend mostly upon the
government reports. We say for thirty or sixty days because if
the weather conditions are not very favorable to the crops this
month, the course of speculation will be determined in the shorter
period; and, as it is, indications point to a final enhancement of
the values of grains with corresponding depreciation in these of
railway and industrial securities.





ONE of the interesting anticipations of the European markets
is of the immediate flow of gold from South Africa in vol¬
ume sufficient to make the Rand again an important factor in the
money market. The first supplies are expected to relieve the re¬
lations between London and Paris, which, at present, create a
call for gold from the latter on the former. This incident gives
some interest to the estimates of the value of the gold in the
Rand. John Hays Hammond thinks there are £600,000.000
worth within practicable mining depth in the central section
alone and accepts the estimate of Hatch & Chalmers of £200,000,-
000 for the eastern and western sections. This makes say, $4,000,-
000,000 for all. The time within which this enormous wealth can
be extracted is a difficult problem to decide, but Mr. Hammond
says, [hat if called upon to express an opinion, he would estimate
the future duration of profitable operations on a large scale in the
Witwatersrand district at less than 25 years. This is a compara¬
tively small period for an output of such indicated magnitude,
because the figures predict an annual average production over the
25 years of $160,000,000, all practically increase of the world's
gold production. Tothis would have to be added the increases else¬
where, because it is not to be supposed that this form of develop¬
ment will be restricted to South Africa; so that altogether there
is presented a picture of added wealth that must have an in¬
fluence on values of all kinds of property, at present inestimable,
but which cannot fail to be very far reaching in its effects. Re¬
garding the present commercial situation cf Europe, the reports
give an uncheering picture. The little spurt that was experi¬
enced early in the year has exhausted itself and judged by labor
statistics, liquidation has not yet completely run its course. Not
only are there more people unemployed than was the case last
year, but wages have been reduced in several important lines.
Among the incidents of the week in the financial markets is a
strengthening of the price of silver, in which article there may
be some speculative opportunity if the proposal to allow China
to pay the indemnity in it is adopted; because, not only would
China then not be a seller of silver in order to obtain gold, but
she would have to be a buyer in order to meet the indemnity in¬





stalments in silver. Estimates of the June gold output of the
Rand are for 150,000 oz. against 138,602 oz. in May, worth approx¬
imately and respectively $3,000,000 and $2,760,000. The present
movement began with 31,936 oz., worth, say, $638,720.





The Real Estate Situation.

The dealing in the private sales market this week is about
what could be expected for a holiday week, but which can make
very flattering comparisons with corresponding weeks in other
years.    There is not much to be said of the in¬
dividual   transactions made public.     No,   196
Structural      Broadway,   which   has   been   secured    by   a
Steel a Market builder, was done so in a trade, whereby he
Factor.         gets rid of something he does not want, and is

thereby enabled to go on building,a mechanical
operation not uncommon, but which has a good
effect upon the situation in the long run, and creates opportuni¬
ties for doing more business. It is reported that he will erect
a twelve-story building on the site of his new acquisition, and
more than likely that is his intention. He may, however, be
compelled to wait six or eight mouths before he starts, as it is
absolutely impossible to get structural steel in less time from the
mills in this country. We know of a $200,000 sale of lots in the
mercantile section which fell through from this cause. When
the building loan operator found that steel for the operation
could not be ohtained until next February, he refused to make
the loan. There are also a number of operations now under
way which are held up for the same cause—one being on 64th
street, east of Columbus avenue, and another at the northeast
corner of Lexington avenue and 49th streets. Another interest¬
ing transaction brings into discussion the important thorough¬
fare that his hitherto been so prominent. No. 414 Fifth avenue
is reported sold for the third time in a few months, title in no
instance having passed until Wednesday, when the New York
Realty Corporation filed a deed. It has been held at $350,000.
but is understood they have now sold for $315,000; compared
with other prices in the same neighborhood, this appears to be
a very reasonable price.





A sale is reported this week on 110th street (Cathedral Park¬
way) which has some interest beyond the ordinary.   The prop¬
erty sold is a plot 50x70.11, 125 feet west of St, Nicholas avenue.
The rest of the vacant property on the block is
held by two owners.    The street between Fifth
Cathedral       ^"'^   Eighth   avenues   has only  two   improve-
a    e ra        mgnts on it, being held back by its entire in-
way.        accessibility, it being almost without exception,
the most inconvenient location in Harlem at
the present time, as far as transportation is
concerned.     The property owners, however, expect much from
the L station now nearing completion at Eighth avenue, and
much more from the rapid transit station at St. Nicholas avenue.
Considering the fact that it is opposite Central Park there is no
reatLii why it should not be improved with apartment houses
as good, if not better, than those on Central Park West.    In fact,
the suggestion has been made that it will be built up with hotels,
and one such enterprise being at the present time under nego¬
tiation covering a plot 200 feet front.    The projectors figure that
if started now it  will  be ready about the time the  tunnel  is
completed, aud from its almost ideal location for such an enter¬
prise would be a success from the start.

It appears pretty certain that the tax-rate for 1902 will not be
lO'Wer than that of last year, namely 2.31, although the matter
cannot 'be decided until the contribution of the general fund is
known.     By this time, of course, the actual valuations of real
and personal  property have  been calculated.
That there is to be no reduction in the tax rate
The            is not surprising notwithstanding the prom-

Tax   Rate      ises or suggestions to that effect made from
of 1902.        time to time.    The budget fixed by the outgo¬
ing administration and the last one under the
charter of 1897, seems to have pretty accurately
gauged the wants of the city and little change could be made in
it.    It is a pity that we cannot have our reduced rate, because
it would have    helped real estate that is not in line to receive
benefit from the great movements that have been so beneficial
elsewhere.     In the outlying and dull sections a prospect of re¬
duced   expenses   would   have   helped   along   many   negotiations
which must now stand or fall by whatever merits the properties
may have, irrespective of the hope of a reduced tax rate.    Where
demand   is   good   and   business  lively,   the  past  three  or  four
years has proved, a point or two in the tax rate makes little or
no difference in transactions.