July 19, 1902.





RECOBX) AND  GUIDE.





8x









Business Alio Themes op GeitoyJ. iKra*??.'!;

PRICE PER YEAR IN ADVANCE  SIX DOLLARS

Pnbtished eVerg Satardag

OommusIcatloDS should bo addressed to
C. W. SWEET. 14.16 Vesey Street, Now YorK

J, T. UNDSET. Business ISanager





Telepliono, Cortlandt 3157





•-.Entere''. >-(  he Pos   0£ic   at Sew Tori   Jf. T.. as second- la s matter."





Vol.  LXX,





JULY 19, 1002,





No. 1792.





THERE has not only been an increased volume of business
in the security markets, but it has broadened out consid¬
erably to take in many issues that were previously lifeless. This
renewal of activity is not only apparent in the stock market, but
also on the curb and to some extent "over the counter." There is
undoubtedly a renewal of the confidence of the public in the gen¬
eral situation, which wiil find expression in further advances of
quoted values for securities. The public are evidently willing to
take for granted that the present promises of a banner corn crop
will be realized, and that in other respects the outlook for a
continuation of prosperous business is not merely improved but
clear; and who individually, whether journalistic or not, can
gainsay the public? Under such circumstances prices must ad¬
vance whether values are behind thera or not. The good feeling
that already existed was considerably increased by the address
of President Mitchell to the convention of bituminous coal
miners on the necessity of trades unions keeping their contracts.
If he succeeds in holding the convention to this view he will
have done more to assist the cause of organized labor than any
one other man. except, probably, Mr, Sargent of the Locomo¬
tive Engineers. The great obstacle to a better understanding
between employers and employed within the several trades is the
question of responsibility; and it will assuredly follow that the
men will advance their cause just in proportion as their reliabil¬
ity on their agreements advances. However, whatever mav be
the final outcome of the convention, it has already done some¬
thing to remove the fears of a general strike, and from the way
the stock market responds, it would appear that the leaders in
speculation have some assurances that the result will be favor¬
able to operations on the long side of the market. Commission
business, which for a long time has been barely nominal, is as¬
suming quite respectable proportions and Europe is gradually
coming to sympathize with the view of the prospects for our
railroad and industrial securities held by traders on this side of
the Atlantic,





AS stated above, there Is a renewed interest in Americans
in the European markets, due like the interest here to
systematic constant support and prompt attention to weak spots
wherever they have developed. At Paris typical shares are some¬
what heavy and the demand for funds insistent, suggesting
trouble somewhere, but not necessarily such as must end in
further failures, though it is somewhat remarkable that the ef¬
fects of large losses made in several directions have not come
to the surface. In the great lines of manufacturers there is no
Improvement, except as it is stimulated by the South African
demand, which promises to be considerable for some time to
come. The following sentences from an address of the Chairman
of the African Banking Corporation. Ltd., to his shareholders
present the commercial case of South Africa: "More pop¬
ulation and more gold raised means a considerable de¬
velopment of business, affecting Johannesburg in the first
place, and afterwards the whole country. Land and houses are
In great demand, and are rising in price, which shows conclu¬
sively that the country is settling down. The Orange River Col¬
ony, the wealth of which is mainly agricultural, is again Im¬
proving. Large tracts of land are being cultivated, and the re¬
turn of peace will enable the repatriation of its former inhabi¬
tants to take place, and also a great many more to be imported.
Under the Government auspices forest trees are being raised and
planted, which is a most necessary thing in a country liable to
drought. Besides that, irrigation schemes are being planned.
Rhodesia, which has suffered very much during the war from iso¬
lation and also from labor and transport difficulties, is again
coming to the front, communication with the South being re¬
stored. The railway from Salisbury to Gwelo was opened on
June 1st. and that from Salisbury to Bulawayo will very soon be
completed.    Another Une also of considerable importance Irom





Bulawayo to Wankle is under construction, and that will open
the great coal field district, and supply Rhodesia with that most
necessary article. Agriculture aud cattle raising are again
being taken up. Coming to the coast ports, there is little to
say, except that they are crowded with work. An enormous
quantity of goods have been imported, and in many cases the
ports are quite blocked, and it is impossible to get them into
the interior. Both Australia and the United States are taking
advantage of peace to compete keenly with this country (Great
Britain), in supplying South Africa,"





The Real Estate Situation.

THE volume of business reported this week is about on a par
with that reported for several weeks past. The transac¬
tion which has created the most comment is the sale of five Har¬
lem apartment houses to the Majestic Realty Company., a cor¬
poration which it is said has been organized to deal in invest¬
ment properties, and it is said to be their intention to sell the
stock to the public. Their circular states that the gross income
is $118,000, and after deducting $74,000 for interest and running
expenses, and $24,000 for 6 per cent dividends on $400,000 of pre¬
ferred stock of the company, there would be almost 10 per cent
left for the common stock. This Is, of course, figuring that the
buildings are fully rented, and they are far from It. Moreover,
they are not the only ones in Harlem in that condition. There
have been a number of realty corporations organized in the
past with the intention of selling stock to the public, and it Js a
pretty safe assertion to make that Harlem apartment houaes
will have to show up to much better advantage than they do at
present before the public can be expected to interest themselves
in stock of that kind issued with very generous ideas as to
what Is an appropriate capitalization for such an enterprise.

The agitation for the new uptown post-office Is again re¬
vived, by the offer to the government by the Centtiry
Realty Company, of the old car-barn property at 6th avenue. 43d
to 44th street. Other sites have been offered and the authori¬
ties will doubtless receive further communications and their de¬
cision will depend upon suitableness In the greatest number of
points. More than one ran claim to meet the "untown" qualifi¬
cation. The nupstion will be which Is most suited to the rapid
receipt and distribution of the mails. Access and proximity to
the facilities of transit to and from Manhattan must have con¬
siderable weight. The Grand Central and the new Pennsylvania
depots are the two points of attraction, and it is, therefore, un¬
necessary at present at least to consider what wou'd be the ef¬
fect of an acceptance of the Century Realty Co.'s offer upon con¬
tiguous and nearby property.

The story was current in Wall street yesterday that the George
A. Fuller Co. was to be consolidated with a number of realty
companies which would require a nominal capital of SfiO.000.000.
A name notorious in connection with the late corn deal was
given as that of the financial backer of this scheme, which. If
true, will not make the securities attractive to Investors, what¬
ever claims they may have to the favor of gamblers. The fol¬
lowing are some of the corporations which the Puller Co. owns
or controls: Alliance Realty Co.; Broad Exchange Co.: Broad¬
way Building Co., capital $600,000: Cumberland Realty Co.. cap¬
ital $700,000; Herald Square Realty Co., capital $1,000,000: The
"Whitehall Building Co., capita! $750,000: The Thames Court Co.,
capital $1,000,000; The Plaza Realty Co., capital $1,000,000. In
addition to the above they are interested In a number of proper¬
ties In Boston, Baltimore and Chicago.

The general business of the week was fairly well distributed,
covering all sections from the downtown financial section to the
Bronx, where the sales reported were more numerous than for
some time past, and where some new activity may be expected
from the renewal of disbursements for public improvements by
the city—that for the Concourse, for instance. The business re¬
ported was in small properties, showing that while the big oper¬
ators and companies have retired from the field for the summer,
the little fellow is still here and on the watch for summer bar¬
gains.





THE Mayor, the Comptroller and the Borough President have
been appointed a committee to consider what shall be done
as to the alterations of the County Court House. If they are wise
they will abandon entirely the project of making the Court House
any larger, or more ornate. That building is plenty large enough
as it is; and not another inch of land should be taken away from
the area of City Hall Park. The Comptroller's suggestion Indi¬
cates the proper line of action. Let the County Court House be
made as wholesome and modern as the Justices can desire, and
then let the city acquire, by condemnation proceedings, not only
the Stewart Building, but the whole frontage on Chambers street