November i, 1902.





RECORD AND   GUIDE.





641







ESTABUSHED-SJ:? W«PH£iM^ IBG8.





JDe^teD to f^L EsTWE. Building AjicKitecti/re ,KausnioLD DEEca(Wiort.
Busii^Ess Alb Themes OF GerfeR^l iKrtRfST.

PRICE PER YEAR IN ADVANCE. SIX DOLLARS

Published eVerp Saturday

ComnninlcTations should be addressed to
C. W. SWEET,   14-16 Vesey   Street,   New YorR

3. T. LINDSEY, Bufilnoss Managt c                             Telephone, Cortlandt 3157

"Entered at the Post Office at Neio York. K T.. a.s second-ctass matter."





Vol. LXX.





NOVEMBER 1. 1902.





No. 1807.





IN the expectation that the money that has been going away
from this centre to move the crops is about to begin the pro¬
cess of returning, loan rates have eased off somewhat, and the
Stock Market at the close of the week took on a little more
■cheerful appearance. In money the conditions are by no means
easy, because, while call rates are low compared with what they
have been recently, this is because tbe demand is very small and
not because the banks have surplus funds with which to in¬
dulge the speculative. Time money is somewhat more plentiful
in the market, but the rates, while lower than a week ago, are
not such as to encourage borrowing except for necessities. In
the course of the next thirty days there ought to be no danger
of a pinch, but later on, in December, if it does not come sooner,
there will be the usual year-end demand simultaneously appear¬
ing on both sides of the Atlantic, and this prospect suggests the
need of great caution. Owing to the temporarily changed condi¬
tions in the money market stocks may rally, but that they can
advance much under all the circumstances, present and pros¬
pective, is very doubtful. This applies particularly to Rail¬
roads. It must be borne in mind that in spite of the gratifying
results from operations and of the liquidation that has been
forced in the passed month, prices of these stocks are still high,
and until they at least look low and money is to be freely ob¬
tained at quite small figures there can be no new speculative
movement on the long side. It stands to reason that with call
money four to six per cent, and flve per cent, stocks at a high
premium, there is no inducement to undertalie speculative op¬
erations. Industrials are depressed by the political outlook as
weii as by the discrimination of the banlis against them and
their relatively low prices and large profits are prevented from
giving them the boost which their merits in many instances
■warrant. At the same time bonds pay too little to be attractive
when money can be loaned in the open marliet for six months
at a considerably higher rate than the bonds would pay.





2^ T the moment the news that the gold output of the Rand
■^^     is  increasing satisfactorily comes acceptably.    The pro¬
duction for October was 190,000 ozs., which was 20,00(1 ozs. more
than in September.   This production is at the rate of about $45,-
000.000 a year, to compare with a rate of $100,000,000 made before
the war, so it will be seen, especially as production was resumed
at the rate of $1,500,000 a year, that pretty good progress in re¬
asserting normal conditions at the mines is being made.    It is
not unlikely that a new, or rather an old gold fleld revived, wiil
attract attention   In the near future.   This is what is known as
the Ivory Coast Gold Field, which is about to be exploited in the
modern way, both mechanically and market-wise.    Its friends
claim that it may one day rival the Rand, but as they are pro¬
moters a good deal of this statementshould be written off against
-interested enthusiasm.    At the same time it is well known
that the gold-bearing area of this region is of enormous extent
a good deal of capital has been put into it, and some very rich
finds  have already  been  made.    The French government   in
whose possessions it is included, are doing everything they'can
to encourage the industry.   Among other things they have pro¬
hibited the exportation of native labor from the country and
have selected administrators for their special knowledge of what
is required in the-circumstances.   Regarding the commercial and
financial condition of Europe there is little or nothing to be said
further than that the conditions generally give dissatisfaction
but that they appear to be working out to a tolerably good end
The attitude abroad toward our securities continues to be one
of suspicion.   Labor sUtistics recently issued for Great Britain
Show on the whole a decline of employment most noticeable in
the engineering and shipbuilding trades; mining has remained
good and some branches of the textile industries have Improved    "





The Associated Portland Cement Manufacturers, Ltd., a combi¬
nation formed two years ago to drag the cement trade of the
Thames out of tbe mire, last year failed to earn the amount re¬
quired for dividends ou the preferred stock, although the orig¬
inal prospectus promised a surplus over 10 per cent, on the com¬
mon. From this, after making due allowance for the "enthu¬
siasm" of promoters previously referred to, we may infer that
cement manufacturing is not one of the trades in an improving
condition.





Real  Estate Situation.

In spite of what seems to be many discouraging conditions, the
real estate market continues to report a seasonable volume of
business, and to show distinct signs of a steady demand for cer¬
tain classes of property.   In fact there is more
business being done than there was during the
The Continued   corresponding period of last year, which rep-
Real Estate       resented  the  high-water mark of real  estate
Activity.         activity.    The number of transfers recorded at

the Register's Ofiice for the last week of Sep¬
tember and the first three weeks of October
was 865 for the current year, against 743 for 1901. Doubtless an
unusually large fraction of these 865 conveyances represents
mere trading, for the proportion of papers which carried nomi¬
nal considerations was 51 per cent, in 1901, against 56 per cent
in 1902; aud much of this trading is of little or no benefit either
to property-owners or brokers. Still after making all deductions
the figures show that the first month of real estate transactions
of the present business year was rather a better month than the
corresponding one of the previous year. This is a fact which
justifies the Inference that even present high prices are not suf¬
ficient to do more than slightly moderate the upward tendency
of business and values. During the past week, for instance, the
sale of three iots on 88th street, just east of Fifth avenue, at an
advance over the figure recently paid by the sellers, who, it was
believed, had given top prices, shows that there is still a chance
to make money out of speculating in building sites in this most
speculative of all sections. High class residence property, either
present or prospective, is not however at present the most
active class of property. Cheaper dwellings, tenements, and
vacant lots for improvement with elevator apartments constitute
the bulk of the business; and the West Side and Harlem are the
most favored sections.

Harlem furnishes the largest transaction of the week in the
trade of the seven^story apartment houses, distinguished by the
elevated and classic names of the Parthenon and the Hesperus
and occupying the block front on Manhattan
Harlem          ^''^^^^- between 117th and 118th streets, for a

and the         ""^'^^rof similar but smaller properties owned

West  Sid         ^'^ °^' ^' ^"""^^^ Bulliley.   This transaction is

^-      very large, so far as the aggregate values are
concerned;   but were the equities alone con¬
sidered, it would certainly become a compar¬
atively small piece of business. By the trade, however Mr Marx
disposed of a large property, which he could well use   and se¬
cures a number of smaller parcels, which can be readily traded
The significance of the affair consists in the fact that it prob¬
ably couid not have been arranged, had not the renting condi¬
tions in Harlem very decidedly improved of late, and with the
improvement has come a tendency to continue the almost com¬
pleted work of building up that section.    Several elevator flat
houses and an apartment hotel are among the recent announee-
meuts.    It is well to keep in mind that as a result of the im¬
provement of the lower Bronx and Washington Heights   which
will proceed so rapidly for the next ten years, 125th street should
become to an increasing extent a local business and amusement
centre.   In fact that street should regain the ground it lost some
years ago.   At present there is not many signs of a business re¬
vival; but plans have been filed recently for two theatres in that
vicinity, and there is an obvious tendency toward a diversified
and interesting class of improvement.   It is no wonder that the
Harlem Property Owners' Association has felt during the past
week like felicitating itself on its work and on the prospects for
the future.    The revival  of apartment  house building will   of
course, include the West Side, as well as Harlem;  but on'the
more important streets of the West Side, it is probable that fire¬
proof will be substituted for the former semi-fireproof apart¬
ment houses.    That will certainly be the case on Broadway     It
may be doubted, whether even, if the tenement-house law per¬
mitted the erection of the old seven-story semi-flreproof flats
values on that thoroughfare are not too high for the income
which this type of building yields.   It will take fireproof apart¬
ment houses to compete with the fireproof apartment hotels  of