February f, 1903.





RECORD AXD   GUIDE





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iJB&IED TO Rea.!. Estate . BuiLoijJc Ajvij^itecture .Household Dego^aiidiJ.
.BusutessAib Themes OF GeiJer^ iKTERfsi,

PRICE PER YEAR IN ADVANCi: SIX DOLLARS

Published every Satardag

Communications should, tie addressed to

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

3, T. UKDSET, Business Manager                         Telephone, Cortlandt 3157

"Entered al the Fost Qfflce at New York, if. Y.. as second-class m%tter."











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2'ke Index io Vviume LXX. of fhe Record and Guide, cover¬
ing the per.iod between Jiihjl and December -i], 19C2, is ready
for deliccry. Price. $l.(ll). 2'A/s index in its enlarged form-
is now rccogiiij^ed as indispensable to erery one engaged or
interested in real estate and bnilding operations. It covers all
transactions — deeds, mortgages leases, anciion sales, building
2)t'iits filed, etc. Orders for the Index slwvld be sent at once to the
oj}ice oj publication, 1-1 and I (> Vesey St.

SO far as the situation depends upon money it is improved
this week by the publication of the oJQcial statement of the
amount in circulation. This proves to be no less than about
595,000,000 more than at this time last year, and with speculation
limited tlie supplies for ether purposes ought to be fully suffi¬
cient. The circumstances of the moment modify opinions of the
monetary future expressed before the actual figures of circula¬
tion were known, and the weekly bank statement will most prob¬
ably reflect to borrowers a more favorable market than has been
customary at ibis time of the year. Time money will likely keep
fairly firm until spring demands are satisfied, but the attitude of
dealers in paper and loaners expresses confidence in the business
outlook for this year at least. Money on call is easy, and this
has brought about tbe speculative advance seen la tbe market
this week, which needs but little encouragement to be prolonged
for sometime. The occurrences of the week have also been fav¬
orable to advancing quotations, and the incidents which have
hitherto depressed things, such as the Venezuelan dispute are
lost sight of in the confidence that their satisfactory disposition
i", well within the line of diplomatic certainty. Predictions of price
movements are unsafe owing to the extremely professional char¬
acter of the market, but with the outlook what it is, the reaction¬
ary movement begun yesterday should soon spend itself.





hasten the recovery of business which is promised by the signs
of the times. The only difference between London and the
Continent is that the recovery has not proceeded so far with the
latter, and that money is cheaper there owing to the conse¬
quently smaller demand. Fiscal affairs are occupying increased
attention. Germany is discussing the advisability of modifying
the "most favored nation" clause of commercial treaties, espe¬
cially of those with the United States. It is claimed that this
country under that clause has obtained benefits, lor which it
makes no return, through treaties made with Russia. Austria and
Italy. This has resulted in our sending at times twice as much
goods into Germanyaswe take therefrom; consequently Germans
maintain that a readjustment is necessary. Austria had this
country undoubtedly in mind in arranging the new tariff Some
of the proposed increases of duties are: Cotton yarns. 507^; fine
woolens, 337(; leather,, 20 to 50%; shoes, 20 to 80%; tobacco
goods, 150%; textile machinery, 50 to 100%; electrical dynamos,
20 to 35%. These proposals are accompanied by an argument
vi'ell known to ourselves, that in proportion as foreign goods are
made dearer the consumer is forced to buy of the home manu¬
facturer.





No. la-dl





IT appears that London's monetary position is somewhat simi¬
lar to that of N'ew Yoik. While the latter is known to be a
large borrower abroad, the head of a large London loaning insti¬
tution recently explained the comp;iratively high rates for money
by saying that Europe's holding of English bills and consols
give it a power over the London market to which the latter is
not used and diminish its power to call gold at will. Another
circumstance that makes money scarce, he said, was that there
were undigested sales of consols carried on the market with
borrowed money, estimated at from £20,000,000 to £25,000,000.
This would also explain the heaviness of those securities. There
is a revival of the talk that the country is living on its capital.
One financial paper estimates this unnatural consumption for the
past year at no less than £100,000,000, but as it has to admit that
the data upon which it bases its calculation are imperfect, salt
must be applied to the statement before swallowing. There
is a difference of £120,000,000 between imports and exports for
1S02, against which the offsets are, in undefinable amounts, in¬
terest on foreign investments, freights, commissions, etc. It is
probable that the first alone is sufficient to make good the debit
balance. Mr. Gladstone twenty years ago estimated the foreign in¬
vestments of Great Britain at two billions sterling. That would
be under the mark of to-day if it was correct then, about which
doubt may be entertained, and it is easy to see that interest
v/ould figure largely against the foreign trade balance. How¬
ever, in spite of the strength of tbe money market things are
looking up. A better distribution of profits has been njade by
the railroad companies for the last half of the year just closed,
and heads of banks and other financial institutions all take a
cheerful view of the outlook when addressing their stockholders.
Tbey admit that business is being done at small profits, and that
there are some troubles at hand, particularly in the readjustment
of wage scales to meet the reduced profits of doing business, but
expect these to give way before a reasonable presentation of tbe
case and a recognition of the need for concession in order to





The Approach to the Williamshurgh Bridge
and Other Street Itnprovt ments.

"IpHB plans for the approach to the Williamshurgh Bridge
■^ which the Board of E.?timate and Apportionment seems
likely to adopt, are moderate aud sensible. They include the
widening of Delancey street to a total width of either 125 or 150
feet, the cutting of a continuation of Delancey street from the
Bowery to the juncture of Elm, Marion and Broome streets, and
the widening of several streets that run parallel to the Bowery,
and west of the Bridge as far as Houston street on the north and
East Broadway on tbe south. The object of these various street
changes is obvious. Delancey street will, of course, be the main
approach to the Bridge, and must needs be made very broad, so
as to accommodate the trolley, wagon and carriage traflle which
will converge on the Bridge from all quarters of the city; and
this traffic will be very large, because the accommodation for
wagons and carriges on the Williamshurgh Bridge will be so
much better than it is on the present Brooklyn Bridge that
drivers will choose the new route, whenever possible. Large
as this traffic will be, however, we judge that a width of 125 feet
will be abundantly sufflcient both for use and good looks. The
other street changes look toward the producing of proper means
of access to the enlarged Delancey street. The new street that
will be cut through from the Bowery to Elm street will provide
a good route for trucks that wish to come from or go, to the
wholesale district west of Broadway, while streets west of the
Bridge and parallel to the Bowery will be widened until they
reach cross-town streets like East Broadway and Houston street,
which are capable of accommodating considerable traffic. In
this way wagons and carriages will obtain comparatively ready
access to the Bridge from every important direction.

It will be noticed that these plans, which the Board will prob¬
ably adopt simply provide for the immediate practical necessi¬
ties, which will be imposed by the opening of the new Bridge,
and do so at an expense which will in itself be large, but which
will be much less costly than would have been several of the
proposed alternate schemes. The route from the Bridge
terminus to Cooper Square has apparently been definitely aban¬
doned, because the widening of a street parallel to the Bowery
from Delancey to Houston street will servo the same purpose—
not at al! so well, but at a much smaller e^xpense. The matter of
opening some direct route fi'om the terminus of the Manhattan
to the terminus of the Williamshurgh Bridge has been dismissed
for the present. The Board is well advised in not considering
any except immediate necessities in advance of the laying down
of some comprehensive scheme for street improvements m Man¬
hattan, A diagonal street from the Bridge terminus to Cooper
Square would in itself be a most admirable and useful thorough¬
fare, but it certainly would not be wise economy on the part of
the city to spend the large sum of money which such a street
would cost until more immediate requirements are satisfied. An
improvement so important and expensive as this must be post¬
poned until the time comes for tbe careful consideration of a
plan which will include all such street openings, and for some
scale of relative expense, desirability and immediacy.

In relation to this comprehensive plan for improving the street
system, it is significant that the Board of Aldermen have not
acted as yet upon the mayor's suggestion that $10,000 be appro¬
priated for the purpose of paying the expenses of an advisory
commission. It is obvious that tbe number of people in the city
who have any conception of the importance of planning ahead
for the improvement and embellishment of the street system oC