November 2, 1H96
Record and Guide.
591
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OpbTEDToRf^LEsTAJT-BmLDif/o %a(iTEeTU!^itousnKiii)DEoci(fiiMfc
Business /dio Themes of Gtito*?^ ll/reRfsi.
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Vol. LVT. NOVEMBER 2. 1895.
No. 1,442
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ON the whole what is happening: abroad is having r very
limited influence upou prices of securities in NewYork
If Loudon or Berlin dumps a big load of our securilies, prices
will, of course, show the fact, but as the activity .tud loss in
values has been so very largely in the industrials, which are not
held abroad at all, it caunot be said that cither the liquidation
in Kaffirs, or the political news of the week, whether from Turkey
01' from China, has beeu the prime mover in bi-in^ing abotit
the fall of prices here. That was broujrht about by operators
who fouud they could not end the state of stagnation that had
existed for sixty days, in any other way. The result has been
that some timid aod weak holders have beeu induced to sell,
and the process of working on the fears of the one andthe
poverty of the other, may be continued further, resulting
in still lower quotations. But the feeling among the herd is so
generally bearish and current gossip and news of the day is all
"^sodirectedtoward the gh»omy sidethat a change cannot be far
oH; it ustially is near when tbe pnblichave heen converted to any
particular side. If New York is to sympathize with Loudon and
Berlin whenever they get a war scare, this market will be a good
thing for oue who is only a buyer to keep out of until the news
from abroad is more favorable. At the moment the aft'airs of
both Turkey and China and the attitudes of the great powers
toward them are such that serious trouble may arise at any
moment, which would cause a panic on thoEuropean exchanges.
In this condition of things the long indifference of foreigners to
our securities is after all uot such a great evil as has hitherto
beeu thought, IE onr market cannot be depressed by the unload¬
ing of foreign biddings upou it, as, for instance, was the ease in
,1890, there is no rea.son why the influence of financial or polit¬
ical troubles abroad on prices here should not ouly be short lived
butof moderate extent also. Only a danger that imperils the
gain we have made in trade and commerce since the troubles of
1893, ought to be regarded as serions and of a u.itnre to bring
about a big and sudden slump in stock market quotations.
i^ RADUALLY tbe natiu'c of Russia's position toward China
^J^ will come out. It is clear now that it is not that of the
philanthropic bill discounter some people were obliging enough
to believe sis months ago. What the actual agreement betweeii
the two countries is will not be publicly known for some time.
No doubt it is known in the foreign offices of all the powers inter¬
ested aud will be let out bit by bit to prevent, if possible, its
consummation. The fonii in which the story of Russia's
intended occupation of Chinese ports appeared and its appeai-
ance at the time when the first;part of theindemnity to Japan was
to be paid, and wheu the latter power had been as good as
notified to speedily evacuate the territory she now holds on the
Chinese mainland, .suggests that it was probably i)inposely put
out in a form th.at could be denied, but would, at the same tijne,
so awaken public attention to the state of affairs in the far East
as to .justify Japan's holding tbe important strategical positions
she is in now nntil she gets a.ssni:anees that Russian troops and
war vessels will not orcupy them as soon as her own get out.
The great public is, of course, astonished whenever any of (hese
moves in t,he game are openly niad<', bnt the whole facts are
known to the ministers of th.-, great ])owers who are playing this
beautiful game of .snprcmiicy in the western Pacifii-. The lei-iii.s
of any agreement m;id(-by (!hina could be, aud no doubt were
obtained by the ju'd;, :,k â– pplication of money. The fact of
this knowleilgowouUriiiK-^uarded as zealously by England or
Japan as by Russia until the proper time comes for maid ug it
known. The game to be played by England and Japan is to
keep Russia out of actual occupation of China. So long as the
control is a paper one there is not much danger. Powers like
China and Turkey accept favors whenever offered and often
agree to conditions because they know other interested powers
will not allow them to bo fulfilled. Russia had it her own way
with Turkey iip to the treaty of Sau Slephano, but'rhe treaty of
Berlin finally closed the episode. To-day Russia seems to be
getting everything she wants in China, but tbe final disposition
of the mattei-s i u volved will have idtiniately to become the subject
of a more geueral agreemeut from participation in which neither
Great Biitain nor Japan will permit themselves to be excluded,
and let whatever else may be said a combination of Great
Britain and Japan in the farther Pacific would to-day be
invincible.
Constructural Activity in 1895.
THE latest obtainable inform.ition confirms the view, and
does something more thau confirm the view presented in
these columns two weeks ago, that the building year of 189.5 in
New York City is proving a most satisfactoiy one. We showed
that up to September SOth work had begun on Gl buildings,
costing $100,000 or more each, and on whicb the total estimated
cost actually figured up to the enormous .amount of 9i20,000,000
or more, for which the plans were filed since December 81st last.
We have since been informed that the number of buildings erec¬
ted this year to October 23d, costing $100,000 or more, was 86.
The difference in time would not, of course, account for the dis¬
crepancy between 61 and SO, nnd we presume, as is no doubt
the case, that the Latter number incbules sufilicieut for whicli the
plans were filedprevionsto January 1st last year, to reconcile the
two. In our review of the building work of the year no account
was taken of that carried over from last year, th-^- conclusions
beiug based wholly ou the tigures of plaus tiled since January 1st,
and the valnable information collected since that date by our
Bnilding News Bureau, We have, however, obtained some re¬
liable figures showing the number of buildinga that were being
erected or altered on October 1st last, as wel I as the unmber erec¬
ted or altered during the year up to a week ago, which cannot
f.ail tobe of interest to the trade, and whieh are here immediately
subjoined:
Buildings toeing erected and altered Oct. 1.1895 :
New......"..................................................1.983
Additiou................................................... (ill 2,593
Tenements erected .lud luiildiug Jan. 1 to Oot. 23. 1895 ....l,i)17
Dormant iieriuits on iilans died prior to May '29. 1805........ 150
Totid teneuients applied for or erected this year.............. 2,0G7
Buildiugs erected or altered t'roni Jan. 1 to Oet. 23, lSi)5.... 5,254
No. of tUesp bnildiuKS custiutr $100,000 or more.............. SO
Besides the point previously referred to, it will be a matter of
pleasurable surprise to notice tbe number oE tenements that
have gone up, or are going up, and the sm.all proportion for
wliich permits have not been taken out. Wheu the rush of plans
came upou the De])artnient as a result of tlie amendment of the
law relating to the building of tenements, it was thought, and
the belief has stiil maintained, that only a small portion were
intended for prompt use, and that (he majority were simply put
on tile to Secure to the (twners ol: lots, then present or prospect¬
ive, the advantages of building uuder the old law. According to
the official ligures given above, this does not appear to bethe
case, or not to tlie extent that was tirst supposed. The 1,017
tenements erected and bnilding mentioned, in the above table
include, presnm.ably, some hundreds for which the plans were
filed prior to Ja.nnaiy 1st last, and apparently itis assumed, with
reasou toe, though not of necessity correctly in eveiy-case, that
the taking out of permits means immediate operations ou the
ground. Still the numberof tenement-house plaus lying dor¬
mant is, in view of earlier impressions, surprisingly small, and
the fact must he taken to indicate a larger number of tenen)ents
built this year than the earlier figures and facts obtainable sug¬
gested
----------â– ----------
THE preseut canvass in the sister city across the East
River is being made almost entirely upon the question
of consolidation. It is unfortunately characteristic of Brook¬
lyn that this discussion is about two years late, and that
most oi the excitenu^nt is du"! to the exertions ina.d<^ by the
party that wants lo undo tbe work done at tliti polls last fall.
The Consolidation League has ]Hit forward an address showing
the advantage to the taxpayers of consolidalion with NewYork,
and say besides : " Consolidaticm moans more bridges, more
facilities for travel, more improvements in our streets and
avenues, more schools, more investments in real estate for rental
pnrpo.'^es, and U'ss shifting and llll(^ertaill rental'^, more activity
in all kinds <>i business, ami more civic jiritle in wltatis destined
tobetht^ great meti'opolis of tlie world with all Ihe attendant
advantages." Jlenci^ the League is in i'avoi-of the ]ia..-isage of a,
bill to eftect consolidation, and opposes the referendum which
the Leagnie of Legal Citizens advocate with a view ot' giving the