October i6, 1897.







Record and Guide      f'





53Ô





ESTABLISHED^ á^ViZV^ 1868.

DevoteD ĩo f^E^LEJTAjt.BuiLDifJo íîf^rTEeTUĩ\E.HausEtíou>rteGaiîjiwí.

BUSIl^ESS AíÍdThEMES OFGEflERiL IjíIOl^ESĨ.,
PRIce     PER   YEAR     IN   ADVANCE,   SIX   DOLLARS.

Piihlĩslied cticrij .'ialu.rdriy.

TBl.«I>aíiNK,               .        -        -        -               C01íTL.1NJ>r  1370.

CottimuDicatlons sĩiouĩd be addreaaed to

C. W. SWBET, 14-16 Vesey Street.

J. 1, LISDSBY. Bus'mesa Managcr.





■•Kiilcred al Ihe Fosl-Ofiĩec ai Neio Yorlt,, jV. l', ffs seco'iid-class inatlei:"





VOL. LX.





OUTOBER Ití. 1897.





No. 1,544





ÅLTHOUGH tbe Stock ĨSiai-ĩíet has liad what wouĩd ordi-
uarily bc couBiclGi'ea a fair reaetíon, It is uot at all mani-
ft'st that it 'lĸis biul fiU llie reaction the civnimstĩinces call for.
When iiriccs bvcak iii the way thcy {lid on Tuosday last a rally
generaliy comes to clieck tiie tlownward movcmeut; the me-
cliaulcal oiĩcration of the raarket causea tiiis. Shovting i,s
pushed too ea?er!y, and the mavket is tempovarily ovcrsold. B>.it
so soon as this is rei-tified thc neeessity for scJling ĩong stock
lũwers quotationis again and to figures not reached befove, au(i
so tho uiovemelit gocs on uutil it i.s cavried to extremes. lu ov-
cĩev to fovm au opiuiou of the prescut situation it is not only
uecessai-y to cousider the uature ol' the buyíug movemeut that
eiided a inonth ago, but also, wliat the pvobable inlluence of
eomĩugs eveut, ov intimations of coming eveuts upon pvicGs will
be. No ouG now atteiupts to dcny fhat the bull moveiuent in its
latest phases was uuveasonablo, and wheu a momeut's thought
is given to its cxtent. doubt must arise as to whethev suffieient
peualty has yet heon paid fov that unreasouahleuess. Not only
is this so, but tho future has iu it some featureg decidedly uu-
favorable to opevations ou îlie long side oE the market. Men
who, six weeks ago, seofL'ed ut thc idea of tho velatious of the
Uuited Slates with Spaiu being other íhan agvceable, are now
pertuvbcd at thc' pvospeet of the asseuibliug of Cougvess with
tbe Cubau situatiou what it is. The cousíioucnces ot' the out-
bveak of yellow fevev to busiuess in the Southeast ave begiu-
niug to be seen iu the faĩling offi of eavuings of the vailroads
tvavevsing that scctiou, and the cousequeuees of tlie recent
dvought. iu the West aud Southwest. whieb is as yet only pa!-
liated uot bvokeu, ave still to he made appareut thvough similav
channels. Thevc ave some who appeav to thiuk that the polit-
îcal contcst ragiug iu our midst at this moment is not alto-
getiiev free of meuaee to ouv finaucia! wcll-beĩng; and. although
this fcav is exaggerated, it lias to l)e takeu into a eompreheu-
sive vevlew of the situatiou. A new buyiug craze is most highly
improbaĩtle so soou after the last aud without one it is havd to
see how the bui! movement cau be renewed, prices and values
beiug what tbey are to-day; cousequeutly, witb so luany
scrious thiugs in view, the only logical couclusiou is tiiat quota-
tious must go stiU ĩowev, befove they will invito reasonable
and con.servative support.





SOME siirpvise is expressed that tbe Bauk of Englaud did
uot vaise its rate on Thursday to 3% pev cent. iustead of
beiug conteut with a rise of V- to 3 per cent., in the face of a
heavy demaud upou it fov gold. This suvpvise does not take
into aecoimt two tbiugs: Oue is that tîie Bank desives, as it did
not do priov to a year ago.to keep its quotedratesasneartbevate
in the outside markot as possible, and the other that pavt of the
Bank's husiuess is to supply gold when wanted. If it were not
fov the latter íaet, the Bank would have no .lustiflcatiou fov
keepiug a lavge stock of cagles ou hand. If it did uot want to
sell thcm at a proflt wlien opportuuity oecuvved it woiild eend
all thflt came to its haud to the mint and have them melted
dowu luto sovGreigns, Just as the lattev ave seut to the aasay
offloe wheuever and as soou aa they veach thege ehores. Sll-
ver coiitlnues to oocupy attentlon In govevumental and finau-
cial clrcles abi'ond, the pvobahiUties polntlng to an anuounce-
ment by tlie lîrltish governmont of the tcvmii under whlch they
woukl bo willíng to ve-opeu tho Indiaú luint and in oíher ways
extend tlie u.se of tlie whlte niétal; oi' of their t-eadíness to re-
opeu the question of interuational agveemeut on eome néw
basis. The iin'rease of revenuc for the fivst half of the year is
ahout s;5..'ĩii(i.iion. as compared wĩth a budgct estimated de-
rvease of about .ÍI4,000,ÛŨO. Capital applications fov the flrst
thvee quiirtcrs of the year eompave unfavovabiy witli those of a
like peviofi of 1SÍ)0, the decliue amounting to $75,000,000. Last
year, howevcr, i\ as au unprecedeutedly good year iu thls liue.





Compared with slmllav periods fov three years pviov to 1S96,
this year makes a good record also. Prices of cpramodities
bave steadily deelined, according to the Londou "Ecouomiat'a"
index flguves, siuce Deceiubev, 1895. It is stated tbat Russia
will shortĩy rcmove ov veadjust the tariff on impovted agvlcul-
tural implements. In Gormauy the iron aud coal tr.ades are thé
ouly oues biioyaut, tbough securities predicated upon these in-
dustries are admitted to be too high, .iiid theiv inûation is.mak-
ing them doubtful colĩateval, a fact that it having its uatuval in-
utienee on the secuvity raarket. The exteut of the summév floods
iu Austria and thc damage they oeeasioned may be judged
l'roin the faet that 8,000.000 florins have been votcd as a reliet
fund by the Reichsrath, 1.550,000 flovius as a free gvant, the bal-
ance in loans to he repaid at vavious iutervals, eommeueing
Januavy 1,  1000.

----------•----------

LAST   QUARTER'S   M0RTGA6ES.

'H*0 comylete the figuves we pvesented iu otir editorial eol-
"*■ umus last weelc, we now publish below a table distribut-
iug the mortgages cveated in tlic thivd quavícv of this yeav, in
the same way that we !ast week distributed the transfers for
the same quartev, that is in cevtaiu deũued dĩstvĩcts so limited
in extent that tho cily is welĩ divided up aud it ean be seen at
a glauce where the business is beiug doue. The movtgage rec-
ovd is in its way as valuable an indíeation of activity, or other-
wise, iu husiness aud so far as the actual flgurcs themselves
are concevued, they ave more reĩîable than those vclating to the
transfovs. Tbe raising of laouey ou rcal estate is one of thc
ways by whicb, not only the building industry, but all indus-
tvies flud some of the eapital voquived ío earry them ou; thcre-
fore, the figuves we now tahulate alford valuable data to assist
the formation of opinious as to the pvospects for general busi-
iiess.   The tahle is:

A  DISTRIBUTIOX   OF   THB   MORTGAGES   POR   .1UI,Y,   AUGUST  ANFi

SEPTEMBE'R.

Num'ber.                         .\nionnt.

South ot ChaniberE street..................         112                          S5..^51,377

Between Chambers and Canal eti'pets.......         01                               963 578

'Oanal ancĩ 4th streets. e.^st oi' liowery____       ISO                            i 044878

Cana! anii 4th sts avH Bowery & W. B'way         iíS                            2!e40.7íj4

Canal and 4tli. and W. Broadway and West    '    4fi                              '^'i'' fCio

4th an(ĩ ■'Í4th streets, ea^t of Mfl avenue. ...       12!>                            1.076 974

4th aiid .^4th streets.bet :iã and 7th aveuues      12(1                            2,?3R,^5i>

4th and 3>)tli &treet3, west of 7lh avenue ..         írø                               8S6 381

;í4th and iíftth streets, ea.<ĩ( of '3ã avenue. ...         Sl                                (î75 20.^

;í4th ana 5!)tĩi streets, and 3ã and Tih aves         («1                             l,76n,f;45

.■Ĩ4th and 5!tth street=, west oC 7lh avenue..       1:!.t                            l,.'i28 62fi

snth and 12."ith streets. east of 5th avenue..       420                            4.94fi 171

5!)th and 12.")th streets, west of 8th avenue.       411                             7,541 eR5

IKith and 1^5Mi sls, and ãth and Stli aves.       I!Ĩ2                            2.122.03^

12iith stvpel to 15.Tth street................       250                            3,7-17 225

North of IS.'ith street......................       12:í                               030 28n

21(1 and 24th Ward.s (old)  ..................       RLS                          •7,601.754

Anneĸation  ũf 1SSI5   .......................       232                               479,805

Totals  .............................   :;.411                         .¥47,318,821

* Includes mortgaEe by Genti'al Union  (3as  Co.  to Central Trust Co.  íor
.■í-l. 500,000.

The foregoiug table sevves to confirm the eouclusions drawu

by us last week from our tab!e  of   the   distribution   of   con-

veyances vegavding the gveat activity of realty ĩn this eity, es-

peeîally where the oppovtuuities fov comm'ereial development

are greatest. and, seeondly, where the !and is best suited for do-

mestĩc buildings.   But ou going move elosely into detaĩls it ĩs

rather suvprising, though Iiy no means uup!easant!y so, to find

that south of Caual stvoet, wheve buyiug and selling bave been

quiet for some time, that tbe mouey raised on mortgage is of

quite vespectahle proportions.   Last week we showed that in

this sectiou íhere bad Iieen 40 trausfevs iu the thrce months, in

16 of whieh the cousiiĩevatlou was stated and it amounted to

ouly $809.723.   This week we show thnt ĩn the same time 62

movtgages on pvopei-ty ĩn the same dîstrict were filed and rep-

resented a total of fF5..^51.ĩi77.   Mueh of this new capita!, It ís

f.nir to ĩufer, is vaised for use in a great mauy dirGetĩona be-

sides tbat of structurn! developmeut.   The mortgnge business

wns large, too, in tbe 2,'îd nnd 24th Wards. where, though in-

dĩviciually comparntively  sma!I, the  ncw   mortgagcR   for   the

quavter, makc a large total, even wíthout takiug Into accoiint

íhat of the Contvnl Oas Co.   In nuuibev they ave neavly a third

of tliat fov the whole clty.

j    _____                                                                                           '   *-------------------------

ACCORDING to advlces from Albany tlie Appellate
Oouvt has sustalned ílie conteutJon of the clty that tltle
to all lands between hlgh aud low watfc;' mavk on its front wa-„
vested in It by the Pougau aud Monígciinevy chavteT".,;' xho.
(luestiou came up In the sult of Henry "W. Sag^ <lor damages
fov tho fllllng iu a strlp of "tldéway" betweeni 'o^th and 05th
atveets. The couteutíon was that elther thp, abutting pvoperty-
ownevs owned the laud between high auM' low water marks, or
had au easement iu It, which the city í;.-ouia not destroy witbout
maklng corapensatiou. The city cĩa-ímed ownership nudev the
chnvters naiued.and ĩts posItJou wíi.s sustained both in the court
ot' first vesort and in those of appe-al. The latest decision disposes
of the mattev finally.    The prac-'cical result of this Is that fn