December 4, 1897.





Record and Guide





855







ESTABUSHED^ íWHPHfil'^ 1868.
Dd''ûTED ĨD RfJvl-ESTAXE.BuiLDIfÍD #;Rí:ifríECmJI^.K(JUSníOLDØEGa(MlDít
BtTsilĨESS AIÍO TheMES Of GEfÍER^l IffrEĩtpSl.:
PRICE     PER   YEAR     IN   APVANCE    SIX   POLLARS

l'iiUislieã. ercry >'íati(r<lay]

TELEPHONE,             ....             COETLAĨTDT  1370.

Coiuuiuuitatious should be addreased to

C. W. SWE3ET, 14-16 Vesey Street.

J 'i. LĨNDSEY, Eiisi'iiess Manager.

"Eiili',-<'il at tlir l'osl O^ee ul Xcir Yorl;., X. Y., os second-elass malter."





Vol.  I..X.





DECEMBER 4, 1897.





No. 1,551





EVIDENTLY the bityiiig public is disposed to take hold of the
ctoclí market again, beiiig confldent tliat Congress will ;lij
nothing to injure husiness, or perhaps, that matters have in the
past few weeks so diBposed themselves that Congress ean do
very little harm. Tiie announcemeiit of the Spanish govern-
ment's sohcme of autonoray for Ciiba oii the eve of tlie assem-
biing cf CongresB. foliowing as it does the withdrawal of the ob-
noxioiis Genera! AVeyler and tlie substitution of a man of more
meĩ'ciful disposition aud policy in bĩs pĩace, certainly takes away
"some cf the explosives that our .iingoes expected to he able to
make Ihelr rockets with. Tlie intentions of the adminĩstration
toward Uie eurrency (luestion, so far as they are known, are
moderi.te aud practical. Tliey seem to recognize the fact that
a refoim of the currency can only be brought about gradualiy;
and, instead of luvitlng eertain defeat, as President Cleveland
and bh Secretary o£ the Treasury did, by introducing au elab-
orate rchenie, propose to deal with the worst eviĩs first, and
only ffW of those, leaving the rest for future treatmeut. If this
is the intention of the administratiou ît is a wise one, aud one
that v.ill meet the approval of tho eutire business commu-
nity. The situatíoU being what iL is supposed to he, a rise in
the market is tjuite natural and ought to be considerable, al-
tbougĩt it comes somewhat sooner than the best judges thought
it would. It Í3 backed, of course, by an improved business sit-
uation. We have seen and appreeîatert the improvement Easi;
but su/ficient atteution has not yet been given to that West.
Por a long tinie the West was a decided drag upon the sĩtuation;
but now, as a result of the rise in grain prices, it is coming up
to liuc. Couservative business men wjio have recently gono
thvougli the West report an increaaĩng cheerfulness among a!l
classei.i tbere. There is a dispositiou to regard tlie outĩook as
favorable aud a desire to discharge pecuniary and other obllga-
tíons, which has been only too uuapparent for some prevíous
years. With ímproving busiuess, tliscouteut is disappeariug
aud tlie deslre to seek remedieB from legíslation for troiibles
t.ĩip,t oiily low prices produced is uot as great as It was,





THĩ5 demand fpi' inveetment securities is ae appareut ín
!3urope as it Is iu the Unitecl States. The latter Iiave
scrapeO the marhetB of the former for itB own isgues, and conse-
qiient!;/ honie ntDcKs aml bonds are making new records in high
prices, :ío that thø observer la comyeUecl to confess that there la
110 knowlng where thls disappreclatlou of luoney, whlch ît prac-
tieally ts, will end. This week British consolB, which were
thought already to be high enough, made a new reeord, selling
at abo-.i' a 2% basis. The question might be raised wbetber thls
indlcat"3 a condition of wealtb or of want of confidence, did not
tbe new capital applications, wbicb, tbough lesa than last year,
are miich larger than any otber year, sbow that the latter does
not exĩst. As a matter of fact eapital is growing out of ali pro-
portion Lo the means for investing it, and is thereby creating a
very í!-'portant and interestiug economie question whíeh wi!l
have to be speedily discussed. The logical outcome of a contin-
uation of preseut conditions would be a state of affairs in
wbich loauers would receĩve nothing for the use of their money;
and indeed that borrowers migbt make a cbarge for taking eare
of it. This appears to be an exLreme and perhaps an absurd
deãuc;;on from present condîíions, but, iike the Malthusiau tbe-
oix it is at the moment irrefutable, though there may be in tbe
natural order of thinga latent forces wbicb wlll prevent the
evils tbat symptoms of the moment make ua iear will arisp.
Besid'-R economic questions kurope is creatiug plenty of poIiLical
oues 111 (he straiued relatious of the German Kaiser and ao manv
of the people who feel the misfoi'tune of being ruled by him; the
miiitary scandal in France, and in the race troubles of Austria-
Hunsary,   .There is, bowever, no apparent fallíng off in business





on accouat of them, thougb they have already touched boursB
quotations for specuiative issues. and must have generally a bad
effect if not soon disposed of sensibly and peaeeably.

----------------«----------------

'T^ HB charLer of tbe City of New York, Section 1611, says that
• it is to take effeet Jauuary Ist, 1898, "provided,however, that
wliere, by the tei-ms of tbis act * * an * * act is ^ *
foi-bidden prior Lo Jannary Ist, 1898, theu as to sueh act it shalt
take effect from aud after its passage," whicb was May 4th, 1897.
And Sectiou 73 forbids, "after the approval of this act" (wbich
was, by the Governor, May 4th, 1897), tbat any franchise or
rigbt to use tbe streets, etc, be granted for more than twenty-
five years (with a renewal), or without "adequate provision * «
to secure eflĩciency of piiblic service at reasouable rates." Did
the Brooklyn Aidermen comply with these terms in tbe fran-
chises they granted on Monday to tbe trolley aucî lighting com-
iianies? ĩf not, an injunction eau be and should be sustained.
------------•------------

r^RESIDENT M'KINLEY'S pollcy for the coming session, as
^ reported froni Washiugton, is satisfactory, at leaat to tbis ex-
tent: that it contains no propositiou of a dĩsturbing nature. Tbe
proposed annexation of Hawaii is not sueh, in our judgment.
,It is, of course. thoroughly unsouud, because the annexatíon of
that distant Paciflc islaud will involve most certainly the an-
nexation of new problems aud a new policy that will disturb the
quiet aud, perbaps, even the peace of the eouutry by and by.
A stateaman avoids tbese distaut tronbles which tbe "practical"
polítieian cheerfuliy assumes. The Jiugo spirit is strong to-day,
and the irreaident probably beiieves that there ia no great harm
in cateriug to it so long as the consequences falî upon another
generatîon. Moreover, the annexatiou of Hawaii Is perhaps
offered as a sop to Cerebns for the pacific suspension of action
regarding Cuba for auotber twelve months. AIl bnsiness men will
be sincerely gratefuĩ to the President if Iie wlll definitely post-
poue dealing with the Cuban question for auother year. At
present it liea like a dyuamite cartridge on tbe road of our re-
tnrning prosperity. True, it may never be exploded, but the
kuowĩedge that it ís somewhere abead creates cautîon aud re-
Lards prosperity. The currency questiou is, of course, anotber
brake on the wbeels, aud the administratiou apparently lacks
eitbcr tbe heart or the courage to deaĩ with it thoroughly. The
government ougbt to be withdrawn from tbe bankiug business.-
Thc Presideut evidently doea not contempĩate so radical a step;
but if he abolislies, as be proposes, the "endiess chain" by put-
ting goĩd behintĩ the greenbaeks, he will do thé cbuhtry an im-
luense service.                                                                 "              ' ■            -
--------------1--------------

FORECLOSURE SALES   IN   NŨVEMBER.

Below will be tounã a tabular yummary o£ the results of the
offerings of New Tork clty realty iii foreciosure for the month of
November, compiled from our iasues of Nov. 7th to '2Sth, 1S97, in-
clusive, compared with like figures taken from our issues of Nov.
6th to 27th inclusive, 1896. It will be seen that there was a de-
cided decline in the number of offerings in the month of this year,
though íhe value of tĩie property concerned. as índicatecl by the
amouní of the incumbrances, was greater. Thc plaintlff was, pro-
portionately, a more eonspicuous buyer than in November, 1896,
and there were also fewer withdrawals. The general aepects of the
íable do not dlffer frora those that liave preceeded it in other
months, and therefore call for no pavtlcular remark:

FORECLOSURE OFFERINGS AND SALES IN NOVEMBrjR.

.Eousht            Eought

Total offered. -By plalntifC.-   -Byothers.-  Wlthdrawn
Incuiti-               Real-                Real-         Incum-

Flats and tenmts. No.   brncs.      No.     ized.        No.     ized.   No. brncs.

Nov      1896    ........47     Ĩ845,745      28      Ĩ679,845        5    Ĩ68.5K      14  Ĩ85.658

"      1897    ........39       777,337      24       464,614      ĨO    2H,m        5    84,633

NoT^ 1896^7.......26       291.723      10       144.563      10    156,995       6    61,077

■'      1897........28       401,714      21       347.400       G      85.100       1    10,323

Lots and Plota—

Nov.,    1S96    ........78       294,473      20       118.945       9      82.200      49    87.670

1897   ........ 57   -   253.489      17       125,437      20      52.994      20    96,955

Eusiiiess—

Nûv.,    189G    ........    9       297,173       5       138,335       3      78.500       1    13,900

"      1897........   5       724,671       3       S30,525       1      50,000       3    85.483

T'íitâ.l   a.H__

Nov      1896    ........160    1,729,116      63    1,071,677      27    386,320      70   247,305

1897    ........129    B,15G,211      64    1,467,976      37     183,085      2S   277,399

----------,—t--------------

CHIEF   COMPUTER    FOR  THE   SUPERVISING    ARCHITECT.

The foUowíng circular comes from the Supervising Arohiteot's
ofHce at Washington:

The Uniteâ States Civil Service CommlssJon nnnounees an examina-
tion to flll tbe pogition of Chief Compuler, Supervising: Architect's
office, Treaaury Department, at a ĸalary of Ĩ2,50ũ. Tlie flrst part of
lliis exaniination wiH consist of a completo and detailed statement
by tbe compel.itor, settiiig' forth his gcneral and lechnical educatloii
ítnã trainitig, and his businoss expcrience and qualilîcations. This
statement is to be typewritten, and must be sworn to by the compet-
itor as correct in every particular. 'The statement may mclud©
certiíicateíi, testimpnials, etc, that, in the judgment of the compet^