April 20, 1901.
RECORD AND GUIDE.
689
toAriEDlDRfA,LEST>JE.BuiLDlfiO ^RCillTECTURE.Hoi"^l-"^-''^LDDEBaf{jntH
BUSItJESS AfjDT:^taE.S OfCEfjERflL InTU^ESI.
PRICE PER YEAR IN ADVANCE SIX DOLLARS.
Pttl)Hthed (very Saturdmt,
TELEPHONE, COSTI.ANDT I37O.
Coiiiaiii III! BLI oil â– nDuuld be uddreseed Lu
C. W. SWEJET, 14-16 Twity Btroet
/. T. LINDSEY, Business Manager.
"Entrrtii m the Post-Office at New Tork, N. 7., a« teeond-claf matter."
Vol. LXVII.
APRIL 20, 1901.
No. 1727.
ON THE PRESS.
The NEW TENEMI^NT BOUSE LAW, edited hy WiUiam
J, Pryer. with headiiu/H and i-oni.plete cross reference iiidcr. etc.,
tc. will be published shortly by the Beeord and Guide, 14 and 10
Vesey Street, Neio York City. Price, One Dollar.
Orders should now be sent iu to secure prompt delivery. This
'Volume is ait absolute necessity to every architect, builder, engineer
real estate owner, operator and broker.
INSTI3AD of dlmlnlBhlng the speculation In stocks Increases
and the signs point to the advent of a new buying move¬
ment calculated to carry prices still higher. This is due to the
discovery of unsuspected reserves of idle money out of town, so
that instead of the interior drawing cn this centre as it was ex¬
pected to do, it is sending its surplus hither to take advantage
of the higher rates prevailing here; and, moveover, is also buy¬
ing securities in large volume. The remarkable feature of the
situation is that as old and experienced buyers retire with proflts
new ones come in to take their placas. The problem presented
puzzles the best men in the Street. A comparison of present
prices with those of a week ago, produces advances, but also
shows a long list of declines. Moreover, the list discloses end¬
less inconsistencies. Missouri Pacific, that has not paid a
dividend since 1891, and sells at a substantial premium;
Atchison common and M. K. & T,, preferred and common, and
Chicago Terminal issues, that have never received a dividend
yet, have beexi favorites in the buying, making new gains on
already large ones, while meritorious issues have been neglected
and allowed to recede. Could anything better show the blind
confidence of the puhlic better than this. Until recently it was
customary to require that a security should give some guarantee
of its ability to live up to its quoted value; these guarantees
were sometimes deceptive, but their existence supplied a rational
explanation of the buying. At such times no stock would sell
at 60. or 70, or anything near it, unless it was actually return¬
ing an income, be it ever so small; to-day there are numbers of
securities, dividends oa which are not even considered except
in the wild way of rumor, selling at those figures and more.
It is very fiattering to our sense of pride in our present wealth
and future prospects that the status of even the cats and dogs
of speculation has been advanced so far in the short period of
half a year that they now stand higher than low dividend
payers stood prior to that time.. Curiously enough, however,
the low-dividend payers have not moved with the same speed,
so that the former are relatively higher than the latter. The
Industrials, too, which one would think, as this movement is
based upon the national industrial supremacy, would benefit
by it most, are approached shyly and handled gingerly, notwith¬
standing the prosperous season that is before them and the fact
tbat many of them make or promise larger returns on the in¬
vestment than Railroads do. These peculiarities of the situation
are disregarded and it is not probable that the market will be
permitted to display any pronounced weakness while the Bur¬
lington and other deals are incomplete, and the attempt is being
made to transfer part of the U. S. Steel load from this to other
centres.
IN his budget address, or in the terms of the budget itself,
the British Chancellor of the Exchequer betrays no sym¬
pathy with the scare regarding British trade. There is no aban¬
donment of the economic principle that has shaped the fiscal
conditions for so many years. The export duty on coal is un¬
usual, but is designed to check, as mnch as anything, the
too free purchases of that article from abroad, whicli tend
to put- up prices upon the consumer at home. Money had to be
provided to meet increased expenses and outgoing coal was se¬
lected as one article that could bear part of the burden and
incoming sugar as another, because by the agency of both the
new tax bears equally over the whole community, and the labor¬
ing man is specifically called upon to share the burden. By this
it may be seen that not only has the Government declined to
sacrifice a particle of the national Eree trade policy, but has also
resisted the temptation to follow other European nations In
those discriminations in favor of the poor man whieh Socialists
demand and the politicians grant to secure the popular good will.
Sugar has always been regarded as a proper source of supply ia
times of governmental pecuniary need, notwithstanding the-
Gladstonian policy of the free breakfast table, which remains as-
a tradition, if not as a fact. Those of the Chancellor's figures,
whieh refer to the past year do not reveal anything like a col¬
lapse in business, though the items of receipts from whieh the
conditions are inferred show declines. The receipts of last year
exceed the estimates by £,^,865,500, almost wholly made up of
duties paid in anticipation of the budget provisions, while ex¬
cise, stamps and telegraph receipts made small declines. What
is trying the resources of the country most is the war in South
Africa, which is almost wholly responsible for the suspension
of the sinking fund and the big loan of £60,000,000 which has
to be issued to meet the deficiency of the year. Except for this
war, requirements, could be met from taxation. So far as the
Government's position infiuences the situation the worst has
now been frankly told, and business will soon accommodate
itself to the Treasury requirements. Consols, too, will only
await the conclusion of the loan negotiations to advance. Wo
loolt for this loan to be promptly subscribed, but anticipate some
selling of foreign securities to provide means of participation.
With consols down twenty points and the new requirements ot
the Government actually known, it cannot be otherwise than
that they will attract investors.
NO announcement could give more satisfaction in realty
circles than that received from Albany yesterday after¬
noon, that the Republican leaders had finally decided to aban¬
don Senator Stranahan's bill to tax mortgages in the hands of
individuals and trust estates a half of one per cent. This proves
the correctness of our opinion several times expressed, that the
bill could not go through. At the last moment there was danger
that the Governor might be induced to throw his powerful in¬
fluence in favor of the bill, but he evidently did not want to
accept the sole responsibility, which, ia that case, would have
been his, of forcing through the most objectionable proposition
of this session of the Legislature.
AFTER all the loss and inconvenience to which property-
owners on 42d st suffered from the protracted upheaval
of the street, when the power was changed ou the street rail¬
way, it is particularly unfortunate that they shouid so soon he
subjected to even greater â– --'^es and inconveniences. This is
peculiarly true of property on the south side of that street
west of Sixth ave. During the past few weeks excavations for
the underground road have been commenced on both sides of
Sixth ave, and, as the route at that point runs under the side¬
walks, they have been torn up and only a narrow footway left
for passersby. These excavations will continue, so it is stated,
for fourteen raonths, and during all this period the business of
several important retail stores on the block will be much in¬
jured. We are informed that a lease of the Hatter Building
had been arranged only to fall through at the prospect that
traffic would be very much impeded until after the underground
road was completed. Por the most part work has been pro¬
ceeding on Fourth ave and elsewhere without much damage
to property or inconvenience to its occupiers; but in this par¬
ticular case the inconvenience is great and the damage pal¬
pable. More trouble ought to have been taken to reduce this
damage to its lowest possible point; and property-owners
should have some redress for the loss whicli they suffer, and
from which they will not be able to recover for many years.
THE assertion has been made during the past week with
the utmost assurance that the Delancey and Spring sts
approach to the new East River Bridge is dead, and will not
be revived. This approach, it will be remembered, has been
adopted by the local boards. Last Wednesday it found its way
to that flnal resting place of all such proposals—the Boarfl of
Public Improvements, and was referred by the president of the
Board to the topographical engineer. The engineer, so It is
stated, will take care of it so effectually that it will never leave
his hands. In the meantime, the alternative plan of a still wider
approach to Cooper Square is to be forced through the local