Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 60, no. 1544: October 16, 1897

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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^