crown CU Home > Libraries Home
[x] Close window

Columbia University Libraries Digital Collections: The Real Estate Record

Use your browser's Print function to print these pages.

Real estate record and builders' guide: v. 62, no. 1583: July 16, 1898

Real Estate Record page image for page ldpd_7031148_022_00000127

Text version:

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
Record and Guide ESTABUSHHt^J^ ;H2u;i^ie68. DB^Tri) p RfVLESTATC.BUlLDIffc ftjJ!aflTECTUI^,K™SEltoU)ItoJ(HMICi4 Bi/siWess AJi)Themes Of GeSer&I Ifftwf*!^ PRICE PER YEAR IN ADVANCE SIX DOLLARS. Published every Saturday Xbupbomk, Cobtlutdt 1370* Co mm iin lea tlon 3 should be addressed to C. W. SWEET, 14-16 Vesey Street. J. 1, LENBSEY, Business Manager. "Entered «(the Post Offiot at New York, If. ¥., as seeond-elass matter." Vol. LXII. JULY 16, 1898. 1,583 Tlie Index to Vohme LX.I. of the Becord and Guide, cover¬ ing the period between January 1st and June 30th, lh98, ivill appear 0)1 Saturday next, July 23. Fricc $1.00. This Index in its enlarged form is now recognized as indispensable to every one engaged or interested in real estate and buiidiug operations. It covers all transactions —deeds, mortgages, leases, aucUon sales, buiidiug plans fled, etc. Orders .for the Index, accom¬ panied by .til.OO for each, should he sent at onee to the office of publication, 14 and 16 Vesey Street. X N industrious body of professionals have kept the Stock -^~^ Market looking active this week, but a comparison of prices between now and a week ago shows on the whole rather lo the disadvantage of the present time. From this remark some special issues of bonds, which are particularly well affected hy husiness developments, should he excepted; but they are, though in a pronounced degree, only the exceptions that always appear in the market. Attempts have heen made to make much of the victory of Santiago, but a thing that has long been anticipated cannot influence the market when it transpires. In fact nothing can be of benefit while the public is indifferent, as they are now and naturally are, seeing the big buying and advance we have had in the past three months. There are in the outlook more changes for unfavorable than favorable developments, especially on our political horizon. "Whether Spain makes peace now or later makes very little difference to our commercial and indus¬ trial situation, the nature of the conclusion is foregone, but much depends on the laying out of the future national policy and the manner of its reception by other nations. The Subig Bay incident is proof positive that Germany has the will to be mis¬ chievous, aud the comments of the German press thereon show clearly that any attempt to add to the colonial possessions of the Fatherland will receive the unanimous endorsement and back¬ ing of the German people. We may, therefore, look for a German finger in the Philippine pie when that question has to be disposed of. This need not lead to extremities between ourselves and Ger¬ many, and, indeed, is very unlikely to, but it may create an ugly complication, and one full of danger. The Government and Naval and Military authorities have so far acted with admirable pru¬ dence so as to insure success to their plans; they need now to be more prudent than ever, because if they hereafter get themselves and the country into a difficult or awkward position that will be Germany's opportunity, and anyone who thinks it will not be accepted does not know either that people or their rulers. While the Stock Market is rendered dull by these facts and another fact, that prices are high, general business is good and improving, testimony to which is found in the annual report of the H. B. Claflin Co., which records its experience in these words: "Dur¬ ing January and February our trade was excellent, but the Maine disaster and consequent expectation of war caused serious mer¬ cantile depression in March and April, from which the country is now gradually recovering. Great agricultural prosperity and large importations of gold have in the past been followed in¬ variably by notable activity in trade. Such considerations point to a material improvement in general business during the com¬ ing half yeai-." CAPITAL applications in London in the first half of this year amounted to £86,211,000, or £10,000,000 more than in the same time last year. A feature of the returns is the compara¬ tively small amount that was applied for from outside the Em¬ pire. The Chinese and Greek loans were the only Foreign Gov¬ ernment loans offered in this market and, outside of £7,148,000 for foreign railroads, very little besides went abroad. This is evi¬ dence of the growing independence of other financial centres of Loadon. It Is also remarkable that, despite this independence, the capital applications should Increase. This fact, however, dis¬ closes the enormous activity and development that Is going on within the British possessions themselves. The cotton industry of Lancashire has improved considerably during this year, and the limited liability companies engaged therein have shown In¬ creased profits and declared larger dividends. Prices generally have advanced substantially as compared with the opening of the year, the London "Economist's" index figures for the end of June being 1,915 as against 1,885 for March and 1,890 for December. The period of advance includes the temporary Leiter wheat boom and the duration of the Hispano-Americo war, but an examina¬ tion of the various prices in detail does not lead to the conviction that the rise is wholly due to those events. Of Germany it ia re¬ ported, with a qualification as to the high prices ruling on the bourses, that trade and commerce are in a very prosperous con¬ dition, and the domestic trade particularly so. The coal and coke districts continue to report a buoyant business, and tho Krupp Works, in Essen, are said to be fully supplied for nine years with orders in guns and other war materials. Austria continues to feel the adverse effects of a bad internal political situation and tho Government is in no enviable situation, for the summer months are being spent in uninterrpted consultations as to how the right of decreeing what is necessary for carrying on the business of the state may be applied, and how far the Government can go without infringing the constitution and taking upon itself responsibilities that might in future prove too heavy to be borne. The question of most interest in France is whether the seven-franc duty nn wheat, suspended May 3 and resumed on the 1st instant, shall be repealed in response to a popular cry for cheap bread. Reports of the Indian wheat crop are quite favorable. In the Argentine par¬ liament retrenchment bills have been introduced, but as they be¬ gin retrenchment by cutting down the salaries of representatives they are said not to be well received. Regarding Mexico, the British Consul at Vera Cruz states that the effects of the steady development of the resources of the country are apparent, in spite of former loss of crops and the retarding influence exercised on its commerce by protection, aided by a still further drop in silver. Chili, which has just authorized the issue of ?50.000,000 paper to help out the banks in a crisis, it may be remarked. Is one of the little powers that caught the gold basis fever from tlia great ones some years ago, and offers another proof of the saying, as applied t-> the gold question, that what may be good for one Is not necessarily good for all. INDUSTRIAL depression is likely to increase with the continu¬ ation of the war. Complaint Is becoming louder except In % few special industries directly stimulated by the large expendi¬ tures for military purposes. Real estate and building unfor¬ tunately are not one of these, and our readers have every reason to hope, not only that Spain will cease from the unequal contest, but that the campaign will not create in this country a large body of men selfishly interested In the continuance of hostilities. War everywhere creates this class. It Is composed not only of naval and military men anxious for activity and promotion, but of : cheming politicians who find war a personal and partisan asset which they are r;luctant to relinquish, in addition to contractors and others who derive large profits from army and navy sup¬ plies. Now that we have got Spain's measure and are sure of the finish, all these people are likely to become more and more opposed to a rapid campaign £Bd a speedy termination of the fight, either through force of arms or by making the way to peace as smooth as possible for our enemy. If these people once get into the saddle and Spain remains obstinate, the opinion of those military experts In ^ ashington who have said that the war won't be over for another year at least will not be far from the truth. REAL estate men and those who are Interested in building have particular reasons for hoping that the destruction of Cervera's fleet, or at any rate the approaching fall of Santiago, will end the war. From a military and strategic point of view the success of our arms in southern Cuba Is not a vital matter. Were Spain possessed of greater resources than she Is, and were she a united nation at home, the capitulation of Santiago would be a very distant step indeed from final victory. The importance of recent events lies chiefly in their probable effect upon the Spanish mind. Everybody except the Spaniard at home recog¬ nizes that the contest is an utterly hopeless ©ne for Spain. Part of our problem is to get the people of the Peninsula to see what other people see, and realize that peace Is for them an affair of prudence and common sense. We hope the fall of Santiago may bring the Spaniard face to face with his real position, for It is clear that if we have to push on to Havana the war will be a long and costly struggle. We shall have to land a large army In Cuba, and months of preparation and effort will be necessary. m