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May 6, 1899. Record and Guide - ai3 ^ __________^ _, ,:Bew^iB6a. BcrsaiEss iufo Ihoces or Cet^eivI iKtoipi, PRICa PER YEAR IN ADVANCE SIX DOLLARS Published every Saturday THLKPHONE, CORTIlAMJJT 1370. Conimunlcatloiis Bhould be aadressed to C. "W. SWEET, 14-16 Vesey Streetv /. 1. LEND SIS Y, Business Manager. '• Entered at tlie Post-OS\ce at New York, N. ¥., as second-class matter." VoL LXIII. MAT G, 1S99. No. 1,625. IN producing tlie break cn the Stock Exchange tbis week all sorts of excuses have heen used. The growth of public opin¬ ion in favor of taxing corporate franchises, as shown by the re¬ sult of the Chicago election and the passage of the Ford franchise tax bill in the New York Legislature, was used to good effect although its infiuence was temporary. Local secur¬ ities were, of course, most affected, but as soon as It was under¬ stood that a considerable period of time must elapse before taxes could be collected under the bill, even if it should become law, it ceased to influence. As to the great railroad systems that es- tend through the country a tax on their franchises, by any con¬ ceivable calculation through which such a tax wo'Uld be imposed, would more prohably benefit than hurt them. They are already so heavily taxed that any change must bring relief and of course the principle of taxing franchises must be generally adopted throughout the country before they need, as a whole, consider its probable injuries or benefits. There continue to be circulated unsatisfactory reports of the agricultural situation and these also accompanied the break in prices; but, as a matter of fact, the real cause of the latter were the unwieldiness of quotations and the restiveness of holders on margin in the face of a tendency of prices to slump. The reaction we are now seeing is purely and simply the natural result of overdone buying. It is a phenome¬ non familiar to the street and need create no surprise. When merely speculative issues are put to investment prices, there must come a time when they go back to the figure that their character warrants. We are seeing this process working out to-day and it is not completed. It will be noted that true in¬ vestment issues are not affected and this is one of the good signs of the times and one that reduces the declines in other issues, to their proper significance. It is not a time when sacrifices need be made. Business is good, tbe country is prosperous and money is plentiful, but these things will not bolster up infiated valua¬ tions indefinitely. In referring to the stock market and to Wall Street business generally, the recent subscription to the Amal¬ gamated Copper Company's shares should receive attention not because of the individual significance of this event, but because it shows that the moneyed public is eagerly awaiting the oppor¬ tunity to take part in the industrial development of the country, in the only way available through shares of corporations. The profits promised from this source are so much greater than from any other that it is natural that people with money to employ should turn their gaze in that direction. AMONG all political events that have had a tendency to con¬ firm business confidence and to prolong the era of pros¬ perity in which Europe has been so long happily dwelling, the RuEEO-British agreement in China must have first place. The march of Russia to the Paciflc was thought certain to bring about a conflict in China such as the middle of last century saw in India and Canada. Judged by old-world precedents it was thought impossible that either of two great European nations would be content to tolerate the other In China and that a con¬ flict must ensue to prove which was the stronger and should ex¬ clusively occupy that field. That better counsels prevail and it is seen that there is room for all, not excepting the natives, is a happy thing for the world. There may arise a question of the moral right of any foreigner to say what he will or will not do there, but this arrangement for mutual occupation through peaceable discussion is a distinct advance on the old methods of the sword, because in neither case would the native be consulted. Coming to matters of lesser Importance we note that the Board of Trade returns relating to the British cotton trade for tbe first three months of the year show a very slight falling off in exports as compared with the first quarter of 189S. The points of de¬ creased and increased shipments correspond to a considerable extent with the points of dull and active trade over the world. The first were Brazil, Japan, Turkey, India, Germany, Straits Settlements, Greece, Egypt, Philippines, Holland, Italy and Bel- glum. The points of Increased shipments were: China, easily leading all the rest, Venezuela, Morocco, Mexico, the South Amer¬ ican States excepting Brazil, Central America, United States, Foreign West Indies and Australasia. The revival of the agita¬ tion, stilled a year ago by a compromise, to raise wages 10% In the cotton trade has been begun, but the employers are pre¬ paring to resist it. There have already been advances of wages in this industry this year as well as in the coal and iron and steel trades. In order to encourage manufactures in mother-of- pearl—now a Viennese specialty—the French government soma time ago established au export duty on tbe shells from French colonic,^ in the Pacific which was reimbursed on the shells enter¬ ing France. It is now propoaed to make a similar arrangement in regard to caoutchouc, which is now handled mostly in Britain and Germany. Speculative industrials have been the favorites in Berlin as in New York. Coal and iron shares have moved up¬ ward during tbe year the swing running from 10 or 12 to as much as 70 points. In fact industrial corporation together with the large returns made on the stocks, not in Germany alone but in Europe generally, is relegating high-priced government and municipal issues to the ultra-conservative and the estates and trusts whose range of Investments is limited by law. In London recently colonial and municipal issues have only been poorly covered by subscriptions, so that, for the time beiug at least, there is a rising wave of interest rates, people being no longer aatisfied with the low ones that have prevailed for some time. An interesting experiment was made recently in the Simplon tunnel, the result of which sent dynamite shares O'ffi 20 points in the Vienna market. Compressed air was em¬ ployed in blasting in opposition to dynamite and came out of the contest completely successful, it is reported. Industrial enter¬ prises are being invited into Hungary by generous state conces¬ sions, in order to diversify the industries of that country, now considered too purely agricultural, especially in view of the pos¬ sibility of a failure to agree on a state treaty with Austria and a consequent imposition cf tariffs between the two countries. EVIDENCES OF AH IMPaOV£E) REAL1Y MARKET. Y the distribution of the conveyances and mortgages, which is made In the table given below, it can be easily seen where the business has come from that made the first quarter of this year so active in real estate circles. It will be noted that the total .of conveyances bulks rather In money value than in number; as a matter of fact there were 260 more deeds filed in the first three mouths of last year. It is in the increased importance of the property conveyed that tbe report for the quarter of this year has most significance. It will be noted that In 198S conveyances out of 3,903 filed In the first quarter of this year and In 2,354 out of 4,163, of the same part of last year, we have no way of estimating the value of the property conveyed; but this year the considera¬ tions were given in 1,915 instances, as against 1,809 so given last year. In the first case the total valuation is $42,877,600 and in the second, 527,364,948, The average per conveyance this year ia $22,390 to set against an average of §15,127 per conveyance last year, an increase of $7,263, or nearly 50%: This result is, no doubt, partly due to a larger proportion of high-priced property getting into the division of the conveyances, "with considera¬ tion," tban was the case last year, but not wholly. Such a re¬ markable comparison can only be the result of an Increased act¬ ivity In the realty market with rising values and more bulk to the transactions. The distribution referred to is; DISTRIBUTION OF CONVEYANGES AND 'MORTGAGES QUARTER-YEAR ENDED MARCH 31, 18^9. —Conveyances.— FOR THE Location. South of Chambers st..... Bet. Chambers and Canal. Cana! Se 4lh, e Bowery.. , , Canal Se 4th Sts, Bowery & West Broadway....... Canal & 4th sts, and West Broadway & West at., . 4th-14th sts.bet.3d-7th avs. Bet. 4Lh Se 34th sts, e 3d av 4th-31th sts, w Tth av. . 14th-23d sls,3d-7th avs. 23d-34th sts,3d-7ttL avs, 34th-5yih sts, e 3d av. . 34th-Dyth ata, w Tth av. 34th-42d Ets,3d-7th ava. 4i:d-59tii at9,3d-7th avs. 59th-12oth sts, e 5th av 59tii-125th 3t3,w Sth av. 110th-125tU, 5th-8th av, 125th to luBth Ht.......... North of lo5th at to river.. ■2'3d and 24th Warda (old). Anne.tation of ISiO....... Total, lat quarter...... Total, 1st quarter, 169S. ., No. With considera- nomi-,—— Total, nal. No. 32 G4 21G 249 39 46 34 183 99 60 32 81 117 20 79 562 378 151 295 81 STI 246 120 126 24 13 96 44 24 12 39 58 13 28 295 196 T3 1G3 42 470 103 32 90 123 -tion^---------1 Amount. $1,594,216 2,tiTU,415 2,994,234 -Mortgages-—^ Amount. $951,496 5,004,211 3,870,996 No, 39 2(i3 29 i 22 1,317,974 67 3,264,395 22 21 87 55 36 20 42 59 7 fil 267 1S2 78 132 39 401 143 256.675 800.47.0 1,57S,11T 1.124,587 1,205,151 3,661,750 814,829 1,008,910 388,330 4,462,378 5,843,530 4,653,649 2,359,605 1.781.5o9 259,509 2,832,766 572,060 53 4(i 197 109 72 5-> 90 133 25 To 547 499 198 363 76 1,141 177 3,903 1.988 1,915 $42,877,000 4,531 4,163 2.354 1,809 37,.3ti4.948 t-1.374 000,833 1,356.316 2,276,746 1,430,671 3.376,700 9S1.262 1.090,669 1.887,701 Sri.3.022 3.933,225 •22.910,465 12,9:12.634 4.520,549 5,67B.440 684.059 8,122,798 488,843 SSG,4S1,037 ,t78,927,075 •Includes mortgage for $15,000,000 to N. Y. Gas & Electric Light, Heat & Power Co. tincludes mortgages: $11,000,000 by Amsterdam Gaa Co., and $7,000,000 by Second Avenue R.R. Co.,both to secure bonds.