Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 63, no. 1626: May 13, 1899

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'May 13,1899. Guidi 873 .|3kiiaid>iDRlEJiiLCswE.8uuj)if^ A^mcnntfi{cuaEifcu>DEOti((no4 BlfSD^I A^D IkkuES Of CeHeI^ IrfTDt^l,. PRICC PER TEAR IN ADVANCE SIX DOLLARS Published every Saturday. IBLEFHONB, COBTLANXIT 1370. Conununlcatlous should Tra addreBsed to C. W. SWEET, 14-16 Veaey Street. J. 1. LrNDSBY, Business Manager. "Entered at the Fost-O^ice al New York, N. Y., asseeond-class matter." Vol. LXIII. MAT 13, 1899. No. 1.626. A SIMPLE demonstration explains the situation on the stock market. The recent and unprecedented rise in prices took its excuse from the removal of danger to our currency, the boun¬ tiful harvest at home simultaneously with crop failures else¬ where, and consequent high prices for grain; our large exports accompanying small imports, and creating a colossal balance in our favor, and finally the revival of business activity all over the country. The question now is to what extent these factors remain to support prices. While the condition of the currency is not satisfactory no danger is apprehended from that source. Business is not only good but growing, and in some directions our foreign trade, particularly of manufactured goods, is likely to increase. These are what may be called the permanent bull ^factors. On the other hand our agricultural competitors are again in the market, and our own crop prospects are not anything like what we wish them to be; nor are grain prices as good as they were. We are buying more abroad than we did, and as our in¬ dustries increase must buy more. These things to a very consider¬ able extent mitigate the beneflts we will receive from our perma¬ nent factors. While we have much to be thankful for, everything is not going our way as it did for two years, and in our opinion the elements of the situation that favor us are insufficient to maintain the speculative view that has hitherto prevailed; or, in other words, that the liquidation so far forced has been insuffi¬ cient to discount the change in the situation or to bring about that equation between speculative and intrinsic values that is made from time to time under the mechanical operations of the market. The outlook is encouraging enough to warrant confi¬ dence in good paying issues and to prevent the others from sink¬ ing to levels reached in times of despondency; but there is such a difference between high quotations and the low records of the comparatively recent past that in view of the changes in the situation just pointed out the movement to lessen this distance has not by any means been fully worked out. THE money situation in Europe is somewhat mixed, though on the whole improved. In Berlin the week has seen a reduc¬ tion of the bank rate, and in London an adherence to a moder¬ ately high rate accompanied by a weak statement and indications of an increased demand for internal trade. The easier condition of the Berlin market ought to give satisfaction, because it re¬ moves fears of stringency which were prevalent until lately. One reason for the change is that this market has not participated in any foreign government loans this year, while last year much German,money went into Chinese and Russian loans. Continued speculation in 'industrial shares, however, is giving cause for alarm, though the industrial situation continues to be excellent. Work upon an underground railroad to traverse the centre of Paris from east to west for a distance of nine miles, which was begun" some time ago, it is expected, will be completed in time to permit the use of the railroad in the Exposition year. The motive power is to be electricity. A foreign exchange, speaking of ttie financial situation at Vienna, says: "No money is in¬ vested in industrial concerns, capitalists selecting the safest se¬ curities only, content to get three per cent, and even less. There is a vague but quite generally felt apprehension that a collapse of some kind is impending, and not even the slightest hopes are entertained that the Governments of Austria and Hungary will succeed in coming to some sort of an agreement that will insure the economical existence of the dual monarchy as a united eco¬ nomical factor with interests common to both halves. Official statistics show the population of Australasia (British) to be 4,477,- OOO, an increase of 667,100 since 1891; about one-third of the growth was made in free trading New South Wales alone, while in protected Victoria almost the smallest numerical gain was made, being not much more than that of the little colony of Tasmania. The surplus of wheat available from the last harvest for exportation was estimated at 2,300t000 quarters. The condi¬ tion of business in Australia Is discouraging, and relief measures are being concerted both in New South Wales and Victoria to meet the distress likely to arise from the scarcity of work A lull in trade and some depression of feeling is reported from Buenos Ayres. The amount of wheat available for export is estimated at 800,000 tons. Retrenchment in public expenditures IS still talked of, but talked of only, and a proposal for a new loan of $30,000,000 to be floated in London is on the carpet Re¬ turns from six Brazilian railways show that last year four of hem had decreased earnings; one passed dividends, four reduced them and one maintained the rate of 1897. Still on the prices at which the shares are sold in foreign markets the returns, where there were any ^ere at rates frcm 6 to 12% on the investment. So much has been said of the extreme political tension in the Transvaal that it is comforting to receive the assurance that now omes from abroad that, instead of there being danger of war the Government at Pretoria and the mining interests have mad^ distinct progress toward a settlement of their differences. T N another column we give complete details of the transactiona which virtually close the Real Estate Exchange. As Bacon says, "Death extinguishes envy and openeth the gates of fame " and m the same way we are sure, in spite of discordant opin¬ ions, every one interested in real estate will feel that the closlnsr of this institution, which since April, 1885, has been the public centre of the profession, is a distinct loss. The Exchange repre¬ sented an effort to localize and in a representative sense dignify the real estate business, which in its very nature is scattered and easily misrepresented by actions of irresponsible persons, and to Ijave to admit that this effort has failed is deplorable. On ac¬ count of the public function which the Exchange performed for the real estate fraternity it should never have heen closed, and now that it is closed an effort should at once be promptly made 10 place some other organization publicly in its stead. The Record and Guide views with particular regret the closing of the Exchange, because we may say it was due in some measure to our efforts and to those of the late David G. Croly, then editor of the Record and Guide, that the Exchange was organized. Our feelings will be shared, we are sure, by those who remember the meeting held in 1882 at th old offlces of this paper, 191 Broad¬ way, which culminated three years later in the opening of the buiiding. The flrst list of applications for membership published by the "Ludlow Committee" forms a species of roll of honor. It will not be out of place if we print here the list as it was issued. Astor, William, 23 W. 26th st.; Aspinwall, Lloyd, 25 E. 10th st.; Andrews, George H„ trustee, 146 Broadway; Bellamy, Albert, 5 Pine St.; Bailey, Nathaniel P., 11 W. 28th st.; Berrian, William, ;261 Brcadway; Bogart, A. W., Jr., 16 E. 18th St.; Brien, John[ 152 E. 65th St.; Burchell, John J., 206 E. 56th St.; Blakely, S. M., --------; Cruger, S. Van Rensselaer, Fulton St.; Cammann, Herman H, 4 Pine st.; Crulkshank, Edwin A., 163 Broadway; Croly, David G.. 191 Broadway; Cudner, A.bert M., 325 W. 20th St.; Carreau, Cyrille, 2115 Fifth ave.; Coates, Howard W., 42 W. 34th St.; Clinton, A. J., 71 Wall st.; Crulkshank, A. W., 163 Broadway; Detmold, Christian E., --------; Davidson, John, 237 Broadway; Degraaf, H. P., Bowery Nat. Bank; Ely, Horace S., 22 Pine St.; Friedman, Leopold, 9 Pine st.; Fink, John W., 243 W. 56th st; Fish, Ferdinand, 149 Broadway; Gantz, George F., 345 W. 58th St.; Griswold, John N. A., 250 Madison ave.; Hamilton, Robert Ray, --------; Harnett, Richard V., Ill Broadway; Honig, Isaae, 111 Broadway; Hinchman, Benjamin, Jr., 163 Broadway; Hays, Jacob, 13 E. 54th St.; Hildhurgh, Henry, 42 E. 6Sth st.; Higgins, Elias S., S2 and 84 White st.; Jayne, Samuel F., Orange, N. J.; Johnson, Jeremiah. Jr., 9 Pine St.; Jackson, Charles, 1570 Broad¬ way; James, D. Willis, 40 E. 39th st.; Krohn, Franz, 53 Beaverst.; Ludlow, Edward H., 3 Pine St.; Lawrence, Newbold T., 4 Pine st.* Leviness, J. Edgar, 3 Pine St.; Lichtenauer, Joseph M., 36 Broad St.; Lowe, James M., 13 W. 123d St.; Leaycraft, J. Edgar, 915 7th ave.; Lockwood, Calvin B., 129 Broadway; Lockwood, Frederick F., 108 W. 130th St.; McMullen, Thomas, 44 Beaver St.; Magrath, John A„ 74 Irving pl.; Morrison, E., 13 W. 39th st; Meyers, Sin¬ clair, 922 Madison ave.; Muir, James, 20 E. ISth st.; Mordecai, A. L., 5 Pine st.; Meyer, Siegmund T., --------; O'Brien, Henry S., 1115 Madison ave.; Phillips, Louis J., 4 Pine st,; Read, George R. 3 Pine st.; Richards, Benjamin, Jr., 3 Pine St.; Riker, Nathan W., 998 6th ave.; Robinson, Andrew J., 116 E. 30th St.; Ryan, William M., Great Neck, L. L; Roome's Son, W. H., Piainfield, N. J,; Sherwood, John H., 6th ave. and 115th st; Stevens, Byam K., 33 W. 32d St.; Scott, George H, 8 Pine St.; Sweet, Clinton W., 191 Broadway; Sause, Edward J., Jr„ 3 Pine St.; Smyth, Philip A., 342 E. 16th St.; Taber, Henry M., 141 Pearl st; Van Siclen, George W., 99 Nassau St.; Von Hesse, Christian, Albermarle Hotel; Wlnd- muller, Louis, 49 E. 46th st.; Weyman, C. S., 18 W. 33d st; Westbrook, David B., Ill Broadway; Willard, Edward K., 72 Broadway; Willard, James S,, 72 Broadway; Winthrop, Robert Drexel Buiiding; Zittel, P., 1026 3d ave.