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Real estate record and builders' guide: v. 67, no. 1727: April 20, 1901

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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 ■ 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 ■--'^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