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Real estate record and builders' guide: v. 71, no. 1836: May 23, 1903

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May 23, 1903- RECORD AND GUIDE 1021 Basnfcss aiJdThehes Of GeiJer^ . iKraiFST. PRICE PER YEAR IN ADVANCE, SIX DOLLARS Published eVers Satnrday Communications should be addreased to C. W. SWEET, 14-16 Vesey Street, New YorK 1. T. LINTiaEy, Business Manager Telephone, Cortlandt 3157 ".Eslered at the Post Office at New York, JV. Y.. as second-class malter." Vol. LXXI. MAY 23, 1903. No. 1S36 A MAN wlio can afford to buy securities in a market such as that of the past week is likely to make money—al¬ though he may not make it very soon. When a stock with earn¬ ings and praspects such as those of the Pennsylvania Railroad Company, is selling almost on a flve per cent, basis, it is ob¬ viously a time to take advantage of concessions in prices in order to accumulate stocks. The abnormally high prices of a year ago iiave naturally been succeeded .by a period of abnor¬ mally low prices. There are many people who doubtless be¬ lieve chat these low prices are simply an anticipation of what actual values will be when the inevitable business reaction sets in; but the effects of a serious business/eaction are still so re¬ mote that such an opinion is fantastic. The low prices in Wall Street are due chiefly to local financial conditions; and it should be added that the power of local financial conditions to keep prices down is not yet exhausted. Prices may well go lower yet. It is probable that the big 'banking houses which would benefit mcst from a rise in the quotations of securities would not encourage such a rise at the present time. They want the revival to take place, when it does take place, on a thoroughly wholesome basis, and wholesome financial conditions are still a matter of anticipation, A steady rise iu prices, accompanied by much speculative buying, would restore excessively liigh rates for money; and under any circumstances there will be a severe stringency in the fall. Consequently banking houses are dis¬ posed to be very conservative, and are willing to keep the mar¬ ket, if possible, dull uutil Congress takes action upon the man¬ ifest need for a more elastic currency. By that time also a good many ambiguous elements in the general business situation will have beccmt definite. So far, for instance, as there can be any crop prospects at this period of the season tliey are bad, and this fact preaches caution. Then there are undoubtedly impor¬ tant changes taking place in the attitude of 'business men toward the general situation. Hitherto they have allowed no obstacles to impede the expansion of their business and the improvements which this expansion necessitated, but now a different and more conservative spirit is coming to prevail. Im¬ provements are being postponed until labor conditions are more favorable and the price of materials reduced, and this increased conservatism will assuredly have its effect upon railroad earn- icgs. In short, the whole business situation ia gradually chang¬ ing partly fcr the better and partly for the worse; and until the effect of these readjustments can be gauged, there cannot well be any very steady rise in values. Still the fact remains that prices are low, even though they may go lower; and the men who go about cautiously buying during the next few months are the men who will make the money. A NUMBER of prominent organizations on the East Side have agreed to reccmraend certain amendments to the accepted plan of the Delancey St, Bridge approach, which are worth careful consideration. These organizations concur in that part of the accepted plan which provides for the widening or Ueiancey St. frcm Clinton Sl. to the Bcwery, and to the opening !