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December 4, 1897.
Record and Guide
ESTABUSHED^ ÃWHPHfil'^ 1868.
Dd''Ã»TED Ä¨D RfJvl-ESTAXE.BuiLDIfÃD #;RÃ:ifrÃECmJI^.K(JUSnÃOLDÃEGa(MlDÃt
BtTsilÄ¨ESS AIÃO TheMES Of GEfÃER^l IffrEÄ©tpSl.:
PRICE PER YEAR IN APVANCE SIX POLLARS
l'iiUislieÃ£. ercry >'Ãati(r<lay]
TELEPHONE, .... COETLAÄ¨TDT 1370.
Coiuuiuuitatious should be addreased to
C. W. SWE3ET, 14-16 Vesey Street.
J 'i. LÄ¨NDSEY, Eiisi'iiess Manager.
"Eiili',-<'il at tlir l'osl O^ee ul Xcir Yorl;., X. Y., os second-elass malter."
DECEMBER 4, 1897.
EVIDENTLY the bityiiig public is disposed to take hold of the
ctoclÃ market again, beiiig confldent tliat Congress will ;lij
nothing to injure husiness, or perhaps, that matters have in the
past few weeks so diBposed themselves that Congress ean do
very little harm. Tiie announcemeiit of the Spanish govern-
ment's sohcme of autonoray for Ciiba oii the eve of tlie assem-
biing cf CongresB. foliowing as it does the withdrawal of the ob-
noxioiis Genera! AVeyler and tlie substitution of a man of more
meÄ©'ciful disposition aud policy in bÄ©s pÄ©ace, certainly takes away
"some cf the explosives that our .iingoes expected to he able to
make Ihelr rockets with. Tlie intentions of the adminÄ©stration
toward Uie eurrency (luestion, so far as they are known, are
moderi.te aud practical. Tliey seem to recognize the fact that
a refoim of the currency can only be brought about gradualiy;
and, instead of luvitlng eertain defeat, as President Cleveland
and bh Secretary oÂ£ the Treasury did, by introducing au elab-
orate rchenie, propose to deal with the worst eviÄ©s first, and
only ffW of those, leaving the rest for future treatmeut. If this
is the intention of the administratiou Ã®t is a wise one, aud one
that v.ill meet the approval of tho eutire business commu-
nity. The situatÃoU being what iL is supposed to he, a rise in
the market is tjuite natural and ought to be considerable, al-
tbougÄ©t it comes somewhat sooner than the best judges thought
it would. It Ã3 backed, of course, by an improved business sit-
uation. We have seen and appreeÃ®atert the improvement Easi;
but su/ficient atteution has not yet been given to that West.
Por a long tinie the West was a decided drag upon the sÄ©tuation;
but now, as a result of the rise in grain prices, it is coming up
to liuc. Couservative business men wjio have recently gono
thvougli the West report an increaaÄ©ng cheerfulness among a!l
classei.i tbere. There is a dispositiou to regard tlie outÄ©ook as
favorable aud a desire to discharge pecuniary and other obllga-
tÃons, which has been only too uuapparent for some prevÃous
years. With Ãmproving busiuess, tliscouteut is disappeariug
aud tlie deslre to seek remedieB from legÃslation for troiibles
t.Ä©ip,t oiily low prices produced is uot as great as It was,
THÄ©5 demand fpi' inveetment securities is ae appareut Ãn
!3urope as it Is iu the Unitecl States. The latter Iiave
scrapeO the marhetB of the former for itB own isgues, and conse-
qiient!;/ honie ntDcKs aml bonds are making new records in high
prices, :Ão that thÃ¸ observer la comyeUecl to confess that there la
110 knowlng where thls disappreclatlou of luoney, whlch Ã®t prac-
tieally ts, will end. This week British consolB, which were
thought already to be high enough, made a new reeord, selling
at abo-.i' a 2% basis. The question might be raised wbetber thls
indlcat"3 a condition of wealtb or of want of confidence, did not
tbe new capital applications, wbicb, tbough lesa than last year,
are miich larger than any otber year, sbow that the latter does
not exÄ©st. As a matter of fact eapital is growing out of ali pro-
portion Lo the means for investing it, and is thereby creating a
very Ã!-'portant and interestiug economie question whÃeh wi!l
have to be speedily discussed. The logical outcome of a contin-
uation of preseut conditions would be a state of affairs in
wbich loauers would receÄ©ve nothing for the use of their money;
and indeed that borrowers migbt make a cbarge for taking eare
of it. This appears to be an exLreme and perhaps an absurd
deÃ£uc;;on from present condÃ®Ãions, but, iike the Malthusiau tbe-
oix it is at the moment irrefutable, though there may be in tbe
natural order of thinga latent forces wbicb wlll prevent the
evils tbat symptoms of the moment make ua iear will arisp.
Besid'-R economic questions kurope is creatiug plenty of poIiLical
oues 111 (he straiued relatious of the German Kaiser and ao manv
of the people who feel the misfoi'tune of being ruled by him; the
miiitary scandal in France, and in the race troubles of Austria-
Hunsary, .There is, bowever, no apparent fallÃng off in business
on accouat of them, thougb they have already touched boursB
quotations for specuiative issues. and must have generally a bad
effect if not soon disposed of sensibly and peaeeably.
'T^ HB charLer of tbe City of New York, Section 1611, says that
â¢ it is to take effeet Jauuary Ist, 1898, "provided,however, that
wliere, by the tei-ms of tbis act * * an * * act is ^ *
foi-bidden prior Lo Jannary Ist, 1898, theu as to sueh act it shalt
take effect from aud after its passage," whicb was May 4th, 1897.
And Sectiou 73 forbids, "after the approval of this act" (wbich
was, by the Governor, May 4th, 1897), tbat any franchise or
rigbt to use tbe streets, etc, be granted for more than twenty-
five years (with a renewal), or without "adequate provision * Â«
to secure eflÄ©ciency of piiblic service at reasouable rates." Did
the Brooklyn Aidermen comply with these terms in tbe fran-
chises they granted on Monday to tbe trolley aucÃ® lighting com-
iianies? Ä©f not, an injunction eau be and should be sustained.
r^RESIDENT M'KINLEY'S pollcy for the coming session, as
^ reported froni Washiugton, is satisfactory, at leaat to tbis ex-
tent: that it contains no propositiou of a dÄ©sturbing nature. Tbe
proposed annexation of Hawaii is not sueh, in our judgment.
,It is, of course. thoroughly unsouud, because the annexatÃon of
that distant Paciflc islaud will involve most certainly the an-
nexation of new problems aud a new policy that will disturb the
quiet aud, perbaps, even the peace of the eouutry by and by.
A stateaman avoids tbese distaut tronbles which tbe "practical"
polÃtieian cheerfuliy assumes. The Jiugo spirit is strong to-day,
and the irreaident probably beiieves that there ia no great harm
in cateriug to it so long as the consequences falÃ® upon another
generatÃ®on. Moreover, the annexatiou of Hawaii Is perhaps
offered as a sop to Cerebns for the pacific suspension of action
regarding Cuba for auotber twelve months. AIl bnsiness men will
be sincerely gratefuÄ© to the President if Iie wlll definitely post-
poue dealing with the Cuban question for auother year. At
present it liea like a dyuamite cartridge on tbe road of our re-
tnrning prosperity. True, it may never be exploded, but the
kuowÄ©edge that it Ãs somewhere abead creates cautÃ®on aud re-
Lards prosperity. The currency questiou is, of course, anotber
brake on the wbeels, aud the administratiou apparently lacks
eitbcr tbe heart or the courage to deaÄ© with it thoroughly. The
government ougbt to be withdrawn from tbe bankiug business.-
Thc Presideut evidently doea not contempÄ©ate so radical a step;
but if he abolislies, as be proposes, the "endiess chain" by put-
ting goÄ©d behintÄ© the greenbaeks, he will do thÃ© cbuhtry an im-
luense service. " ' â -
FORECLOSURE SALES IN NÅ¨VEMBER.
Below will be tounÃ£ a tabular yummary oÂ£ the results of the
offerings of New Tork clty realty iii foreciosure for the month of
November, compiled from our iasues of Nov. 7th to '2Sth, 1S97, in-
clusive, compared with like figures taken from our issues of Nov.
6th to 27th inclusive, 1896. It will be seen that there was a de-
cided decline in the number of offerings in the month of this year,
though Ãhe value of tÄ©ie property concerned. as Ãndicatecl by the
amounÃ of the incumbrances, was greater. Thc plaintlff was, pro-
portionately, a more eonspicuous buyer than in November, 1896,
and there were also fewer withdrawals. The general aepects of the
Ãable do not dlffer frora those that liave preceeded it in other
months, and therefore call for no pavtlcular remark:
FORECLOSURE OFFERINGS AND SALES IN NOVEMBrjR.
Total offered. -By plalntifC.- -Byothers.- Wlthdrawn
Incuiti- Real- Real- Incum-
Flats and tenmts. No. brncs. No. ized. No. ized. No. brncs.
Nov 1896 ........47 Ä¨845,745 28 Ä¨679,845 5 Ä¨68.5K 14 Ä¨85.658
" 1897 ........39 777,337 24 464,614 Ä¨O 2H,m 5 84,633
NoT^ 1896^7.......26 291.723 10 144.563 10 156,995 6 61,077
â ' 1897........28 401,714 21 347.400 G 85.100 1 10,323
Lots and Plotaâ
Nov., 1S96 ........78 294,473 20 118.945 9 82.200 49 87.670
1897 ........ 57 - 253.489 17 125,437 20 52.994 20 96,955
NÃ»v., 189G ........ 9 297,173 5 138,335 3 78.500 1 13,900
" 1897........ 5 724,671 3 S30,525 1 50,000 3 85.483
Nov 1896 ........160 1,729,116 63 1,071,677 27 386,320 70 247,305
1897 ........129 B,15G,211 64 1,467,976 37 183,085 2S 277,399
CHIEF COMPUTER FOR THE SUPERVISING ARCHITECT.
The foUowÃng circular comes from the Supervising Arohiteot's
ofHce at Washington:
The UniteÃ¢ States Civil Service CommlssJon nnnounees an examina-
tion to flll tbe pogition of Chief Compuler, Supervising: Architect's
office, Treaaury Department, at a Ä¸alary of Ä¨2,50Å©. Tlie flrst part of
lliis exaniination wiH consist of a completo and detailed statement
by tbe compel.itor, settiiig' forth his gcneral and lechnical educatloii
ÃtnÃ£ trainitig, and his businoss expcrience and qualilÃ®cations. This
statement is to be typewritten, and must be sworn to by the compet-
itor as correct in every particular. 'The statement may mcludÂ©
certiÃicateÃi, testimpnials, etc, that, in the judgment of the compet^