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iDecember i6, 1899.
RECORD ANT> GUTDE.
ESTABUSHED-^ flJUVCH Sm^ 1868.
.Dd6tÂ£D to f^LESTAJI.BuiLDIÃ®fe A,RP^frreCTURE,HoUSEl(OLDDEGCÅÃHWrl,
Bi;SI(/ESS AltoTHEBlES Of Ge^EI^V iKTERfST.
fl'RIOE PER YEAR IN ADVANCE SIX DOLLARS.
PuMisAcd everj/ Balurday.
TEL.EPKOKB, OORTI^AMST 1370.
CcmmunicatlouB should bÂ« addressed to
C. W. SWBET, 14-16 Veaey Street
J. T. LINDSEY, Business Manager.
" EnteT'Bd at tht Poat-OffiBe at Xew Tork, H^. S., as seamO-etass wiatten"
DECEMBER 16, 1899.
AFTEÃR the immense liquidation seen in the stock market
this week a decided rally would be the natural thing to
.expect. In that respect, however, the market is somewhat disÂ¬
appointing. The return morement halts in a way that suggests
doubt in most minds of the immÃ©diate future, The discloaure of
trouble In Boston, and the probability of large gold exports,
.doubtless excite caution if not timidity and preclude confident prÃ©Â¬
dictions regarding prices for the next week or so. Some rather
jfrantic endeavors are belng made to show that the relief of the
London market by exports of gold would react favorably upon
this. Those whose memories are good on the previous effects of
^old exports in times of uncertainty fail to be convinced. Until
rÃ©cent yeai's, during which our gold supplies were very large
-while trade at the same time was moderate, the departure of gold
Ã®rom these shores was invariably the signal for a dÃ©cline of
l^^Ices in the security markets. It is difficult to see ho'w it could
be otherwise now, when our trade and commerce are apparently
â calling for every available dollar of capital we possess. The
London market relieved, there would of course be less pressure
to reaiize from that centre on American securities; but, so far
.as opÃ©rations hÃ¨re ai'e concerned, one thing seems to be aa bad
as the other. It would be much better if the London demand for
gold on us could be postponed until we were in a better posiÂ¬
tion, through the return of funds from the interior to meet it.
It is probably not necessary to point out that- a period of
â difficulty in the stock market at a time when the condition of
-trade is most prosperous Is unprecedented, and that, therefore, the
selling of securities is not so much the result of demerit as of
the pecuniary necessities of the seller. The unfavorable features
-of the money market must in the ordinary course of things disÂ¬
appear soon, and dÃ©clines in quotations will offer chances for
profitable purehases that are not likely to recur for some time
â to come.
T T riTH the increasing demand for money and prices gen-
Jt V erally higher than they bave been for eight or ten
yeara, there are also increasing signs that European business
has seen its best for this movement. Recently we referred to the
dÃ©clines in prices of building materials In both Great Britain and
Germany, and now quote the following as it, referring as it does
to realty, may be of spÃ©cial Interest to our readers; "We hÃ¢ve
-uow reached the wild and fabulous prices tendered for land,
which ended in collapse, 33 years back, and a number of in-
.â stances could be given of iand taken on building lease on which
.costly premises hÃ¢ve been erected, that were found to yield
:revenue only sufficient to pay ground rent, rates, taxes and reÂ¬
pairs, and In despalr the owners or their executors hÃ¢ve en-
treated the land owners to relieve them and take their property.
'One very rÃ©cent case has already come under my notice. The
land was taken at upwards of Â£2,300 a year rental; Â£10,000 were
spent on the property, the whole of whieh had been given as a
premium by the executors to be relieved of the burden, Many
rÃ©cent lettings hÃ¢ve been effected where land has been taken at
â 9s, ($2.16) per foot, that is not worth more than 5s. ($1.20). I
would advise all building and other societies and associations to
â avoid making advanees on city property (i. e. property within
the limits of the ancient corporation of the eity of London, and
.Including the financial and best business sections) as a panic
is not far off," ThÃ®s remarkably frank exposition of the situaÂ¬
tion is made in a letter written to the London "Times" by T. E.
Knightley, surveyor to the Birkbeck Building Society, one of, if
not the largest land and ioan societies in the world. Another of
the signs referred to Is that the subscription to the new Paris
municipal loan waa very lukewarm. The loan was subscribed,
lint that is all, and the contrast between thia and similar offerÂ¬
ings, which were applied for eight or ten times over, is very
great. Sales of quite a number of large ironworks by members
of the Hungarian nobility hÃ¢ve been reported recently, so that
to the eye of a foreign contemporary it looks as though the high
Hungarian aristocracy were suddenly withdrawing from inÂ¬
dustry. To our mind it is another indication of the early proÂ¬
spective dÃ©cline of European trade. Tbe "high arlstocraoy" haa
an excellent position from which to gauge the future, and their
selliug now is a proof of tbeir business sensÃ© as was their buying
in or founding iron-works years ago. While China and her reÂ¬
sources are the subject of so much attention, it may interest
mony to know that the PÃ©kin Syndicate, of London. whioh haa
concessions in the provinces of Honan and ShanshI, publishes a
report from one of its agents whieh illuminÃ¢tes the term, so often
employed, the immense resources of China, This report states
there are in Eastern ShanshI anthracite coal fields having an
area of 13,500 square miles, and in Western Shanehi bituminoua
fields having an area of 30.000 square miles, There is also abundÂ¬
ance of iron ore, and the only want to make both coal and iron
valuabie is facility of transportation. For purpose of compariÂ¬
son it may be well to say that the area of the British coal fielda
is 9,000 square miles, and that of those of Pennsylvania 12.774
The Realty Market.
â "^ H'E brokerage business discloses little, if any, tendency to
â *â dÃ©part from the lines which it has followed since the
opening of the season, Nevertheless, the expectation of a furÂ¬
ther Improvement In the character of the market was not disÂ¬
appointed. The bulk of the deaUng was In private houses, it ia
true, but the proportion of first-class dwellings disposed of was
larger than usual. The budget contained a relartively large
number of apartment houses, some of which were no doubt
bought for investment. However, the number was notable only
by comparison with rÃ©cent weeks. An unmistakable sign^ of
growing affluence in the community was the purchase of sites
for new churches by several religious bodies. The recently orÂ¬
ganized S't. Aloysius Roman Catholic congrÃ©gation, in the abÂ¬
sence of an available vacant plot within the parish, bought six
dwellings in West 123d street, which will be replaced by a church.
The buyer of a parcel in West 69th street was reported to be a reÂ¬
ligious corporation. E. A. Cruikshank & Co,, as brokers, conÂ¬
cluded the sale of a site in Broome and Elizabeth streets to the
Italian Mdssion of the Protestant Episcopal Church, wbose home
in Mulberry street was very much contracted by the Elm street
widening. In short, the influence of gÃªnerai industrial prosperity,
as the brokerage reports hÃ¢ve shown in the rÃ©cent past, is
making Itself felt in the real estate market by an inereasingly
better demand for private houses and for properties available for
the use of social and religious bodies, as well as by an increasing
frequency of purehases by manufacturing and commercial
houses. However, a distinction must be made between purÂ¬
ehases for o'ceupancy and for investment pure and simple.
Apart from purehases for occupancy, the activity in the brokerÂ¬
age market is almost exciusively spÃ©culative.
The spÃ©culative business of the week was of a fairly miscelÂ¬
laneous character, embracing, besides many sites adapted for imÂ¬
provement in the apartment and tenement house districts, a few
in the mid^own mercantile sections. Among the transactions
by the professional Ã©lÃ©ment was the purchase of the westerly
block front in Bleecker street, between Commerce and Barrow,
of No. 268 Bleecker street, and of No. 26 West 9th street by ManÂ¬
delbaum & Lewine from Chas. F. Southmayd, formerly of the
firm Evarts, Southmayd & Beaman. By this transaction Mr.
Southmayd disposes of the last of his real estate holdings, exÂ¬
cept hÃ®s rÃ©sidence, a Columbia CollÃ¨ge leasehold. In Sth avenue.
Mr. Southmayd began to seli oS his real estate, about flfteen parÂ¬
cels, about four years ago; most of it has been bought and reÂ¬
sold by Man^delbaum & Lewine. No. 26 West Oth street was Mr.
Southmayd's rÃ©sidence when the city was younger than now.
It is at prÃ©sent occupied by the Chinese Consul, and has been
practically resold fay Mandelbaum & Lewine.
Some Interesting dÃ©tails of the Roman Catholic Orphan
AJsylum deal were obtained yesterday from a member of the
purchasing syndicate, although the contract of sale has not been
signed. The syndicate consists of Charles T. Barney, Henry
Seligman, Geo. R. Sheldon, Wm. F, Havemeyer, Jchn A. McCall,
E. N. Gibbs, Geo. Viator, E. N. Baylies, Lyman Bunn and
William Allen Butler, Jr. The syndicate was organized by E. De
Forest Simmons and Richard M'. Montgomery, and, with a few
changes of personnel, Is id-entlcal with that whose bld Messrs.
Simmons and Montgomery submitted this summer, Messrs.
Simmons and Montgomery are also the ayndicate's agents for the
resale of the property. The purchase price is $2,450,000. The