Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 59, no. 1512: March 6, 1897

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Record and Guide ESTABLISHED-^ I :a2LM'*'iB6a. Dl^TlDpREA.LE:sTAjr,BiiiLoiffG A,^rreeTin^,HousQfotDDE8CB(«wi Busutess ajIdThemes of GejIer^I lirtERpsi.^ PRICE. PER YEAR, IN ADVANCE, SIX DOLLARS. Publislied every Saturday. Telephone, ...... Coktlandt 1370 Communioations should be addressed to C. W. SWEET, 14-16 VesejIStreef. J. T. LINDSEY, Business Manager. "Entered al llie Post-office at New Tork. N. Y.. as second-class inalter," Vol. LIX MARCH 6 1897 No. 1,512 All Architects, Bailding Material Manufacturers, Beal Estate Owners. Agents, Auctioneers and Brokers are interested in the great " Historical, Encyclopedic EcBiew uf Architecture, Building and Real Estate" now ■preparing hy the " Eccord and Guide.'' As useful and necessary as a dictionary or dii-ectoi-y, and as readable as a novel. Thoasands will read it Tlie standard work, PRESIDKNT MCKINLEY'S iiiau^^iral proved quite satisfac¬ tory to tbe business world. People did not fail to notice that while the word "must" was used a good many times in relation to needed reforms, there was considerabl.^ Yatrueness as to tbe menns by wbich these reforms are to be cti'ected. Mr. McKinley was a country lawyer and cannot be expected to know exactly whatis necessary to solve difficult financial and cuiTency prolfilems, but it is evident that he earnestly desires to see bis adrainifttration become the success that bas been predicted of it and io a general way knows what is necessary to mate it sucb. We have still, however, to see whether Congress is as sound minded and sincere as the Presiilent, so that its assembling on the I5th will be awaited with uo little anxiety aud not without some trepidation. In the business world the announcement of a proposition to refund the Lake Shore debt in a 3^2 per cent, bond has been the event of the week. So far as Lake Shore stock itself is concerned, it would probably have been better if the maturing bonds had been provided for by atock privileges, in which, as well as on the origiual issue, moilerate dividends could have been maintained. The jealousy of shippers and labor may prevent the saving in tised charges reaching the stock; certainly any considerable increase iu dividends wiil arouse their animosity and it remains a question to what ex¬ tent the stockholders will now have to share the money saved in interest charges with thuir patrons and employees. On the credit of railroad enterprise in thia country, the operation cannot fail to have a beneficial effect. It shows what vast strides that en- terpiise has taken when a railroad company can borrow money at half the interest it paid only twenty-five years ago and when its securities sell on the same basis as municipal bonds backed by public credit. The immediate effect of carrying out this operation will be to give activity to the security market by call¬ ing attention to the opportunities it presents for advantageous investment purchases. There are many millions of dollars worth of railroad debt that must be refunded in the next few years and buyers can find something of a warrant for the treat- men t of these in the example set by the Lake Shore management. GOVERNMENT stocks aud bonds form so large a part of the European markets that it is not. surprising to see the latter rise and fal 1 according to the momentary news from Crete. It ia all a question whether tht^ Great Powers will hold together iu the policy they have taken towards Greece. Any sign of a lessening of the concord among them would be a signal for a heavy break in all (he European national issues, which would finally disorganize all the other departments. So far there is no evidence of such a break, .aidging by the press reports that seems rather hoped for than expected. The position of ordin- aiily liberal minded people and olthe advanced press forms one of the most remarkable anomalies ot the tiiics. There is a sort of widespread mental aberration among tbe vej'y people iu whvim such a thing was least to be expected. For years past their most earnest prayer has been that the peace of Europe might be maintained and yet they arc encouraging Greece in a course that, if successful, mu.st produce the war they have hitherto been so anxious to avert. In their hatred of Turkey they seem to have entirely lost their senses. This peculiirity may be studied on this side of the Allantic as well as on the other. We can only hope that the papers and people we refer to will soon come to their senses aud seo the melodramatic selfishness of the people and sovereign of Greece in (beir proper light and that until tbey do, however Jong it may tate, that the rofe](oatible minifcters ti the sis Gnai J't\ur \\il] cci liLiu lo tiiiid 1oi'