crown CU Home > Libraries Home
[x] Close window

Columbia University Libraries Digital Collections: The Real Estate Record

Use your browser's Print function to print these pages.

Real estate record and builders' guide: v. 62, no. 1603: December 3, 1898

Real Estate Record page image for page ldpd_7031148_022_00000929

Text version:

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.
Decembers, i8g8. Record and Guide 819 On^TiOpf^EsTATE.^LDrrto A^rTEeruRf >{GUSEiltiU)OEm|^nci| Bi/5d/e3s juto Themes Of GeHd*^ iKnspT, PRICE PER YEAR IN ADVANCE SIX DOLLARS. Published every Saturday. Tblbphone, Cobtlakst 1370. CommunJoatloDS should he addressed to C. W. SWEET, 14-16 Veaey Street. J. 7. LCNDSEY, Business Manager. "Entered at the Posl-Ofiiee alNcw York, If. Y., as second-class matter." Vol. LXII. DECEMBER 3, 1898. 1,603 THERE is no change in the temper of the Stock Market to record. The large amounts of money seeking use keep up the prices of honds, and the stocks that are most active are those that have shared least in. the recent advance and can show devel¬ opments that call for better prices. In a period of upbuilding such as we are now in, these new conditions constantly arise to beneflt this or that security, and are promptly reflected in the quotations. It will have been noticed that the Coalers have at last come into line with the more cheerful movement of the market. The given cause for this, an alleged agreement among the anthracite producers and carriers to put up prices, is not a very satisfactory one, except for immediate and temporary effect. The memory of living men goeth not to the day when the prob¬ lem of how to secure an anthracite agreement was not on the carpet; and, while many solutions have been tried, none have succeeded. Any combination that seeks to improve the Coal shares by putting up prices of coal to the consumer is barred by the judicial decision that shattered the McLeod leases. Economies in operation and a participation in the general improvement would help the coal business, and they are the only ways in which it can be helped. A combination having these ends in view may succeed, but one whose only purpose is to take more money out of the pockets of the public will not. It would simply invite action by the courts to secure its own defeat. The move¬ ment of gold this way is only favorable in the sense that one cannot have too much of a good thing, but having more gold now than there is immediate use for, additions simply become a valuable superfluity. MONEY under ordinary circumstances becomes dearer to¬ ward the close of the year. If recent events and rates have not induced most people to supply themselves in advance of the tight season, there is likely to be quite a pinch in Europe before the New Year, and some trouble in consequence. An anticipation so natural as this, in view of the advances in rates made in the last month or two, will check business until it is seen whether it is well grounded or not. The prospects for higher rates make the engagements of gold for shipment to the United States remarkable, especially when coupled with the com¬ paratively low rates prevailing at home. The American credits abroad are known to be large and it is claimed that German bills have been discounted in New York through drafts upon such credits in London. For one reason or another, and probably because of the difficulty of financing big operations in the present strained condition of the money market at Berlin, the consolida¬ tions of the eiectricai companies, mentioned some weeks ago as having been arranged, have been abandoned. The announce¬ ment of the adoption of a provisional fiscal agreement between Austria and Hungary made this week, is satisfactory in so far as it revives confidence In Vienna and Buda-Pesth in an ultimate permanent agreement; but all favoring signs from that quarter are overshadowed by the news of disagreements between Austria and Prussia regarding the rights of subjects of each In the terri¬ tory of the other. The cable, with characteristic verbal brevity conveying extended inference, ponits to the last-named matcer aa a menace to the Dreibund. Italy's poverty, Austria's understand¬ ing with Russia and Germany's new policy; of protection toward Turkey, make the continuance of that agreement extremely un¬ likely when its present period expires, two years hence, and it win not be long before the financial world will begin to discount the re-distribution of alliances that the dissolution of the Bund wiil make necessary. The French Government has under exam¬ ination a proposal of the Governor-General of Indo-Chlna to con¬ tract a loan of $40,000,000 for railways to connect Annam and Tonkin with the Southern provinces of China. Some of the French protectionists, not content with all French territory, home and colonial, being encloBed In one tariff ring fence, are agitating against inter-colonlal trade. One journal fearing that French-Indian manufactures may compete with those of the mother country in Tonkin and Madagascar, remarks: "We place the prosperity of France above that of Pondicherry. ■ If France has sacrificed so many men and so much money In the conquest of Indo-China and Madagascar, it was not to procure a market for yarns and stuffs manufactured at Pondicherry." Thus is the falsity of another alleged effort to carry the blessings of civili¬ zation to the heathen exposed. Clyde shipbuilders are congratu¬ lating themselves on having had a successful year. So far this year 246 vessels, representing 380,000 tons, have been launched as compared with 222 vessels, representing 278.000 tons, last year. The newly Inaugurated President of the Argentine Republic owns to the dilScuIty of finding a remedy for the financial difficulties of the country when in his address to Congress he says: -"It is necessary to adopt a plan of rigorous economy. Within a few years we have quadrupled our expenditure, as if we believed that our resources were inexhaustible, and we find ourselves with a deficit which reveals improvidence and disorder. We must restore equilibrium by the most regular means—that is, by reducing our expenditure. This, moreover, is the only means we have of solving the problem of our complex financial posi¬ tion." Theoretically President Rocca Is right, but who ever knew of a Congress adopting "a plan of rigorous economy." -------------^------------- ( THE HUMANLY FINE. THE most surprising phase of all this talk about the Philip¬ pines is the disclosure that a large or at least a considerable number of Americans are at odds with their country. It is true we have the spectacles of other peoples frequently differing among themselves on questions of polity, but we would like someone to recall for us a case in history where a nation has been anything but unanimous—fervently and triumphantly unanimous —at moments like the present, and in dealing with matters such as those that confront us now in winding up our account with Spain. Opposition to the commencement of war has Indeed arisen at times everywhere from the piety of a few and from the selfish¬ ness or the fear of some others, but war ended, and the glorious knee of one's beloved country firmly placed on the chest of the vanquished, what nation has ever doubted its right to the spoils, its ability to "expand" and the benefits accruing to the world from an extension of its civilization? To estimate how absurd this is, we have only to try to fancy a Frenchman questioning the beneficent influence of the arts and manners of his country upon the Fillppinos, or to try to think of an Englishman hesitating as to whether Brittannia could safely and profitably rule the Spanish Eastern archipelago; or struggle to imagine a Russian halting at the thought of "annex¬ ation;" or William of Germany questioning the reality of "des¬ tiny" when presented in the shape of a few thousand odd islands. It is useless to work with one's self to make pictures of that sort; we know no European is capable of acting so—romantically. How is it then tbat in the United States, among so practical and patriotic a people, we witness so extraordinary a sight— men openly opposing tae "destiny" of their country, hotly ques¬ tioning the wisdom of "exransion," doubting the value of our government to a lot of half-breed Asiatics, and denying our "right" even to spoil the vanquished and make him "cough up" all that is in him? Why Is It that in situations like ours the European acts so superior? The matter is worth discussing because only old-fashioned peo¬ ple who have exaggerated notions about the wisdom of Washing¬ ton and the value of our 18th century traditions as a guide under all circumstances fall to perceive clearly that Uncle Sam is enter¬ ing the colony business" for keeps, and that whether we like it or not (we Imagine we will like it) we will find ourselves pushing with the crowd for the territory of the weak and the possessions of tne unfortunate. Invariably, it's the flrst step that counts; and as we are necessarily "in" for a good deal more than the Philippines, ail our people—even the clergy and college professors—should get Into iine behind the country so that in future we may have no more of the baby talk about "peHce" ana ■UucjaiiiLy" and "staying at home" which has disgraced tha ccurse of our war and our gloriously vigorous settlement with Spain. «> The trouble has arisen entirely from taking conventional phrases in a real or literal sense. So difficult Is it to be plain except in explicit terms! Some of our good citizens have not perceived what the "man in the street" has jumped at instinct¬ ively—nations as nations never speak the truth, and are essen¬ tially unscrupulous. Experience and training save the European from falling into error here, precisely is 'tJi« crowd io this coun¬ try were spared the ignomy of mistake, about what was said when :we declared war, by their dull unreasoned eeuse for realty.