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Real estate record and builders' guide: v. 67, no. 1722: March 16, 1901

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March 16, 1901. ItECORD AND GUIDE. 445 WMPmf ESTABUSIED^ I tevirixD p riiSA.L Estate.Stniotf/e Af«irfrrKTvjt¥,KwsEiJoiBDEBa(Knoi4 Bi^n^s Aift) Themes op G^fei^ tWTEf^l« PRICE PER YEAR IW ADVANCE SIX DOLLARS. Pw&IIsfted etJerj/ Saturday. TELEPHONE, CORTLANDT 1370. Communication* flbould b« addresEsd to C. W. SWEiET, 14-16 Vesey Street, J. T. LINDSEY, Easiness Manager. "Entered at the Post-Office at New York, 2f. T., as second-class matter." Vol. LXVII. MARCH IG, 1901. No. 1722. THERE is no change of temper in the stock market, whose continued buoyancy is due to anticipations of the pecuniary profits that will result from, the consolidating movement that is still being actively pushed among the railroads. No definite re¬ sults are pre-figured. but they are accepted in an indefinite shape as sufBcient to maintain the new standing railroad securities have attained in the estimation of the buying public. Those who prefer to act only upon ascertainable prospective results stand aside and—make no money. They take comfort, however, in the thought that their time will come, because it' cannot be that any new status of the railroad business can suddenly turn gigantic masses of incomeless stocks and bonds into paying ones, and when this fact has penetrated the minds of the buying public, there will be a change in the course of prices. Meantime, the op¬ timist on the railroad situation is reaping a very handsome profit. As the weeks go on, the signs of revival of activity in general husiness increase. One important one is the advance in iron and steel prices; this, though at present confined to manu¬ facturers' supplies, will find its way into finished goods when the spring orders for structural and other forms of manufactured iron and steel make their appearance in force. ONE of the great factors in the struggle for commerce is the amount of capital with which the several competing nations are equipped and its availability to business men. This is a fact upon which the chairman of Lloyd's Bank recently based an optimistic view of Great Britain's position in the fight. Speak¬ ing for his own nation, he said they had energy, natural advan¬ tages and wealth. What was more, owing to the very extensive development of banking throughout the country, capital was available at any time to any manufacturer or trader in a sound position, or who had security to offer. That, he added, was an advantage that gave them a superiority over the rest of the world. The British banking system is indeed one well designed to support trading and commercial operations. It consists mainly of very large institutions at the money centre, having branches over the whole country which keeps the smallest sec¬ tions in immediate touch and sympathy with the main source of supply. This is what our own banking system lacks. The latter encourages the establishment of small independent banks, but prevents the formation of branches of the large ones throughout the country; consequently the resources of a particu¬ lar section are precisely those of its own banks, which may be too small or too great, according to the demand for the time be¬ ing, and in one case one and in another the other at the same time. Under a system like that of Great Britain the supply of funds could be proportioned to quick local needs and the capi¬ tal of the country given a freedom of movement that is not now possible. A remedy for this defect in our banking system will sooner or later have to be applied in order to equip us for the fight that will assuredly be waged for the world's trade in the coming years. The remarks of the chairman of Lloyd's Bank quoted above, as well as those of Lord Salisbury cabled over this week, which make agreeable breaks in prolonged complaints, show that people in Great Britain are taking heart again. They will be further encouraged if, as is reported, peace in Africa is near at hand, not merely because they will be relieved of the drain the war there has been on men and money, but also because with this burden removed, Great Britain's position in China will be immensely improved and the unfriendliness of her rivals moder¬ ated in proportion. The resumption of mining in the Rand would also be a very favoring factor in the situation. It is not likely that the prosperous conditions of the past four or five years will return, but there is a prospect of a revival of activity in the spring. Germany, too, is reporting a better outlook, though her prospects are somewhat dimmed by the danger of a tariff war with Russia, the latter being apparently determined to resent vigorously any increase of the German grain duties. It is possible that M. De Witte's recent reprisal on our own trade for the Treasury sugar decision, was more of a notice to Ger¬ many of Russian intentions than an act of unfriendliness towards ourselves. ' VERY day now lessens the opportunities for influencing the Legislature; it is, therefore, of the utmost importance that whoever wishes to support the bill to exempt mortgages from taxation should do so at once. One way to do this is to sign and forward the petition of the Mortgage Exemption Committee given on another page; and another excellent way is to write directly to one's direct representatives in the Senate and Assembly urg¬ ing the prompt passage of the bill. The members of the Legisla¬ ture will soon be talking of the adjourning, and that is a very dangerous time for relief bills, because they are apt then to be overlooked and forgotten. Prompt action is, therefore, abso¬ lutely necessary. HAT the Pennsylvania Railroad Company should ever have >heeii allowed to obtain control of the Long Island Railroad is distinctly discreditable to the husiness judgment of the New York Central management, but it will be a very good thing for Long Island, For the policy which the Pennsylvania proposes to pursue in developing the industrial and suburban possibilities of Brooltlyn and its neighborhood is very much more vigorous than that which the Central has ever pursued in developing th« neighborhood, which depends on its suburban service. The fol¬ lowing sentence in the Pennsylvania report undoubtedly means' an important husiness expansion for Brooklyn. "Advantage ia being taken," says the report, "of the exceptionally favorable location of the tracks of the Long Island Road in and around the City of Brooklyn to establish freight stations, lumber and coal and carload delivery yards for your company, and thus secure a full share of the traffic whose growth will he largely stimulated by the policy which has been inaugurated of placing this borough on an equal footing as to rates with the other sec¬ tions of the consolidated municipality." This policy, as we said, means an important advantage for Brooklyn industries, and the direct railroad connection over the Hell Gate Bridge will also be as beneficial to the city as it will to the Pennsylvania Com¬ pany, Still more important, of course, is the question of ade¬ quate tunnel connection with Manhattan, and, perhaps, with Jersey City, It is obvious that the Long Island Railroad must have what amounts to a terminus on this side of the East River. It can never develop fully the suburbs of Brooklyn and Queens until it can run trains directly to and from Manhattan. In all probability the tunnel which the Commission proposes to build from the Battery to Flatbush avenue will he operated by the Long Island Company, because such a tunnel has a value for the railroad, which it could not have for any other corpora¬ tion; and it is absurd to object to the route of the tunnel on the ground that it is peculiarly valuable to the railroad, for it is that very fact which makes it also peculiarly valuable to the population of Brooklyn, But it is by no means certain that the route as at present laid out by the Commission will be entirely satisfactory to the Pennsylvania Company. It is reported with some plausibility, that the management of that corporation wants a tunnel of its own connecting its Cortlandt street sta¬ tion, not only with Brooklyn, but with Jersey City. The cost of the Manhattan terminals of such an enterprise would he con¬ siderable; but if the Pennsylvania could run its trains into New York it would have an enormous advantage over its competitors, and in time such tunnels must come. The Record a,nd Guide has always insisted that they would not come until the rail¬ roads took them in hand; and if the Pennsylvania should take them in hand, and construct underground roads both to Brook¬ lyn and Jersey City, it would only he showing the same large understanding of the possibility of a traffic situation as it has so often done in the past. Such tunnels would -mean a prodigious development for the outlying districts of Brooklyn and Jersey. NO one will grudge Brooklyn the development to whicli It is entitled by its location, and which it earns by the enter¬ prise of its local corporations; but a certain amount of com¬ plaint is inevitable, if Brooklyn's advantages are put to the hest possible use while those of New York are neglected. The man¬ agement of the New York Central has no doubt shown of recejit years somewhat more energy and enterprise than formerly; but this enterprise has not made itself felt in improving the suburb¬ an service. It is extremely'disappointing that no announcement