New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-11-29
San Francisco Nov. 2s.-T'he official closing quo
tations for mining stocks to-day were as follows;
THE WEEK IN REALTY.
Loan Market Conditions Are SlO1cly
Inn DrOUing.


The conditions in the loan market slowly be-
coming better. This fact was reflected last week
in the reported sales and in the recorded title con
veyances and mortgages IL Is the consensus OF
opinion of the realty leaders that general good
times in the market near at hand, and that the
expected activity will begin to be felt in the early
part of next year. The timidity Of persons OF
large means to lend money on bond and mortgage
is a for considerable surprise
The restrictive money lending policy being
ried out by certain insurance companies is not TO
be classed unusual step for this season Of
the year 1t is said that about this time each year
these companies strive to begin the new year with
a large cash surplus hand and their adherence
to this rule would not be noticeable in
realty circles If the companies had not placed
usually large loans in other channels than real
estate in the course of the year These loans took
away from real estate great Of money It
could and would have had to perfect many pro-
posed deals which have been near completion for
months.
POOR BUILDING TRADES CONDITIONS.
OF course. this is only one view Of the present
stand of certain large lending companies regarding
loans on real estate A number Of persons en-
ployed by those companies told Tribune reporter
yesterday that this view a correct array Of
the salient facts Of the Still the building
trades conditions, which for months have not
only been turbulent, but exasperating. have had
much to do with making frmer this restrictive
policy.
BIG REALTY DEALS PREVENTED.
Many proposed deals involving millions Of dollars
mean the improvement a large scale OF old land
marks and vacant plots. and in view Of the discus
in the building trades II is not at all surprising
that great number of the big money lending
companies have thought It best to furnish
funds for the carrying out of some building plans
which could not possibly be undertaken for some
months yet which the time for beginning
work could not be definitely fixed
The reasons advanced for adopting stronger
strictive regarding building loans cannot
be used in dealing with loans bond and mort
gage on improved properties unimproved
properties where the collateral security Is sufh-
cient as an extra substantial safeguard for the in
terests of the lender. Never before. perhaps. in
the history Of New-York real estate have the op-
portunities to secure the best mortgages i'm
proved properties been so many and so attractive.
and why these opportunities have not been grasped
by large numbers Of persons Of means is mys-
terry.
An official Of one of the title insurance companies
said Tribune reporter yesterday:
firmly believe that soon after January 1 next
the amount of money which can be obtained on
mortgages and the further building , loan opera
suit in an easy money market Now is the time
for T thg ga He 20 csn move n Rs @
many of the choicest parcels on Manhattan Island
long unless am misnformed as TO the attitude OF
certain big money lending companies.
1t is said that a true sign OF better money
/
at less than per cent. for the tighter the money
market the higher the rate OF interest In the
week of November % the sum Of the recorded Man
haitian mortgages at less than per cent was
81 S63 700 and the number Of those mortgages fortyj
In the week Of November 21 the sum Of such mort
cages was sS0SO31. and tie numssr CT the mort
cages forty-six. The increase in the last week in
the amount loaned at such rates of interest over
the previous week s1C55.6Ss
One Of the principal transactions Of the year was
the purchase last week by John Wanamaker Of
the Old London Street and Hotel Colonnade prop
critics
REALTY PAPERS OPINION.
THE Real Estate Record and Guide in its last
issue says in part regarding the real situa
ton
Almost every item of news which has been d.
vuIged in the week helps TO put a better aspect
portant Of ALL the labor situation is improved to
Tsh f9 @Gs t enrsd an
have been held up on this score can now be pushed
less important is the lively building movement
| which is foreshadOwed for the district east and
| more sales of vacant property have been made
IN r t adu of aeSv meow s and T
will evidently be several million dollars invested
in this small district alone in the coming spring
and the persons who are putting them up do not
| Of money; moreover, ii must be remembered that
this building is being undertaken in response to
Of the East Side Jewish Formulation. and whish
does not compete wtn tne GeTaHG nov new
| of the conditions which have hitherto prevailed
exclusively the lower East Side TO another sec
! ton of the city.
| These conditions have enormous momentum up
! to a certain level of prices and will spread as
| far south the price of property will permit
! 1t is a singular fact that, whereas a yea ago
/ the residence district pushing further north
/ and threatening to displace the flats which now
/ prevail at the present time the fats tending
/ push further south and usurp land which used
/ to look like future residence property
[ Altogether the news OF the week makes the
outlook distinctly brighter, and warrants the be-
| lief that the money StringenCy is lOOS-
ened up as it will be easily in the spring. the real
estate market will be perhaps more active, and
/ ago