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March 3®, ifoi.
RECORD AND GUIDE.
537
Dp^tiD to ftfL EsTATi. BbiLDifJG ftipcKn-ECTURE .Hcni'^EiHOLJ) DEGcat^ntH,
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"Entered at the Poat-Office ai New Tork. N. T.. aa aecond-rtana matter."
Vol. LXVIL
MARCH 30,1901,
No, 1724.
IN spite of the activity, at advEincing quotations, of some well-
known railroad issues, the stock market of this week cannot
he considered as altogether satisfactory from ..he bull standpoint.
There has been realizing in a good many issues and some im¬
portant recessions iu prices, altogether revealing the condition
of uncertainty that generally precedes a reactionary movement
of any considerable proportions. The buoyancy of the public
temper, the plentitude of money and the favorable outlook for
general business ave still present, and have to be taken into
consideration in forming general views. They have been instru¬
mental in preventing declines before, when quotations, in the
minds of good judges, were beyond values, and even speculative
values; and now, when priees are even higher than they were
then, no one can say with positiveness that they will not pre¬
vail again. The cautious observer is discredited because he has
been entirely wrong in his predictions on the course of prices for
a couple of months past, and it will take some time and normal
conditions before he is in credit again. But it does look as if
we are coming to the point where the motives for booming
stocks will have become exhausted for the time being, and they
will be allowed to take care of themselves. We will then be
able to ascertain how much of present values is due to manipu¬
lation and speculative fervor, and how much to the undoubtedly
great prosperity of the railroads and the industries upon whicn
Lhey are predicated.
EVEN though the recalcitrant Boers refuse to assist the re¬
cuperation and regeneration of their country by laying
down their arms, there are other,s who think the time has come
when civil life and activity may be taken up again. In a small
way mining has been resumed at Johannesburg, but the action
of European capitalists largely interested in South Africa is still
more indicative of the bettered prospects of that territory. Re¬
cently, M. Rouvier, ex-Minister of Finance, of brilliant record,
was placed at the head of the French Bank of South Africa, aud
it is naturally concluded that this step would not have been
taken unless there were pretty good grounds for believing that
the time had come when the bank could empioy its resources
profitably in its selected field. A couple of weeks ago we pointed
out some signs of a recovery in European business with the
advent ol bpring, and m the interval several others have ap¬
peared. Not the least of these is tlie large naval programmes
laid down by almost every one of the gi'eat Powers. The British
Government alone will give out $45,000,000 of work to yards of
private builders. The borrowing uy small and large Powers and
by municipalities is considerable, and often for new works to
be undertaken immediately, aud the demand for luouey for in¬
dustrial and commercial purposes is rather surprising, in view
of the known and expected restrictions in various lines, in Great
Britain and Germany particularly. Vet rates for money in
London are strong, aud a correspondent in Berlin wi'ites, under
a recent date: "Notwithstanding the decline in the general busi¬
ness situation, the demand for money in manufacturing centres
continues comparatively strong. The private discount rate has
risen as a consequence. Abont two months ago one of the
features of the market was the arrival of money from industrial
centres, where it was uot needed, to be placed at the disposition
of the banks for discounts. It is quite remarkable tliat manu¬
facturing centres now show an increased demand for money, al¬
though prices of finished goods have continued to fall, and the.
general state of business has grown less favorable. The rate
for call money also now averages about 1 per cent, higher than
in February." While these facts speak of an improved Euro¬
pean industrial situation, the investing public continues to
evince a preference for the highest class of securities and take
pretty promptly ali the public loans that are announced.
â– â– ^HE resignation of Thomas J. Brady as Commiaaioner of
-^ Buildings for the boroughs of Manhattan and the Bronx
has been forwarded to Mayor Van Wyck, who will, It le under¬
stood, accept the same at the urgent request of the maker, Mr.
Brady's letter resigning the important positions he has fliled
with such credit is given In another column. When It was an¬
nounced last November that Mr, Brady intended to resign, we
intimated that Superintendent John A. Dooner would be his
successor whenever that intention was carried into effect. We
have stronger reasons now for believing that that will be the
case.
Tenement House Bills —Landlord's Respon¬
sibility.
OUR advices .from Albany confirm the view generally ex¬
pressed iu the daily newspapers that the bills presented
by the Tenement House Commission will be enacted without
any unnecessary delay. The new provisions as to construction
and the nature and powers of the Tenement House Department
it is proposed to create were given in our issue of March 2 last,
and those who are interested in knowing what they are can
there obtain the necessary information. It should be borne in
mind that the bill relating to construction, etc, or the Code of
Tenement House Laws, will, if passed in its preseut form, go
into effect on receiving the Gubernatorial approval. The bill
creating the Tenement House Department will not be effective
until January 1, 1902; meantime the enforcement of the provi¬
sions of the first named bill will fall upon the Departments of
Health and Buildings. Hitherto it has been customary to allow
an interval of some duration to elapse between the passage of
an act imposing important new building requirements and its
effectuation; but in this case the framers of the Code of Tene¬
ment House Laws liave decided otherwise, and made their
provisions applicable immediately on their enactment. Tbe
bill specifically applies to "every tenement hereafter (that is,
after the date when the act takes force) erected." Buildings in
process of erection are provided for in Section 4, which says:
"A tenement house not now (when the bill takes effect) com¬
pleted, but upon whicli work has been actually commenced, after
approval of the plans tlierefor by the Department of Buildings,
shall be subject only to the provisions of this act affecting now
existing tenement houses."
The provisions of the Code relating to prostitution in tene¬
ment houses have secured for the measure in which they are
contained more support probably than any others. They have
been specially indorsed by the Committee of Fifteen and promi¬
nent clergymen who have also petitioned for their enactment.
These provisions are peculiar in that they throw upon tbe
owners direct responsibility for the suppression of prostitution
in the tenements; that is to say, the Vice Crusade of five years
ago, having driven that form of wrong-doing into the tene¬
ments, the landlords are to drive it out again, and not the
clergy and police, who are really to blame for its planting and
growth there. It is admitted that this particular evil is ot
recent growth. The way the landlord is to be made responsible
is this: A house used for this improper purpose, with the per¬
mission of the owner or agent, is to be subject to a fine of one
thousand dollars, collectable, if necessary, by the appointment
of a receiver of the rents or by sale of the property. Permission
is to be implied if the, owner or agent, having been served with
notice by the Health Department that any of their tenants ai'e
using their premises for the unlawful purpose specified, shall
not within five days commence summary dispossess proceedings.
Further, it is provided that in proceeding against the owner or
agent: "The general reputatiou of the premises in the neigh¬
borhood shall be (competent evidence, but shall not be sufficient
to support a judgment without corroborative evidence, and it
shall be presumed that their use was with the permission of the
owner and lessee; provided, that such presumption may be re¬
butted by evidence." Actions for recovery of penalties are to be
taken iu the Supreme Court, and judgment is to be a lieu, sub¬
ject only to taxes, assessments and water rates, and to such
mortgage and mechanics' liens as may exist thereon prior to the
filing of the notice of pendency of action."
In reference to that part of the subject of tenement house
reform that relates to mere housing, we would like to again
remind the Legislature that it is the speculative builder that
has provided accommodation, with the exception of the merest
fraction, for the yearly growth of many thousands in our teue¬
ment population, and that any changes made in structural re¬
quirements ought to be subordinated to this fact. In England,
as we know, the housing of the poor has passed through all the
stages—a philanthropic, commerco-philanthropic aud municipal
—and is now passing into a state question, and there are not