Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXYIII.





NEW TORK, SATURDAY, AUGUST 20, 1881.





No. 701





Published Weekly by The

Real Estate Record Association

TERMS:
ONE YEAR, iu adfance.....$6.00

Communications should be addressed to

C. W. SWEET, 13T Broadway.

J. T. LINDSEY, Bushiess Manager.





Elsewhere will be found the full text of the building
law, passed by the last legislature, and just signed
by the Governor. This enactment is of vital interest
to builders and architects as well as to all who own or
expect to erect structures in this State. As its text
should be known to every one in the building trade,
we propose to issue a pamphlet containing the law
in full. It willbe sent to any address for ten cents.
Apply to Real Estate Record office. 137 Broadway,
Room 231^.





The Irish land reform bill, which has just
passed through Parliament, is a measure
which would never be tolerated in this
country. Here the owner of land can do
what he pleases with it and tenants cannot
ask any more than their bargains entitle
them to. But hereafter the Irish landlord
cannot call his property his own. The ten¬
ant has certain rights under the new act,
which are, in fact, a perpetual lien on the
property. Then, the courts have authority
to interfere with a landlord in a way which
would seem revolutionary in this country.
Ireland has been and is in a bad way, and
probably needs exceptional legislation; but
Gladstone's great measure would be regarded
as a nuisance both to landlord and tenant,
in any other couotiy than Ireland. Indeed,
as it looks to an American, the act should
be called "a law to invalidate the landlord's
title to his property, and to promote litiga¬
tion." What is needed in Ireland is some
way of changing the tenant into an owner
of the property he cultivates. If the gov¬
ernment purchased the land of its owners
and resold to the farmer at a forty years pur¬
chase, there would be no interfering with
the property and the owners of the soil, as
in Germany, France and America, would be
the people who tilled it.





The plans are all completed for the Harlem
River improvement. Everything is under¬
stood to be in readiness, with the exception
of something that should have been done by
the last Legislature, but was overlooked.
General Newton, however, is all ready and
before two years are over it is tolerably cer¬
tain that the work will be weU underway, if
not fully completed. And what a change it
will make. With a navigable stream between
the North and East rivers, the whole water
front at Harlem will become the scene of
great activity. In addition to the great lum¬
bar and coal yards will be warehouses for all
kinds of merchandise, including grain, and
. much of the commerce now transacted upon
the East and North rivers will find its way
to this new waterfront.   It would add enor¬





mously to the commercial facilities of New
York and would be particularly valuable in
building up manufactories on the other side
of the Harlem River.





The North River tunnel is being pushed
forward at a reasonably rapid rate. Work
on the New York side is soon to be com¬
menced. The tunnel was tested a short
time since and found to be in good order.
When completed, a vast change will take
place ou both sides of the river. The tunnel
will be used by most of the railroad lines
which enter Jersey City and Pavonia and
tiie consequence will be that probably three
fourths of the business of Jersey City will
be transferred to this island. Nor is this
all. Another tunnel company has been or¬
ganized to connect the Hudson River tunnel
with the Forty-second Street depot. This
will permit the passage through our city of
freight in every direction, without breaking
bulk in New York. As in the olden time all
roads led to Rome, so in these days every
new improvement adds to the wealth, im¬
portance and population of the metropolis.





THE M0RNING8IDE PARK.

At length the long delayed and much
needed improvement of Morningside Park is
to be commenced. Years ago the assess-
inents were levied and the money paid into
tiie city treasury. Some of the work was
done and two years ago the Legislature
ordered an additional expenditure to get the
work underway, but owing to a misunder¬
standing between the Department of Parks
and the Department of Public Works,
nothing was really done until last Monday
when an agreement was arrived at between
the two Departments.

The plans for the avenue overlooking the
plain below, have been prepared by J. Wrey
Mould, the superintending architect. They
are striking and beautiful and will be greatly
admired when seen and understood. Ac¬
cording to the agreement of last Monday,
the work on the west side of Morningside
Park from One Hundred and Tenth to One
Hundred and Twenty-third street, is to be
commenced immediately and continued
without delay. Hubert O. Thompson, Com¬
missioner of Public Works, however, in a
formal communication to the park depart¬
ment, thinks he has discretion to postpone
the work on the east side of the park. Mr.
Dwight H. Olmstead, however, who drew
the law under which the two departments
are acting, says that its provisions are man¬
datory and not discretionary and that all the
Commissioner has to do is go ahead and con¬
struct the work and make the improvements
under the specification of the Department of
Parks. We learn that an agreement has
since been come to by both departments, to
have no further delay. There is now every
reason to believe that this beautiful, long de¬
layed and beneficial improvement, wiU soon
be added to the attractions of the West side.
,    The Department of Public Works will at





once proceed to pave, grade and regulate
Morningside avenue, and also build a retain¬
ing wall; while the Department of Parks
will prepare the specifications for the ap¬
proaches, steps, base, iron railing, and the
like.

There is no doubt that when this improve¬
ment is completed, a great enhancement in
values will follow in some of the localities
near the park.





THE   OUTLOOK

Things look blue enough in Wall street. The
sad event at Washington, the partial failure of
the crops, the consequent excited speculation in
grain, the hardening of the rates for money and
the railroad war, have all thrown a cloud on the
street, have checked transactions, and have led
to lowrer figures for the whole range of securi¬
ties.

Nor are the indications for the future propitious.
A new administration W9uld cause more or less
disquiet. Some gold is coming from abroad, but
as the balance of trade will be against us. we
must expect the drain to set the other way be¬
fore the present fiscal year is over. We have
entered, according to some great speculators,
upon a periodof liquidation so far as stocks are
concerned, and the bear, so long suppressed,
thinks he will hereafter have the freedom of
the street.

But the general business of the country is
good, the great consumption of coal and iron
shows that manufacturing was never so active.
The working classes are all employed at high
wages. Our farmers may have less grain, but
they will get better prices for what they have
got, and the cotton crop is a large one and will
sell for high figures, and there is no stoppage in
the immense immigration.

The country will now develop in other direc¬
tions than in railroad stock values. The un¬
wholesome excitement on the Stock Exchange is
over for the present and the active, speculative
American will try and make money in other
directions. The country never had so much
currency nor such quantities of unemployed
capital. When stocks are shrinking, the con¬
servative investor will see the wisdom of putting
his money in real property, in houses, land and
unimproved city lots. The prosperity of the
nation will continue and increase whether stocks
go up or down.





THE NEW BUILDING LAW.
It being understood that the new building law,
which has been signed by the Governor, was
drawn up by Mr. William P. Esterbrook, Inspec¬
tor of Buildings, a representative of the Real
Estate Recoru called upon that gentleman to
explain some of its provisions. Inspector Ester¬
brook explained that while it was true that he
had drawn up a complete building law, the act,
as it stood, could hardly be called his work;
while much of the phraseology was his, the bill
was changed in many very important particulars,
but, as finally passed, he regarded it as a very
great improvement upon the enactment which it
replaced One of the most vital changes from
the old law was in requiring the real owner to
give his name when the plans of buildings were
filed with the department. To evade some of the
provisions of the old law, certain builders would
give in fictitious names. Nor was there any way
of preventing this. As a consequence, nobody
I could be held legally responsible for any violation