March 8, 1880





Record  and  Guide,





321







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Vol. XLV.





MARCH 8, 1890.





No. 1,147.





This number of THE Record and GaiDB contains a fourteen, page
suppleinmt, in wkiah so;n2 of ths latent and most noteioorthy additions
to ths cltib houses of Ne-ui York City are illustrated and described.
Subscribers should see that they obtain this supplement, and report any
omission to the office of publication, JVo, 191 Broadway.





The market in Wall street this week has alternately pleased both
the bull and the bsar, aad the large transactions in certain stocks
notably Reading show that prices are at a point which will bear close
watching, as a defiaite movement one way or the other is near at
hand. Yesterday some very large blocks of Reading were trans¬
ferred from a large house to other firms, as the bull pool which has
been operating tbrougli this house for some time suspected
that their stock was baing loaned out and was as much at the
command of theii- opponents as tbeir own, so they called upon a
ba-nking firm noted for its Reading dealings to give them the
number of tbe certificates as held by them, and as their request was
nob or could not be complied with their account was Koved to
other brokers. Why tbis bull pool did uot at once go to Todds
ia a question they have been asking themselves for the past twenty-
four hours. Money has ruled easier during the week alt over the
world, and it is remarkable how easier money in one quarter was
the gignal for the same thing from Berlin to New York. It is not
to be expected, however, that France is yet ready to let go of her
surplus gold, as she is now ei.gaged in floating a loan equal to
$140,000,OUt, which amount, however, is less than originally esti¬
mated, and until tliis is arranged money must be kept easy, and
tbe large bankers would be likely to oppose any movement looking
to exporting specie to this country for any purpose whatever. The
Germans and Englisli investors are now buying more freely of our
securities, and it looks as thougli gold must come this way very
soon, and once begun it is likely to become a very fair amoimt.
General busineas throughout the country is good, some lines excep-
■tionally so, and there are signs that the raih'oad cutting of rates
wih have a speedy termination. Should this happen the long
expected bull movement will very shortly show its head and have
another tiy for better results than anything which has yet been
accomplished since our large crops were harvested.





The committee on revising the building law has practically con¬
cluded its labors, and the law as amended is now being engrossed
for presentation to the Fire Comissioners for tbeir approval. As
the proposed alterations in the law have tbe indorsement of the
Superintendent of Buildings, it is expected that the Fire Commis¬
sioners will offer no objections, and the bill will therefore go to the
Legislature at an eai-ly date and pr._bably be passed without any
opposition whatever. The changes are entirely in tbe interest of
those who have to do with the erection of buildings. The law has
been simplified, liberalized, and the subject treated of grouped
together as fai' aa possible, commencing with excavations, then
putting tog>'ther all relating to foundations, then following with
the walls, and so on with partitions, floors and other items of con¬
struction in their regular order. Nearly every section in the law-
bears some change for the better, either in making more clear the
intention sought to be expressed, or in lessening too strict require¬
ments, or in expunging altogether what has proven to be dead
letter regulations, A few material alterations have been made ; as
for example, the height allowed for non-fireproof buildings has
been raised 5 feet higher for tbe bmit than at present, that is
from 80 to 83 feet in height; the thickness of walls for store build¬
ings exceeding 85 feet in height have been somewhat reduced, so
that the thickness of tbe top portion of the wail becomes 16 inches
instead of SO, and thickening up by 4-inch offsets for each 35 feet
of the total height, thus building the wall up on the principle of the
tapering mast of a ship, and overcoming any tendency of being top-
heavy, aad at the same time avoiding an excessive thickness at the
bottom, to uselessly occupy .valuable space. One of the new feat-
urea in tha law is the requirement that all pub lie school buildings,





asylums, hospitals, 'and similar buildings hereafter erected shall
be of fire-proof construction. We think that this latter require¬
ment will receive general commendation for ohivous reasons.
The proposed changes and amendments are not to go into effect
until the 1st of July next. As soon aa the amended law becomes
an accomplished fact by an Act of the Legislature, our readers will
be promptly informed of all tbe changes between the old law and
the new, and of course anople time will intervene for those inter¬
ested to become familiar with the new order of things. But that
the law in its amended form will be more satisfactory to architects,
builders and property-owners than it is at presenfc we have no
doubt. Nothing has been done to interfere with the limitation of
height of dwelling and apartment houses, the law known as the
High Building Law being a separate and distinct law. The time
is nearly ripe, however, for undertaking tbe work of repealing

that law.

---------«----------

The decision of the Court o'f Appeals, reversing the ruling of the
lower courts, and holding that damages to property by the elevated
structures must be offset by the benefits accruing is so obviously
the equitable conclusion, that it is a matter of comparative indiffer¬
ence aa to the merely legal aspects of the matter. That property-
ovniers should be recompensed for tbe actual decrease in rental
value of which the elevated road has been the cause is manifestly
fair ; but if thia decrease has been partially or wholly wiped out
by a concomitant increase created by tbe aame agency it is equally
just for the very same reason that allowance should be made for this
circumstance. Mr. Gould has frequently complained that the col¬
lection of all the damages claimed without any deduction on the
score of the manifest value which the accessibility provided by the
elevated roads gives to the property, practically meant a confisca¬
tion of the Manhattan Company's property. Be that as it may, no
disbelief in Mr. Gould's methods, no disti'ust in his cliaracter and in¬
tentions, no considerations of self-interest should disguise the fact
that the elevated road has been of the greatest benefit to the city,
tliat it has been for tbe most part an efficient public servant, and
ciiat it iias thesame property rights as any corporation or individual
in tbe State. The decision is of the greatest importance, for it at
once frees the hands of the Manhattan Company, and removes an
important obstacle in the way of their increasing, so far as they
can, the efficiency of their service.





At last a movement has been started on foot looking toward the
establishment of municipal electric hghting in this city. The New
York Board of Trade and Transportation at its last meeting ap¬
pointed a special committee, consistiBg of ex-Judge WiUiam Henry
Arnoux, ex-Congressman Darwin R, James and Mr, L. J. Callanan,
to investigate the field of electric hghting, and report upon the
working of plants in those cities which have undertaken to perform
this service for themselves. If tbe investigation is conducted in an
earnest and thorough manner the report of the committee will show
beyond a doubt the practicability of this city owning and operating
its owTi electric lights. If New York, after a trial, finds that it is
not able fco supply its streets, its pubhc buildings and even private
citizens with the best electric light at a cheap cost, the instance will
form an exception to the experience of the twenty-seven cities

in tbis country which operated electric hghting plants last year.

----------■----------

The present Congi'ess seems to be even rather more dilatory than
usual. Three months have passed since the session began and noth¬
ing as yet is really accomplished. Tbe House has passed some few
bills, in which tbe Senate has not as yet concurred; and the Senate
has been bui'dened with some long speeches to which nobody has
listened. Meanwhile the Republican leaders seem to ha.ve difficulty
in agreeing on the legislation which they will make party measures.
Secretary Windom's bill ha^ been shelved and another one sub¬
stituted in its place ; notliing has as yet been accomplished in the
direction of the subsidy legislation which we have a right to
expect; and the final adjustment of the World's Fair matter still
hangs fire. There seems to be no lack of intention to spend money
in needed public improvements, bufc there is a sad lack of any dis¬
position to go about it expeditiously. Some of the newspapers have
taken occasion, because the past week has completed the first year
of Harrison's term, to sum up for or against the administration
from their respective points of view. In so far as the appreciation
or criticism is based on a consideration of the facts of the matter
and not on a preconceived opinion, based on the pohcy of the paper,
it is almost useless, for although in the matter of appointments
President Harrison bas shown pretty clearly what bis motive are,
in no otber directions has the party in power done anything whereon
to be judged.





Commissioner Gilroy bas practically admitted the justice
of one at least of the Erening FosPs criticisms on bis as¬
phalt paving contracts, by changing the specifications so
that other companies besides tha Barber company can com¬
pete for the work. The change in the specificatioiLS warrant*
our behef that the Commissioner of PubUo Works acted with entir*