October 3, 1891





Record  and   Guide.





396





Irilil.





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Vol, XLVIII





OCTOBEE  3, 1891.





No. 1,229





The exhibition of architectural drawings is now open in the
exposition rooms of The Record and Guide, at Nos. 14 to 16
Vesey street, to which the public are cordially invited, free of
charge. This display of drawings is one of the finest that has ever
been made in New York City. It contains about three hundred
works from the boards of the leading architects. Among the per¬
spectives of more than ordinary interest are those of the several
large hotels now biiildivg in this city, and the designs submitted
in competition for the new cathedral of St. John's. No one who
wishes to study the principal recent architectural works in the
metropolis and the contiguous suburban district should fail to
pay a visit to the exposition.

IT must not be forgotten tbat while stocks were declining under
so many adverse influences as were seen in the last week or
two they were the object ot the very careful regard of many
people who believe in their future. Consequently, as soon as such
issues as are most affected by the recent events which have caused
so much comment have settled themselves into their places for the
time being there will be a new and rapid rise in the general list.
Yesterday's movements were very encouraging, showing conclu¬
sively that all were not of one mind. If it could be asserted that
all stocks had been wholesomely touched by the depressioa there
could be no doubt but that the recovery would be of a very snappy
kind. It will be so in|some cases, but there are others in which manip¬
ulation put prices way above any conceivable merit, and has
kept them there. Such instances menace the continuation if not
the beginning of a new advance. The time, too, is one in which
a considerable enlargement of trading can hardly fail to raise the
price of money available here unless gold imports come in even
greater than the satisfactory bulk they now show. Nor is it among
the railroads themselves all sunshine yet. The storm seems to be
passing away, but there continue heavy rumblings which threaten
a return and from another direction. The best that can be seen in
the market is the way in which it withstood blows showered upon
it, and if it has not passed through all the trouble it has to receive
for this time, it has certainlj- had the worst.





THE strength which many of the European markets have
recently shown has not been maintained. The tightening of
money in all the centres has helped to keep things quiet; and the
continued political uncertainty bas made financiers very cautious
about entering into operations that involve much time. Indeed, it
is not too much to say that political conditions are dominating the
flnancial situation. In Berlin, for instance, the market bas again
become depressed, not only because the economic prospects are so
bad, but because the political outlook is considered to be quite cheer¬
less. No one expects immediate war; but people are astounded
and dismayed at the extent to which France has been carried
by her Philo-Russian craze. They do not attempt to dis¬
criminate between a diplomatic alliance and one for
war-like      purposes.        They      only     appreciate      the      fact

that the close union threatens Germany, and many are
preparing to meet the worse possible consequences. This, how¬
ever, is rather the popular impression than tbat which exists in
well-informed political and flnancial circles. Bankers are bitterly
opposed to hostilities as peculiarly inimical to th'ir interests; and
will exercise to their uttermost their large powers towards the
maintenauce of peace. The coming Russian loan continues to be
the main topic of discussion. It is to be issued some time during
the present month. All that appears to be decided is, that the
loan will, be in Three Per Cents, and that it will be contracted
for by a syndicate and not be issued direct by the Russian govern¬
ment;:-The group are said to be endeavoring to
interest   the   Credit   Foacier   in     the    issue    to   the   extent





of receiving subscriptions; but it is doubtful if that estab¬
lishment would accede to the request except under pressure
from the government. It is considered to be a very grave fact
that French investors and financiers, known to be a careful and
economical people, should consent again tci credit Russia with
500,000,000 roubles when they have already invested 3,000,000,000
roubles at a price that is almost on a par with German stocks—
particularly when Russia's debt is not secured by anywhere near as
much propprty as that of Germany. Among minor items it is
interesting to note that the scheme of making Paris a seaport by a
ship canal has finally received its death blow. The Council-General
of Roads and Bridges has adopted unanimously the unfavorable
report of the commission charged to examine the plan. The princi¬
pal objection? to the canal were the insuflBciency of the practicable
dimensions, the frequent intersection of its course with the West¬
ern Railway, the trains of which, more than a hundred a day in
the section near Paris, would have to be carried over the canal by
draw-bridges, the disturbance to the water-courses of the region
traversed, and the interruption in the communication between tbe
localities on the two sides of the projected canal.





WE have called attention in these columns several times to the
he«vy decline in building operations in every district of
the city since the first of the year. The labor troubles of the
spring were regarded as the chief cause of the dullness, and it was
expected that the beginning of the fall would see not only a revival
of work, but a hustling activity stimulated and augmented by the
inactivity of the early part of the year. These hopes are now
proved to have been delusive. There will be no " bustle " this fall.
The architects and the " arch-i-tects " of the city are busy at present
discharging their draughtsmen for want of work, there
aie few enterprises of any moment under way,
and the speculative builder is busier with "adverse
circumstances" than with new plans, A dull, quiet fall and win¬
ter in the Building trade is inevitable, Hope has taken herself off
to the spring of '92, The fact of the matter is, we are now in the
midst of a reaction from tbe phenomenal activity of the last two
or three years. The Record and Guide published figures in 1890
and in 1889, which showed clearly that both the West Side and the
East Side had been " overbuilt," and that the development of Har¬
lem was arrested and forced to a pause by inadequate transit facili¬
ties.

---------■---------

THE present dullness is one of the best guarantees possible for, and
one of the surest precursors of more active and healthier condi¬
tions. Both the West Side and the East Side are in a much better
state now than they were this time a year ago. There are fewer build¬
ings on the market and stronger hands hold those that are. Besides
this, there is now only a tithe of the new structures " under way"
or " projected" that there was in the fall of le90. Our weekly lists
of conveyances show that the number of unsold houses is steadily
lessening, Tbe flnancial condition of our builders and speculators
is improving, and the conditions for new operations
are becoming more and more inviting. The effect of this
and the better tone of general business due to the large crops
will no doubt be noticeable in the real estate fleld next spring.
The next great building movement, however, will probably not be
in the older sections of the West Side and the East Side, Hence¬
forth operations there will be more closely in touch with demand
than they have ever been. Land has become too expensive there
for the touch-and-go speculator. Many things apparently point to
the Washington Heights district as the scene of the next big specu¬
lative movement in up-town real estate; but before much can be
done in that section it must be made available to residents by com¬
fortable and speedy transit. The future of the district hinges
upon that. The next speculative movement in this city will be
determined by and will follow the line of improved transportation
facilities,                                     ___

IT is not surprising tbat the Rapid Transit Commissioners have
found so much worthy of consideration in the reports of the ex¬
perts to which their planshave been submitted, and that considerable
time has been occupied in the consideration of these reports. The
statement can be made without fear of contradiction that the prob¬
lem which they are attempting to solve is about as trying and com¬
plicated a transit problem as can well be conceived. The best engi¬
neering, railroad acd flnancial ability in the country is needed to
meet its many diverse requirements and; to overcome its many
difficulties; and while the commission contains a number of
shrewd and ingenious men, and while it= engineering counsel
are trained experts, still it is obvious that it would be
possible to find railroad specialists more peculiarly adapted
to tho task. Some eighteen months ago, before the Bapid Transit
bill was passed. The Record and Guide pointed out how neces¬
sary it was that such a class.'of men should constitute the commis¬
sion, and this judgment has since been vindicated Hy events. The
commission as appointed was a good one, but it might have been
better.   It bas beeu studying the problem for something like eight