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Marcli 19,1898.
Kecord and Cxuide
497
one way or another. These things make the outlook for 1898 a
gloomy one.
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Vol. LXI.
MARCH 19, 1898,
No, 1,566
IT can scarcely be expected that with our own and the Spanish
government arming for possible conflict as fast as they can,
that there should be any feeling but one of nervousness on the
stock-market. If the people who are selling stocks were asked
whether they believed war certain, they would undoubtedly give
a negative answer, but at the same time excuse their action by
saying that there was no certainty what the outcome will be.
There is, indeed, very little belief that war will be necessary to
decide the issues on Cuba that are now open between our own
and the Spanish government, but no one can deny that it is
among the possibilities. This latter fact makes caution neces¬
sary, and calls for certain preparations in business, and
especially in financial business, that are of themselves
very disturbing—that is, they disturb present disposals
of money and credits. These arrangements must be con¬
tinued until the diplomats have made an agreement that will
make war avoidable. Meantime, owing to the unkindly ofBces
of the daily press, the market is likely to be subjected to a
good many scares that will influence quotations unfavorably;
indeed, following the usual precedents, the legitimate negotia¬
tions between the two governments have doubtless to get to the
acute stage before a final agreement can be reached, every step
toward which will be duly chronicled by the press with more or
less sensational gratuitous additions and deductions calculated
to alarm the feeble-minded. Security-holders have to be pre¬
pared for these things and to malte up their minds how much
they can stand. Tbe near future has in it only a promise of a
dull market and lowering quotations; but it must not, for the
time being, be forgotten that the situation is upheld by an ex¬
cellent opening of the business season outside of Wall Street,
and in the event of a peaceful termination of our diflculties,
which we believe will be eventually encompassed, the effect of
the relief produced will be very gratifying to those who may
then own railroad securities.
OWING to the clouds that obscure the political horizon, the
money and security markets abroad are all as feverish as
our own, and this must continue to be the case until doubt is
dispelled and the prospect brightened. The British Parliament
is having the tamest session known for many years. This is
not so much due to the absence of differences among the several
parties in the House, though that has something to do with it,
as to a desire to do nothing in the present delicate condition of
affairs that will give foreign governments, and especially those
of France and Russia, the slightest excuse for thinking that the
ministry will not have unanimous support in dealing with exist¬
ing emergencies. This consideration for the difficulties Lord
Salisbury's ministry has to contend with is already bearing good
fruit in the announcement that a satisfactory understanding is
being reached with France on the Nile as well as on the Niger.
The preservation of the integrity of the Chinese Empire is
likely to prove a more difficult question,and one that will not be
settled for some time to come. Regarding other matters, France
continues to fix new protective duties, lead and boracie acid
having been recently treated in this way, and it is proposed to
add wood straw for packing, hops and tissues of silk to the list.
The Berlin correspondent of the "Economist," of London, says
that the much spoken of sugar conference will not take place
until May, and that he hears that Germany, Austria, Belgium
and Holland have come to an understanding concerning the
programme which is to be submitted to the conference. Affairs
in Austria are unsettled by the expectation of further race dis¬
putes, the effects of last year's bad harvests being still apparent,
and by the fact that the time is drawing near when the fiscal
fl^reeme;)t liigf-yfeeji ^Hgtrja ^.nd Hungary must be ftrrapged
IMPORTANT BILLS IN THE LEGISLATURE.
NOTWITHSTANDING that this is somewhat of an off-year
in the Legislature^the number of bills introduced being
very much smaller than was the case either last year or the year
before, and the probabilities for the passage of the usual propor¬
tion being, much smaller than is generally the case—thereare still
a number of propositions of more or less importance that ought
to receive the attention of representative interests in building
and real estate. The municipal authorities are asking for very
little legislation, and that asked gratuitously on their behalf is
not likely to get further than the committee to which it is, as
a formality, referred for consideration. Amendments to the
charter have been practically forbidden, and changes in the
Building Laws of this city discouraged, while the Mechanic's
Lien law was so effectually revised last session as to call for
very little interference this. As, however, the present session
promises to be a short one, and it is in the closing days that the
Legislature wants the most watching, we think it advisable to
call the attention of our readers to the most important of the
bills that have been introduced, either in the Senate or Assem¬
bly, in which they are interested, though as these have been
mentioned from time to time in our Albany correspondence, it
is not our intention to set them out in detail here, but only to
give reminders of their existence and nature.
First as to bills relating to changes in construction of build¬
ings. Senator Grady has a bill requiring fire-stops of a certain
description to be placed between fioor beams, etc., in all new
buildings in New York city (Manhattan and the Bronx), and
Senator Coffey has a similar bill for Brooklyn; both are said
to be in the interest of a patent fire-stop. Senator Guy is re¬
sponsible for a bill exempting tenement houses in certain cases
from the provisions of the present law relating to fire-proof
stairs and stair landings. Senator Page proposes to amend tho
charter by giving the right of appeal throughout the consoli¬
dated city from the decision of a Commissioner of Buildings to
the full board in matters affecting constniction or materiais
to be used, where the amount involved in such decision shall
sxceed the sum of 5i,ooo- This would make meetings of
the Board of Examiners superflous. The same Senator has
a bill to limit the heights of dwelling houses, which has so little
chance of becoming a law that its provisions need not be dis¬
cussed. In the Assembly, Mr. Williams has introduced a bill
whose purpose is to allow the iron work of a building to pro¬
ceed, provided the fioors up to two below the last work are se¬
curely planked over and not requiring it, as now, to wait for
the flJling-in between the beams;and also providing for barriers
eight feet high around openings used for hoisting and elevating
machinery. This modification of existing law wili commend it¬
self to all practical people. Mr. Murray asks that the use of
"any acid, chemical or other ingredient deleterious to health"
in the manufacture of mortar shall be forbidden." Mr. Roche
has introduced a bill, the apparent purpose of which is to author¬
ize the Board of Examiners to permit the use of cement fire-
proofing. This legislation is not asked for by the Board of Ex¬
aminers, and is opposed on the general ground that, as pro¬
vision has been made in the charter for the framing of a Build¬
ing Code, changes of the New York Building Laws are inad¬
visable, though this argument would apply to any other pro¬
posal to change the charter insofar as it relates to construction.
Finally, Mr. Brennan has introduced a bill exempting unfinished
new buildings, additions or other improvements from taxation,
to which we have already given our approval.
Of the bills affecting real property, the most important per¬
haps is that introduced by Senator Wieman, this week, which is
a laudable attempt to rectify an injustice to owners, though it
does not go far enough. Insofar as it makes it obligatory on
the city to pay six per cent, upon an award dating from the time
when the city takes the property for a public improvement it
is good, as it will tend to hasten the conclusion of proceedings
and thereby the payment of awards. Another very important
bill is that of Senator Lexow, by which it is intended to limit
actions for encroachments on adjoining property of not more
than six inches in width to one year from the passage of the bill.
After action and satisfaction of judgment for damages, title to
the strip of land is to vest in defendant. If neither action for
ejectment or damages is brought within the limit mentioned, the
person encroaching is to retain possession of the strip so long as
the wall shall stand, but no longer; the owner having on the de¬
struction of the wall a right to recover possession. Senator Ford
proposes that a practical builder in active business shall be ap¬
pointed upon each commission to open a street. Senator Stran¬
ahan has a bill to legalize wall encroachments of ten Inches and
less upon public thoroughfares, on failure of tiie city to com¬
mence proceedings for thelp fempval within gn^ yfj^y 9| tJie