May 28, 1898.





Record and Guide





949







Uil.





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Vol. LXI.





MAY 28, 1898.





1,576





SOME stress has been laid by Wall Street this week on the
changed tone of the European press toward this country.
The Parisian merchant and shopkeeper and the managers of the
1900 Exposition have doubtless influenced the Paris papers to
mitigate their hostility; but the altered sentiments of the Ger¬
man and Russian press, made with such characteristic sudden¬
ness, are attributed to orders from headquarters for the purpose
of 'discouraging any hopes of friendly intervention that Spaiii
may entertain, and that might stand in the way of an early
peace, if one is possible. Unless the Spanish people are very
peculiarly constituted it is reasonable to presume that the with¬
drawal of sympathy, hitherto somewhat osten'atiouily presented,
and, the transfer of part at least to their opponents, must dis-
cotvMge them aud make them more amenable to reason. Any¬
way, Wall Street argues in this way; and, as will be seen in the
following paragraph, European financial circles have somewhat
similar views and the markets for American and Spanish se¬
curities have strengthened as a consequence. It is not to be for¬
gotten that financial circles were mistaken prior to the war,
when they refused to believe it would be possible almost to tho
last minute, but their political instincts are generally right, and
it is unlikely that they wili be wrong twice running. It must be
also borne in mind that these circles take long views and would
operate on the basis of peace, although it were a good way ahead,
if tbey could only be sure that events and influences were mov¬
ing that way. AU the advance seen this week, however, is not
due to expectations cr hcpes of early peace. Such influence as
these expectations or hopes possess is supported by the favorable
reports received from various trade centres, particularly from
that of the iron trade, which seems to be getting into a very
good way indeed. To go into details would be repeating what
we said last week of the agencies at work to produce higher
prices. To them should have been added cheap and plentiful
money. Evidently there was some miscalculation somewhere as
to what bearing the war would have on the money market, other¬
wise funds would not have been called to this centre and rates
put up in the way that they were. The demand has been dis¬
appointing, and as a consequence rates are as easy as ever.





THE drop in the Bank of England's rate of discount made
this week from 4% to 3^/^% has a larger importance than
merely to indicate ease in the market. It tends to conflrm the
report that Britain and Prance have arrived at a settlement of
their difBculty on the Niger. With that matter stiii threa,tening
the directors would hardly have reduced the rate even though
the position of the bank has become strong again now that the
American demand for gold has ceased. While there existed the
slightest fear of the negotiations failing it would have been nec¬
essary for the bank to have kept a full control of the money
market. As it stands the rate is by no means a low one. It wiil
be remembered that just before hostilities broke out between
the United States and Spain a jump from 3% to 4% was made
and now, as has been seen, the reduction is only one-half of tbe
last advance, so that while money is easier than it has been for
some weeks, it is still dearer than it was at the opening of tho
year, and there are anticipations, not only in London, but in
Europe, generally, of a growing demand for funds, with, of
coiirse, rates higher, near the end of next month. With the
Anglo-French difficulty settled, the most moving cause of specu¬
lation is, of course, the war between the United States and Spain,
and seeing how events point to its ending so very disastrously
for the latter some surprise must be expressed at the strength of
Spanish bonds. There is a very large speculation in the 4's, and
they, though of course affected by the preponderance of buying
or selling for the time being, are the barometer toward which w^
will have to look for probabilities of the restoration of peace.
Eo far as the country is concerned. Spain is carrying on a war of





sentiment alone, and it is doubtful if that can for very long stantl
the test of the suffering that it has entailed on the people. Tho
government has a practical reason for accepting war, and the
same reason holds good for continuing it, namely, its own pres¬
ervation and the prevention of civil war and consequent an¬
archy; but it may be taken for granted, that seeing more clearly
the certain consequences of its continuation and not being blindod
by prejudice, the government itself will gladly end the war as
soon as it can do so without danger of an uprising capable of end¬
ing the existing regime. There are, therefore, two motives ia
Spain sustaining this war: The first, popular sentiment for tbe
moment the stronger but endangered by physical suffering; and
the second, dynastic and ministerial necessity, which will gladly
give way at a sign that the first is exhausted. The speculation in
Spanish 4's is based on these considerations, and the present
strength of the honds is due to belief that the wiser and more
prudent reasons are soon to prevail. The only rational ex¬
planation that can be imagined for the indifferent way the
Spanish government is conducting its side of the war. is that it
only does what is necessary to avoid popular fury, and will end
the miserable business as soon as it dares. Disorganized com¬
merce and trade working on the middle class, and want and
suffering on the lower, if this hypothesis is correct, ought so:ja
to give it its excuse.





PROPOSED   BUrLDING  COOE.

^* HREE weeks ago this coming Tuesday a resolution was !n-
■^ troduced into the Municipal Assembly providing for the
appointment and employment of a commission to prepare a
code of ordinances, to be known as the "building code." Thi3
resolution, which was published in full in our columns, pro¬
vides for the appointment of "one counsellor learned in the law,"
one architect, one mason, one carpenter, one iron worker, one
plumber and one civil engineer—seven persons in all—to pre¬
pare the new code. At a hearing given by the Committee of the
Municipal Assembly, to whom the resolution was referred, the
Joint Committee on New Building Code, consisting of delegates
from nearly all the building societies, appeared and asked for
amendments in the wording of the resolution; first, by eliminat¬
ing the names of trades and professions from which selections
must be made and thus leaving the President of the Council, who
is to appoint the commission, at liberty to name any seven per¬
sons whom he deems most competent to perfoi'ra the work; ami
secondly to add to the commission the three Commissioners cf
Buildings, as ex-officio members, thereby proposing to increase
the total number to ten for the commission.

The arguments used for these changes are that the Com¬
missioners of Buildings, having the responsibility of adminis¬
tering the law, and representing diverse territories within thsir
respective boroughs, and being practical builders themselves,
ought to be made parties to whatever changes are contemplated
in the present building laws. As to there being a lawyer on tho
commission, it is argued that the inlent of the Charter provision
which says that for the purpose of preparing such code there
shall be appointed and employed "a commission of experts,'*
was to confine the membership of the commission, if not solely
to men engaged in constructing buildings, at least to men who
are familiar with construction as weil as experienced in draft¬
ing building laws. A lawyer, however learned in jurisprnden^^e,
would hardly meet the test of expertness In formulating a techni¬
cal building ordinance. Further, it is argued that the Corpori-
tion Counsel, through his assistants especially detailed to the
several branches of the buiiding department, could best furni.-.!i
all the legal information required by the commission, particu¬
larly as not only a revised "building law" is to be drafted, but
the Charter itself needs to be amended by taking out from the
same the "tenement house law," and quite a long list of general
state laws relating to the construction of buildings, and which
more or less conflict with Greater New York laws, should be
repealed by an Act of the Legislature. When the commission
makes its report to the Municipal Council, probably the first aet
of the Council would be to refer the report to the Corporation
Counsel for an opinion as to its legality and desirability, and
therefore it would be a saving of time and insure better results
every way to put the legal responsibility in the first Instance on
the chief legal adviser for the city.

The argument against naming a representative of the plumb¬
ing trade on the commission is that plumbing and drainage are
not matters contained in the building law, but of rules and regu¬
lations which the Board of Buildings are empowered to adopt
and to change from time to time, the said rules and reguiationa
and any change thereof having to be published in the "City
Record" eight successive Mondays before the same becomes op¬
erative, so that a plumber has no greater interest in a gocd
building law than has any other citizen.

It will be noted that the resolution as introduced In the MunJfl-