February 4, 1899.





^Record and Guide





189













ESTABIiSHEir^ iJyjipH eV^ 1868.





Bi/sittess Alto Themes of GeiIer^L iKrespi,

PRICE  PER TEAR  IN ADVANCE  SIX DOLLARS

Published every Saturday,

Tklephokb,                                             COBTLANDT 1370.

CommuDlcatlona Ehoul<!l t>« addreisea to

C. W. SWEET, 14-16 Vesey Street.

/, 7. LTRDSET, Business Manager.__________________________

"Entered at the Posl-Ogice at New York, N, Y., as second-class matter."





Vol. LXIII.





FEBRUARY 4, 1S99.





No. 1,612





JUST at the moment Wall Street is endeavoring to, using its
own vernacular, size up the immediate situation.   The dail.v
business that is being done is large compared with usual experi¬
ence and tbe market can be called   dull   now   in   comparison
with the business of a few prior weeks only.    With daily sales
of from seven to eight hundred thousand shares and from $5,000,-
000 to $6,000,000 in bonds, there is not merely considerable busi¬
ness doing, hut a business that prior to a month ago was thought
very good indeed.    Moreover, there appears to be no pressure ot
long stock on the market, so that the moderate declines seen tu
the past week must be considered the result of speculative de¬
velopments pure and simple. It is highly probable that a reaction
of flve or ten points would bring renewed buying, and certain
that if a short interest of fair proportions could be induced to
come In that a new upward movement would he undertaken.   The
circumstances of the times and the conditions of business do not
sanction extensive bear operations or encourage the hope of big
breaks.    Cheap money and the prosperity of the community, as
well as business activity, bulwark prices.    Among the favorable
features of the situation may be included the fact that Congress,
for the first time in a long while, is now helping rather than hin¬
dering business.   The House seems inclined to inaugurate that
currency reform of which we will one day stand in need, even
if we are independent of it for the time being, owing to our un¬
precedented commercial success abroad and renewed confidence
at home.   The Senate, we are informed on good authority, will
ratify the Peace Treaty when the vote is taken in the coming
week, and an extra session will not be necessary.   There is a
growing belief, too, that on the representations of the Inter-State
Commerce Commission and  of powerful business interests  the
position of the railroads will be favorably considered and legal
sanction given in some form to pooling.   If the railroads could be
sustained in an endeavor to make and maintain fair and paying
rates the continuation of the present favorable position of thair
securities would be assured for a long time to come.    Returning
again to the stock market, it may be remarked that if the present
state of aifairs there is only one of those lulls such as have char¬
acterized    the market at intervals for nearly a year past, when
the new movement is begun the features are most likely to be
some of those issues that have as yet scarcely made any move¬
ment.





loans with the Deutsche Bank rather than appeal directly to &
doubtful public.   Intending visitors to France will he pleased to
learn that the railroad companies there are awaking to the need
of reform in the arrangements for carrying baggage.    As an ex¬
periment it is now intended to allow passengers who  wish  to
break their journeys to send on their basgage, under certain con¬
ditions, to their final destination.   Berlin has apparently passed
safely   through   its   monetary   troubles;   the   condition   of  the
Reichsbanii improves week by week and the new banking hill
now in the Reichstag promises to provide permanent relief.    It
provides that the capital of the Reichsbank shall be increased
$7,500,000, making it $37,500,000,  the legal limit of the reserve
fund, by gradation, from $7,500,000 to  $15,000,000, and the ua-
covered notes not subject to taxation by about $26,000,000 to $100,-
000,000; the government's share in the profits, now three-fourths
after six per cent, has been paid to the stockholders, is to be the
same proportion after the stock has received 5 per cent.    The
abatement of the stringency in the money market has been fol¬
lowed  by  a  revival of speculation in  industrial issues.    Wes-
tralian gold production in 189S amounted to 1,050,182 ozs., valued
at about $20,000,000,  as  against 674,993  ozs. in 1S97, valued at
$13,000,000.     The   continued   decline   in   the   gold   premium   a',
Buenos Ayres is based upon the satisfactory results of the wheat
harvest.    Among the humors of finance  may be  included  the
proposition of France to borrow in Britain the means to build the
navy which is to crush that of the lender and to blockade ita
ports.    The agreement for the federation of the Australian col¬
onies, announced yesterday, has to receive the approval of the
parliaments of the several colonies and is therefore a long way
from being an accomplished fact.





1
%





NO surprise need be expressed at the drop in the Bank of
England's rate from 3^ to 3 per cent.   The conditions of
the market have called for it for some weeks and it was only d.3-
layed until the position of the United States toward Europe be¬
came clearer.   Evidently the directors of the bank have become
satisfied that the demand from this side for gold is not likely to
be great for some time, and sustain the conclusion reached m
these columns last week to the same effect.   Should the situation
change in the near future we may be prepared to see the bank
promptly return to high rates, because, not only may the ordi¬
nary demands for money he expected to increase in a month or
so   hut pressure is being put upon, not only the Bank of Eng¬
land  but also upon the other British banks to considerably in¬
crease their customary reserves of gold.   Another cause for satis¬
faction is the report that the reform of the Russian currency
has been successfully completed and a large amount of gold and
Bilver put into circulation ana a corresponding amount of paper
withdrawn.    Fears of the flow of gold from the country have
heen dispelled and the currency put upon a sound basis.   Labo,
statistics for the month of December confirm the reports of in¬
dustrial activity which have been received from Bntam recently
The Indo-Cbina railroad lean lately issued at Paris was a great
success -ome $10,000,100 asked fcf having been subscribed thirty-
six  times  over, which  is regarded  as  a popular- manifestation
I          in favor of a vigorous colonial policy.   This is in contrast to tho

placing of the German Imperial and the Prussian  3 per cent.





IT was not without significance that the Commission on Build¬
ing Code was only fairly organized on the day fixed in tha
resolution of the Municipal Assembly, under which its members
were  nominated,  for  the  filing of  their  completed  report.    Of
course, more time had to be applied for and it is satisfactory to
note that the request was promptly granted.    The Commission
has now flve months in which to prepare the code, certainly aot
too long a time if the work is to be properly done.    After that,
presumably, the Municipal Assembly may discuss the provisions
of the code before formally establishing it, so that it Is impossible
to say when it will take effect, though the delay ensuing on the
flling of the Commission's report ought uot to be great.    The
Commission will flnd the matter of framing the code beset with
many difficulties, the most serious of which is its probable rela¬
tion to building laws now on the statute books.   Already there
is a divergence of opinion upon this question, one side holding
that the code when established will control in all matters relat¬
ing to construction in this city, and the other that it will prevail
only in so far as it does not conflict with the building provisions
contained in the charter itself.   The latter appears to us to be the
correct view.    In passing the charter the Legislature gave the
Municipal Assembly power to establish a building code, but it
also at the same time enacted an amended tenement-house law.
which is a part of the charter itself.    As there is no precise au¬
thority to that effect, it must be taken for granted that the Leg¬
islature did not intend that the Municipal Assembly should sit
in judgment on and modify its acts,. This conclusion is supported
by the language of the charter itself.   Its tramers evidently dis¬
tinguished between the building laws  and the tenement-house
law. because the former are not set out in the document itself,
but by a general clause are continued in force and effect until the
building code shall have been established and then quite as gen¬
erally   repealed.    A tenement-house law, however, is set out at
length in the charter, in the chapter relating to Health Depart¬
ment and as it differs from the tenement-house law in force
prior to the adoption of the charter it can only be assumed that
it was the irtention of the Commission that framed it and the
Legislature that passed it, that this should stand Irrespective of
the views of the Municipal Assembly that might thereafter  oe
embodied in  the  building code.    It  would  have undoubtedly
teen better if the whole field of construction had passed to the
Commission, but if, as we think, it has not done so, it will be well
for the Commission to make sure of the   scope of operations per¬
mitted them before framing the code, otherwise their labors may
eventually prove to be vain and much trouble and annoyance-en¬
sue to the building interests of the city.   The decision of Justice
Scott  which we gave last week, shows how easy it !s for both
lawyers knd laymen tn be deceived in the Intents of a law..   It
was so clearly the understanding of the promoters of the Act r.f
1S97 limiting the height cf dwelling houses that it should super¬
cede previous laws on the same subject that the view taken by
the Department ot Buildings, and since sustained by the Supreme
Court  that it did not repeal the Act of 1855, came upon them as
a surprise    It will be easy for the Comraispion on Building Cole
to pave the way to other like surprises if they take any position





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