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Record and Guide.
ESTABLISHED V/NVWVCH ^l'-i^ 1868.
OEVbTEÍ) 10 ReaI Es WE , BuiLDIf/G AROrflTECTaKE .HoUSDiOLD DEGOf(Anoti,
BUsWESS AltoTHEMES OF GtfJEFIAL IfíTEI^EST
PRICB, PER re.lR IX ADTAIVCe, SIX DOLLARS.
Publisheã every Saturday.
TELEPHONK .... CORTI.ANDT 1370.
Communications should be addrcssed to
C. W. SWEET, 14 & i6 Vesey St
J. 7. LINDSEY, Business Manager.
"Entered at the Post-offlce at Netv York, N. T., as second-class matter."
APRIL 16 1892.
Tlie new building law, wliich inctudes the creation of a Depart-
ment of Biiildings, u'as signed bij the Oovernor on Saturday last,
the 9lh instant. It will hereafter be known as Chapter 275 of the
Laws of 1892.
FOR SALE rO-£)4r.—The ARCHirECTURALRECORD, aí all the
Elevated R. R. stations and at all news-stands and at the offîce cf
publication, Nos. 14 and 16 Vesey street. Price, 25c. This number
is of unusual interest to every Architect, Bnilder and all who are
concemed in the constrvetion and decoration of buildings.
AGAIN, in defiance of precedent, there has been an advance in
the stock market on the eve of a general holiday. Though
this advance is not by any ineansequal all down theUst theiiuprove-
mentin tlie general tone^is very marked. An advanceis not usually
begun just when we are looking into summer and some bearopera-
tors are quietly laying their iines in the not unnatiiral expectation
—the history of the Street being taken into account—of a sagging
away into marked decline. There yet may be more in the causes
ot such improvement. as has been seen in the last week, than lie on
the surface. The chief of these is undoubtedly the coal situation.
If the recent advance in rail rates is not esactly what might have
been expected from President McLeod"s assertion, that whatever
benefit Reading would receive from iis recent acquisitions would/
come from the middleman, it has a bullish influence on stocks, par-
ticularly as it shows there is a very good understanding among al I the
anthracite carriers and dispels any anticipations of conflict arising
among them. As time goes on it seems as if Reading Iias less and
less to fear from adverse movements in the courfs, and as such
dangers are removed it is Iikel}' to enhance in price. If Reading-
was worth 40 before the adhesion of Lehigh Valley aiid Jersey
Central, it is selllng at less than its value now with all
danger of a cancellation of the new lease removed, if alone for
the power it gives the management to secure profitable rates. There
is still, however, formidable opposition to the continuation of the
leases to be dealt with, and the market will from time to time be
manipulated, as this opposition seems for the moment to besuccess-
ful or otherwise. Another cause of the better outlook is the cheerier
view taken of the Richinond Terminal reorganization plan. Any
prospect of placing the immense amount of securities afîected by
this in a better position than tliey have been for so long a time
cannotbut be wholesome in its influence. There are equally positive
assertions of the plan's certain success and failure. The íîrst come
from those identified wiih the plan, who form a very influential
body, and the prophets of failure, while having a good deal of
reason on their side, contain within their number many who,
though perhaps not believers in evils to come because they are
short of these issues, are, at any rate, short of them because they
believe in the evil to oome. That the plan is now a success in any
full sense of the word is extremely doubtful, but there are many
things yet which a syndicate as powerful as that back of this plan
can employ before failure is pronounced. Much stress is laid on
the fact that unless the securities now outstanding on tlie roads
making up the Richmond Terminal system can be got into the plan
there will be no lien for tlie new first mortgage bonds it is proposed
to issue. This is true. But there are other ways of inducing
the necessary deposits than merely announcing a time and a
depository. For instance, should the plan be declared a
sucoess by the necessary deposits of Richmond Terminal
securities, advance and conditional quotations could be
made for the prop.ised new securities, which would make the
exchange for the old securities profitr.ble. This was done in the
Atchison reorganization and may be done again, though we do not
say that it will or that the two properties equally justify such a
-wort. or that it would of necessity be successful if resorted to. It
is available to the guaranteeing .syndicate if they choose to use it,
and a syndicate so povverful could use it to very good efîect. While
the Coalers and some few indu.ĸtrials are so buoyant, the Trunk
lines, Grangers and others are heavy and only advance from
sympathy. This is not a favorable feature and will have its
influence when sympathy ceases to work on the whole market,
unless something is done to make the condition ot these heavy
properties better. A cessationot wranglingabout rates would have
a very good effect, but, like the poor, the rate-wranglers are always
IT is noticeable that the downward movement ot prices in Eng-
land, which began some eighteen months ago, still continues.
Theinitial impetus was derived. of course, from tl.e succession of
sliocks to trade which occurred in the latter part of 1890—such as
the sudden restriction in the Argentine demand for English com-
modities, thetemporary closing of ourmarketagainst certain wares,
after shipments hither at prices enhanced by the great demand. had
been artiflcially stimiilated by the approach of the new tariff rates.
Such causes as tbese threw trade generally into a state of dull-
ness, from which it has never recovered; and other influences, such
as labor troubles and overproduction of certain materials,
have come into play and have had the effect
of increasing the dullness and of further depressing pricea.
Consequently it is not surprising that ot the twenty-six most
mportant articles traded in, the economist js able to show that
only seven are now quoted at higher prices than at this time last
year. Four of these are articles of food. in which the difference is
ot very trifling importance. Of the remaining three in which aiiy
advauce is shown, one is flax, which has risen |5 a ton. and the
others are coal and jute, which have both been influenced by
exceptional causes, the labor diíBcuIties in the case of coal, and
the shortage ot the Indian crop in the case ot jute. Throughout
the other nineteen commodities, the tall is general. Stagnation
in the iron trade is denoted by low quotations for bars and rails ;
and the low ebb which matters have reached is indicated by two or
three failures which have recently taken place. The same decline
in prices spreads throughout all classes of commodities. Evidence
of the same nature is afforded by the freight traffic returns ot the
railways which have fallen away during the last quarter by the
returns of the bankcrs' clearing, theamount of which has been li}^
per cent less than the flrst quarter of 18'j1, and by the fact that the
export trade shows a talling off ot 4^.^ per cent. Neither is any
chance of an immediate recovery apparent.
THE Governor has vetoed the bill which proposed to change the
definition of a tenement house from a home for three families
or moretoa homefor four families or more, or from a house con-
tEÍningtvro families on a single floor to one containing more than
three families on a floor. The measure was opposed by the Board
ot Health, by the Sanitary Aid Society, by the Charity Organization
Society and by other philanthropic assooiations.
THE bill authorizing the Governor to appoint three expert per-
sons to dratt a suitable code ot uniform building laws in
grades api)licable for all the cities in the State, excepting New York
and Brooklyn, was reported to the Assembly from the Cities Com-
mittee on Wednesday last. It had previously passed the Senate.
The bill is in charge of Assemblyman Sulzer, who has promised
that it shall pass. During the remaining days of the session no
bill can be put on its final passage wiihout the consent of the Com-
mittee on Rulps, but as Mr. Sulzer is a member ot the latter com-
mittee there is not much doubt that, through his influence, thisbill
will be saved from the disastrous fate sure to overtake a very large
number ot other bills.
THE bill to Iníense architects in this State was recalled from
the Governor's hands on Thursday last, for the purpose of
making changes in the bill to meet the objections raised to the
measure in its present shape. One of the changes will probably be
to confine the operations of the bill to cities and to place the licenĸ-
ing power in the local authorities. Unless the bill had been with-
drawn it would have been vetoed. As it is, there is but a slim
chance of its passage during the few remaining days of the session
of the Legislature.
THE new City Club is the most promising development in the war-
tare against Tamraany misgovernmtnt which has taken place
of recent years. It the purposes of its founders are fulfilled, it will
be the backbone and center point ot the opposition in this city to
political methods in the management of muiiicipal affairs. The
gentlemen associated in the moyement are thoae who pro-emin-
ently represent the best influences and elements in New York life
at the present time. There names are a guarantee that the organ-
ization will be intelligently and earnestly used for the object of
redeeming this city from the evils and scandals which literally pos'
sess the administration ot its public affairs. But two circumstances
connected with this new City Club oifferentiate it from all sioiilar