Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 49, no. 1257: April 16, 1892

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Aprilie 1893 Record and Guide. 597 ESTABLISHED V/NVWVCH ^l'-i^ 1868. OEVbTEÍ) 10 ReaI Es WE , BuiLDIf/G AROrflTECTaKE .HoUSDiOLD DEGOf(Anoti, BUsWESS AltoTHEMES OF GtfJEFIAL IfíTEI^EST tttrøl 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." VOL. XLIX APRIL 16 1892. No. 1,257 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 with us. 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