Columbia University Libraries Digital Collections: The Real Estate Record

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June 25, 1892 Record and Guide. 987 ESTABLISHED "^ N^ARPH S\>y^ 1868, Dev6teî) to f^L EsTWE BuiLDiKo ArcKitectui^e .HousciTgld DegoratioH. Bi;si(/Ess Atto Themes of GeSeivÍ- l;íTtl\ESÎ tUIDl. H;»I!J>1H68. PRICE, PER TEAR IN ADTAIVCE, SIX DOLLARS. Published every Saturda'y. TeLKPHONĨ!; .... CORTLXNDT 1370. CommmiicatioDs shoiild be addressed to C. W. SWEET, 14 & 16 Vesey St J. 7. LINDSEY, Business Manager. "Entered at the Post-office at Nev) York. N. K., as second-class matter." VOL. XLIX JUNE 25. 1893. No. 1.267 LAWS RELATING TO BUILDING IN NEW YOBK CITY. Tlie Record and Guide's edition of the buiĩding laws, a handsovie, neatly bound volurne of 300 pages, is published to day. Its title is "Laws Belating to Bvilding in New York Citi/." 'Jt includes not only the revîsed building law (ilhistrated and exliaustively indexed), but the new and far-reaching factory inspection act, and the mechanics' lien law and other enactments that need to be included to make any edition of the New York building laws complete. It contains also regulations of theneio Building Department, and a new aiid specially revised and reliable directory of arehitecís of Neiv York, Brooklyn, Newark, Jersey City, Hoboken and Union Hill. It isforsale at this offlce at |2 per copy. ON very narrow aiid professional lines there has been a bull movement in the Stock Market for a couple of weeks, in which prices while responding. to good news have boen very slightly aflected by bad. The greatest impreseion has been made recently by the continiiation of a heavy gold export movement and the cnnset|uent signs of a bardening of money. The crop outlook, the more cheerful conditions of general busineBs, and more particularly a disoovery that many threatening dangers have been more serious on their face than when investigated have encouraged the employment of large amouuts of idle money in the Slock Market and particuiarly among the Granger stocks. With any evidences of hesitation on the part of loaners, it is scarcely probable that the buying movement will continue, and the reaction which has been begun on the gold exportations will extend. With any such fear removed the people who have engi- neered this bull movement will no doubt continue their efforts until tbe public, who have hitherto kept aloof, come in and take hold. The Grangers depend on crop news and the Southern stocks on general business in their region. New England takes on a new phase, with intimations that New Haven is making advances towards acquiring control in some form. What that form may be is for the moment not so important as the fact that the advance is made by the bigger property, as it gives more substantially to the claima of the value of New England than was geiierally couceded. Up to now all that came from New Haven quarters was tbat the New England property was a worthless one and one that New Haven would soon be able to obtain for very little. Now that the Readíng is operating in connection with New England over the Poughkeepsie Bridge it seems that New England has acquired a new value in the eyes of its foes. Notwithstanding that Richmond Terminal has been placed in the hands of a receiver the conviction holds good that Drexel, Morgan & Co. will eventually announce a plan for tbe reorganization of that property. The management of Richmond Terminal in a not very long life succeeded in issuing over sixteen millioũ dollars of bonds and seventy million dollars of stock, while keeping a heavy mort- gage debt on all the properties that made up the system. Ever since the troubles of the company began desire has been active, though not aggressive, to know how that immense capitalizalion was created with such disastrous results. Theexpertsandaccount- ants employed by Drexel, Morgan & Co. must be constantly uncovenng the facts an.l will do the shareholders and Wall Street a signal service by placing them at the disposal of a committee of the Btockholders to use, as they wiUbest helpthesecurity-holders in their preseut trying emergency. THE foreign trade of Great Britain still fails to show any symp- toms of improvement. The returns for the month of May show a slight iũcrease in the imports, amounting to 1.6 per cent. while exports show a decrease of 10 per cent for ihe month and Sy^ per cent for the first five months of tbe year; and these move- ment have taken place ici spite of the fact that there were two more working days in the past montb fchan in May 189L Tkia is a very unfavorable showing, and affords further evidence that the recovery frona the shook which British trade received in 1890 musfc be a slow one. The shook was not very sevfre in its immudiate effects, and no rapid reaction could possibly be expei^ted. One-half of the total decrease can be accounted for by smaller shipmentsof iron, the principal reason for which ig that, owin'g to the Durham coal strike, the trade has been under a cloud—one which has now cleared away. It should be added that if trade is dull it is eminently safe and sound, and no very severe and prolonged depression is to be feared at present. Continental markets are practically unchanged. Some small agitation was caused by the fetea at Nancy and the meetings of the German Emperor with the Czar and King Humbert. The impression left by these political events has been, however, decidedly favorable. The prospects for several years of peace have never been oonsidered to be fairer. The weather in Austro-Hungary bas been decidedly favorable to the development of the crops. After the cool and rainy days with wbich May began, warm weather set in and caused all kindsofgrain to grow rapidly; and subsequent rainfalls promoted the growth still more. Wheat promises rery well, both iu Austria and Hungary. At length there are some signs of a substantial recovery of business in Argentina. The trade returns are satisfactory, as showing that the severe commercial depression caused by the general crisis and the excessive tazation is at last beginning to pass away. There is an increase in th« imports, a sure sign of trade revival; and the soundest part of this increate is in dry-goods and edibles in general—60 per cent in the former and 40 per cent in the latter. The customs receipts show an increase of over 40 per cent. The interestinj; ceremony of cutting and tipping the first sod oí the new English trunk line was performed recently at'Chesterfield. This company, called the Lancashire, Derbyshire & East Coast Railway, has powers to^aise a capitt.I of eighi millions sterling, and proposes to spend about £7,500,000 in the construction of its main line and ac- cessories. The main line, which will be double and of first-class standard throughout, wiU extend a distance of 130 miies from War- rington on the Manchester Ship Caual through Macclesfleld, Bux- ton, Chesterfield, and Lincoln to Sutton-on-Sea. Every preparation is being made to converfc this sma.II town on the Lincolnshire coast to an important coal port, and the cor ipany iutends to build docks there. It is from its connection with the great Derbyshire and Nottinghamshire coal fleld tbat the new compauy expects to derÍTe its principal proflt. The estimate is made on the basls of a report of tbe Government inspector of mines for the dislrict that Ihe new company will be in connection with mines having a total annual output of about 10,000,000 tons of coal, and will tap an unworked coal field 200 square miles in extent. The line will also possess valuable connections. ■ THERE is at last a near prospeot that the Rapid Transit burr which has been for months such a prickly thing to liandle will be open, and we shall see what there is in it for us. The cru- cial test ot the value of the work done by the Rapid Transit Commissioners will be made when the franchise of the proposed underground system is offered for sale. The tendency of con. "ervative opinion is to doubt that any purcbaser will come forwwd for the new road. The commissioners themselvos, we beliere, do not expect that private capital will have anything to do with the system which they have so laboriously planned for, and are pri rately of the opinion that for many years to come New York will have to depend upon the elevated roads and such extensions of them as can be made. In other words, it seems very probablo that we have again swung around the circle, and will find ourselves in exactly the same position we occupied two years ago. Whatever the prejudices of the publicmay be, whether they like it or not, it seems tousascertainascertain can be that ihey will yet be driven to recognize the two facts which this journal has been insisting upon for a long time past. The flrst of ihese is : New York must accept the elevatcd roads as the only gource of relief for their immediate necepsities. The wise ttiing to do is to recognize these roads, as necessary evils if we will, but still. as necessary, and to turn our backs on the assinine newspaper preju- diceagainst Gould, etc, etc, and assiBt in friendly spirit the per- feoting of the present system as far as possible and tbe exljension of it as far aa is immediately necessary. The second fact is that any really adequate system of rapid trangit f-T New York City must be constructed by the city, This is not a matter of socialism or of the municipalizationof industry; in facrt it has nothing at all to do with any theory, but with the very necessities of our pngition—thenature of the rapid transit system that New York requireg, the fact that ifc is required immediately, that it cannot be left to glow development by piecemeal, and that it has great prospective value, which makes it most unwise for the city to part with the franchise ssve upon the most favorable terma. —---------m---------- CONSIDERING ihat the Democratic majority in the present House of Representatives was elected partly on the cry that the " Díllion Dollar" CCmgress had bteien wagtĸful of the publte îmlái-i