Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 51, no. 1302: February 25, 1893

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Febraary 35, 1888 Record and Guide. 281 ^r - ES™USHED-g/MARCH21':'*-135&.^ iQev&ieD to nm- EswE BuiLDlf/G ^cKiTECTUi^E ,h(obSDftiU) Dc-iofAnflft SiJ5i»te5s pMd Tkims Of GeKeraI. '¥Tii-¥-n PRICE, PER ¥£AR IN IDTINCE, SIX DOLLARS. Published every Saturday. THLBPHONB .... COBTLAHDT 1370. ComnaunioAtions should be addressed to C. W. SWEET, 14 & i6 Vesey St. J. J. LINDSEY, BusiTiess Manager, "Sntered at the Post-office at JVeio Torle, N. Y., as aecond-closs ma/(er." Vol, li. FEBRUARY 85, 1898. No. 1,803 THE present tionditious in tbe Stock Market are the same that always follow such a shock as that given the investment pub- lie by the collapse of Reading. Such a relevation so effectually destroys confidence for the time being that every other considera¬ tion drops out of sightj but the fear that there may be more of the same kind coming. The cure can only be gradual as tima passes and shows to what degree that fear is or is not gi-ound- less. It is reasonable to suppose that in tbe immense liquidation seen in the past week that stronger hands hold the securities that then hung threateningly over the market. The general busi¬ ness of the country has the aspect of soundnesslthough there may be many complaints of the amallness of profits. These things help the situation much, but most to be desired is confidence among the holders and buyers of railroad securities, and this is something Populist legislation is not likely to increase. So far as the effect of silver legislation ia concerned, prices are discounted, and neither monometallism noi' free coinage could make values go any lower. A NUMBER of isolated facts, recorded from time to time in these columns, point to a revival of activity in property in and around 33d and 34th streets, near Broadway. Elsewhere in this paper we give some new facts concerning the movement, which is thoroughly jn kee^jing with the changed condition of the real estate market in New York City. The expansion of the metropolis has practically ceased. Until the rapid transit problem is solved there will be no activity in properties beyond the present well- defined limits. Tbe "North Side" awaits the builder and the speculator, and so do the 33d and 34th Wards, but the fact that these districts are beyond the limit of time that people will give to traveling to and from their business every day renders them unavailable. Operators have discovered that they must retm-n upon their tracks and spend their energies henceforth in developing older districts. For some time to come a gi-eat deal of attention will be given to property between 33d street and 59th street along the line of Broadway, and more money will b'e made iu handling and improving old prop¬ erties than in dealing with the new. Indeed, half-a-dozen men that any one could readily name already demonstrate the soundness of this conclusion. The movement north and soutb of 33d street and east and west of Broadway is particularly marked. The pro¬ cess of transforming that district has commenced and will continue in all probability at a rapid rate. In truth, the real estate market has taken on a different face from what it has worn now for years. The money made in the nest few years will be made by those who are promptest in recognizing this fact and cleverest in dealing with the new conditions. We wouldn't be surprised to see a new order of men spring up and take possession of the new market which will certainly need a different order of ability frqm that which has accomplished so much on the West Side. WE publish elsewhere in this paper the results of some inquiries which Mr. Geo. S. Lespinasse has been making into the French system of foreclosure suits. Those of our readers who are familiar with such proceedings in this country will be struck at once with tbe great precaution which the French law takes to pro¬ tect to the uttermost the interests of the defendant—the contrary of the practice prevailing with us. The plaintiff here has everything his own way, and the mortgagor is^shut out entirely. That great injustice is frequently done no one will deny. Unfortunate people are often deprived of substantial interests in their property, all of which would be eecured to them under the French proceedings. Certainly there is room for considerable reformation in our law, French practice probably would not quite square with the different conditions that prevail iu this country, but we could very easily amend our present system upon the excellent lines of the French law. Of late, tbe Beal Estate Exchange has shown itself keenly alive to public questions. We submit that this ib a matter of importance that should^be taken up. The Exchange could not only bring about au active discussion upon tbe subject, but it could obtain from its own membera the very best information about the evils and defects of the present law. THE Real Estate Exchange bill, dealing with tbe rapid transit problem, did not get into the Legislature this week as was ex¬ pected, due to a casual delay. This is to be regretted, because every moment uow is important. Time is short. The legislature is expected to adjourn earlier than usual this year. From present indication there is not the slightest chance that the politicians will do any thing with the bill. Tammany has pronounced against the measure, and that is almost final under the system of autocratic government that exists in the Empire State. Representative government has become almost a farce with us. The people hare no real representation at Albany, for nothing can be done that does not suit the schemes of Tammany. Tammany does not desire that the municipahty should undertake the construction of any Rapid Transit system. It may he that the sympathies of our rulers are already strobgly enlisted in the cause of the Manhattan road, or it may be that they object to any undertaking that will have to he carried on under fierce criticitm as the construction of a great Rapid Transit system would. However, that may be, Tammany is hard set against even permitting the citizens of this city to express their opinions on the subject. A popular verdict is not desired perhaps because it might upset some policy in which the people are not tbe principals. The ^oi^ly hope the Real Estate Exchange has of success, hes in popular dis¬ cussion. It should get its bill introduced at Albany as quickly as possible. But, that done, little reliance should be placed upon either the Legislature or our city officials. The Exchange must start an active propaganda for its project. Large public meetings should be called and the people of this city given an opportunity to express their opinions. There is no doubt whatever what the verdict of the majority would be, if it could be obtained. Oppo¬ nents of the idea would not dare leave the question of city con struction of whatever new Rapid Transit facilities may be decided upon—underground or elevated—to a jury of twelve impartial busi¬ ness men or to the people. THE daily newspapers seldom read the real lesson of an event They have been indulging this week in a jingo of hysterics over the transference of the City of New York to the national flag, as though some tangible advantage had been derived by the country from what was after all merely apiece of theatrical sentimentality. What has the country gained by the ceremony that it did not have a week ago? The "NewYork" is a product of American capital; has belonged from the day she was lauoched to the owners who possess her now ; she has from the first been earning dividends for Ameri¬ can pockets, and we hope will continue to do so. All that the nation has really gained is that the government now has a right to the ship in case ot war. What the newspapers ought to point out is the ludicvousness of a great nation like ours going into a state of jubilation over an event which ought not to attract much attention even in China. A steamship wouldnot be to a great trading nation like anovel toy to a child, if our common sense had not sickened during the last quarter of a century in all our commercial relations with other countries. We created laws that effectively destroyed one of the greatest navies the world had ever seen, and now we throw up our hats because through a little good sense mightily urged by certain private interests, Congress has enabled us to openly possess what has always been our own. -----------■----------- MAYOR EQODY, of Brooklyn, has appointed a committee consisting of F. C. Moore, President of the Continental Insurance Company of New York, W. H. Hazzard, President of the Fulton Bank of Brooklyn, and William J. Fryer, Chairman of the State Building Law Commission, to make suggestions in regard to the building law of Brooklyn. The flrst meeting of the com¬ mittee was held yesterday afternoon in the office of the Commis¬ sioner of Buildings, Col. T. B. Rutan, City Hali, Brooklyn. It appears to be rather late to call into^the case the services of a com. mittee, as Commissioner Rutan has sent to the Legislature a bill amending the Brooklyn law in many particulars. It is a matter of general knowledge that the present building law is crude and not worthy of being named as a modern law. In 1888 Brooklyn obtained from the Legislature au Act consolidating all the theu existing special and local laws into one law, in effect a new charter. One of the titles in that Act is devoted to regulations for the con¬ struction and inspection of buildings, commonly called tbe build¬ ing law, and gives every evidence of having been drafted by a novice in building matters. .Much of its wording is copied from the New York law of 1885, but it falls very far short of the requirements of a law that New York long ago se aside. It makes no provision for the thickness of walls in propor-