Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 51, no. 1308: April 8, 1893

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*AprU 8, 1898 Record and Guide. 623 f-^i-Rtii ISHED ^'t' MhKl>-"• ■"'i'^ Slfvtj'jd) to f^-AL tst«E DUU.Ulfic, Ay.v."'"fti1>'Rt,i-',WSC*JCiB In. ■-■■>* fMR PRll^G, FEU TEAR IN ADViKCE, SIX DOLLARS. Publiahed every Saturday. TaLBPHONH CORTLA^RDT ISTU. CommunioationB ahoald be ttddreaeed to C. W. SWEET, M & r6 Vesey St. J. 2. LINDSEY, Su6ine8a Manager. "Sintered at the Post-office at New York, N, ¥., as second-class matter." Vol. li. APRIL 8, 1893. No. 1,808 '|3 ECENT articles in newspapers and the defeat populiatic can- -*-*- didatee for office have met witli liece and there are aigoa that tlie WeBt may be returning to aauity on matters uf cm-rency and other economic legialation. Nebraska continues to follow the theorista, but other farts iiave had too paiafu lan experience of the results of such a policy. What is seen here and there of a hopeful nature may be the dawn of a general change of feeliog. Wail street interprets it that way and aa a result the maximum ratu measure passed by the Nebraska legislature had very Uttle influ¬ ence, although if sustained it will affect a number of important Western roada. Tiie advance and strength of the last week have been helped by the change of feeling in the West. That the esti mates have been far in excess of the actual exports of gold is another encouraging feature. Money ahould become plentiful again by reason of the movement from the interior. Whatever may be thought by others, it is clear that railroad managers think that good times are close at hand, becauae so many are taking this as a fitting oppor¬ tunity for the enlargement or readjustment of the capitals of their several companies. Their judgment is not infallible, but as they have so much need to be right before they make a move, it is fair to assume tbat they bave taken every precaution to arrive at a proper choice of time for success. The effect of their action ou aome of their securities may not be satisfactory to preseut holders. For instance, the immediate issue of $5,000,000 of new bonda, with the pi'ospeet of.igl,000,COO additioual annually|for a good many yeara to come, by the Three C's, iu the known circumstances and history of the Company, cini hardly fail to be hurtful to the common stock injthe immediate future, even if it leaves the preferred unhaimed, which is not altogether sure. The disadvantage to Susquehanna & Western Common of 30 large an increase in the preferred stock, as it is proposed to make, may be offset by the fact that the new preferred will be used to extinguish tbe right of tbat stock to cumulative dividends. While, however, the prospects for the year from tjie standpoint of the bouj- look rosy and the intimations are for higher prices on the stock market, it must not be forgotten that so far tlie advance, sustained as ic has been, has bten wholly a speculative one, and ia liable to all the well-known dangers that such a movement ia subject to. A/rR. STEINWAY ia reported to have aaid, regarding the pro- ^-*- posed extension of the Elevated Roads along the Boulevard, " Oh, if we only knew what the owners of property in the Boule¬ vard think of this." It is very hard for us to believe that the Pres¬ ident of the Rapid Transit Commiasioners made any such foolish exclamation which would be indicative of an exceedingly narrow conception of the duties he and his fellow-couimissioners were appointed to discharge. Indeed, the Rapid Transit Commission exists chiefly for the purpose of excluding from the solution of the rapid transit problem the selfish interests of private individuals or small bodies of men. Its chief duty is to devise the plan that shall best subserve the larger welfare of the city. If an elevated road along the Boulevard be the best solution or part of the beat solution of the problem, Mr. Steinway ought not to hesitate one moment or give himaelf up to emotional exclamations because of solicitude as to the wishes of a comparatively few iudiyiduals. Some of the newspapers this week have been attempting to read Mr. Steinway a lesson about the wishes of certain property- owners, as though the wishes of any single class of men should be allowi a to determine the route of rapid transit lines forthe whole metropolis! The trouble with the long rapid transit discussion has been that from the flrat it has been ao deeply tinctured with personal ■preferences. Jones wants this, Brown would like that. Robinson ■doesn't think he would care to ride in any underground line, Smith :haa property that would be damaged by an elevated road. Green has old property that he thinks be could sell if an elevated road jpasaed along his street, and ao the story runs. Queer way, this, to devise a substantial service for the entire metropolis, Mr. Stein¬ way, if he has any disturbing doubts on the aubject, may be assured that Boulevard property-owners are in favoi' of aay system, uuderground or overground, that wil! create an active demand for theirrealty. Here is a general rule on the subject that may safely be accepted:' People who liave property to sell or property whieh they rent to others desire anythiny Ltiat will either add to the value of their possessions or—the same thing—increase their income trom it. The city at large can go to perdition with ita rapid transit if only this be uccomplLshed. On the other haud, those who have real estate which thoy uae themselves for resi¬ dential purposes are stoutly, nay religiously, oppo.wd to any road elevated or underground that diminishes their ease and comfort. So far as they are concerned rather than be molested they would see the city go to perdition for lack of adequate transportatiou facili¬ ties. As to holders of business property, they are ready to indorse anything tbat pays. Of course, none of these special interests should be considered by Mr. Steinway for one second. Their desires lie quite outside his duty. The larger interests of tlie city and nuthing but these should rule. If anybody be directly damaged by this policy those benefited should amply recompeoae him. -----------•----------_ The Temple Oourt Fire. i^N Sunday morning last, at about half-paat 7 o'clock, a rwging V-' fire was discovered in the we-sterly portion of the annex building of the Temple Court. The annex building frouts on Nas¬ sau street, aud runs through to Theatre alley, ils dimensions being about 40 feet iu width and 103 feet in depth. It is ten atories iu height above the sidewalk. It was erected three or four jeai's ago as a rear addition lo tlie Temple Court building, which fronis on Beekman atreet. The buildinga ai-e connected together by openings in the divisiou wall, and both are built in the most approved methods of fire-proof office building construction. The floor beams are of iron, with hollow burnt clay lilearches between, the partitions are of hollow burnt clay blocks, the slair- cases are of iron and slate, the elevators are surrounded with iron grille work, and only such woodwork was used as is to be found in nearly all fire-proof buildings. The Wfoodwoirk included the window frames, sash and casings, the doors and trim, the waiuscoting. tlu^ sash in hall partitions, the tiand-rails on stair railings, the floor boards and sleepers direclty thereunder. In the various rooms was the usual oflice furnituie, books and papers. When the fire was discovered the inflammable material in the six upper storiei was ou fire. It is believed that the fij'e started on the seventh story, s|jread downward two stories and upward three scoriea, M'hat caused the fire can only be con¬ jectured, but probably it was a crosa current from electric wires. Doubtless the flre had beeu burning for many houra, perhaps all night long, before it was discovered. On th« outside of the building were iron shutters, but there was an inner light court open to the sky, and the windows opening ou this courl had no shutters. The.se court windows vvere wide and high, having narrow brick piers between, and from the lintel of one window to the sill ot the window next above was hut a few feet. It was through these windows that the flames made connection with one atory after another. As there was no draught from the bottom of the court to force the fire skywards the tiamea from the story on which the fire originated coming out of the court windows on that story reached the windows of the story below as well aa the story above, and then the burniug frames and sash communicated with the woodwork aud furniture in the rooms. Iron shutters ou the court opei^iugs would have prevented the seventh stoty com- muuicating fire to the other stories through the windows, and perhaps bave confined the fire to oue story, but in the event of tbe shutters on that stoi'y beiug warped by heat and bursting open the flames wouid have passed out upwards and downwards with¬ out working serious injury. The window sills were of Wyoming- stone, and have been licked up by the flames. The lintels ai'e formed of rolled iron channel beams stretching acroaa three windows in one lenghth, and are mucb warped by heat. On the inside of the building the intense heat, smoke and much flame passed up the stair opwninga and up the elevator abaft. The hand-rail on the staircase railing ia now a line of charcoal. In the elevator shaft the guide posts, to which the usual rack is fastened, were of wood iustead of being, as they ought to have heeu, of iron, and the flames rapidly traveled along the greasy lines. The pipe shaft bad on each story a wooden door instead of au iron or tin- covered wooden door. Where pipes passed through the several floors in wall chases the filling in at each floor line seems to have effeciually cut off passage of fire through that quile common way. The wood wainscoting was not filled in solid with incombustible mate¬ rial, but had intervening air spaces behind. The hall partitions were of iiollow, hard, burned clay blocks for about six feet of their height, and Irom thence to the ceiling line were of wood sash, which latter waa food for tbe flames. The incombustible portions of these pai'- titions are sprung and many of the blocks cracked, showing that thu heat was more Intense on the room side than on the hall side when