Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 59, no. 1527: June 19, 1897

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June 19, I Record and Guide 10495 ESTABUSHED-^'iij^hpH Sl*?^ 1868, DeAteD td Rp^l. EsrTAjr.BuiLDirfc AjiPfrrECTunp MouseHoid DEoanftnoil, Bifsn/ESs Alto Themes of GEjfcR^l Ii/tehesi. DOLLARS. SIX PRICE* PER YEAR, IN ADVANCE, Publislied every Saturday. TBLBPHOwa, _ . . . . COBTLASDT 1370 OjnunnnloatloaB should he addressed to C. W. SWEET, 14-16 Vesey Street. J. T. LINDSEY, Businesa Manager._____________________________ "Entered al tits Posl-offiee al New Tork, !f. T., as se^sond-class mailer." Vol. LIX. JUNE 19, 1897. No. 1,527 ' NEW BUILDING LAWS. The Record and Guide will publish a new edition of the New York Building Laws and ordinances as soon as official copies of several recent laws can be obtained from the Secretary of State's office. Those who are familiar with the manner in which our previous editions of the building laws have been compiled know what to expect—a handy volume, with headings and mar¬ ginal notes, full indexes and colored engravings. This is a complete and standard work, edited by William J. Fryer, and is invaluable to architects, builders and others interested in building oper¬ ations. The new edition will bring the building laws up to date, together with the Greater New York Charter provisions, which latter take effect next January. Orders for the new publication may now be sent in to the Record and Guide, Nos. 14 and i6 Vesey Street, New York, and deliveries will be made at the earliest day practi¬ cable. THERE could be no better bull point on tbe stock market . than the way it resisted an organized selling movement this week. Some of the best known speculative houses and operators led the movement. The selling preceeded the an¬ nouncement of the Hawaiian Treaty and was based appareutJy on advance information and the expectation that it would be frowned upon in financial circles and that a smash in prices ■would follow. If the advance information cost anything to get, the operation must have been a very satisfactory one, inasmuch as it has not yet been possible to cover the shorts put out upou it except at considerable loss. This is one of the occasions when the sharp set got bitten. Thanks are due them, however, fov having, even though unintentionally, removed a suspicion that the present bull movement in the market was artificially con¬ structed and sbown that there is steady buying by the public whenever good opportunity therefor presents itself. Bulls will consider, no matter what it costs the would-be bears, that the money was well spent and tbe results cheap at the price. There is still room for advance- Prices are lower generally thau they were last November, aod those of last November did not reach the point at which they stood in the previous May. Yet all the time the business situation Is continually improving, in support of which statement the advance in iron prices can be confidently pointed to. ^•„ • ♦ f-------- PROGRESS is being made in arranging the basis for peace between Turkey and Greece in spite of, aud apparently much to the regret of, the special correspondents, whose chagrin finds expression in "alarming rumors." The removal, melancholy as the circumstances were, of the celebrated Barney Barnato from the field of European speculation will re-act advan¬ tageously in South Africa. His executors will find it necessary to act with more circumspection than he did in the management and disposal of his estate, and will not be at liberty to employ its resources in creating political ferment, as its late owuer un¬ doubtedly did. Moreover, we are to find out how much of fact and how much of fancy there was in the popular estimates of Barnato's fortune, and will be mueh surprised if, as usual, they have not been greatly exaggerated. It would be very remarkable if such a man as Barnato had shown modesty in his intimations of his wealth, when he was so grossly immodest in all elsa. However, the reported results of operations in the South African gold fields are more than sufficient to offset any adverse influ¬ ence that might be expected from the death of one of the active spirits iu their development, and it is beeau,se of this fact that Barnato's suicide, even with the inference of personal losses that underlies that act, has uot had any injurious effect upou speculation or business. NOTWITHSTANDING that an appeal made this week to the Board of Estimate and Apportionment, to reconsider their decisiou iu the matter of the Third Aveuue approach to the new Harlem River bridge, was backed by the strongest kind of a representation from the district afEected aud by the weightiest of argument, the Board persisted in its determination to approve the approach through the easterly blocks. Consequently this ab¬ surdity of engineering is to be perpetrated upon the city. What reason the Board had for this obstinacy, beyond the minor one of a saving in the cost of the work, if any, does uot appear, but we are confident, as we have stated before and as Mayor Strong pointed out to the Board, that the money it is now intended to expend in making au approach will be wholly wasted, because the direct approach must eventually be made. What is proposed will be so intermixed with elevated railroad structures and other things that it will be not ouly unsightly but inadequate and im¬ practical also. To avert it, it is almost to be hoped that, in the official changes that may be expected next year, the personnel of the Board of Estimate aud Apportionment will be so changed that another appeal can be made to it with more prospect of success. It is not even apparent that those who refused to adopt the direct approach were wholly swayed by economical reasons. Oue of the members of the Board, the head of the Department of Public Works, who was most positive in his refusal, is, we understand, preparing to ask for power to make additional ex¬ penditures on the Lexington avenue approach—a matter he has all along had iu view. These expenditures are for the purpose of taking thirty feet from the Hart and Remsen tracts iu order to construct a sidewalk for this approach, aud further to take fifty feet from the north side of 130th street, between Park aud Lexiugton avenues, in order to make access to it easier- We have no objection to seeing Lexington and Park avenues derive all the benefits they can from the bridge, but why they should do it at the expense of Third avenue, the origiual and legitimate artery of travel to the bridge, is beyond our comprehension, aud looks very much libe a great injustice to that historic thor¬ oughfare. SOONER or later the courts will be asked to pass upou the constitutionality of recent legislation which allows title to be taken for property in condemnation before payment is made therefor- Several acts were passed by the last legislature giving title at certain dates, both specific aud general in their scope, and their provisions have been stated in these columns. Their in¬ tention is to prevent in the future the tiresome delays that have almost without exception attended the carrying out of needefl public improvements, while the city and property-owners have been fighting over the matter of damages, and assessments, where there were any, in the courts. The Third avenue bridge would have been completed long since but for the inability of the city to obtain possession of the laud needed for approaches until special legislation was obtained- The widening of Elm street is another important work that has dragged wearisomely for a long time for a like reason. The city now has title so far as an untested act of tbe legislature can give it, and should there be no intervention from the courts, the work will be pushed rapidly to completion. It is rumored, however, that that is not to be allowed and that possession will be denied to the city until the Commission's report has been approved by the Supreme Court aud the way cleared for an immediate payment of the awards- Whether this fs so or not, it beiug a matter for careful considera¬ tion on the part of property-owners, cannot be deflnitely ascer¬ tained, but the argument on which opposition to entry by the city is based is deserving of consideration- Stated crudely, it is that it is unjust to the owners of property and a violation of their constitutional rights to compel them to turn over to their opponents for destruction the evidences of value ou which they base their claims to compensation. As re¬ gards the Elm street property it is questionable if any¬ thing is likely to be done to jeopardize such awards as have been made iu that case, especially as these awards carry interest at six per cent, from May 1 last. The act authorizing the acquirement of a site for the new Hall of Records gives title to tlie city of the site selected four months from the flling of the oaths of the Commissioners of Estimate.