Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 53, no. 1370: June 16, 1894

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Jane Iti, 1894 Record and Guide. 967 l^^tBlil, '^'^ Y\ " ES™LlSHED'^'tfARPH2lu>186e. Dr/otrD lo Rea,lEswe.Building Ap.cKitecturp.HouseholdDEOOf^jTiori, BusiifESS aiId Themes of GEfto\.Al Wtei^esi. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. TEIEI-nONF.......CORTIAN'DT 1370 ronmimiicatlons should be addressed to C. W. SWEET, 1-1-16 Vesey Street. ./. 7. LfSnSET. Business Manager. Brookly.n Office. L'76-282 W.ashington Street, Opp. Post Office. "Entered al Ihe Post-office at New York. N. Y., as second-class matter." Voi. LUI. JUNE IG, 189 L No. 1,370 For additional Broollyn matter, see Broollyn Department immediately foiliwing Veir .lerseii records (inigt !t!l4i. rpHEHKis no break of the st.isi'iitioii in general biisiue.ss; -a. tlieic is no reason to ]iarticiilarizo where the tlullness is. l);'fausi' the cxeeiitioiLS are so lew aud so uniiiii)ortaiit that the.v roiiiit for notliiiij;-. 'J'he Ineak of tlie eoal strike, wliicli is almost assured, may do some .iiood, but that has yet to be seen. If as roiisiderable a ))re.ik in the stream of talk at Wa.shiujjton eimld be arcomiilislied il woubl be a relief to the feelin},'s, even if it did not iniinove business, thou}i:h that is more than i)robable. The stoek market is made up so largely of professional trading' in Sufjar and Chieajio Gas that it calls for little com¬ ment. The unfavorable wa.v iu which the outline plan for the reoi'tranizntioii of Atchison is received by the holders of Ihe .iunior securities is due probably to a miseonci'ption of its proper nature and luobable eft'ects. It ma.v al.so be due to a misplaced tliou.yh justitiable want of faith in an.y statements pi.t out b.v railroad managers or reoifianizers, based on results in other cases. Unless the condition, tiuancial and physical, of Ihe .\tchison .s.vstem hasbeeu grossly misrepresented, and unless • here is to be no iniprovenient in the condition of busines.s. the plau, if adopted, ought to place the Atchison securities in a much better iiosition than they were in before, aud bring- about better ((uolatioiis for theni. THE immense amounts of idle funds ,at the great Emopean tiiiaiu'ial centres continue to keep money very cheai)—it has loaued in London on call as low as one-half per cent per annum—aud governnient aud municipal i.ssuesiu deniaud, but of sigus. of iniiirovement in trade there are none. Freuch crop reports are f;ivoi able. The sowings ot both wiuter aud .spring wheat are geuerally snuiller thau last vear. Amoug the many conipliiints that are heard in (kruiauy, about the causes of dull business, those from Hamburg and Hrenieu, relating to the stop- p.ige of tlie emigrant tratlic to the United States, are particularly loud. This traiiie brought a great deal of uiouey to these towns, jiarticuhirly as. it is calciilati'd. SO per ceut was jiaid for from this country. Negotiations for the establishment of a German b.iiiU in Home are reiiorteil to have been successful. The Hun¬ garian wheat Clop prospects are described asoulyniiddliug. The six million sterling three per ceut Indian loau was subscribed I'or twice over and all placed at from a fiactiou under par to Ktli. The idea that it is the duty of the goverumeut to tind tradiug capital for thi; farmer is tindiug acceptance iu A'ictoria, .\ustrjdia, where the govi'rumeut is having a bill prepared for the cri^ation of a Credit Foucier which is to lend farmers mouey at •"> per eent on both freehohl and leasehold security, with a 50 Jier cent margin, the nuniey icquired to be raised by the issue.of bonds. This is one of the ideas that brought the Argentine Republic iuto bankruptcy, and its adoption iu Victoria is an illiistiation of how ob,ject lessons iu fiuauce are disregarded for baseless theories. Wi h such a scheme having governmental sanction it is really fortunate for the Colony that the Victorian f.irmer is already so much in debt that he cauuot avail himself of its privileges. Australian crop i)rospects are good. "^'"OW that the North River Bridge Bill has become a law by -^^ receiving the I'resideutial si.guftture, a more ditticult task awaits its promotirs than that of (ditainiug their franchise from Congres.s—raising the nioney to retain the franchise the.y liave ohtained, and later to give ett'ect to their ugly desigu for the bridge itself. It hardly needs be said that the times are uot pro- jiitious for securing even the comparativel.v small sums that it i.« uecessary to spend each year, to preserve the charter, to say nothing of the forty millious of dollars which it is said will be the lost of building the bridge and its approaches. For this reasou alone, we are justilied iu doubting the accuracy of Ihe report in the daily pr^s, made on the authority of somo uunanied individuals, but aiiil.v desciilic'd as promoters, that the whole work will be completed iu four years. Weshoiild not have been inclined to be much more credulous it' the limit of time had beeu doubled. Hencelorth we have, however, lo face the faet that .i frauchise which iujurionsl.v ett'ects a considerable strip of v.'iluable property in the city is iu existence and that it is very ditticult, if uot impossible, lo terminate such a luivilege when once granted, even if its conditions are uot very rigidly observed. It is only necessary to follow the probabilities through to see how this is. Bad limes may be pleailed in excuse for not making the re(|uiiedex]!enditures on the work in a given lime. Li^gal dilliculties ma.v arise to jirevent ils jiroseciition, aud .so on without liijiil. Should an.v consider.ilile work lie done and the undertaking come to a standstill for want of nioney or by reason of Jihysical or mechanical ditticulties the authorities would doubtless be indulgent, as the.y always are, ami noi imjirojieily in such i-ase.-, aud loth lo exercise an.y powers they ma.v have to cancel the fianchise the.v have gianted. Mear.timi' Ihe Iirojierty along the jirojiosed route of the bridge's ajijiroach must eonliniie to suffer the iiijuiy the scheme casts ujion it. 'i'hc more the matter is considered the more it must be a source of intense satisfaction to tlie holders of propeity and resideiitsou the We.st Side, above Tilth street, and iu fact ihe cit.v at huge, lliat the area for mischief accorded to this '■ tiiteriirise" has been limited to a district where itwill do least haini, and that is, ualortmiately, the ouly satisfactory feature it has. Tiie Manhattan Life Building. WK move so fast i,n the uialterof tall liiiildingsthat the Man¬ hattan Life is by no means the wduder. in point of mere altitude, now that it is neariug completion, that it was when it was Jirojected. Then it was renowned in advance as " the tallest building ea.st of Chicago." Since then its architects have beeu. as Shakesjieare has it, "exceeded by the height of hajijiier men," of wlnini one has bien comniissioned to erect a Imildin.g twenty full stories iu height \'ery likely when the .American Surety building