Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 55, no. 1416: May 4, 1895

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May 4,1895 Record and Guide, 72? >^ E5T,'.:^U5HED^»ARCHSl«>ie68. E5T,'.:^U5HED^M^CHSl«>ie68. DefiedpRp^lEstate.eulLDl^'G A:FicKnECTU!^,HousEHoujDEOCHfnDi*, Bi/shJess AfJD Themcs of Gei^er&I IrfttRf*!. PRICE, PER YEAR IN ADVANCE, SIX DOLLARS. Published every Saturday. TBLBPHONH,......COBTLANDT 1370 OommunioatlonB ehould be addreaaed to C. W. SWEET, 14-16 Veaey Street. /. 2. LINDSEY. Buainess Manager. Brookltn Office, 276-282 Washington Street, Opp. Post Offiob. "Enured at ihe Post-office al N'ew Tork. if. T., as secoTid-class matter." Vol, LV. MAY 4, 1895. No. 1,416 Mr Brooklyn matter, see Brooklyn Department imm,€diateli following New Jersey records (page 754). THE speculatiye market.^ continued the upward movement^ because the long-looked-for confidence on the part of the public came at last, aud because the bottom of the country's com¬ mercial troubles having been reached, the developments were nearly all favorable onea. No sooner had the bull movement in one direction ruu its course for the time being than the tone was strengthened by a similar movement from another point. This has gone on until those who could see nothing favorable in tho outlook sixty days ago bave come iu and bought their stock. Yesterday the market gave tbe first decided signs in this move¬ ment of yielding to reactionary influences. So far it is mainly a native market; in spite of all said, foreigners have displayed much discretion in their purchases, and it maybe relied upon that, outside of gilt-edged purchases, all their operations in this market will be extremely speculative and as such turned to the sellers' side at any moment. This is due to the con-yiction abroad that our business conditiou is unstable as long as ourcm-rency remains what it is, a conviction that finds warrant and support in the addresses that are now being made byprominent admin¬ istration speakers, and which may be considered as the firing of the first guns in the Presidential campaign, which is to close next year. Of the busiuess conditions there is nothing further to be said than that there is no falling off in activity in the East, and very little, if any, improvement in the West. TRADE abroad offers no new feature for remark. As on this side of the Atlantic there is perceptible improvement, both iu the volume of business doue and in prices compared with a few months back. It is satisfactory, of course, to see the world awakening from its long period of depression, but so far there is nothing to warrant any great amouut of jubilation. The real activity continues too much around the Stock Exch-anges, ■and is in fact the activity of gamblers and not of merehauts aud manufacturers. This condition of things is an inevitable one when money is as plentiful as it is now and there is no ti;ouble ahead to destroy confidence. In spite of the demand for mouey tbat an enlarging commerce aud an enlarged speculation create, the banks are so well supplied that rates have not yet been materially affected. Regariliug Ameri¬ can securities in foreign markets, it is apparent that they would be much more active than they are there, but for the continued warnings of the financial press that any extensive operatious in Americans is dangerous so long as the United States currency continues in the coudition it is in. The intervention of the European powers in the arrangement of peace between Japan and China has some alarming phases, but it is hardly likely to lead to anything serious. The objec¬ tions to the occupation ot territory on the mainland by Japan are made by nations who would uot object to secure similar pro¬ visions for themselves if theycould get them, and their objec¬ tions in fact may be regarded as a hlntf with that hope in view. As a matter of fact the trade of none is interfered with. Japan knows too well that she could not maintain a position in China baaed upon exclusive trading privileges. Do and say what Europe will she caunot prevent the development of Japan into a great naval and trading nation, or exclude her influence from China. The war has raised in the far East what it has lacked hitherto, a power in the proper acceptance of the word, and the wisest policy for any Western nation to pursue is one of friendli¬ ness toward that pow^^r. If the treaty of peace is ratified with¬ out further diflieulty i}. will be the signal for a great improve- .mentin the Eastern trade and will also directly att'ect Western manufacturers advantageously, as to them must come theorders for renewal of tho war supplies of both belligerents. Some ordera for ships have already, it is said, been placed by Japiin on the Clyde. ---------•--------- Legislation at Albany. Albaht, May 2,—Some of the areat measures affecting New York real eatate are approacLiug completion at the hands of the Governor and the Legislature. Among those bills is the Eapid Transit MU ol Assemblyman Hamilton. After a hearing before Mayor Strong, at which tho elevated railway company put forward a number of in¬ dividuals to oppose it, the measure is now in the hands of Governor Morton, having been approved of by the Mnyor. It is to be presumed that the elevated railway company will file briefs with the Gover¬ nor against the measure, protesllDg tbat it is unconstitutional'io authorize New York to expend $55,000,000 in the construction of au uuderground r.nilway in that eity. Tbe Senate passed to-day tbe other great New York bill, to wit: Assemblyman Wiemau's bill anthorizinp tbe cities of New York and Brooklyn to build another bridge across the East River, the present Brooklyu bridge having almost reached its capacity of transporting people by railroad. The new bridge will cover that portion of the East Eiver between Grand street in New York and Broadway in Brooklyn, aud it is estimated that the gigantic structure will cost $16,000,000, of whicli $8,000,000 are to be paid bv New York and $8,000,000 by Brooklyu, This is a great enterprise, but the New York newspapers have thus far given it ouly a paragraph in th^ columns from day to day when it was considered by the Legislature, while they have given colmnng to political measures. Yet tnis bridge will assuredly add much more to tbe prosperity of New York and Brooklyn if it becomes a law than all tbe political bills heing con¬ sidered. Governor Morton has signed Assemblyman Brann's real estate bill. Mr. Brauu is a Bulialo Assemblyman, and Ibey have a land boom in that city. He says his bill permits agents who dispose of real estate to ask any agreed-to commission. The bill, however, applies to the whole State, and reads as follows: Section 1. Section ono of article one of title nineteen of chapter twenty of part one of tUe revised statutes ig liereliy amendecl to read, as followa : 5 1. Ko person shall directly or indirectly take or receive moro than fifty cents for a brokerage, soliciting, driving or procuring the loau or forbear¬ ance of one hundi-cd dollars, and in that proportion lor a greater or less sum, except loans on real estale sccurily; uor more than thirty-eight centa for malring or renewing any bond, bill, note or other security given for snch loan or forbearance, or for any counter bond, bill, note or other security concerning the eame. 5 2. This act ahall take effect immediately. The bin for the transformation of the upper surface of tbe Croton Aqueduct into a roadway for bicyclists, which was introduced by Senator Cantor and Assemblyman Hamilton, bas been ameuded so as to exclude from its provisions those portiona of the aqueduct which run through pii-vate grounds. At sncb placea, the bicyclists will have to mak;i detours. Thus large portions of the towns of Yonkers, Greenburgb and Ossining, in the County of Westchester, are exempted from the provisions of the act. The Senate passed this week Assemblymau Conkling's bill incor¬ porating tbe New York Hospital for Scarlet Fever and Diphtheretic Patients; Assemblymau Niles'bill providingfor tbe erection of a drawbridge over the Harlem River at 145th street; Assemblyman Lawson's bill prohibiting the erection of slaughter-houses near parks in New York; Assemblyman Pavey's bill making the term of the Comptroller of New York and that of the other couuty officers of New York two years, aud providing that they shall be elected iu tbe uneven numbered years; Assemblyman Miller's bill extending the boundaries within which frame buildings cannot be erected in New York; Assemblymau Miller's bill requiring plumbers to register witn tbe Superintendent of Buildings; Senator Guy's bill authorizing the Dock Commissioners to acquire property for dock purposes by condemnation proceedings; Assemblyman Ainaworth's bill enlarging the disciplinary powers of Superintendent Byrnes, of the Police Department; Assemblyman Conkling's bill providing for the registration of the lodgers in lodging houses in the months of September and October just previous lo Electiou Day, with the aim of preventing the colonization of repeaters; Assemblyman Miller'a bill authorizing the securing of additional land for the Speedway; and Assemblyman Percy's bill giving Superintendent Waring, of the Street Cleaning Department, authority to frame regulations having the force of ordinances for tho use of sidewalks and gutters for the doposit of refuse, and Assemblyman Halpiu's bill increasing the yearly salaries of the Park Police, Tlie Assembly has passed Mr. Stanchtield's bill creating a State Board to issue liceusai to architects; Assemblymau Bell's bill for a biennial school census in NewYork; Mr. Halpiu's bill anthorizing tbe laying out of a public park in New York, between 23d and SOtb atreets; a bill of the Eailroad Committee to compel tbe nse of fenders on electric and cable motors, and Mr. Lawson's bill giving boarding-house keepers a lien upon the baggage of their guests. Goveruor Morton bas signed Assemblyman Hoops'bill giving'^tbe Board of street Opening power to open atreets north of 59lh street; Assemblyraau Wilda' bill remitting the water taxes on charitable institutions in New York, whicb give free public baths; Assemblyman Wray'a bill, autborizing tbe imposition of a tax upon dogs in Brook¬ lyn and New York; Senator O'SulHvan's bill, autboriziug tho free transportrtiou of policemen and firemen ; Senator Guy's bill, author¬ izing tbe authorities of New York to award damages for the changing of the original grade of 143d street, and Assemblyman Hamilton's bill, empowering irhe Comptroller of New York to refund the assess¬ meut laid upon property south of 1291 h street for openiug 12tb ave¬ nne, between 59th street aud 153d street. May 5.—The Governor has signed Hamilton's bill, petmitting th*