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Real estate record and builders' guide: v. 57, no. 1473: June 6, 1896

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June G,189« Record and Guide. 967 ESTABUSHED'^ ilWPH 2li!> 1868, DiV&Te) TO f^EA,L ElSTME. BuiLDIh'G T^RCrflTEeTOnE ,HoUSEMOUI DEGQI^Tial, Bilsii^Ess Alio Themes opGEfta^l 1Ktej\est, PRICE, P£R YEAR, IN ADVANC', SIX DOLLARS. Pntdishrd ererg ,^fitnrdiiy. TBI.ErHONE, -_---- CORTLANDT 1,370 Communications should be addressed to 0. W. SWKET, 14-lG Vesey Street. J. T, LI.YDSEV. , Business Manager. "Entered at the Post-offlce at Xew Tork . -V. r.. as second-class matter ." Nl OL. LVII. JUNE G, 1890. No. 1, 473 The Rfcoud and GviD'g. ivill furnish you with daily detailed reporit of all building operations, compiled to suit YOUK business specifically,,foi 14 cents a day. You are thus kept informed of the entire market for your goods N'o guess work. Every fact verified. Abundant capital and the thirty years' experience of TtiK Record an'D Gvide guarantee the com¬ pleteness and authenticity of this service. Send to 14 and 16 Vesey street for information. WE have the satisfaction of seeing .ill the rest of the world prosperiug under the influence of-active business aud ourselves living from hand to mouth with busiuess dull and prices low. The political events of the week have somewhat surprised Easteru people. Thej' have been led to believe that silver was a dead issue aud yet see this defunct questiou obtain control of the national convenIion of oue of the great parties. It has to be admitted that this is a very lively corpse aud one whose seiiulclier needs attending to. The fact of the matter is that sound mouey interests have takeu it too much foi granted that the countiy will not do foolish things, notwithstanding the many it has doue. What is wanted is less reliance upou a widespread common sense, which from all the testimony does not exist, aud more upou active influence and \vork to crush out error. I'ntil we know whether we can rely upon the mainte¬ nance ot the gold standard, or have to prepare for the uew con¬ ditions tliat a return to silver ictlatiou will bring, no improve¬ ment in general trade can be expected. If Congress adjourns at once, the stock market is veiy likely to make a spurt upward before fhe Republican Convention, to be continued or lost, ac¬ cording to the results obtained fiom that gatheriog. A pro¬ nounced and cnnfinued advance depends entirely upon a posi¬ tive declaration for gold and the prospects of the candidate who shall represent it. IN looking over the reports from the European Exchanges there is uo sign of activity except in shares of South Afri¬ can aud West .\ustraliau gold mining stocks. The former have regained tbe favor of the public on the announcement of the release of the Transvaal prisoners and fhe brighter prospects for the redress of the Uithmders' grievances. The much-abused trust stocks have made substantial advances in prices this year on the London Stock Exchange, which, as their valui s depend upon the condition of enterprises scattered all over the world in which the capital of the companies is invested, is an acceptable evideuce of fhe improving condition of business throughout the world. It is worth noting that the largest advances have been made by the United States and South American issues, even though it is that these gains are due, in the main, fo the improved condition of the Aigentiue and Chilian issues. The state of trade in Germany is thus . described by a correspondent: A striking contrast to the com¬ parative desertion of the bourse is afforded by fhe prosperous condition of general trade in this country. But this is in fact an infernalional feature. The foreign trade is growing, not rapidly but steadily. The impending bourse legi.slation prompts all parties to fhe speedy i.ssue of loans. Attention is now devoted to the strengthening or founding of trade com¬ panies. A report issued by the British Treasury shows the extraordinary etiorfs that have to be made to meet the growing public charges. In twenty years, from lS7o-G to 189J-G, the expenditure increased by £27,018,000, of which over £12,000,- 000 were for Army aud Navy and £6,G0O,000 for Education. The tinal deduction from fhe report is that while during the past twenty years there has been a normal growth of about 16.92 per cent, in the yield of the revenue fi-oni taxes other thau the income tax, aud of 1.5.43 per cent, in the jield per penny of fhe income fax ; there has been on what may be called an optional expenditure, aD increase of G8.26 per cent. Thus the percentage of increase iu fhe expenditure has been fully tour times greater than fhe percentage of increase in the yield of the taxes. And if account be taken of the facts that during the twenty years the population has increased by 19.17 per cent., it is seen that while there has been a smaller percentage increase in the fax revenue than in the population, the rate of increase in the exiiendituie has been fully three aud one-half times greater. And because the expansion of the exiieiiditure has so greatly exceeded the elasticity of fhe revenue, it has been necessary to impose a very considerable amount of fresh taxation. ■-------- IN pressing their claims in the matter of rapid transit to consideration ou the Mayor, the residents and proiierty- owners of the Twenty-third and Twenty-fourth Wards have oursyiiipiithy. It must be adiiiitfed that this important region, with 90 already large populatiou, and oue that is rajiidly grow¬ ing, has been systeiiialieally overlooked by the various plans that have been ]iieiiaied. There was no desire fo slight the peo))le above the Ilarlem, but if was doubtless thoiiglif neces¬ sary to limit the undertakiug to relieving pressure where it was felt most in order to get a scheme of rapid trausif that would, ou accouut of fiie cosf, be acceptable to the public and the authorities. Now that this (juestion of r.ipid transit hae takeu a new turn and its luobable solution will not take so expensive a form as au underground r.ailroad, Mr. .lames L. Wills and his friends in fhe 'I wenfy-third and Twent.■(•-fourth Wards, who waited upou Major Stroug last Monday, were quite right iu bringing their claims forward .so that they may receive due atteutiou iu any new scheme that ma.y be adopted. The suggested plau ot the Manhatlau Elevated Railroad Com¬ iiany is given in siibsfauce in another column. This is, however, only prcsenled tentatively. Until some surer giounds of nego¬ tiations are attained it is idle to discuss the merits of the plaus for providing the needed travelling facilities between fhe upper and lower ends of the city, if they are ouly to be obtaiued through fhe Mauhattan interests. \N iiKiuiiy lias reached ns as fo how the work ot the Com¬ mittee (m Revision of the Building Laws is attected by the Greater New York act. The inquiry is a very proper one, but also very difticult to answer. The Commission which is yet to be appoiuted under that act is to make a final report to the Legislature on or before Februaiy 1st, next, " aud submit there¬ with such bills as will, upou tlieir enactment into laws, provide a government for fhe muuiripal corporation," etc. The Com¬ mission is fo cease to exist on .March 1, 1897. It is generally conceded that the task set the Commission is an impossible one, and that if cniinot finish its work within the time specitied, or anywhere near it, aud. if that is so, it follows that one of the first things that the next Legislature will have fo consider is what is necessary to do to met the situation created by the failure of fhe Commission to report as directed. But having empowered fhe Commission to make laws for the government of this city, will the Legislature take up the consideration of a new buildiug law if one is prepaied by the begiuning of next year, or will they refer any application for such legislation to the Commission ? It is only to suppose that the lat¬ ter will be their course. While in passing the Greater New York act they parted with none of their law-making jiowers, it would be a gross slight upon the Commission it the Legislature should go to work aud pass au act for the government of the city iu auy one particular direction before the Comniission had had a fair opportunity to report. The frameis of the new build¬ ing law will th'U have to ask the Commission to adopt their suggestions for regulatiug building and report them as one of the bills required for the government of the municipality. This will uot be an easy task, con.sidering the enormous amount of work the Commission will have fo do in framing a charter and the measures to cany out the and general principles of city government. A new building law must take the form of amendingthc Consolidation acts iu force previous fo this year, and the Commissiou would hardly have the time, if il had the inclination, to go into the mass of detail requisite to embodying the suggestions of the Committee on Revisiou of the Building Laws into their bills. Their more prolLible course would be to report those jiortious of fhe t'onsolidation acts relating to build¬ ing as they now stand and leave the work of aiueudment to be done by the Legislature after they had provided for fhe general goverumeut of fhe enlarged city. These are surmises, but they naturally ari-e from a contemplation of the magnitude of the task before the Commission, even wheu reduced fo its barest proportions. If they are correct they raake the chances of se¬ curing a new building law more remote than ever; how remote it is absolutely impossible fo say. It is very discouraging to have to admit it, but there is no other reasonable conclusion thau that the passage of the last Consolidation act, or the Greater New Y''ork act, otters the most serious obstacle to this work that has yet arisen, notwithstanding the abundant propor¬ tions of others, particularly that of getting the representatives of the various attected interests together to give proper consid¬ eration to the work of the sub-committees.