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Real estate record and builders' guide: v. 61, no. 1566: March 19, 1898

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Marcli 19,1898. Kecord and Cxuide 497 one way or another. These things make the outlook for 1898 a gloomy one. ESTABUSHED^tfJUipHsm'^lSee. BiTsn^ESSAttoTHEtiiESOFGEiJER^L Irfrei^Esi. PRICE PER YEAR IN ADVANCE SIX DOLLARS. Published every Saturday Telephone, - . . - Cortlandt 1370- Coin miiuica lions should he addressed to C, W. SWEET, 14-16 Vflfley Street J. T. LINDSEY, Business Manager. "Enlered at t/ic Posl Offlee al New York. JV. r,. as second-class matter.' Vol. LXI. MARCH 19, 1898, No, 1,566 IT can scarcely be expected that with our own and the Spanish government arming for possible conflict as fast as they can, that there should be any feeling but one of nervousness on the stock-market. If the people who are selling stocks were asked whether they believed war certain, they would undoubtedly give a negative answer, but at the same time excuse their action by saying that there was no certainty what the outcome will be. There is, indeed, very little belief that war will be necessary to decide the issues on Cuba that are now open between our own and the Spanish government, but no one can deny that it is among the possibilities. This latter fact makes caution neces¬ sary, and calls for certain preparations in business, and especially in financial business, that are of themselves very disturbing—that is, they disturb present disposals of money and credits. These arrangements must be con¬ tinued until the diplomats have made an agreement that will make war avoidable. Meantime, owing to the unkindly ofBces of the daily press, the market is likely to be subjected to a good many scares that will influence quotations unfavorably; indeed, following the usual precedents, the legitimate negotia¬ tions between the two governments have doubtless to get to the acute stage before a final agreement can be reached, every step toward which will be duly chronicled by the press with more or less sensational gratuitous additions and deductions calculated to alarm the feeble-minded. Security-holders have to be pre¬ pared for these things and to malte up their minds how much they can stand. Tbe near future has in it only a promise of a dull market and lowering quotations; but it must not, for the time being, be forgotten that the situation is upheld by an ex¬ cellent opening of the business season outside of Wall Street, and in the event of a peaceful termination of our diflculties, which we believe will be eventually encompassed, the effect of the relief produced will be very gratifying to those who may then own railroad securities. OWING to the clouds that obscure the political horizon, the money and security markets abroad are all as feverish as our own, and this must continue to be the case until doubt is dispelled and the prospect brightened. The British Parliament is having the tamest session known for many years. This is not so much due to the absence of differences among the several parties in the House, though that has something to do with it, as to a desire to do nothing in the present delicate condition of affairs that will give foreign governments, and especially those of France and Russia, the slightest excuse for thinking that the ministry will not have unanimous support in dealing with exist¬ ing emergencies. This consideration for the difficulties Lord Salisbury's ministry has to contend with is already bearing good fruit in the announcement that a satisfactory understanding is being reached with France on the Nile as well as on the Niger. The preservation of the integrity of the Chinese Empire is likely to prove a more difficult question,and one that will not be settled for some time to come. Regarding other matters, France continues to fix new protective duties, lead and boracie acid having been recently treated in this way, and it is proposed to add wood straw for packing, hops and tissues of silk to the list. The Berlin correspondent of the "Economist," of London, says that the much spoken of sugar conference will not take place until May, and that he hears that Germany, Austria, Belgium and Holland have come to an understanding concerning the programme which is to be submitted to the conference. Affairs in Austria are unsettled by the expectation of further race dis¬ putes, the effects of last year's bad harvests being still apparent, and by the fact that the time is drawing near when the fiscal fl^reeme;)t liigf-yfeeji ^Hgtrja ^.nd Hungary must be ftrrapged IMPORTANT BILLS IN THE LEGISLATURE. NOTWITHSTANDING that this is somewhat of an off-year in the Legislature^the number of bills introduced being very much smaller than was the case either last year or the year before, and the probabilities for the passage of the usual propor¬ tion being, much smaller than is generally the case—thereare still a number of propositions of more or less importance that ought to receive the attention of representative interests in building and real estate. The municipal authorities are asking for very little legislation, and that asked gratuitously on their behalf is not likely to get further than the committee to which it is, as a formality, referred for consideration. Amendments to the charter have been practically forbidden, and changes in the Building Laws of this city discouraged, while the Mechanic's Lien law was so effectually revised last session as to call for very little interference this. As, however, the present session promises to be a short one, and it is in the closing days that the Legislature wants the most watching, we think it advisable to call the attention of our readers to the most important of the bills that have been introduced, either in the Senate or Assem¬ bly, in which they are interested, though as these have been mentioned from time to time in our Albany correspondence, it is not our intention to set them out in detail here, but only to give reminders of their existence and nature. First as to bills relating to changes in construction of build¬ ings. Senator Grady has a bill requiring fire-stops of a certain description to be placed between fioor beams, etc., in all new buildings in New York city (Manhattan and the Bronx), and Senator Coffey has a similar bill for Brooklyn; both are said to be in the interest of a patent fire-stop. Senator Guy is re¬ sponsible for a bill exempting tenement houses in certain cases from the provisions of the present law relating to fire-proof stairs and stair landings. Senator Page proposes to amend tho charter by giving the right of appeal throughout the consoli¬ dated city from the decision of a Commissioner of Buildings to the full board in matters affecting constniction or materiais to be used, where the amount involved in such decision shall sxceed the sum of 5i,ooo- This would make meetings of the Board of Examiners superflous. The same Senator has a bill to limit the heights of dwelling houses, which has so little chance of becoming a law that its provisions need not be dis¬ cussed. In the Assembly, Mr. Williams has introduced a bill whose purpose is to allow the iron work of a building to pro¬ ceed, provided the fioors up to two below the last work are se¬ curely planked over and not requiring it, as now, to wait for the flJling-in between the beams;and also providing for barriers eight feet high around openings used for hoisting and elevating machinery. This modification of existing law wili commend it¬ self to all practical people. Mr. Murray asks that the use of "any acid, chemical or other ingredient deleterious to health" in the manufacture of mortar shall be forbidden." Mr. Roche has introduced a bill, the apparent purpose of which is to author¬ ize the Board of Examiners to permit the use of cement fire- proofing. This legislation is not asked for by the Board of Ex¬ aminers, and is opposed on the general ground that, as pro¬ vision has been made in the charter for the framing of a Build¬ ing Code, changes of the New York Building Laws are inad¬ visable, though this argument would apply to any other pro¬ posal to change the charter insofar as it relates to construction. Finally, Mr. Brennan has introduced a bill exempting unfinished new buildings, additions or other improvements from taxation, to which we have already given our approval. Of the bills affecting real property, the most important per¬ haps is that introduced by Senator Wieman, this week, which is a laudable attempt to rectify an injustice to owners, though it does not go far enough. Insofar as it makes it obligatory on the city to pay six per cent, upon an award dating from the time when the city takes the property for a public improvement it is good, as it will tend to hasten the conclusion of proceedings and thereby the payment of awards. Another very important bill is that of Senator Lexow, by which it is intended to limit actions for encroachments on adjoining property of not more than six inches in width to one year from the passage of the bill. After action and satisfaction of judgment for damages, title to the strip of land is to vest in defendant. If neither action for ejectment or damages is brought within the limit mentioned, the person encroaching is to retain possession of the strip so long as the wall shall stand, but no longer; the owner having on the de¬ struction of the wall a right to recover possession. Senator Ford proposes that a practical builder in active business shall be ap¬ pointed upon each commission to open a street. Senator Stran¬ ahan has a bill to legalize wall encroachments of ten Inches and less upon public thoroughfares, on failure of tiie city to com¬ mence proceedings for thelp fempval within gn^ yfj^y 9| tJie