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Real estate record and builders' guide: v. 66, no. 1695: September 8, 1900

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September 8, igoo. RECORD AND GUIDE. 289 __________ . , PHeW^lB68. DofriEfi P Rp*J- EsTWE.BuiLDiifc AjuadTECTyRF >{ouanlou> ttcaa^^nti, Bl/SOfesS A»bTHEHES Of GETiS^ ItfTOt^l.. PRICE PER YEAR IN ADVANCE SIX DOLLARS. Published every Saturday. Telephone, Cobtlandt 1370, Communications should be addressed to C. W. SWEET, 14-16 Vesey Street. /. T. LINDSEY, Business Manager. -Entered at the Post-Office at Neio York, N. 7., as second-class matter." Vol. LXVI. SEPTEMBER 8, tOOO. IF we take Labor Day as technically the last day of the holi¬ day season and then sum up the reports from the different trade centres that have appeared since, we will find that the few days that have elapsed have made quite a little improvement in the situation. In the iron trade tbe opinion of tbe most cautious and conservative of observers is, that even if not wholly satisfac¬ tory, improvement is to be observed. In dry goods a sensational purchase of print cloths has brightened things up considerably, and in nearly every other line indications of moderate progress can be found. There is generally a cloud in the sky; the one present at the moment takes the shape of a threatened exten¬ sive strike in the anthracite coal fields. This movement is par¬ ticularly unfortunate now when the economic position gives American coal a good opportunity to introduce itself into the foreign market However, the operators do not seem to be alarmed by this threat, judging by reports, but are going ahead with their preparations for enlarging the area of their endeav¬ ors beyond the home market. Any way, however extended it may be, a strike is naturally a temporary thing, and as the operators have to look a good way ahead, they would not drop their plans for a permanent development because of an obstacle that can only be temporary. The events of the week have brought some buying into the stock market. The main cause may be tbe improved business situation, but Wall Street, in the main, attributes it to the fact that the result of the Vermont election foreshadows the election of the Republican nominee next November. Some people may doubt this conclusion, but that is not the question. The question is what Is Wall Street's, meaning thereby the investor's conclusion and its influence on prices. The fact is so apparent that Its mention cannot offend anybody, that Wall Street will buy or sell according to its vary¬ ing views on the prospects for Republican success or defeat, and prices will fluctuate accordingly. If the faith in success aroused by the Vermont I'eturns is not shaken by results else¬ where, there is before us quite a rise in the market between this and polling day. This opinion is not based on a measurement of the relative claims of the two Presidential candidates to the suffrages of the people, but simply on the Street's opinion of the results likely to follow the election of one or the other and on the movement of the market this week, which clearly shows not only what the Street anticipates, but also what it expects if its anticipations are realized. Europe would be much more active commercially than it is. The United States, standing by itself, having no ambition to alienate territory aud only demanding satisfaction for previous injuries and guarantees against others for the future, would find its problem comparatively simple. But the European Powers have among them those who desire and are working for the disintegration of China and those who, while not desiring it or working for it, have not only determined to share, but have pre¬ scribed their portions in case disintegration becomes inevitable. It has come about as a result of these facts that Germany is now as jealous of Russia as Great Britain is. The present Russian position, though not so unamiably regarded on this side of the Atlantic, is on the other taken to be that having rounded out her Manchurian accession sufiiciently for the time being, Rus¬ sia is now striving to get credit with the Chinese for relieving them of the allies at Pekin, which would increase her influence in China tremendously. History justifies this suspicion, and it therefore has all the stronger influence in retarding the recov¬ ery of business. 1695. IT augurs well for tbe success of our coal abroad that the Lon¬ don papers are giving a great deal of attention to this new feature in American competition. Their remarks are not wholly flattering, except as criticism is more or less so always. The reported results of the experiments with American coal in Eng¬ land are, however, fairly satisfactory and that can be taken as a good offset to a great deal of adverse journalistic comment. Business in Europe has the same tokens of gradual awakening that our own presents, and events are tending in the main to¬ wards encouragement of operations. There has been a good period of rest with severe liquidation and shrinkage of values, and barring obstruction growing out of international politics, there ought now to be a period of recovery. The announcement of the formal and legal annexation of the Transvaal is also accom¬ panied by the news that preparations are being made to set Rand crushers at work again, which more than the bulletins of the War Department shows how effective Is the British occupation, and that, although scattered forces of Boers are In the field and drawing a good deal of attention on themselves, the every-day affairs of the country are getting into shape and business being resumed. The flrst shipment of gold ought to be marked by an improvement in prices on the London Exchange. The Far Eastern Question is the one that is now uppermost, but for that Waste of Money. MUNICIPAL ASSEMBLY'S MULISHNBSS AGGREVATES LOSS FROM DEFECTIVE LAWS. ^ OMPTROLLER COLER gave out to the press this week a ^^ statement showing that the issue of $5,668,649.20 of city bonds to pay for improvements was tied up by the Municipal As¬ sembly, and that as a consequence the city was losing $943.57 a day in interest, the indebtedness that these bonds are to extin¬ guish carrying the legal rate of 6%. That the action of the Municipal Assembly is sheer mulish- ness is shown by the remarks of the Comptroller, who says: "In all these cases the Municipal Assembly has no discretion to ex¬ ercise. The awards have been made by commissions duly ap¬ pointed by the Supreme Court under acts of the Legislature, authorizing the respective liabilities on behalf of the city. By reason of the delay of the Municipal Assembly in authorizing the respective liabilities on behalf of the city, the city is in¬ curring unnecessary interest charges of |34i,118.95 per annum, or $934.57 a day." The issues referred to by the Comptroller are: Improvements. Title vested. Amt. bonds. Hall of Records site................ Sept. 18, 189T. $l,72i;.ti22.04 Elevenm Ward Park................. June 22, 1897. 2,045.424.62 Higli-school, Bronx ................ Feb. 26. I.s98. 112.G37.40 ■2'6A Ward Court House............. June 1,1898. 147 078.84 Park, E. lllth Co E. 114tli sts......... Feb. 16, 1900. 521 636 30 Park. E. lllth to E. 114th sts......... Apr. 21, 1S99. 365,250.00 Bronx grade damages.'.............. ....... 250,000.00 Lands to protect watershed .......... Various dates. 500,000.00 Total carrying interest at 6% per annum........... $.^,608,649,20 The power of approval of the issue of bonds was placed in the Municipal Assembly by the makers of the Charter of 1S97 ex¬ perimentally, with the view of determining whether the tone of the popular representative body in the city could be raised. The revisers of the Charter now at work will not flnd much en¬ couragement in the present attitude of that body to continue that experiment; nor would the taxpayers wish them to do so. The Municipal Assembly have consistently continued the ob¬ structions to improvements that consolidation began, and the two together have cost the city millions in interest and many more millions in the retardation of that development that the improvements, if carried out, would have produced. The New Bast River Bridge is a case in point, although it happens that it does not figure in the table given above. The act of the Legisla¬ ture authorizing this improvement was approved by the Gover¬ nor five years ago last May. Work was put under way during Mayor Strong's administration, and had it been pushed to com¬ pletion the bridge could have been opened to traffic at the be¬ ginning of 1901. We are now informed that there is still two- and-a-ha!f years' work to be done upon it; that is to say, about two years have been lost through the flnancial embarrassment of the city produced by consolidation, by litigation and by the refusal of the Municipal Assembly to approve the issue of bonds from time to time. It happens that tbe approval of the bonds mentioned in the Comptroller's list does not tie-up any work, and consequently the Comptroller's charge is simply of a wanton waste of money; but, reviewed as a whole, the conduct of the Municipal Assem¬ bly would be found to have delayed an enormous amount of public work the pecuniary loss from which is simply incalcula¬ ble. The Municipal Assembly offers no way for remonstrance to reach it; it has no pride in itself as a functionary, because its individual members look upon it simply as an arena in which to carry on sectional fights, and to lay pipe and pull wires to achieve sectional ends. Consequently the public money will be wasted in the future as it has been in the past until tlie law is