Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 68, no. 1744: August 17, 1901

Text version:

aigiis RECORD AND GUIDE. 205 ^y ' ESTABUSHED'^(^H£l?^I86a DeVoTEO to REA.L EsTUt. BmLDIjJo ARCKlTECrUnE ^mSEltolD DESORplDll, Business AitoThemes of GEifeR^.IKlERPT. PRICE PER YEAR IN ABVANCE SIX DOLLARS Ttibtished eVers Saturday Ob'mmiiiilcatloiia should be addressed to C. W. SWEET, l4-i6 Vesey Street, New YorR J, T. LINDSEY, Businesa Maoager Tolephone, Cortlandt 13V0 'Entered at ihe Post Office al Neio York. N, Y,. as second-class matter." Vol. LXVIII. AUGUST 17,1901. No. 1744. The Record and Guide Quarterly for the three months, April— lune, inclusive, is now ready for delivery. All the records arranged for handy reference. One dollar and a half a copy, or five dollars a year. The cheapest and best system ef keeping records of real estate— conveyances, mortgages, new buildings, etc., etc. If you would like lo see it, send a postal card lo the Record and Guide Quarterly, Nos. 14 and 16 Vesey- sl., City. SOME strength was to be seen in the security market the fore¬ part of this week, the most significant feature of which being the share that investment issues took in the movement. A change of specuiative sentiment was to be expected with the apparent failure of the Pittshurg strike on Monday, but had there been any real confidence in the situation, or had this im¬ pression of the strike situation been unaccompanied by the de¬ pressing official crop report, such an advance as the week saw, ought to have been made in a day. The share of the commission houses in the movement was very smaii, showing that the public are not ready to offer help in creating any new advance, and the market is, therefore, extremely technical. This is not likely to be changed by yesterday's announcement of the defection of the steel workers at Joliet and the report of trouble impending among the mill operatives at Fail River. ONE encouraging feature has developed in the European situation, and that is the increasing buying and advancing prices of government bonds. This does not suggest an improve¬ ment in the commercial position, but it does enliven the financial centres and that quite considerably. Consols and other govern¬ mental issues, as well as the gilt-edged securities of private cor¬ porations are down about 20 per cent, speaking generally, from the highest points made flve years ago and the return on the in¬ vestment is correspondingly increased. It has only been the un¬ certainties of the political outlook that have kept investors outof these issues until now, and by the same reasoning it may be taken that the buying of them now is a sign that that otitlook is clearing; that the war in South Africa is in its closing phases, and that diplomacy is content to let the conditions in China be what they are for the time being. American investors will note with satisfaction that British and German issues have been the first to benefit from these circumstances. With the commercial outlook it is different, This is affected by the facts, that an in¬ dustrial boom closed only so short a time back that another is not to be expected now; that crops are bad generally over Great Britain and the Continent; that values of money have risen un¬ der heavy governmental (national and municipal) demands; that values of securities have declined heavily and correspondingly limited borrowing power; in Great Britain alone this decline in the last two years Is said to be equivalent to a billion sterling and is known to be a hundred million sterling in home and In¬ dia government stocks. Harvest results make those countries that are not independent in the matter of foodstuffs look to this country for their supplemental supplies, which they cannot ex¬ pect to obtain without payment and this may have to take the form of specie, because Europe has been so large a seller in our security market this year. It is unnecessary to point out that there is nothing anomalous in activity in investments accom¬ panying inactivity in commerce because each in turn derives benefit from a mechanical process that periodically takes money from one for the use of the other. THE most assuring thing regarding the safety of the old Brooklyn bridge is the apparent intention to push con¬ struction on the new one, and the one that can be completed in the shortest space of time. Commissioner Shea is quite right in holding to the view that what the case calls for is more bridges, and the sooner the public dismiss the notions of tunneJs and double decks and support the Gommissioner's view the better for themselves. Concentration of money and work wherever relief can be afforded quicicest ought to be the program. Appeals in Hatters of Construction. SINGE -the charter of '97 took effect, that is January 1st, 1898, the Board of Buildings have decided pretty well all appeals from the decisions of the several Commissioners ot Buildings, who collectively form the Board of Buildings, and very little call has been made on the Board of Examiners. In fact the first instance of an attempt to call up the appellate powers of that board was made this week, and was unsuccessful. The case involved a set of plans filed under the Kelsey amendment to the Tenement House Act of this year, which allows a tenement to he built according to the provisions of the new law for existing tenement houses, provided, excavating was begun on Juue 1st and the first tier of beams set by August 1st, and that plans were filed before April 10th, etc. These plans called for a six-story four-family tenement; the owner desired to build instead a seven-story three-family apartment, but without material change in the outline of the building, and still avail himself of the priv¬ ileges of the Kelsey amendment. The building called for by the amended plans was obviously an improvement upon that con¬ templated in the originals. Commissioner Wallace, as we un¬ derstand it, taking the ground that no changes were permissible in plans filed as in this case, refused the application. An appeal against his ruling was filed with the Board of Buildings within the time limit of 10 days; after waiting three weeks, during which no action was taken on the appeal by the Board, the appellant applied for relief to the Board of Examiners. At their meeting last Tuesday, the Commissioner presided and stated that the ap¬ peal had been received, but, claiming that the appellant had no right to take such action, refused to allow it to be submitted to the Board for consideration. He also was of opinion that no minute of the raatter should he made on the proceedings, but later consented to its being placed of record with a protest against his decision. There are now two questions involved in the proceeding: 1st, . the right of the owner to appeal to the Board of Examiners, and 2d, the right of the Board of Examiners to take up and consider appeals properly filed with them. The first is based upon sec¬ tion 649 of the Charter, which empowers each commissioner to pass upon construction and materials within his administrative jurisdiction, but allows appeals in the boroughs of Brooklyn, Queens and Richmond to the Board of Buildings, but expressly provides that the appeals in the boroughs of Manhattan and the Bronx may he to the Board of Examiners. Section 650 gives tbe commissioner power to modify existing law or ordinance and rule or regulation with the concurrence of the Board of Build¬ ings. That is to say when his decision is negative the. applicant may carry an appeal to the Board of Examiners, and when affir¬ mative it must receive the approval of the Board of Buildings The desirability of securing an impartial board of appeal in structural matters does not need argument t& support it. This principle has been retained in the law through all its changes since 1885, and its value and importance are emphasized by the fact that the framers of the new charter abolished the Board of Buildings and retained the Board of Examiners in their appel¬ late capacity. It is clear, then, that the right of appeal, when in proper form and supported by the legally prescribed circum¬ stances, undoubtedly exists, and there is little doubt that the authorities will see tbat this is so when they analyze the matter. As to the right of the Board of Examiners to hear appeals, the Board may be left to assert themselves on that point. Prior to the passage of the Charter of '97 appeals had to pass through the superintendent of Buildings, but since the enactment of that measure this has no longer been the case. It is possible that both questions have been confused and obscured by recent legisla¬ tion; but each is capable of amicable adjustment, and, we wish to add, we have no reason to suppose that they will not be dis¬ posed of in that way. The importance of the matter as a whole to owners, architects and builders, however, required that we give it the attention we have done. 1 THE obstacle that stands in the way of building non-fireproof bachelor apartments, that is a legal definition chat shall enable the Department of Buildings to consider them outside the New Tenement House Act, may soon be removed. We under¬ stand that a resolution for the appointment of a commission to revise the building code will be offered to the Municipal Assem¬ bly on the 27th inst., and that it is within the power of such a commission to apply the proper remedy, A definition to the efiect, that a bachelor apartment should be not more than three