Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 81, no. 2077: January 4, 1908

Text version:

January 4, 1908 RECORD AND GUIDE 43 ESTABUSHU)-^ WJ^PH SLU.^ 186 8. DeV&teD P RevL ESTAJI.BuiLWjfe ft;f?a(lTECTUHE .KoUSOfOLD DECOFiATIorf, Bifsn^s AifoTHEiimsbr'CEilD^L iHtEnfsi.; PRICE PER YEAR IN ADVANCE EIGHT DOLLARS Communications should be addressed to C. W. SWEET Tublisfted Every -Salardap By THE RECORD AND GUIDE CO. President, CLINTON W. SWEET Treasurer, P. W. DODGE Vlce-Pres, & Genl. Mgr., H. W, DESMOND Secretary, F. T. MILLER Noa. IX to 15 East 24tli Street, New York City (Telephone, IVIadison Square, 4430 to 4433.) "Entered al the Past Office at Nvw York, N. Y., i/s srcDiid-cl'igs mi/itcr,'- Copyrighted, 1907, by The Record £ Guide Co. Vol. LXXXL JANUARY 4, 1908. No. 2077 INDEX TO DEPARTME3NTS. Advertising Section, Page. Page. Cement .....................xxiv Lumber .....................xxiii Clay Products ...............xxv Machinery ....................xx Consulting Engineers .........xxi Metal Work ...............xviii Contractors and Builders......xii Quick Job Directory..........xvii Electrical Interests ...........xxi Real Estate ..,.................xv Fireproofing ...................xix Rooters & Roofing Materials,xxvi Granite .....................xxvii Stone .......................xxvi Iron and Steel................xxii Wood Products .............xxiii A Remedy for Financial Ills. To the Editor of the Record and Guide: I read with a good deal of pleasure the editorial in your issue of December 28, possibly because it coincided in its substance with my ideas. The one paragraph in the editorial seems to me to cover the whole cause of the financial flurry, that is, "The money which the banks of the city should have loaned into local business channels, and especially to real estate in¬ terests, was poured into Wall street instead." The State of New T'Ork, as I believe, gives to this particular location (Wall street) the privilege to loan money on call at any rate of in¬ terest that the borrower may see fit to pay. In consequence those in control of that machine are able to keep the money rates at such a high pitch that every bank in this city and outside of it, in their scramble to make a profitable showing to the stockholders, loan their money at the high rate of in¬ terest on call, without the least consideration of the business interests, I am of the opinion that this condition would easily be righted if the Legislature of our great State of New Tork would take from the Wall street contingent the right to charge any more than legal rates of interest. Then the average business man would be able to borrow from his bank as he is in the habit of doing when the call rates in Wall street average two and three per cent, Tou speak of Canada having had nothing of this sort of financial condition the past thirty years, while we have gone through three of these disturbances, and this con¬ firms absolutely in my mind that it is only because the Bank of England controls the money rate of that country, while In Wall street we are absolutely at the mercy of those stock job¬ bers and money-rate manipulators; and it is only because they are allowed to charge such abnormal rates. If it would be possible to make Wall street money lenders be satisfied with six per cent., this surplus money would flow into that channel for the use of gambling. New York City and State being' the flnaneial centre of this .country, its high rates of interest attract the money of every bank and individual throughout the country to the detriment of the business interests for its reasonable accommodations, GEORGE F. PICKEN. Taxation of Church Property, To the Editor of the Record and Guide: The communication from W. S, on page 1,042 of your last week's issue, entitled "Shall Church Property Be T'axed?" is timely. The question is one that is growing in importance from day to day. For many years I have been advocating the affirmative of this question. In June, 1894, I addressed a letter on the general subject of taxation to Hon. Andrew H. Green, a member of the Constitutional Convention, which was then sitting, from which I take the following extract: As to exemptions from direct taxes, there should be none, ab¬ solutely none, for any matter or cause, in favor of any interest whatever. Benevolent societies, churches, schools and hospitals should all be taxed antl each pay its quota. The system or exenap- tioKs has become a scandal and reproach. It has grown out of all proportions, and if it were cut off .absolutely and forever, neither the cause of religion nor of charity would suffer one lota. The fact that a church or a charitable society is to be subject to taxa¬ tion and that taxes hereafter are to be considered in the estimate of its running expenses will be no deterrent to the formation and organization and the continued prosperity of churches and charitable societies o£ all kinds. I hope this question will be discussed and that we shall have all views bearing upon it pro and con, J. C. LEVI, 33 Nassau Street. A Broad View of New Building Code. THE action of the Board of Aldermen at their meeting on the 17th of December in referring back to the Committee on Buildings the report of the Building Code Rgvision Commis¬ sion with instructions to hold public hearings, was an eminently proper one. The subsequent vote of the committee, after the first of these hearings, to return the proposed Code to the Revision Commission with instructions that they should hold further public hearings at ^lich suggestions for modifications might be received from the various trades and interests con¬ cerned, was equally wise. No code can be a success which does not meet the approval of those for whose use it is formulated. Some one has said that the best Building Code could be comprehended in the six words, "Ail buildings must be built aright"; and while it is true that laws are made for the pun¬ ishment and regulation of evil-doers, the Building Code must furnish as well an accepted standard of what is right which all may safely follow. A code which prohibits proper construction would be almost as undesirable as one which would allow improper construc¬ tion. It is perfectly clear that in the printed report of the Building Codfe Revision Commission as submitted to the Board of Aldermen there are certain provisions—notably those which prevent the employment of reinforced concrete construction for buildings of Class E—which are in error and which do not express the intention of the Commission. It is to be hoped, therefore, that committees representing the various interests will carefully consider, section by section, the proposed Code, as the committee of the Employers' Association is doing, and will submit promptly to the Commission their recommendations for such modifications in the Code as they may deem wise so that the Commission may make such changes therein as will conserve the public welfare and yet meet the conservative demands of the various trades and professions particularly interested, ' It is to be regretted that Alderman GrlfCenhagen, the vice- chairman of the Building Code Revision Commission, should not have been privileged to remain in office to see the comple¬ tion and adoption of the Revised Code, for which he has labored so earnestly. Mr. Griffenhagen has set a high standard for the new chairman of the Aldermanic Committee on Buildings to follow. His regular attendance at the sessions of the Commis¬ sion and his manifest desire that only such regulations should prevail as should be to the best interests of the city at large, are worthy of the highest praise. Let us hope that the chair¬ man of the Comipittee on Buildings of the new Board of Aider- men will set an equally high standard of performance and that with the assistance of all the different interests particularly concerned in the provisions of the Code, a Building Law may be adopted which will be as nearly Ideal as may be possible in this year of grace, 1908. ELECTUS D. LITCHFIELD. Regulations for Standpipcs. The following addition to the regulations established Dec. 1, 1904, for the installation of standpipes (fire lines) in buildings of certain classes, required under the provisions of section 762 of the Greater New Tork charter, and Sections 102 and. 109 of the Building Code, is hereby promulgated: "In all buildings in course of erection, and which are con¬ templated in these regulations, the standpipe (fire line) must be carried up with each fioor, after the structure reaches the seventh floor, or a height of 85 feet, and an outside Siamese con¬ nection provided in proper and accessible place, and regulation hose outlets provided on each floor above the second as the work progresses, the top level of riser to be securely capped at al! times except when work on the standpipe Is in progress at that point," (Signed) FRANCIS J. LANTRT, Fire Commisisoner. —Tlie Republic Savings and Loan Association will pay to Its shareholders six cents on the dollar. Referee Alexander Mc- Kinney filed his report this week in the Supreme Court of Brooklyn, This association has enrolled on its books the names of many people of moderate means who inhabit mostly the towns along the Hudson River. Many promises of large profits were extended to them and the disappointment at the failure, which occurred seven years ago. was intense. All the more so, as in many cases the loss of the money serious^r em:harrassed them.