Angni^tl?, 1895
XVCt-UlU. ctllU. VJUIUC.
213
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Vol. LVI,
AUGUST 17, 1895.
No. 1,431
WE were toltl for some months aftei- the bonil operation of
1:1st Ffbrtiiiry that the syndicate controlled the situation
so that old exports were an iiupossibility uutil Congress had a
chance to refoi'in our citnency, (iold exports have heen made
in considerable volume, aud uow we are told tbat they are of no
significance and that the syndicate will keep the conventional
treasury gold reserve intact. None of these assertions come
directly, if al; ali, from the managers of the syndicate, conse-
Qnently tlie public is justitied in awaiting the outcome of the
present gold movement before appearing in the security market
as buyers; it is slio«'ing a good deal of confidence in not coming
as a seller. We are told, too, that the export movement of
gold will be only a moderate oue. These later asser¬
tions are no more trustworthy than the earlier ones
were. No one can tell what the exteut of this
movement will he, because it depends on conditions
yet to he developed—on an iucrease in our export trade, on a
better feeling toward Ameiican .securities on the other side of
the Atlantic, and some other things. As exchange is so very
high at a time wheu in the ordinary course of our financial oper¬
ations the contrary ought to be, or soon to be, the case without
any positive signs ot relief, the caution whicb is being so
steadily manifested by the public is fully justified. There is a
very proper suspicion in the minds of the public of artiHcial
conditions in financial matter.s especially, and snch are the ouly
ones that are now keeping prices stroug.
EYEItY day, almost, there cornea to hand evidence of the
redticiug value of money in Europe. Not ouly are the dis¬
count rates so low as to make it somewhat surprising that the
banks will do business at aU on such a basis, but permanent
loans favor the borrower more than ever. The two-and-a-half
per cent loans of tlie great English municipalities are at a small
premium. The City of Paris isstied its last loans at two-and-a-
half per cent, and now oue of the great French railroad com¬
panies proposes to make that the rate of interest for any new
capital it may want. The Paris mint struck no silver coins for
home use iu the first half of this year, though empowered to
coin 4,000,000f. in that metal to take the place of Italian silver
called in aud returned to Italy. Grermany reports continued
improvementiu manufactured iron and in textiles. The Prus¬
sian rail ways, however, reported a conspicuous loss of freight in
June. The intention to raise freight in Belgium is sending bttsi-
ueas from other countries to Eotterdam, whither, also, some of
the great agencies are transferring their offices from Autwerjj.
The reports that come from the leading trade ceuters of Europe
are almost invariably cheerful iu tone, even though they may
not indicate a very Huge volume of transactions. The lightness
of the trading is explained by this heiug the holiday season, and
there is confident expectatiou that wben the vacations are over
there will be au increased movement in all directions. This may
or may not be the case, but it is something to find the reporters
for the hnsiness comranuity at least so satisfied with the situa¬
tion. The political orttlook does not clear at all, but as nagging
is always goiug on from oue side to the other over there, at this
distance it is very hard to gauge the depth of the adverse feeling
which provokes it, and impossible to foretell the lengths to
which it will drive its victims.
THE builders of the West Side are complaining bitterly of the
worry, annoyance and loss of time to which they have been
subjected in the past month, through the zeal of members of Good
Government Clubs and the police and the inditt'erence of the
Board of Street Incumbrances to their interests. The division
of the Good Government Clubs, of which Mr. Eugene Thayer is
chairman, is giving attention to obstructions iu tbe streets. Its
members make it their duty to visit eveiy place where buildiug
is going on, aud whenever they find any liberty taken with the
â– permit for placing materials in the roadway report it to their
chairman, who comnmnicates with the police, aud prosecutions
follow. As a result, it is said, no doubt with truth, there is
hardly a builder between 59th street a.nd 110th street, ou the
West Side, who has uot beeu compelled, oue or more times, to
waste half a day lianging around a police court to defend a case
that was ultimately dismissed by the sitting magistrate. There
is less huilding going on on the AVest Side now than was seen
ill oiii.T jcirs, and it ie, therefore, remarkable that it
should be suildenly found that the West Side builder is so dere¬
lict iu his duty toward tlie city. Every one who has the least
practical experience, without exception, knows that itis impossi
blc for a builder to comply exactly with the terms of his permit,
and when he is doing his best to do so that ought lo be sufticient.
In most of the streets where the diuupiug of the materials thai;
has caused these coutplaints is done, the vehicular traffic is very
light, probably consisting of an hourly grocery wagon, and the
ordinaflce should not be construed as to them as strictly as it
very properly shotildbe in the busy dowu-town stieets. It should
also he borne iu mlud that the residents of the streets affected
have not been the complainants in these cases. This matter is
one where either party can do things that are objectionable from
the views of public and individual rights. The streets should
be kept clear for tho public to pass through without danger or
inconvenience; builders no doubt will bear this fact iu mind.
On the other hand, the builder cannot carry on his work without
u.siing the streets, aud as at this seasou of the year time to him
is very precious, the loss of a day to answer a trivial complaiut
is a serious matter. The employment of the active energy of the
citizen in seeing that the laws are enforced is an admirable thing
when guided by good judgment, but it is also a case where Tal-
lyrand's caution, "Above all Ihings, no zeal," has very proper
application,
â–
The Wrecked Ireland Builcliue;.
THE iuquest over the tifteeu lives lostiu the collapse of the
building ou the northeast corner of West Broadway aud
3d street commenced yesterday before Coroner Fitzpatriek and
a jury numbering several well-known builders. It is expected
that the investigation iuto the cause of the accident will be a
thorough oue, aud a conclusion arrived at that will definitely fix
the responsibility for the catastroplie. There may also be
looked for from the jury recommendations for more stringent
reqnirements in the Building Law as to constructing fonuda-
tions, and for test borings of the ground iu all cases where
important buildings are to be erected.
This building was eight stories and basement iu height, and
constructed tire-proof with cast-iron interior columns, rolled
steel beams and holtow-tile flat arches betweeu the floor beams.
There were four vertical lines of columns supporting the
centre of the Hoors aud roof. Oue of these lines of columus, and
all the floors and roof supported bj' the same, fell, leaving a
great gap, say about 30 by 45 feet, extending from wall to wall
one way, and between two other vertical lines of columns the
other way, open to the sky from the basement up. The wrecked
portion has been cleared of debris down to the top of the foun¬
dation upon which rested the basement column. This latter
column was 15 inches in diameter, standing upon a cast-iron
plate 32 by 32 by 3 inches. Underneath waa a gneiss stone
block, t> feet by 6 feet, and 12 inches thick. Below
this was a base of concrete, about 10 feet by 10 feet,
and visibly 12 iuehes in thickness. The soil is a dead loam
sand, with mica indications, showing it to be not far from
quicksand, if saturated with water. This character of bottom
extends down to some 21 feet helow curb line where a better
quality of sand is met with. The upper sand wheu saturated
with water renders it very uucertaiu and unreliable for up¬
holding a great weight with stability. The position of the
elevator indicates that the place where mnch water was used ou
the floors in mixing up mortar was near the liue of coluunis
which fell, and customaryin such operations water continuously
overflows aud drips down to the ground. Directly underneath
one corner of the concrete base is an 8-inch bi-ick circular wall
of an oUl cistern, and thus the foundation for the basement
column rested partly npou this wall and the brick tloov of the
cistern, and partly upon the soft ground. The ruins show the
iron column buried for more than 7 feet of its length down
through the foundation, the iron plate and the stone hlock
being eaCh shattered into four parts. The broken foundation
has not beeu disturbed, as the Coroner decided to have his jury
first view it in its present condition. Afterwards the pieces
will be removed and au examination made of the condition of
things underneath the concrete.
Apparently the cause of the disaster ia to be found in the
inadequate fouudatiou under the basement column, and many
facts substantiate the theory that this columu sank aud with it
followed the line of columus above, together with the floors, all
dropping at one aud tho same time in funnel shape. On the
flcors around this liue of columus there had been placed far
greater weight thau elsewhere iu the building. Near tho