Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 59, no. 1508: February 6, 1897

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February 6, 1897. Record and Guide flos rates, showing slackcalng demnnd for fUDds, compels the ex- pectatloQ tliat future returns will make a diCCcrcnt sliowlog. Dd6teD id REA.L Estate,BuiLDif/o ARf^iTEcnmf .KotisEriomDEGaifnoit BiiMi^ESSAtiDThemes OF GeSei^I WitRpsi. RICE, PER YEAR, IN ADVANCF, SIX DOLLARS. Put>M^/ied every Saturday, TBLEPHONB, -_-... COBTLAHDT 1370 Communloatlone should he addieBsed to ■ C. W. SWEET, 14-16 Vesey Street. J. T. LIXDSET, Busi7ies8 Manager. "Entered, al ttie Post-office at A'eio York, Jf. T., a* gecwid-^lass mailer." Vol. LIX. FEBRUARY 6, 1897. No. 1,508 WARNING. We are informed that certain individuals are going about repi-e- eetiiing that the Kecord and Guide intends to issue some sort of a railway guide or cover to be placed in hotels, steamships and elsewhere. Home persons have been induced through the use of the name of the Kecord and Gdide, not only to spend money wiih these3}arties and pay in advance for their order but to settle foi- old accounts with them. We wa7-n thepublic that the Record and Gdide is in no way whatsoever conneeted with this project, and that no aecoumis should he paid except to our regular collectors. For mutual protection, our friends should immediately telephone us, Ifo. 1370 Cortlandt, when approached by the swindlers. THERE is notliiiig iu the appearance of the stock market to warrant gloomy forebotliiigs. Of course there may be further declines of moderate dimensions, because prices have advanced since last August over a wide range and some reaction to a movement of that kind is inevitable. It cannot, however, be said that the conditions favor lower rather than higher prices. There is actually no liciuldation of investment accounts, what selling there is coming rather from speculators who are taking profits. The search for good investment issues is still eager aud the buying of lower class bonds and dividends paying stocks continues good. These are not the things to encourage hopes of big breaks in prices. Wall Street never yet saw a perfectly clear horizoa and there is none to be seen to-day. Those who prefer cloud effects can have them. The investigation into the affairs of the so-called trusts by the committee appointed by the Legislature may cause some short selling, as may also the troubles of the soft-coal roads and the reported differences on rates among the trunk lines; but the influence of any or all of these can easily be exaggerated and, as good news is so very po¬ tent now where it was helpless before, recovery from the effects of any aggressive movement on prices, will be rapid. Any break will afCord an opportunity for buying, especially of the issues of reorganized properties, which ought not to be missed. The commercial situation is improving from day to day; even the present effects of the impending tariff legislation cannot pre¬ vent that from being appreciable. ANOTHER drop of a half per cent in the Bank of England's rate of discount further emphasizes the view we took when the flrst reduction was made a few weeks ago. With the rate now three per cent and lower rates to he had in the open market and with no likelihood of'a renewal of the demand for money for trading or commercial purposes, there is a prospect of a return to operations in dividend or interest bearing secur¬ ities which may stir up tbe stock markets to some extent. This will, of course, take a little lime, but it is obvious tbat commu¬ nities which have the business of trading for small profits down as fine as European fluanclal centres have, will not see four and five per cent securities going a-begging while they can bor¬ row money at three per cent to carry them with, with a chance of selling at a profit In addition. A good deal of money was made by this system of operating when money was 2 per cent, even out of consols paying 2>^ and 3 per cent and selling at a premium. The condition of the money market Is also encour¬ aging corporate borrowing and the incorporation of Industrial ventures. In Loudon alone the uew capital applications amouut to about $50,000,000 for the first month of the year as com¬ pared wilh less than half that amouut for January, ISOC In this sum there is not included any Government borrowing, it be¬ ing wholly made up of home aud foreign, mostly foi-eign, rail¬ road debentures and the debentures and shares of Industrial en¬ terprises. Returns of railroad earnings and trade reports indi¬ cate a good business doing, but the faiiiug tendency of money SOME people, whose opinions in such matters deserve every attention, are IncIIne'd to think tbat there Is a fair prob¬ ability that a legal limit to Ibe height of buildings In this city will be fixed by legislative enactment this year. Imbued with this Idea some amendments to the bills dealing with this matter now before the Legislature have been sent to Albany with tbe hope that they will be adopted. One of those amendments provides that any act for creating a maximum height should make an exception in favor of buildings to be used for the purpose oC ob¬ servation. Another suggested amendment Is intended to be incorporated in Assemblyman Finn's bill for restoring tho height of non-fireproof buildings, reduced last year to 70 feet, to 85 feet. It is now suggested that this height should be 75 feet In support of this suggestion, it is argued that non-fireproof buildings ought not to be more than six stories In height and as a limit of 75 feet would permit such buildings to be erected. It ought to make a satisfactory compromise. Senator Page's bill to amend the laws relating to the Building Department of New York qualifying civil engineers as well as architects and build¬ ers to hold tbe offices of Superintendent, Deputy Superintend* ent, or inspector of buildings or surveyor is adversely com¬ mented upon. It is not denied that a civil engineer may occa¬ sionally by training and circumstances be capable of holding any of the offices mentioned, but the objection comes from the be¬ lief that civil engineering, being n specialty, does not, as a rule, include the general knowledge necessary to oQlcials who have to exercise supervisory duties covering all departments cm- braced In a building of modern type. Further that the.Depart- ment of buildings has now all the authority It needs to secure expert engineering service and that It would be dangerous to give any Superintendent of the Department the power to fill all the supervisory offices with civil engineers If he chose to do so. AN endeavor is being made to remove tbat very onerous tax upon tbe building Industry which takes the form of the payment of city tases by Improvements in the course of creation. Mr. H. T. Andrews, of New York, lias Introduced a bill into the Assembly providing that all real property la New York city upon which a building is being erected shall, for the purposes of assessment, bo deemed vacant for one year frora the date of the filing of the plans with the Department of Buildings. There have been endless complaints of Ihe la- justice of assessing for taxes buildings in process of crectloa and which are, as a consequence, unremuneratlve to their owners. Mr. Andrews' bill, if passed, would remove Iho causo of these complaints In a way that cannot be said to Indict any other injustice for the one removed, as is not unusually tho case with remedial legislation. To allow time for the erection and occupancy of a building before It shall become liable for any portion of tbe public burdens seem only the barest Justice. To tas so much brick. Iron, stone and lumber that form au In¬ complete building Is very hard upon the owner and has prac¬ tically the effect of a tax upon Industry, No other trade fluds Its unanishcd product subject to such a burden and there Is, therefore, evei^ reason why the building industry should also be exempt from it. This, doubtless. Is the opinion of every- one engaged in the building trades. But they ought not to remain satisfled with giving Mr. Andrews' measure their silent approval simply, A little energy, rightly directed, would be very efficacious in turning tho minds of our legislators favor¬ ably towards the bill and we hope this occnslou for displaying It will not be lost by those most interested, as so mauy other opportunities have been. Tho bill Is one for consideration by the trade associations with the view of making such repre¬ sentation at Albany as It requires. OUR friends, the architecfs. must hurry up or they will hare the rare distinction of bein;r the only body of citizens iu this State who carry on their vocation without State inter¬ ference. Last year the horse-shocrs 8ueceede