Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 63, no. 1621: April 8, 1899

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.Ce«6iiS io R^Estatz.Builu^ A^iTECTui^XausQfouiDesat^nit Bl/SO&SS AfblHEMES (VGEjJ^n^.Il'TE^t^ PRICE PER TEAR IN ADVANCE SIX DOLLARS Fwbiis/ied every Saturday, TBLEPHONB. COBTLANDT |1370. Commualcations should be addressed to C. W. SWEET, 14-10 Vesey Street. J. 2. LfNDSET, Business Manager. "Entered at the Post-O^ice al New York, N. Y., as second-class mailer." Vol. LXIII. APRIL 8, 1899. No. 1,621. WITH SUPPLEMENTS. NONE too soon have the lenders of money begun their cam- paigH of discrimination against the over-speculation in the Industrials, and we may talte it for granted that there will he a thorough liquidation in those issues that will test their respective intrinsic merits, where they have any, very thoroughly. No thoughtful or conservative man will regret the shaking up these issues have received during the past week, because a fur¬ ther inflation of values in that direction threatened serious conse- (juences to the market as a whole. As it is, it has suffered a set¬ back from which it will take a little time to recover, but mean¬ time the securities of real merit, that have been neglected in the wild rush of buyers toward the sensational features of the mar¬ ket, wili be appreciated properly and receive attention when the right time ccmes. ' The advance in rates for money which is the natui-al result of an extension of manufacturing and commercial activity is another fact that will help to check the speculative movement in stocks aud bonds, though it is questionable if it will be maintained for long. The lessened demand for money for stock market purposes will to some extent offset the increased demand from other sources and a fairly good rate will be the result; but we have left the time of extremely low rates behind us, and securities will be more carefully scrutinized for what they will produce than they have heen in the past year, when their chances in the game of speculation only were regarded. Earning power ought now, and probably will be, until the hard lesson of to-day has been forgotten, the test of public favor. With liqui¬ dation in the overdone Industrials completed and a steady and moderate rate for money established a new movement in sounder issues will be inaugurated with more satisfaction all round. The business situation, which ought to be considered entirely apart from the present condition of the stock market, is quite good and stiil undergoing improvement, as the advances in wages an¬ nounced from time to time show. Foreign centres have been looking askance at our market owing to the wild doings in new industrial issues, but as a period has heen put to that movement, they will regard us with more favor. It is in the present circum¬ stances that our market ought to attract them, because we are only on the recovery from our dull times, while their own condi¬ tions are long past that point, so that their securities have no mar¬ gin in which to discount future improvements. The reports from all the European stock exchanges and bourses speak of dullness as the most prominent condition, while general business keeps up well. If imprudence on our side does not shock the known conservatism of the other side, a good buying movement, particu¬ larly in our railroad issues, ought to come from over the sea as soon as our liquidation has been completed. X S we pointed out some weeks ago, the bills before the Legis- ■^"^ lature affecting the building and realty interests are not as numerous as they have been in many preceding legislatures, but at the same time they include some very dangerous proposi¬ tions, The most mischievous, we think is Mr. Ware's, which, by introducing the words "apartment house, lodging liouse or tene¬ ment house" into Section 484, Chapter 410, Laws of 18S2, as amended by Chapter 557 of the Laws of 1897, would limit the houses designated to the height of 35 Eeet unless built fireproof, the same as hotels, theatres, hospitals, etc. It is hardly possible that such a bill can pass, except through accident or ignorance, but care should be taken that it gets through f-om neither of those causes. The consequence of such an enactment would be to cut off the supply of apartments, tenements and lodging houses right where it is and leave additions to the city's population unprovided for until the act was repealed. How a man of Mr. Ware's expe¬ rience could introduce such a bill is past comprehension. One of the Labor Party's bills, that giving factory inspectors the right to examine and condemn scaffolding, slings, hangers; blocks, etc., used in building construction or repair, has been signed by the governor and is now a law. Another measure, increasing the re¬ strictions cn the manufacture and repair of garments which do not have to be laundered before being offered for sale, in tene¬ ments has rflso received the governor's signature. There are now before the Legislature some ten or a dozen bills to amend the mechanic's lien law in various ways, one of course reviving the oft repeated demand that a lien for wages or materials shall take precedence of a mortgage. None of these, we understand, has a chance of being incorporated into the law except Senator Brack¬ ett's bill to provide for continuing liens on public works, much in the same way as they are continued on private work by applica¬ tion to the Supreme Court. As the law stands at present a lien on a public work continues only for three months unless an action to foreclose is begun within that period and notice of pendency oC the action is filed with the comptroller. The Brackett bill adds the following additional proviso, "or unless an order be made by a court of record, continuing such lien, and a new docket be made stating such fact. And the Supreme Court of this State, or any justice thereof, or the County Court of the county in which such lieu was filed, or the county judge of such county, are herehy authorized to make an order continuing auy such lien for a period uot exceeding six months, upon the application of a lienor upon such afiidavits or evidence as in the opinion of such court or judge shall be deemed sufBcient. Nothing in this act contained, however, shall prevent any such court or judge from making a new order continuing such lien in each succeeding six months, if in the discretion of such court or judge the same shall be deemed just and equitable.'' -p HE agreement between the Manhattan Elevated Railroad ^ Company and the Third Avenue Railroad Company ought noL to affect in the slightest degree the bill before the Legislature to enlarge the powers of the Rapid Transit Commission so that they can deal with offers to construct a rapid transit underground railroad with private capital. The reason why it ought not is that given by President Orr, namely, that the agreement does not increase the traffic facilities of the city in any respect, and it is an increase of thoSe facilities that the city wants and that the Rapid Transit Commission is working fcr. President Orr might have gone even farther and said that the agreement decreases the prospective facilities, because it may be taken for granted that it IS entered upon with the understanding that the' Manhattaa Elevated Railroad Company practically abandons its franchises for extensions not yet built in the Bronx. The cheapening of through fares by means of transfers from the road of one of the contracting companies to that of the other will not compensate the residents of the Bronx for the loss of the quicker travel that an elevated extension would afford jf built. Nor does the agree¬ ment afford any relief to the West Side of the city, where rapid transit is as urgently needed as on the East Side. If the Man¬ hattan and Third Avenue interests can build the underground rapid transit road, both east and west, on better terms than those offered by Metropolitan Street Railway interests, they had better make their proposition to the Rapid Transit Commission and use their influence to secure the amendments to the Rapid Transit act that the commission has asked for. We believe, however, when all is sifted down, it will finally lie found that no other party can offer more and back their offer with better guarantees than the party that has made the first and only practical proposition trj supply the needed traveling facilities. The first consideration is to get the necessary power to treat with private capital, which can be given without prejudice to the right of the city to build for itself, or of those of any competitor who may appear iu the bid- ;-.Qing for the privilege to construct the underground railroad. At the moment the city is too poor to build for itself, and the com¬ mission is unable to treat with syndicates who may wish to do so, except informally, even with the one that has made the dis¬ tinct offer announced last week. OUR congratulations are extended to the gentlemen who have won the Amsterdam avenue fight, not only because they have saved a large and important section from irreparable injury, but also because they have emphasized if they have not taught the lesson that no injustice can be inflicted upon either the city as a whole or upon particular localities if the citizens will only take the necessary trouble to resist it. In the case in point at times there seemed no way of avoiding the four tracks, but abil- ! ity, ingenuity and courage have found a way at last. This fact should be impressed upon the city at large. The compromise ^measure it is proposed now to pass, while decreeing that there shal be a space of twenty feet between the outer rail of any street (railroad hereafter laid and the curb, relegates all other questions t, to the Supreme Court for settlement. The final outcome, so far ^as Amsterdam avenue is concerned, will probably be an agree-