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Real estate record and builders' guide: v. 64, no. 1639: August 12, 1899

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JA-ngust 12, 1899. RECORD AJSTD GUIDE. 23? EsnœŒiaEXt^tfgwpufii»^ 16601» BtfsDfEss AiblîKHBS or CsHDVl.ltfiatF*l<* PRICE PER YEAR IN ADVANCE SIX DOLLARS. y Published every Saturday. TELEPHONE, COHTLANDT 1370. 'ÇcQununlcations should be addressed to C. "W". SWEET, 14-16 Veaey Street. j: 1. IJND8EY, Business Manager. "Bntered at the Post-Oj5ice atNew York, N'. ¥„ asseeond-i^assmatter." Vol. LXIV. AUGUST 12. 1890. No. 1,639. TJie Index to Volume LXIfl of the Jiecord and Guide, cover¬ ing the period beticeen Janvary lst and June 30th, 1999, îs noto ready for delivery. Price, $1. This Index in Us enlarged form is now reeognized as indispensable to every one engaged or interested in real estate and building opérations. It eovers all iransaetions—deeds, mortgages, leases, auction sales, building •âlans filed, etc. Orders for ihe Index should be sent at once io the office of p.ubliealion, 14 and IG Vesey Street. THAT spéculative interest in tlie Stock Market is reviving is shown by the advance in the Industrials this week. There ■ffas doubtless a good deal of engineering in this advance, but there was aiso assistance from outside, moderate in extent but îikely to grow. So much is expected from the industrial activ¬ ity of the country that spéculation in issues based upon it must follow. When so intrinsically worthless an issue as leather com- jQon can be made a feature and advance in one day 50 per cent. upon its value of the day before, it shows the direction in which spéculative hopes are fixed. Looking back for a few months it will be seen that though we hâve had a halting market, it has been a strong one, all things considered. Certain fears that ac¬ companied the close of the last movement as well as some that liave cropped up since^of crop failures, dear money and an out¬ break of yeilow fever, for instance—bave been or are being rap¬ idly removed, and it follows that spéculative activity as it re¬ vives in WaU street will favor the long side, and wiU prefer the issues that directiy represent those lines of business known to be beneSting most from the revival of trade, NOTHING is more calculated to promote peace in South Afriea than the firm attitude taken by the British Gov¬ ernment as evinced by the Queen's speech in prorogation of Par¬ liament. Mr. Chamberlain's remarks in the House of Gommons and the dispatch of a considérable military force to Natal and the Cape, To do other than seek a satisfactory compromise would be an act of suicide on the part of the Transvaal Republic, and that government is by no means given to self-destruction. It is doubtless galling to- the Boers to bave to give way especially as by permitting the privilèges of the franchise to be immediately avaiiable to the Outlanders the racial character of the Republic will be changed and the future threaten a mergence into a South African fédération; but any other course threatens the oblitéra¬ tion of the State altogether, and that scon. The clearing up of the Dreyfus mystery or the exposure of this most extraordinary military plot without a purpose, will be another bad thing out of the way, especially if it results in giving the présent minis- try a long term of power. Not since the days of the Empire has there been a ministry in France that had so perfect a compre- liension of the requirements of tbe situation combined with tbe possession of the requisite courage to apply them. In Spain there as a financial deadlcck, owing to the rejection of the governmen¬ tal suggestions for funding the debt and providing for current ■expenditures. Referring to the new Pranco-American commer¬ cial treaty, a diplomatist is reported to bave remarked that ^America undersells England in cotton goods in China, and will Jae able to do so in France aiso. Hitherto, only a small portion of the American imports hâve consisted of manufactures, $4,000,- OOO only in a total of $87,500,000 in 1897, the last year for which the classified returns bave been published, On the other hand, the greater part of the French exports to the United States con¬ sisted of manufactures, or $32,000,000 in a total of $44,800,000, and TBith reduced duties the French hope for an expansion in this trade. The Berlin market is finding encouragement in the suc¬ cess of the Mexican conversion and the probable success of the coming Bulgarian conversion. Money has lately been somewhat easier. There are now 489 electrical works in Germany against 375 last year, an increase of 114 establishments or 20 per cent, for the year. Besides 123 new establishments hâve been put un¬ der construction this year. In Vienna the bettered condition of home politics and the improvement of the harvest prospecta hâve had favorable reflections on the bourse. Regarding Australian fédération conservative journals are pointing out that the suddea adoption of intercoloniai free trade wili annihilate many local interests and will thus temporarily cause trouble. -------------♦------------- i THE ADVANCE IN COST OP BUILDING. -^ HE statistics of projected buildings for the current year -A- form a remarkable record. In Manhattan and the Bronx, alone, plans bave been filed for over $82,000,000 of new work. In Brooklyn, plans were filed for about $16,000,000 worth of build¬ ing. Thèse are very large figures, almost unprecedented figures. We bave had nothing like them for a great many years. They are almost twice as large as the corresponding figures for last year. It is usually supposed that the flgures of the Building Depart¬ ment indicate approximately, though not exactly, the activity of the building industry. Generally that is the case, and clearly If it were the case this year, the New York builder and building material man should be in a state of feverish excitement. New- structures should be rising everywhere and the last word we should expect to hear from the trade would be about dulln«ss and lack of orders. Now it can't be said that the building material market at prés¬ ent is inactive. On the contrary, in certain lines it îs brisk. Nev¬ ertheless, it is true that actual conditions are a very long way from conforming to the gigantic statistics of the Building Depart¬ ment, Yet the statistics are correct. ■1 ne trouble lies in the fact that a considérable proportion of the new structures planned for in the beginning of the year bave been suspended, and in some cases abandoned, in conséquence of the unexpected advance in the cost of building materials and labor. lit one architect's office, in this city, seven out of nine jobs hâve been "held up," Probably there is not an active office in the city which would not report a somewhat similar state of affairs. Spéculative building, and tbat now forms tbe major part of all the work done in New York City, has been arrested in an espe¬ cial degree. This sort of opérations, being conducted mostly on borrowed money is simply rendered impossible by any serious sudden advance in prices. One of our busy architects has given ns a ease that is typical of gênerai conditions. About three months ago. he drew plans for an eight-story mercantile build¬ ing, the cost of which, estimated upon then current prices, was to be $45,000. His client prceeeded to finance the opération upoa that basis, and-three months later, that is, the other day, con¬ cluded to begin work. Actual estimâtes were then received, and it was found, to the confusion of everyone, that prices had ad¬ vanced about one-third, We are speaking now of the lowest es¬ timâtes obtainable. Instead of ccsting $45,000, nearJy $60,00» were needed to complète the building. As illuminating the sub¬ ject, we append a few of the actual estimâtes received, comparing, them with those of three months ago: Prices three Lowest pres- months ago. ent prices. rronwork ....................... ?14.500 $23,895 Plumbing ..................... i,2S0 1975 : Steam heat ..................... 2,400 3 600 Roofing, etc .................... 1,800 2,800 Mason work, labor, 10 per cent, advance. Hardware, 100 per cent, advance, It is hardly necessary to, complète the story by the statement that this particular eight-stcry mercantile building will not be built, although it figures in the "record," and, clearly, if the record were purged of the scores and scores of cases of this sort there would be no need to explain why building opérations are not so active as statistics make them. There are other reasons for the conditions prevailing at présent, but the one we hâve given Is. important enough to stand alone. Exactly in what way the matter wilî work itself out, it is not easy to see. Some people are inclined to think that a great many of thèse "suspended" opérations will only be temporarily delayed. ■ Investors and operators will wait for a time, but when they find that the advance in prices is not a merely temporary circum¬ stance they will adjust themselves to the situation and get ta business. Work must -go on. Priées- may even go higher and each advance will frighten a certain number of people into doing something from fear of flnding themselves in a worse position by and by. We are inclined to think that the builder will be wisest wbo accepts the présent market as being as favorable as anything he will get for at least a year or two to come. Pricea that hâve ruled, of récent years, hâve been ruinously low, and tha man who did not take advantage of them, has missed his chanca