Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 69, no. 1783: May 17, 1902

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17; 190^.' RECORD AND GUIDE. k ',;.-i'' .fii ■c"'''^''.>S5>.8 ■«'.' t!.r;i'i:^v;:criisi>i^i5T!:'*i3 ,*i;^8CiE DDifeTEO TO Real EIsta:! . BuiLon/c ft^nzcTUW Jiousntom DEaHMOurl, BiisitJEss Alio Themes of GEfto^ IKiERfST. ?RICE PER YEAR IN ADVANCE SIX DOLLARS Published eVerg Saturdag ComiDunJc&tlon^ should be addreaaed to C. W. SWEET. 14-16 Vesey Street, New YorR B, If. iLJNDSET, Bualneea Manager Tetephoce, Cortlandt S1S7 " EtUered al the Posl Office at New Tork, N. ¥., as second-class inatter." Vol. LXIX. MAY 17, 1902. No. 1783. THE movements ol; prices on the Stock Market for some time must depend upon labor and crop news, witli the prospect of their influence being unfavorable rather tban otherwise. The attitude of tbe anthracite coal operators significantly suggests the query: bas tbe time arrived when there is no longer any object in preventing interruptions to business as tbere was last year and tbe year before, or is business suiRciently profltable to make it wortb while to accord concessions in any direction? Every piece of bad news accentuates the fact that prices are bigb and increases tbe difliculties of carrying on movements on the long side. Operations on tbe short side are still prohibited by tbe prosperous conditions and tbe difficulty of inducing holders to part witb long stock. Uuder these circumstances, only a very dull market can be looked for witb prices tending downward. Tbe demand for money for commercial purposes continues good and makes rates bigb, nor is there any relief in sight. In this connection it is interesting to note bow quickly exchange advances when money eases off, showing how promptly gold will go out as soon as legitimate rates for money here and abroad reach an equation; tbat is when it will not pay to seek accommodations in London to ease New York. One of tbe minor events of tbe week was tbe admission of the Fuller Con¬ struction Co.'s stock to quotation. It was an unfortunate time for a new security to appear on the board and tbe quotations subsequently made were without significance. The event is worthy of remark only because it is the first instance of a security of one of tbe recently organized realty and construction companies of this city being admitted to the Stock Exchange list, and because it brings home to real estate brokers the necessity for action if they are to have the business of buying and selling securities predicated on New York realty. AS the time approaches when the Boera must say whether they are for peace or for continuing the war a feeling of nervousness seems to be coming over London. A negative result of the conference would be bad, but that is not really expected; probably what explains tbe nervousness is tbe thought of what must follow when the Government's war expenditures cease and tbe many companies tbat have been organized to supply the wants of the army in the field have to find other employment for tbeir energies and capital. A declaration of peace might be momentarily followed by advances in the security markets, though one would think that peace already been discounted, but there would soon follow an interval of liquidation before tbe recuperating forces that would have play in South Africa could produce any effect. While awaiting results tbe European markets are dull and money is cheap. London is understood to be carry¬ ing not only some of the new schemes that have been completed under American auspices, but a good deal of speculative stock also. It pays to do this business on tbe other side of the At¬ lantic seeing bow much cheaper money is there tban here, but it by no means follows tbat it is better to bave Europe loaning money witb a margin on our securities instead of buying them outright, but the latter our friends over tbe water show no in¬ tention of doing. It is gilt-edge or nothing with tbem just now. Their position on our market is tbe sound one; as our prices stand, it is better to loan with a margin of 20% tban buy the run of our stocks and bonds at cuiTent quotations. THB suggestion that in widening 59tb st. an arcade should be run under the buildings on the south side of the street, between 3d and Bth aves., and the sidewalk thrown into the carriageway, gives a more practical aspect to the whole scheme of widening tbe thoroughfare in question. Tbat is It gives it a more practical aspect to the lay mind, what physical and legal difficulties may stand In the way have yet to be de¬ termined. In a general way the only reasonable remedy appear- tagi.toAdky,far. congestion of traffic on: narrow streets Ixjrd^re^,, by, very expensive buildings, seems to be this one.qf ,aft^i;(|;^d9 under the buildings for foot passengers, and the surrender.pf,tl?P space at present occupied by sidewalks to wheeled tf^^ffic,. .• i,t would be interesting to see this tried exp.erimentally. .130. ;9. | moderate stretch of thoroughfare, in order to discover whether it could be practically employed elsewhere, when land valu,es, are highest and buildings tbe most expensive tbat have been designed. Fifty^ninth street is in serious need of widening, a.n0 as the property owners are apparently nearly unanimous,ip urging the improvement, the work of condemnation and physical cbange ought to be, fairly easy and tbere should be at leas,t a prompt and ofiicial examination of their suggestion from the engineering and legal points of view. , Windov^' Extensions—Proposed New Ordi?, nance. T UDGING from the fact that there was only a small attend,- w ance at the public hearing given recently on the subject, it may be presumed that tbe purport of tbe amended ordinance relating to window extensions, now in tbe Board of Aldermen, was not appreciated. If it bad been we think the representatives of the building trades would bave appeared in force to oppose it. There is still time to take action, because the Committee on Buildings, to whom this matter was referred, have not yet re¬ ported to tbe Board of Aldermen and, of course, the latter have- not yet acted on tbe proposition. A careful reading of tbe draft ordinance and a comparison with existing laws and ordinances relating to window extensions forces the conviction that, if passed, it probably will create gi-eat confusion and will certainly impose charges for extension window privileges wbere they did'not exist before. In addition discriminating charges will be made which will operate unfairly as between one class of property and another and one section of the city and another. As builders are aware, at the present time bay, oriel or show windows may be put out when approved as to area and con¬ struction by the bureau of buildings; show windows must be eighteen inches above the level of the platform and not extend, above the first story nor more tban twelve inches beyond the jambs or posts at tbe sides of the openings. Outside tbe juris¬ diction of tbe Park Department permission for the erection of bay windows must be obtained from the Board of Aldermen, but no fee is exacted. These and the requirements for construction are the only conditions placed on window ex¬ tensions. When within 350 feet of a public park or square, permission for their erection bas to be obtained of the Park Department, which imposes charges therefor based upon tbe value of the property to be improved. Tbe Department's authority for this is obtained in Chap. 723 of tbe Laws of 1901, an act which bas an interesting history, for which, however, we have no apace at the moment. It does not specifically direct tbat charges shall be made, but empowers tbe Department to make rules and regulations for the extension of windows ovet tlie building line from buildings within 350 feet of any square or public park, and the Department have embodied the charges in tbe rules and regulations tbey have made under tbat au¬ thority. As to show windows, owners have, by immemorial custom, a right to make these without payment for the privilege. There have been several attempts to bring them within the city's income schedule, but tbey have hitherto failed. The pres¬ ent one would put tbe power of granting window privileges, except as otherwise provided by act of legislature, in tbe hands of tbe Commissioners of Public Works, a subordinate of the President of the Borough, by the way. and impose charges in all cases, Tbe proposed ordinance makes no distinction between the privileges that can only be accorded by the Park Department, or those that would have to be obtained from tbe Commissioner of Public Works, A city ordinance cannot supersede an act of tbe legislature, and, if this one is passed by the Board of Aldermen, tbere would be two authorities—supposing the Board of Alder¬ men can employ a subordinate of the borough president's office for the purpose—regulating window extensions; and presuming that tbe Park Department would maintain its present practice of making graded charges, varying rates of payment for the privileges. Tbe ordinance is also defective in not prescribing how tbe various forms of window projections should be con¬ structed. If passed in its present shape it would, therefore, create a good dea! of confusion. As to the imposition of new charges that may be found in the following quotations from the proposed ordinance; "For tbe purposes of this ordinance, a 'bay window' shall be