128
 

The   Record   and   Guide.
 

January 29, 188t
 

which companies have done the largest business at the cheapest
rates. The table can be depended upon, as it was taken from the
official transcripts as published in our columns.
 

Amending the Building Law.

The Fire Commissioners and the Board of Examiners met together
some weeks ago for the purpose of drafting amendments to the
present building law. Not counting Commissioner Croker, who
has never attended any of the meetings, the whole number in the
two bodies were nine persons. A sub-committee of five was selected
to do the real work, and a perfected bill was presented by the sub¬
committee to the full committee on Tuesday last, printed and com¬
plete in every particular. The entire number of the sub-committee
was a unit except on a few sections, and as to these latter a
minority report was presented signed by two of the members. In
the committee of the whole, before proceeding to take up the
majority and minority reports for consideration, a resolution was
offered and carried by a vote of five to four that only sucli a bill as
received a majority vote in the full committee should be presented
to the Legislature. As it was wel understood what were the
sentiments of every member as to the points of difference between
the majority and minority reports, the minority in the full com¬
mittee, Messrs. Fryer, O'Reilly, Banta and Dobbs, in order to
preserve their right to present to the Legislature the features
embodied in the bill drawn by a majority of the sub-committee,
retired in a body from the committee of the whole.

The sub-committee's majority report eliminates section 508, the
arrest and imprisonment section which has caused so much feeling
in the past, frona the present law ; the minority bill retains this as
a rod of terror for the officers of the Building Bureau to hold over
the owners of property, even though all ordinary court proceed¬
ings, injan'^tions, lis pendens against the property, and sales under
judgment are fully provided for in the majority report or bi'l.
The majority bill provides for an enlargement of the right of
appeal to the Board of Examiners by persons who may feel
aggrieved by any requirement of the Superintendent of Buildings
as to questions of construction not specifically set forth in the law,
or where from peculiar circumstances a modification of the law is
asked for ; the minority bill proposes to narrow the present powers
of the Board of Examiners and enlarge the powers of the Superin¬
tendent. The majority bill provides that the architects selected to
serve on "surveys" of alleged unsafe or dangerous buildings shall
be drawn from the great body of architects in good standing and of
at least ten years' practice, and that no one such architect shall be
appointed to serve on any survey of tener than once in sixty days ;
the minority bill proposes to confine the appointments, and the
twenty-five dollar fees which are paid in each case, to the two or
three men who now enjoy the monopoly. In matters relating to
the construction of buildings there is scarcely any difference
between the two reports or bills.

The four gentlemen who withdrew from the committee of the
whole, each representing a powerful organization of builders and
real estate owners, are getting ready to lay the bill, prepared by a
majority of the sub-committee, before the Legislative Committee
of the Real Estate Exchange, It is also proposed to add to the
Board of Examiners one representative from the Real Estate
Exchange, and for the very good reason that the persons who are
most interested in having a proper building law and that law
enforced in a fair and liberal spirit are real estate owners and
investors in buildings, and the Exchange best represents this class
of tax-paying citizens. Next in interest for a law that will make
buildings reasonably safe to life and property, but not made exces¬
sively costly, comes tenants, because rents are proportioned to the
cost of buildings ; and then next in interest comes architects and
builders who prepare plans according to the various requirements
of the building law and contract to furnish the materials and
labor in accordance therewith, the owner paying the bills. The
architect incurs no money risk, the builder only a contractor's risk ;
and when a building is completed the owner pays an insurance
in accordance with an insurance schedule of rates for buildings of
certain construction and areas. Insurance companies have no wish
that all buildings should be so constructed that they will not burn,
for the insurance business would then come to an end. It is the
owners of buildings who have the first and greatest interest in a
law regulating the construction of buildings.

The Legislative Committee of the Real Estate Exchange will,
doubtless, promptly take up the matter when it is presented to
them and decide on the relative merits of the majority and
minority reports of the sub-committee of the Fire Commissioners
and Board of Examiners, and throw the weight of their influence
and that of the Exchange on the side which they deem in the right.
But the true remedy in the public interest is to take away the Build¬
ing Bureau from where it now exists and create again a Department
of Baildings with its head officer directly responsible to the Mayor.
Upwards of sixty millions of dollars is yearly put in new build¬
ings, adding to the revenue of the city each year, by taxation,
 

about one-and-a-half rhillions of dohars. The city can well afford
to have a department properly equipped to supervise this vast
interest, and with an intelligent, experienced and broad-minded
man at the head of it, and a corps of competent inspectors prop¬
erly qualified and properly paid for their services,
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Our Prophetic Department.

Cosmopolitan—It really looks like a great European war, does
it not. Sir Oracle? It seems to me as if all Europe is ready for
the dread onslaught.

Sir Oracle—I am quite willing to admit that everything seems
to be in readiness for a mighty international conflict, but it may
not occur because of this very rpadiness. Wars are generally
unexpected and come upon the world as a surprise; but Europe
has done so much preparing, it may be that no one power will dare
to take the initiative. Until the price of English consols goes
several points below par, and a bull movement is inaugurated in
wheat end provisions, I shall not myself take much stock in war
rumors. What the English flnanciers do not know about what is
going on in the cabinets of Europe is not worth knowiner, and if
there was real danger of a fight they would sell consols short,

Cos.—I believe, in former conversations, you expressed a doubt
as to whether there«was any danger of war until the Emperor
William died. It looks as if the old man is good for a short term
of life at least. Now, please give us your forecast as to the price of
grain, cotton and provisions.

Sir O.—I cannot but believe that wheat and provisions will see
higher prices, war or no war. European stocks of wheat are
certainly very low, and dealers abroad are living from hand to
mouth. Another year of large crops would be against all prece¬
dent; and then, you know, as Mr. Benner hints, we may have a dry
year. There is certainly a drought throughout the Southwestern
region even now.

Cos.—How do you account for the low price of cotton ?

Sir O.—Excessive and unusual receipts early in the cotton year,
caused by the necessities of the planters, the refusal of the local
banks to lend money on cotton, and the rapid extension of the
railroad systems, which enables farmers in the interior of the
country to put their cotton on the market earlier than in former
years. If there is no European war I look for a sharp rise in the
price of cotton as soon as the receipts in the principal markets
fall off,

Cos,—But why a rise? Is not the tendency of things towards
greater cheapness ?

Sir O,—Under the operation of the gold unit of value it is true
that the prices of all articles dealt in internationally are liable to
decline, but silver has advanced in price and is firmly held; hence
we have seen an improvement in the international values of wool,
coffee and, more recently, silk. Now, I look for a corresponding
advance in staple products of all kinds. The consumption of
cotton ia very large. The last crop was only a moderate one,
and there is less to come forward than for some years past. Cotton
manufacturers are charging as much for their goods as if they
were paying 11 cents a pound for their cotton; hence I look some¬
time this spring for a sharp advance in the 'quotable value of raw
cotton.

Cos.—What do the authorities say on the subject of cotton?

Sir O,—After reading recent telegrams from EUison and con¬
versing with a member of the firm of Latham, Alexander & Co., I
am able to give the following estimate of the imports into Europe
for the season: Of American cotton, 4,300,000 bales ; Indian cotton,
1,500,000 bales: other countries, Egypt, etc., 820,000 bales—making
a total of 6,620,000 bales; equalizing the bales to 400 pounds this
would make 7,250,000 bales. The weekly consumption in Europe
is from 136,000 to 138,000 bales per week, a total for the season of
7,176,000 bales, which, subtracted from 7,250,000 bales, would leave
no margin to go over to the next cotton year. If this figure is
correct there ought to be a furious demand for raw cotton before
the close of the present crop year.

Cos,—How about the estimate on this side of the ocean ?

Sir O. —Our Northern mills will use up about 2,000,000 bales, for
every spindle in the country is at work. The Southern mills will
consume 300,000 bales. According to Ellison, Europe will require
4,300,000 bales. This makes, in all, 6,500,000 bales. Now, the
total crop of American cotton last year will probably not exceed
6,300,000 bales; hence it is reasonable to suppose that before the
close of the crop year there will be a sharp advance in price to
check consumption. Clearly, at the present rate of the world's
consumption, we will run out of our supplies of raw cotton. The
recent advance in wool and silk will help cotton, as those in the
business weU know. The present price I regard as unnaturally low.
Cos.—To change the subject, what is to be said about the
Michael Davitt demonstration at Madison Square Garden last
Sunday evening?

Sir O.—It is a delicate subject to discuss in a business periodical,
but I cannot help pointing but the curious" lack of sagacity on the
part of the New York journals In discussing the McGlynn matter.