Spirit of the age. [volume] (Woodstock, Vt.) 1845-1913, 1896-02-29
NEW YORK LETTER.
Especial CORRESPONDENCE.

Especial CORRESPONDENCE.
A novel experiment is now being
tried in the foundation of what will
be called the st. Paul Building, ON
the corner Of Ann street and Broad.
way. The architect, Mr.. George b.
he expects to regulate the settlement
of the structure with hydraulic jacks
} placed under all the steel uprIghts,
nnd which will be raised, or lowered,
and iron plates taken ont or inserted,
as may become necessary in regulat-
ing the settlement. 1t is also expected
that the adjoining buildings may settle
by reason of the foundations not be-
/ ing down to bedrock, but the archi-
/ tect preferred to take the risk rather
/ than 60 to the expense of sinking
caissons, as was done in the Manhat-
tan and Surrey buildings.
1t is thought by many architects
that the building question has at last
reached climax, Ms far as this city Is
concerned, as the general sentiment OF
all men concerned with the building
trade is, that the height OF the build.
ings will,at an early date, be regulated
by the width of the streets, and the
fact is almost assured that some regn-
lations of this character will be EN-.
bodied in the revised building law,
which is now being prepared bya con.
terence, under the direction OF super
intendent Of buildings Constable. The
suggestion that is at present receiving
the most favor is one 10y the president
of the Architectural league, that the
height OF all buildings shall not he
more than fifteen times the square
root of the width of the street upon
which it stands This proposition
does not seem, however, to be OK
tremely satisfactory, rs many streets
are not the same width at different
points.
1t can be readily seen from these
difficulties with which builders have
to contend that modern architect has
upon his shoulders the greatest re-
sponsihiIity. Yet, for several years,
the Legislature has refused to pass an
architects registration bill compelling
pruc tioners to undergo an examina-
ton. At present there is no legal
measure preventing any one from as
Stunning responsibility for the most
stupendous operations, whereby many
lives may be endangered aud the care
ful regulation of the department OF
buildings is the only safeguard that
the public possesses.
The Provident loan society of New
York has declared dividend of six
per cent on the business of 1895 to its
subscribers, and is prepared to accept
new subscriptions for the extension
of its work. This is conclusive an
swer to the carpers who insisted that
pawnbroking from one per cent per
month instead OF the 3 per cent charged
by the regular shops, was bound to be
a disastrous failure. 1t has not been
a failure, but a success. Its loans have
been on 35, 038 pledges, and of these
%, 799 have been redeemed. The
total gross loss on pledges sold in de-
fault of redemption has been only
$32s.4l. The profit on other pledges
30 sold would have more than balanced
this, but the society has declined to
take legal advantage of poor people,
and has held this profit, to be paid to
the pledger in each case.
Il Il k,,, bot l,nl
agement might easily have made u
frightful tinsco of this charitable en-
terprise. The pawnbroker has to as
sumo responsibility for amounts ad.
vanced on stolen goods, which may be
recovered at any time by the real
owner. He has also to exercise due
caution about advancing too much on
any article. But, then, horse sense il
essential to make success OF any
business under the sun. The State of
New York theoretically imposes pen.
atty of imprisonment for nsury for
taking more than six per cent per an
mum for the use OF money. Why this
should apply to loans made to rich
people and not to loans made to the
poor, assuming that the security in
each case is adequate. it would be
hard to explain. The fact is, how
ever, that the law is almost dead let"
ter. 1t is evaded by bonuses and
other equally transparent devices.
Money practically demands It's mar
ket rate without regard to the usury
statute. Therefore, it is impossible
to overestimate the good that has been
done by the Provident loan society
in proving to the world that the mar
ket rate for money loaned to the poor
is not more than one per cent II
month. TwO.thirls of the usury to
which the unfortunate have been sub
jected is bound to be cut off as soon as
capitalists are fully convinced Of the
truth of the society's discovery, since
six per cent profits are enough to
tempt them without any motive of
charity to stimulate their interest.
The New York state racing commits
sion, provided for in the Gray.Percy
bill, shows in its first annual report
that there has been enormuu. falling
of, both in the receipts Of race
track and the price of thoroughbred
horses, since that bill forbade pool
selling, i'll the state. In many cases
the receipts were reduced two-thlrds,
while the average price OF racing
horses sold fell off AZ per cent While
the commission does not expect that
racing can ever become n great bnsi-
ness again in the state, it suggests
several minor changes in the
present law, which 1T thinks
will aid the sport considerably. One
IL directed against the running of
races nnder the sanction of bogus state
fairs, ~ WAS done lust year, and an
other is in the way of lessening the
five per cent state tax on the gross re-
ceipts, which has weighed very heavily
i'm sone instances on track NSsDcla-