doubt, exhibits some permits not acted upon and some construction due to the impetus of the speculative ardor of 1885, 1886, and 1887. This view is confirmed by the statement of the number and cost of the buildings actually completed during the calendar years 1886 and 1887, and the first eleven months of the present year. Year. No. of Buildings. Estimated Cost. 1886. 3,990. $20,318,485. 1887. 3,875. 18,008,325. 1888 to Dec. 1. 3,155. 15,711,070. While these figures, together with the record of the twelve months ending upon November 30, 1888, as already given, can not, from their nature, lead to a precise mathematical conclusion, they indicate most clearly a degree of activity in construction in which a slight decline in rapidity might be a cause for congratulation rather than for regret. The substantial prosperity of the City was at one time threatened by the over-speculative temper of builders. Conservative witnesses now think that the normal relation of supply and demand has been partially restored. The interests of labor are directly concerned to avoid premature and forced development in so important an industry. Those who lend upon real estate security, and all who deposit in savings banks which make such loans, are not less concerned that our growth should represent the response to actual demand, and not inconsiderate and headlong enterprise. Further analysis of the permits issued during the twelve months ending November 30, 1888, is of interest.