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Real estate record and builders' guide: v. 15, no. 362: February 20, 1875

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EAL Estate Record AND BUILDERS' GUIDE. Vol. XV. NEW YORK, SATURDAY, FEBRUARY 20, 1875. No. 362 Published Weekly by m REAL ESTATE RECORD ASSOCIATION. C. W. SWEET............President and Treasurer PRESTON I. SWEET........Secretary. TERMS. One year, in advance...........SIO 00 Communications should be addressed to Nos. 345 AND 347 B joadway TO EEADEES. We print in this issue of the Record an alphabetical ■arrangement of the names of grantors appearing in the New York transfers for the week. In our next and sub¬ sequent issues we shall make a similar classification of grantees. FEEE MOKEY. No steps seem to be taking to further the abolition of the tax on mortgages, and we think it a strange neglect on the part of its ad¬ vocates that this reform should be dormant. It may be that the chances of success are doubtful, but, nevertheless, it is one of those things which should be persistently urged up¬ on the attention of people until the thickest heads concur in its propriety. Real estate is even now languishing for want of develop¬ ment, but it is difficult to get money for pur¬ poses of improvement. There is an abun¬ dance of capital seeking investment which would gladly accept landed security if assured of a fair return of revenue. Taxation, how¬ ever, does aw^ay with so much of the legiti¬ mate profit on loans that Government bonds absorb and retain a large amount of money which might otherwise become available to the people and indirectly profitable to tlie State. This subject has been critically dis cussed and presented in every line of argu¬ ment, and we are sure that we can offer no stronger proofs of the necessity for such a re¬ form than those which daily commend them¬ selves to the attention of real estate owners and capitalists. We urge action. Let the subject be presented anew to the Legislature, and should it fail this winter, let the effort be renewed until justified in success. In the same connection, the abolition of the Usury laws would become of incalculable ben¬ efit. It is supposed by many that the removal of restraints upon money would disadvantage borrowers and enable grasping money-lenders to hold the needy in their hands. Here, too much range is given to sentiment, and the practical nature of monied transactions is not j-egarded. The Usury laws are the fruit -of times and systems of living when wealth, in the hands of a few, controlled the lives and fortunes of the masses of the peoijle: As men became emancipated frona such dominion and ficquired the will and capacity to defend their rights, it was necessary to protect the w^eaker and more ignorant; and the Usury laws are partial results of this progress. But to-day we are on broader ground, where fuller liberty should be accorded. We do not propose, however, to enter into any disquisition upon the causes and effects of the advance of lib¬ erty. We have only attempted to fairly reach the conclusion that the changes of time and manners of men have brought a freedom of thought which compels a^^variation in some of the methods of government. As a matter of general convenience, we are satisfied that the repeal of the Usury laws would be of advantage. Monied competition would be secured, as much to the benefit of the borrower as the lender, and while, at times, there might be exactions, a corresponding gain would arise in the enforcement of econo¬ my an(;l the limit of credits. The relief to real estate, not only in this city, but through¬ out the State, to be afforded by the abolition of the tax on mortgages and the repeal of the Usury laws, would be incalculable. Capital would be attracted, not repelled. Improve¬ ments would hardly need suggestion, and en¬ terprises would meet with a backing up not hitherto known. The subject demands atten¬ tion and courts reflection. PUBLIC IMPBOVEMENTS IN THEIR RELA¬ TION TO LABOR. The enforced idleness of the laboring class¬ es is a great hindrance to the revival of trade. The demands of our working population largely influence the volume of business, and when curtailed produce a greater effect than at first seems possible. To enhance the pros¬ perity of the country by providing an outlet for the products of the soil and of the loom, the poor must be employed, and capital which is even now lying idle and without adequate returns could, if put into improvements which only necessity dictates, at once supply aid to the needy and initiate its own profit. There are many public enterprises which should be prosecuted without delay. The city owes much to itself as well as to property owners, and the debt due to its working population is one. to be taken equally into account. This view of the situation is the only one upon which we can justify the building of a rapid- transit road in whole or in part by the city. Were it but certain that methods could be provided to protect the city from spoliatioii, and the undertaking from jobberj'^, no wiser plan for general good could be adopted by our municipality. The loan of the city's credit would certainly press this great necessity to conclusion, and we are not sure but it can be accomplished without adding to the burden of debt, while at the same time the enhanced value of ta.Kable property would benefit both the city and the owners ,of real estate. We present this view of the subject for considera¬ tion. Great loss undoubtedly accrues from the idleness of the masses. Trade would be benefited by their employment, and real es¬ tate would derive the ultimate advantage. LUMBER SUPPLY. The log cut this winter will enable manu- fiicturers to throw on the market during the coming season an amount of lumber equal to last year's production, and in view of former experiences we can very safely count upon large stocks and lower i)rices. Efforts have been made at various points to induce a dif¬ ferent belief; but the story has become so old that it is hard to find anyone who will put faith in it. The LumlermctrCs Gazette depre¬ cates this " practice of misrepresentation," and argues, quite truly, that it is " damaging to an extent far greater thau the benefit derived." The practice is censurable iu many respects, aside from its moral view, and helps to de¬ range trade. Purchasers who are weak enough to give credence to such reports are brought into business conflict with sharper men iu the trade, who take such stories with all allowance and make their bargains accordingly. Manu¬ facturers are apt to incur damage, and are hardly likely to retrieve their losses when failures are forced upon their customers. The impression, nevertheless, is general that lum¬ ber will be abundant, and that to consort with the general relations of trade throughout the country, must be cheaper. We regret an over¬ production, for the country can illy afford to lose its forests and the consumption of lumber from accidental causes when manufactured, doubtless exceeds the natural waste and de¬ struction of standing timber. We favor di¬ minished production even at the risk of stronger prices. IMPROVED PAVEMENTS. The London papers are discussing the sub¬ ject of noiseless pavements, and their opinions and experiments are valuable when consider¬ ing the various projects for re-paving Fifth Avenue. Wooden paving seems to be favored in London, yet our own experience of its mer¬ its is not of a satisfactory character. It may be that we have not reached that point in its experiment where the most perfect and dur¬ able process has been secured. The English object to Macadam paving as expensive, and that in wet weather its repairs are constant, and impede traffic. Granite is too noisy, and Asphalte has been voted slippery and other¬ wise impracticable. Wood blocks, bedded on concrete and run with lime grouting, have su-