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Real estate record and builders' guide: v. 29, no. 722: January 14, 1882

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Real Estate Record AND BUILDERS' GUIDK Vol. XXIX. NEW YOEK, SATUEDAY. JA]S[UAET 14, 1882. No. 722 Published Weekly by The Real Estate Record Association TERMS: ONE YEAR, in advance ..... $6.00 Communications should be addressed to C. W. SWEET, 137 Broadway. J. T, LINDSEY'Business Manager, Subscribers to The Real Estate Record who want the Index for the last six months, ran get it gratis upon calling at The Real Estate Record office. This Index is indispensible to all who keep files or have access to files of The Real Estate Record, It tf'lls the page in The Tkcord where can be found the various transactions given in our list of conveyances in New York and Kings Counties. It is also an index to the new buildings, plans for which were filed dur¬ ing the last six months in New York County. --------------. J > » .--------------- Governor Cornell's message deals with many very important matters in a very com¬ monplace way. The State tax will be re¬ duced one-third during tho coming year, which is partly to be credited to the heavier sums levied on the jDroperty of New York city, due to the increased valuation of real estate in this vicinity. The drought of last summer seems to have shown the Governor that he was wrong in vetoing the new aque¬ duct project last spring, so he now recom¬ mends the appointment of a commission to see whether an aqueduct is really needed. He laments the waste of money on sinecur- ibts and in extrava.gant salaries to local offi¬ cers, but has no suggestions to make with regard to a charter for New York, which would make its government resj)onsible and eflicient. The temper of the stock market for the moment seems bullish. .All the small traders, as well as many of the large ones, believe that at this time of the year a boom oi some kind is in order, and so the ticker shows advancing figures in the leading stocks. There are signs of an imme¬ diate stoppage of the railway war, but the rates are extraordinary low, compared with what they were this time last year. Then stocks have been under the harrow for some time past, and in the natural oscilla¬ tions of the traffic in stocks a moderate rise may be scored. There is no possibility, however, of a return to the prices of this time last year. Many strong people have been saddled with stocks at very liigh prices, and they are ready to drop their burden if they can get out at a moderate loss. From this one cause alone the market cannot make any great advance. Then, again, it is the professional traders who do most of the buying and selling. The business men of the country are actively engaged in looking after their special industries, and they are leaving the " street" alone. Still, the unex¬ pected often happens; some action may be taken by Congress which would kindle anew the fires of speculation, and, should it be settled that silver is to be remonetissed when the Monetary Conference reassembles in April next, prices would advance the world over, whether the crops are good or bad. ABOUT DOWN TOWN. According to the assessment rolls prepared by the Board of Assessors the total valuation of the real estate of this city is $1,039,- 300,136^ an increase over the valuation of last year of $63,384,737. This valuation is subject to correction as the lists are to be kept open until the end of April. As the corrections will be in the nature of reduc¬ tions, the final totals will make the valuation probably something less than $1,000,000,000. As these estimates are put on the basis of 60 per cent, valuation, it follows that the real estate of this city is worth about $1,400,- 000,000. Were such a thing possible as for each property holder to get what he consid¬ ered a fair price for his realty, the total would soon reach nearly $3,000,000,000. The increased valuation of the city below Maiden lane and Cortlandt street is over $7,000,000. This, as well informed real es¬ tate dealers know, does not tell the whole story. The actual increase in the price of property in the lower part of the island is actually much greater than the official figures indicate. It is undoubtedly true that no part of the city has been more benefited by the Elevated road system than the ex¬ treme lower part of the island. Their work¬ ing has put an end to all danger of the finan¬ cial business of the city being transferred to any other quarter. The district below Cham¬ bers street is destined to be more valuable than any spot of similar area on the globe. It is snid that in old London, where the chief financial business is transacted, the land could not be purchased if covered with gold of the thickness of a guinea. But the costliest part of old London will not in time be able to compare with the lower part of New York, so far as commercial value is concerned. The tendency is to erect immense structures and to transact business by samples. Hence suites of rooms will take the place of stores and warehouses, for the goods will be shipped directly from the manufactory or the New York warehouse to where they are needed in the interior. The crowds have become so dense below the City Hall Park, that in bus- ness hours it is difficult to move up and down Broadway freely. As to vehicles, they have become so numerous that some provision must soon be made to relieve cer¬ tain well-known localities of the vast throng of carts and wagons which now choke up our business thoroughfares. ■ Everything conspires to crowd business and population upon the lower part of New York island. It is only a question of time when the tunnel under the Hudson will transfer much of the vast business which is now done on the Jersey shore, to New York. The elevated roads will soon become con¬ nected with the entire railway system of the country out of New York. This means a vast addition to the business to be transacted ,iix every part of New York reashed by the elevated roads. The Produce Exchange will add largely to a demand for stores and offices in its neighborhood, and the Cotton and other Exchanges will soon be eager for ampler accommodations than those they now have. The growth of the country in population is very rapid, and of course New York must not only grow in size, but its business quarters will feel the effect of the vast addition to the trade of the country. Other cities can grow in every direction, but New York, especially its business quarter, is forced to grow sKyward The elevator will become the necessary adjunct to every new building erected south of Chambers street. THE RAILROAD SITUATION. A gentleman who has had a recent con¬ versation with William H. Vanderbilt says that the latter is anxious not only for the railway war to continue, but for the most stringent anti-railway legislation which can be adopted at Albany. Mr. Vanderbilt was very frank in giving his reasons. He said the West Shore & Buffalo road was build¬ ing a parallel line to the Central; their sta¬ tions were located in all the cities of the Mohawk Valley within a stone's throw of those of the Central road. This line was located south of the Central road, while the Boston & Hoosac Tunnel line was being laid out just north of the Central road. When these two line were completed they would naturally divide the business of the New York Central. The actual cost of the par¬ allel roads would be less than $30,000 a mile, that is to say less than $14,000,000 against the $138,000,000 of the Central. The dis¬ tance between New York and Buffalo is 441 miles. Of course it is clear that the Central could not continue to pay 8 per cent, upon $90,000,000 in addition to the bonded obhga- tions, with a road running side by side to it requiring to earn interest on only one- ninth of that sum. Hence Vanderbilt delib¬ erately inaugurated the railway war to cut down thep.roflts of the trunk lines, and he is quite willing that the Legislature should put heavy burdens upon railway property, so as to kill off all new enterprises of that kind. And Mr. Vanderbilt has so far succeeded. The construction stock of the Boston oppo¬ sition is unsaleable, while the construction stock of the company which is building the West Shore & Buffalo line is selling at 5 premium. Less than eight months since it sold for 30 premium. The New York men which was interested in building the New York, Chicago & St. Louis road, that is to say, the opposition line to the Lake Shore, state that had the railway furore continued, by this time a new construction company would have been under way to duplicate the tracks of the Chicago & Burlington, Rock Island and every other road which paid large dividends upon heavily watered stocks. The argument in every case was that if a road could pay high dividends when the line was stocked and bonded for over $100,000 a mile, that there must certainly be a profit in a , V al road costing less than $30,000 a mile.