Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 29, no. 726: February 11, 1882

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Estate Record AND BUILDERS^ GUIDE. Vol. SXIX. NEW YORK, SATURDAY, FEBRUARY 1], 1882. No. 726 Published Weekly by Tlie Real Estate Record Association TERMS: ©XE YEAR, in advauce.....$6.00 Communications should be addressed to C. W. SWEET, 13T Broadway. J. T. LINDSEY'Business Manager. Subscribers who wish files can procure them at this office. Those holding six months papers for sale at 75 cents; for a whole year, $1. The Eeal Estate Record is a paper that should be filed, as the infor¬ mation it contains is often valuable many years after its publication. -------------«-.-»-------------. The prosperity of a trade paper is often but a reflex of the industries or business it represents. It must interest real estate dealers to know that The Real Estate Record never had so large a business as during the last two months, making allow¬ ance for the season. Tlie increase of our subscription list is surprisingly large. For every one subscriber in January and Febru- aiy of last year, we have had four new ones this year, and the promise now is that by the first of May, our list will be three times; as large as in any previous period in the history of this paper. The fact is not only is the city growing, but the interest in real estate is increasing, and people who are on the lookout for chances to make money know that realty is sure to have its speculative season, in which those who purchase at present figures will be able to make hand¬ some profits. We can boast of a subscrip¬ tion list which proportionately embraces more rich men and business firms than any other paper in this countiy, if not in the world. It is gratifying to know that after having been established for fifteen years, The Real Estate Record should be so univer¬ sally commended for its accuracy, fulness of news and discretion in discussions affecting real estate and building interests. The news from Europe is not reassuring. After years of speculation and the creation of unwholesome credit companies, prices- iiave, collapsed, and a period of liquidation has clearly set in, which will last for some time. It follows, therefore, that for an in¬ definite period, there will be a check to con¬ sumption on the other side of the ocean. Hence, it follows that cotton, grain and pro¬ visions will be slow of sale, and prices of all other products should rule lower in all mar¬ kets of the world. This may help to increase immigration to this country, and in time will lead, to a European demand for our best bonds and stocks, as there is really nothing in Europe which pays so well as our first class securities. Still the reflex action upon our markets for the moment checks any speculative feeling. Another result will doubtless be in the flooding of our markets with foreign goods. This, with our dimin¬ ished exports, may lead to a speedy resunip- tioa of gold exports from this side. But whatever happens, there can be no set back n-the price of real estate. The immigration keeps adding to our population, while the increased imports swell the volume of our trade. BULLISH TALK. Decidedly the temper of speculation for the moment is bullish. The bears have been covering their shorts for some time past and an advance in prices is looked for. It is argued with some plausibility that all the conditions are favorable. The liquidation in prices has proceeded so far that bed rock has been reached. We not only know the worst, but there are many hopeful symp¬ toms. This Avinter is a marked contrast to the last one. Then the railroads in the West were snowed in, and traffic was stopped for weeks at a time. The larger returns for this year are so much clear gain. Despite the short crop the farmers have no cause of complaint because of the prices they received for what they did grow. The great specula¬ tion abroad having come to a head, tliere will be less demand for money, and some of the ndeased funds will probably be invested in American securitic-s. TJien it is believed that the Monetary Conference will establish bi-metalisni throughout the world, wliich cannot but help ju-ices. The shock given to the country by the death of President Gar¬ field may have been in a business sense a blessing in disguise, for it put a stop lo a headlong speculation, ai d saved us from any such disaster as the failure of any insti¬ tution that would correspond^ to the Union Generale. Trade is on a more wholesome basis because of the check given to specu¬ lation. Then again, the railway war seems really to be settled and on a basis far more lasting and enduring than the former compact be¬ tween the transportaaon lines. Hereafter all the money received from passengers as well as freights is to be pooled and divided according to a pre-arranged schedule. This will put an effectual stop to rate cutting in the future. Then, again, we have had just such a winter as ought to give iis good crops next summer. As we have tSn good crop years to one bad crop year, people will naturally be hopeful respecting the harvest in July, August and September., These are some of the argunients used by the bulls for advancing prices. It is a nota¬ ble circumstance that the trust companies and savings banks have reduced the interest upon their balances. They, for some reason, believe that the money market will be easy. The Government is a great force in the market and it may keep down the rate for money should the Senate Refunding Bill pass the House. Then it is not to be dis¬ guised that the change in the State Depart¬ ment is satisfactory to the business men of the country, There is no danger of any for¬ eign complication. President Arthur, also, has.made a good impression. He seems de-. termined to move cautiously, and not to commit his administration to any policy hurtful to the nation. ! If money is easy, stocks advance ; if the prom,ise of the crops is good, it follows that real estate will be in demand. There is no danger of any great speculative boom in Wall street, and if investors again come into the market, it will be to purchase real property. And now another movement is on foot to provide improved tenements for working people. The motive is praiseworthy, but is it not true that most of the efforts hereto¬ fore Miade for benefitting the working class¬ es in this waj^ have failed ? If our laborers are well paid, a\ ill they not find tenements adapted to their means and needs whicii would be provided by house builders on busi¬ ness principles ? Suppose that through the efforts of certain public spirited capitalists, superior accommodations are afforded for say five hundred families at low rates, this does not benefit the entire working clas.<, butit half pauperizes the more respectable of them, and enters into a competition which lowers the genei-al character of tlui houses which the poor people patronize. Landlords are iorced to reduce their rents, and the accommodations they offer suffer accordingly. The extension of our railway and ferry system is what helps to improve the tenement population ; fur, if not inter¬ fered Avith, capitalists will supply the right kind of houses for working.people. If ac¬ cess can be had to cheap land, tliere will be no excuse for living in the foulest sort of rookeries. Below will be found the comparative table of Conveyances and Mortgages for the week ending February Sth, 1882, compared with the previous weeks of this year: Week N.Y. Am't- No. No. 23,1 Am't No end- City in- Nom- & 24th iu- noui- ing. Cons, volved inal Wards, volved. inal Jan. $ § 11 2-37 4.3.5G.8.5.'? .50 25 .57 444 '> 18 14:1 2,34.5.927 38 30 .%'8n iji 25 1151 3,007,011 37 19 sGtilO 4 Feb. 1 2i9 3,.343.n55 .52 2t 5io(,7 q 8 199 2,29.',092 70 Vi tIuoO 5 Week end¬ ing. Jan. 11 IS 25 Eel). 1 Mort¬ gag¬ es. 22!) 219 182 196 2l0 Am't. No. in- Five Tolved. perct. 2,367,001 1,872.001 1,836,577 58 26 40 Am't. No. to Am't in- T. & in¬ volved InsCcs. volvei. S S 7-07.G50 38 788.700 260.587 57 098,300 753,900 4J 6J9,0(;0 1.795,080 02 1,616.509 48 784,280 483,400 522.250 431,5 0 While we have had no Union Generale to explode, we have had a mischievous specula¬ tion in the necessaries of life which is quito as harmful. Taking advantage of last sum¬ mer's drought, speculators have been putting up the prices of food and cotton to cxlrava- gant figures. We have actually been im¬ porting cabbages, potatoes, beans and other garden truck, when we had abundance in the hands of speculators of our own homo products. There is a promise of an early spring, and already vegetables are coming in from the Bermudas and the Gulf States, Everything indicates a tumble in the prices of wheat, corn and provisions, and this will be good for every interest. Low prices for .the necessaries of life create activity aud