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Real estate record and builders' guide: v. 29, no. 735: April 15, 1882

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9 Re.al Estate Record AND BUILDERS' GUIDE, Vol. XXIX. NEW YOEK, SATUEDAY, APEIL 15, 1882. No. 735 Published Weekly by The Real EstateRecord Association TERMS: ONE YEAR, in advance.....$6.00 Communications should be addressed to C. W, SWEET, 13T Broadway J. T. LINDSEY. Busmess Manager. The heavy increase to the subscription list of The Re.\l Estate Record has for some time past interfered ^vith its prompt publication. An addition has, how¬ ever, been made to the mechanical facilities of the establishment by the addition of new presses, and it is confidently expected that the paper will be in the hands of subscribers hereafter early on Saturday morn¬ ings. Last week an accident to the form after it was made up, delayed the issuing of the paper for some hours. The'swarm of postal cards and letters com¬ plaining of the delay, shows^how indispensable The Record is to thousands of owners of and dealers in real estate. Indeed at no time since the founding of The Record in 1868 has there been such eager interest in realty. The Register's ofdce is thronged as it has never been in its history, by swarms of lawyers exam¬ ining titles, and on every side there is evidence of the growing interest in [that most solid of all securities, real property. Investors are puzzled at the eccentric course of the extended Government 5s. While the 6s and 4s advance, the 5s are showing a decline. Tliis is accounted for hj a defect in the law which provides that the highest numbers registered are the flrst to be redeemed. Now the highest numbers are those last registered. So it happens that when an investor wants to purchase a Gov¬ ernment bond he avoids the 5s, because when he registered his bond it would bear the highest number to date. Secretary Folger is calling in the 6s at the rate of $15,000,000 a month, and they will all be cancelled by September next. Then the 5s will be called, and those last purchased and registered will be the first redeemed. This provision of the law keeps down the price of the 5s, com¬ pared with the other Government securities. A city paper wishes the Legislature to put a higher valuation and a heavier tax on un¬ improved than on improved property. It ar¬ gues that people should be discouraged from holding unimproved lots for speculative pur- [loses, and that the taxation should be so heavy compared with improved realty as to force them to build. All this is specious nonsense. Holders of lots even in New York are not among the most favored of property holders. What with taxes, assessments for improvements and loss of interest, the lot owner in the end is apt to come out minus his money. While it is quite true that cer¬ tain well located purchases of property are very profitable, it is also^ true that lots far away from the line of improvement are a grievous burden to those who own thern. A vacant lot ought to double in value every! seven years in order to pay for the cost of carrying it. Legislation such as that pro¬ posed smacks of communism. There is no more reason why a man should be punished for putting his money in unimproved lots, than there is if he invested it in buying meat or grain. THE GREAT IMMIGRATION. We read in history of the vast hordes of barbarians, who from time to time swept over Western Europe. They came from the East, some from Central Asia, others from Russia, or as it was then called Scythia. But these migrations were those of armies fol¬ lowed by hosts of women and children, and many years elapsed before the conquest and settlements of the Goths, Vandals and other invaders were perfected. This swarming from the populous hives of the East still con¬ tinues, but under changed conditions. It is believed that if the crops of the coming sum¬ mer are fairly good, fully 900,000 foreigners will come to these shores to permanently settle in the United States. The immigra¬ tion is not confined by any means to this port. Boston, Philadelphia, Baltimore, Portland, indeed ships of all kinds are bring¬ ing immigrants to all our seacoast cities. Chicago has become a great immigrant depot, for the stream of foreigners which arrives at that city by railroad from New York is met by another which reaches the capital of the northwest by way of the lakes. The immigration to Canada, or rather through Canada, is very large; but then many of the newcomers by that route are bound for Manitoba. Germany sends us the largest contingent of immigrants; a new element is the Italian, great numbers of ■^phich have recently reached New York directly from the Italian peninsula. This great immigration far surpasses in numbers the great movements of population during the decline and fall of the Roman Empire. The cause is very much the same now as then; population increased very much beyond the means of subsistence and so tlie healthy and hungry sought fresh fields and pastures now. The immediate reason for this immigration is the competitiosj of American grain with that grown xiii Europe. Farming has been unprofitable in Europe for the past seven years. In every country mortgages have accumulated and the agricultural classes have become impov¬ erished. The immense German immigration is also partly due to the demonetizing of silver w^hich threw the business of the country into confusion, and to tlie heavy military exac¬ tions. Throughout Westei-n Europe there has been a strike against the landlords. In Ireland it has developed into an ^agrarian social war, in Scotland the tenant farmers have begun to move in a more orderly man¬ ner, iu England the landlords have been forced to reduce their rents 20, '60 and in some cases 50 per cent. The French peasant does not make his money as he did ten years ago, and has taken to manufacturing and speculating, while in Germany small farmers are turning what they have into money and come to this country. There canbebut one effect of this-whole" sale influx of foreigners. It will add immediately to the value of all kinds of real property. For years to come there will not be sufiicient [houses, to accommodate the natural growth of our population with this sudden addition of families from abroad. Farms will be in demand, the area of taxa¬ ble property will be largely increased and a solid basis laid for great industrial activity. It is idle to talk of an era of low prices for anything while our population is being swollen in this way. The consumptive demand of thecountrywill steadily increase: there will be more mouths to feed, more backs to clothe. Tools and the implements of labor will be in increasing demand and new life will be imparted to every depart¬ ment of commerce. In this- state of things people can buy all kinds of consumable commodities without fear of loss, but the surest property to purchase will be realty. The recent pegging process of Messrs. Vanderbilt and Gould was so clearly artifi¬ cial that it resulted in leaving the market in a very feverish and uncertain condition. Left to itself, the market might have reached a crisis in the way of low prices, but would then have recovered naturally. There are influences at work which ought to steady prices, if not advance them. Money is easy, the immigration is phenomenally large, railroad earnings show an inci'ease and there has been a heavy falling oif in. quotations. Six, seven and eight per cent, securities do not seem dear at present prices, but the artificial screwing up of values created distioist and made operators uncer¬ tain as to what they could depend upon. There may be a depressed feeling and per- haps~a sudden drop, but some time during May or June we will have an active market and probably higher prices than those which now obtain, dite to the promise of the crops; but there can be no genuine, honest bull market until there is some] certainty as to the harvest and the probable surplus we will te enabled to export. So far gold has not 3eft our shores to any amount, but the "lieavy imports and the light exports cannot long continue without our golden eagles and double eagles flying back across the Atlantic. The Superintendent of Buildings, Mr. Esterbrook, has presented his amended build- ng law to the State Legislature. It will, of course, be radically changed by that body, but it will be a miracle if it is improved. Undoubtedly the effect of all legislation is to increase the cost of building. There was a time when there was too little public over¬ sight in the construction of dwellings; we are now likely to err in the other direction. The improvements will doubtless add addi¬ tional strength and security to dwellings, but will also add to their cost. This means higher rents and fewer houses. The new I i 1 provides that all mason work must be sus¬ pended in freezing weather, that the casing of all elevators must be iron, and that stone or metal steps must be used in all high apait- Imenf houses or buildings intended for offices.