698





The Real Estate Record





July 9, 1881





Macy's, Stem's, and other popular houses
further down town would be neglected by
up-town and out-of-town people, if they
could be accommodated with the goods they
need in the neighborhood of this fine square.
Nothing is more certain than that a surface,
as well as an elevated road, will be buUt be¬
tween the Forty-second street Grand Central
Depot and the North River. Ferries will
bring their tens of thousands to the foot of
Forty-second street.

The popularity of the Windsor Hotel, as
an evening re.eort for bankers and brokers, is
an evidence that there is a vast retail trade in
that section of the city, which is now ac¬
commodated further down town. The real
estate authority, whose views we giveabove,
may be mistakt^n; but it does seem as if the
residence population of Ne^v York of the
i-icher kind is drifting above Forty-second
street, and that below that point boarding
houses and stores are taking the place of the
fashionable private house.
^ - ^ —
CITY VALUATIONS

The foUi >wiiig is the valuation of real property
in New York city, upon which the taxes are to
be assessed The table deserves to be scanned
very cnrefully, as showing the locations in which
property is getting the rao.st valuable.

The First Ward, it will be noticed, shows an
increased v aluation of iieai-ly two million. This,
we appreheiiil, is loss than it should be. Next
year ought to show an increase of three million;
but of course it is in The Twelfth Ward that the
great st advance in vaiues is seen. Seven-eighths
of the new buiMiiigs are probably in that and the
22d Ward. The old loth Ward, once hoi ling
more rich people than any other in the city, is
the only one which shows a decrease. The very
small increase in the ainiexed district is worthy
of remark; but matters will be brav(^ly altered in
the 2od and ii4th Wards as soon as the suburban
railways are being built. But here are the
figui-es:
Ward.                             18S0.                1881.        Increase.

1..............     S.-)3,I>5(!..5-J(j     Sr)4.!)0(i,10G     $1,840,040

•2................       28,10r..ri)0       28.3!)8.3()0          •.e!i-2.440

■4...............       3H,8ir.!);ei)       34.04-.>,.500            2;J4..580

4  ...........    ..       12.(iO.").91.T       12,C,38,235              28.5'<0

o................       3S.!U'.).2.-)i)       3'1.144,C.OO          19.-).35(l

().............        21,81-2,l.oO       21.828.250            10.100

7.............        l.-j.iiai.O.'jO       1.5.0'<4,0."0            .■>3,<100

8...............       S.'i. 127.412       3.5,335,542          20K,100.

0................       2(i.!)22..570       27,090.050          108,080

10................       17,130.240       17,107.275            31.0.35

11  ............          15,8:W.470       15.89«,770            04,300

12...............       74.922..580       &5,573.039     10,6.50.4.59

13................          9 742.340         9,787,a50            45.500

14................       22:493.4.57       22,714.937          221.480

15................       51,418,800       ,51,398,920        *—'■-----

16................       34.000.450       .34.174..o00          174.0.50

17................       32,70.3,480       .32,912,800          209,320

18 ...............       09.342.450       70.947.7^      l.e0o,:M0

19...............      1.38,.544,905     152,30.3,375     1-3,758,410

20...............       38..591.150       39.270.2.50          679.100

21  ..............       76.023,800       77.194,250          .570,450

22...............       71.986.340       74.086.475      2,700,135

23................       13,478.300       1.3.8,36,000          .3.57,700

24................          9,42.3,6a5         9,.504.765            81,080

Totals.......   8942,571,190   §970,745,199   $34,183,949

* $19,940 decrease. *

The following is the valuation of personal
estate for 1880 an'; 1881, with the increase :

Resident..........   $133,.502.710   §138,013,030   $5,110,320

Non-resident......       12,089,7:^0      12,175,475         t5,75a

Shareholders    of

banks..........       55,001,607      58,424,394     2,822,787

Totals.........   5201,194 037  $269 212,899  $8,018,802

Total real and per

sonale.state. ... 1,143,705,227 1,185,9'(8,098 42,202,811
Decrease in   15th

ward real estate        ................         19,940

Net increase of real and personal estate. ,. $42,182,871
The tax levy for the year 1881 has been fixed
by the Board of Estimate and Apportionment at
$31,351,322.59. This is reduced by the proceeds
of the general fund, $1,500,000, to $29,854,323.59.
The latter sum is the amount to be raised by tax¬
ation on the valuations presented above.





The demand for cottages in Saratoga has been
unusually brisk this season, due doubtless to the
moi'e moderate demands of the landlords. Large
and elegant residences let for from $1,000 to
$i,000 for the summer.





MINING  INFORMATION.

A great many questions come to us as to which
mining stocks are a good purchase. Our general
advice is to leave mining stocks alone. In nine
cases out of ten the investor either loses his money
outright, or impairs his capital. The price of
other securities than mining are affected by the
general state of the country, by the abundance
or deficiency of the crops, the tightness or ease of
tbe money mai-ket, or the fiscal policy of the
Government. But mining shares are not subject
to these general considerations. A mine is either
good or bad, and its exact condition is only
known to its officers, and at times they are mis-
tiken. Persons who wish to dabble in mines
should carefully watch the market and invest
only in those securities %vhich pay regular divi¬
dends, and which are not u^anipulated by Call-,
fornia or Colorado sharps. The mining columns
of all oui- papers are conducted in the inti-'rest of
the adventurers, geiier.ally without any reference
to the investor. The concern which pays the
most liberally gets the best notice without refer¬
ence to the condition of the property. This de¬
partment of The Real Estate Record is not
conducted • in 1 hat principal. We represent the
purchasing public, and hence our aidvice has gen¬
erally been to avoid dealing in mining shares.

Old Dominion Copper, it is said, is to be listed
next month on the regular Stock Exchange. A
movement is under way, it is said, to make New
York the copper centre, and have tho dealings in
the copper mining shares here instead of in Bos¬
ton. Old Dom nion started at $3, subscription,
is now selling at $12." 0 and is stronglv held. Its
friends claim the stock as valualde as Calumet
and Hecla. It is said that Osceola, which adjoins
the last mentioned mine, has developed into an
enormous property, as promising as its great
neighbor.

The collapse of the Ea.st Indian gold mine bub¬
ble on the London Stock Exchange will, it is be¬
lieved, again discredit mining ventures in Great
Britain. The history of this bubble is a curious
one. The ledge in which the mine was situated
was owned by the bankrupt Glasgow Bank.
Some of the specimens assayed verv high, where¬
upon the stock jumped from 10 to liO. A costly
mill was put up, and in the first nineteen tons of
ore there were only two ounces of gold, where¬
upon the sh;ires fell from 60 to 25.

It now seems that all the active New York
brokei-s in tne American and New York mining
boards have been so seriously crippled by the
failure of the State line speculation, that the
bulk of them would break if their creditors were
not merciful. The California operator who
manipulated the State Line deal, is said to have
made $»,300,000. The worst feature of the case
is that the properties dealt in by this Boreel
Building magnate never recover after he gets
through with them. First it was Hukill and
Freeland. then Chrysolite, Little Chief, and the
otber Leadville properties, then the State Line
mines, but the money he makes, not out of the
mines, but out of the public, is always put in
some new venture. Several Mexican mines have
been pitched upon to swindle the next set of
fools. When the State Line mines were first
brought to public notice, we warned the mining
boards not to touch them, as nobody ever made
any money by dealing in the shares manipulated
by the California operator.

A deal is under way in Central Arizona. The
operators are daring and unscrupulous, and the
mine has just sufficient merit to make its stock
respond readily to favorable reports.





EXHIBITION OP BUILDING MATERIALS.
The exhibition of any kind of incombustible
varnish, manufactured at the approaching exhi¬
bition, to be held in Boston, during the Septem¬
ber or October next, is highly desirable.
This exhibition ought to be made as instructive
and comprehensive as possible. Architects
should take an active interest in this project, and
ronder all the assistance in their power to make
it a success





MISREPRESENTING RENTS.

The case of Sulzer vs. Wolff, recently tried in
the Marine Court, is one of more than passing
interest to real estate brokers, as well as to all
persons who propose investing in improved
realty.

In the above case the defendant represented to
the plaintiff that the f<>ur-story flat house No.
306 East soth street was rented at the rate of
$1,500 per annum, and upon this represt^ntation
the plaintiff agreed to purchase the above-
described premises, paying $200 down to bind the
contract. Before the completion of the transac¬
tion the plaintiff discovered that the property
was only rented for about $1,300 per annum, and
refused to pay the balance of the purchase money
in addition to bringing suit for the $'^00 already
paid on account. The case was fully argued
before the jury and Judge Goepp, and resulted in
the plaintiff getting a verdict for the $200, with
interest and S1.5o..50 for costs, etc , Lorenz Zeller,
of Benner & Zeller, appearing for the plaintiff.

The practice of overstating rentals to pros¬
pective pui'chasers is becoming a serious matter,
and sellers would do well to keep this case in
mmd. One of the most common of these devices
is making out the receipts for rents for a much
larger sum than that actually paid, and when the
would-be purchaser goes to view the premises,
these receipts are produced as proof of the rental
the property retui-ns.

Such practices cannot be too strongly con¬
demned, for if they were condoned they would
bring discredit upon the real estate bu.siness, and
would tend to drive timid investors out of the
market. In the present case, already quoted, we
are glad to state that the defendant was not a
real estate broker, but a clergyman, who perhaps
might plead that he did not know the necessity of
the absolute accuracy of all statements made in
business transaitions.





Wall street is a singular combination of sagacity
and stupidity, and not a week passes but this
condition of things is illustrated by the figures at
which certain stocks are bought and sold. For
instance, here i.i Consolidation Coal selling at
about 41, a company which was the very last of
the coal properties to stop paying dividends dur¬
ing the depression of 187(>, and the very first to
resume paying them when the coal companies
began doing better. It will pay this year four
per cent., probably five per cent., is managed by
the Baltimore & Ohio people, has an output now
of 2,000 tons per day of the best bituminous coal
to be found anywhere, audit is almost^a certainty
that within twelve months it will have such
direct communication with New York city
through a new railway to be built, that it will
double the value of this property. This stock
ought to-day to be selling for at least 65 to 70,
and is cheap at that.





Notice is given by the Commissioners of the
Department of Taxes and Assessments that the
assessment rolls of real and personal estate for
the year 1881 have been finally completed, and
have been delivered to the Board of Aldermen.
They will be open for public inspection for a
period of fifteen days from July Sth.





THE ASSESSMENT COMMISSION.

The Commission met on Thursday and transacted
the following business:

In the matter of Charles T.,aughran for grading and
regulating Fifty-first street, between Sixth and Sev¬
enth avenues, testimony was introduced for the peti¬
tioner showing that a larger quantity of rock had been
paid for than had been excavated, as shown by pre¬
vious surveys. On this latter point. Mr. Serrell was
examined at length. The cross-examination of this
witness will be concluded at the next meeting of the
Commission.

The Sherwood matter, involving the regulating
grading, and macadamizing of Sixth and Seventh
avenues, north of One Hundred and Tenth street, in
which the testimony was all taken, and the case
closed, was reopened at the requestor the Corporation
Counsel in order to allow important testimony for the
city to be introduced.

The matter of Isaac and Simon Bernheimer, as to the
assessment for the Manhattan^sti-eet outlet sewer wa