May 38, 1887





The   Record  and   Guide.





735





balances with India, There is not $25,000,000 [in silver bullion in Europe,
What, then, would England do ? She would be forced to draw upon her
coin reserves, and her silver is coined at the rate of 15^^ to 1 of gold.
Within eighteen months sUver and gold would gravitate back to their
natural places, side by side, and the sUver question would be settled. With
the passage ot the law the government would cease to be a broker buying
silver. It would run no risk; it would be at no expense except for printing
certificates and storing the ingots, and it has made eneugh already in
purchasing silver and coining it to pay that expense for a century to come.
Of e urse there are many paper substitutes for money. Tney are good
enough where no alarm is felt. But what were they worth in 1863, and
would not the government at that time have been most thankful to have
been given the opportunity to store silver bullion 1—Salt Lake City
Tribune,

A Silver Exchange.

Mr. Manning would do more service to the ad nunistration and the Demo¬
cratic party in general outside of the cabinet than he was able to do as a
member of it if he could carry through the scheme announced as part
of the programme of the new bank with which he  and  Mr.   Jordan
are connected.   But it  must' be confessed  that  thi?  scheme does  not
look feasible on the face of it.   Until further details are at nand, comment
must necessarily be cautious and incomplete.    But the general idea seems
to be to assist in placing silver where it belongs, as long as the commercial
nations adhere to their present policy, in the list of commodities other than
money.   It is said that the operation will consist in securing the deposit,
with this and other banks, of larger quantities of sUver buUion; against
this certificates will be issued, and these certificates will be listed and
traded in like certiflcates for stock or grain.   It will appear at once that
the idea has a very important bearing on the currency question.   For it
rests on the assumption that silver, at present, except in as far as the fiat
of government has been excercised upon it, has no more standing as money
than wheat or iron or coal or railway shares.   As far as this goes it is an
undoubted fact.   Silver bullion is now boughfc and sold, outside of the
compulsory purchases for the mints, just as other products of the soil or
the mine are transferred from owner to owner.   There can be no reason
why this should not be done, in accordance with the labor-saving ideas
of   ths  age,   by  means of  paper  representatives;   thus  avoiding  the
cost and   trouble   of   transporting   the   heavy   metal   from  place  to
place,   by lodging   it  safely  in  a  storehouse of  its  own.     It  is   to
be assumed, of course, thafc  these  certificates  will  be  issued  against
quantities and not against values.   They will call for a certain quantity
of the metal by weight, and not for so many dollars and cents.    And
therein will lie some sturdy opposition from the silver-doUarites.    It may
be said with some positiveness that the idea put forward by the projectors
of the silver exchange that this would transfer the control of the silver
market of the world from London to New York is purely visionary.  Great
commercial revolutions are not wrought in this free and easy fashion.  The
United States is the great wheat producer of the world.   There are at
Chicago and New York combinations of men and exchanges for dealing in
grain sufiicient to give us all the power that we can have at present over
the price of that commodity.   But, none the less, the price of wheat is
fixed by the quotations at Liverpool, and not by those of New York and
Chicago.   In the same way, just as long as London remains the great clear¬
ing house of the nations, balances on international trade being paid, as a
rule, in drafts on London, just so long wUl her bulletins fix the price of
silver in spite of all the exchanges that can be set on foot.   " To get control
of our own market and that of South America " means absolutely nothing.
Silver is, leaving its use as money out of the question, a world commodity.
Its price will be determined by the general relation between the universal
demand and the universal supply, affected from time to time by the action
of governments and also by the state of the Indian exchanges.   With India
and England acting together in this matter, and with our coinage act on
the books, the notion that the price of silver can be even affected by trad¬
ing in certificates representing bullion deposited is a mere fiight of the
imagination.   The public, however, wUl profit by the plan proposed if it is
ever carried out in the way of a stiU farther enlightening and education
upon the simple but much argued and perennial silver question.—St. Paid

Pioneer Press,

------------e------------

Real Estate Department.

Brokers generally report that the business in their oflSces has been
decidedly dull during the past week. At the same time it is noticeable
that a good number of conveyances have been filed, and some attorneys,
having a clientage of real estate investors, say that they are drawing
many contracts of sale, not of very fashionable and high-priced houses,
but of dwellings and apartment houses ranging from $15,000 to $20,000,
which are taken by a thrifty middle ciass of buyers who have no specu¬
lative ideas, but purchase with the single object of investing their spare
funds with safety and so as to receive fair returns. A leading real estate
lawyer on 3d avenue drew on Wednesday and Thursday of this week
nine contracts for cash sales, all to be closed before June 15, and in¬
volving a total value of over $200,000. He believes that th« demand for
property of the kind referred to will be sustained by the July interest
payments and will be good through the summer.

In the Auction Room the business of the week has been somewhat active,
but not entirely satisfactory. A surprisingly large number of sales are
announced for June, andthe auctioneers' outlook, for the season, is cer¬
tainly not bad.

The conveyances in New York city filed for record during the past
week considerably exceed those of the corresponding week in 1886, both
in number and amount, and the same is true of the mortgages. In the
number and estimated cost of the projected buUdings there is a very large
increase.

The few sales announced to be held on Saturday were adjourned. There
was not much business done at the Exchange on Monday, although several
sales were announced, mosfc of which, howeverj were postponed.

Tuesday was a busy day at the salesroom, the sales were numerous and
the attendance large. The four-story brick buUding on the southwest
corner of Church and Thomas street, 50x50, was sold by order of Court in
partition for $65,< 00 to the plaintiffs in the suit; one four-story and two
flve-story brick tenements on the west side of Avenue A, extending from
Houston to 1st street, 36.1x89.9x47.4x89.1, were sold for a total of $93,100 ;
six brown stone dwellings on the southwest corner of 5th avenue and 132d
street were knocked down at from $22,750 to $29,750 each, and three others
were wifchdrawn. These houses were traded last December by James
Fettretch to Mrs. Goodrich.

Wednesday was an extra busy day at the Exchange, the attendance Was
very large and the volume of business transacted greater than on any day
for some time past. The sale of the Beck estate lots on Sfc. Anns, Eagle,
Trinity and CauldweU avenues and 156th sfcreet was eagerly watched by a





large audience, and some of the lots brought good prices. For the 155 lots
over $177,000 was bid, bufc good judges say that more than one-half the lots
were not really sold, forty-two being knocked down to one person and
twenty-three to another. The entire property (155 lots) was transferred by
the Becks last March to Charles A, Stadler for $145,000. If all the lots
were really sold it would show an advance of over $32,0Q0 in a few months.
Fourteen dwellings on 2d avenue. East 25th and West 34th streets, belong-
ng to the estate of N. G. Kortwrighfc, were sold for a total of $160,975. S.
F. Jayne and O. T. Marshall each purchased four pieces, and Francis
Lahey bought three houses ; the dwelling No. 23 East 48th streefc, 16.8x55x
100, part of the Merriam estate, was sold tor $17,600 to S. T. Meyer ; five
dwellings on East 118th street were sold under foreclosure for about the ■
amount of the mortgages ; seven lots on 112th street, east of 6fch avenue,
went for $5,000 each ; three on 68Dh street, west of Sth avenue, for $8,000
apiece, and two on 110th street, east of llth avenue, for $4,60i) each. The
latter were sold in 1832 for $3,300 each. The premises No. 309 and 311 3d
avenue were not offered, having been disposed of at private sale.

Thursday was another busy day and a large audience crowded around
Auctioneer Harnett's stand whUe the Leggett estate property was being
disposed of. All except one parcel was situated on the east side. The total
realized was $239,700 and of this sum $134,750 was secured for three pieces
on the Bowery. Nos. 79>^ and 81 Bowery, 25.1x115.3 were started at
$35,000 and sold for $34,750 to Edmund Ashforth of the Chemical Bank ;
No. 132 Bowery, 25x105.2, adjoining the Bowery Savings Bank, and rented
untU May 1,1888, at $3,430, was sold for $47,000 to Marks Arnheim ; No.
116 Elizabeth street, in the rear of 132 Bowery, also went to Mr. Arnheim,
the price was $15,250; Nos. 113 and IIS)^ Bowery, 34.1x103.7, were sold for
$53,000 to Thomas C. Higgins, Newman Cowen and Jacob and Isaac S.
Korn. The property is known as the "Oriental Theatre," and is rented
until 1891 at $3,600 per annum, otherwise it would have brought a great
deal more money.
Only one public sale took place at the Exchange yesterday.
Richard V. Harnett will sell on Wednesday, June 1, the large lot No. 20
West 13th street,.25xll5.8x25xl23, with a one-story brick building 25x50,
No. 20 West 13fch street, on which 60 per cent, may remain on mortgage;
to close an estate, the five-story basement and sub-cellar marble fronfc
buildiag No. 334 Broadway, on the east side, 50.2 feet north of Pearl street,
nearly covering the lot, 25x150, and the four-story English basement brown
stone dwelUng and lot No. 427 West 22d street; two valuable full lots on
the north side of 68th street, 275 feet easfc of 9th avenue and near Central
Park; the first class four-story brown stone flat No. 128 East 94th street, on
which a liberal amount may remain on mortgage, and the five-story brown
stone tenement No. 310 West 49th street, on liberal terms.

Jere Johnson, Jr., will sell on Wednesday, June 1, twenty choice west
side lots, on 66th street, between Sth and 9iih avenues; 92d street, on the
north and south sides, between 9fch and 10th avenues; 96th street, befcween
9th and lOfch avenues; 10th avenue on the east side, between 91st and 92d
streets; the northeast corner of the Boulevard and 97th street; the Boule¬
vard, between 130th and 131sfc sfcreets, and two adjoining lots on West
131st street; also, the threestory brown stone house, with all improve¬
ments. No. 131 West 87th street.

James L. Wells will sell on Wednesday, June 1, for the executors of E.
T. Bradlursfc, thirty-two choice lots on St. Nicholas and 10th avenues, 147th,
148th and 149th streets. These lots, which belong to the well-known Brad¬
hurst estate, are free from rock and ready for building,'in a handsome and
improving neighborhood and very accessible by the cable and elevated
roads. The titles will be guaranteed by policy, and 70 per cent, may remain
on mortgage at 5 per cent.

Mr. Harnett wiU sell on Thursday, June 2, on very liberal terms, the
first-class four-story brown stone house No. 103 West 87fch street, finished
in hardwoods throughout; fitted with handsome mirrors, electric bells and
alarms and all the most modern improvements, near Central Park, and
very accessible by the elevated and surface roads; also, without reserve, a
valuable plot of four extra-size lots on the north side of 94th rtreet, com¬
mencing 150 feet west of 9th avenue, iu a very handsomely improved and
improving neighborhood and convenient to the elevated station at 93d
street.

Mr. Harnett wUl sell on Monday, June 6, a plofc of ten full lots in the
23d Ward, eight of which comprise the entire frontage on the east side of
Brook avenue, between WSth and 149th streets, and two adjoin these on the
south side of 149th street. This property is in the direct line of substantial
improvements, and is suited to conservative buyers. Fifty per cent, may
remain on mortgage. Mr. Harnett will also sell thirty handsome lots on
Webster and Decatur avenues, and Orchard street, between Walton and
Oliver avenues, near Bedford Park and Bedford Park station on the
Harlem RaUroad, affording an opportunity for safe investment.

James L. WeUs wiU sell on Wednesday, June Sth, twelve handsome Park
View villa sites on Jerome avenue, opposite and overlookiag Jerome Park,
in the 24th Ward. The plots vary in size from one-half to about three
acres.

CONVEYANCKS.

1886.
May 21 to 27 inc.

Nnmber........................................              263

Amount involved............................... $4,302,348

Numbernominal..............................              53

Number 23dand 24th Wards..................              36

Amoup.t involved........................... .      $84,415

Number nominal...............................               4

UORTQAaES.

Number........................................             240

Amount Involved............................... $2,505,624

Sumber at 5 ner cent..........................             115

Amount mvolved...............................$1,328,512

Number at less than 5 per cent................              19

Amoont involved...............................    $210,200

Number to Banks, Trust and Ins. Cos.........              39

Amount involved..............................     $5r0,C00

PROJECTED   BUILDINGS.

1886.

May 23 to 28.

Numberof buildinga..........................                 95

Estimated cost...............,...,.........,,..,    $1,276,600





1887.

May 80 to 26 inc.

2S2

$4,735,856

74

36

$90,6a5

10





254

$3,241,964

1.33

$1,573,596

20

$318,542

21

$294,S0U





1887,
May 21 to 27.
131
$8,183,460