1098





The Real Estate Record





November 26,1881





It would be an immense relief to Broadway
if the omnibusses were interdicted.





The official list of conveyances and mort¬
gages very naturallj'' show a falling off from
the large totals of last week. In holiday
weeks it is the turkey market and not the
real estate or stock market which shows the
heavy business. The very compact table we
give, however, will interest all investors and
dealers in real estate.







Weelj:




N.Y




Am't.




No.




No. 23d




Am't.




No.





end




City




in¬




!Tom-




&24th




in¬




nom¬





ing.




Cons.




volved




inal




Wards.




volved.




inal.





Sept.









$














$










14




75




809.074




25




12




24,450










21




111




1,381,992




36




16




45,938




6





28




89




1,355,333




21




19




90,59S




4





Oct.



































5




157




3.200,444




34




15




1.5,400




8





12




157




2,007.448




39




21




38.289




S





19




159




1,696,607




52




18




64,00(1




6





26




146




1,720.325




44




21




213,871




6





Nov.



































2




192




3.103,469




44




20




25,725




4





9




151




2,952.416




37




14




71,300




1





6




185




3,078,525




45




35




i 6,953




7





13




173




2,046,389




51




22




174,385




6





Week Mort-




Am't.




No.




Am't.




No. to




Am't





end-




gag¬




in¬




Five




in¬




T.&




in-





ing.




es.




volved, per ct.




volved.




[nsCos. volveii.





Sept.









S









%









$





14




108




793,153




13




224,700




17




227,900





21




149




1,159,231




29




235,681




28




464.450





28

Oct.

5




117




1,076,874




29




469,100




27




562,500





169




1,310,982




35




3-34,900




31




378,700





12




152




1,531,856




28




285.611




29




549,175





19




174




1,486,930




36




334,038




30




480,250





26

Nov.

2




298




1,741,258




35




377,632




51




687,000





241




1,866,805




55




466.500




41




375,000





9




204




2,331,630




42




787,250




25




n-1,(11)1





16




196




5,413,050




36




595,200




39     3,748,300





23




156




1,194.452




40




318,600




22




264,000





It is now announced that Gould, Field and
Sage, with their friends, have secured the
New York & Northern road as weU as the
New York & New England road, formerly
known as the Boston, Hartford & Erie. It
is now clearly evident that Gould's capture
of the elevated roads was part of a scheme
which involved vast out-of-town connec¬
tions. His determination is to make the
elevated system the terminus of the lines he
controls across the continent and down to
Mexico. A bridge is soon to be built across
the Hudson, below Newburgh, which will
be used by the Erie and the Pennsylvania
Central to bring coal and other freight, as
well as passengers, into New York City by
way of the New York & Northern road.
Gould's schemes, it seems, involve the build¬
ing of an immense depot further down town
than the Grand Central Depot, also a bridge
across the Harlem at Second avenue. Ifc is
evident that he is determined to make the
elevated roads profitable, and to do so mainly
by its out-of-town connections. It was re¬
ported recently that he had again secured
control of the Erie Railway, but it seems
the English stockholders are not wiUing to
agree to his terms as yet; but his capture of
the New York & Northern Railway, as well
as the New York & New England, show
that he has his eye upon Erie, which he may
hope to capture next year, if not this.
What with his new stock exchanges, grand
depots, bridges and elevated railway invest¬
ments, Jay Gould is becoming a very im¬
portant factor in the price of real estate in
New York.





In the World gossip, which is supposed to
be inspired by Jay Gould, the foUowing
occurs as the advice of the bearish broker :

" My advice to those who would buy property
of any kind to hold for enhanced prices is to put
their money in New York real estate. Let prices
go up or down, the ground is there, and as sure
as the country continues to grow in population
by the excess of births over deaths, to say noth¬
ing of immigration and the wealth-producing
improvements in all the arts and industries, so
surely will New York property gain in value.





For many years real estate here has been the
safest investment made, and larger and bet1«r
fortunes have been made in it than in Wall street.
Witness the safe and splendid wealth of such
men as the Astors, the Lorillards, the Stuyve-
sants, and the Goelets. The island of Manliattan
is narrow and long, and before many years every
foot of it will be built over. My grandchildren,
perhaps, will see it covered with office and busi¬
ness buildings."

This is all very well, but why does not
Gould himself buy real estate? All that he
is known to possess is the house he lives in,
his Tarrytown property, the Wo^ Id building
and some sixty-three acres five miles back
of Tarrytown, the former Woodward estate.
If Jay Gould should turn his attention to
real estate, what a change it would make.
A speculative investment of $20,000,000
would double up the price of unimproved
property. In view of the interest of Gould
and his friends in the elevated railway sys¬
tem, it is barely possible that the wealthy
clique he represents may have in view a lot
speculation so as to buU the elevated secur¬
ities. At any rate, the above abstract from
the paper, which is his personal organ, is
significant.





MINING INFORMATION.

Matters look very dismal in mining circles.
The investor has disappeared from the offices of
the members of the two mining boards, so that
the brokers deal speculatively with one another,
but swapping jackets is not a profitable business,
and hence things are gloomy vs^here the brokers
do most congregate.

The way the Gaborca mines are mentioned in
the Tribune mining column would seem to indi¬
cate that the next deal is to be in those Mexican
properties. The people who handled the State
Line mines wiU have this new enterprise in
charge. Anything can be said about the Gaborca
mines, as they are so far away as to be in no
danger of raspection. An inaccessible region
seems to be the desideratum in the mining swin¬
dles organized by the GaHf ornia sharps.

The Bodies look weak, but the old Standard
keeps on its regular dividend of $75 a month.
Unless we are misinformed, a deal is soon to be
made in the Bodie properties.

Mr. William M. Lent says the coming New
York State Legislature should pass a law regu¬
lating mining companies, that would empower
them to levy occasional assessments. He says
there are some excellent properties undeveloped
to-day, because of their inability to raise money
under the laws of this State. It was the power
to assess the stockholders which has led to the
immense development of the mining industry on
the Pacific coast. The Bull Domingo, Palmetto,
Highland Ghief, Big Pittsburg, and scores of
other properties are lying idle and discredited
for the want of money to keep the developments
under way. Bonding a mine discredits it, and
puts the stock in danger of being wiped out.
Mr. Lent was further of opinion that with proper
mining laws New York would be the natural
seat of the great mining boards of the continent,
which ought in time to rival the regular Stock
Exchange. Mr. Lent expressed his surprise at
the way in which Bodie stocks are depressed.
He declares that he is buying the Bodies. He in¬
tends to settle permanently in New York. He
finds that even in these depressed times good
properties find a ready market. A Mexican
property was offered here for $420,000. While
he was hesitating, Glarence King took it in hand
and disposed of it very readily.

A property is soon to be brought upon this
market in which Roscoe Gonkling, Thomas C.
Piatt, Chester A. Arthm- and John P. Jones are
interested. This is a mining venture in which
Senator Jones managed to interest his distin-
gueshed associates some time early last spring.
It is located in Southern GaUf ornia, and Senator
Jones believes that he has got a magnificent
property. Roscoe Conklin's removal to New
York has something to do with the disposal of





this mine.   It has already been brought to the
attention of several Wall street capitalists.

----------------♦^•-e----------------

ANSWERS TO CORRESPONDENTS.
Lex.—It depends upon the nature of the im¬
provements made upon leased property and
whether they can be removed without injury to
the premises. If they can be removed without
injury to the premises, the lessee may remove
them. If they are of a substantial character and
have been erected with the permission of the
owner, it is usual for each to appoint an appraiser,
and they a third to decide upon the value of the
improvement, which sum is allowed to the lessee
by the owner. A storekeeper may remove his
fixtures on expiration of leaso, but may not re¬
move from the premises and return sometime
afterwards and claim his fixtures.





ABOUT  MORTGAGES.
Editor Real Estate Record :

A party has a mortgage and wishes it to be re¬
newed, being due December, 1881. What is nec¬
essary to do, must the agreement be recorded
again ?                                Constant Readeb.

Answe7\ Chattel mortgages expire within a
year and apphcation for their renewal must be
made thirty days previous to the expiration of
the year. But other mortgages run on until the
lender calls for his money, which he is not likely
to do if the security is good. It is not necessary
to take any action, as long as you are able to meet
your interest charges.





BROOKLYN'S GREAT  SALE.
Editor Real, Estate Record :

It is quite time that a moral was drawn, re¬
specting the recent great sale of Prospect Park
lots by the city of Brooklyn. I have watched
the real estate market for many years, and I
claim to represent the views of conservative
operators, when I say that purchasers paid alto¬
gether too much for those Brooklyn lots. I
judge that the whole sale was 30 per cent, better
than it should have been, taking in view the in¬
trinsic value of the property. Brooklyn is not
like New York. It is separated from the centre
of business activity by a swift flowing river, and
it has all Long Island to spread over. Not so
with New York. Every new road, bridge and
tunnel adds to the business and population of
this island which is circumscribed, and the popu¬
lation of which can only grow in one direction.
If the property in Brooklyn is worth what was
paid for it a week ago last Thursday, then unim¬
proved property on this island ought to double
up in value at once. There is some influence in
a great crowd which is apt to upset the judgment
of prudent people who are bidding for property.
Lots as well situated as most of those sold last
Thursday week, have been purchased for half
the price during the past year. It is very often
the case that in great sales the bids are high
through the spirit of competition, and a certain
psychological influence which a throng of eager
bidders exert upon one another. Commissioner
Stranahan was wise to postpone the sale of fche
rest of the lots till next spring. Had it been con¬
tinued during the coming month, it would have
been seen how extravagant were the prices paid
atthe flrst day's sale. I make these remarks
because extravagant prices permanently alienate
prudent capitalists. It is much better for brokers
when fair prices obtain, because trading is then
more wholesome and legitimate.      Observer.





There has not been much falling off in the
actual wants of consumers of material during the
week, but work has been somewhat checked by
the holiday and the weather. Most contractors
appear weU incUned to push forward with all the
speed possible in order to keep ahead of frost,
and full supphes of all kinds are wanted. Dealers
also are anxious to add to their winter accumula¬
tions, and as the supplies come forward with
diminished freedom, values tend to strengthen on
all leading articles. The only important advan¬
ces made this week, however, are on Ume and
cement.





The Board of Aldermen have approved the
new route for the rapid transit railroad in the
Twenty-third and Twenty-fourth Wards desig¬
nated by the Rapid Transit Conunissioners.
Judge Donohue, in Supreme Court Chambers,
has granted an order giving permission to the
Yonkers Rapid Transit Company to change its
nameby addmg the words " New YorkDivision.'