/







^







ECORD





AND   BUILDERS'   GUIDE.





Vol. XL





NEW YORK, SATURDAY, FEBRUARY 22, 1873.





No. 258.





Published Weeklu bu

TIÏE REAL ESTATE RECORD ASSOCIATION.

TERMS.

One year, in adv.anco......................$6 00

AU communications should be addressed to

C.   ^W.   SW'TGICT'.

[] 7 AND 9 WARRRX STRKKT.





No receipt for money due the Rral Estate Record
will be acknswledged unless signed bjf one of our regular
coUector.s, Hknry D. S.MiTfl or Tko.m.\s P. Cuji.mings.
AU bills for collection will be .sent from the office on a regu-
larly printed form.





It seems to be settled that the Republican
party propose to take the reponsibility of pass¬
ing a city charter which wHl give them the
bulk of the local patronage. Merely as an or¬
gan of the real estate interest of the city we are
not disposed to quarrel with any party action
taken by our State rulers. We are interested in
good government, low taxes, and continued city
improvements ; if we get thèse it is none of our
business to carp at the party who does it. What
we ïire concerned about is the lack of responsi¬
bility in the proposed charter, the failure to
provide for an audit that will save the tax¬
payers, and the absence of any scheme of civil
service reform. For ail minor positions we ought
to hâve compétitive examinations and appoint¬
ments for life, the candidates in every case
being the young men and women who graduate
from the Free Collège and female normal school.
This would lay the axe at the root of the- cor¬
ruption of our local politics, and the omission
of ail référence to this important matter in the
proposed charter is really disheartening.

If the provision is retained which admits of
an examinntion of the city books by any inter¬
ested citizen, it may be possible, after ail, to
check unwise expenditure.

There are many good provisions in the new
charters, but the irresponsibility of the appoint-
ing power is a fatal defect.





Fkom facts given below it will be seen that
notwithstanding the cry of dull times in gêne¬
rai business, no such claim can be made for the
real estate market. The habit has become
chronic with a certain class of men to report
dull times on any and every occasion, taking
their ideas from the amount of business trans¬
acted by them individuaUy. The reporters for
the daily papers are governed entirely by the
state of the auction market, and utterly ignore
the large amount of recorded transactions which
are the only true index to the market..

The total number of deeds recorded at the
Register's 0ffi.ce diiring the inonitli of January,





1873, was 586, of which 37 were for nominal
sums or quit claim deeds, and 549 represented
the sum of $12,012,329 which changed owner-
ship. The comparative sales for the year 1872
ajid 1873 are :—

Total sales, month of Jan., 1873, 549 deeds.....§12,012,329

Same month, 18T2, 443 deeds..................    7,039,390





Excess of sales 1873 over 1S72..................§4,972,939

A noticeable feature is the fact that real es"
tate is drifting into stronger hands, the class of
buyers being among the wealthiest of our capi¬
talists, men able to bùy and hold their
property let come what will. The year 1872
was prolific of foreclcsure suits, by which many
weak holders were closed out. So far this
year the record of the number of foreclcsure
suits filed shows a decrease, as compared with
the year 1872. During the month of January,
1873, there were filed 79 foreclcsure suits,
which shows a decrease of 10, when compared
mth the number filed for the same month of
1872. Should the bUl now pending before the
Législature, providing for the abolition of the
tax on bonds and naortgages become a law, of
which there is a fair prospect, there will be
plenty of capital tfEering on real estate at low
rates.





Politicians, merchants, workingmen, and
lawyers came together at the Rapid Transit
meeting on Tuesday evening last, and heartily
joined hands over the scheme as a municipal
necessity. It was a healthy sign that in this
"haggard epoch," when class divisions are be¬
coming daily more marked, the workingmen
were represented by some of their noted speak¬
ers in that meeting.

In response to a demand made by Col. Beeny
that workingmen should be put on the commit¬
tee, some names were added from that class ;
but several had aiready been mvited as speak¬
ers. One of them, Théodore Banks, made the
important statement that one reason why he
urged the eight-hour law so earnestly was that
workingmen had to go twenty miles out of
town at an expense of three or four hours of
their time èvery day to get décent homes.

The statement made by Mr. Abram S. Hewitt
caused some of the millionnaires présent to
prick up their ears, and had the effect of increas¬
ing their interest in a subject which aiready
occupied a prominent position among their
schemes. Mr. Hewitt said that New York city
had, within the last year, lost the entire control
of the cofEee trad°, which had been transferred
to Baltimore, and that the tin-plate and other
lines of business were rapidly gotug in the same
direction. The trouble is that it costs so much
money to handle goods in this city, and. therçi
is so much delay in moving merchandi§e, that
other cities like Boston, Philadelphie, and Balt





timoré are enabled to compete successf ully in
certain lines of business in which New York
should hâve a monopoly. Business men of ail
clas-es say that, comparatively, no money was
made in this city during 1872. ïhe sugar,
coffee, and tea trade were among the greatest
sufferers. There are other reasons than those
relating to transit to account for this, but ail
unité in saying that it is a necessity with New
York that some means should be devised for
moving goods more cheaply, if this cityshaU
continue to hold her commercial supremacy.





ALBANY LETTEE.

, Albany, February 20.

A SCHEME for enlarging the municipality of
New York by the annexation of Brooklyn|'and
the suburban towns above Hnrlem riv^r is just
now maturing. Bills hâve been introduced in
the Législature providing for the appointment
of commi:^sioners to pave the way for the an¬
nexation of Brooklyn; to annex Morrisania,
West Farms, and Kng's Brilge on the Ist July
U'xt; andlastly, to consolidate the New York
County and municipal govemments. This is
quite a grand scheme toward centralization, and
bids fair to be successful, unless the taxpayers
of Brooklyn and the towns on the Harlem river
lose faith in the new reform. government of
New York and elect to keep clear of future
possible rings. Thus far the politiciens hâve
not showi .1 very open hand, which is very
wise on their par*; if they hâve any designs;
The Westchester people are aiready beginning
to pétition the Législature in favor of annexa¬
tion, and no remonstrance lias been heard from
any quarter. But it will be easier to judge of
the matter after a debate has taken place on
some o.ie of the bills. Tl.us far they hâve re¬
mained untouched since the day they were in¬
troduced.

It is not possible, at présent, to predict what
is to come out of the pile of rapid transit bills
now before the Législature. There are at least
twenty schemes before the Senate and Assembly
for their c nsideratior. No action whatever
has been taken on any save one, the Pneumatie
Tunnel. The Railroad Committee has reported
in favor of allowing the company to build their
tunnel under Broadway, provided they file a
bond of at least $250,000, weU secured, as _a
guaranty that they wiU not injure either public
or private property, or that in case they do they
will pay the damage               x

On Thursday last the committee of one hun¬
dred appointed at the meeting held at Cooper
Institute to proceed to Albany to urge the pas¬
sage of the bill to provide rapid-transit as a
municipal work had a hearing before the Sen¬
ate Committee. Mr. S. B. Church, General
Sigel, Rev. Dr. Stoddard, and others made élo¬
quent statements in favor of the passage of this
bill, to which the Senate Committee listened
attentively, but promised nothing. If the
Rapid Transit Association wouid secure thf,
passage of this measure it must realize the fact
that a heavy amount of work yet reniains to be
done. [One large down-tow^i manufacturer of
ladies' cloaks and mantillas stated that he had
in his employ 300 operators whova. hë was com¬
pelled to allow quit work at five o'clock so that
they would be able to irèach their homes at a
reasonable hour. He must do this in order to
keep 9, certain  class of hands who otherwise