EAL Estate Record





AND    BUILDERS'    GUIDE.





Vol. XV.





NEW YORK, SATURDAY, FEBRUARY 20, 1875.





No. 362





Published Weekly by

m   REAL   ESTATE  RECORD ASSOCIATION.

C. W. SWEET............President and Treasurer

PRESTON I. SWEET........Secretary.

TERMS.
One year, in advance...........SIO 00

Communications should be addressed to

Nos. 345 AND 347 B joadway





TO EEADEES.





We print in this issue of the Record an alphabetical
■arrangement of the names of grantors appearing in the
New York transfers for the week. In our next and sub¬
sequent issues we shall make a similar classification of
grantees.





FEEE MOKEY.





No steps seem to be taking to further the
abolition of the tax on mortgages, and we
think it a strange neglect on the part of its ad¬
vocates that this reform should be dormant.
It may be that the chances of success are
doubtful, but, nevertheless, it is one of those
things which should be persistently urged up¬
on the attention of people until the thickest
heads concur in its propriety. Real estate is
even now languishing for want of develop¬
ment, but it is difficult to get money for pur¬
poses of improvement. There is an abun¬
dance of capital seeking investment which
would gladly accept landed security if assured
of a fair return of revenue. Taxation, how¬
ever, does aw^ay with so much of the legiti¬
mate profit on loans that Government bonds
absorb and retain a large amount of money
which might otherwise become available to
the people and indirectly profitable to tlie
State. This subject has been critically dis
cussed and presented in every line of argu¬
ment, and we are sure that we can offer no
stronger proofs of the necessity for such a re¬
form than those which daily commend them¬
selves to the attention of real estate owners
and capitalists. We urge action. Let the
subject be presented anew to the Legislature,
and should it fail this winter, let the effort be
renewed until justified in success.

In the same connection, the abolition of the
Usury laws would become of incalculable ben¬
efit. It is supposed by many that the removal
of restraints upon money would disadvantage
borrowers and enable grasping money-lenders
to hold the needy in their hands. Here, too
much range is given to sentiment, and the
practical nature of monied transactions is not
j-egarded. The Usury laws are the fruit -of
times and systems of living when wealth, in
the hands of a few, controlled the lives and
fortunes of the masses of the peoijle: As men
became emancipated frona such dominion and
ficquired the will and capacity to defend their





rights, it was necessary to protect the w^eaker
and more ignorant; and the Usury laws are
partial results of this progress. But to-day we
are on broader ground, where fuller liberty
should be accorded. We do not propose,
however, to enter into any disquisition upon
the causes and effects of the advance of lib¬
erty. We have only attempted to fairly reach
the conclusion that the changes of time and
manners of men have brought a freedom of
thought which compels a^^variation in some of
the methods of government.

As a matter of general convenience, we are
satisfied that the repeal of the Usury laws
would be of advantage. Monied competition
would be secured, as much to the benefit of
the borrower as the lender, and while, at times,
there might be exactions, a corresponding
gain would arise in the enforcement of econo¬
my an(;l the limit of credits. The relief to
real estate, not only in this city, but through¬
out the State, to be afforded by the abolition
of the tax on mortgages and the repeal of the
Usury laws, would be incalculable. Capital
would be attracted, not repelled. Improve¬
ments would hardly need suggestion, and en¬
terprises would meet with a backing up not
hitherto known. The subject demands atten¬
tion and courts reflection.





PUBLIC IMPBOVEMENTS IN THEIR RELA¬
TION TO LABOR.





The enforced idleness of the laboring class¬
es is a great hindrance to the revival of trade.
The demands of our working population
largely influence the volume of business, and
when curtailed produce a greater effect than
at first seems possible. To enhance the pros¬
perity of the country by providing an outlet
for the products of the soil and of the loom,
the poor must be employed, and capital which
is even now lying idle and without adequate
returns could, if put into improvements which
only necessity dictates, at once supply aid to
the needy and initiate its own profit. There
are many public enterprises which should be
prosecuted without delay. The city owes
much to itself as well as to property owners,
and the debt due to its working population is
one. to be taken equally into account. This
view of the situation is the only one upon
which we can justify the building of a rapid-
transit road in whole or in part by the city.
Were it but certain that methods could be
provided to protect the city from spoliatioii,
and the undertaking from jobberj'^, no wiser
plan for general good could be adopted by our
municipality. The loan of the city's credit
would certainly press this great necessity to
conclusion, and we are not sure but it can be
accomplished without adding to the burden of
debt, while at the same time the enhanced





value of ta.Kable property would benefit both
the city and the owners ,of real estate. We
present this view of the subject for considera¬
tion. Great loss undoubtedly accrues from
the idleness of the masses. Trade would be
benefited by their employment, and real es¬
tate would derive the ultimate advantage.

LUMBER SUPPLY.





The log cut this winter will enable manu-
fiicturers to throw on the market during the
coming season an amount of lumber equal to
last year's production, and in view of former
experiences we can very safely count upon
large stocks and lower i)rices. Efforts have
been made at various points to induce a dif¬
ferent belief; but the story has become so old
that it is hard to find anyone who will put
faith in it. The LumlermctrCs Gazette depre¬
cates this " practice of misrepresentation," and
argues, quite truly, that it is " damaging to an
extent far greater thau the benefit derived."
The practice is censurable iu many respects,
aside from its moral view, and helps to de¬
range trade. Purchasers who are weak enough
to give credence to such reports are brought
into business conflict with sharper men iu the
trade, who take such stories with all allowance
and make their bargains accordingly. Manu¬
facturers are apt to incur damage, and are
hardly likely to retrieve their losses when
failures are forced upon their customers. The
impression, nevertheless, is general that lum¬
ber will be abundant, and that to consort with
the general relations of trade throughout the
country, must be cheaper. We regret an over¬
production, for the country can illy afford to
lose its forests and the consumption of lumber
from accidental causes when manufactured,
doubtless exceeds the natural waste and de¬
struction of standing timber. We favor di¬
minished production even at the risk of
stronger prices.





IMPROVED PAVEMENTS.





The London papers are discussing the sub¬
ject of noiseless pavements, and their opinions
and experiments are valuable when consider¬
ing the various projects for re-paving Fifth
Avenue. Wooden paving seems to be favored
in London, yet our own experience of its mer¬
its is not of a satisfactory character. It may
be that we have not reached that point in its
experiment where the most perfect and dur¬
able process has been secured. The English
object to Macadam paving as expensive, and
that in wet weather its repairs are constant,
and impede traffic. Granite is too noisy, and
Asphalte has been voted slippery and other¬
wise impracticable. Wood blocks, bedded on
concrete and run with lime grouting, have su-