Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XVIII.





NEW YORK, SATURDAY, OCTOBER 14, 1876.





No. 448





Published Weekly by

E^t ged (Estate Retort) %%%atmiian.

TERMS.
ONE YEAR, in advance.., .$10.00.
Communications should be addressed to

C.   W.   SWEET,

Nos. 345 AND 347 Broadway.





THE DAILY PRESS AND REAL ESTATE.
An evening pai)er lately undertook to en¬
lighten its readers on the subjects of the real
estate and buUding trades of this city.   We
welcome such manifestations of interest on
tlie part of the daily press, and should re¬
joice to see them multiplied to the extent at
least of one article a week, in each of the
leading issues.   Scarcely any subject can be
treated of, so likely to interest as large a cir¬
cle of readers, whether as owners or lessees,
mortgagors or mortgagees.    The item  of
mortgage loans, a favorite class of security
with our wisest capitalists, deserves promi¬
nent mention in the money articles of our
daUy papers.   The large unoccupied area of
land upon our island is likely to render the
building trade permanent and active, at least
for fifty years to come.   The developments
and   achievements  of   this  art  are  more
worthy of mention than many of the sen¬
sational topics usually treated of.    Unfor¬
tunately these subjects have been hereto¬
fore almost disregarded by the press,  ex¬
cept in times  of the wildest speculation.
If a sporadic article occurs,   it  is  looked
upon as a curiosity, and is more remark¬
able for its garbled statements,  distorted
facts and unjust inferences, than for any real
value or merit.   The sources of accurate in¬
formation on these subjects are so diflS.cult of
access, the topics themselves are so mysteri¬
ous and obscure to the ordinary mind, that
less surprise is excited at the treatment they
receive, especially when we consider that
the authors of these articles are generaUy
lacking in any practical experience of their
subjects.

The two articles before us, we are happy to
state, constitute an exception to this criti¬
cism, and indicate extensive research, careful
elaboration, and, in the main, singular accu¬
racy of facts, aU implying some acquaint¬
ance with the subject matter. Such efforts
we must applaud tb the echo. We trust so
bright an example will excite emulation.

It is with reluctance, therefore, that we
feel obliged to point out some erroneous
deductions as well as some perversions of
facts, the result no doubt of misinformation
aud ignorance, rather than of any intention to
mislead. By the overwhelming suffrages of
the real estate community we stand to-day
the special champioh of its interests and





honor, w^ith an accumulation of many years
experience which, we trust, qualifies us in no
small degree, as an authority. Our sole aim
is to present accurate and truthful state¬
ments in order that our readers may have a
solid foundation of fact on whicli to base
their independent judgments. Om- present
criticism is offered in no captious or censori¬
ous spirit.

First (we quote from the article in ques¬
tion): "Up-town property owners say that
these Boulevard improvements are twenty
years in advance of the wants of the city,
and, they assert, a greater wrong was never
perpetrated on real estate owners." This
single sentence would furnish the material
for a lengthy essay on the perversity and
self-contradiction of property owners.

Those least interested in the subject will
recall the clamorous appeals made by owners
of vacant land north of Fifty-ninth street for
the rapid prosecution of street improvements.
The wide extent and energetic management
of these improvements  by the Tammany
Ring opened long vistas of indefinite en¬
hancement in value to lot owners, as the re¬
sult of their continued extension.   After the
overthrow of the Tammany Ring, and the
inauguration of Mr. Green at the head of
affairs, we all remember what a strong re¬
monstrance was awakened at his efforts to
eliminate fraudulent contracts and curtail
wasteful  expenditures   in   this   direction.
Within a year letters have appeared in these
columns, and in the daily press from property
owners attributing the depression inup-town
vacant property principaUy, if not solely, to
one cause, namely, the curtailment of street
improvements under Mr. Gi-een's administra¬
tion.   We also call to mind meetings held by
an important land association, the adoption
pf resolutions, the delivery of addresses and
the presentation of petitions, all bearing on
the one subject—^the speedy and widespread
prosecution of street improvements.   These
were urged on the foUowing grounds : first,
of giving employment to idle laborers, and,
second, of reUeving propei'ty owners from
the distress into which they had suddenly
fallen.   A¥hile advocating ourselves the rapid
and comprehensive completion of aU street
improvements on the face of this island, on
the principle of the greatest good to the great¬
est number, we took occasion to point out to
lot owners that the inevitable result of this
consummation would be to produce a ple¬
thora or excess of avaUable building lots,
which'would have a tendency to lower, or at
least, to equalize the prices of vacant land.
The result which we indicated has come to
pass, aU speculative excess of values has evap¬
orated and vacant lots have settled down





upon a fair and sensible plane of values.
The same owners of these lots, who cried
so loudly for street improvements, now be¬
wail their unfortunate condition in being
obliged to pay for them, and yet not
able to realize in a sale much more than
the cost of assessments. Just as their pre¬
vious misfortunes were attributed to <i
lack of street improvements, so their pre¬
sent ones are associated with the existence
of these improvements. In this connection
the truth had better be stated at once.

The main incentive to real estate specula¬
tion in bygone times has been the slow de¬
velopment of street improvements—making
lots on regulated streets, just beyond the
buUding line, inordinately valuable, as com¬
pared with those that were lying further out
in open fields. The difference between these
two values constituted the speculators prize,
and his occupation consisted merely in a cal¬
culation of how long or how short a time
would be requu-ed to realize the maximum
of this difference. But the situation is now
changed. Our whole island is marked out
by distinct street lines, and whoever wiU,
can build where he chooses. The iU-wind of
the Tammany Ring has blown at least this
good to our city, that speculators no longer
can corner improvable lots with any degree
of safety, or hope of realizing enormous
profits therefrom, unless they command the
combined wealth of the RothschUds and the
Astors.

While we lament the situation of those
who have had to pay for these costly street
improvements without hope of recovering
their outlay, we must neverthless congratu¬
late the mass of the citizens of New York
upon having space and verge enough, within
which the giant growth of this metropolis
may spread itself.

Second. The despotism of trade associations,
so-caUed in the article in question, is made to
play an important part in retarding buUding
improvements. Such information must
have been derived from an inactive or mori¬
bund buUder, whose sensitive spirit is stUl
shaken and appaUed by those frightful spec¬
tres which disported themselves so gaUy
some three or four years ago. The principal
encouragement afforded to these organiza¬
tions was derived from the general enact¬
ment of the eight hour law; by Congress and
the State Legislatures. Since the haird times
have practicaUy annulled this law, or deif eated
its operation so that it now stands a dead
letter on the statute book, these, formidable
trade societies have dissolved or succumbed,
and, with-one or two-exceptions, have so en-'
tirely lost their influence and control over
their former members that they are no loijger