Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXn.





NEW YOKK, SATÜEDAY, JULY 27, 1878.





No. 541.





Published Weekly by

TEBJIS.

ONE YEAK. in advance....SIO.OO.

Communications should be addressed to

C.  MV.  S'WEET,

Nos. 345 AND 347 Broadway





POLITICS AND REAL ESTATE.
Tho nianager of a specialist or trade Journal is
not called upon to intrude hispolitical convictions
upon his readers; indeed, he is not expected to
eutertain any except for his personal gratification.
And yet, in a country where political agitation is
a chronic ailment, univei-sal und unremitting, it
is dinieult for tbe rcA'iewer to escape reference to
such disturbing influences, or an attempt to as¬
sign to them their proper value. Congress has
beeu fitly deftned asa"standing insurrection,"
and the various legislatures and raniified po¬
litical Conventions throughout the country
may be as justly denominated minor niaga-
zine-s of explosive materials. The clashing
of interests and conflict o£ opinions that
in Europe find their i^eriodical expression in
red handed Avar, here seek a natural aud
ready escape in the vaporings, maliguings
and upbraidingsof political assemblies. As polit¬
ical subjects have ahvaj'S interested the masses of
the people, it is to be expected that they will con¬
tinue to be vital and absorbing topics for all time
to come. This genei-al condition of society is
Avholesome and beneficial wlien rlghtly appreci-
ated aud understood, as it betokens intellectual
life and physical energy iu population, whereas
its absence would indicate a fatal and ominous
torpor of sentiment and interest.

The business of politics in this comitry is getting
to be the occupation of a class Avho bear to aetive
business raea somewhat the relation of menials to
their masters. These politiciaus, like cooks and
butlers, lately contracted habits of lying aud
stealing, which are offensive to the country and
justly merit reprehension and correction. Other-
wise they are a clever, barmless set of people,
genial, open-handed and compassionate of the
poor. In personal character they are often supe-
rior to church ofHcers who have deliberatoly
robbed. the people in savings banks and life insu-
rance companies. A safe and proper equilibrium
of society is established when the political class is
compelied to act as the obedient servants of the
whole people. While that equilibrium is threat-
eued with serious disturbance when in one State,
or iu all the States, special interests succeed in
acquiring an absolute mastery over the political
class. It is of the natm'e and disposition of the
political class to exaggerate and magnify its Office
and to be constantly parading itself before the
public. In furtherance of this purpose, undue
weight is apt to be attached to trivial circumstan¬
ces, and matters of little or passing moment are
madetoassume the importance of prime questions.
Inexperienced Citizens and persons new to the
country are apt to be dismayed and misled by the
portentous mutterings of politicians; Avhereas the





very act or agitation that is so greatli' deplored,
may be notbing more than a s-ilutary escape valvo
for some suppre.ssed aud grating grievance or in¬
jury.

The Chief political study of business men should
be to determine the exact value aud importance
of political movements; to winnow out the insig¬
nificant and trivial oues and dismiss them from
view, reserving the notable and sigiiificant events
as objects for careful thought aud scrutiny.

WhUe general business iu its ramifications, aud
particularly in speculative branches, may be
more or less affected by all political movements,
the great solid and legitimate interests of the
country are but little moved thereby.

Political disturbance of even the mildost type is
pretty sure to send a sj'mpathetic pulsation
through AVall street. But th is department of busi¬
ness, though representing luouientous interests,
would hardly be taken as exponential of legiti¬
mate interests. It is meet and proper that highly
speculative interests should be the most sensitive
to political Vibration. Business relatious cou-
cerued in Imports and exports are directly and
seriouslj' affected by agitations respectiug the
tariff, and all business, in the highest degree,
is suro to bo affected by legislation concerning
tbe currency. But outside of Wall street
tho severest political breezes can searcely
be said to produce more than a ripple upon the
surface of business affairs. This statement Avill
require neither illustration nor argument for
those who have en joyed an aetive busmess oxperi-
ence of the past twenty-five years, or who can
recall any portion of tho tbirty years' Cru¬
sade against slavery. Political agitation, in-
volving the bitterest antagonisms, uever ran
higher than during the celebrated presidential
campaign of 1S.5G; but there was, probably, never
a more solidly prosperous year in the history of
the country than that; since it preceded tho year
of the great panic, and furnished the broad basis
on which tho expausion and iullation of the spring
of 18.^7 was predicated. We caunot construe the
four years of tbe war as being years of iiolitical
agitation, because the loyal States were Avelded
into a practically solid mass in the great effort
for tho preservation of the Union; and politics
then were neai'ly obliterated.

Sprightly and vivacious political agitation
upon sound public topics really seems to invigo-
rate tho minds of our people, to develop their
energy and to set them in productive and con-
stnictive motion. It has been the common expe-
rience for the past twenty years that the seasons
of the greatest i>olitical comraotion haA'e been
also the years of the greatest business activity.
It is only when vital and organic topics are
touched or discussed, such as the firing on Fort
Sumter. the Trent affair, the impeachmeut of a
President, or such exceeding grave topics, as
theunsettling of the tariff and currency questions,
that a shock or pulsation is sent through business
affairs sufflciently powerf ul to stop or slacken the
machinery.

Probably of all interests in the country that of
real estate is least liable to be affected by common
political agitation. In its legitimate aspects, such
as the erection, selling and renting of buildings,
agitation of currency questions is the one Single
topic that can seriousiy disturb it   The oppres-





sion of taxation is of cour.so a verj- important
problem in real esttite calculations, but this can¬
not be treated ns a permanent or incuruble con¬
dition, as this abuse of governmental authority
is certain, in time, to correct itself, and the oj)-
pression to be finally removed. The ebb aud tlow
of real estate values are obedient to laws
quite independent of the opei-ation of ordi¬
nary political causes. The normal condi¬
tion of tho real estate market is one of
raoderate or well-measured activity at mean
values. The upward motion is usuallj' be¬
gun in response to some widely extendetl im-
pulso of iullation; while its periods of greatest
depression have followed the incA'itable recoil and
reaction which sets in the moment forcible con-
traction is cotumenced. So far as political agita¬
tion may check or i'estraiu the projectivo or
speculative enterprise of the people it may be
deemed to cxert a wholesome and desirable iiillu-
ence us being favorable to the conservation of
real estate values, and to the jireservation of
normal Standards und methods.

The business classes of the country must
accustom themselves to tolerate any jia-ssing
disturbance that may arise from ebullitions
of extreme partisanship among the politicians and
sttitesmen of tbe country, and the real estate
owner of all others may look on with the utmost
composure, securo in the confidence that the value
aud Utility of his commodity are as certiiin and
imperishable as the nature of the property itself.
The steruer recourso of war Avhich is ever
present in the minds of European finaticiei-s and
merchants, maj be regarded as the most remote
if not im possible contiugency that niaj- hcreafter
arise in this countrj-, whether of foreign or do¬
mestic character. The oxperience of one great
war will be suöicieut to satisfy the American
people for a centurj- at least. It Avould puzzle a
soothsaj'-er to foretell on what pretext or iu what
direction the next speck of Avar niaj- looin up in
our horizon, if it ever should.

Tho destinj' of this counti-y is clear and piain.
namelj', to present to the world an exhibition of
the highest intellectual and industrial develop¬
ment, free from those jealousies, attritions and
ambitions Avhich constantly hamper aud erabitter
the life of the old govemments, and the con¬
dition indispensable aud precedent to the füll
expatiation of that destiny is—Peace.





PATCH WORK.
Availing themselves of tho exceptionally low
prices of labor aiul materials, the lowest that
have been known for fif teeu j'ears, and quite as
low as the avemgo rates that prevaiied before
the war, ownei-s of old houses and buildings
susceptible of improvement have been busily
engaged during tho past three j-ears in improv-
ing their condition and in adding more or less
expensive boiterments. lu many cases, the in-
teriore of houses havo beeu reniodeled, the walls
being stripped to the bare brick and lath. In
many other cases, fronts have been taken out,
stories have been raised with the aid« of jack-
screws, and an entirely new exterior appearance
given to buildings. In a few instances, these
alterations have extende.l so fai- as to obliterate
every visible vestige of the original building, ex-