Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXIV.





NEW YOEK, SATUKDAY, NOVEMBER 22, 1879.





No. 700.





Published TVeekly by

E^t Seal Estate Secorb g^ssarmlxoit.

TERMS.
ONE YEAR, in advance....SIO.OO.
Communications should be addressed to

C.  \V.  SWEET.

Nos. 135 AND 137 Broadw.w





THE METROPOLIS OF THE NATION.
It is to be hoped that at the ajiproaching session
of Congress something will be done to restore to
New York the commerce of which she was so un¬
justly deprived during the war of the Rebellion.
In the era of sailing ships the United States had
more than her share of the carrying trade of the
world. This she lost partly through the civil
war, but mainly because of the substitution of
iron for wood in tho construction of ocean
steamers. AA'e have not been able to compete
with Great Britain in the building of new iron
steamships. Coal and iron were nearer tide water
on the Clyde than in Pennsylvania, and labor was
and is cheaper. Then the utilization of the tele¬
graph all over the world has rendered unneces¬
sary fully one-quarter ofthe fleet formerly used.
That is to say, the telegraph enabled the owners
of vessels to order cargos aud time shipinents in
such a way as to keep their fleets in all parts of
the world constantly employed. But now the in¬
creasing commerce of the world is demanding
new steamships, and the Congress of the United
States should see to it that New York city and
other At? antic ports have their share of the com¬
merce of the world. This can only be done by
the same kind of encouragement to long distance
steamship lines as has been extended by tho
governments of France, England and Germany
to the foreign commerce of their respective
countries. In other words, the mail service must
be utilized to encourage American lines ruuning
to all important sea ports throughout the world.
It is intolerable that all the profits from our im¬
mense exports and imports should be reaped by
foreign shippei-s—by owners of vessels which
bear the flags of other nations. New York is
doing very well even \\itliout shipping of its own,
but it is easy to see how vast the extension would
be of our wealth and commercial connections if
the government were to help foster the commerce
of the country with other nations. This is a
matter vitally affecting the real estate interests
of this city. AVe have lost a great part of
our jobbing trade, ship building is no longer a
business for this port, but we have gained in
other respects, especially as a financial centre.
But what is particulary needed is some fostering
of the foreign commerce o£ the country, which
would at once make itself felt in the demand for
improved facilities in New York harbor and in
the increase of population on the shores of the
East aud Hudson Rivers. Audmovements should
also bo commenced for the union of New York
with Brooklyn. We are substantially one city,
with a common interest and destin3'-. This addi¬
tion to our territory would give dignity to the





municipal positions now held in such light esteem.
To be a Mayor or Alderman of the Metropolis
would be to achieve honors higher than the
Governor or legislators at Albany. AVe could
then hope that so much attention would be given
to our local politics as to insure us against the
almost criminal waste and misgovernment to
which we have been subjected in the past.
Let our citizens then urge the consolidation of
New York and Brooklyn upon the legislators at
Albany during the coming winter, and at the
same time let us have petitions^without number
sent to A\''ashiiigton to induce our national legis¬
lators to foster the shipping interest and the
foreign commerce to the Atlantic ports. All this
is in the interest not only of real estate but of the
growth and grandeur of the metropolis.





GREAT ENTERPRISES.

The "booms" which are taking place in the
stock market and iu general business threaten to
have an outcome which is characteristically
American. AVe have a " big " country which is
traversed by mighty rivers and endless chains of
lofty mountains; we have had a gigantic civil
war, and everything done on this continent by the
American people bears the impress of largeness
of magnitude ; we have had a very severe panic
and now we are in the middle of a prosperous era
of business. Gigantic schemes .involving great
suras of money are even now incubating. It is
said the Comstock lode is to be bought up aud
put upon the market as one vast property ; the
Mississippi is to be leveed from New Orleans to
the Ohio ; our railway system is becoming unified
under the management of a few great railway
speculatoi-s ; tho Nicaraugua ship canal is to be
constructed, the company doing the work having
General Grant for its President; the present enor¬
mous stock speculation is to be followed by im¬
mense speculative activity in all business, and
finally the "boom" will reach real estate, putting
the price of realty at figures never known before
in our history. There is a mining speculation
already very well under way, which will be more
widespread and create more excitement than did
•the petroleum mania of 1865. There will be heavy
losses, but the final result will be the great de¬
velopment of our mining industries, not only of
gold and silver but coal, iron, copper, lead and all
the other minerals known to industrial art.

It will be well to keep in mind the fact that we
ai-e about to engage as a nation in gigantic enter¬
prises involving vast sums of money, and hence it
follows that we must not expect to see an easy
money market for several years to come. This
feverish impetuosity and desire for doing things
on a large scale is characteristic of the American,
and we are about to see in the business of the
world a development unparalleled in the history
of mankind. America to-day is but a puny
nation to what it will bo in one short decade.
AA''ithin twenty years we are convinced that lioth
Canada and Mexico will be incorporated into the
Union, New York will be the great money centre
of the world, and America the scene of as much
industrial activity as is at jiresent witnessed in
Europe. Those of a speculative turn of mind
would do well to get into the big and good things
•?vhi<;h ars about to be put upon tbe market.





TRAPS FOR THE UNAA'^ARY.

Persons who think of purchasing unimproved
Jiroperty on the north and west side of the Cen¬
tral Park, would do well to find out what assess¬
ments are coming due. It is not enough that the
record at the time of sale is clear; there are ijuite
a number of suspended charges \vhich may come
upon newly sold property at any time. The as¬
sessments have been so heavy, and, we may add,
so dishonest during the last ten years, that the
authorities have taken the liberty of not confirm¬
ing them until the market price of real estate
would begin to rise. Purchasers of Boulevard
property should not rest satisfied with a clear tax
receipt, but should find out whether the sewer
assessment has yet been levied. These sewer as¬
sessments, by the way, were generally swindles
of the worst kind—a thousand dollars a lot being
charged in some instances for building an ordi¬
nary sewer in front of the property.

The writer remembers conversing with a well-
known ex-ofiicial, on this point. Since his re¬
tirement from office, the ex-oflicial has amused
himself by purchasing real estate, and he has
been very successful, so far, but he soon dis¬
covered the peril inve-stors ran of having to pay
unconfirmed assessments. Said he " my famili¬
arity with city affairs gave me a decided ad¬
vantage over other purchasers, and I knew that
in the Assessors' office information could be pro¬
cured respecting improvements, for which the
cost had not yet been levied. For instance, a
person buys a lot on the Boulevard. He sees that
it is curbed, guttered and sewered, and that there
are no charges against the property on the books,
and he concludes that his purchase money is all
he will have to pay. But I learned to my dismay,
in several cases, that there were suspended as¬
sessments which were liable to be levied on seve-
x-al of my purchases. I bought some river front
property on Thirteenth avenue, and paid what I
considered a fair price. The proj)erty was sold
by the Corporation of the City of New York.
Nothing was said of assessments, but I learned
subsequently, that some six thousand dollars was
due the city, but had not yet been levied. I im¬
mediately went to my lawyer to see if I could
not get the contract broken, and I should certain¬
ly have sold as soon as jiossible, only we found
that in a sale of a similar kind by the Corpora¬
tion of the City of Rochester, the Court held that
the city was liable for the improvements, as it
failed to state on the day of the sale, that there
were any liens against the property." "It fol¬
lows," continued the ex-official, "that under this
decision, the City of New York is prohibited from
demanding the suspended assessments upon the
Thirteenth avenue property."

Undoubtedly the city will be saddled with a
great many of these assessments due to inform¬
ality, and really the city should pay for the value
of all improvements which are not made known
to the public at time of sale. It is too bad that
investors should be caught by what looks like a
trick on the part of the ci.ty government. The
authorities do not like to confirm the assessments
for they know that in nine ca.ses out of ten the
bill for the work done has been excessive or
fraudulent. The Board of Public AVorks, pre-
fiou* to  thd 'present; tnanageroent,    Has   boeo