Real  Estate   Record





AND BUILDERS' GUIDE.





YoL. XXYI.





NEW YOBK, SATURDAY, OCTOBER 16, 1880.





No. 657





Published Weekly by

C^^ Heal €shh Herar& %ssacmtian.

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

C.   W.   SVITEET.
No. 137 Broadway





We do not wish to be understood as en¬
dorsing the views of Mr. D. G. Croly,
an intei'view with whom, on the i)olitical
situation, will be found elsewhere. The
Real Estate Record has no political ends
to serve, but as politics and parties in their
larger aspects affect the business relations
of the country, we make no excuse for occa¬
sionally commenting uijon public affairs,
or for giving the views of writers who have
made the politics of the country a study.
The pending Presidential election has inter¬
fered with the business interests of the
nation, but after matters are settled in
November we expect to see a wholesome
activity in all branches of trade, and the
commencement of a decidedly upward
movement in real estate which is not likely
to culminate, we judge, for several years to
come.





CHEAP MONEY AND ITS CONSE¬
QUENCES.

The most extraordinary phenomenon of
the market is the factthat, right in the heart
of the business season, with the trade of the
country enlarged beyond precedent, with
new and tempting enterprises calling for
new capital, that money should be quoted at
2}4 per cent. We have cheap money usually
in mid-summer and mid-winter, when trade
is stagnant, there are no crops to move and
no new enterprises which call for the em¬
ployment of capital. But it puzzles the
wisest head to account for the present ease
in the money market. It cannot be the in¬
flux of gold from Europe—that we had last
year, iu even greater quantities. But, then,
money was very dear. It li'^as not because
of the non-employment of capital; for com¬
mercial operations are very active. It is,
however, true there is very little speculation;
and the transactions on the Stock Exchange
for the past month have been exceptionally
light

But, how is this to affect prices, finally ?

It will create inordinate speculation, in the
near future. Unnaturally cheap money, in
good times, is certain to result in the blowing
up of speculative bubbles. It is sure to go
into stocks ; but, after they become inflated,
the redundant money is used over again, in
novel enterprises of all kinds ; but, finally, it
affects real estate. With the political prob¬
lem solved, the future can be readily fore¬





told—fir.sti a buoyant stock market, then a
general rise in prices and, finally, what is
vulgarly called a "booni" in real estate.
There is no realty which goes begging in or
near New York, to-day. It is strongly held;
and when speculative investors come along^
well located, vacant property will jump fif¬
teen, thirty, even fifty per cent.

There is no cloud in the sky, so far as the
volume of our currency is concerned. The
amount of our greenback cun-ency is fixed
by law. A rise in the rate of interest will
take away from national banks all tempta¬
tion to throw up their currency. While, so
long as specie payments are maintained, we
have coin, or available for coinage, $550,-
000,000 of gold and silver bullion. In 18"7,
there was not more than f 15 per capita of
money in circulation. At present, there is
probably $35 per capita ; and, so long as we
draw from Europe, while retaining our own
bullion, the amount of available money is
constantly increasing.





RAPID TRANSIT IN BROOKLYN.

According to all appearances property
owners in Brooklyn, especially those along
Fulton street and Myrtle avenue, are about
to adopt as their own the policy that con¬
trolled the Sixth avenue property holders of
this city when the Elevated Road was pro¬
jected but not yet built. Whether they will
be more successful in their opposition to the
projected Fulton street Elevated Road than
the Sixth avenue property owners have
been, depends a great deal upon the manner
in which they organize that opposition, and
in this respect, as well as in others, they
have the advantage of being able to avoid
the errors tliat miscarried the plans of the
New York owners. Not that the latter, as a
mass, have to-day any valid reasons for un¬
derrating the value of their property as
compai'ed with the figures of the period
when rapid transit was stiU a thing of the
future, but their main object was originally
to keep that avenue free and clear of aU
obstructions. In this they failed, signally
failed, simply owing to the lack of proper
organization. The horse car company relied
upon the property owners for attending to
the aggressive opposition work, and the
OAvners in turn relied upon the influence
and work of the horse car company. What
was everybody's business, as usual, became
nobody's business, and even when after the
first legislative and judicial defeats of the
sm-face company, the property owners saw
the necessity for more active co-operation,
only two or three of them put their hands in
their pockets to defray the necessary legal
expenses, not enough even to make a show
in the courts.    Whatever success has been





obtained subsequently as to progi-ess made
in regard to prosj)ective damages, is due
simply to the dogged determination of oue
or two Fifty-third street owners. This New
York lesson should be taken to heart by
our Brooklyn friends, if they mean to keep
Fulton street and Myrtle avenue at all clear
of an elevated road. Capital can fight cap¬
ital if ijroperly organized, but the burden
should not all be placed upon the shoulders
of one or two men. Not that we advise
this opposition at all, for, after having a
thorough exchange of views on the subject,
it may be considered advantageous to owners
to have an elevated road even in a tortuous
thoroughfare like Fulton street. Only what¬
ever be the decision arrived at, let all property
owners share in the j)reliminary discussion,
and also share in the responsibihty of what¬
ever action may be taken subsequently. At
the same time it is well for j)roperty owners
to understand fully the points set forth by
the projectors of the road. They claim that
from Adams sti-eet Fulton street is generally
80 feet wide between the building lines, with
a roadway 42 feet wide, sidewalks about 19
feet wide, double track horse raUi-oads in the
roadway occupying 17 feet 2 inches, lea"\dng-
12 feet 4 inches between the tracks of the
horse railroads and the curb lines. Myrtle
avenue is generally 75 feet wide between
biiilding lines, with a roadway from 34 to 39
feet wide, double track horse railroad in the
roadway occuiDying 17 feet 2 inches, leaving
10 feet 9 inches to 9 feet 4 inches between
the rails and the curb lines. If the road
should be constructed on Fulton street and
Myrtle avenue according to the plans of the
Commissioners, the cars would run entirely
over the roadways, the southerly track
would be a little southerly from the centre
of the roadways, from 23 to 26 feet from the
building line and from 3 to 6 feet fronr the
southerly curb lines. This plan was recom¬
mended by the engineer and was found to be
less objectionable than any other plan sub¬
mitted or known to the Commissioners for
Hke streets, and if built will be oi)en to
less objection than any superstructure that
can well be erected for the purpose in
Fulton street and Myrtle avenue.

It must be admitted at the same time by
the owners of property throughout Brooklyn
that the introduction of rapid transit will
give life and activity to the real estate
market in that section of Long Island. New
York's experience ought to prove this, and
Brooklyn lots, that heretofore were un¬
marketable, wiU soon rise in the estimation
of investors, no matter whether the particu¬
lar owners of Fulton street property object
to the unsightly structure in the street or
not. It is the increased accommodation that
creates more travel, and more travel wil-