Estate Record
AND BUILDERS^ GUIDE.
Vol. SXIX.
NEW YORK, SATURDAY, FEBRUARY 1], 1882.
No. 726
Published Weekly by Tlie
Real Estate Record Association
TERMS:
©XE YEAR, in advauce.....$6.00
Communications should be addressed to
C. W. SWEET, 13T Broadway.
J. T. LINDSEY'Business Manager.
Subscribers who wish files can procure them at this
office. Those holding six months papers for sale at
75 cents; for a whole year, $1. The Eeal Estate
Record is a paper that should be filed, as the infor¬
mation it contains is often valuable many years after
its publication.
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The prosperity of a trade paper is often
but a reflex of the industries or business it
represents. It must interest real estate
dealers to know that The Real Estate
Record never had so large a business as
during the last two months, making allow¬
ance for the season. Tlie increase of our
subscription list is surprisingly large. For
every one subscriber in January and Febru-
aiy of last year, we have had four new ones
this year, and the promise now is that by the
first of May, our list will be three times; as
large as in any previous period in the history
of this paper. The fact is not only is the
city growing, but the interest in real estate
is increasing, and people who are on the
lookout for chances to make money know
that realty is sure to have its speculative
season, in which those who purchase at
present figures will be able to make hand¬
some profits. We can boast of a subscrip¬
tion list which proportionately embraces
more rich men and business firms than any
other paper in this countiy, if not in the
world. It is gratifying to know that after
having been established for fifteen years, The
Real Estate Record should be so univer¬
sally commended for its accuracy, fulness of
news and discretion in discussions affecting
real estate and building interests.
The news from Europe is not reassuring.
After years of speculation and the creation
of unwholesome credit companies, prices-
iiave, collapsed, and a period of liquidation
has clearly set in, which will last for some
time. It follows, therefore, that for an in¬
definite period, there will be a check to con¬
sumption on the other side of the ocean.
Hence, it follows that cotton, grain and pro¬
visions will be slow of sale, and prices of all
other products should rule lower in all mar¬
kets of the world. This may help to increase
immigration to this country, and in time will
lead, to a European demand for our best
bonds and stocks, as there is really nothing
in Europe which pays so well as our first
class securities. Still the reflex action upon
our markets for the moment checks any
speculative feeling. Another result will
doubtless be in the flooding of our markets
with foreign goods. This, with our dimin¬
ished exports, may lead to a speedy resunip-
tioa of gold exports from this side. But
whatever happens, there can be no set back
n-the price of real estate. The immigration
keeps adding to our population, while the
increased imports swell the volume of our
trade.
BULLISH TALK.
Decidedly the temper of speculation for
the moment is bullish. The bears have been
covering their shorts for some time past and
an advance in prices is looked for. It is
argued with some plausibility that all the
conditions are favorable. The liquidation
in prices has proceeded so far that bed rock
has been reached. We not only know the
worst, but there are many hopeful symp¬
toms. This Avinter is a marked contrast to
the last one. Then the railroads in the West
were snowed in, and traffic was stopped for
weeks at a time. The larger returns for
this year are so much clear gain. Despite
the short crop the farmers have no cause of
complaint because of the prices they received
for what they did grow. The great specula¬
tion abroad having come to a head, tliere
will be less demand for money, and some of
the ndeased funds will probably be invested
in American securitic-s. TJien it is believed
that the Monetary Conference will establish
bi-metalisni throughout the world, wliich
cannot but help ju-ices. The shock given to
the country by the death of President Gar¬
field may have been in a business sense a
blessing in disguise, for it put a stop lo a
headlong speculation, ai d saved us from
any such disaster as the failure of any insti¬
tution that would correspond^ to the Union
Generale. Trade is on a more wholesome
basis because of the check given to specu¬
lation.
Then again, the railway war seems really
to be settled and on a basis far more lasting
and enduring than the former compact be¬
tween the transportaaon lines. Hereafter
all the money received from passengers as
well as freights is to be pooled and divided
according to a pre-arranged schedule. This
will put an effectual stop to rate cutting in
the future. Then, again, we have had just
such a winter as ought to give iis good crops
next summer. As we have tSn good crop
years to one bad crop year, people will
naturally be hopeful respecting the harvest
in July, August and September.,
These are some of the argunients used by
the bulls for advancing prices. It is a nota¬
ble circumstance that the trust companies
and savings banks have reduced the interest
upon their balances. They, for some reason,
believe that the money market will be easy.
The Government is a great force in the
market and it may keep down the rate for
money should the Senate Refunding Bill
pass the House. Then it is not to be dis¬
guised that the change in the State Depart¬
ment is satisfactory to the business men of
the country, There is no danger of any for¬
eign complication. President Arthur, also,
has.made a good impression. He seems de-.
termined to move cautiously, and not to
commit his administration to any policy
hurtful to the nation.
! If money is easy, stocks advance ; if the
prom,ise of the crops is good, it follows that
real estate will be in demand. There is no
danger of any great speculative boom in
Wall street, and if investors again come
into the market, it will be to purchase real
property.
And now another movement is on foot to
provide improved tenements for working
people. The motive is praiseworthy, but is
it not true that most of the efforts hereto¬
fore Miade for benefitting the working class¬
es in this waj^ have failed ? If our laborers
are well paid, a\ ill they not find tenements
adapted to their means and needs whicii
would be provided by house builders on busi¬
ness principles ? Suppose that through the
efforts of certain public spirited capitalists,
superior accommodations are afforded for
say five hundred families at low rates, this
does not benefit the entire working clas.<,
butit half pauperizes the more respectable
of them, and enters into a competition
which lowers the genei-al character of tlui
houses which the poor people patronize.
Landlords are iorced to reduce their rents,
and the accommodations they offer suffer
accordingly. The extension of our railway
and ferry system is what helps to improve
the tenement population ; fur, if not inter¬
fered Avith, capitalists will supply the right
kind of houses for working.people. If ac¬
cess can be had to cheap land, tliere will be
no excuse for living in the foulest sort of
rookeries.
Below will be found the comparative table
of Conveyances and Mortgages for the week
ending February Sth, 1882, compared with
the previous weeks of this year:
Week N.Y. Am't- No. No. 23,1 Am't No
end- City in- Nom- & 24th iu- noui-
ing. Cons, volved inal Wards, volved. inal
Jan. $ §
11 2-37 4.3.5G.8.5.'? .50 25 .57 444 '>
18 14:1 2,34.5.927 38 30 .%'8n iji
25 1151 3,007,011 37 19 sGtilO 4
Feb.
1 2i9 3,.343.n55 .52 2t 5io(,7 q
8 199 2,29.',092 70 Vi tIuoO 5
Week
end¬
ing.
Jan.
11
IS
25
Eel).
1
Mort¬
gag¬
es.
22!)
219
182
196
2l0
Am't. No.
in- Five
Tolved. perct.
2,367,001
1,872.001
1,836,577
58
26
40
Am't. No. to Am't
in- T. & in¬
volved InsCcs. volvei.
S S
7-07.G50 38 788.700
260.587 57 098,300
753,900 4J 6J9,0(;0
1.795,080 02
1,616.509 48
784,280
483,400
522.250
431,5 0
While we have had no Union Generale to
explode, we have had a mischievous specula¬
tion in the necessaries of life which is quito
as harmful. Taking advantage of last sum¬
mer's drought, speculators have been putting
up the prices of food and cotton to cxlrava-
gant figures. We have actually been im¬
porting cabbages, potatoes, beans and other
garden truck, when we had abundance in
the hands of speculators of our own homo
products. There is a promise of an early
spring, and already vegetables are coming
in from the Bermudas and the Gulf States,
Everything indicates a tumble in the prices
of wheat, corn and provisions, and this will
be good for every interest. Low prices for
.the necessaries of life create activity aud