Real  Estate   Record





AND BUILDERS' GUIDE.





Vol. XXX.





NEW YOEK, SATUEDAT, SEPTEMBEE 23, 1882.





N-. 758





Published Weekly by The

Real Estate Record Association

TERMS:
ONE YEAE, In advance  -----   $6.00

Commimications should be addressed to

C. W. SWEET, 191 Broadway.

J. T. LINDSEY. Busmess Manager.





In a short time The Real Estate Record will take
a new departure. The time has come, in the opinion
of its owner, when the real estate interests can sup¬
port a representative occupying a wider field than this
paper has filled during the fifteen years of its exist¬
ence. The favor with which the Becoed has been re¬
ceived and the steady growth in its business and cir¬
culation gives its proprietor assurance that it will be
generously sustained in the new and important field
it will hereafter occupy. Several new departments
will be added to this paper, while it will also have its
say upon such matters as interest the public at large,
but subscribers may rest assured that none of the old
specialties will be neglected. The real estate and
building interests will be faithfully attended to, and
all the difiCerence to our patrons will be a much better
and more costly paper, covering a larger field and
dealing with topics of general interest. Next week we
shall probably have a more definite announcement to
make.





was met by his veto. Were it not for
him a new aqueduct would now be under
way, and street cars would be running on
Forty-second street, on the west side, and in
other localities where they are needed. The
candidates on tie opposing tickets for gov¬
ernor are men of character and ability, and
with either of them New York would prob¬
ably fare better than if Alonzo B. Cornell
had been renominated and re-elected.





to believe that the growth of New York will
be greater in the future than the past de¬
cade.





The list of conveyances for the week end¬
ing September 2l8t, compared with the cor¬
responding week of last year, show somewhat
fewer transactions, though the consideration
iu the aggregate is larger. The official
record of mortgages, also, shows that busi¬
ness continues apparently dull, but as these
entries at the Register's office represent the
transactions for three or four weeks back
they do not tell the whole story. Our " Out
Among the Builders" and "Gossip" depart¬
ments, as well as the plans filed at the
Bureau of New Buildings, shows that the
activity expected this fall has commenced.
Indeed, there is every likelihood that the
real estate market will be more active this
than during any previous fall since the time
of the paper money inflation speculation.
The following is the official record :

CONA'EYANCES.

1881
Sepc. 15 to





Still,   no  "boom"   in the stock market.
The wiseacres are attributing the inertness
of the market to the manipulations of Jay
Gould,  Russell Sage  and   their followers,
but surely it is much more reasonable to ac¬
count for the dullness of the market to the
employment of the money of investors in
the general business of the country, especi¬
ally in moving the immense crops.   If our
readers will re-peruse an article in the Real
Estate Record of September 2d, they will
find there the. reasons which would seem to
point to a dull market until some time in
November.   There is alway s a contraction of
loans for stock speculative purposes between
the middle of August and the first of No¬
vember.   Last year it   amounted to fully
$30,000,000, but this shrinkage was offset by
the importation of gold from Europe.   This
year there is no likelihood of any puch im¬
portation,  and hence the full effect of the
money shrinkage is now being experienced
in Wall street.   This attributing every rise
and fall in the market to individual opera¬
tors is very common but very erroneous.
The really great operator is one who follows
the market and does not attempt to force it
up or down against the laws which govern
the financial world.   The future is all right.
In a general way the market is a bull one,
and those who operate from now until next
May on the long side will be pretty sure to
make money.   Of course, there are the possi¬
ble accidents to be kept in mind.  The break¬
down of a favorite secui-ity. the unexpected
rottenness of some great corporation, the
exceptional tightness of money might bring
on a short-lived panic, but even in the event
of such a catastrophe, the prices would re¬
act to higher figures than ever.





Not only are new school houses needed,
but New York wants at least half a dozen
new hotels. There is room for a ho?telry as
much finer than the Palace Hotel of San
Francisco as that edifice is superior to any
hotel in New York. It is the metropolis of
the United States that should have the great¬
est building of the kind in the world. What
is especially needed is hotels for the busi¬
ness people in the lower part of the city.
Merchants, jobbers and mercantile agents
want to be near the large stores and not far
from the places of amusement, and hence it
has been found recently that the hotels below
Twenty-third street have done relatively the
best business. New York is n*iiw abundantly
supplied with theatres, but she wants more
hotel accommodations'.





2i, mclusive.

Number.................              Ill

Amoimt involved........  $1,381,992

No. nonunal.............              aO

N o. 23d and 24th Wards..              itj

Amount involved........       .f 45,928

No. nominal.............               6

MORTGAGES.

Number................            149

Amount involved........   81,159,231

No. ats per cent.........              a9

Amouni, involved........     $235,681

No. to Banks, Trust and

Ins. Co.'s...............              28

Amount involved.......    |461,450





1882.

Sept. 15 to

21, inclusive.

104

$1,758,008

a3

19

$35,945

4

125

$1,105,018

29

$350,250

16
$254,500





The fact that Governor Cornell was free
with his vetoes and that he was antagonized
by Jay Gould made him popular with a
large section of the voters of this state, but
owners of realty, interested in New York city
property, are quite reconciled to his tempor¬
ary retirement from political life. Every
improvement intended to benefit NewYork





New York needs more school houses. The
Board of Estimates has not dealt fairly by
the Board of Education. The latter has re¬
peatedly asked for authority to build new
school houses where they were needed, but
the other board has evaded the demand by
reducing all the appropriations in gross with¬
out specifying items. This has resulted to
the partial stoppage of the work of erecting
new school buildings, so that the accommo¬
dations for the children have not by any
means kept pace with the marvelous growth
of our population within the last three years.
Such buildings as have been erected are on the
lower part of the Island, but proper provision
has not been made for the large increase of
school children in the up-town wards. There
should be commenced at once fuUy seven
new school houses, for there is every reason





REFORM  IN   OUR  LAND   LAW.
The address of Mr. Dwight H. Olmstead
on the proposed reform in the transfer of
titles of real estate deals with a subject of
vital importance to owners of realty.   We
publish the lecture of Mr. Olmstead before
the  Bar  Association   of   this   State,   and
though lengthy our readers will find it of
exceptional interest.   The startling fact ap'
pears that there has been no. such thing as a
thorough search in titles in the city of New
York for the past twenty years—in other
words, the lawyers who furnish abstracts of
titles for their clients are forced to depend
upon  the  accuracy   and  honesty   of   the
searchers  in  the  Register's   office,   whose
records are their own private property, over
which neither   the   city nor the property
holders, nor the Register himself,  has any
control.    Our recording system has in fact
broken down and must be reformed.    The
Bar Association of the city, the Chamber of
Commerce, the West Side Association, and
other organizations have all agreed as to the
peril of our present system and the necessity
for a radical change.   Mr. Olmstead very
pertinently asks why a reform may not be
effected by which real may be made to as¬
similate   to personal property.     In   other
words, he pleads that the law may be so
changed as to promote the transfer of titles
in real  estate as cheaply, as expeditiously
and as surely as transfers   of stocks   and
bonds.    He sees no reason why, in the na¬
ture of things, an investor should not buy a
house with the same ease and economy of
time and money as he could buy a hundred
shares of stock.   It seems that in New Zea¬
land this feat can  be  accomplished.    He
thinks that it can and will be done some
time in New York.   Mr. Olmstead argues,
and with reason, that the result would be of
immense benefit to real estate.  Titles would
become  negotiable   and vast   addition be
made to the active capital of the country,
Land titles and mortgages could  then be
used as collaterals in banks, and would pass
^ from hand to hand as readily as stocks do