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Real Estate Record
AND BUILDERS' GUIDE,
NEW TORK, SATUEDAT, SEPTEMBER 24,1881.
Published Weekly by Tlie
Real EstateKecord Association!
ONE TEAR, iB advance.....$6.00
Communications should be addressed to
C. W. SWEET, 13T Broadway.]
J. T. LINDSEY. Business Manager.
The oMcial record of conveyances and!
mortgages of last week shows an increase!
over the week before. For the week endingj
September 21st the record is as follows:
[parks in the Twenty-third and Twenty-fourth!
IWards. It is absurd to talk about a popular 1
JNew York park on Staten Island. A!
mleasure ground without carriages is entirely!
[impracticable, and how could people get twos
[or three miles in from the Narrows withl
[their teams from the upper part of Newt
[York island. Mr. Sedley suggests a tunnelj
[under New York bay, but that is even al
[wilder proposition than having a park on|
involved, inal. |
Mort- Am't, No,, Five Am't, No,toT,& Am't.
gages, involved, per ct,'involved. Ins, Cos. involved,!
149 $1,159,231 29 $235,631 28 $464,450j
Broadway property holders profess to be]
afraid of the underground railway scheme,]
and are taking steps to prevent the building!
of any tunnel under that thoroughfare. We]
have|,never believed that the uadergroundj
tunnel scheme would ever amount to any¬
thing. The cost of construction would bej
something enormous, and peoj^le would not!
travel through a hole when they can take]
elevated, open air cars, Broadway prop¬
erty holders in the past have managed very]
successfully to drive off the retail business]
from that street. Any kind of an under¬
ground road would benefit them, a factf
which they do not seem to understand.
The stock market has been reasonably'
strong since the death of President Garfield
It is idle to make any predictions as to the:
course of the market until the policy of the
administration is made known. Gigantic
speculations are under way in grain, cotton
and petroleum. No doubt other products of
human labor will in their tvirn be marked up,
in price. It is the old story over again, first;
stocks, then general merchandise and labor,
and if the parallel holds good, real estate'
last of all. We have got cotton, grain and
petroleum so high that they cannot be ex-^
ported, and hence gold has stopped coming!
this way, which is a very bad sign. People^
who feel like investing in stocks would do;
well to be careful; but there is no doubt at
all about real estate.
Mr. Henry Sedley, a former editorial
writer on the Times and Evening Post, wants
the city of New York to buy a park on
Staten Island. He says, very truly, that
just now the land is cheap, while the situ a
tion is picturesque and the views of the
ocean and bay are very flne. The native
trees are magnificent; beautiful lakes abound,
and the natural advantages are everything'
that could be desired. It is hard to say in
what direction New York may spread in a
hundred years time, but certainly there wiE-
be very few persons to second Mr. Sedley's
proposition. If we are to have more breath
ing spaces, we must utUize Blackwell's
sland, and perhaps lay out two or three
The beginning of a new administration is'
|a matter of serious moment to all who own
|or deal in realty. A President bent on an
agressive foreign policy, or one who had|
[some financial hobby to ride, say for in-J
stance such as Greenbackism, might so steer
the ship of state as to get it among the]
rocks. In other words, the policy of any ad
ministration directly affects values, and!
Ihence the interest owners in real estate have,
|in every change in the government.
The new President is one of our own citi¬
zens ; while lacking in legislative experi
ence he is a man of marked executive facul-j
Ity. His administration of the Custom'
[House left nothing to ba desired, while hisi
ability as a party manager and judge of men]
lis universally conceded. The halls of Con¬
gress are not the best school for executive]
officers. The ability to make a speech or
[take part in a debate, is very different from
[the faculty which makes a man a good judge
of other men. This is President Arthur's
strong point; whatever policy he has in
view, he will undoubtedly be able to carry j
President Arthur does not impress anyone]
[as being a sensational official. He is politic
land secretive in his methods, he will have
good advisers and will undoubtedly endea-j
!vor to advance the prosperity of the country,
[Fortunately the debt has been refunded,
and the most serious task of the Treasury]
Department accomplished. Should the newi
administration put a stop to further sales of
|governm.ent bonds, it would have a benefi¬
cial effect upon the other interests of the
.country. The government being constantly
in the market to buy its own obligations,]
bur national bonds have been held at abnor
[mally high figures, and the price of money]
has been artificially cheapened. While the!
old high rates for money will never come:
back permanently, it is not credible that in
a new country where so much has to be;
done in the way of improvement, money}
[should not be worth more than $% P^^ cent
On the whole, the outlook is promising so!
if ar as the new administration is concerned
ocean, fringed with magnificent beaches, at
[their very doors, as New York has. The
Londoner or the Parisian is forced to depend
upon the vacant spaces provided him by the
municipalities. But the New Yorker in one
hour can get to Coney Island or Rockaway,
and he has fifty miles of coast to chose from
on which to spend his seaside holiday. In
fact, the New Yorker has twenty places for
recreation up the North River or along the
Sound, where the Londoner or Parisian has
one. When Morningside, Mount Morris and
the park at Highbridge are completed, New
[York, at least the upper portion of this
island, will be pretty weU fixed for pleasure
BUILDING AND PRICES.
The architects, or at least some of them,
'are talking bearishly about building schemes.
They think prices too high, and report anun-
|WilIingness among investors to engage in
new enterprises until the price of labor and
bricks is lower. It is probably true that we
have been overdoing the building of houses,
not only in New York, but all over the
[country; and the consequence has been a
material advance in labor in certain depart¬
ments, such as bricklayers, masons and an en¬
hancement in the price of bricks, lumber and
other building material. But notwithstand¬
ing the apparently excessive building, rents
are advancing everywhere. There are per¬
haps more houses in the market for sale than
the public care to buy just now, but there
are not enough houses to rent. But the
'architects are not to blame for their bear¬
ish talk; this is the dull time in the yeat
for them even in the briskest seasons, and
their interest is on the side of lower prices
;in labor and material. If they succeed in
talking down quotations they will make
[building business aU the brisker by and bye.
It is not, however, reasonable to expect
any serious set back in the pirice of labor and
material. The volume of our currency is
steadily increasing; we have nearly doubled
[the circulation of gold, silver and paper
[since January, 1879, and every month shows
new additions to the circulating medium.
There were exceptional reasons for the ad¬
vance in bricks last summer, but the higher
price of labor will make every purchasable
[commodity dearer. The laborer has an ex¬
cuse for his additional wages in view of the
increased cost of living. The prices of flour,
vegetables and rent have all advanced, and
the laborer, to make both ends meet, must
!get more wages. Hence we do not look for
any reduction either in the price of labor or
[in the manufactured articles on which labor
A leading morning journal has been de-
|voting a good deal of space to proving that|
iNew York is far behind London, Paris andj
[other European capitals in park room, and!
[the flgures it gives are conclusive on that!
fpoint. But New York does not need so!
Imuch park room, because of her more f avor^
Sable position as compared with Paris and!
iLondon. These latter cities have no great!
The Public, the editor of which is supposed
jto hold intimate relations with Jay Gould
land his friends, says in its issue of Septem-
Iber 22d :
A few months ago, Mr. Gould was predicting
[a great panic—such a collapse as few men in the
[street had ever seen. It has not come as yet, and
[he seems to have changed his mind. Now the
|men who then sneered at him are repeating the
ame gloomy predictions. They also have