Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 11, no. 258: February 22, 1873

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/ ^ ECORD AND BUILDERS' GUIDE. Vol. XL NEW YORK, SATURDAY, FEBRUARY 22, 1873. No. 258. Published Weeklu bu TIÏE REAL ESTATE RECORD ASSOCIATION. TERMS. One year, in adv.anco......................$6 00 AU communications should be addressed to C. ^W. SW'TGICT'. [] 7 AND 9 WARRRX STRKKT. No receipt for money due the Rral Estate Record will be acknswledged unless signed bjf one of our regular coUector.s, Hknry D. S.MiTfl or Tko.m.\s P. Cuji.mings. AU bills for collection will be .sent from the office on a regu- larly printed form. It seems to be settled that the Republican party propose to take the reponsibility of pass¬ ing a city charter which wHl give them the bulk of the local patronage. Merely as an or¬ gan of the real estate interest of the city we are not disposed to quarrel with any party action taken by our State rulers. We are interested in good government, low taxes, and continued city improvements ; if we get thèse it is none of our business to carp at the party who does it. What we ïire concerned about is the lack of responsi¬ bility in the proposed charter, the failure to provide for an audit that will save the tax¬ payers, and the absence of any scheme of civil service reform. For ail minor positions we ought to hâve compétitive examinations and appoint¬ ments for life, the candidates in every case being the young men and women who graduate from the Free Collège and female normal school. This would lay the axe at the root of the- cor¬ ruption of our local politics, and the omission of ail référence to this important matter in the proposed charter is really disheartening. If the provision is retained which admits of an examinntion of the city books by any inter¬ ested citizen, it may be possible, after ail, to check unwise expenditure. There are many good provisions in the new charters, but the irresponsibility of the appoint- ing power is a fatal defect. Fkom facts given below it will be seen that notwithstanding the cry of dull times in gêne¬ rai business, no such claim can be made for the real estate market. The habit has become chronic with a certain class of men to report dull times on any and every occasion, taking their ideas from the amount of business trans¬ acted by them individuaUy. The reporters for the daily papers are governed entirely by the state of the auction market, and utterly ignore the large amount of recorded transactions which are the only true index to the market.. The total number of deeds recorded at the Register's 0ffi.ce diiring the inonitli of January, 1873, was 586, of which 37 were for nominal sums or quit claim deeds, and 549 represented the sum of $12,012,329 which changed owner- ship. The comparative sales for the year 1872 ajid 1873 are :— Total sales, month of Jan., 1873, 549 deeds.....§12,012,329 Same month, 18T2, 443 deeds.................. 7,039,390 Excess of sales 1873 over 1S72..................§4,972,939 A noticeable feature is the fact that real es" tate is drifting into stronger hands, the class of buyers being among the wealthiest of our capi¬ talists, men able to bùy and hold their property let come what will. The year 1872 was prolific of foreclcsure suits, by which many weak holders were closed out. So far this year the record of the number of foreclcsure suits filed shows a decrease, as compared with the year 1872. During the month of January, 1873, there were filed 79 foreclcsure suits, which shows a decrease of 10, when compared mth the number filed for the same month of 1872. Should the bUl now pending before the Législature, providing for the abolition of the tax on bonds and naortgages become a law, of which there is a fair prospect, there will be plenty of capital tfEering on real estate at low rates. Politicians, merchants, workingmen, and lawyers came together at the Rapid Transit meeting on Tuesday evening last, and heartily joined hands over the scheme as a municipal necessity. It was a healthy sign that in this "haggard epoch," when class divisions are be¬ coming daily more marked, the workingmen were represented by some of their noted speak¬ ers in that meeting. In response to a demand made by Col. Beeny that workingmen should be put on the commit¬ tee, some names were added from that class ; but several had aiready been mvited as speak¬ ers. One of them, Théodore Banks, made the important statement that one reason why he urged the eight-hour law so earnestly was that workingmen had to go twenty miles out of town at an expense of three or four hours of their time èvery day to get décent homes. The statement made by Mr. Abram S. Hewitt caused some of the millionnaires présent to prick up their ears, and had the effect of increas¬ ing their interest in a subject which aiready occupied a prominent position among their schemes. Mr. Hewitt said that New York city had, within the last year, lost the entire control of the cofEee trad°, which had been transferred to Baltimore, and that the tin-plate and other lines of business were rapidly gotug in the same direction. The trouble is that it costs so much money to handle goods in this city, and. therçi is so much delay in moving merchandi§e, that other cities like Boston, Philadelphie, and Balt timoré are enabled to compete successf ully in certain lines of business in which New York should hâve a monopoly. Business men of ail clas-es say that, comparatively, no money was made in this city during 1872. ïhe sugar, coffee, and tea trade were among the greatest sufferers. There are other reasons than those relating to transit to account for this, but ail unité in saying that it is a necessity with New York that some means should be devised for moving goods more cheaply, if this cityshaU continue to hold her commercial supremacy. ALBANY LETTEE. , Albany, February 20. A SCHEME for enlarging the municipality of New York by the annexation of Brooklyn|'and the suburban towns above Hnrlem riv^r is just now maturing. Bills hâve been introduced in the Législature providing for the appointment of commi:^sioners to pave the way for the an¬ nexation of Brooklyn; to annex Morrisania, West Farms, and Kng's Brilge on the Ist July U'xt; andlastly, to consolidate the New York County and municipal govemments. This is quite a grand scheme toward centralization, and bids fair to be successful, unless the taxpayers of Brooklyn and the towns on the Harlem river lose faith in the new reform. government of New York and elect to keep clear of future possible rings. Thus far the politiciens hâve not showi .1 very open hand, which is very wise on their par*; if they hâve any designs; The Westchester people are aiready beginning to pétition the Législature in favor of annexa¬ tion, and no remonstrance lias been heard from any quarter. But it will be easier to judge of the matter after a debate has taken place on some o.ie of the bills. Tl.us far they hâve re¬ mained untouched since the day they were in¬ troduced. It is not possible, at présent, to predict what is to come out of the pile of rapid transit bills now before the Législature. There are at least twenty schemes before the Senate and Assembly for their c nsideratior. No action whatever has been taken on any save one, the Pneumatie Tunnel. The Railroad Committee has reported in favor of allowing the company to build their tunnel under Broadway, provided they file a bond of at least $250,000, weU secured, as _a guaranty that they wiU not injure either public or private property, or that in case they do they will pay the damage x On Thursday last the committee of one hun¬ dred appointed at the meeting held at Cooper Institute to proceed to Albany to urge the pas¬ sage of the bill to provide rapid-transit as a municipal work had a hearing before the Sen¬ ate Committee. Mr. S. B. Church, General Sigel, Rev. Dr. Stoddard, and others made élo¬ quent statements in favor of the passage of this bill, to which the Senate Committee listened attentively, but promised nothing. If the Rapid Transit Association wouid secure thf, passage of this measure it must realize the fact that a heavy amount of work yet reniains to be done. [One large down-tow^i manufacturer of ladies' cloaks and mantillas stated that he had in his employ 300 operators whova. hë was com¬ pelled to allow quit work at five o'clock so that they would be able to irèach their homes at a reasonable hour. He must do this in order to keep 9, certain class of hands who otherwise