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698 The Real Estate Record July 9, 1881 Macy's, Stem's, and other popular houses further down town would be neglected by up-town and out-of-town people, if they could be accommodated with the goods they need in the neighborhood of this fine square. Nothing is more certain than that a surface, as well as an elevated road, will be buUt be¬ tween the Forty-second street Grand Central Depot and the North River. Ferries will bring their tens of thousands to the foot of Forty-second street. The popularity of the Windsor Hotel, as an evening re.eort for bankers and brokers, is an evidence that there is a vast retail trade in that section of the city, which is now ac¬ commodated further down town. The real estate authority, whose views we giveabove, may be mistakt^n; but it does seem as if the residence population of Ne^v York of the i-icher kind is drifting above Forty-second street, and that below that point boarding houses and stores are taking the place of the fashionable private house. ^ - ^ — CITY VALUATIONS The foUi >wiiig is the valuation of real property in New York city, upon which the taxes are to be assessed The table deserves to be scanned very cnrefully, as showing the locations in which property is getting the rao.st valuable. The First Ward, it will be noticed, shows an increased v aluation of iieai-ly two million. This, we appreheiiil, is loss than it should be. Next year ought to show an increase of three million; but of course it is in The Twelfth Ward that the great st advance in vaiues is seen. Seven-eighths of the new buiMiiigs are probably in that and the 22d Ward. The old loth Ward, once hoi ling more rich people than any other in the city, is the only one which shows a decrease. The very small increase in the ainiexed district is worthy of remark; but matters will be brav(^ly altered in the 2od and ii4th Wards as soon as the suburban railways are being built. But here are the figui-es: Ward. 18S0. 1881. Increase. 1.............. S.-)3,I>5(!..5-J(j Sr)4.!)0(i,10G $1,840,040 •2................ 28,10r..ri)0 28.3!)8.3()0 •.e!i-2.440 ■4............... 3H,8ir.!);ei) 34.04-.>,.500 2;J4..580 4 ........... .. 12.(iO.").91.T 12,C,38,235 28.5'<0 o................ 3S.!U'.).2.-)i) 3'1.144,C.OO 19.-).35(l ()............. 21,81-2,l.oO 21.828.250 10.100 7............. l.-j.iiai.O.'jO 1.5.0'<4,0."0 .■>3,<100 8............... S.'i. 127.412 3.5,335,542 20K,100. 0................ 2(i.!)22..570 27,090.050 108,080 10................ 17,130.240 17,107.275 31.0.35 11 ............ 15,8:W.470 15.89«,770 04,300 12............... 74.922..580 &5,573.039 10,6.50.4.59 13................ 9 742.340 9,787,a50 45.500 14................ 22:493.4.57 22,714.937 221.480 15................ 51,418,800 ,51,398,920 *—'■----- 16................ 34.000.450 .34.174..o00 174.0.50 17................ 32,70.3,480 .32,912,800 209,320 18 ............... 09.342.450 70.947.7^ l.e0o,:M0 19............... 1.38,.544,905 152,30.3,375 1-3,758,410 20............... 38..591.150 39.270.2.50 679.100 21 .............. 76.023,800 77.194,250 .570,450 22............... 71.986.340 74.086.475 2,700,135 23................ 13,478.300 1.3.8,36,000 .3.57,700 24................ 9,42.3,6a5 9,.504.765 81,080 Totals....... 8942,571,190 §970,745,199 $34,183,949 * $19,940 decrease. * The following is the valuation of personal estate for 1880 an'; 1881, with the increase : Resident.......... $133,.502.710 §138,013,030 $5,110,320 Non-resident...... 12,089,7:^0 12,175,475 t5,75a Shareholders of banks.......... 55,001,607 58,424,394 2,822,787 Totals......... 5201,194 037 $269 212,899 $8,018,802 Total real and per sonale.state. ... 1,143,705,227 1,185,9'(8,098 42,202,811 Decrease in 15th ward real estate ................ 19,940 Net increase of real and personal estate. ,. $42,182,871 The tax levy for the year 1881 has been fixed by the Board of Estimate and Apportionment at $31,351,322.59. This is reduced by the proceeds of the general fund, $1,500,000, to $29,854,323.59. The latter sum is the amount to be raised by tax¬ ation on the valuations presented above. The demand for cottages in Saratoga has been unusually brisk this season, due doubtless to the moi'e moderate demands of the landlords. Large and elegant residences let for from $1,000 to $i,000 for the summer. MINING INFORMATION. A great many questions come to us as to which mining stocks are a good purchase. Our general advice is to leave mining stocks alone. In nine cases out of ten the investor either loses his money outright, or impairs his capital. The price of other securities than mining are affected by the general state of the country, by the abundance or deficiency of the crops, the tightness or ease of tbe money mai-ket, or the fiscal policy of the Government. But mining shares are not subject to these general considerations. A mine is either good or bad, and its exact condition is only known to its officers, and at times they are mis- tiken. Persons who wish to dabble in mines should carefully watch the market and invest only in those securities %vhich pay regular divi¬ dends, and which are not u^anipulated by Call-, fornia or Colorado sharps. The mining columns of all oui- papers are conducted in the inti-'rest of the adventurers, geiier.ally without any reference to the investor. The concern which pays the most liberally gets the best notice without refer¬ ence to the condition of the property. This de¬ partment of The Real Estate Record is not conducted • in 1 hat principal. We represent the purchasing public, and hence our aidvice has gen¬ erally been to avoid dealing in mining shares. Old Dominion Copper, it is said, is to be listed next month on the regular Stock Exchange. A movement is under way, it is said, to make New York the copper centre, and have tho dealings in the copper mining shares here instead of in Bos¬ ton. Old Dom nion started at $3, subscription, is now selling at $12." 0 and is stronglv held. Its friends claim the stock as valualde as Calumet and Hecla. It is said that Osceola, which adjoins the last mentioned mine, has developed into an enormous property, as promising as its great neighbor. The collapse of the Ea.st Indian gold mine bub¬ ble on the London Stock Exchange will, it is be¬ lieved, again discredit mining ventures in Great Britain. The history of this bubble is a curious one. The ledge in which the mine was situated was owned by the bankrupt Glasgow Bank. Some of the specimens assayed verv high, where¬ upon the stock jumped from 10 to liO. A costly mill was put up, and in the first nineteen tons of ore there were only two ounces of gold, where¬ upon the sh;ires fell from 60 to 25. It now seems that all the active New York brokei-s in tne American and New York mining boards have been so seriously crippled by the failure of the State line speculation, that the bulk of them would break if their creditors were not merciful. The California operator who manipulated the State Line deal, is said to have made $»,300,000. The worst feature of the case is that the properties dealt in by this Boreel Building magnate never recover after he gets through with them. First it was Hukill and Freeland. then Chrysolite, Little Chief, and the otber Leadville properties, then the State Line mines, but the money he makes, not out of the mines, but out of the public, is always put in some new venture. Several Mexican mines have been pitched upon to swindle the next set of fools. When the State Line mines were first brought to public notice, we warned the mining boards not to touch them, as nobody ever made any money by dealing in the shares manipulated by the California operator. A deal is under way in Central Arizona. The operators are daring and unscrupulous, and the mine has just sufficient merit to make its stock respond readily to favorable reports. EXHIBITION OP BUILDING MATERIALS. The exhibition of any kind of incombustible varnish, manufactured at the approaching exhi¬ bition, to be held in Boston, during the Septem¬ ber or October next, is highly desirable. This exhibition ought to be made as instructive and comprehensive as possible. Architects should take an active interest in this project, and ronder all the assistance in their power to make it a success MISREPRESENTING RENTS. The case of Sulzer vs. Wolff, recently tried in the Marine Court, is one of more than passing interest to real estate brokers, as well as to all persons who propose investing in improved realty. In the above case the defendant represented to the plaintiff that the f<>ur-story flat house No. 306 East soth street was rented at the rate of $1,500 per annum, and upon this represt^ntation the plaintiff agreed to purchase the above- described premises, paying $200 down to bind the contract. Before the completion of the transac¬ tion the plaintiff discovered that the property was only rented for about $1,300 per annum, and refused to pay the balance of the purchase money in addition to bringing suit for the $'^00 already paid on account. The case was fully argued before the jury and Judge Goepp, and resulted in the plaintiff getting a verdict for the $200, with interest and S1.5o..50 for costs, etc , Lorenz Zeller, of Benner & Zeller, appearing for the plaintiff. The practice of overstating rentals to pros¬ pective pui'chasers is becoming a serious matter, and sellers would do well to keep this case in mmd. One of the most common of these devices is making out the receipts for rents for a much larger sum than that actually paid, and when the would-be purchaser goes to view the premises, these receipts are produced as proof of the rental the property retui-ns. Such practices cannot be too strongly con¬ demned, for if they were condoned they would bring discredit upon the real estate bu.siness, and would tend to drive timid investors out of the market. In the present case, already quoted, we are glad to state that the defendant was not a real estate broker, but a clergyman, who perhaps might plead that he did not know the necessity of the absolute accuracy of all statements made in business transaitions. Wall street is a singular combination of sagacity and stupidity, and not a week passes but this condition of things is illustrated by the figures at which certain stocks are bought and sold. For instance, here i.i Consolidation Coal selling at about 41, a company which was the very last of the coal properties to stop paying dividends dur¬ ing the depression of 187(>, and the very first to resume paying them when the coal companies began doing better. It will pay this year four per cent., probably five per cent., is managed by the Baltimore & Ohio people, has an output now of 2,000 tons per day of the best bituminous coal to be found anywhere, audit is almost^a certainty that within twelve months it will have such direct communication with New York city through a new railway to be built, that it will double the value of this property. This stock ought to-day to be selling for at least 65 to 70, and is cheap at that. Notice is given by the Commissioners of the Department of Taxes and Assessments that the assessment rolls of real and personal estate for the year 1881 have been finally completed, and have been delivered to the Board of Aldermen. They will be open for public inspection for a period of fifteen days from July Sth. THE ASSESSMENT COMMISSION. The Commission met on Thursday and transacted the following business: In the matter of Charles T.,aughran for grading and regulating Fifty-first street, between Sixth and Sev¬ enth avenues, testimony was introduced for the peti¬ tioner showing that a larger quantity of rock had been paid for than had been excavated, as shown by pre¬ vious surveys. On this latter point. Mr. Serrell was examined at length. The cross-examination of this witness will be concluded at the next meeting of the Commission. The Sherwood matter, involving the regulating grading, and macadamizing of Sixth and Seventh avenues, north of One Hundred and Tenth street, in which the testimony was all taken, and the case closed, was reopened at the requestor the Corporation Counsel in order to allow important testimony for the city to be introduced. The matter of Isaac and Simon Bernheimer, as to the assessment for the Manhattan^sti-eet outlet sewer wa