Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 30, no. 754: August 26, 1882

Text version:

Real Estate Record AND BUILDERS' GUIDE. Vol. XXX. NEW YOKE, SATURDAY, AUGUST 26, 1882. Nc. 75 i Published Weekly by The Real Estate Record Association TERMS: Oi\K YEAR, in advance ..... $6.00 Ucimuuaications should be addressed to C. W. SWEET, 191 Broadway. J. T. LINDSEY. Business Manager. If we elect a Mayor this fall who will recom¬ mend to the Legislature aud secure the passage of a bill allowing the Commissioners of the Sink¬ ing Fund to cancel and stop further payment of interest on all city stock and bonds purchased by the Commissioners for redemption of the city debt, the rate of taxation will be reduced fully 25-100, or about one-tenth of the total taxation, thereby reducing this heavy burden on property owners of the present decade, and increasing the value of their realty. This system of paying interest on a debt funded and paid off out of the city's revenues is very unwise, and is one that has long been abandoned by all sound financiers. It operates very much in the same manner as in the case of a man pay¬ ing his note, putting it in his pocket, and continu¬ ing to pay interest on the same instead of destroy¬ ing it. < t >---------------- It will be remembered that we recently reported in our news column the sale, by Mr. William H' Vanderbilt, of the three-story brick house No. 5 Bowling Green, on private terms, the price, however, we now learn was $110,000, at which figure it was not dear. In this connection, it may be of interest to recall the fact that this property was sold at auction on February 13th, 1821, to Samuel War