Columbia University Libraries Digital Collections: The Real Estate Record

Please note: this text may be incomplete. For more information about this OCR, view About OCR text.

The Record and GuidE. January 12, 1884 Morningside Park is completed the property immediately adjacent, both above and below, ought to be very des'rabie for residences, and will com¬ mand a high figure, if, iu the meantime, there are no tenement houses, stables or nuisances erected thereupon. The Southern Pacific and Its Future. "I have returned to New York to stay," said William M, Lent to tho writer. " I have bought a house on Fifth avenue, and my family will soon join me from San Francisco." "What is the matter with San Francisco, Mr. Lent; is it not thriving'?' " Never in any former period bas it increased in population and wealth so largely. Tbe mining fever seems to have subsided, for a while, at least, hut the three great factors which are adding so much to tbe wealth and importance of the City of theiGoiden Gate are grain, grapes and fruit. The wharves of the city are thronged with drays conveying grain and other agi'icTiltural products to fill tbe vessels loading at the docks. Tbe city is stretching westward to tbe Pacific Ocean, which, with the aid of the cable-cnrs, is now within a half an hour's ride of the business part of San Francisco. By the way," continued Mr. Lent, " you ought to have that cable system in New Tork. It is in every way superior to tbe horse- cars. It it the most comfortable mode of transit and much swifter than horse-power," " Then, why are you leaving San Francisco?" " Well, New Tork is the great centre. It is the headquarters for all tbe enterprise of the country. There is not much for an idle man like myself to do in San Francisco, My old associates in mining matters are scattered. The Palace Hotel looks gloomy to was it was in the old times, and even the once crowded billiard room has lost its attraction. So I have rented my house there to Mr. Flood, and propose to end my days with my family in tbe metropolis. There is one point that struck me in my recent trip across the Continent, which may probably interest tbe readers of The Record and Gdide, I came to New York by way of the Southern Pacific route; that is, through Southern California, Arizona, New Mexico, Texas, and then by the Missouri Pacific and Wabash systems to New York. There is only half a day's difference as compared in time with tbe Central and Union Pacific routes, but tbe journey is a far more comfortable one, I waa amazed at the enormous business of the Southern Pacific. Every train seemed crowded, the freight cars weie endless, and eve^y depot was a scene of great activity. I was particularly impressed by the substan¬ tial improvements taking place in Texas. All the roads seem to be doing an unusually large business, I think people make a mistake pay¬ ing so much attention to the northern regions when such a spL^ndid country is open for settlement like that along the line of tbe Southern Pacific Road and its connections South and East, It produces everything that can be grown in a northern climate, and in addition cotton, fruit and^grapCE, Its advantages for cattle grazing and sheep breeding are ever so much superior, as there are no long winters in which it is necessary to shelter stock." " I recall," said tbe writer, "an liiterview with you in The itBCOHD ahd (jDiDBin 1882, in,which you predicted'tnt.t ITnion Pacific and Centraj Pacific stock was destined to fall off very greatly in value. Indeed, you thought these roads might yet be abandoned by their owners and turned over to tbe government for thedebts due the latter." " Yes," was the reply. " I recollect that interview was published very widely, especially in the Californian papers, and I was criticised therefor, but if I bad gone short of the stock at that time, and remained short, I woidd have made a great deal of money. At the date of that intei view Union Pacific was selling at 117, and Central Pacific in the nineties. See where they are now." " Do you still bold tbe same view V "Substantially," was tbe reply. "The Union Pacific has since been paralleledito Salt Lake City by tbe Denver &.Rio Grande, and a new com pauy bas, I bear, been organized which will build east, from Oakland to a pass in tbe Sierra Nevada, where it will run through the Bodie region and the best mineral section of Nevada, and join a mad building west from Salt Lake, thus paralleling tbe Central Pacific and running through a far finer section of country. As the stock and bonded debt will be much smaller than tbat of the Central and Union Pacific roads, the latter will suffer very greatly. By the way, I may say here that I think, on public grounds, the United States government should allow the Southern Pacific the 15,000,000 acres of land in dispute. It is tbe interest of the railroads to sell to actual settlers. They want to populate tbe country and develop its business, so as to help tbe bonds and stocks of their roads. If the govern¬ ment retains tbe land it will get into the bands of speculators, who will not Improve it, bnt will make artificial desert; of the region through which the railroad passes. There has been a good deal of unmerited abuse heaped upon Messrs. Stanford, Croker, Huntington and the other owners of the Southern Pacific system, but I say they are public-spirited citizens, who will be held in high esteem when tbey have passed away, for tbe good work they have done. They have constructed great systems of railways through regions tbat needed development; they have discouraged specula¬ tion in land, but have always favored actual settlers. Tbey have spent large sums in developing the great grape industries of California, and to Mr. Stanford must be accorded tbe particular credit of organizing a street- cable service for San Francisco, which puts that city ahead of New York in the matter of inter-mural travel. The Ulster & Delaware Railroad Co. wanted some of Mr, Frederick W. Gross' land for railroad purposes, and made him an offer, which he did not take; so commissioners were appointed, and then the railroad claimed that as tbey bad made Mr. Gross a bftter offer beforehand than he ulti¬ mately received from tbe commissioners, he must pay the costs, but the Supreme Court, after hearing Mr, Wm, Lounsberry in behalf of Mr, Gross, decided that aa the constitution provides that private property cannot be sken without just compensation, the expense of taking it can never be charged against tho person whose property is taken. For example it nftght happen that the land taken would not be worth more than tbe ex¬ penses of the commissioners; and if the owner of the property had to pay these, he would get nothingat all for his land, and whenever he is made to pay such expenses be fails to receive just compensation to that extent. The Real Estate Exchange. At a recent meeting oC the directors of the Real Estate Exchange and Auction Room (Limited) the following resolutions were proposed: Resolved, That a committee be appointed, composed of stockholders of The Real Estate Exchange and Auction Room (Limited), which shall be knoTvn as tbe " Special Committee ou State and Local Legislation," Resolved, That to this Committee shall be confided the work of effecting such reforms in our laws as will relieve owners of really and taxpayers of unjust burdens imposed upon them. Resolved, That this Committee be requested to keep the following objects in view: I. Such amendments to our city charter as will give us a responsible and economicalgovernment. II. Such changes in our laws as will facilitate and cheapen the transfer of real estate, so tbat the owners of realty shall have the same advantages now possessed by owner.-i of personal property, III. Such amendments to the laws as will increase the construction of safe and durable buildings and at the same time protect the health of the community by wise and sanitary regulations. Tbe object, which it was hoped would be effected by the above resolu¬ tions, would be to utilize tbe large and infiuential membership of tbe Ex¬ change in procuring needed changes in the laws looking towards better local government, and a reform in our land laws. It is hoped tbat after a definite plan has been agreed upon that negotiations should be opened with all tbe leading clubs of tbe metropolis as well as the various real estate and reform organizations to help all measures looking to responsible govern¬ ment and reform in the laws affecting real estate. It is understood that a sufficient number of signatures has been secured to authorize the purchase of tbe site in Liberty street, which will be completed during the com¬ ing week, when a call for 30 per cent, of the subscription will be made to meet the first installment which will be due February lOtb, Is There Water in the Cellar? Mrs. Greenman bought a house from Mr. Watkins, and the evidence showed that the latter told her that there had never been any water in the cellar before the time when she bought it: tbat the water there then was in consequence of a freshet in tbe river. Mrs.[G. proposed to go around and enquire among the neighbors about it, but Mr. W. persuaded her not to, telling her there was no use of tbat, that he bad knov?n the place as long as the neighbors, and that he would not lie to her; and she took his word for this. There was also evidence that water had been in tbe cellar before. So the Court set aside tbe deed onthegroundof fraud, and let her free from her purchase, and the General Term of tbe Supreme Court, Third Depart¬ ment, has lately affirmed that judgment in ber favor, Mr. A. P, Smith appearing as her counsel. We imagine that such suits might often be brought successfully. A Neiv Gas. It appears that the processes whereby light and beat can be obtained have not yet been exhausted. A new gas, made of petroleum, has now b en discovered. Mr. W. Jennings Demorest, who greatly ^interests him¬ self in new inventions, stated to a reporter of The Record and Guide that it can be supplied at half the price of ordinary gas—say for about one dollar per thousand feet—though the cost of production was of course much smaller, it gives a pure gas, free from smoke, and will not con¬ dense in the coldest atmosphere. It can be placed in every house, and does not require any main pipes or tearing up of the streets, as it is supplied from a easometer, in which it is compressed. It does not waste and gives a good clear light, quite equal, if not superior, to coal gas, Tbe gasometer can be placed in every house in the same spot where tbe meter now is. The new gas is also effective in producing heat. The machine for making it is quite simple and inexpensive. A thousand feet can be turned out in fifteen minutes or less by an easy process. The apparatus cocts about §100, and enables people to m^ke their own gas. It has been supplied to many bouses, where it ia working successfully. Obituary. John H. Harnett, the well-known real estate broker and auctioneer brother of Richard V. Harnett, died yesterday at 9.45 a.m. He had been sick for some time of peritonitis, which developed into pneumonia, which resulted fatally, M"-. Harnett was 5^ years old when he died. He left a wife, who was the daughter of Constantine Bossweg, of 5 Maiden lane, but no children. Mr, Harnett was an active business man in his day, and was once a candidate for Judge cf the Marine Court on the Democratic ticket. He was in the real estate business as an auctioneer for about a year. He will be buried on Sunday from his late residence on Sixtieth street. When the lawyers wake'up to the fact that it is to their interest to les¬ sen tbe trouble and expense on transferring titles to land, real estate own¬ ers may have some hope of soon obtaining relief. At the seventh annual meeting of the New York State Bar Association, which "was held at Al¬ bany last Tuesday, 8tb inst., among other interesting transactions there was adopted the following resolution, offered by Mr, JobnB, Pine of New York: Resolved, That the committee on law reform be requested to advocate, without delay, before the present Legislature, the passage of an act amending the acts in reference to tbe registration of titles and encum¬ brances of land, in accordance with the action of the asBociation at its last meeting. 1