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Real estate record and builders' guide: v. 12, no. 291: October 11, 1873

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Estate Record AND BUILDERS' GUIDE. Vol. XIL NEW YOEK, SATUEDAY, OCTOBEE 11, 1873. No. 291 Published Weekly by m REAL ESTATE REiJORD ASSOCIATION. TERMS. One year, in advance...........$8 00 All communications should be addressed to C. "W. S'WEiET, Whitino BniLPiNo, 345 and 347 Broadway. CBOAS£BS TO THE B£AB. In these times of temporary financial de¬ rangement, one reads and hears a great deal of nonsense as to what should be done by the Government, the banks, and the public to pre¬ vent the further spread of the commercial disorder. Some advise unlimited inflation of the currency, others counsel immediate con¬ traction, and again others wish for the pillars of tlie financial edifice to come down, that all may be buried under the ruined temple. It strikes us, however—and in expressing this view we repeat the views of the calmest, ablest capitalists in New York—that the people ot this couutry, and they alone, can either stop a panic—for panic it is, senseless and with¬ out cause—at once, or they can continue it and ruin all the values in the land. If confi¬ dence is restored at once, there is an end to disaster; if the want of it continues much longer no one can tell the end. What we mean by confidence is, that the people shall keep their money in the banks and return that which they, in a moment of panic, drew out. This is the more important now in 1873 than it was in 1857. Then coin—gold and silver- was the circulating medium of the country; I to-day, paper—legal tender, if you please—rep- i resents that coin of 1857 as a circulating me- | dium. Now, if this is all taken away from the I banks and hoarded in corners or old stockings, ; what banks in the world can do business ? In '[ the wealthiest country on the face of the globe i no banks could do business if all deposits i were withdrawn, and certainly not in the I United States, where we have not an over- I plus of cash wealth. Confidence, credit, is i and always has been in this country the great¬ est capital. , It has built up this vast country, it has built its cities and villages, it has dug its canals, and laid its vast system of railroads. Its grand inland works have all been built on credit, which is but another word for confi¬ dence. There never has been, nor is there now, sufficient cash capital to carry.out all en¬ terprises, both great and small. Nor is it nec¬ essary. The resources of the coimtry are enor- pious; the thrift and energy of our people im¬ mense; our grain, our cotton, our coal, our iron, our gold, simply enormous; and these are the most abundant collaterals for a people who, by increased civilization on the one side, m^ increased ewigratios o» tbe pt^er, Ijecp^ie, j year after year, more skillful in delving out ! their resources, in taking advantage of them, I and in bringing them to tke markets of the world. What has been done in the past has been done simply on the strength of these collaterals, and with tlie credit obtained upon j them the countiy has been made what it is. Cash capital could never have done it. Credit capital did. The very war which some people , mistakenly think has been the source of all I our trouble could never have been fought j successfully without that confidence or with- 1 out that credit. And whatever excesses were then committed financially by the emergency : ofthe occasion have been remedied, and can be still further remedied if the people of this country will only bear in mind that they must not strike at the foundation of this country's prosperity—confidence, which as we said above, is but another word for credit. Of course, head-long processes of credit is not what we urge. Wise and temperate manage¬ ment of the credit system so essentially nec¬ essary to the country is what we need. True, here and there it may have been carried too far. But who among us with a clear insight into the country's future does not see that all ; these great railroad enterprises are magnificent ' and immense undertakings ? We may say all i we like about Jay Cooke and the Northern I Pacific, but the time will surely come when the Northern Pacific and all other Pacific roads will be acknowledged, even by the croakers of to-day, to be a source of pride and profit to this countiy. There are gentlemen in Wall Street to-day who have seen the man that built the Hudson River Railroad carried to his grave overburdened with care and anxi¬ ety. Look at it to-day! And bo may Jay Cooke go from among us, overburdened by a heavier financial load than he can carry; but his enterprise stands, and will forever stand unless the maniacs of our day tear up the rails and set fire to the stations along the line. And it is just that which will happen unless the nonsensical panic—which means ground¬ less fear—is arrested, and that without de¬ lay. This is no land for panic-mongers; we must not overleap ourselves—no man should; but we have the right and title to an ample credit from the nations of the earth, and must use it as capital to bring all our resources into play. This we must continue to do, and must show ourselves worthy of that credit by continuing to have confidence, in our own well-tried banking institutions—one at least of which will, on Monday next, by greenback payments show itself worthy. With these views deeply impressed upon our readers, and as we said before they are the views of the best men of New York, there need be no fear as to tU§ future. MEGHANIOS'LIENS. NEW YORK. Oct. 1 BowERT (No. 83), E. s. Louis Hoffmeister and Frank Hersten agt. Alexander C. Wice.......... 150 00 2 Cherry st. (Nos. 69 and 71), s. s. Patrick Corbett agt. Charles Kelly 13 75 3 Clinton pl. (No. 83), n. s. Z. . Parish Wheeler agt. J. B. Young and R. N. Woodworth............ 600 80 8 Eighth av., s. w. cor. 47th st. Edward Breisacher agt. Adolph „ .^J^evy............................. 200 00 4 Fourth av., e. s., Lexington av., w. 6., 68th to 69th st, block. Ed¬ ward F. McCabe agt. Board of Ed¬ ucation .......................... 12 75 3 Forty-seventh st. (No. 5M W.), 8. 3., com. 425 w. 10th ar. Jacob Wick agt. John Ebel............. 500 00 4 First av. (No. 356), e. s., cor. 21st St. Thos. P. Galligan agt. Eichard O'Brien.......................... in qo 4 Fifty-fifth st. (No. 312 E.), s. s., com. 175 e. 12th av. E. McGuin- ness and D. Reilly agt. Mr. Hobua 375 00 6 Same property. John McLough- lln agt. August Hobein........... 75 00 6 Fifty-ninth st. (No. 57 E.), n. s. Matthew Gorman agt. Mrs. A. 0. , „^ost............................. 49 00 6 Same property. John Bulman agt. same........................ 37 00 6 Fifthav.,s.E.COR.50thST. Jambs Johnston agt. George Kemp...... 2,040 41 8 First av., w. s., extd'g from 42d to 43d St. Albert Schier agt. John Doe.............................. 16 50 8 Fiftieth st. (Nos. 404 and 406 W.), 8. 8. Michael Croghan agt. Mar¬ tin Karl.......................... 100 00 8 Forty-first st. (Nos. 440 to 448 W.), 8. 8. Same agt. Carl Wilhelm 750 00 3 Greenwich st. (No. 316), w. s. W. H. H. Childs et al. agt. George „ ., Starr.,........................... 133 39 7 Lexington av. (No. 318), w. s. W. W. Hull agt. J. D. Secor......... 151 00 9 One Hundred and Twenty-second St., n. 8.. 62 e. 3d av., extd'g 43. James Black & Son agt. George „ ^Jons............................. 13000 9 One Hundred and Twentieth st., 8. B., 275 e. 2d av., extd'g 54. Frank Gulm agt. Jane Coar....... 169 00 6 Seventh av., n. e. cor. 26th st., 50x100. Richard Newcombe agt. Maria Stoessel.................... 788 00 g Twenty-second st. (No. 7 E.)... ) Twenty-third st, (No. 6 E.).....j John MuUer agt. Mr. Kury....... 35 00 8 Thirty-ninth st. (No. 438 W.), s. 3. (Cont'n.) Michael Croghan agt. John Becker___................. 200 00 KINGS COUNTY. Oct. 1 Fulton av., s. e. cob. Brooklyn av., 100x100. Jeremiah Hackett agt, Wm. Diuyea, E. T. Hatch, and Isaac Badeau................ $1,300 75 4 Same property. Sasie agt. same . . 1,375 00 2 Jefferson st., s. s., 340.e. Howard av., 80x100,4houses. Charles W. . Comins agt. Charles Blackmore and John Erickson.... w......... 190 00 6 Twentieth st., n. s., 165 s. 5th av., 26x100. W. W. Burton agt. Jas. Barry........................ 90 00 3 Twenty-sixth st., s. s^ 250 w. 5th . aY.,.25xlQ0.2. Jacob Walters agt. John Douglas^............,.,,,.. 129 OQ