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Real estate record and builders' guide: v. 29, no. 729: March 4, 1882

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Re.al Estate Record AND BUILDERS' GUIDE. Vol. XXIX. NEW TOKK, SATUEDAY, MARCH 4, 1882. No. 729 Published Weekly by The Real Estate Record Association TERMS: ONE TEAR, in advance.....$6.00 Communications should be addressed to e. W. SWEET, 13T Broadway J. T. LINDSEY, Business Manager. - The pressure on our columns is very great this week, and there is every indication of a very active market for the next three months, but large as is to-day's paper, we probably will be forced to issue as large, if not a larger one, frequently during the coming season. Regular subscribers of The Real Estate Record, who keep it on file at their ofQces, complain that they are besieged by non-bubscribers who consult the paper frequently. There might be some excuse for this practice when The Record charged $10 a year; but now that it can be procured for $6 a year, and the times are good, there is no excuse for not subscribing by those to whom it is indispensable. 4.s any one can see, there is a great deal of work on this paper, and it is a very costly one to publish. The real estate in¬ terest, itself, has very little patronage to give to a trade paper. It is from other interests that profits are made on its pubhcation. Subscribers wha keep files, should, in justice to us, discourage- the perusal of this publication by dealers and others who must see it, but want to avoid paying for it. --------*-*-*-------- WHAT THE MONTHS SHOW. The following table tells its own story. On looking over the figures, the investor can see at a glance the real estate operations of the past six months. It will be noticed that the month of February shows more transactions in the way of conveyances and mortgages than any of the previous five months. The activity in the Twenty-third and Twenty - fourth Wards is especially noticeable. From these figures it is fair to assume that the month of March will show far heavier transactions than February, while it is a safe prediction to make that the transactions which will be recorded in April will exceed in number and amount those of any month since 1873. These figures are misleading only in one way; the deeds re¬ corded in February show the transactions of January, as it takes nearly a month between the sale and its record in the Register's office. 23d & Am't. Nom. 24th W. Am't. nom. t,937.7_44 103 59 $218,061 12 1881. Cons. Sept. 389 Oct. 619 Nov. 876 Dec. 719 1882. Jan. 785 Feb. . 904 8.624,824 169 18,464,964 225 14,459.915 226 75 "331.560 23 103 353,565 19 72 190,010 10 13,970,643 190 103 260,735 22 11,776,640 273 91 317|386 31 T. & 1881. Morts. A'mt. .5 p c Am't. I. Co. Am't Sept. 497 $4,329,012 96 $1,261,881 89 $1,848,250 Oct. 793 6,071,026 134 1,332,181 141 2,095,125 Nov. 954 12,315,113 208 2,556,695 166 5,303.073 Dec. 856 10,177,582 153 1,931,891 183 3112.304 1882. ' Jan. 857 7,998,851 188 2,217,187 176 2,555,550 Feb. 942 3,660,902 269 3,295,518 173 2,655,000 -----«----- The spring husiness in reality opens auspi¬ ciously. As will be seen by the list of con¬ veyances and mortgages given elsewhere, the number of transactions has suddenly and largely increased. The Exchange rooms on a good salesday are now thronged as they have not been before in years. The bidding is spirited, and all business property com¬ mands splendid prices. Eeally well-located residences are never sold at a sacrifice on the Exchange. It is remarkable that while stocks, bonds, grain, cotton, and provisions are all depressed and large dealers are losing money, real estate alone is buoyant and seems to have a f utuve. There has been no boom in real estate, and therefore there is no reaction to be feared. THE PROSPECT. There is no hope for the bulls in the stock market until one of three things occurs. First, some legislation by Congress that would inflate the currency or make money abnormally easy; second, an agreement by the Paris Monetary Conference in April, to es¬ tablish bi-metalism throughout the civilized world; third, a magnificent crop. As for Congressional action, there does not seem any present prospect that any financial legis¬ lation can be devised that will help the market, and if it should, it would be prompt¬ ly opposed by the present Secretary of the Treasury and would be vetoed by President Arthur. The administration now in power represents the Eastern money lending and not the Western money borrowing interests; so Congress cannot be depended upon to help in a bull campaign. Should bi-metalism be established, that of course would mean the addition of all the silver in the world to all the gold, as a basis for commercial transac¬ tions ; this would inevitably result in an ad¬ vance in prices in every commodity made or used by man. But then, should the mone¬ tary conference come to this agreement, it would have to be endorsed by the nations who sent representatives to it, and this would be a work of time, so the bulls can get but little immediate comfort from that source. Everything would seem to depend upon the third factor in the case, to wit, a magnificent crop, which would give us an unusually large surplus to send abroad. Should that blessing be vouchsafed us, then would next fall see the greatest speculative excitement the United States has known since the paper money era. Should the weather be propitious from this time forth, there will be planted the greatest acreage for every kind of crop since the beginning of the government. The high prices and the deficient crop of last year will be incentives to the growth of very large crops next summer and fall. The new railways west of the Mississippi and the large immigration have opened up immense areas of agricultural country and if the weather does not go against us, our trans¬ portation lines will have a business that will tax their capacity to the utmost. In that case we will see the revival of the specula¬ tion of the last three years, but in vastly greater proportions. Affairs abroad are somewhat mixed. A great European war is among the possibili¬ ties of the future. Should an outbreak occur, it would probably see France and Russia arrayed against Germany and Aus¬ tria. This would necessarily involve other nations again and Europe \irould become a vast battle-field. The first effects of such a war would be to depress our industries. Gold would be shipped to Europe in large quantities and there might be a panic in our stock market; but ultimately we would profit by the misfortunes of our neighbors over the water. We would sell immense quantities of breadstuffs and provisions to the combatants, and our workshops would be employed in supplying war material. Then, our trade would profit. As for New York, the outlook is fair enough. While Congress will do nothing to help the bulls in stocks, there is every dis¬ position to foster the commerce of the coun¬ try. Something will be done to subsidize American steamship lines, which of course will help New York. The new navy to be constructed cannot but benefit this city A war in Europe would increase the com¬ mercial importance of .this port. Then, should we have a great crop this fall, the boom in New York realty cannot be much longer delayed. PROPOSED NEW BUILDINGS. The annexed table shows the building plans filed at the Department of Buildings for January and February during the last two years. It will be noticed there are more buildings this year than last year, and that the amount of money it is proposed to spend will be larger. It will be noticed that there has been a decrease in the number of projected buildings east of the Central Park, l)ut an increase in the region between Four¬ teenth and Fifty-ninth streets: comparative table op new buildings. 1881. 1882. Number plans filed January ............... 54 February .................. 60 buildings projected January...........146 February.......... 135 - - - 20 17 " " " south 14th St., Jan, Feb. " " '• bet Wth & 59th sts., Jan. 12 '• " " " Feb. 19 bet 59th &lS5th sts., w Sth av., Jan. 1 Feb. 9 " " " bet 59th & 125th sts., e Sthav., Jan. 104 " " " " Feb. 63 " " " bet 110th & 125th sts, Sth & Sth avs. Jan. 1 Feb. 0 " " " in23d&24thWrds, Jan. 1 " Feb. 19 1881. Estimated cost, January......... $3,006,000 " " February........ 1,559,266 67 97 127 168 11 31 33 40 10 27 1883. $1,747,886 2,305,250 Work on the new Grand Opera House and Goelet's Hotel on the comer of Thirty-second street and Broadway is shortly to be stopped, owing to the high price of material and the demands of the laborers. It seems the stone¬ cutters, who work barely nine hours a day, intend to demand $4.50 a day after the Ist of April. As soon as the foundations of the Opera House are laid work will stop, and will not be resumed until such time as material decreases in price and the demands of the stonecutters and laborers are not so L exorbitant. As regards the Opera House, it