Columbia University Libraries Digital Collections: The Real Estate Record

Real estate record and builders' guide: v. 33, no. 825: January 5, 1884

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January S< 1884 The Record and Guide. THE RECORD AND GUIDE. ^ 191 Broadway, N.Y. >^ vj TERMS: one; tear, iu advance, SIX DOLLARS. CommuTucationa should be addressed to 0. W. SWEET, 191 Broadway. J, T. LINDSET. Business Manager, JANUARY 5, 1884. During the past two months the subscription list of The Record AND GijiDE Jtas been very largely increased. We have not had so many additions to our regular readers since March, 1881. There is not, just now, any particular interest in real estate, hut The Record and Guide caters for other specialties equally important. The business depression is causing sv tpany failures that credits are being watched as never before; hence the importance to bankers and creditors of the information published in these columns. Then this paper is in demand in the " street" and in stocJe circles for its sane and candid fudgments as to the values of railway securities. We have been able to tell the truth toithout prejudice, and those who followed our advice have saved their money. For proof of this ive refer to our warnings for the last three years as to the danger of investing in Northern Pacific bonds and stock. Of course, the organization of a Real Estate Exchange ivill make The Record and Guide indispensable to all who ovm or deal in realty in New York or its neighborhood. Tliis will be an active year in real estate, though the market for the com¬ ing spring may be a declining one, in sympathy tvith the general condition of the trade of the country. If Mr, Villard has really lost all hia fortune, people who have not been injured by his management of their money will be disposed to think well of him. He carried through a great enterprise and if he sacrificed his own as well as his friends' means his judgment may be impugned but not his honfisty. But he will never amount tomuchin the "street" again. In that locality it is those who keep their money—not those who lose it—are treated with con- Bideration. The " Ticker " is still out of repair but its operator believes that January will not be so good a month for the bears as was Decem¬ ber. He said so during all of last month but he added that while prices might be better the bulls must not expect any boom. While the general outlook was not good a reaction from the late depres¬ sion was iu order. The Huntingtoa-Colton letters are painful reading. They show that the representatives of great corporations, such as Gould, Scott and Huntington, have for years been packing committees of Con¬ gress in corporation interests and bribing Representatives and Sen¬ ators, Such men are traitors to the Republic ; they are our most dangerous public enemies, but it must be confessed that the most disheartening sign of the times is the apathy of press and public in face of these startling disclosures. They seem to be taken as a matter of course. The Eamapo water scheme is said to be backed by ex-Mayor Cooper and Congressman Hewitt, It dees not seem practicable, however, and the Sinking Fund Commissioners would not be jus¬ tified in putting the city to the expense of taking water from Jer¬ sey, thirty miles away, when there is so much of it available in the North and East Rivers right at our doors. Fire Commissioner Pur- roy's scheme for utilizing the river and bay water in case of a great fire bas the merit of being inexpensive. He would use the two splendid fire tugs of the Fire Department, which could pump suffi¬ cient water into movable tanks to supply ail the available engines of the department. By all means let this simple and apparently efficient plan be tried. It will not, in any event, cost much. Ninety millions of dollars was paid out during the past year by the insurance companies to cover losses by fires. The total ex¬ penditure for offices, brokerage and losses on policies amounted to about $150,000,000- This is a clear loss to the nation and costs each of the ten million famihes of the United States fifteen dollars per ajmum. It is a favorite idea with some European statesmen, Glad¬ stone and Bismarck among others, that each nation should monop¬ olize its own fire and life insurance business. It would thus save salaries, costly buildings and premiums, and could fix such rates as to make it unprofitable for owners of dwellings and stores to bum do'ivn their holdings. Fully one-half the fires are the result of in¬ cendiarism. ----------«---------- Real Estate and Building, Past and Present. Iu accordance with our usual custom at this season of the year, we give herewith a series of tables showing the condition of the real estate market during the past as compared with previous years. The retrospect is, on the whole, satisfactory. Realty as these figures show has had no such setback as stocks and manufactured products. The following table gives the number of transfers, the amounts paid and the average price per conveyance since and including 1873. No. of Av'ge price Year, Cons. Amoimt paid. per con. 1873............................ 7,175 8H5,385,753 P0.a48 87 1874............................ 0,191 114,197.609 18.445 7S 187S .......................... 6.317 99,025,563 16.80185 1876.......................... 6,384 86.733,805 18,60185 1877............................ 6,17fl 71,469,285 11.666 49 1878........................... 6,0S9 64,119.187 10.685 12 1879........................ 8,969 85,563,913 9.539 97 1880........................... 9,588 111,666,636 11.646 45 1881............................ 11,678 !48,S19,490 13.692 18 1882............................ 9,975 170,764.163 17,119 21 1883............................ 9.60a 160.849,303 16,596 09 But the above does not include the Twenty-third and Twenty- fourth wards, in other words, the annexed district beyond the Har¬ lem, In 1882 compared with 1883 the Conveyances for the whole city vpere as follows: Conveyances. Consideration. 188S...................................... 11.043 $174,65-3,387 1883....................................... 11,040 165,192,848 It will be seen from the figures that while the number of Convey¬ ances was about the same, the money payments were less; the average price of each transaction fell off from $17,119.21 to $16,596,09, The following table gives the details for each month of the past two years: CONVBVANOES. lS8i. Convoys. Amount. Horn. aSd & 34tli W, Amount. Nom January...... 785 $13,970,648 190 103 $360,735 32 February..... 904 11.776,640 373 91 317.386 SI March......... 1,191 20.423,338 294 119 376,393 38 April.......... 1.471 19,690.346 340 133 537.989 23 May......... 1.139 18.435,884 283 98 189,606 28 June.......... 643 16,425,693 265 70 351,120 26 July.......... 6:56 10,653,602 174 78 816.383 19 August........ 467 8.211.630 194 61 167,570 17 September.... 542 10,681.996 114 75 342,390 37 October...... 669 13,843,300 177 78 836,386 18 November.... 688 11,535,859 183 87 202,615 27 December.... 841 15,346.233 237 75 500,591 31 Total...... 0.575 8170,764,163 2.724 1,067 $3,889,064 296 1883. January...... 886 $11,127,871 236 85 $147,895 23 February...... 738 13.441.441 183 106 3M,358 36 March........ 1.031 17,453,999 257 102 201.572 26 ipri!......... 1,134 18.360,878 360 101 383,793 38 May........... 1.008 16,982,321 806 127 329,769 87 June .......... b97 13,540.646 24S 128 474,276 89 July.......... 638 9.881.367 148 155 609,383 38 August........ 512 9.638.119 144 93 339.419 28 September.... 503 8,779.890 145 119 494,165 37 October...... 741 11,301.889 189 120 514.091 35 November..... 747 I.'i.379,937 210 128 285.C62 37 December...... 908 15,069,045 801 93 430,863 28 Total...... 9.692 $160,849,3C3 2,625 1,348 $4,343,545 368 UORTOAOES. Banks, 1882. Morts. Amount. 6 p. c. Amount. T, & I. Cos. Amount. January......... 657 $7,998,851 182 $2.31';,187 176 $2,555,550 February....... 94-2 8.660.903 269 3,395.518 173 2,655,000 March........... 1,017 13.686.536 374 4,314,08'2 189 8,394,406 April........... 1,184 10,605,846 369 3,411.9i0 154 2,58:,910 *May............ 1,079 16,966.139 315 3.669,501 188 8,713.530 tJune.......... 780 8,979,203 161 1.637.451 149 3,804,444 July ......... 784 9,880,619 243 2.41fs,618 129 4,958,368 August........ 664 6.443,995 280 1.9A643 111 2,225.960 September..... 643 7,335,357 151 2,101.755 125 2,937.600 October ..... MS 8.043,930 189 3,805,415 118 l.fl.-iS.KO November ... 896 11.6^3.796 251 3.407.4.S6 136 2.498.926 December....... 656 11.874,816 203 3,255,359 196 5,116.800 Total........ 10.515 $122,108,980 2.887 $34,594,904 1,844 $43,284,472 January 904 $11,083,156 832 $3,985,745 147 $4,995,183 February . .. . 712 8.066,272 270 3.935.862 147 3.132,900 March ..... 1,011 22.061.779 393 3,787,067 194 13,576,100 Anril ,,, . 1004 11,375.185 370 4.911.8:18 147 4,668.600 May .. 933 10,665.630 330 3.727,759 133 3,175,800 June , ... 957 10.604,813 241 4.849,310 183 8,848,490 Julv 728 8,88;,905 245 2,965,7^9 114 3,084,740 AuKUSt .,'. .... 611 8.:i38.52! 179 2,6.S5,667 117 3.448,100 September...... 638 7.439.125 179 1.966,094 114 3,057.910 October .... 757 8.815,389 253 2.875.399 121 3.^1,600 November....... 812 9,679.588 358 3,045,388 154 2,805.0.'0 December....... 799 9,017.043 379 3.200.632 123 3,5:7,350 Total........ 9,866 $135,878,305 8.318 $40,866,480 1,693 $51,937,022 ■ Includes Jtine Ist. t June 1 and 30 omltt«d. The large number of Conveyances for which there was only a nominal consideration will attract attention. It would seem to indicate that the total sum paid for real property was much larger than the figures given in the above table. But it must be borne in mind that in many cases the deeds recorded in the Registers office are misleading. Dishonest traders and speculators put in fictitious sums to sell out to ill-informed purchasers, or to secure loaugat exorbitant valuations. In many cases where the sale ia called nominal there is really no consideration, the property passiog from hand to band to conceal the name of the real borrower.