E.Al Estate Record and Builders^ Guidk

E.AL ESTATE RECORD AND BUILDERS^ GUIDK ToL. XXIX. NEW YOEK, SATUEDAY, JANUAEY 28. 1882. N-. 724 Published Weekly by The of the market, but hereafter there will be It is surprising that something is not done blows to give as well as blows to take on to get rid of the one and two dollar bills. REAL ESTATE RECORD ASSOCIATION both sides. The situation lias materially Were they withdrawn, the silver dollar and TERBIS: changed, so far as the leadei"s are concerned. our small gold coins would immediately ONE YEAR, in advance ----- $6.00 Jay Gould, who had been trying to sustain become current in all the channels of the prices up to the beginning of the j-ear, is retail trade. Once established, a coin cur CoTcmimications should be addressed to now a pronounced bear : Avhile Vanderbilt, rency would help retain buUio" in the coun C. W. SWEET, 137 Broadway. having practically settled the railway war, try- when exchanges go against us. The J. T. LINDSEY'Business Manager. has thereby api^arently ranged himself on withdrawal of the small bills need not the bull side. Hereafter, the. war of rates involve contraction, as the amount cancelled Mr. William P. Esterbrook, Inspector of will not be a disturbing element, and doubt could be reissued in larger denominations. Buildings, lias drawn up an act amending less an advance would have been attempted The Monetary Conference will reassemble our building laws, which is to be presented during the past week were it not for the in Paris in April. Should an agreement as to the Legislature. There are many altera panic- on the Paris Bourse, which affected to the ratio between the metals be estab tions in the law, interesting, indeed of vital prices on the London Stock Exchange and lished, it would have an immediate effect importance, to architects and builders, and through it our money market. By many it upon prices the world over. The acknowl all affected would do well to get a copy of is believed that a severe pinch in money edgment that silver was a money metal side the proposed act at Inspector Esterbrook's would be a good thing, as it will break by side with gold, would not only enhance ofii®e. In view of the Grand street disaster up the bull pools in Chicago. There are but steady ijrices. It would be a practical and tlie Ring Theatre fire, the Legislature 120,000,000 bushels of grain Avhich must be admission of the silver of the world to the will be forced to do something to appease marketed before the next crop, and when it coined circulation of the world; this, of popular clamor. The danger is that the law begins to come forward it will give the trunk course, would enhance prices everywhere. will bp amended so as to make its provisions lines all they can do. But ilie contending That the Conference will come to some unnecessarily burdensome to builders and influences on the Stock Exchange are both understanding seems very ptobable, and the that there will be a waste of capital m con very strong, and like the "tug of Avar" United States, of course, will back it up sequence. Mr, Esterbrook has an excellent among the athletes, prices will be pulled by all necessar,y legislation. There is not reputation as a builder, himself, and the first one way and then another with great enough gold in the world to satisfy the -changes he recommends are enforced by the violence. It will be no market for the aver requirements of modern commerce, and fact that he has a thoroughly technical age outsider. Only those who have courage England and Germany have been especially knowledge of his profession. The Building or large means will be able to play the game embarrassed by the demands the United Department ought to be an indrpendent with any degree of success. The general States and Italy have made on their gold bureau; the Five Commissioners should have business of the country is not so active as it reserves. nothing to do with it. The Inspectors was, but this was to have been expected at The great trouble will be with the national should be appointed and removed by the this time of the year. banks. Should Congress attempt to inter Mayor; when that is done wa will know fere with their present privileges, it may who to blame wlien any great building dis- FINANCIAL LEGISLATION, lead to some such catastrophe as that which -aster occurs. Of the many schemes before Congress, occurred last February, But, apart from A New York real estate auctioneer, who there are none which look towards a con that, the evident disposition of the members •does a verj- large business, is under the traction of the currency. The correspondent is to promote speculation and to make things impression lliat the long expected boom in of a leading New York paper admits that a pleasant for their constituents. We allude real estate will take place this coming spring. proposition to repeal the Legal Tender Act to this matter because the fiscal legislation He says there will be lieavy sales and high would scarcely be entertained in either of the country directly effects prices in real prices within the next few months. Every House, which is not wonderful in view of estate as well as in all other purchaseable one in the trade will of course hope lie is the fact that it would render the future articles. We see nothing to permanently light in his prognostications; but it is almost very uncertain. Any catastrophe in trade, depress values, while legislation will in too soon to be very positive about what the in the absence of any legal tender provision, every way be on the side of the speculative market will be. There are a good many would inevitably bring about a fearful fall classes. transactions under way, the Real Estate Ex in prices, as the moment gold was at a pre change is thronged daily, bidding is spirited mium there would be a contraction to the Certain Brooklyn people who live in the and the prices for desirable property are extent of the gold and silver money afloat. Eastern District are anxious to have a park, good. As yet there are no evidences of any Congress seems intent ujjon utilizing the but Mayor Low is of opinion that while a unusual excitement in real estate circles. silver products of the country. There will park would be desirable, it is better to The city is growing in numbers very rapidly, be no repeal of the Coinage Act unless xiro- wait till the Brooklyn Bridge be completed. of that there is no doubt: this is shown by vision is made that any one who brings Brooklyn has suffered so much from assess the increased business of the street cars and bullion, either gold or silver, to the mint, ments for improvements, that no doubt the elevated roads and by the large number of can liave it coined at some. ratio to be fixed property owners will sympathize with the children that cannot find room in our schools. by the Government. A very popular scheme Mayor in his desire to save them from further But plans for new buildings do not as yet is to issue gold and silver notes based upon taxation. promise any great activity in the building- the actual deposit of bullion iu the Treasury, trade, and there is no unusual demand for This would at once render available every A real public interest has been created vacant lots. Still, we are liable at any time ounce of silver and gold in the country, not in the reform of our law.-, relating to the to see the beginning of any sharp investment used in the arts, for currency purposes. It transfers of real estate, Mr, Dwight H. in real property ; it has got to come, aud it will be a currency, too, which will be abso Olmstead's lecture on that subject has been cannot be long delayed. lutely secure, for every dollar afloat would widelj- and eagerly read. It would, it represent a real gold or silver dollar locked seems to us, jiay to get up a syndicate of Experienced dealers in the street say that up in the Treasury and paj^able on demand. landowners and real estate dealers to press the outlook in prices has a stormy look. Another i)roposition is to issue Treasury this matter upon the Legislature, When They predict that prices will go up and notes in place of the greenbacks and bank the transfer of land is as easy and cheap down with great rapidity. Up to last July notes now afloat, to redeem which a reserve as the ptirchase and sale of stock cer the bulls had matters pretty much their own of thirty per cent, in gold and silver is to be tificates, real estate will advance twenty way ; since then, the bears have had control »kept in the Treasury. per cent, in value. It is the tedious lega 1-± THE REAL ESTATE RECORI^, Jaiina.rv21. 1882 formalities and the insecurity and doubt rooms, and I agree with THE REAL ESTATE REC- ' ard, Bodie, Mono, Oro, Concordia and Paris, all! about titles which is one of the hindrances ORD in thinking that the Grand Boulevard will ! in the Bodie district, are good purchases at to persons who think of investing in real in time be filled with them." , present prices; but it should be remembered that property.

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