REAL ESTATE RECORD AND BUILDERS' GUIDE. Vol. XXVIII. NEW TOEK, SATUEDAT, JULT '60, 1881 No. 698 Published Weekly by The have also decided not to give authority for money, but the owner of unincumbered real building the road up Third avenue, in the estate on this island or across the Harlem, REAL ESTATE RECORD ASSOCIATION Twenty-third Ward, until the money is sub­ will leave a heritage to his children that will TERMS: scribed to do thfe work. But is it not time constantly increase in value. OJVE YEAR, ia advance -.-••. $6.00 for the Suburban Rapid Transit Company to begin actual work? Communications should be addressed to WILL THE DEPRESSION AFFECT C. W. SWEET, 137 Broadway. They are renovating old St. Paul's Church. REAL ESTATE? J. T. LINDSEY, Business Manager. The upper part of the steeple is to be painted The bullet of Guiteau broke the backbone in a sombre hue, and the ball and the of the bull speculation, and since the 2d of The Daily papers are talking loosely about weather vane is to be regilt. It is uot in­ July the market has been a bear one. The the New York Elevated Company breaking tended to made the old church any hand­ prices of all the active stocks have been the Manhattan lease. There seems to be one somer than of yore. When this church was marked down from 15 to 23 points; the fatal objection to this being done just now. erected, in 1763, Grreenwich street wa;s the shrinkage of values op this market alone In the agreement the Manhattan has ninety bank of the Hudson River and there was an amounts to more than $200,000,000. days in which to make good its default. open field from it up to the church. The While the assault upon the President was There can therefore be no breaking of the first sermon in it was preaclied by Rev. Dr. the excuse for the set back in the markets, lease until the first of October. It is a very Auchmuty on October 1, 1766. the real cause was that stocks were too difficult thing to wipe out the stock of any high in view of the prospective business of road. In all the reconstructions of railway A COMPARISON. the country. The severe winter and stormy properties from '73 down, there are only two The following table shows the amounts spring seriously interfered with the traffic noted instances on record of the wiping out involved in the real estate sales and mort­ of the leading Western coads; it increased of the stock of a road. One was in the case gages from January 1st to July 23d for the their expenditures and reduced their in­ of the Missouri Paciflc, and the other that last six years. The figures are accurate, as comes. Then, the crops were affected. For of the Boston, Hartford & Erie. The dis­ they are taken directly from our official files the last two years the harvests have been credited stock of the latter has, even now, a of conveyances and mortgages, published in extraordinarily large ; this year they will be market value. When the stock of Manhattan the REAL ESTATE RECORD: less than the average, so the I'ailroads, in becomes low enough, we judge some scheme CONVEYANCES. MOKTOAOES. addition to the losses of last winter, have be­ 1876 $.53,416,'3H3 $43,495,739 will be proposed to keep it alive. The stock 1877 44,609,463 6l;i54,752 fore them a season in which there will be a Mr. Cyrus W. Field sold at from 60 to 70, he 1878 45,277,813 23,571,271 smaller return from the carrying of grain. will will probably be willing to take back 1879 49,712,123 23,948,781 1880 75,314,339 49,103,0i2 Stocks may have been unduly depressed, under 15; 1881 126,848,667 76,775,118 and it is very certain that after a while, with The above tells the story of the activity reason or without reason, there wUl be a re­ The underground roads do not seem to be in real estate in New York city during the bound in prices. Indeed the market on making much progress. Meetings are held past two years. In 1877 real estate struck Thursday and Friday showed great strength. and projects discussed, but there does not low water mark in New York. It is a nota­ But will this depression in the stock mar­ seem to be any money forthcoming. If ble circumstance that in that year the mort­ ket affect real estate this coming fall? elevated roads, the most pleasant inter- gages reached a very high figure; but the Clearly not. The bulling of stocks last mural traveling in the world, do not pay, it foreclosure suits culminated that year, and sprmg did not affect the real estate market. is absurd to suppose that an immensely the two following years the new mortgages Indeed all the products and manufactures of costly underground tunnel would make any amounted to less than $24,000,000 a year, the country sold at low rates, while the secu­ return upon the enormous capital which against $61,000,000 in 1877. The tide turned rities on the Stock Exchange were being would be required to construct it. Nothing in 1879, when the official purchases are re­ marked up. Our wheat, corn, petroleum, has been heard of the Arcade scheme, since corded at about $50,000,000; in 1880 they in­ cotton and other exportable articles seldom Governor Cornell signed the amendments to creased to over $75,000,000, and during the brought lower figures than during the crop the Beach charter, which made it possible same period this year up to nearly $127,000,- season from '80 to '81. But the time will to work out that splendid scheme. It would 000. Of course these figures do not tell come when it is inevitable that an enhance­ cost a great deal of money and that probably the whole story, as there are many large ment of prices will take place in general is what is the matter. transactions where the pi-ice is kept secret merchandise, labor and real estate. The The proposition of William H. Vanderbilt or reported as nominal. This perhaps is probabilities now are that everything wUl to pay $500,000 for the Roman Catholic Or­ offset in a measure by other rei)orted sales, rule higher than during the past year, ex­ phan Asylum on Fifth avenue, will, it is in which a figure above the true one is cept alone stocks. There is a better feeling said, be accepted. The building is out of place given. It is, however, safe to infer, that in iron and other metals. Grain will be on Fifth avenue, and the money could be for the first six months of this year, property dearer. Manufactured goods of aU kinds better spent elsewhere. If Mr. Vanderbilt worth $140,000,000 changed hands. will be enhanced in value, labor wiU be bet­ makes a fine park out of the block between Although we are in midsummer, the con­ ter paid, and as a matter of course land will Fifty-first and Fifty-second streets, Fifth and veyances and mortgages show that large feel the effects of the swelling tide of values. Madison avenues, it will no doubt be laid transactions are taking place. Investors People should discriminate. We may have out in the most artistic hianner. It cannot realize thei*e is but a limited amount of land stock panics which may not have any effect help but be partly public and of course will on this island, and that in the not distant upon the general trade of the country, in­ not bo enclosed so that its beauties canno* future, all parts of it will be in active de­ deed they may be beneficial; for the money be seen. Mr. John C. McCarthy, the Treas­ mand for residences and business purposes. withdrawn from stock speculation is often urer of the Asylum, admits that au offer has The North River tunnel will add enormously put into legitimate business to the benefit been made and says it would be a good thing to the warehouse demands on this island. of all concerned. Bull movements in stocks for the city, as it would add to the taxable The two Brooklyn bridges will still further are generally the first symptoms of a revival ground. concentrate business between the two rivers, in trade, but bear attacks upon the market • •-•-* while every addition of wealth and popula­ are wholesome, as they prevent an absorp­ The new Rapid Transit Commission seems tion to the United States adds to the com­ tion of the money of the country into doubt­ to have come to the conclusion that a rapid mercial importance of this port. The stock, ful securities. transit road must not be constructed over mining, and produce exchanges of New It is an open question whether there is not the present Tliird Avenue bridge. They ^York are good places in which to lose too much building going on. Our centres of 764 THE REAL ESTATE RECOROI. July 30,1881 population are growing rapidly, but the never such traveling in the country as now. svrindled investors, and get them to follow up means for houseing people are increasing, we Local trade is brisk, and the wholesale the rascals who profitted by these various deals. Let us hear from the persons who are so badly judge, much more rapidly than the demand houses hero in turn expect to do an immense used in the various operations in which Mr.