The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1855-08-12

confusion, are az destitute OF beginning or end as
the hoops on a barrel Of whiskey. These evils arg
immense, and have brought this description of pro-
perty into most yiilanous bad repute. Something
shond BIZ DONE and We earnestly call upon the Anne
rican and Foreign Philanthropic international
Christian Home Missionary Reform Society to
invent and apply remedy as soon as possible.
The evil is rank, and smells from down there
quite up to the gates OF Paradise. We assure the
above named noble and most charitable institution.
that few books on the rules Of polteness and good
breeding, with pictures and teachers to match, are
quite as much needed, and would do quite as much
good in certain localities of this city, as those cele
brated red flannel shirts and moral tracts got mp for
the Timbuctoojans.
There is O very close connection between the
cost Of the lot on which tenement house is
built and the character of the tenants VINO occupy
the house. That is the higher the price or value Of
he lot, the better viii be the class of tenants in
the house. The lowest class of tenants will
be found living in houses built upon lots worth from
81 500 to $4,000. That is about the range OF value
Of lots in tho side streets in tenement quarters OF
the town. Very few tenement houses in tho upper
parts Of the city built lots worth So OOO That
sum is about the value Of lots between Eighth and
Ninth avenues, and in other similar portions Of the
city, And while on the question Of prices, viii add
in very general way, that lots between Third and
Lexington avenues, are worth $4,000 $1,000. Be-
tween Lexington and Fourth avenues, $1,000
$500. Between Fourth and Madison, $4,000
"a 900. Between Madison and Fifth, 900 81, 500.
Between Fifth ana Sixth, 81, 500 $4,000. Between
Sixth and Eighth 81, 500 $1,000. Between Eighth
and Ninth, as above stated; and west OF Ninth ave.
nue. the price OF lotsin Chelsea will be, say, about
$4,000. Above Chelsea, the price will depend es.
sentially upon the smell The value OF avenue pro-
pery can be best ascerained by nquiring what rent
it will yield when improved or built upon. Call this
rent ten per cent of the total value; from this total
deduct the cost of the building which is easily as.
certaned and you have the value of the lot within
speaking distance at least
Tenement property is variopsly owned, some by
the rich, but generally by mechanics and working
people. Capitalists very rarely build them themselves
We will give two instances to illustrate the
origin Of tenement houses. Some rich man has had
the misfortune, either by Inheritance or purchase.
long years ago. to become possessed of lots located
that genteel fashionable people, even respectable
mechanics will mol buy, build and live there one ia
very slowly in value and to all ages will never rise
above certain very low mark-say $4,000. In the
mean time interest, taxes and assessment are every
year added anew to the cost Of the lots To keep
them as unimproved property is to keep them at q
loss. So the rich man says he will sell them with
loan-that is, he will set trap to catch some poor
devil Of builder, contractor or specnator. The
trap he bats with loan sufficient in amount 10
~, .rA ~
The actual value Of the lot is about 81 50O but as he
is to obge the builder with loan and as the builder
is poor man. out Of work. and hard up, he presumcs
to charge the matter OF 800 for the lot which Is
to be paid after the house is built and sold.
Well, the bargain is struck. The builder knows
he has put Ills hand in the lions mouth, bat he
trusts in Mcawbers chapter Of luck, that something
will turn up. The house Is fnished--a tenement
house, OF course, for nobody but tenement people
will live in such q locality. To finish it he was
obliged TO run in debt-liens foilow-notes become
due-the first instalment OF semi-annua interest be-
comes due-the house has for months been offered
for sale in vain, for, he paid thousand dollars
too much for the lot the only way to himself is
to charge another thousand too much for the house
Nobody buys, Of course The result is, that the
knd-hearted capitalist who made the loan and took
mortgage in pay for his lot very shortly forecloses,
either to get the interest the principal, buys ia
the property at the sale, and the builder il he is
not quite ruined at best loses all his labor and the
house ultimately falls into the rich man i hands
This is one Of the ways in which rich men become
possessed Of tenement property. Another rich man
has, in some mysterious manner, got in his posses
sion hundred or two shares in the BaGg-lp Rail
road Company, or in the Sky High Gold Mining
Company, ndminally worth par, but privately
known to the holder to be worth nothing at ALL
These he wishes to convert into real estate
and is not over particular where ii Is located.
Now it happens that John Smith has got into trou.
BILE, and is obliged to sell his house, II Is tenement
house, which John succeeded in building by means
Of the thousand dollars which he had long been &C.
cGmuiating He must raise 81 900 or be ruined.
Mr. Smith considers his house worth So 900; mort
gage s2,5O0-his interest, Of course, 81 800. In
word, the rich man hears Of Johns case, and asks
him what he will take for his house? Smith replies.
$4,000" The other replies that he will give il it
he will take in cash 81 600 and for the balance ~ 900
in the shares at par Of the Bang-up Railroad Com
pany and 81 500 in the shares Of the Sky High Gold
Mining Company, which together with the assuming
OF the original So 500 mortgage make up he required
$4,000. John agrees, provided the stock is good
and is referred TO Mr.. p. and Mr. O. for evidence OF
the valne Of the stock. Both these gentlemen hap.
pen TO own stock in each Of these companies and Of
course give good account Of it. Smith is satisfied
ne is going to make bargain and at once concludes
the trade. BY and by he goes to bed some night
perfectly satisfied in his own mind that he has been
swindled ont Of 81 500 in a most rascally manner
In these, and great many other ways, one after
another OF these tenement houses are constantly fall
ing into the hands of the rich.
But great numbers of them are owned by carpen
tiers, masons and other mechanics and thrifty work.
ing men, who have accumulated some money, and in
order to live in their own house they bay cheap
lot, (which Is easily done without any money, pro.
vided the lot be Immediately improved,) and build
tenement house. This they do with the intention to
occupy part themselves and rent out the balance