New-York daily tribune., 1856-05-03

still; there are almost no bona tde Transactions:
those which take place are the operator "i
stays" the term applied here TO that industrious
class of men who seek large profits by speculating
from day to day, or even from hour to hour in an
sn,ett.d market, and who are not particular as
TO how they may have their ends accomplished. /
VIII give three or four instances of the widely dit
1rll estimates formed of present value Of city
lots here which will probably set the case forth
more clearly tran any amount of speculation on
the causes leading to such results. | had partic-
ular occasion to inquire the value of one lot and
two parcels Of other lots The one lot is 80
yars, lying near North Point while those who
have any familiarity with this port will know
TO be location close 10 the center OF the shipping
interest, and in direction which many set down
as that which said interest must take when its ex-
tension becomes necessary although some there
are who doubt this, and others who hold that such
extension is not TO take place, at least within the
time that would advantage personally sny individ-
ual OF the present generation. One gentleman,
Frenchman and lately broker in real estate, set
the value down as $500; another gent eman. who
ought 10 know we'll mentioned $500; aud had
from other quarters various other valuations,
ranging all the way up TO $4,000. So that You
will see | have far from Overstated the matter
when said that sOUe valuations exceed Others by
a thousand per cent. This LOT is on the city 'front.'
ard the valuation of $500 is certainly altogether
too low. Ii came from one who had lately got out
of the business, after losing the greater part of
large fortune which he had amassed Cor supposed
he bad) therein; and it can be easily supposed
that he carried with bim very pleasing nor bril-
liant views of the subject. The highest valuation
was that of another gentleman whose whole for
tune is locked up in rea. estate here-he counted
his wealth by hundreds of thousands some twelve
or eighteen months ago. decided contraction has
taken place; but he wishes movement toward
the old standard, and accordingly believes that it
will take place. He ex poets great improvement
within nine months; but | do not suppose that
even the warmth OF his views leads him to hold
that prices WILL within any reasonable time, reach
the highest point that they have done in times past
The lot in question is that requires con-
siderable grading; it is partly under water,
and some who valued it pronounced it to be
"shOa water lot. These were the croakers.
But il is not so, or at least so only to small
extent such as an nconsiderable expense might
remedy. If the shipping interest of this city ex-
tends, my own impression Is that the lot lss valu
able one: but will said interest extend That is,
will il within two, three, tye or even ten years
Many doubt this, seriously; but be it well remem-
bered that the greatest dOubter among them does
deny that, if he had bought real estate anywhere
within the city limits and bequeathed it to his
grandchildren, the young folks would, in their
time, supposing the purchase carefully held for
them against all accidents of FIRE, earthquake,
invading forces and questioned titles, come into
very handsome inheritance.
The next parcel of property that the writer
made inquiry about was on Francisco street,
partly near the water, which here was decidedly
shoal The lots were apparently, according
to the present development of the city in that
quarter, best fitted for the erection of manufac-
tories, pal tculary for naval purposes. received
for them valuations from S40O up to $1,000
each Here, it will be perceived, the variation is
not so great for the reason that the lots cannot,
owing to their position, at any time attain the
value of the aforementioned one. That is, sup
posing that San Francisco continues to he an i'm
portant seaport, OF which there seems very little
doubt, the measure of that importance appears to !
be the only matter in dispute. The third parcel |
of lots was of @ different character from either Of
the other two, being situated at distance from
the bay, and in part OF the city best suited for
private residences Here the range of valuation
was only from $500 to $500 per lot, the shortness
Of said range being due to the purpose to which
the property at present seems applicable.
Whether trade and commerce advance or recede,
or stand still, the prices named will be about fair
rates for these last lots, as they are best
fitted for the dwelling houses of people who are
not over pretentious; and the price, for anything
like hOuselOt within the principal boundaries,
must be regarded as moderate and sensible. One
heavy cloud at present over all operations and
speculatiOns in real estate, is the doubtful charac-
ter Of the titles whereby at least three-quarters of
the real estate in San Francisco are held: vide
the sittiDgs of the Commission and the daily news
paper reports Of trials in the Courts. This simple
cause would be sufficient to depress the market,
make it uncertain and hand it over almost excu.
sively to spectators from hand to mouth, which
Is pretty nearly the present condition of matters,
except in few cases where those who desire
residences fix on cheap purchase, with calcu-
alton allowing for the uncertainty Of the very
tenure for which they pay their money. 1t
will be hardly necessary to do more than
-ecur to the extravsgant prices at which real
estate changed hands at the highest points
IF the market during the short history of San Fran
,iscO. will give few instances of present rates
Is compared with the inflated ones of past times.
In one of the most business parts Of the city, a
,ery good store was shown me by the firm that
erected it, which let at one time for 81, 900 per
month"; The proprietor would now be only too
laPpy to get for it monthly rent Of 5000; and at
hat rate they cannot find a tenant. Thisis posi-
easOn to know it, and who had no interest in
making matters appear worse than they really
we're. They instanced many like cases. The
amples of inflated ideas that may be picked up,
re numerous and surprising. In one case,
IN enterprising merchant engaged lot for
i've years, at an enormous monthly rent;
le paid the rent IN full for the first two years,
md put on the lot a store that cost $780, 900;
within twelve months he came to the seller and
equested him to take lot, house. and the two
ears rent he had paid, and let him go; and the
after refused-tbinking it better to hold him to
is bargain. There were well.knOwn instances of
nen who, hitherto, were looked on as cautious
usinem men undertaking monthly expenses which
10 business on earth could Justify. Under the
bfuence of golden dreams, mixed with golden
ealities, men had apparently " lost their reason"
nd when such extrsyagant ideas and plans found