Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1868-03-26
REAL ESTATE In NEW iORk
CITY.
The Recent Rapid Rise in VRI"e-Fhe
Germans and Hebrews the Two
Largest Glasses Of Buyers.

AaQEn1HNla anu
Largest Glasses Of myers.
From the New York Evening Post.
We have now two large classes OF buyers
of real estate: one IL the German popula
tion. now numbering, over one hundred
thousand in and round the city, and the
other is the Hebrews, whose numbers are
about the same. These two classes may be
mt down as nearly equal in their desire to
own real estate, and in their uncompro-
missing energy, industry, economy, and di'
rectness of purpose in all business matters
IL needs no mathematical calculations to
prove that men who possess IN such an en-
inent degree all these admirable quallhca-
lions nust soon own the property. 10
their credit be il remembered that nearly
all these people Of foreign birth probably
landed on our shores without money OF
credit, relying chiefly upon that pure old
fashioned coin, industry and irugallty' a.
the corner stone on which to erect lheir
fortunes
Many Of these people now can count
their wealth by millions, and those oil only
a hundred thousand are too numerous to
be readily enumerated Very few from
these classes have ever become charge
upon the community; they, as a general
rule, have no suffering poor, or, II they
have, they seek them ont and provide for
them. A member Of one Of our old, dis
tinguisbed New York families, mentioned
recently that the German who was his
fathers butler, now holds mortgages on
four of the houses Of their estate; and as
often as their extravaganza requires them
70 mortgage another house, the old butler
will probably have the money ready to
take il. This German first saved a few
months of his wages, then took a corner
grocery, eat--himself and withholding
he could sell, and occupied only that por-
ton of his shop which could not be used
for business purposes. This he continued
till his means were large enough to place
him beyond the reach of want. Now he
has an abundance, and is daily growing
rich.
This is a fair specimen Of the way prop
erty in this country is constantly trans
ferred from the rich TO the poor. In our
. real estate auction and private sale agen-
cies, the largest buyers are among those
two classes In every part of the city and
its surroundings they are picking up the
real estate, and making it productive. II
they go on for twenty years more, as they
have for the five years past, IL is fair TO
presume they will own nearly one-half of
the city of Brooklyn and surroundings.
Forty years ago these buyers of real es-
tate were unknown. Ten years hence their
numbers will probably be doubled, with
the addition of similar representatives as
soon as the Pacific Railroad is finished
from China and the East, and from every
nation in Europe. All these people will
want real estate, which in New York city
must soon become scarce article.
In our savings banks in the city the de-
posts are about ninety millions Of dollars.
II would be interesting to know how much
of this is owned by Irish, Hebrews and
Germans-probably one-half Of it--per-
haps more. A large portion Of this money
is waiting for an opportunity TO put II into
real estate. In the narrative Of Mr.. Rush,
while our Minister at London, he shows
where the wealth Of England can be found,
viz: Bootblacks with 10000; stable
keepers, 100000; candy women, G5SOO ;
retail butchers, 100000; small grocers,
10000 10 100000 each. All these peo-
ple generally invest in British funds, and
these savings furnish large portion of the
national debt And what TO Americans is
more remarkable, these people, in England,
generally do not increase their expenses of
living as they accumulate. In New York
a similar class of people go into real estate.
AT the sale of Mailer, Wilkins a Co., sew
eral houses were sold; the room was
crowded with buyers, one-third of whom
could hardly speak English enough to en-
able the auctioneers to understand their
address when the houses were knocked
down 10 them.
One ofthese buyers is a night scavinger,
who boneht a house and store together for
10000. Many of the other buyers we're
Germans keeping small groceries, and who
have saved everything TO enable them to
own their own premises land live rent
Free All over the city these people are
nlanting themselves, and will continue 10
40 80. A greater and more furious rush OF
BUYERS was probably never seen than they
exhibited.
In addition 10 these houses, many vacant
lots were sold, generally 10 capitalists for
investment, at these prices, viz; Lot
corner Ninth avenue and One Hundred
and Fifteenth street, $1,000; inside avenue
lots. SSO0O-all IS by IS feet; lots on One
Hundred and Sixteenth street, $1,000 TO
Sl7O0-25 by 100 feet.
Our large capitalists are now glad 10 buy
unimproved property in any location where
II will probably raise taxes and interest
"a "a II saves the income tax, which will
dr;ve MANY millions of dollars into thai
kind of property.
There il not probably one merchant in
twenty Who could not have put his whole
csnital on the FIRST day of January, lSel,
80 real estate. and made more money
dnring Che wear than be has made in his
Tecplsr business; 40 steady has been the
co1s,ant advance in prices. And now
n,.nv bankrupt merchants would now hC
wsslthv men, had they at any time during
the past fifty years put even one-ionrth O.
their capital into real estate, ana done no
thing but look on and see Their Investment
every year advancing.
There was another class OF men who
held place in this community oil som'
considerable importance not only m theil
own estimation, but to %he great INJURY Q
tbs;r neighbors, and they were the ''croaG
- OF late. their occupation Is gone
NJ, he voice Of even one Of them IS nov
b"or5 They have lived 10 see that almos
-, man who purchased real estate eoule
osaey.llv sell il the next day al an advance
9hsv have seen Brooklyn property, Whlcf
,hey snaered at when they could have
bought il at prices which would nave pS ,s
an interest for farming purposes, now yieIo
ing prices Of from ten 10 sEeniy Tor one
and s,iII selling, in many cases for less thaf
half il intrinsic value.
ID nl..-,nia Rrnwn nastor Of q