The New York herald., 1869-02-01
QUARTER DAY.


QUARTER DAY.
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Houses and ncuss-Pr0bable Course of House
Owsers-What the Tenants Should Dc.
The nrst day OF February Is in the city Of New
York, by long usage, an important day for the
owners AZ well as the renters Of houses, be they
stores or dwellings, family residences or tenement
houses II the irst day Of the last quarter OF the
year, which, as established BY both custom and law
for this CITY, ends ana begins with the first day Of
May. This day has, therefore, received the name OF
.quarter day. and Ia known to all as the day Oh
which house owners and tenants propose 10 come to
an understanding regard to the annual rent Of the
ensuing year. In years past 1t has not been rare
occurrence that the st Of February the collector
as he called to receive the quarters or months rens
In advance delivered with the receipt either verbal
or written notice that from the lst Of May following
the rent would be increased by ten, twenty
and In some cases even at higher rate
per cent and that the tenant should govern himself
accordingly. Great was often the outcry and botn'
loud and deep the curses and denunciatons WHICH
these notices provoked. There was, excepting o
few isolated instances, no sotening the hearts OF
landlords who insisted upon receiving the increase
The causes they assigned for it were plausible In
their nature and OF various kinds First and foremost
was the increase in the rate OF taxation and the ex-
pensiveness OF our city government. As the taxes
grew up to higher and higher figure from year to
year. the Of real estate raised the rents, os-
tensiby to cover the increased taxation, but gene
rally exceeding it doubly or trebly. Labor strikes
for higher wages in connection with the building
trade is another reason given. They increased the
cost OF building and OF making repairs, thus rcqur-
ing larger amount OF money IN real estate invest
ments than heretofore and compelling the demand
Of an increased rental to yield the same percentage
as before on the capital employed. The general and
natural rise in the value OF real estate was often re-
ferred to as one OF the causes for an increase
in rents. Jones bought o house some years
ago for $4,000 and sells 1t to-day for $4,000.
Smith owns the house adjoining, for which ne oils q
paid $4,000, ana he argues, now that his building
has also increased one-third In value, that were he
to sell 1t for $4,000 he might employ the money in
ceive commensurate percentage. Hence he claims
that the house should yield him an equal returp not
ent money value for which IL might be SOLD. With
this end In view the daily reports OF real estate sales
time, the sales compared with those Of last year,
and the increase duly nOttced-an with the not over
charitable purpose 70 make the tenant pay for the
How this works evil results II experienced IN cases
where the prospective future value OF real estate ~
cial phrase expresses It. Take. as an example, the
case OF the First and Second avenues, aii through
and projected along the river front by the East
Side Improvement Association the proposed
railroad connectons across sn.d Harlem river, y
ready planned and about being carried out In Vest
chester county tending to make Port Morris terml.
OF the Pacific Railroad the efYcctual clearing OF
Hell Gate channel the proposed building Of Euro
pean steamship dock not far from the Red House,
all this has given such an impetus TO speculation IN
real estate transactions In this region that marsh
lots which hut few years ago were bought Tor &26O|
apiece are now readily sold ut from s5 600 TO
Hntia
cross streets even on Third avenue take advantagd
Of these speculative prices and either sell at tne m
naed rate nix the rents at ten or twelve per cent?
OF the sum for which they might now sell. Thus tho
dement's which that part Of the city ls 70 reap ron
more years nre already now charged to the unlncky
tenants and heaped upon them In the shape Of 9n
Actual inquiry at several prominent real estat0|
and house agencies has revealed like upward
Ia rents o. % s,rss 70 a na
intended increase in rents H mostly u nosI
wholly confined to houses paying from y 200 "a
from ton to fifteen per cent Of the amount Of tho|
present yearly rental The principal cause assigned
activity in the real estate market and the
rise In the value OF property which, IN their opinionf
rise S ~ nsIn ~ yioa ns. v.
been made known TO raise the rents. William Bl
Astor being tue largest owner OF this Kind Of pro-
nx the scale OF rents throughout oil the other lands
lords and lessecs being generally guided by hie
population InhabItlng these houses could bear any,
increase. The rents they pay for the miserable &C!
conscience burdensome enough and as much ~ the
most pcrseveiing and ceaselcss industry OF the me-
chanIc and laborer enables them to pay: IL y the
present 0pnion of house agents that ne rents In
tenement buildings Will not be raised this year,
though 1t IL a matter on which nothing can be-
known with certainty until Mr.. Astor has acquafnt
ed his tenants and lessees with his own views and
Intentions
may not be generally known. that In tenement house
property great speculative movement has been
ment men OF small capitals large majority Of them
GerInans--with from $4,000 to $4,000 10 dispose Of
have mostly engaged. This y true IN the Tenth.
wards, though this movement has also extended 10
the more northern wards. building costing rom
known as aAstor ieases,D IN purchased with conf
paratively small cash payment held for short
tne-n tune i'm many Instances only for few d1ys-ssn9
or thousand dollars. The ease with which
this is done, and promises OF handsome profits
estate exchangesr have sprung up by tie dozen in
those districts OF the city where tenement houses
1t Is believed may have some effect upon The ques.
ton OF rents as IL forces up artincialy the value of
property ana the rents must naturally follow this
The ronts OF stores in the business part Of the city
will is believed experienoe no very great change
business u the times cannot well sustain the present
prevailing rate and e ought % pe rather lowered
hsu AehuCus Vtuis uUW cvcit suAU I" ,sv' "uvNAus
Of the situafion and Of these the landlords
the greater portion. They think tnat the prospects
Of revival of business throughout the country ara
80 bright and general so reassurng for the constanH
growth and prosperity OF the whole country that the
commercial value OF real estate IN the lower part Of
the city must also feel the rising tendency exhibited
IN the upper portions, and that the annual income
from y should correspondingy appreciate:
dtff1cult TO say. Were unanimity 10 prevail among
them II IA undoubtedly true that the attempts o4
landlords TO squeeze out OF their pockets, IN tho
shape OF Increased rents sl larger share OF their
hard earnings would fail. Hut then union among