The New York herald., 1869-03-08

Grand total for expired portion OF year. s14 AL 2s5
The excitement growing out OF such large dealings
in real estate and embracing extended an area In
Its apprecatve influences has already caused such
rapid advance In property In and around New York
as to awaken In many thoughtful minds fears OF
action, involving sad ruin and disaster How far
these forebodings are justified by the experiences OF
the past wltnin every ones Knowedge, and there
tons IN the market to excite the lveleSt apprehen-
sions The sanguine temperament OF our people
renders them peculiarly sensitive to the fever of
speculation, ana leads them 10 anticipate days,
months and even years whatever OF promise
the future presents them. This is shown In its
greatest force In the course OF dealings in stocks
when every coming event OF an appreciative char
acter otherwise is as they express 1t the street,
ket either totally Indifferent to its influence or oppo-
stey afiected to that which logically should result.
r e srest do 70 the real
New York city when the Pacific Railroad shall have
been completed; the superior attractions likely to
be possessed by certain localities when improve
ments now In progress are established facts; the
changes in the topography OF the island to follow the
clearing OF the Hell Gate channel; the metropolitan
when Brooklyn and New York are united by series
OF bridges, and the commerce OF the world
pays toll at our doors, all these are being now
''discounted" and prices are graduated to q great
extent upon the basis OF value to be
attained when these brilliant hopes are realized.
The presence in the market OF very large class Of
men who merely SPECTATORS and purchase solely
with view to an early sale at an advanced figure Is
one great cause OF this anticipated imitation. and
while it Is certain that oil who buy real property
anywhere in the neiyhborhood Of New York city
with view to permanent investment are quite
safe in so doing even at present high figures, and
sure OF ultimate fair apprecatve return, slil there
Is danger that in the interval To this realization there
may come reaction, and many VITO have heavily
burdened themselves in order to secure lot or
more may ind themselves embarrassed to that ex-
tent that they VIII be forced TO sell al sacrifice,
and by their example frighten Others into producing
panic
real estate dealer deserving OF attention in this
connecton:-"A great diversity OF opinion exists as
to the or the real estate market during the
present year, and Notwithstanding all the Judgment
that may be exercised IN coming TO O conclusion, we
may, each and every one of us, be entirely at fault
in our calculations it matters not in what depart
ment OF commerce or trade transactions occur. and
realty Is no exception to general rule; but when
speculation runs riot 1t Is time for soberheaded men
TO be cautious. We cannot doubt that the tendency
in this direction has been greatly increased by the
reported public sales at the exchange mart. Men
have bought lots and lands without looking at them
they have so to speak, 0gone it blind;n they have
been charmed with the appearance OF grounds upon
paper, with imaginary bouevards, and In great
many instances with prospective imaginary profits
Tnat the fever OF 1887 Is likely to be repeated there
is now doubt, and IL viii do no harm to say that
there are many men OF small means amonga us
five per cent and giving mortgages for seventy-hve
on account OF purchase money Will not only have in
all probability fe whole OF their capital swept from
them, but Ia many instances VIII be brought into
debt. Therefore It behooves mon OF limited re-
sources TO stand from under. The constant advance
In prices such as have occurred within the past two
years must have end. How soon 1t will be before
we reach the terminus OF that lane cannot tell but
would advise TO buy at present prices strictly
for cash, and then tney need have.no fear for the
ultimate result. That reaction VIII come upon US
Unawares Is only to repeat lesson OF the past.u
There Is perhaps something OF exaggeration in the
picture here drawn but there nevertheless words
OF caution in 1t that should not be lightly regarded
Even accepting II merely as the expression OF q
bearv feeling IN the market, 1t suggests the neces
sty OF the exercise OF deliberate judgment the part
OF those who have been drawn into the present real
estate movement 10 their future the event
OF very possible contingencies. Hitherto the entire
tone OF the market has been "bufsh,r and on every
side was heard expression OF The most profound
belief in the daily appreciation OF property and con-
dence In Its soundness and stability This faith as
o universal sentiment would appear to have cul-
minated, and while the larger proportion pro-
baby or dealers hold TO 1t still or so ex-
press themselves, there are beginning TO be heard
whisperings OF the dangers OF imitation and OF the
certainty OF speedy reaction, which show the gra-
dual growth OF bear" feeling. This IL but natural,
and VIII give healthier character to the market as
the two interests thus placed IN conflict can but
result In eliminating the fevcrish excitement OF
reckless speculation, and, limiting transactions to
those based upon sound Judgment, stimulate legiti-
mate activity.
The circumstances which governed the value OF
property In 1887 and those anecting 1t now are SO
dinerent that whatever may be the future OF the
market the experiences OF that year not likely to
be repeated. There Is only the same amount OF land
on New York island now as there was then, and the
population Of the city has increased IN the interval
from about 500 900 to over 1000 900. With growing
disproporton every year. II is almost impossible that
land on any partof the Island, bought at whatever
figure 1t could command IN public market, would
prove other than aprontable investment while the
same law OF increased and increasing need for the
proper wants OF trade, commerce and population,
render the adjoining suburbs proportionatcy steadily
Announcements OF sales to be hold this week win
De found In our advertising columns.
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