The New York herald., 1871-01-16
REAL E STATE.
The Uptown Rapid Transit Prob
,a lem Again. ae
Mayor Han on tho Situation-A Few Random
Suggestions Annexation Matter-Move-
msnts in the Market-Is Tone and Ten
dency-Long Island Real Estate-Th
Real Estate Trust Company.
THE MARKET AS 1T rs.

THE MARKET AS IT IS.
While there are certainly encouraging signs Of re.
awakening activity In the real estate market,
the dealings thus far this year exhibit
much duller feeling than was anticipated.
This Is not remarkable however, and is
In reality strictly conformable to the expert
ence Of former years. 1t s yet too early for the open
ing Of what may be termed the OF real estate
operations which cannot be SAID TO be fairly inau-
gurated until the 1st Of February. Those familiar
with the market fully Of this and are un.
disturbed by the existing dulness, others who seek
to found theories therefrom, lacking the proper
knowledge to guide them to a correct Judgment It
is singular to note how similar has been the expert
ence IN the stock market this year. There very
many who had been embarrassed by the stringency
In the money market, aggravated by abnormal
agencies which prevailed at the close Of the year. dis
counted an immediate relaxation following the new
year. and with their disappointment lost confidence
Older and wiser heads, bearing in mind previous
miscalcuatlons OF similar kind in their earlier
perience placed the period Of relief much later and
with foreknowledge OF what was to be expected,
governed themselves accordingly. The former class
furnished the failures Of last week, who were all
s'short;'' the latter reaped the profits. -
AN INSTRUCTIVE PARALLEL.
There Is another lesson to be learned from the de-
velopments OF last week on the New York Stock Ex-
change Of interest to real estate dealers The same
journal which is known among the latter as
chronic and constitutional bear in real estate has
for some time past been the bitter and un-
compromising as5aiant Of all stock values.
In carrying out this programme 1t has reck-
lessly and unscrupulously, and often untrutn-
fully attacked all commercial ana financial
credit, and, In noticing such actual suspen.
sions as did occur, magnined them and their pos
sible eect without the slightest This course
It has pursued, even in the face Of events, on the
Stock Exchange every day, which gave the lie to its
comments and predictions. 1t was its teachings
which induced the parties whose failure Is above re-
ferred to to sell stocks at time when they were
advancing. The real estate owner or dealer can
Judge for himself how safe guide such journal is,
and how reliable are Its views of the real estate
market. or about equal value to the statements OF
this great bear organ the remarks to be heard
other quarters that In order to excite activity the
real estate market. property must be ''marked
down. This is simply nonsense. Who ever heafd
Of marking down stockss Their value is determined
BY the demand for them in the open market (which
Is regulated In most cases by the varying value pre-
ana the disposition OF the holders SELL or their ne
cessties Sometimes they getfrightened and throw
in New York is subject to much the same conditions.
It Is stock IN the great metropolis, and Its value
to improve or diminish the prosperity Of the city
Thus far its tendency has been always TO Increased
Depression "'i Il has never Been :marseG down." AZ
though in times Of panic thrown away by weak or
n0,aers put !. Il always reacted @ IN time to
On the contrary 1t is one OF remarkable prosperity.
Money Is In abundant supply at this centre. and
from the long interval OF inactivity which has pre-
vailed the coming season gives encouraging promise
OF considerable animation The real estate of New
York has been kened to the capital stock OF great
corporation, but, unlike such stock the shares are
not all Of equal value; besides the common and pre-
ferred there numberless variety OF differences
| in their relative standing. The manner in which
| LOCAL INFLUENCES AFFECT REAL ESTATE
and the share which the immediate surroundings
| and near ana remote improvements have In fixing
and determining Its value render IL extremely dif-
apy m e %c @ M m
whole city, Hence they who ind it to their interest
to write down property nave little dncglty IN md
doubt very considerable, but the fact remains the
same nevertheless that every year the entire realty
cumstancc that for the past year the sales OF real
estate have ialen OF 50 considerably proves the
to buy when they see thing offered below its real
value, but in the real estate market there
prices have = been cen maintained. The two
influences most likely to operate IN producing
stimulating transactions are the manner In winch
THE PROBLEM OF RAPID TRANSIT
Pd e Bo
OF these have been referred to at length here but
s opons M only THIRD parties or Or the the
upon the first mentioned proposition, Mayor Han
has added valuable contribution. 1t does not
seem from what he says that we are much nearer
rapid transit than we were five years ago. The
Mayor, Of course speaks only as an individual; but
what he says about the arcade and under
ground railroad we already know to be true.
His objection to that which he speaks
feasible one-an elevated road running through
blocksis terse and too true to be OverlOoked.n He
saion Of prcperty near the plocks and If the
damage were correctly estimated by commissioners
perhaps the expense would be found to be enormous
n n
And this is the scheme to which Governor HoG-
man has already committed himself. II the head Of
this plan our uptown real estate owners are likely
10 wait for some time for their railroad. Objections
fertile in finding fault with the proposed plans, ne
furnishes m nothing in the way OF sub
reS sSrewd mem men who hold S"'Ii this problem "n IS
one incapable Of solution under existing circufn-
Of an underaround or elevated road nyove M too
much cost where proper construction Is guaranteed
70 oe ever remuneratve Elmer would nave TO
Yorkvie, At all events, which would not be enough
to make them pay: i5xn THIS mucl,desred M speed N
must likewise be cheap and capable OF being soon
applied, utilizing as far as possible tracks laid
slde and the Harlem or New Haven on the east side,
might be compelled to lenu their tracks to q
passengers certain distance into west
| chester county. 1t does seem as though the
our streets to meet this need Il Is to be doubted if
| the present Legislature will give ready relief.
IL Is strange what fear people have OF steam in this
nineteenth century.
| THE ANNEXATION OF wEsTCHEsTER
is said to be less OF fOreg0ne conclusion than it
thought to be at the start The Times said some
| time ago that the '.Boss" was opposed to it.
| which does not seem likely, now Mayor Hall
says he is opposed to 1t, az are the leading city
authorities and all Of the present regime. II this
means anything 1t means that Tammany Is op-
| posed TO annexation, and as Tammany owns the
Legislature 1t win defeat the bill. There Ia some
| Likelihood in this, as the scheme was originally
| brought forward by republican. Should the bill
in the end pass we can only suppose Mayor Hall has
| been deceived.
There Is not likely TO be much movement In up
town real estate pending some decided action upon
| these two measures
LONG ISLAND REAL ESTATE
is beginning to exhibit unmistakable signs OF an
active speculative movement this spring along the