The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-04-03
SqR REAL ESTATE MARKET.
u r B Ut FIR M.
~
Character of Current
TRANSACTIONS.
The Indifference of the Legislature
Checking the Enterprise
Of the People.
A Rising Tide In Real Estate Values
from Berlin to San Francisco.
THE PROSPECT FOR THE SPRING.
What is Wanted to Stimulate
Activity Here.
A Simple Solution Of the Rapid
Transit Problem.
THE GREAT DESIDERATUM.
~N~~~o~~N~c~~o>~~~~~-~~
Brooklyn and New York a Unit
A Simple Solution Of the Rapid
Transit Problem.
THE GREAT DEsIDERATUM.
Brooklyn and New York q Unit
In the Future.

The promise Of renewal Of activity In the real
estate market given In the early part or last mont
still hats In Its iulfment through the Indifference
Of the Legislature to what has been often pointed
out here as the great desideratum and one require
ment to stimulate dealings-rapid transit
THE OPERATIONS OF THE PAST WEEK
were unmp0rtant the public transactions consist
ing principally OF illegal sales" which, even, did
not as whole present the most satisfactory results.
The aggregate sales at public auction OF city prop
erty, m0stlyimproved during the past week, realized
trl1e over half million OF dollars, being falling
of Of about thirty thousand dollars from the aggre-
gate OF the previous week. The market at private
sales was extremely duh, very many important me-
gotiations being held in allegiance waiting some dis
| position Dy the Legislature Of the rapid transit
problem.
THE ANNOUNCEMENTS FOR THE CURRENT WEEK
are similar In character to those of last week. or
fortyelght separate invoices presented In the auc-
ton market thlrGy.twO are offered under legal au.
thorty, whether OF executors In foreclosure or by
order Of a referee The balance sixteen, are
offered In the ordinary way whlle seven of the
whole number are adjourned sales. Operations OF
this kind, however numerous, do not give the mar
ket the character OF activity, large proportion Of
illegal sales' OF real estate from week TO week being
necessary consequence OF the ordinary trade
changes In great commercial city like New York,
where nearly all the realty IL mortgaged.
THE REAL ESTATE MARKET PROPER
comprises the movement Of unimproved property,
such as Boulevard anu Harlem lots, washington
Heights or Westchester county property, or other
SUBURBAN real estate. such as Long Island or New
Jersey.
The spring opened with very fair prospect OF
resumption OF activity in this direction the initial
sales indicating the beginning Of another Of those
eras OF marked appreciation which, at recurring
seasons, determine values upon higher plane than
those preceding, and fix the point for new de-
parlure In the next succeeding period Of activity.
The disapp continent OF this expectation Is thus far
regarded as but temporary, the animation looked
for In the market being only postponed. and the
hope Is INDUCED In that the Legislature
Will rise to comprehension OF its
high duties, and deal with the subject
OF rapid transit necessary condition precedent to
present activity In New York real estate In broad
liberal manner, becoming men who have IN their
charge the destnies OF the metropolis Of America.
1t will be bad should they fall short Of this much
to DO desired greatness OF understanding and
action, a.
THE NECESSITIES OF NEW YORK ARE PRESSING.
and the OCCASION from surrounding circumstances
such that delay cannot be permitted without serious
loss. In addition to what has been already said
here concerning the rivalry or New Jersey, and
especially the interest which the New Jersey Gen.
tral Railroad has In preventing the accomplish
ment OF rapid transit In this city, the suo)oned ex
tract from the pamphlet previously quoted from
In these columns presents truthful and instructive
contrast between the two States which the Legisla
turc should take earnestly into consideration. "Ihe
very atmosphere OF New Jersey,n says this pamph-
let, "ls progressive. Men who have lived years In
New York city, and groaned under Its burden OF
taxation, Its wretched system OF street railroads.
corrupt government and the hundred Ills that metro.
pOlitan flesh Is heir to, move across the rver and
find their new homes 70 be where great undertak.
at the one time; thus while The people Of New York
have for o young lifetime been discussing and
Inc over city Of sSsmes ia, for ar raDa
an elevated railway that has cost millions OF money
but TWO streets on level. the Delaware. Lscka:
wanna and Western Railway has recently con-
s raa n and ss
New Jersey Western Midland are nearly. competed,
ana the central Gona Company tne
double track road, making IL the only four-track
commani cations toacning Mr. joan Taylor john.
st0n's connection with
THE NEW YORK WlADucr) RAILWAY COMPANY,
all pointing to the same conclusion, that while he
remains ut the head OF the company 1t would be
folly TO expect that ANYTHING Will be done BY 1t
toward providing rapid transit IN this city, Ii has
been already pointed out here how manifest this
disposition to prevent rather than forward the work
issued BY the President; but 1t was hoped that
upon full exposition OF this purpose on the part
OF tDat officer the gentlemen OF the Executive Com
mittee who are generally regarded as public.
spirited New Workers. having the interests OF their
own Guy at heart, would have done something to
sion In the policy or the President OF the New
Jersey Central Railroad might be supposed
to attach to them for their association with hlm and
responsibility for maintaining him In his present po
sitlon In the vIaduct Company: Nothing mas been
Legislature to provide the necessary remedy
move this great oDstructlonlst II other way can
be found 10 accomplish this repeal the charter
trey. 1t did seem TO have the real quality OF
determined purpose TO carry forward the work
about Ii. The original corporators comprised the
principal members OF the "king,n whose GOOD faith
IN the matter was always open to suspicion, while
very nature Of things, hostile. THIS Is
the feeling In the market upon this subject,
real estate men having lost all expectation OF see
Ing anything done under tue present charter. Nor
Is there much encouragement to found la looking
into the other schemes now before the Legislature
ana their situation there. Not one OF them com.
mends itself to the Intelligent Judgment as aordng
the proper solution OF the difficulty or the two prin-
| clpal scncmes wnicl appear 10 ind favor respec-
lively In the Senate and Assembly the favorite OF
the first mentioned, tho Beach Pneumatic Tube, is
foreground road, without going into the reasons y
| OF a nature to provoke such opposition as Will
| seriously retard It's construction dnd must
ever interfere with IFS usefulness. As any
| heavy outlay and requires the use Of y large
amount or capital, sound policy dictates tnat tne
money market be not over-burdened with sciionve
Of this character bidding for funds in compcuoh a
That policy would also direct that pIoiciC.so ~
| given TO the plan OF rapid transit WHICH Scono "
| I'LL up, In the largest sense,
THE MEASURE OF THE CITY's NEEDS. ,u.,
That Is very generally admitted 70 DC via ,av,
the Battery or City Hall 10 matieM r Mser
on the one side and Spuyten DtNkvn oree es
on the other This Is the oh not nnv Seopuse
n dtanosea OF ali objections that exist 70 Quo.