The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-15
Tho REAL ESTATE MARKET.
Rapid Transit the Great Ques-
ton Of the Hour.
WHAT THE PEOPLE WANT
Viaduet Roads in New York and Brooklyn and
Free INSTRUMENTATION.
Glimpse of the Future Greatness
of Both Cities.
GOSSIP OF THE MARKET
The Value Of a Restrictive Clause in q
Fee-Simple Conveyance.
THE TAX ON MORTGAGES.
Particulars of Yesterdays
Transactions.
Glimpse of the Future Greatness
of Both Cities.
GOSSIP OF THE MARKET
THE TAX ON MORTGAGES.
Particulars of Yesterdays
Transactions.

| TRANSACTIONS.
Rapid transit is subject OF special interest ia real
estate circles al the present time. and the action Of
the Legislature upon the various projects now
before 1t Is watched and canvassed with great eager
ness The mass Of uptown property owners are ndlf.
ferent as to the form which solution OF this prob
| lem will take, ana would welcome anything
underground, surface elevated-tnat would bring
the upper and lower ends OF the city within rapid
communication. The opposition OF down town
property owners to 'b0re'' OF any kind Is felt.
however, to present such obstacles to the sue
cessful carrying out OF any plan involving
this condition, that viaduct road
similar to that proposed by the company lncor-
porated last year, with branches running east and
west 10 Harlem and Spuyten DuYvl Is looked to
| as promising the speedest desired contamination
The character OF such work would commend 1t at
! once TO popular appreciation. presenting evidence
OF safety and comfort in its solid, substantial, level
road bed with doubtful light ventilation, In.
! viting travel and stimulating settlement in the
uptown districts. or its financial success there
can be no doubt, whether built by the city or
private corporators III only placed In charge, OF
competent honest men, who Will practise ordinary
economy IN the work OF construction, regulating
their expenditure by the strict requirements Of this
service without effort to add to It's for the pur.
pose Of private profit. This Is the simple solution
OF the whole problem, and one that would give the
greatest satisfaction to the public AMI result in the
largest distribution Of the benefits sought to be OBJ.
tanned by rapid transit.
A SIMILAR PRoJEor IN BROOKLYN
would be equally profitable II constructed In con-
necton with the bridge The best route in that city
would be along the line Of the new Fatbush
avenue, which, when extended as proposed
RrOo md hrtd.,
present broad highway through the heart
OF the southern section OF that city. Another road
might be constructed to pierce the section OF the
city lying north ana east and connecting with the
surface roads running through the eastern portion
| OF the island. With these various roads running
| and binding the metropolis to It's most populous
| suburb with hooks Of STEEL" new capacities OF
growth and expansion would be opened to. each.
and localities now remote from the centres OF busi
ness be brought into such close communication as
TO- feel IL, the same pIIsang 9ckenng their
| NEW YORK WILL NEED
all such opportunity to distribute Its teeming
railroad line 10 the Pacific has Gemonstrated the
Justice OF the expectations formed with It's concep-
tion Of tho great stimulus II would give 10 our trade
with China and Japan. We have but learned as
yet the possibilities OF that trade, which, in spite OF
| rupton OF travel on the Union Pacific, has already
| been the source OF great profit. With TWO more
line, and the increased iaciIIIes promised in the
| extended service OF the Pacific Mail Steamship
COMPANY should the additional S subsidy now asked
OF the East viii pour into our storehOuses In ex.
change Tor the productions Of our own and Euro
metropolitan markets. That any considerable por-
ton OF this trade will be diverted hence, we have
no apprehensOns despite the efforts OF local bodies
elsewhere to share In its immense profits. What
ever It's course, it still must pay toll mere, every
| wheat every yard OF printed calico or woollen
goods produced in the East or West, and every ton
contributes to the wealth OF the city The mills of
syvanla alike add to New Yorks great ness ana every
rail laid on the Continent but extends the tributary
dominions Of its commercial supremacy. In view
MARVELLOUS POSSIBILITIES
OF another ten years. growth 1t Is not too much to
have pointed out here before that period snail nave
passed. They could be prontaby connected
cation between the two principal sections Of the
metropolis on eacn side OF the East River without
change OF cars or extra tolls. Such q consumma.
ton only question OF time, accompanied as well
by bridges at various points along the cities' Fronts
we nave put 10 predicate tue future upon the data
supplied US In the past to find the full assurance of
THIS result
THE GOSSIP OF THE MARKET
10 not confined, however, to the subject Of rapid
transit. Its prospects and possibilities On Wednes.
day IN the dearth OF any transactions OF particular
interest, some discussion was excited as to the
binding nature OF the clause deeds which limit Is
the grantee In the use OF his property in various
simple. The point came up In connection with
lot on the southeast corner OF Sixth avenue and
Ffty-frs street, 70 feet front on Fftynrst street
and 100 feet inches on sixth avenue. the lot was
offered for sale under foreclosure proceeding in
the Supreme Court, and eXcited much inquiry in
view OF the profitable employment Of the wide
avenue front by the erection or a block OF small
stores, until IT was found that by the terms
or the original conveyance its use was
| limited to the erection OF a three story
brown stone dwelling house OF certain value, with
the front on Fitynrst street. the grantor beng the
columbia College. Inc question considered was as
TO the bindlng nature OF the restriction which was
| held on the one side to limit the authority OF the
present owner and his assigns In The premises
while 1t was conended on the other that the title IN
Zee smple having once passed. Tor full consider
alton, all such clauses OF limitation OF the privileges
OF ownership were utterly void aud OF no moro
value than mere verbal engagement The grantor
having once surrendered his Title IN the land decided
mas no Iurtner right or control over IL, and any
attempt to exercise sucn Is trespasser. IL was
further pointed out That, inasmuch as sucn re.
strlctive clauses could hot operate as perpetual
bar TO legitimate enterprise In the many changes to
watch property Is subjected In city ike this, II
not perpetual they could not be OF any validity
from the beginning. The point Is one OF much In
ierest and certainly the weight or reason seems to
fee simple TO be an absolute aud unlimited tite
and possession. Another matter OF interest to real
estate a fresh effort now beng made in tae
Legislature 10 remove
THE TAX ON MORTGAGES.
The movement 70 accomplish this purpose IL an
old one, and the subject has agltated in succes
sive sessions at Albany resting principally for Ifs
justice upon the fact thai 1t imposes undue bur.
paid In the one case by the owner or the Zee and
again collected from the holder OF the mortgage
me Cnambcr or commerce this year presented
petition In favor OF Its abolition, but
Will give more heed to their recommendation
than That OF others which have preceded IT. There