The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-20


Street Widening-Sales to
Come OFF This Week.
Another week has passed and the expected
general activity In real estate circles has not ar
rived. We allude TO combined movement In
safes at auction as well as on private terms. Our
quotations during the week demonstrated lively
state OF the market, compared with previous
weeks, but the transactions were spas
modic and ntful Still there exists no
cause to complain among brokers and
dealers as to business, and while property on
the market is very scarce the prices realized there
for are correspOndingly large. The real estate
transactions OF the city must by no means be
judged by the daily reports Of sales published as
accru:ng on the Real Estate Exchange or those few
made public by few brokers. The only way to
ascertain the immensely OF thistrafic is by inquiry
and inspection at the Registers ONCE where every
negotiation has to be duly recorded.
A few important sales took place last week. but
derived only an Importance from the high prices
obtained. In one instance projected improvements
near by were discounted and the selling price put
up to more than, 1t would seem, such property can
possibly be worth. The sale of two houses and
lots on-the southwest corner OF Sixth avenue and
Thirty third street, noticed in this column lew
caused the liveliest excitement in real estate cir
cles. Opinions on the intrinsic value Of this
property are divided, and as no two individuals
agree on the subject, we have no desire to advance
any 1urtner comments upon tue transaction, aud
only hope that the purchaser has obtained bar
gain. rt a lff
The last mentioned was the largest sale effected
during the week. The next one in Importance was
one only effected late on Saturday AFTERNOON, or
west side property In the vicinity Of the Riverside
/ Park Messls. v. X. Stevenson Son, II Pine
street, cold to Mr.. Philip G. Weaver, one OF our
heaviest operators in real estate, plot OF ground,
One lot On the northwest corner Of Seventy
street and West End Tor Eleventh) avenue, ~ 2-lOx
100 feet; six lots adjoining on tine avenue. each
25xl00 feet; one lot on the southwest corner OF
West End avenue aud Seventy street, ~ 2-l0x
100 ieet; ana three lots, each on Seventytnlr and
altogether fourteen lots 2OA 410 feet front West
End avenue, by IT'S feet on each of the side streets
The location OF this land is the finest above Thirty
fourth street. Situated, as IS part Of 1t, on what
is to be the finest avenue on the west
side, for which active preparations are making to
planting trees, &C., and the other ON a 100 loot
street. which at the west end Is to form the lower
end popular ar outlet from the Central Park, it's
prospective value Is readily seen. Besides all
this the Dock commissioners have decided to
construct pier at the foot OF. Seventy-sec0nd
street to accommodate line OF steamers to ply
on the Hudson river next summer lOr the accom-
modatlOn OF residents uptown. According to the
prices paid for surrounding property Mr. Weaver's
purchase may be considered very reasonable.
One OF the most interesting as well as exciting
topics at present agtating the real estate interest
Is the recommendation Oh Governor DIX to repeal
the law taxing mortgages, or, in other words,
exempt mortgages from taxation. During the past
week petitions praying the Legislature to enact
such law were signed by upwards OF five thousand
citizens, among them some OF our wealthiest IN
1t is no more than just that such hindrance
to one OF our most important branches OF COM
Among the opinions advanced by those Interested,
and among the most cogent, are as follows An
tate, says:ssrhe tax dives capital from the city,
as the interest realized is less than the tax thus
| therefore drives investments into United States
and state stocks, which by law are exempt from
tate are considered by investors rs the preferable
| security. 1t operates tnjuriousy on moneys IN
trust Tor widows and orphans whose funds gener-
ally have to be thus Invested. Alter paying the
taxa very low rate Of interest remains. Parties
holding wb are taxed on the iu
| seldom assessed or taxed more than one
| third or One-half its value. thus and Is own
equal value, say $4,000. AS house is mortgaged
| for $4,000, BIS Is Tree and unencumbered. Each
| each pays two and q half per cent on that valua-
ton, or $125; but the party VINO holds AIS mort
gage has to pay $l25 aiso Hence AS house actually
pays $3.50, while IL only assessed SIS. II AS
mortgage was given as part Of the purchase con-
sderaOn, the holder desires to sell 1t, in order to
| escape taxation. Capitalists and institutions who
have money to invest prefer to buy sucn mortgages
| than to invest directly as they always can buy
them at less than the probable amount OF the tax.
Mortgages having from three to five years to run
cannot be sold Tor more than ten per cent to fifteen
per cent discount on their lace.
Parties residing out Of the county escape taxation
on mortgages; therefore, persons residing In adOin-
Ing counties had the advantage OF resident CAPT.
taiists; put, as the latter possessed more money
for Investments, taxation drove 1t into other
channels or out OF the city altogether, and but q
small proportion thereof was replaced by the in
nux OF means seeking such securities from parties
| living outside Of New York. Formerly New Jer-
sey's mOneyed men purchased mortgages largely In
this city, because such were taxed by their State
but their Legislature repealed the law Tor all
| counties adjoining New York State consequently
| no New Jersey capital is seeking employment
| places IN exempted counties now absorb what
| formerly this city derived benefit fronf-cr-
| cuaJiOn. 10 this cause may be ascribed the great
| prosperity and rapid advance or suburban real
| estate.
The best effect the repeal OF this noxious statute
would have Is the retention OF our own capital as
| IL Is earned in business operations. Immense
| amounts would be invested In mortgages which are
amounting to fearful usury are preferred, even
at prospect Of losing bOth principal and interest,
accepting mortgage at seven per cent, from which
nearly one-half Is demanded in taxes by the state.
| Numerous other arguments might be brought to
bear on this subject; but the above will suillce,
| II only Tor the groundwork upon which to base the
reason Tor the repeal OF this unjust highly In.
| curious law.
1t is confidently expected that the Legislature
will take heed OF the prayer offered to them by our
capitalists and accede to their request then we
may confidently look forward to one oil the most
brilliant seasons ever experienced in this city.
| Anosher important subject agitated Is the widen
| ing of Ann street. on the plan proposed In the
| Common Council some years ago and vetoed by ex-
| Mayor O. Godfrey GurHher. IL is currently repOrted
that an ordinance looking to such an event Will