New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-09-22
REAL, ESTATE DEALERS HOPEFUL.

AN INCLINATION TO HOLD LAND sECURITIEs-iN-
CREAsING CONFIDENCE IN BOND AND MORTGAGE.
The general effect upon all operations In real
estate, as will be from the opinions Of prominent
operators as expressed below has been to bring all bust
ness to a stand. Some large transactions had boeH
closed but fears expressed that the chtness OF
the money market would prevent their confirmation.
Very few persons prepared to express any opson
beyond the belief that the ultimate effect would be bone
fcla II yet too early to Judge iairy' and some
expressed themselves sharing much In the excite
ment to discuss calmly the effects Of the panic.
reporter first called upon John McCave OF Plne-st
He said that the effect as far as he could now judge Was
very good. The feeling was that real estate was tns
only safe security at this time. He spoke OF one in
stance gentleman who had borrowed about $4,000.
on call upon real estate, had met the lender upon the
street only few moments before He had asked him
he would take the money NO." was the response,
I don't want it," and he walked OFF. This was the
action Of one Of the shrewdest aud sharpest OF men,
Another evidence Of this confidence IN real estate Was
the fact that some Of the largest sales mado for con
siderable time have been made within the last TWO days
owners have no desire to SELL at profit SI3O0H
YVES offered this morning for property that cost about
$4,000 a year ago. The owner refused, would not
cell any Of his property. piece or properly az the
northeast of Eightyfrstst and the Boulevard
was purchased last June for $4,000 An Offer for 1t was
made Of that amount with the interest, taxes, and
Grafton. Offers made for real estate which were
rejected by purchasers before too large Tho prop
erty the west side Of the Boulevard between Sixty
first and Sxtysecond-sts which about $4,000 five
years ago. was sold Thursday for s220O0 all cash.
The blocks bounded by Sxtleth aud sixy-hith.stsr
Eeventhave and the river. we're sold on Friday TO the
Butchers and Drovers Association for $625,O0} Thii
would have been good price in the best Of times.
These sales show that the general confidence in Toai
estate has not been shaken People who have hereto
fore made their investments in Wast Will turn to 1T as
a safer security for their money.
A. D. Mellick ir Bro thought that the generaleect
must be good great deal Of money that during the
last six months had found its way into stocks would
now 60 into real estate They had found holders whs
had been induced by the panic TO SELL They had solo
property in New-Jersey, on Friday. which they had
been trying to sell for several weeks. 1t still too
early 10 give opinion the effect. The business
was not likely be affected stocks at all
Those who had property sell held it firmly. as
they thought money would DO placed IA land or
bond and mortgage.
Holly Brothers & Nissan stated that there was no
disposition among the owners who did business with
them sacrifice real estate They preferred 10 hold OF
what the extent of the panic would be. AT pres
property only held moro firmly. The future
effect would undoubtedly be beneficial. for tho reason
that all confidence In bonds aud stocks had been shaken
The extensive speculation in bonds and especially In
cent dizziness In real transactions. There
reason to apprehend any depreciation OF landed prop
erty partly the that in the case OF improved
property especially much OF it has passed into stronger
hands, who could hold 1t il the times were unfayorable
for selling 1t would probably be difficult TO raise
money present upon real estate Some lenders have
their money tied up Others would hold or for fear they
might have TO use it in other quarters Il would be
three OF four days yet before a really intelligent
opinion could be given.
Albert A. Curtis gentleman engaged In placing bonds
and mortgages thought that the failure Of railroad and
fancy stocks would benefit real estate. Though
actions might fall on. the price would remain the
upon improved property it always productive.
That is the rents would go though there
desire buy the property. Therefore, the Investments
In real estate in tight money market cannot much
affect the price, The tendency OF hold
firmly Other securities might depreciate so that
nothing could DO realized upon them. The anount
could be obtained upon real estate at present weeS
ago. The market seeking just such loans He had
then got s2OOCOO to place tie same terms as usual
Forced sales might bring lower price, but would
find ready buyers. There htlo danger OF sueh
sales as general the who had lost in this panic
held little real estate There would probably be more
money for investment in bond and mortgage than
there has been for long time. Investors In such prop
erty could stand depreciation OF 6Oper cent as there
usually that margin between the amount ADVANCED
and the value. To that money could be obtained
easily, he stated that two loans had beea negotiated
that day a: per cent and one at II per cent Cd
second mortgages, the usual rate being above either
A. ID. Muller thought that the panic. so far As IL mas
gone would have little effect upon real estate Ii IL
should continue for several days longer wouu ansst
IL and everything else This would DO the faVorte iu
vestment There could ho such panic as In stocks
II the holder OF mortgage faod TO receive MA Prnc-
pal when due he would withhold foreclosure as long
rs he received his interest and such action woud pre-
vent sacrces and consequent tall 10 prices This
was the duest Of the year, fact which, OF ITSELF
would reard any possible eject.
Another gentleman who has large amounts invested
in real estate thought that tho panic woald have no
naeet outside OF those who identified with fancy
stocks aud railroad securities II would have ten
sse Eisk Pass.