The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-22
REAL ESTATE.
The Lesson of Turner Brothers SuS-
pension in This Market.
MORE ABOUT WEAK HOLDERS.
The Hopeful Promise Of
Reviving Trade.

dull during the past week IN respect to transac-
tons, the aggregate sales OF city realty only
amounting to s4695l3 against $9l9,5l9 last week,
developed unexpected interest OF not, however,
cheerful cast IN connection with the suspension
OF the old established house OF Turner Brothers.
There nave been many failures and suspensions of
prominent banking houses during the past year,
houses with far more extended connections and
much wider notoriety, that have brought anxiety
and fear OF what the future might have In store or
this market, but none OF them, since Jay Cooke 4
Co. headed the roll OF stricken firms OF the panic Of
1873, has had the significance here the pointed ap-
plication as this
SUSPENSION OF TURNER BROTHERS.
True, Messrs. Turner Brothers suspended rather
az matter Of precaution than Of imperative ne
cessty, and their embarrassment was one quite
german 90 the operations OF a Wan street banking
house, as distinct from ordinary real estate opera
tlons-vz., the consequence OF large advances
made to Western railway but the suspen-
sion, growing ont Of this embarrassment, might
have been avoided If the firm had
been enabled to realize promptly upon It's
assets which are stated to be much in excess OF
its liabilities. And these assets are largely CON-
posed OF real estate, principally in the city or
Brooklyn. Here, then, we have the instance OF an
old and respected firm plunged into quasi bank
ruptcy while holding as the representative OF its
capital what we are accustomed to regard as the
safest and best security, but which, in the absence
OF market, is insufficient to it rom CONNER
cial disaster The lesson 10 be learned from this is
one well deserving Of thoughtful study.
1T OvERsHADOws,
II does not wholly set aside many OF the hopeful
anticipations that have found birth in this market
ana been reflected in this column since the sue.
cessiu sale of the Mott estate, following closely
upon the Presidents veto OF the FIRST inAasion
measure OF Congress, seemed to give the assurance
that at last we had touched bottom in respect to
real values; that that bottom was the solid stra-
tum OF ''hard pam" and henceforward this market
would grow out Of the uncertain distrustful feel.
Ing that had SO long ruled in 1t, and in due time
resume something of IT'S 0ldtime spirit and buoy
ancy. In this connection it Is worth while just to
glance at the nature Of that sale. Here tract
of land, more than five and half miles from the City
Hall, almost unregulated in the matter Of streets,
save frontage OF less than 800 teet the Boule
ward, realizing at such time the large figure of
3d. 800 per lot of % ieet by 100 feet mostly ronng
which might wen be regarded as remote and u n.
certain. With such result under such circum-
stances there was certainly good ground for the
THE ADMITTED FAITH OF OUR OWN PEOPLE
In the future OF New York really would find earlier,
well located, having clear title and fairly offered.
without restrictions or danger OF cOllusive bid
| ulnR tnab WOuu provoke numerous other sales
and create once more Tor us an active market. Yet
thus far this hope has failed wholly OF realization.
and the past week furnished most pointed ex-
hlbltlOn or the extreme Indifference with which
capitalists regard real estate Investment at the
! present time in the failure to sell the Harlem
| Heights property offered on Monday and Tuesday
! last Here was some Of the choicest property
within the corporate limits Of the city, rivang in It's
atractlveness for villa residences anything In the
neighborhood OF Paris or London, having easy
water communication with the business portion
OF the city sold literally '.for song,'; and that
/ inuiffprpnflv M n uD
| In disgust, after disposng OF lew lots for less
than an average OF $3.50, withdrew the balance
more than $3.50 per lot how Fictitious must be the
high valuation put upon Fifth avenue and
BOULEVARD PROPERTY.
Take boulevard property particularly above Gen.
trail Park. What sustains it 1t certainly not
natural surroundings Far superior may be found
in the Twenty-third and Twenty-iourtn wards, and
purchased BY the acre for the price Of single lot
IN q district that Mr.. Green does not think Will
fashionable neighborhood. Filth avenue t.'t still
reigns as the chosen abode OF the creme de la
creme OF society," except for such as choose to go
beyond l55th street ana enjoy the rus IN uroe.
Messrs Turner Brothers. failure, to o cOnsidera-
tlon OF the subject upon what do
REAL ESTATE VALUES IN NEW YORK CITY AND
VICINITY
And the sooner that is understood clearly the
more quickly are we likely to nave revived activity
less painful experience TO go through in the re-
adjustment Of values. Filth avenue property
uOluS lts ulxu uRuTe JuTOukH any lnLTluStC
value it possesses over property situate elsewhere,
but because OF extrlnsc conditions that give 1t
pre.eminence and are counted IN the considera-
ton money. Thus, when man pays $4,000 for
lot on Filth avenue to build upon, 1t Ia not simply
the lot that he pays that amount for but the entry
into fashionable neighbOrhOOd, the social recog-
milton which such ownership obtains Tor him and
hts family; or II he do not ntend to build and has
then he pays his $50, 900 in the expectation that
somebody who does want such passport to So
w pas s s o
building site. 1t Will be admitted that one OF
the most exciting stimulants to The
SPECULATION IN WEST SIDE PROPERTY
along the line OF the Boulevard was in the eXpecta
ton that the fashionable centre Of New York
OF that great drive, from Filth avenue to It's neigh
borhood But this has not yet taken place, and
improvements required to make this new fashion,
able quarter as attractive as the old, is not likely
to cake place very hurriedly: Besides the present
attitude OF the building trades does not offer much
inducement Tor extensive building operations,
which would be required to be carried on pretty
extensively to bring about the change hoped Tor.
Nor are a majority OF the present owners Of this
high priced property, If they have the means, dis
posed 10 pat sheir money into such an investment
present famous avenue Of that number, and very
many Of them have
They were spectators who bought In period OF
excitement which they thought was gong to last.
They purchased az figures that rejected the high
tide OF prosperity In real estate values, which
reached Its full hood just before the downfall Of
fammany. This has since receded under the de-
pressing influence Of Andrew III. Green and par
simony in respect to improvements. and left many
OF these gentlemen exceedingly high and dry. In
the meantime, TOO, taxes and assessments have
gone on increasing without any corresponding ad-
vantage to the property, until now many OF these
ventures that seemed so hopeful are q burden to
those saddied with them, that that they sth cling
to- however, in the desperate hope of something
turning up that will enable them to get rid OF o
portion OF their load 80 as to better enable them
to carry the balance. Something may turn up, but
THE OUTLOOK AT PRESENT,
! With NJ Tnr roy nctr
already spoken OF. to point moral, does not look
hopeful. Apart from any feeling OF commiseration
for those VINO may have to suffer- and who. II they
made ncautioaS Investments have only them
selves to blame, the market would be the better if
all the weak holders were shaken out OF it by q
sudden spasm, such as would excite the COMPETE
ton OF fresh capital to come In. Capitalists as q
rule are familiar with the present condition OF the
market and know that there arc many such weak
holders. They speculate upon the ability OF these
to hold out much longer If the present dulness
continues, and they consequently hold or In the