The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-05-04
REAL ESTATE.
The Relation of the Last Legisla-
ture to This Market.


The week which closed on Saturday night was
epochal In relation to this market And this not
10 much In view OF accomplished results although
even In that respect 1t has Its own proper place In
history. as In the new possibilities IL presented to
the current observer, che awakened instinct 1t re-
hected in field that had 80 long lain dormant,
AMI The cheerful vlstas 1t brought to view which,
seen years ago. had, in the meantme, become OBJ
scured, exhibiting OF late most dim, uncertain
Light The causes and influences when LED to this
new departure.
SEE FORMATION AND DETERMINATION OF THIS PIv.
OTAL POINT
IN the market have been fully rected here. and
DO not now need reorganization. 1t Is thus referred
70, In the same plane OF thought IN which It was
commented upon here, In the weekly journal
which devotes itself more especially to real estate
interests
The earlier events Of the week not Of favorable
more sSundsnt s and oilers were made Trough private
sources showing dis o.ition ON the part or many to
estate had rsachei its w.ss and that bargains we're
S ny e q es IN q he s
s 81 s
indeed, VI the in Its favorable application real
he On N as the Of s
the Exchange was very large and the sale was pro
s sS q s e. Sss Is
VINO engaged IN Il The nricss reaised
although not ially up 70 preyou. experene antic
am indicated cnanse which we must confess we had
We have invariably Expressed our full faith in city real
ans IN H. " or
Sss Ssv. n ss s
course Of traae. and none the les gratifying SINCE L
assures many VINO have dsyo.sd much iei to
g the market 49, result we may owners e ad
viii snsa tie %arse. excits trade s sumo ''Ns
IL VIII be seen from this extract, as well as from
what has been already said In the HERALD. that
this sale, although great and In many respects
surprising success, does not offer encouragement
20 the expectation tnat we should jump right
away into an active market at balloon prices. ON
the contrary. 1t shows that the market is thought.
ful cautious and reserved; that while 1t has over
come the hesitancy winch prevailed anterior TO
the action Of the President upon the Currency bill
and exhibits now certain investment demand,
that demand Is not largely competitive nor ex.
travagant nor reckless. 1t will absorb oil good
PROPERTY OFFERED AT FAIR PRICES
but It will not assume that these prices shall be
regulated by any standard OF comparison other
than at present exists with the fair promise OF
the future, The events al figures OF two years ago
having no more value now than would the same
traditions Of London, Paris or Frankfort, or
any other great city besides New York. The
necessity for these lew words OF caution now
shat we are again fairly launched upon returning
wave OF real estate appreciation, Will be found on
an examination oil the condition OF
THE BUILDING TRADES
at this time. These have not Tor long time shown
such dulness. With the general volume OF business
throughout the country largely reduced, falling
on, OF course, was to be expected here as else
where; but the present outlook Is nosc dlscour.
Asvruf houn
with the uncertainty arising rom the frequency OF
strikes, the heavy tax imposed upon capital seek
Ing employment in this direction, by the operation
Of the Eight Hour law, well as the impossibility
Of forming contracts for future performance
during the recent pr0tracted uncertainty as to
what was or was Likely 70 be the measure of our
currency values, all these things have CON-
bined to check operations in this direc-
zion. Prices OF building materials have gone
down without any corresponding consumption,
being mar ked down rather with an effort to excite
trade than because OF any demand to warrant the
foregoing OF the largest profit. There is yet time
however, for revival in this direction, and with
the settlement Of the financial question BY the
Presidents veto against the chance OF innation,
builders loans being more readily adjustable II
the trades unions can only be made TO understand
their real interests and meet the bosses on fair
yet be made memorable In the annals OF this city
Tor building improvements
Another event OF interest in this marke. during
the past week was
THE ADJOURNMENT OF THE LEGISLATURE.
It has become 30 much the habit, and unfOrtu-
natey with TOO great cause, to refer TO that body
IN much the same manner in which the ancient
Jews spoke Of Nazareth. that one almost risks the
suspicion OF private interest In commencing
even the best abused bodies, individuaIs.
purposes or aims have IN them some
good Il was 80 With the last Legislature. and
pie o. TINS city III the matter OF rapid transit as
tnat desire found expression in MIR. Eastman's
b0ta the Vanderbilt Fourth avenue and the Third
avenue obstruction bills, and gave charter to q
compsmy Mhicn dc IL De accepted on ITS own
lh.s, too, IN direction where, as matter OF TACT
little has been expected. The projectors of
TIE NEW YORK WAREHOUSE AND RAPID TRANSIT
have been steady petitioners at Albany for some
seven or eight years TO get permission to improve
the water mont OF the city by the construction Of q
system OF warehouses along that front to be con-
neeted by an elevated railroad, that should also
ordinary passengers as well as freight traffic. The
very greatness OF the scheme. which, ii ever car.
FAMOUS Liverpool docks and place New York o Iae
most IN the race for commercial supremacy OF the
Cite, OF ooth continents. would appear to have
excited distrust OF the earnest intentions OF It's
sponsors, rs the first charter granted the company
alter persistent application was vetoed ny Cover
nor uOHHldu. Inc projectors pressed their
claims from year to year with variable sue
cess, getting bill perhaps through one
House to lose 1t In another, until this year when
much modified anu changed from the original bill,
II again seeks gubernatOrla sanction to become
law. Tne alterations made in the bill have mainly
re erence to the warehouse portion OF the enter
prise, which the projectors In view OF the 0ppos-
ton this encount tered and perhaps with recoilec-
ton OF the expense involved, seem well enough
satisfed to have in part postponed. They promise,
however, to build the rapid transit road around
the city, and assert they have been offered
by English capitalists in advance OF the
passage of the bill all the capital they
may require to commence work at once upon
such passage, and push it forward with unfiagGng
vgor, and this they propose to do. 1t remains TO
be seen how lar performance will bear out this ic
must be admitted, somewhat gushing promise.
The bill to perfect the work OF the Commission
ers in tine matter OF
THE KINGsBRfDGE WIDENING
Also passed the Legislature. The difficulty to be
overcome was merely some slight tecnnicality
growing out OF the neglect OF the Comptroller or
some Of the Park authorities In the matter OF fling
. map. The great obstructionist, however, An
Grew II. Green, sought TO lnvalidate the action Oh
tne commissioners because of this omission either