The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-19
REAL ESTATE.
The Financial Problem Considered in Reference
to Thu Markst-Ths Effect Of Imitation
Upon Rents-Past Present and Future
Vslues-The Parade Ground and
Other Uptown Improvement
The Grsenback Dollar.

Yne real estate market proper at the present
Fine presents few features Of Interest," 1t Is in q
quiescent stage between the late panic TO which
n did not surrender. and the possibilities which
abe uture may have In store. The current transsc-
aions especially those at auction which are almost
exclusively forced or under legal direction, are
Qnimportant. and in respect to these public sales
referred to prove nothing as to the condition or
the market. Except as actual happenings, they
might as well be omitted from the record for any
value they have as data from which 10 base de-
auctions. Thus in the accepted scope OF the real
estate market there is virtually nothing that calls
Tor special note or comment 1t has been the aim
however, OF the HERALD In this column TO supple
ment It's report OF dealings with o discussion from
this standpoint OF
HHE GENERAL CURRENT OF FINANCIAL MOVEMENTS,
the changes taking place or likely to occur in
monetary affairs, and especially matters OF legisla
s1on calculated to AFFECT values. Thus early in the
recent panic 1t pointed out in this column
that the great excitement which prevailed in Wall
street was purely local, and had no relation TO
values outside OF that locality except these
incidentally affected by an interruption OF the
domestic exchanges; that this. In fact, was the
trouble block in the currency movement,
momentarily in time OF the largest prosperity in
natural production, stopped the manufacturing
Industries that are its outgrowth. In this con-
necton occasion was found TO draw attention to
the solid security which real estate in this
county and adjacent offers beyond the
ephemera securities OF the Stock Exchange.
TO thoroughly Illustrate this, something OF the
style Of the ordinary Wall street article had to be
adopted for ease in explanation, which seemed the
more proper that If the daily report OF stock
vaues and the money rate on the street involved
the discussion Of the whole financial problem GER
tainly the consideration OF the larger interest,
real estate, claims rejection upon the same
points Especially in this country does real estate
take this place-it might almost be said OF prece-
dence, In England the law Of entail presents a
bar to such real estate speculation as may be here
where the allodial right OF ownership makes
CORNER LOTS THE RIVALS OF ERIE SHARES.
At the present time this rivalry is without DEM
onssration, but that 1t exists in that very spirit
has been clearly proved before now, and that it is
an element to be considered in the future ought
not to be overlooked.
Real estate is always dull in the fall of the year.
the active season Of dealings usually commencing
about February, with the birth of spring, when
the earth gives evidence OF a new creation and
continuing into July, until enterprise is shriveied
up by tho torrid heat Of summer. Though all
branches OF trade were largely affected by the re-
cent panic, real estate, while dull has shown no
indication of weakness or falling prices. Through
the shrInkage OF other values, which releases
large amount OF currency from employment that
must seek investment in addition to the surplus
created by the issue OF the 50, 000 900 reserve,
there will likely be found money enough this
spring begging for use In good real estate. This
not made as q prediction, because predictions In a
country like ours. which changes SO rapidly that
the geography one learned at school is obsolete in
middle life, are unsafe; but the premises being
given IT Is submitted as
FAIR INFERENCE
The present sales in the auction mart are az
has been pointed out above, mostly legal sales,
largely under proceedings for foreclosure; but
even these are not above the average at this season
OF the year. They only command attention in the
absence of other sales. When it is considered that
zeal estate has nearly doubled in the last five
years, and that, as necessary consequence mort
cages have multiplied In the same proportion, the
number OF these foreclosures is really small and
shows healthy condition of real estate owner
ship. And this brings to the mlnd another thought
REAL ESTATE IS REAL.
It cannot go out OF sight or run away, or be pur-
Joined or subtracted by defaultng cashiers or
treasurers. 1t Is always there. And the recent
panic has brought this knowledge home to very
large class who never gave thought TO SO patent a
aact In its vulgar but satisfactory Obtruslon. The
real estate OF New York county, including the an
neXed district, is mostly in the hands of large CAPT.
tailsts or strong hoiders-men who know and
appreciate that which they have as an investment,
and are not disposed to lend themselves to- or, in
other words, be Influenced by any, ephemeral ex.
element. They nave great faith In New York
as the first commercial city OF this country
In fact, the concrete presentation OF the great
American Continent In the matter OF destiny.
Tney believe IN its future; and they are right.
There is large amount OF capital always seeking
investment IN New York real estate, always ready
TO absorb any amount of good real estate in tins
city that Is offered, no matter what may be the
state OF the money market at the time The an
brought out this disposition, or, as We might
say, Stimulated this purpose.
CAPITALISTS ARE NOW SEEKING
large plots In this section at from $500 to 500 per
acre, which are destined to be resOld at ad-
that direction and the problem OF rapid
transit is satisfactorily solved. With that solu-
ton win come ON, the cutting up Of al that
faubourg TO our community. Shall 1t be ste. Ger
main or Ste. Antoine? A lew years ago blocks OF
ground just north OF Central Park were often pur-
chased by single individuals and resold In separate
lots realizing large profits. The same operations
IT Is safe to look for In the newly acquired district
The large holders OF real estate to-day, the Astors
Enos, Philips, Peeks. Skaters, Powers, Rows and
hundreds OF others have acquired their territorial
who will never sell at cost. but being able TO hold
on 10 their purchases, or IN the slang OF Wall street
'carryn their investments, do so. They are also
always IN the market to buy anything that is de-
GREAT PUBLIC IMPROVEMENTS
now IN progress at the end OF the island neces
6arily increase values in their vicinity, and with
the prospect OF very easy money market
hazarded as prediction, to a plethora, there is
likely TO be considerable speculation In this direc
ton. In view or this contingency the matter Of the
new parade ground calls for some notice. Con-
corning this proposed Improvement ~ there is at
present much diversity OF opinion, inclining, how
ever adversely to the scheme. This may seem
strange In view OF the fact that at one time IL was
exceedingly popular among real estate owners
IN that neighborhood. But there is one thing
about Parade Ground ia posse, with a capital
and capital G.. and q parade ground
On esse and as the In posse gradually merged into
the IN esse, these same property holders corre-
6pondnRiy changed their views the subject.
They recollected tue incident OF one OF our city
regiments being placed en- raasse Under arrest ior
disorderly conduct at Prospect Park Again, the
recent eyne,ite at Tompkins square shows to what
base uses even
PUBLIC PARADE GROUND
may come, hence ifs establishment up town In q
quarter specially designed for the cTeDaede la creme
OF New YORK society Is now less anxIousy sought
Tor. II all our regiments OF the National Guard
were ike the seventh and had no vulgar habits OF