, 1874-06-14

John G. Horan, and the stable, well. ornamental
grounds, ETC., have been sold for 300. GEO.
The San Francisco Real Estate Circular says,
On Its review of the market for May:
It is subject OF wonder With nearly everybody why
We do not now have something of d real estate
excitement. The State and city have foT two years
been very htle the outlook tor al out
rcultural, mineral manufacturing, and building In
Money is plentyevea to the verge Of being pethoro
ST to per cent per annum laborers aud mechan-
ics of all classes ind employment easily the demand
in many cases exceeding the snrp5 the increase of
population from abroad has no. been 20 large snce
1857 and the number Of tourists and fnsalds seeking
California for health aud recreation is increasing
monthly. Under these circumstances, everyone asks
with wonder "Why does not real estate improve more
rapidly - Tho answer is brief and simple We
te sf futuSe no, w6ieh Occurred @ IL 1861 Whs saoFs c
dead horne" Il. e., profits drawn in advancel Is not
con eomparat1eiy pa M T dull Handres who have been carry
ing mortgages end improbable. becauRa vacant, pru
crty Jet unload satisfactory terms, while all
who biteE in tho excitement of the years mel
TONED hnve yet stomach for purchasing nt fancy
prices. These the why, despite the general
rea:us comparatively dull Seasons OF imitation, for
which everybody seens to pray. are therefore, really
neither profitable desirable to tho majority in tho
years Of dunesa declining prices, and loss Of con-
dence In the future Of the city on the part OF those
whose shallow minds arc swayed BY every rumor And
tho mutterlngB Of every croaker.
IN NEW YORK.
The New. York Herald thinks TINT in real
estate in New York the road to the adjustment
OF values to b specie basis has been a'ready
travelled over i'll this market. Real estate is now
VIRTUALLY on A SPECIE BASIS;
that is. there has boon such prolonged dullness
in real estate, the speculative element, which
gives a fictitious quality to values, has been SO
thoroughly eliminated, and there has been such
shrinkage OF values within the past two or three
yeara, an recognized and admitted In recent
transactions, that it is safe to say hard pm -"
has been touched hero, at MI events, if nowhere
else. With this fact generally understood, and
the assurance now given in the candid expo
Hitlon by President Grant of his policy in that
respect (which il not likely to be gainBaid by
the gcoplc) that We are on tina road to specie
resumption, even If we have only started, tlero
il tbs
F11M GROUND
of stable va1ne upon which to build 4 new active
movement iu real estate, just 30 sooI 81 our
capitalists begin to get over their fright regard
ing all investments, and begin to tire OF the pet
t. and fatiSuing effort to mako their money
earn something in loaning it at per cent on
Wall street, subjec. to cal or should those OF
tho present prove Indifferent to the opportu-
nifty now afforded them, then when tho revived
industries OF tho nation, commercial aud Inano-
featuring, begin to pay dividend to those en-
gagged in them.
There is ono element OF distrust in this market,
however thut needs to be pointed ont, and that is
OPERATIONS,
owing to the peculiar altitude Of the operatives
employed in ouch enterprise. There IS no doubt
that there is now much capital living idle in bank
that might have been protitablys employed in
building operations this spring and summer if it
were not for the fenr, which is no light one. that
it might be lmperilel in such employment by q
strike Of the operatives during the progress OF
such work, ,-brick1ayars, carpenters. plaaterers,
painters, and other artisans. just at this time,
~ r1.r r$~rrc 41n+1 rrn|
other department OF industrial action, the price
OF labor among the building trades has maintain
ed itself. THIS being tho case, and it helng more
difficult now than heretofore to obtain high
rents, building does not now offer that certainty
Of prof. that it did heretofore. But with
THE ELEMENT OF UNCERTAINTY
rs to cost growing out Of the possibility OF 4
STRIKE capital, always tinid has had abundant
reason to shrink from that kiud Of invest
ment. . Although this liz tho season for
SUBURBAN SALES,
thero is little to bo said respecting them Anc-
tioueers generally report them successful, but it
il 10 be noticed there is no enthusiasm. And
how could there be? People who might invest
III this description OF property have not the
money. and those who have the money prefer to
hold on to it, nat knowing what may eyentuate:
Although without activity, wc have now, ut
the close of one Of the most depressing SEASONS
that New York real estate has ever endured. a
sound, healthy market, resting upon founda-
derstanding on the part Of our people OF the
conditions past, present. and prospective Affect
ing these, and undoubted evidence in tho past
years history Of the superior character OF realty
as safe investment. In spite OF the draw back
Of an i,nkece municipal administration. this IS
most satisfactory basis for new departure IN
tile fall.
THE MoRToAGE-TAx.
Now York City, like Chicago, suffers from the
incubus Of the mo1tgage-ta1. AL the lending
newspapers and rcal-sstate dealers OF New YORK
sneak OF 1t as lightweight around tho neck Of
rtsl-estate and all building interesta, The Herald
attributes much OF the dulluess OF the city real
estate market TO it. No such tax il levied in
Long Island OF in New Jersey, consequently they
prosper at New York's expense. rha World
says:
prominent rea!-cstate dealer tells the outlook Is
gloomy for real estate. He further Saga: p" There
will be but little building doue this ysar: There is
much property now for sale, md at sery low figure
yet It dom. find purchasers and go, OF course there Ia
no encouragement to put money into now buildings.
TIC inquitous system OF taxing mortgages prevents
won't lend on bond and mortgage unlesa they get
bonus which will relieve thc1n from the tax"
THE SUBURBS or NEW YORK.
The New York Times of recent date por-
trays the growth OF the suburban homes Of New
TorkerB u the Kingdom OF New Jeraey. In
tile last twelve years the most extraordinary re-
suits have followed the efforts OF the citizens
OF New Jersey to attract tue surplus population
OF New York. before Lnat tlIlH uloaL u kAo va
lageY living west Of the Hudson were mere lnsag-
uliicaut farming centres, with pretty pastoral
surroundings, and seldom or never receiving o
visitor from tue busy world a fc" miles east. II
was true there were railroads. but they woro tho
great thoroughfa:es over JcrHey soil for the
conveyance Of the mighty mutual traffic Of tho
East and West Suddenly men, under the
encouragement Of those who had seen for
themselves. poured into Jersey City and Hobo
ken iu scarcd Of building sites. Capl-
talists bought up vacant property by the block
rows of modest yet comfortable dwellings, which
they rented at rates that enabled the former oc-
cupant OF noof in New York to hire whole
house acrosB the river" Meanwhile the influx
of business to New York was slowly driving
dwellcrs from the lower portions OF the city to
make room for commercial edi1ices, and in two
or three years it became matter OF fortT-fVe
to sixty minutes ride to come down town to
business. Neu found tllat they could reach tho
lower part Of New York more quickly
from "Jcrsey" than from the vicinity Of
Central Park, aud hundreds OF them re-
solved to emgratc into the little mesquite State.
New Jersey landowners SAW the drift Of the tide
aud took it at tho flood. threw their lands into
tile market, encouraged the extension OF railways
ff,nr n