The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-01-04
REAL ESTATE.
An AuspiciOus Opening Of the New Year
Will Green Be Removed!
Mr.. Martin in the Park
Commission.
Views Of a Large Property Owner
on Taxation.

In OF late. that the new democratic administration
In city affairs would possess such intelligent COM
prenenson OF the pressing wants OF the city in the
direction OF expansion and public improvements
that would insure such wise executive and legis-
lative action as is absolutely necessary to lift US
out or the slough OF stagnation in which we have
been sunk now for over two years, during which
Time real estate, while escaping anything like q
panic, has endured a shrinkage In real con-
vertlDle value such as other descrp-
ton OF property could have sustained
without bankruptlng It's possessors. This circum-
stance clearly proves two things, viz.-nrst, the
inherent substantial accepted value of New
York realty, and, secondly, the sound financial
condition of the average holders OF such prop
erty. Ii is true the operations OF the past couple
OF years have been mainly In settlement and
liquidation, but public attention has been at
tracted to this fact from the absence of other
transactions rather than from any great increase
in the number OF foreclosures. Every year there
is certain proportion OF
WEAK HOLDERS
OF real estate who from variety of crcum-
stances find themselves unaole to meet interest
payments due in most cases to corporations, that,
not being permitted to acquire realty beyond
certain amount and yet being to certain ex-
tent limited in their investments real security,
have no other resource in the case OF the default
their investments. That Il was not
fear on the part OF these institutions
Of The ultimate value Of their security. even
where interest was suggishly paid ana the shrink
age In the then condition OF the market was nOtO-
rousy large, is shown in the large number OF FORE
closure proceedings undertaken by the second
mortgages where the first mortgage was held by
an insurance company savings bank. The
effect, however, OF the past years. business, and,
indeed, 1t might be said OF that or the year prevl
Gus, has been, In the absence OF any considerable
investment demand, TO weed out the weak holders
OF property, thus enabling The market to enter
upon this new year OF 1875 with stronger under
tone. quieter, more confident feeling, although
It may De on lower basis OF values than any year
since we entered upon the present decade This
shrinkage in values wherever 1t has occurred, has
not resulted from any cause that Is not readily
removable, and it is in the prompt re.
moval OF such causes so surely expected as
among rhe initial acts Of the new city
government, that real estate men find
that confident, hopeful tone noted. The real
estate market has had in the period we have
spoken of-that IS within the present decade-to
encounter
TWO DEMORALIzfNG INFLUENCES,
operating directly upon property, Numerically
opposed to each other FIRST IT hao to sustain
the extravaganza and wild ambition OF the Tweed
rule in Tammany, when the rage for uptown i'm
provements OF the greatest magnitude was
stimulated by the then ruling powers, and
improvements begun with such ostentaious
parade Of pubic spirit, energy and ability that 1t
seemed at one time as II the Grand Boulevard was
destined to be pushed quickly forward to the very
steps Of the state House at Albany Parks and
drives we're designed with lavishness that
seemed to out-Haussman Haussman, and the
rHot tnA, IN olnu inn
new faubourg, north Of Central Park. that
would In few years eGlce all memory
OF the traditional fashion OF Fifth avenue and
Madison square. But the money designed for
these improvements, and cheerfully contributed
by the people, VINO also saw IN their dreams
complete and improved system OF docks and
piers and that greatest OF all desIderara, rapid
transit somehow found Its way into other chan
Dels and, while there was great preparation and
great commencement, there was but little COM
pietiOn when Mr. Tweed was called upon to '.step
down and out" and
succeeded to the post OF chief regulator OF mum.
Cipal affairs, the great supervisor OF the several
departments. Mr.. Green unfortunately proved
himself unequal alike to appreciate the occasion
which Drought him into power or to discharge the
duties OF the office in'rusted to him with anything
the vulgar act that ne sd u caa
upon to supersede an Official charged with dis
honest use OF the public funds, Mr.. Green seemed
to concentrate his whole purpose IN an effort to
| prove not only that he would make no dishonest
use of such funds intrusted to him, but that to
honest OF them either IN fact, he determined to
| prove his independence OF all pecunary interests
city. by making no expenditure unless ordered to
40 so by an authority which he dared not reslst-a
q ass ne ws ans an
ever enjoyed. The short career OF Mayor Vance
shows how man Of ability can Improve an oppor.
tunlty Of that sort, for IN reality the accident OF
Mayor Havemeyer'S death which procured Mayor
Vancs's accession to the executive chair OF the
the circumstance which brought MIR. Green into
the COMPROMISING. Indeed, MIR. Vance, by his
eaenSy to the Presidency OF the Board by the
Board, came into ONCE With the hearty indorse-
ment OF large constituency: Mr.. Green is
while 1t Is well known that II he were to seek such
| from the people ne could not be elected to the
stance we mad i' sucn. lie has proven himself
totally unfit for the position he now holds, both
and render him presumptuous, overbearlng
Official and from the lack OF qualities OF mind which
would enable him to understand precisely the
great requirements Of this growing metropolis
which CONFRONT his littleness. The real estate
prompt removal for the reasons set forth above,
and 1t Is quite certain that the action OF Mayor
the 80 Spring msss se Femo1a
| would here be the signal ior renewed
ns in w
nuences. There Is, however, q strong hope that
| Mayor Wickham VIII fulnl his pledge to DC mo
mans man." ana in the removal OF Green demon
strate, first, that the chief OF Tammany Is not as
was charged In Twsed's time, the conscience OF
the city government, but also that the promise or
"home rule" ontalned in the State democratic
platform Will not be lost to this metropolis, which
mas SO much need or it. Great encouragement Is
felt In
| THE APPOINTMENT OF WILLIAM p. MARTIN
to be PARK Commissioner that MI. Wickham IS
fully alive alike his opportunities as to his re-
sponsibllities, and that his recent survey Of inter-
rupted improvements In the uptown district may
| nti1ed with the West Side Association as one
OF the most active members OF that able assocla-
ton OF property owners and has full under
standing OF the wants OF the uptown section or the
city. Coming straight from representative posi-
| ton among real estate owners into commission
| winch, under existing laws has great control
| over uptown improvements, not only IN the
Twelfth and Twenty second wards, but also In
those annexed from Westchester county--the
| Twenty third and Twenty fourth wards--Mr. Mar
TINS advent into the Park Commission IL likely 10