The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-11-14

many abuses any good eOde OF sanitary regu-
lations. Such body would secure that the
water was pure and not drained at certain
seasons from the bottom Of stagnant marshes;
but it would need to have president who
could cast chemistry aside sometimes and
use his nose. 1t would also guard the pub
lie against all the other equally preventible
causes of disease But we point out the
needs of the case rather from conviction of
our obligations in that respect than from any
immediate hope of good results.
city Real Estate.
That New York is not going backward /;
that its population and wealth will continue
to increase that it will remain the CONNER
cial centre of the country, and will thus
grow with the growth of the Union and the
development of it's resources-all this is as
certain as anything in the future can be.
When, therefore, some of our contemporaries
speak of the solid value of real estate on
Manhattan Island and of the certainty that
prices will rise considerably above their pres
ent level, we agree with them. What they
say is undeniably true. But it strikes us
that it would be rash to predict an immedi-
ate recovery Of the real estate market, and
we cannot entirely concur in the views of the
Times upon this subject They appear to US
to be q little sanguine. We doubt, for in
stance, If so temporary cause as the Cen
tennial Exhibition, thousands of whose
visitors will seek shelter and amusement in
New York next year, can have the
~ 49, tha
the demand for city real estate. This sud
den demand may affect rents next May for
the year; but nobody will be willing to pay
more for house on the ground that for a
single season it may bring higher rent.
There is real estate in this city composing
the centre Of the business part of New York
which has and will continue to have very
large and increasing value Such property
is not for sale to-day; it is owned by men
who have paid for it, who know it is abso-
lutely safe and mean to keep it and hand it
down to their children. There is property
not SO well placed, but yet valuable, suffer
ing now from the depression in business,
but certain to rise in rentable value as soon
as business revives, because the demand for
such property warehouses, dwellings and
stores-must then increase. Those who
really own such property, who owe nothing
or but little on it, and can therefore easily
hold it, have no reason to be downcast
They may have to accept lower
rents until business revives, and they
may not for long time receive such rents
for it as they could get during the period Of
financial exaltation, but unless they paid ex-
travagant prices for it they will before very
long be able to get satisfactory rental.
There is, however, large quantity Of real
estate, much Of it unimproved and bring
ing no returns, for which the present
holders paid extravagant prices; and on
which, in many cases. they paid but small
sums down, the greater part of the price re-
naming on mortgage. The holders Of such
property are naturally very anxious to realize.
They find it inconvenient to pay the interest
and taxes; many Of them have already been
foreclosed, and had their property sold by
the Sheriff; and this is likely to happen to
still mole This speculative kind Of real
estate will, we believe, continue to fall in price
will come into new hands at much lower
prices than were paid for it by the
present holders This is inconyenient to
the speculative holders, but it is inevitable;
and, moreover, it is q useful process to the
community for it clears the market and pre-
pares the way for healthy condition of the
real estate business. That men will continue
to make fortunes by New York real estate in
vestments, judiciously made, is perfectly
true but they will have to put in their own
money, will have to buy at reasonable
figure and will have to wait for their profits,
which will then be entirely legitimate. 1t is
not at all probable that we shall see during
1876, or the year after, great real estate
speculation, nor is it desirable.
SOMETHING or 4 SENSATION was occasioned
in Supreme Court, Chambers, yesterday,
by certain limitations, growing out
Of foreclosure proceedings that Judge
Donahue had been unduly influenced to
grant an order in the case. The insinuation
led to affidavits by the counsel generating
the Judge but Judge Donahue 'took she
papers, and will at future day by some
special order, signify what he intends to DO
about it.
CONSERVATIVE REPUBLICANS, like the edi-
tors Of the Chicago Tribune, hope that Cen
eral Grant, when he spoke Of the successes
\ Of the republican party, meant that itopened
the way to the election Of a republican as his
SUCCESSOR and his consequent retirement