The New York herald., 1875-09-12
SUNDAY SHEET

the Rapid Transit Commsnoners' report ana
every man who owns a lot is waiting for
better times Our experiences show that rapid
transit will benent property on the streets
or avenues through which the road passes Property
on Ninth avenue has been increased neen per cent in
value by the Greenwich street road and rents OF
mcnis and stores on the have increased There
must be large lot OF city property in foreign hands at
the present time few months ago Cuban came here
and purchased four lots the OF Fith avenue
and Seventy fourth street for $40 600 1t is unn-
proved and he s holds II for a rise. All foreigners
have confidence in real estate. This gentleman
was so satisfied with his that he endeavored
TO purchase the adjacent lots from Mr.. tiffany on
the terms, bat Mr.. Tiffany declined to sell. First
class property in this city, this nrm maintains has
reached the prices at which similar property is
held in London, Paris Berlin and Vienna, hence the
confidence felt by foreigners They also expressed the
opinion that property
IN THE SEicHBoRHooD oYYcE
was certain to advance TO point where II would be-
come stationary at a fair valuation.
Edgar Williams. Of Williams Raynor, took a
similar view, and expressed the belief that busi-
ness would revive this fall under the stimu-
ating influences Of rapid transit and other improve
the Post Office and the City Hail. whore the demand for
business Offices will be large Possibly there will be a
Once. II think said he, that we will have a
brsker market, and persons who have been bears be-
fore the report Of tho Rapid Transit Commissioners
now admit that the market is likely 10 recover" ;"
Mr.. Z. H. Ludlow, OF Pine street. thought the effect
OF rapid transit which Is very certain Of being
cess, would be TO equalize values between Fifty
street and tho upper of the island He argues that
the holding by the banks and companies OF
such heavy volume OF bonds and mortgages tends TO
parayZc real estate business and prevent capitalists
competing with them that they should be taxed equally
with the private bond and mortgage holders the lat
ter like them should be exempt Then capital would
LARGELY BONDS AND MORTGAGES
and life be given 70 the real estate business. MI.
Homer Morgan takes similar view of tho holding or
such large Of bonds and mortgages by these great
corporations and declares that II tho Legislature will
remove tho personal tax, the surplus millions lying
idle In Wall stroot will be invested in bonds and mort
cages and real estate bc less subject to fluctuations that
unsette the market; and, better STILL would stimulate
improvements that aer all have great effect upon the
real estate market
HEAVY HOLDERS OF LIENS upoN REAL ESTATE
Among those who profit largely by the necessities Of
holders OF real estate are the insurance companies and
saving banks who make advances on bonds and mort
cages at per per year. That benefits result
the OF small parcels who unable to carry
Il no one will deny but II becomes question whether,
after all the carrying by these great corporations of
very large amount of bonds and mortgages does not
indirectly lead to depreciation of tho prices
of lands and tonemcnts by inducements
offered weak holders speculate upon the rise and
fall of tho market The easy facilities afforded them TO
real estate is depressed other parcels have drawn many
persons into thc street" who have little capital
TO back them, and, as consequence, legitimate capital
is forced TO compete with them Bonds and
mortgages have always been safe and popu-
lar security, In which savings banks and in
sSrance sur companies I'm nvss. ana, wtnai VIII IL IS
surancc companies pay tax upon the amount held,
that they have clear profit of per cent with
any risk while private parties investing in the
securities only realize, when tho personal tax Is paid
about three per cent A careful examination of the
ocia reports made to the Legislature of the standing
Of New York savings banks and insurance companies
shows where nearly fourth Of the entire real estate
of tho city placed The figures show the bonds and
mortgages held January l. 1875, as iollows-