, 1875-09-19
Grand total invested BY banks and In
surance companies {New York and

surancs companies {New York and
Fhe ota1 v.:ton oi rsa estate in this city npoo
which the rata OF taxation Ia bsAed Is $500 COO 00,
which on the bass Of 60 per cent Of tho real value
this amount is under mortgage or hypothecated with
these corporations who have bonda locked up In their
vaults drawing interest
In addition to this, it is estimated that 315s,-
600. .00U Of private capital are invested IN mort
cages.
Is to the shrnksge In yaluee it says:
No considerable number OF 1eslestate operators
agree to the ahrntaGa Of values on certain lines Of
property this year compared with the high~Frced
periods Of 1872a yet all seen to eoncede the general
ehrinkage has been fully onethird. 334 per cent
With view Of ascertani1g the shrinkage, regards
location, inquiries hare h?~ instituted and one of
"bur the mnrkct cAndidly admits that their sales
show the following decline stnce 1929:
Location. Per Cent
About Inwood and spuysen Duyvl.......-.. s.
Anoa. Fint,, Fo1t washington f m, hundred and
foTty-nfth to Ffty.n street: .;...:.;: IS
Along the Grand Boulevard from Fffty-ninth
to 6ne hundred md hfty-hfth street..-.. 20 to IS
Along Fifth nvenue from Enty-nfnth to Ono
hundred and twenty fourth street. Is to IS
Along Seventh avenue from One hundred
and tenth 10 Ono hundred and forty-hfth
AlonF Fourth avenue from sixtieth 10 ono
hundred and tventy-dfth street. 20
Lots between Madison and Sixth avenues b.
low Fifty-ninth street. 20 to l5
THE REAL ESTATE PANIC OF l83+'37.
The New York Herald OF June G. 1897, bad the
following article illustrative Of the panic and Its
results:
There is nothing more interesting, nothing moro
philosophical nothing more Like history teaching by
example" than to contrast times md seasons with
each other TAKE, for instance the land speculscns
an a9t,ee ten published in the H1ad a. toows
Not long since well educated polished, intellectual
pezson brunch Of Of the earliest ezneranta calne
in possession Of fortune, anug not lasge, prob.
ably $4,000, or thereabouts. One morning friend
OF his fait the value Of real estate, the fall and
rise al every rock OF hesp Of rubbish the island,
asked him, :" Would you Ike to make small specula-
ton in land "I don't KNOW" replied the othsr "
s que ,snoE:nt Of the Tsae ct IT, ia1d y W
best in the market: keep it few months and aee how
it will come out"
Commodore Chauncy property. It is situated the
eastern shore Of the tsland Yorkvlle about Is
acres, and cost $4,000. i waa the same which Was
sold the other day for t12ouoo. This ia Of the
numerous specimens Of the large SUMS OF money
recently made IN speculations In landed property.
~ b m m nna IL he
crowded to suocatton with buyers and sellers Three
four auctioneers In one corner are eonetnes busy
coantry-good, bad, indifferent, rocks. mountains,
lakes swnmps, meadows, ai1uEialars selling and re-
selling as If The people we're mad The sno; .s;
fortunes. OF it is said he will clear this year
go 600 out Of his commissions another 00 another
SIS O0o etc. 1t is high tide full moon. but take
care for the turn. The real estate in Maiden
lane, Water street., up town, down town, has varied
three or four times from to 30 per cent ts ralne
during the last twelve fifteen months Be cautious.
be prudent.
What is the picture nov7 We will tell. About
year ago company purchased Of lii. a. Schermer-
horn farm belonging to him, atuated on GowAnus
Bay below Brooklyn, for $l00 0o, Of which $780, 900
wore paid in cash. and bond and mortgage given for
the balance at per cent Al aoon As completed, tho
Coupany lad the farm in streets, lanes, squares,
docks slips, and "eyerything," Is Aaster pogberry
says, handsome about them" Gowzuus Bay wss to
be inside great port-n town was to ba erected, ships
buis, charter got, Mayor and Aldermen elected,
and again, Dogbesry sAys "eve1ythnR comfortable
about them.s
But the ra7u1aton came. . Lands, lots, towns,
swamps, not only not salable, hut they were
worth nothing beyond the crop Of cabbages rou
could rase On them Things became so bad that the
Company called meeting. I" What shall we dol Ne
have $50, 600 to pay. How can we raise tt1" After
sleeping u day end half Oh tho b11aint9s
they shook tlotr he4ds and to the resolution,
Let us give the pufrhaee back into Mr. SchermeY-
horns handa; we will lose tho n1st instalrnent Of
eco, but We nsJ save tha hitter, a&so Of $50
Ihis proposition Us aocordingly M nads to the Peo-
GAIN" They stared, oonaulted the horoscope 2gan4
and then. lifting mp their eyes. weeping, sid: Wen
give $40 0D0 and all the land II you viii take It back
and cancel the bond and mortgage" This il tho
condition Of the negotiation. So much for the
land spoouat1ona OF 1855 and 1897 Oh! Oh ]! Ohl
While there is no probability Of monetary
panic Ut present, the history OF the paat c}earty
shows tho neoessitJ foz spaen1aaeu in real ~
tate to b cAotlooR.