The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-30
Real Estate Owners and Real Estate
Spectators.


Shortly after the first issues of Govern |
ment paper at the beginning of our civil |
war, real property, like everything else, |
began to rise in price. In this city class |
Of operators, some with money, some with |
credit, and some with neither money nor |
credit sprang up like mushrooms. They |
foresaw the effect of an Initiation of the |
currency, and set to work TO profit by it.
Men who had nothing to lose bought |
houses and lots on sixty and ninety days
contracts, and before the time for taking
title arrived they had sold their contracts
Mt an advance, and were again in the mar
ket as purchasers OF other property on
similar terms. Lots out of town also
passed from hand to hand like peanuts,
and in many cases much money was made.
During this period of excitement Mr.
JAMES LESox sold of the greater portion
OF the LENoX farm, some thirty acres, run
ming from Sixty-eighth to Seventy fourth
street, and lying between the Fifth and
Fourth avenues, reserving only one block
| and a portion of another Real estate
spectators played football with these
| lots. They kept them constantly i'll the
| air tossed them from one to the other, and
| created what is generally known as n lively
real estate market. Much OF the property
| thus knocked about has since been built
| OH, and building even now is more active
| in that locality than in any other part Of
the city. Thus, though the real estate
Spectators have almost all been swept
away, foreclosed. or sold out during the
disastrous period through which we have
passed since the panic OF 1873 their opera
| fiona M IA m "a hftla IN r1 do al
oping and building up what is rapidly be-
coming the most fashionable quarter of
this city. After vexatious legal delays
much of the property has passed back into
the hands of the original owners, and now
| Is strongly held
The ownership Of real property in New
York is widely diffused through all classes
from the artisan who owns his modest
house and lot far up town on the east side.
which he has paid for out OF his savings
to the great capitalists who live in palaces
on the Fifth avenue, aud own property all
over the town. 1t Is II mistaken idea, be-
| cause Of the immense landed estates of
few wealthy families, such rs the AsToRs,
| GoELETs, LoRILLARDs, RuTNELANDERs, aud
| ENos, that the Glasses who represent the
more modest holdings are not equally with
| the great taxpayers concerned for equita-
Bile taxes and All honest administration of
our municipal affairs. A man whose whole
| fortune consists OF the house he lives in is as
tenacious of his rights ana privileges con-
corning that one house rs is Mr.. Aston
concerning all has numberless houses.
Herein lies the ultimate safety OF the
New York property holder. The interests
| of all classes-the bone aud the sinew, the
great creators of wealth and the great
possessors Of it-are so intimately blended
together rs landholders and rent payers
that they may almost be said to be
identical. When this is fully under
stood and acted upon, taxes will be much
lower than they now are. We can form
some opinion as to what Glasses own real
property in this city by going TO the tax
Office just about this time. There we find
crowds Of people from every walk and sta
ton of life, standing in file, waiting pa
tlently for their turn to pay their annual
taxes, on which n discount is allowed at
the rate of seven per cent. per annum
from the date OF payment 10 December 1,
on all payments made before the LIST of
| November
There is, however one class deeply in
| iti'oi'N w WY Pibl'NiAJ Aliht ~ u'Nti lfp-
resented ON those occasions. We mean the
real estate Spectator, who, as general
thing, exhibits the most superb contempt
for taxes and assessments. When he sells,
all these arrears are cleared up out of the
purchase Toney; but whe as has been
the case during the last three years, he is
unable to effect sales, these arrears accu-
mulato and become first mortgage liens on
his property, running ut the rate OF twelve
per cent per annum. The city generally
sells, Tor unpaid taxes and assessments
about three years after confirmation,
rarely ever before, and frequen tly not
even then. But these tax sales do not dis
turb the equanmity of the delnq uent
real estate speculator who will pay the
interest on his mortgages If it takes his
last drop of blood, collect his rents where
the property is improved. and hold on like
grim death, with tho hope of getting out.
We have recently seen men, counted
among the largest real estate operators In
this city-men who for years have been IN
the yearly receipt of enormous incomes,
derived from bindings situated in the
heart of the business portion OF the city
brought to grief by tire natural results Of
the mistaken policy they have pursued in
real estate matters. The system of buying
large lines of real estate on small margins
and paying for it in purchase money mort
cages, without making provision for the
gradual extinguishment of the mortgages
will ruin any man who attempts il in this
country, where values are, from many diff
ferent causes liable TO such frequent and
sudden changes. A man who operates in
real estate under these conditions must, to
be successful, buy on q constantly rising
market, sell at profit, and he must not
hold long. II, however, he sets himself