The New York herald., 1879-07-12

distributed among the people by ordinary sales.
For long time these lots steadily, though slowly
appreciated in value. and investment in real estate
in any of the dozen villages from Port Morris to
Yonkers esteemed sound one, if not specially
brilliant. in a speculative way good steady IN
come at fair percentage sure from improved
property and the unimproved reckoned to pay
interest the investment by the in its value.
THE BEGINNING SPECULATIVE ERA.
dozen years ago. however, there change in
this wholesome. conservative order of things Prices
had gone up during the war. and owners had grown
used to great rises in value. fictitious prosperity
began to hold sway under the Ring regime Public
works of all kinds. useful and useless. pushed
in the city. and mems hands full Of money.
Investments sought for eagerly by hundreds
who thought themselves on the road to wealth and
whose aim was to amass rapidly. Naturally all eyes
turned toward Westchester county. Bouevards and
drives led to it. Roads were planned that would
make the whole of the lower part of the county
suburb Of the city. The example set by the
leaders in the great Tammany Ring. and the followers
bought all the land they could get. The investment
seemed good one Not only did the prosperity OF
the times permanent to all but the closest
observers but there much to justify belief in
the of the locality. The public works spoken
of were no more than New York would need in time.
even IL some of them were premature. And there
were many others that to follow inevitably.
The grain traffic OF the world demanded that the
Harlem River should be made navigable. that pre-
cious time should be saved in transit. The i'm
provement Of He'll Gate to be necessary and
it was believed by many that the route through
Long Island Sound would be taken by the ocean
steamers in preference to the outside route. which
was reckoned twenty-four hours longer. And. more
1.a, n
it was therefore known that it would become
accomplished fact.
CREATING ARTIFICIAL MARKET.
All these things combined with the active demand
for rather guided it its selection of locality and
made the real estate market Westchester
tally artificial one. For it will be noticed none OF
them facts in but all were in posse. That
they would affect the value of land there could be no
doubt and this fact. combined with the speculative
demand, served to raise prices in advance. And
prices raised and raised exorbitantly SO long
as the rise continued and money plenty sales
were active. as a matter of course, and the flush
times continued. Spasmodic improvements and
public works were accomplished-on paper, and
some were begun in the concrete. But before any
of the great improvements on which prices were
advanced became actualties 1873 came. and with it
the end of the speculative in Westchester. There
were no longer any sales at the old prices, and in
deed, excepting when here and there some unlucky
holder was forced to s'unload," there no sales
at all Men called the reaction the result of the
panic, forgetting that the panic result aud not
a cause excepting incidentally. They prophesied
better times meaning return of the old prices and
they held ON to their land for two reasons-they
could not the loss of reduction to market rates
and they could not find purchasers at the old rates.
In this condition real estate has remained until
M
how the present condition of the rapid transit
schemes has affected the market careful inquiry
has been made among those who are best posted in
such matters through the newly annexed district
the slice which was cut off Westchester county and
added to New York
THE PRESENT CONDITION AFFAIRS.
F,st-It found that the completion of the
Third avenue road as far Harlem Bridge within
the past year has stimulated the business OF house
agents greatly. that more houses rented in
Mott Haven North New York and even in Melrose
than ever before this spring.
.Second-That 1t has not in any degree stimulated
the sale of real estate but that buyers stn
willing to pay the prices asked, claiming that the
bottom has not been reached. while the holders
complain that as n rule they cannot sell at one-haf
the market rates OF 1872
7hird-That while the prospect of rapid transit has
been than anticipated in the old aud fictitious
i'll prices well assured prospect OF rapid transit
in the immediate future would be likely to bring
about sales ut the holders prices. And
Fourth-That the people feel that there is no such
prospect before them, but. the contrary. that the
plan as now made Is more likely to inure to the
benefit of the Harlem road than to the public
Such of these conclusions may seem contra
dictory can easily be reconciled by careful study OF
the routes laid out. These according to the state
Of the Secretary OF the Commission not de-
signed so much with reference to the immediate
needs OF the public that part of it which nhabits
the Twenty-third and Twenty fourth wards. as with
u view to building up the waste lands or rather the
unimproved property OF the district.
RAPID TRANSIT PLANS UNPOPULAR.
This fact of itself is enough to account for the
sioners is unquestionably regarded in the district
spoken Of and the additional fact that according
come. continue to be the main reliance OF the
ority of the people, to intensity the feeling.
Across the line which might be drawn from side to
side of the city, through Fleetwood Park, there
routes laid out The first from the easterly
boundary is called the Hunts Point route 1t follows
the of the Portchester branch OF the New Haven
road, and it is designed to afford communication
with the city by this route through projected tun
mel under the Harlem River in the line First ave-
nue.. The second route. reckoning to the westerly,
is called the east side route. 1t passes along by
| Christ Park the Southern Boulevard north
erly near st. AIMS. avenue, to the east
| OF small village called Woodstock,
a mile and half of almost open country into and
through the village of West Farms and from this
point around east of East fremont and the north
easterly part of ,Fordham to Jerome Park. This is
one route which the Commissioners expect to be
built up soon. The next follows second
far Westchester avenue and then branches from
it. continuing in nearly sraght line to the north
east part of Fordham, where it joins the east side
route again. This is called the Fordham avenue
branch, and comes hearer to the residences of the
inhabitants than any other, but is / Id out like all
the others directly through the blocks instead of
following the lines of she streets. 1t does not go
through the most populous parts of the district but
skirts around North York and Melrose. and goes
| through Morrisania nearly parallel to the Harlem
road and from two to foar blocks away from it, II
would il 1t could be built. the needs OF more
the inhabitants than other OF the routcs but
the Commissioners do not think it will be built. MIR.
L..ll. tl..r hat NIL nfaI in
consequence of the dissatisfaction of the people of
the district with the other routes determined upon,
and that IL the people wanted it built they could put
| their hands in their pockets and builu it, He did
| not think that capitalists would take hold of IL.
THE HARLEM RAPID TRANSIT.
| The next route Is the Harlem road. This
adopted with the idea that IL Mr.. Vanderbilt would
allow the Commission TO regulate the fares, number
and speed OF trains &c. they would consent that 1t
should be of the rapid transit The peo-
pie in the neighborhood do not see what MIR. Van
derbt would gain, and they do not think he will