The Louisiana Democrat. [volume] (Alexandria, La.) 1845-1918, 1883-02-07
NEW YORK CORRESPONDENCE
New YORK CRY,
Jan. %, '82.l

| NEW DIRK C1TY,
Jan. Is, 's2.}
EDITOR DEMOCRAT
Our sister city, Brooklyn, is at
present actively engaged seeking a
solution of the Rapid Transit prob
lem which is growing to be a very
important question. An Elevated
Road connecting the East River
Bridge with the more distant parts OF
Brooklyn is inevitable, but, after the
experience New York has had and is
still having with her elevated roads,
it is quite natural that the authori-
ties are looking very carefully be-
fore they leap. Mayor Low is at
present. considering several PROPOSE
lions. One of them is that the city
should own all the rapid transit lines
and lease them to individuals or cor
porations for operation. Mr.. Cor
bin, of Manhatten Beach fame, the
President of the Long Island Rail.
road, has submitted plan, the most
prominent feature of which is that it
acknowledges a prima facie right of
property owners whose lands may
suffer, to lay claim to damages. The
objection to this project is the ex-
IRENE difficulty of properly apprais-
ing and adjusting the damages that
will be claimed. Several other
schemes and propositions are under
consideration but these two are the
leading ones. Mayor Low who is a
very active and clear headed man is
devoting all bis spare time to this
question, and be seems determined
not 10 be hustled into a decision BY
the urgent necessity OF establishing
some means ofquick transportation.
Investors and spectators who
placed large sums of money in the
hands of builders for the purpose OF
erecting vast apartment houses, are
beginning to feel uneasy. A reac-
ton has set in the universal desire
to live in them, and should this turn
out to be more than a moment ary
feeling, the crash which will bring
down large spectators will be heav-
Ter than the awful real estate col
lapse of some years ago. When first
these houses were started they prov.
ed good investment. People were
glad to have all their rooms on one
floor, to have Accommodations and
conveniences which they could not
enjoy in private house without ad-
ditional servants, and to enjoy the
novelty of joining the comforts of a
home some of the advantages of a
hotel. Then everybody with money
to invest put it in apartment houses,
and speculative builders ran enor
nous risks in building such caravan
saries by tens and twenties and in
ono or two cases by fifties. But the
risk was crowned with success
These houses we're built to a height
Of five, six and seven stories; they
were furnished in the most elaborate
style, provided with every modern
convenience, and given high sound
ing attractive names. Apartment
houses became the fashion. and the
rents asked and given were enor-
nous. The building Of so many OF
them, however, brought rents down,
but even now money invested in
them brings from seven to fifteen
per cent. per anuum, an enormous in
terest when one can obtain but 5 per
sent. for money loaned on first class
bonds and mortgages. And is all
this to be changed9 1t is very we'll
known fact that frequently the small.
lest causes bring about the greatest
results. 1 met a prominent real es-
tate man the other day in Broadway.
He seemed to be very depressed
Said he "tbat destruction of the
Newhall House, Milwaukee, by fire,
and the subsequent hotel ares have
had bad, a very bad effect. People
who live in tall houses and particu-
Iarly those who occupy upper flats
have got scared. Our janitors say
so, and l know hotel clerks can hard
ly get guests to 60 above the second
floor. II only this thing had not
happened so near May" and he walk
ed away in very thoughtful mood.
After all this may be only a momen-
tarp scare, but should few more
fires of the kind alluded to occur
there will be ageneral exodus to sur
burban places and property on Long
leland Brooklyn, Jersey City, West
chester county and other contiguous
places will, Of course, advance ac.
cordingly.
Like dntiful chronicler of metro.