New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-15
ME1GRE REAL ESTATE SALES.

THE AUCTION MARKET DEVOID OF ITS OLD
TINE ePIR1T-THE WEEKS RECORD.
The reported sales OF real estate last week continue
IN make a meagre shoylng. The auction market has
also been devoid OF old-time spirit Some auctohcerS
are able 10 give life orally to the auction ROOM
but holders do not willing TO test this phase oil
the business Investors who hold paying properties
are not induced TO SELL and perhaps they Will continue
TO be investors even should shrnkage in values occur
But the speculative spirit is dead and the prospect OF
Albany legislation is so unsettled that men OF capital
cannot easily be led into any project that requires al
assurance of proht. The real estate market suierS
from political considerations, and these come as inc
present time to be treated in connection with such
factors as the apathy of capitalists and the greater at
fractions that may come from lhe eAPce'co H''"
of speculation in Wall Street
The cCnveyances recorded for the last Week num-
bcred $50 involving 81, 003,5O3 against .ol' 1nVorV
ing s13ss, 1913 in 1880. There were a'3 mortgages
recorded involving S2,2s4,6 3i, against "'o, involving
S3q4S go, a year ago The number OF perIecten ho'u
ing. was A. of an estimated cost Of Tsoo'So' COM
pared with % at a cost of ~ ,043,91O last year.
"T,c Real Estat. Record and Guide" contends that
the stagpaon which exists in real estate circles Is que
TO the exalted ideas Of holders OF property IL says
.The real estate market has been rise for years
now: prices have been going mp with scarcely an III
terruption. ard holders have believed many OF them
still do believe, that they will still keep on going up,
tell them for all time. They have become so usea
In this old song that they win not listen to or give
credit to any extraordinarily thcy do not care 10 40
so b.hey must recognize the truth in the END IL inc!
d. NOT now One very large factor in whatever ac
,iyty there has bee and to which too little atenuon
has been pad is the large amount OF trading that nus
bcen going on owners have been decciving theh
seves and others irtO the belief that exchanges were
straight out sales and they have found only t0om an!
who have consented to believe them. They nave ire
oueDtly concealed from the public during me la't
wear the fact that trades have been made giving OUT
only one part of the sale and withholding the resi-
When questioned as to whether certain TRANSACTIONS
were trades they have strenuousy denied the 1act'
and they have succeeded in their dcceptons uhti 'he
deeds have beer recorded and the exchange has De
como apparent to ALL But although the fact becomes
known eventually provided both the properties are
located in the city, it is not until the harm OF falsely
bolstering I'D the market has been done some OF
these contracts made for ninety days ana te sae
of one of the parcels Is concealed from the pubic ior
as much of that time possible. 1t is not hfd 10 sec
the harm that this practice does Ill deuolhe PeoPie
into the beIief that buyers are taxing UP WIFI re
pronerty as an investment and that there is really
considerable activity. The fact That trading Is so'
ON TO the extent il is is in itself one of the most
convincing signs that everything not it should be-
IL shows concusvely the desire OF owner, 10 ulsPo
Of their hodi;gs and shows, too that they cen hu
cash buyers at leas5 AZ ,elr m their rroperty ard
they meet some other holders who has put high heu
on his parcel and they exchange the Two ana cdcn
6eceves himself into the belief that he ma, soiu our
si The high price that he mas steadily demanded
Another fact that is not apparent to OUTSIDERS IS
these traders often accept In exchange pIopelN .
they do not want and cannOt handle. Ina tney ntse
then TO begu other transactions looking 10 1ur'hei
! trades"