New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-04-13
NEW-JERSEY REAL ESTATE.
STEADY RISE IN VALUES ATTRACTING
INVESTORS.
COMPLAINTS OF FARMERs-THE NEWARK BOARD
OF PUBLIC woRKs-A RACETRACK MEAS

OF PUBLIC woRKs-A RACETRAcK MEAS
URE IN GOVERNOR ABBETT's HANDS.
Trenton n j., April 1.-THE development OF real
estate continues to occupy more attention among IN
vesors in this state than any other form OF specuia
tive enterprise There are no special Indications that
IL is being overdone, and II collapse should come II
will be due to other causes and a revival would be
simply a matter Of time. The conditions are strlR
ingly different from those which prevailed In 1873
The speculation in real estate then reckless, and
1t was largely due to the Ncw-York corporations
which furnished the money. II was amazing 10"
reclessy they loaned their dollars on mortgages or
rather it would have been amazing II had not been
known that their representatives in NewJersey were
roaming great profits from their easy financial policy
That was the era of the second third and fourth
mortgage OF unpaid taxes, and OF 1 per cent pay
ments on purchases During the last two years New
Jersey real estate in and near the cities has been de-
veIoped to an enormous extent, but the loans made
arc on first mortgage and the purchasers are largely
members Of building and loan associations. The gen.
eral prosperity Of business in the last few years has
enabled men to acquire homes of their own, and to
live comfortably, occupying entire houses. But
the increase In population has been large also There
are kinds of growth, and that OF New-Jerscy
in the last decade has been such as to add greatly
10 the wealth and to increase the number OF homes
New-Jersey has been able to show New-Yorkers that
they could get houses, pay communication, have seats
in the cars and be within hour OF their Offices Tor
a fraction of the cost for the same things In New
York. and for less than Brooklyn required. Although
the NewJersey railroads have been far nom success
full in graphing with the quick transit problem, they
have given fair accommodations on the whole, and are
ARRANGING for better and the business men appreciate
IT, The shrewd observers of New-Jersey real estate
transactions say that the inactivity from 1873 to 1850
has not yet been made up by the progress OF the
last five six years.
There has been no reason TO doubt the capacity Of
the average jersey farmer for making his woes known
His proplnquity to the great centres has made him
appreciate his more and certainly has made 1t
easier for him to voice them. At present his censure
is partially against himself The fact is If the farmers
had planted the regular farm crops, had gone back to
the days of fields oats and rye they would have
made a good thing out OF it last year. The prices
have been extremely high and those who had cereal
crops have made fair profit The price OF farming
land in NewJersey averages high In census reports be-
cause the market gardens and lands winch VIII soon
come into the market for villa sites are included but
few miles from the cities the price is lower than 1t IS
in Western New-YoIk. The increase in the prices OF
cereals and the prospect that they may be maintained
next season the fact that there is arising de-
nand for local crops which the speculative CONTROL OF
Western products makes necessary, and the oppor1ui
ties that are offered men OF small means are dli
STRENGTHENING the values OF farmands in the state and
il is the feeling generally that the bottom has been
reached.
The Newark Board of Public Works has not vet begun
operations because one OF the Mayors five appontces
has not accepted the place This is James smIh' Jr'
the Democratic boss OF County, and one OF the
four men who control the politics OF the state on ms
Tide of the house. He is leather Manufacture anu
fine shrewdest and most daring politician Ne"JeTse9
has produced since Governor Albeit gained pohheIoc
lie mas became rich and is getting rlcher. ana mus
wonderful capacity for discipline and ORGANIZATION III
politics. The Board Of Works is his creation ana nc
had the power 10 name the members iihtl tle h,sV
moment The Mayor squirmed somewhat, however
when he was tainted with being the puppeb OF llte
boss Lut il would probably have made no difference
had not Judge Gottfred Krucecr the German Demo
politics in the State, interviewed challenged smith
power and eventually secured the defeat OF one OF ta
nominees. But the Mayor with an eye TO the main
chance and a fear OF the future, made a coup ap-
pointed Mr.. Smith to the vacancy and rested seiehely
MIR Kruger did not object to- this Mr.. Smith, o.
couIse, knew the Mayor would do ii, and consented
because the appointments had to be made az once TO
comply with the law but he evidently intended 10 re-
sign at when he had found substitute upon whom
he could agree with the Mayor and Mr.. Kruger The
man has not been found.
Governor Albeit has about finished his consideration
Of the laws passed al the last session OF the Legislature
and while he has q week ten days remaining OF tho
time allotted him, he will not need ii ALL lie viii
give hearing this week the sOcalled Racetrac bill
which he is holding Tor that purpose. The act simply
transfers the trial Of indictments from the Circuit to
the Common Pleas judges, and the idea that IL is
designed the protection OF the TacetdcES Is based
apparently upon a theory that the Common Pleas
Judges would not do their duty, a slur which is not
Justified by anything that has occurred and Of which,
indeed, the conduct of Judge Lppncott of Hudson
County, upon the Jersey City frauds should be sui
fcient contradiction.