The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-04-04

lure the city, even to hurt itself, so
long as it can get a few votes away
from him.
The Journal has in the last two
weeks instituted a regular "bear raid"
on the real estate interests of the
town. 1t must be intensely satisfac-
tory to the real estate dealers, who
advertise their parcels in it's columns,
to find 1t printing all sorts of bugaboo
articles to scare away investors and
settlers, by running down the city as
a place to settle or invest in and by
alleging that its real estate interests
are all going to pieces.
Now, of course, this is not a bril-
liant real estate season, but it is, on
the whole, better here than in New
York or any other of the suburbs of
New York. There has been a mania for
overbuilding in and about the Me-
tropolis, which is affecting rents al
most disastrously just at present. and
this, Of course, has a reflex effect on
prices Of residence property for invest
ment purposes. Everyone who knows
anything knows that house property
is so low in New York that owners are
glad to realize three and four per
cent. on their money. There are hun
dreds of vacant houses and literally
thousands of vacant flats.
OF course, while rents are thus low
in New York, the overflow to Jersey
City, Brooklyn Newark and other
cities is sensibly checked. But the
trouble does not end there. Each OF
these places has been affected by the
building mania, and i~sitself o%verbuilt.
This city had more houses last
year than could be let. Dozens
stood idle all winter, and yet many
more have gone up, this spring, in one
case twenty-seven in cluster. The
city is overbuilt in the matter of
dwelling houses and that is all there
is about it. Consequently letting has
not seemed brisk, and there has been
no tendency to a rise in rents. 1t is
the old matter of supply and de-
mand-too much supply and prices
weaken. The government of the city
has had no more to do with it than
the man in the moon.
AS for the two properties the Journal
raves about, the Garwood and Siedler
homesteads ON Crescent avenue,
they seem to have brought fair prices,
all things considered. The houses are
handsome, but out of place in a grow
ing neighborhood. They must very
give way to closer building. No
body would attach any serious impor-
tance to them in bidding for the prop
critics. OF course, Judge Werts wants
the Garwood house to live in. This is
a unique case, and he paid a pretty
good price. But unquestionably DIR.
Quimby bought the other parcel as a
speculation, and he paid for it about
the value of the land--not a high
price; perhaps, even, q low one, but
as much as any mi could have reason
ably expected in the present state of
the real estate market. 1t must be re-
membered that of the fifteen city lots
so much dwelt on in the description
of the property. only about half have
frontage on any thoroughfare now
open or marked on any map, The
future of the place is quite doubtful,
and to utilize it as a speculation a fine
strip will have to be surrendered to
the city for street purposes. Then the
peculiar size and shape of the parcel
will make it a difficult one to build
over without either great waste or
else overcrowding to a detri-
mental degree. On the whole we
think the case affords no excuse what
ever for the Journals comments.
On the other hand, the fact that so
experienced a man as DR.. Quimby-
and SO vigorous a kicker, tools put
ting his money into Jersey City real
is a very good sign. 1t shows
that he at least does not think
that the city is going to the dem
milton bow vows"
For our own part. we will give per-
sons who have money to invest q
bit of advice, gratis:--Put every
dollar you can raise in Jersey City
real estate at present prices. You will
make a fortune in five years-es-
pecially if Allan L. McDermott is
made Mayor to tighten the d ebt and
the taxes. as he surely will do.
WHY the Journal itself mortgaged
it's press three months ago to go into
q real estate speculation on York
STATE NOTES.