New-York tribune., 1896-01-13
REAL ESTATE.
BUSINESS AT TIE EXCHANGES.

look for dull times In January. They have been the
feature Of the month in many another year. 1t
must be admitted. however. that there are special
causes Of unusual interest that have made the open
ing month OF the new year appear anything but
brilliant. The announcement by the Government
of the proposed Of 800 200 Of bonds in the
last week the happening of greatest interest.
Agents and investors In realty. while they have no
doubt to the ultimate disposition Of this loan to
the present requirements of the Government,
approaching new business engagements with
considerable caution pending the final closing %
the loan. ono of the largest real estate holders in
the city said last week to representative of The
Tribune:
The outlook for realty is promising Tho piac-
Ing os The Government loan will he followed by
great activity I'm tho real estate market. believe
that We shall soon havc as a result of the loan
plethora of money seeking realty for Investment
well for speculation. This alone VIII give d
special impetus to the market"
The recent unsettled feeling in business has
demonstrated that real estate Is far stable in
values than securities dealt in on the Stock TX
change Capital has recently had much to cause It's
withdrawal from Gctivc employment II Is said
there IS nothinE tlmid a million OF dollars un-
less is million. That the financial situation
* slowly approaching normal conditions IL how
ever evidenced by the fact that large sums of
moncs aggrccating s. 5S75.9)0 placed on realty
in tie last week. two-hrds Of which were bor-
rowcd at rate not exceeding per cent a year
Attention was called I'm these columns on Monday
last TO ;he attitude OF money-lenders toward real
/ eetatc mortgages requiring that clause shall be
inserted In al mortgages demanding that the money
lc returned when due IN gold coin. As an ilustra-
ton OF the significance Of making such contracts,
incident Of unusual interest occurred In the last
week The owner OF downtown piece OF prop
crty. known tho Lords Court. desired 10 pay
Of mortgage Of Si500l containing tho golh
clause II was not at first supposed that this
b .f cie ,oe hal. n
way representative Of general condition. but IN
ql!rv shows il 70 have been o. greater moment.
The mortgage VAS held 10y the trustees Of an Eng
fish financial institution which il represented IN
this city by ono of the largest banking firms IN the
country \ certified check WAS rendered ana re-
fused ard the actual gold coin demanded. Specific
cr,'or. from g.. home office had been made that
/ nothing bu gold coin should be accepted upon 'h'
gold contracts O. the institution. To pay the pres
rut prs miim Of on"-half Of per cent FOR gold
co.i demanded hy the money brokers of the street
would have cost the borrower 2iJM The Ameri-
can Exchange National Bank. however generously
iurnl she'd the ..recnhacks without premium 10 the
norigagc THIS money accepted by IA" mort
raCers f1r they could themselves convert u mo
gold nj the Sun-Treasury. The incident Is impor-
iant as showing the tendency OF foreign lending IN
sti:t, ions at this peculiar juncturc In our affairs
There arc some bears in the real estate market
who believe that real estate IL selling beyond iis
actual value. Th'y have frequently said. for IN
stance that realty in Riverside Drive * declining
in value nd In fact he purchased for less than
was paid two three years ago. Inquiry has been
made Of wcl-informed property-owners ana deal
ors In realty In that part OF the city. ana the hcts
do not bear ont such statements. To Illustrate
that such statements untrue. piece OF properly
situated al tho southeast corner of EiVersid" Drive
and Eirhty-dfih-si. was purchased In April. jog.
! hv T. L. Houghton for s22 20 This property hrs
been sold within fcw days 10 Foley brothers for
500 This is fair illustration that property 10
/ fhat locality IS noi having any boom. but qu''i
( advance in value IS constantly going on.
Tint tbs advance f. solid and that = j. io 20
further silenenen'd by the march t 81 irpr"v"
reuoric. had wlth a prominent man. resident ''-
/ i was -rtiu~ few nights ago with number
Of friends and We fcll to discussing the chances
for the construction Of an extension 10 the trans
! verse read ~ I.ghiy-sixih-st somebcdy. forget
now VINO was. made the statement NAT ihis fain"
tfausv"l~" road. a.. hadly as !" u n'Il". i,."'
s'il carrie. two miliicrS Pf pa 'rnE'fr a. - ~ 80,
o9t o. ncfrae, sSrcaa se ec,eG 2c5 ig Wi ihnis ne
| SIX thousand peopl" az AMI ano'h'I t-inaih ~.
! that ii 0oliI nY' b. ~ the COMPANY ~" 'n., i'l
Pa-ei y~ntnfc - "a, aid -, ~ , ''r1' rr h. ycud
! figures bv Tho estimate Of two millions ~ pas-
s'ngcrs annual" vas not absurd al Al IhI"r1.-
:; 'i,' I'm s,autly running on the Eighty
sxth-si route and that during tho year just ended
| they carried about min" thousand passenger Gay
4 conpccnt Judge OF the TRANSVERSE portion Of the
/ .-,fl, ..a--f.l t.rr.s ,h- Park IN a /
| Gion 10 the six thousand who rid" there are hum
| drods ana hundreds of men and women who morn
| ing aud night walk through th" uansvcrse road
way. / have long been an on-looker at the cro"'s
| Of passengers who dumped out into all sorts oi
wea her At the rnd ri OF h hny roaa % n 90 and
all because Of the failure or the pgopsr nHhh1, r,hy
| slxth-st road by building the TWO blocks between
! Eighth and Tenth aycs should Ike YOU TO record
for mo a prophecy and that Is that within one year
| from now double track cable road Will be running
! Is. /, and on flc or
i9r.4 r"lIy w,sn heIIeye If viii be done
40 happening Of tn" week In the real estate crc!r
likely to surpass in interest the coming sale Of
e@tate The sale viii be held at the Peal Estate
Exchansc auction rooms IN The ocer
lne is the largest OF property on Broadway made IN
NAM years and real estate men look upon II as a
criterion sale. There are three parcels at dinerent
| locations the great thoroughiare. AZ thire
G9s4 q1SoaGsa & y4 ana nnye s ac1 f%s but o"
! OF tho trustees for the estate feared charge ot
Gc.dn %ns reached to ihrow wide The doors
Property Of such character a. IL involved in THIS
| first In the line OF Investment and the auction -
certain to be productive Of nNely hiddms ro,i o.
tate In this city during the last week was far from
being saisfactory IN resus as ,oia OF last
week was only $685., against All aggregated value
or IN Tooyn iGf the the % Auction sales last
! to Mi033o a. compared with ssN.N3o for the corre-
sales last week at private contract In this city
| rralized only i.i0c0o against the previous week
record OF tO010oO and for the corresponding week
Of last year S3.2DOJO o,o
The conveyanccs reported last week "rr" ~, o'
which iG9 nominal. the remalnder benE req
resented by total OF $2.11112. For the corrrspohh
| ING week of last year the transfers numbered
900 Of which l02 were nominal the remainder being
! renresented by a total Of t2.Gss.Sl.
Ia me Twcnty-thirl ana Twenty-fourth wares
on,I..tnV the new annexed district there were sixty
seven transfers. Of which twenty-seven were
nominal the consideration for the others amount
| ING TO t225 422 In the Twcnty-third ana twenty
| fourth wards including tho new annexed dlstrict
min
s299 s22 There fled IN tho Building Depart
ment sixty three plans 70" new buildings. at an
nemoted cost OF si2g 10 while for the correspond