New-York tribune., 1896-01-20
REAL ESTATE.
BUSINESS IN THE FIELD.

BUSINESS IN THE FIELD.
There have been many causes attributed for
IS, Culture of the real-estate market to respond 1t
."- ~ season Of the year 50 actively and prohtaby
- uss predicted in the early fa months that i;
l1 IN the opening Of the year. Brokers
d AGENTS prominently identified with real-estatc
1,irs expressed last week their disappointment
18th tho general results. The .ast week has been
y duu one in realty circ.cs. showing an aggregate
'ros,ment in the transactions made public of
rlv NGnOo0 The market is unquestionably in
=, unsatisfactory condition, and. though nothing
~ n specially discouraging nature has developed
since the beginning OF the year, some Improvement
,,us, be shown if the irnness that character
,zel :he dealings of 1895 is 20 be maintained The
ors, and nnal quarters OF 1895 were the driest OF
,be year dul.er in fact. than have been the same
neriods Of many previous years, bur from Apr
n September. inclusive the buoyancy OF the mar
ke was such that the business OF the six months
more than made amends for the comparatively
inactive periods Immediately preceding and sue
ceeding them. There Is no room for doubt when
statistics are consulted that the busress for tho
last twelve months would show an encouraging
Improvement over 1884 The present condition e
duness therefore. when reviewed from the last
wears experience. is TO be considered as ony
waiting market prepara ory for the active busi1":s
that must at an early date surrey succeed present
conditions.
There IS one feature connected with real-cstate
business it is said. which. in the minds of those
who invest and others who loan uYon first and
second mortgages. viii be blight as long as +,
is tolerated This Is the fictitious valuations
placed upon property. The ,ender of the money
mus, have guide as 10 the matter Of value. II
an agent broker reports a fictitious va 'ua-
tlon II naturally follows that the recorded valua-
ton Is taken an index 10 the worth of the -ealy
In that section The result has been according 70 the
expressions of opinion gathered during the last
week, that money has been advanced in excess
loans made and discovered general disrust
Is the fruit of this dangerous practice. y vel
known real-estate broker said to Tribune rep
resentative last week that client who had re-
Gently purchased a piece OF property requested
that the recorded valuation be made at a figure
showing an excess of 5000 beyond the actual cost
Of the property. His purpose. the broker said
was to dispose of the property u his sister at
the fictitious valuation and thus defraud hcr out
of the sum of 5000 l declined to be a party 10
the transaction. and thus lost the sale of the
property"
Prominent rea,-estate men themselves woull
prefer tha. every transfer should be accompanied
By true statement OF the considerations If any
is be made. or in lieu of true statement. make
the consideration nominal for they recognize that
methods which likely To create distrust event
ually destroy confidence ana make their efforts 90
Sell al the difficult. So strongly has the prajl
dice developed against these methods Of fictitious
valuations in transfers that many real-estate OWL
els, well agents. are seriously considering the
advisabili;y of securing the enactment OF a law
which will compel both buyers and sellers to rec)rl
the truth in the cy's books OF record.
An interesting matter directly bearing upon the
subjec. OF real estate has developed out OF the
proposed change OF the physical condition Of the
Boulevard surface railway. of which ownership
has recently been acquired by the Third Avenue
Railroad Company This company is now request
ing signatures OF the property-owners on that
portion OF street or highway upon which the
street surface railway. They ara expected to
sign "a consent granting the frontage 10 the
operate and maintain such street surface railroad
with double or single tracks. ana 10 be operated
by horse. cable. electricity any motive other
than locomotive steam power"
city along the line of the Boulevard declines 10
sign any agreement OF this kind. He says that he
Is ny enmnany ns fsnng 5 OF any M allowing
structing an overhead trolley This agreement he
that privilege. Edward Lauterbach. attorney for
the company. said 10 a Tribune reporter on Sat
company to adopt any overground trolley system,
and property-owners may so st!pulate in the agre--
added. ''are testing system of underground troll
% % motive onS pS%er It % be nd sys
ton not 10 make any change in our motive power
are much concerned and earnestly solicitous Tor
some kind of change OF motive power that will
be an improvement over that now employed on
The proceedings in the real-esta;e market resulted
esle Of st. Marks Meihoist Episcopal Church. At
No. 13s West Forty -eighth,st. II was known for
moriaD Protestant Episcopal Church In 800 this
Ghnrch Extension and Missioniry Society Of the
Methodist Episcopal Church fer $1,000 Rlker &
the the aeihodists .e. William Henry white. o., 40.
81 pines, tho f1r Fs S ,rcb M WGir has res9d 'he
the sum. This denomination for the last two
ssars has been wo,6PPns in 'he seosa 5 M BE
august stilson is the pastor and the Rev Carroll
about 500 and the congregation numbers about 800
The entire amount Of purchase money has been
provements on the church to cost $1,000 which
is, to be occupied in e. ApTil l,,3i or May next
$3.50 bonus for his purchase. and could have Sc
cured 5000 had he not first determined to sell it
The auction sales in the last week have somewhat
fact there has been some activity in this class Of
business. Several valuable parcels have been sold
through the voluntary Offering of the holders. The
wednesdsy last was a feature which called forth
ooS close TO the estimate made prior to the sale
hy real-estate experts. The total OF the results
realized the sun Of sss4i2e against only ss7iols
for the proa Of & as In tn
ssS $50 for the corresponding week Of 1856 The
Ss m Of TSch Z IS Tere Rs Ss the the
malnder being represented by total Of 27SS,0l6
emitting The new annexed district. there were
forty-eight transfers. OF which twenty-three were
omna nor IN ss s ha i0r M and T%eny
fourth wards. including he new annexed district.
there sixty-iive Transfers. amounting 10 $i5-
03O
There were. filed In the Building Department
eighty-four plans for new buildings: at an est-
last week involving the Of Sc 025.03 The usual
rate Of interest continued at about AZ to per
cent a year.
F. ]. Crevng has sod for James Bradley 10
George F. Langbcin the hve-story single fla thouse.
20xssxl022 No. 2j6 West Egh,y-fith-st, for $oo
co.. also the fye-story ,enement-house NO. -9
West Sxtv-sixth-st. 25x70xlO0. on Drivate terms
Henry Wise has sold for Pvne Brothers the two
four-storv buildings Nos. 1886 and S5s Water-st''
plot 3sx67 . 49,.
Mary " and Emma knight have sold two lots
the north side Of One -hundred-and-sevent