New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-03-18
THE WEEK IN REALTY.
NO IMPROVEMENT IN GENERAL SITUA-
TION-CAUSES FOR DEPRESSION
NEWS FROM BROKERS.

No marked encouragement IN the situation viii
result from the record OF last weeks business,
either in the private sales branch or in the auc-
ton room. A small number Of sales were made
public by brokers each day. and included all
kinds of property, from unimproved plots to
tenement houses. old and new, and dwelling
houses modern and ant.quated The market
lacks snap and vigor: the trading is perfume
tory and principally of the commonplace kind,
and brokers Offices gloomy.
one of the chief causes for the depressed state
of mind on the part OF the men who deal In
realt, is the sudden collapse Of hopes that had
been builded high. All things pointed 10 a fine
srring business The trading shortly after the
beginning of the year began TO be active. In
quiries and occasional sales of interesting
kind apparently indicated that the investor had
once again turned his steps toward the field OF
realty. Brokers with a knowledge OF market
conditions knew that in their field would be
found some choice blossoms that the intelligent
investor would be glad to pluck, and all they
wanted was the chance 10 point out their choic
est. Sales, they felt and incidental commissions
would surely follow. When the brief panic in
the Street had subsided and money began to be
q little easier they sure the investor would
come their way For a brief period 1t looked as
If he would. but somehow or other he got side
tracked He did not reach the destination, and as
yet the field of realty is unacquainted with him,
or at least not sufficiently to cause any
general rejoicing
Once in a while piece of property goes into
the hands of a man who obviously buys for in
vestment and the brokers carefully and dis
tincly note the in the records Of their sales
Investment buying is rare. however, that in
almost every case where sale of that kind is
made attention is carefully invited to the fact.
II is not alone in the private sales branch that
this condition is observable In the Real Estate
Salesroom last week thirty-five improved parcels
and seventy vacant lots scheduled at vol
untary. partition and executors sales. In the
foreclosure proceedings of some thirty parcels
offered the plaintiff got practically ALL OF the
lots only half were sold. and of the improved
pieces including dwelling and tenement houses
and two mercantile properties ony-ffteen found
buyers.
FIND HOPE IN CURRENCY ACT.
The Currency act in the opinion of many
brokers. holds forth hope for the future
II is thought that money may be chea pened
sufficiently 10 induce speculation and investment
in real estate large scale Financial ex-
perts among themselves are divided in opinion
as to how far the law will affect the cir
culating medium II the volume Of money is
largely increased it is only natural to suppose
that a resultant good will come to real estate
terest rates must be lowered. and herein would
be found & direct benefit
The Stranahan bill, proposing a tax on mort
cages, still lowers over the real estate field The
bill and its possible effects have been often
discussed IN this column that II need not be
gone over again. That it has lost none of the
disfavor with which it was received by real
estate interests was evident on Thursday night
at meeting at the Aston House. attended by
~ ~
loan associations of the State
The United Real Estate Associations Of New
York through their president, Henry Markus'
are issuing a circular in which the defects OF
the bill are clearly summarized The intro
ductory remarks Of the circular read:
United Real Estate AssGo tons OF of wo
ar naF Wealthy and many own noTgaged
eTtv nave unanimously adopted resolutions con
aTa 81 f Rfoke1s snd the west End
composed Of real estate fb burden Of
porting the State being placed upon the owners
bin make It more unjust than before. We approve
Of the Esers 6 For IT W
Ssh equalization. apportion the state tax lalry anu
permit the exemption OF mortgages
The disclosures of Tammany extravaganza and
localized theft by Controller Coler have been
enough TO alarm men already overpurdened by
taxes This feature of the situation. as 1t ap-
view as follows:
markabe decrease in real estate business. in this
city TheEe aas 6ssn p9 9 n ueon sales
been largely disappointments. We attribute this
falling of IN the market of real estate business 70
the agitation OF mortgages and 70 extravagance
in the municipal istration. with the prospect
OF increase in assessments and higher tax rate in
10 invest his capital mortgage in this city for
the very obvious reason that when such mortgage gag
comissopers are likely to notice it and
the full amount against him for taxation at regular
PRACTICALLY prohibitory. since they would amount
from nm mortgage upon Nev-York City property.
] have known cases where trustees of moderate
child have taxed TO the extent OF nearly one
half the income of the whole trust fund Sucn
risk may. and doubtless does, not only hamper tae
procuring of loans upon mortgage on city property
from individuals bat also interferes with safe ane
hands. The payment of one-half OF per cent Wouic
severe irAicton The present administration OF thf
assessment of upon personal property In tins
city is Of the most w IG TO bear h
rightful share of supporting the government; mus
nav nearly one-half the income OF his property il
taxes when he is well aware that the InuIutuo'
collecti6n Of upon personal property can eve
be made under such a method -, =,
holdings among conservative property owners ant
executors Of estates call to mind many Instance
OF owners who declined reasonable offers for the
city property during the last year willing now u
accept much lower prices in theF 5 ANXIETY bS "a TO ds
Of the year and the fear OF greater burdens
on ' feof looking to increased municipal expenses
new bridges. rapid transit tunnels. new bouevards
pending legislative bills, confession OF Judgment
against the city without any public judicial in
holders uneasy and apprehensive that the higl
taxes Of last year only marked the beginning of =
period OF reckless municipal extravaganza. to b.
met bv still greater exactions by the tax gatherer