Year: 1879

needless obstruction in the way Of speedy realiza-
tion OF rapid transit. That there are plenty or
streets that could be used without essential de-
terioraton of property their line is indsputable,
and they clam that if the Commission had desired to
obtain rapid transit they would have used some or
these streets in neighborhoods where the people
could have had access to the roads. 1t is openly
charged on all sides-a hundred men were heard by
the reporter in single day to say-that the whole
plan in the Vanderbilt interest. and that no COM
petition with the Harlem road is practicable under


with all this uncertainty it can readily be seen
that sale of real estate has been stimulated by rapid
transit The road now in operation stops this side
of Harlem Bridge, and within distances OF that
point--through North New York, Mott Haven. and
even in Melrose-there have been more houses let
this last spring than in any previous season.


''we could have let five hundred more houses II we
had had them to let" said one agent THAT is, il
they had been small houses that We could rent for
$50 month Such houses can be put up here ut the
present prices of real and labor such figures
that the rental will pay ten per cent the invest
ment, and we can rent all we can get. do not un-
derstand why capitalists do not put up great num-
Der OF them. for they have been needed here for
years and are needed now more than ever"


Above Melrose the renting Of houses has grown
steadily more difficult year by year for the past live
six years. and there no change this spring.
Only one reason could be learned for this by dill
gent inquiry. 1t was short answer-"The Harlem
Railroad" People who travel this road daily
almost invariably grow dissatisfied


THE DEPRESSION CONTINUING.


AS to sales there was no change reported from the
depression OF the past five years 'Ive gone out Of
the real estate business" said of consider
able experience in Fordham. '.People write to me
occasionally about their property. saying that they
want me to sell it for them but don't pay any
attention to the letters any more for know can't
get any customers" His testimony was amply cor
roborated by others. When he was asked the reason
of the prostraton he said. "wel don't see any
prospect of getting any rapid transit here and peo
pie will not buy property where they have to depend
on the Harlem road"


Others said that the only sales made, as q rule.
were forced ones, either under foreclosure under
financial pressure. One sale West Farms Sta
ton mentioned in which thirty three had
imm20iatelY
around it was not in the market, but held at
S1,50O or $4,000 an acre. A mansion in North New
York was recently sold under foreclosure for
S36.000. and the purchaser has since sold it for
S5l 900. few years ago Mr.. Jordan L. Mott offered
for the same house and grounds $4,000, and the
owner refused the offer. Afew blocks of land have
been bought up by capitalists during the depression
but such purchases are rare Commodore Garrison
IN January, 1876. bought . quantity of land near
Merose for $4,000, but this of the few liz
stances.


1t appears certain that whatever the present rapid
transit plan may do tor the district the future 1t
has benefited the real estate owner yet, and the
owners themselves are not sanguine Of the future.