Year: 1873

Is Comptroller Green an OBJ


struotionist


While tho cir Of Wall street Is heavy with the
whisperfngs OF mistrust and rumors of extensive
forgeries are reported daily in increased amount
forming fruitful theme for newspaper commen.
tary; when the best and most valued of securities
are suddenly impaired by vague doubts respecting
their genuineness, and settlements long since
made, to take enect after death, are disturbed or
rendered unsatisfactory by fears resulting there
nom, 1t must be source Of deep thankfulness and
profound sefrest to the wealthy in our midst, as
they con over the evidences In their possession Of
years OF accumulation, to ind


THE CAREFUL JUDGMENT OF SOME BYGONE PERIOD.
longer or shorter strengthened and confirmed
to-day. still more pleasing to them will
be the endorsements on the backs OF
certain formidable documents whereby they
acquired titles to various portions, large small
OF the realty OF this great and growing city, and
realize how much removed from all taint OF sus-
picion--ever liable In the case Of stocks and
bonds-are their investments whether in respect
to their own use aud enjoyment thereof or
for the benefit OF their children. But even here,
where years of persistent progression in values.
interrupted, 1t is true, by recurring intervals OF
spasmOdic reaction, have seemed to form deter
inmate and fixed security for all future time, with
the same promise of proportlonate increase in its
value, as the past has already fulfilled. there are
heard assertions more or less confidently made
and inferences more or less correctly drawn and
put forth OF an impending crisis, in which


THE SPECIAL HISTORY OF THE REAL ESTATE MAR


KET


shall repeat itself and scenes and incidents fami.
liar and distressing in the past be again repre-.
sented and re-enacted for the instruction and
profit Of another generation Of lawyers It is WELL
perhaps, that this should be-not the reaction
limited at aSove but the faint forewarning Of dam
ger in the distance, by which, in the stormy sea Of
life, In the eddying currents and sometimes
treacher0us quicksands OF business as in the
literal tempest and confusion OF waters great
disasters are averted. The HERALD In this
case as In that Of Old Probabilities, is not the
spokesman, but the medium through which the
note OF warning, however faint, or OF encourage
ment, however strong, 10 given IN respect to COM
ing meteorological changes, rejoicing. however, as
with those who rejoice over the prospect OF sunny
skies and gentle breezes, in the favorable indices
which 1t discerns in the actual condition OF the
real estate market at the present time as compared
with tho theoretical views above referred to- His.
tory repeats ITSELF is an old and familiar form Of
expression, especially when applied to great natu-
raj changes, Than which nothing Is more Incorrect
no two revolutions, not cOntempOraneous ever
having sprung from like causes or exhibited the
same results How much less true, then, must 1t
be when applied TO more circumscribed sphere
Of actons The reason of this is very simple one,
and is contained in a single word


DEVELOPMENT.


History cannot repeat itself because of the
progress OF humanity between any two periods of
historic action, the birth and growth of new ideas
and new creeds, and consequently new purposes
There may be striking similarity between the
event Of to-day and that Of 10 2O 300 or 500 years
ago, but that Is all. The world is ever advancing.
"Excelslor I" Is the motto alike Of the country and
the individual Thus the New York of to-day is very
far from being the New York OF any period ante
rior to the war; although its greatness then over
shadowed all its rivals. It was for the great trial
OF national struggle for existence to fix it per-
nnsI,,n1 manen1ly and supremely in. in Its present
life whence gravitates the best annual product
of the nations labor in one form other, whether
the result OF such labor be in thought or matter.
The capital of great nation, not by the mere
accident OF containing within Its limits the halls
Of legislative assembly or the departments OF gov
ernment but because Of its pre- e-emnence as a
commercial emporium and financial CENTRE as well
as being


In the domain Of art, science and literature where
x
preston, and the useful its best encouragement.
In the various walks OF intellectual life no new face
appears that is not set hitherward to seek at once
the measure OF its talent and its reward. In the
virgin fields of the Far West not OF land is
brought under fresh cultivation that does not add
they glide peacefully BY, one mile of railroad
in the whole OF this broad land is thrown open to
its toll. 1t is this which places New York in an ex
ceptiona place in the real estate market and lifts
It above all augury of future i'll that is less than ma
hnd nInru in lf,x,t@r
between the waters OF the North and East Rivers,
the tidal movement OF its expansive bay along the
River t long since burst these boundaries socially
ana overnowed all the neighboring territory.
Within the last year, however, the aforementioned
limit has been passed, in political sense, and,
with the annexation OF the lower part of


wEsTCHEsTER COUNTY,


the Harlem River has become, SO far as New YORK
Is concerned, simply geographical definition.
This annexation, even In the inception operation
OF the idea, gave the spur TO


MUCH SPECULATIVE ACTION


In toat direction which since Its accomplishment
has been actively sustained al and shows Its results
maintained, most marked in the central portion OF
the annexed district The advantage noticeable
ter OF the land, both with respect to location and
prospect, but was iurther determined by the early
aS strons hands, ncludnT 5 so@e Of our our best people,
thus fixing at one and the same time both the
value OF the land and the character OF the negn,
in random answers to Inquiries respecting the
value Of real estate in New York, when .,,,
thorough understanding OF 1t would explain
many anomalies in respect 70 cnangenl
values not quickly senefS oy tns ns
particular application, 1t being possible to change
values In an entire block to greater extent IN a
would be accomplished In decade, by the intro
duction into 1t of something calculated TO disturb
It's aristocratic sense OF secluson ana jar innar-
montously upon the iashionaby attuned ear OF its
inhabitants. Besides the numerous changes
brought about thus there is likewise the steady In
crease In


THE NECESSITIES OF TRADE


operating every ysor to bring about changes In
var1ous nelrhborhcods and make new valuations
Thus for example, the extension OF Broadway
into Filth avenue, In business sense, begun
some Years since, has changed the character of
much Of that famous fashionable street, gradually
forcing exciusvencss further up the island TO seek
On the west side OF the Park new refuge and
more permanent resting place. This movement
IL is which has brought about most or the specula-
in