Morning herald. [volume] (New York [N.Y.]) 1837-1840, 1839-08-12
M d N a. v III A R X Il n.
SUNDAY. August ll-6 II. M.

limited business al continued decline in prices was
eviaced the stock board yesterday U. s. Bank declined
per cent? NJ Trust and Bank per cent? Delaware
Hudson per cent; Vcksburg Bank per cent; State
Bank per cent SsnLgton improved per cent Sterling
exchange no,nnay receded in yesterday There were,
however scarcely any transactions An important movement
wa. recently the council of Our city which
ia bring sarket all the real estate owned
by the corporation in Brooklyn and in this city below Soh
street. public auction to the highest bidder
This resolution was ordered be printed and to be laid spon
the table, Tie resolution is important isasmucA as It IS
forced upon the council by the ptcsarty Of the
times and the that the city large Of real estate
which must be broug into their flo ting debt
which now amounts O06 9S4 In regard to this debt aud
the property which tn hoe the corporation stand precisely
in the same predsament do all the spectators throughout
the Union.
They have appears by their returns applied u the city
banks for aid been refused like all other classes Of
dealers the being unwilling, at such 20 extend
their liabilities They taen driven BY the pressing de-
man OF the for the aqueduc to issue bonds at IL
months bearing per cent interest The contractors were
Obliged accept bods and afterwards dispose Of them
in market at ount Of five per cent This state Of
thing, could and the dcrner resort OF sale oil the CITY
property proposed and WILL without doubt be car
RED There but that every expedest will be used
y those in real estate both in and ou Of power to
preveut such a me being carried iats effect
The practical result OF such sale will be to brt ak through
the present artificial position in which real estate stands and
reduce nominal value its real value The fact is, that
real estate is still held values which acquired during
the Of 1885, is taxed, assessed and rented at
the Inflated prices which then bore in comparison with all
Every expedent has been used
TO those prices. The famos law fret
inerpssed 10 save 1t then made the basis Of capital
for companies The banking law nsx' presented
chance Of sustaining it. and to this time the community
paying rents which warranted eny by The M
He,ed busn Of So long landed propretors coud
realise an immense per cenage nominal values and the
sas property bank capital did not demur at the
directed every effort the Of real
estates which ether of property has been
sacrificed andse have fallen so Enor
has paid the banks o loans to The banks
which have instances been obtained to the exclusion
az ae deserving merchant All these efforts however
ectu real estate like every other property must find
its level Our city corporation to be the first to feel the
necessity Of selling its property at the market prices TO its
The magnitude Of the proposed sale will not fail to fix
the value Of The whole community will be bene
fitted by the result the great fall Of rents which
yolve.
On every hand perceive that the state Of the
ket rapidly producing its nasra effects and reducing rro
pery Of all kinds 10 level The policy OF thu proposed
measure Of the couscil is the and forms
sronc contrast the holding policy of the southern states
Instead retaining their real estate until future change
in the market shall afford price Propconaie to their
expenditures and in the ime paying eshorbasi in
ere. for loans they propose to take the chance Of the
market and the demand regulate the price. THIS
y IN Weld more actual money than would contrary polio
and the will be greatly benefited By the operation,
although the Wall street organs Of the specuaes are out
against the measure
,r.rrMrSr or rnE or LosrAsA, As sonFARtD ~irn
rsa-