, 1870-03-27
REAL fsfAFE'
Condition OF lhe Real Estate
Market,
Relatiye Trade Prospects Of New
York and Chicago.
Real Estate Transfers for tne
Week.

7,here hsu heen more activity In real estate dur
Ing the past week than might be eArectcu ~ .ie
rresent ncsett1c,, condition Of dnances,. and The
depression Of all other kinds o. ous4.n. - ~.
real estate seems ono u tue ie" hnos
Of investment IN which peopae suA aAse
confidence. and the "eeNy sSe1egases
~ t-osr,nre chow that there Is very large busi-
~. =. ,ear- done There Is considerable falling
-. ~ e.,. 9hc ro,une OF business At thia season
-. rcar the average weekly transfers then being
;:2;f million dollars per week against an aver
~, II about {S91,00o at the present time. But
Zen s5oo,ooo per week is about double the amount
Tinted states except New York.
The most important feature, however, IS that
prices q Tsal esta-e n Chicago are fnlly nam n;
decline in both prices and rents Of all Inds o.
property. The average decline OF about 20 peg
cent II rents q 81 Kinds Of improved nIopei u
year has not Affected the prices Of real estate be.
cause It is believed to be only tnc temporary eascs
OF the depression In business that has resulted
from the Low prices for gTdin, and the decline N
gold, during the last SIX months II gold should
now decline to par, 1t would not Affect the prices
Of real estate In Chicago any more IMAM u Las
into TITO circulation. monty would be ahnndant, busi-
ness would revive, and rents ana pf1ces O. leA!
estate would 60 up. AS lar as me loM rlice o.
to make consequent decline tn rents, that inf1u-
ence will probably be removed by the hme m T. ne 6
next crop comes to market Business he.c ts N 9
s9atts L no9 tsps9ss ss9s9a %n ans 8; cone s s0ns
10 make wide fluctuations u lis vMue,
and 80 encourage speculation Of the expense Of
and the consequent increase OF population and
wealth Will make within year higher Ecnis ano (
prices for real estate. In NeW Yo1k, however,
Is different The war increased the speculative TIT
business Of that city, and made it hive Of gold
gamblers and stock SPECTATORS, and on tae
strength Of this and similar fictitious business tn9
vii be entirely lost when We shall have got back
to specie payments. The cities Of the West, now:
the wa1 when the prospect Of subduing the 70
bellion T1s the least favorable, and Wnen Ne"
York. h!led with refugees and Southern con
and taking OF becoming q free city, Independent o
any government the property and business Inter
ests Of Western cities were at iu# aoe. Il Is
therefore, only reasonable tnat while NeT York L
experiencing great decline In prices and rents q
real estate, IN consequence Of The falling Or II
| this speculative occupation for her population
here It must also be borne in mind that ta'
| growth Of that most important interest of N
country the agricultnral interest !ls mainly u M
| he Of country which is not only Increasing Il
wealth and populat!on 0ve or st1 times as fast as
similar area Of country around New Tori, but n
Curing the nade If country merchants are fas
cutting New YDrk on from much Of II
Legitimate trade which she once had from thi
ta1t OF the countr. In 1865 there were In the
STATE Of Iowa 11As51 houses; In 1860 there wers
1ss 9e1. It Is apptrent that this Increase Of popu
lat}on must not o1Iy tend TO increase the trade
Chicago, but thatfhe increase OF population, be
ing paity from ttis Eastern States, must tend +
diminish the traie OF New York. These tart
seem sufncient ground for thinking that Their
viii be no such decline Of rents and prices IN Cll
cago IS has been experienced in New Fork; but
on the contrary, that trade here will revive and b
| profitable when ills quite the reverse there.
The following thle shows the volume and ten
| deucy OF transactions In real estate situate wlthi
! radius eItendlfg seven miles from The Cou1
! Blouse, during thi week ending March &c, the a.
greeatc volume II each direction, and the total !
| all being compaed With the same Tor the xlau
| previous weeks: