The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-04-08
SPIRIT OF rnn PRESS.
Editorial Opinions ofthe Leading Journals
upon Current Topios-Compiled Every
Day for the Evening Telegraph.
PROPERTY, RENTS, AND PRICES.

PROPERTY, RENTS, AND PRICES.
From the N. Y. Tribune
The main causes for the decrease of house
rents and store rents &C the present letting
season are, ID the large decrease in the price
of house-buildlng materials (2) the fall in
the cost of labor employed in house-building
(3) the great increase in the value of currency
since the time when its depreciation was put
forward as the reason for doubling and tre-
bling the rent rates; (4) the general declinein
the wages of all classes of workingmen, and
in the price of most of the means and neces-
saries of life; 90 the decrease of profits in
business and trade, and the general diminu-
ton of incomes; CO. the great amount of
BODYBUILDING carried on in the city and
suburbs during the last three years, which has
given some relief from our former over
crowded conditions (7) the extensive migra-
tion of recent times from the city itself to
places adjacent, which has also given relief to
the city; (S) the very large number of houses
and stores throughout the city that are now
to let, and that cannot be rented on the
terms demanded by landlords.
The owners of houses and real estate here
have for some years past enjoyed very profit
able and satisfactory returns from their in
vestments. 1t is doubtless unpleasant to
them to see any cessation in the yearly in
crease of the value of their property and the
annual advance of their rents and it is doubt
less even more unpleasant for them to see the
value of property at a stand-still, and the
rate of rents tending downward. But, at
the same time, they ought not to remain
unconscious of the great evils this city
has suffered from the exorbitant rents peo-
pie have been compelled to pay for some
years past-rents which are exorbitant not
only as compared with former times, but
as compared with those paid in any other
GREAT city of America or Europe The
poorer classes have been crowded into foul
and pestilence-breeding tenements. Tens of
thousands of our most desirable citizens, ac-
tive and enterprising men of families belong
ing to the middle classes, have been forced to
leave New York and take up their residence
in the adjacent towns of New Jersey, Con-
necticut, and Long Island. Not fow kinds
of business heretofore carried on here have
been altogether driven from the city-the
persons engaged in them being unable to
command ouch profits as would meet the ex-
actions for rent. Branches of manufacturing
industry, giving employment to large num-
bers of people, have in like manner been
compelled to leave New York for more favor
able localities.
In such ways as these, the prosperity of the
city has been greatly retarded, even though it
has increased in business and population. Its
growth has not been of that sound, whole
some, vigorous, and vitalized kind most favor
able to enduring prosperity and the welfare
of the great mass of the community. 1t is
our opinion that real estate owners them
selves would be as much benefited as any
other class by such an adjustment of pro-
perty values and rent rates as would assist the
other influences now CO operating to give
stability to business, assurance to industry,
and regulation to general prices.
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