New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-11-04
THE PANIC AND REAL ESTATE.
A DEAD MARKET REPORTED - VALUES DECLINING
AND NO DESIRE TO BUY OR SELL.

A DEAD MARKET REPORTED - VALUES DECLINING
AND NO DESIRE TO BUY OR SELL.
The effect of the panic upon the real estate
and houseetting business the subject yesterday OF
inquiry Of TRIBUNE reporter. Homer Morgan at NO 2
Piue.st. said that the market dead. Prop
erty everywhere in New York had fallen
greatly, not because OF any decrease IN
the intrinsic value Of the property ITSELF Dut
because people apprehended hard times and were dis
posed TO keep an eye 10 present needs It was mpos-
sbe that the dullness should continue long, for the
reason that property had been worth all It had COM
manded and when the fright was over would cominah
its actual worth again. But rents for Offices noors'
apartments and the like had fallen; he could hardy say
in what percentage, because the rates va
ried so they could not no computed I'D
percentage But houses which in ordinary times
he would let for $780, now rented for $1,000 Ihe
time of renting was everybody well knew the hrst
OF May and no cry for reduction of the rates at which
parties rented floors, apartments offices, or houses last
May has been heard because BY law they can De heid 10
their agreement and there has been instance in his
knowledge OF parties Withdrawing from any agreement
In regard to rentals made before the panic But ono
instance OF refusal or rather inability to had come
to his notice. and that of a gentleman who had
taken very expensive house some time ago and VINO
had frankly come TO him announced that he could
no longer pay the rent He thought the depression
would last no longer than the effects OF the panic
lasted and that real estate would its normal
value as soon as the general distrust subsided.
John McClave Of No. PiDest. said that rents were
falling rapidly and would continue TO fall until they
reached some basis akin 10 their real values Property
had risen like kites during 1868, when gold at 2lO
and should have returned its legitimate value at the
close OF the war; labor high them buildings cost
immensely. and great population of newy-made rich
people ocked here, and consequently real estate was
in great demand People put their money in 1t then as
they recently put in Northern Pacific just for specu
lation Rents high at 600 commanded $4,000
This state Of things had to be rectiaed, and would
have been In tho course OF time. under any circum
stances the panic had accelerated It, The economic
ing mood bred by the financial distress finds food in
reduction OF house II possible first or ALL FOR that
Is the greatest item OF family expenditure in our city
The yearly agreements made las. May cannot OF course
b. annucd, except by consent OF both parties and he
had no eases where people had announced their lnten
ton OF departing from the agreements But IN cases
where being taken, reduction upon re-
cent rates Insisted upon He observed however, q
tcnacY the part OF people who held mortgages TO
cling them. He had himself desired To pay up $1,000
on mortgage but the holders of 1t refused to take the
pay. noted actress for whom he had purchased real
IN the city had announced herself we'll pleased
with the purchase and anxious 10 take up the $3OOC
mortgage the property but the holders OF the mort
CITY Mas building up so fast that tue improvements
made up the shr lkage Altogether lie believed that
real estate with every other commodity was returning
concerned. lie himself paying $1,000 Tor an OInce
that ought bring 5000 and he doubted H. to-day
many houses would sell FOR what they cost IN building
Adrian H. Muller Of No. Plne-st. said the market
was 90 dull that he had not made sale worm noting
for month. People disposed 10 nOlh their money
emergencies that might threaten rather thn pnt u
away real estate. But that was COMMONLY thht
was bound appreciate In value every day 80 long as
New-YOrk continued growing city, and holders cOuld
wait He found there was little desire either 10 Duy OF
sol