Wilmington daily gazette., 1873-05-10
From tho Philadelphia North American.
Real Estate Here and EIsewA ere,


Real Ebt0ae Here and Elsewhere.
Speculation has run up tho prics ofbuildinR lots
"a the whole upper part Of New York city 10 such
1gures that lt will not pay TO erect on them any
hing but vary large and elegant houses. In
Philadelphia speculation OF tAis kiRd has general
ly been regarded as an evil. But it has Undoub-
todly exaggerated the cost Of living and caused l
continual labor strikes, it concentrates capital IN
that city TO greater extent than anything else ia
America. SOme indush .es arc driven away, 1t Is
true. but the census does not show that this lOAs
has produced much impression upon the industrial |
character OF the city; and wo may commend this |
fact to the serious consideration OF those persons
in Philadelphia who apt 10 be alarmed at the |
removal OF manufacturing establishments from |
our chy Where ono goes away dozen come in |
10 supply ita place. and there is a constant growth
going on OF small Industries into large ones
These cities oan spare much for the improvement
Of tho country tributary thereto, and in this
respect fountains for tho enrichment of the re-
gions they feed upon. However wealth may
thus Do enhanced in the provincial districts, this
wealth is always either resident there only as the
cities supply the facilities the uxuries Of ln, or
els0 tho ownership is in the cities.
A paper ih Now York chronicles the building
this season Of sixteen French apartment houses in
that city, ah above Sevonty-ninth street, ten Of
them being between One Hundred and Seven
teenth and One Hundred and Eighteenth street,
and great hotel at Fiftieth street aud Filth ave
nue., aud after saying that "Len years ago projects
like these would have been considered chmerical,
and il tho houses had been built they would have
remained empty" adds ''but the city has lived
fast during these ten years" This, indeed, is true
OF tho whole country, and of no one city moro
l than another, thou III New York, as tho greatest
OF our cities, shows this development in its most
| exaggerated form. Living in hotels and in
l French flats has become the rage in Boston, and
quito number of hot els for families have been
built In Now York ground becomes every year
more valuable and scarce, aud hotels, palaces and
| French Hats for the upper classes and tenemsnt
| houses for the lower, seem to divide the people
and render the density Of population more end
moro q matter OF remark.
| THIS method of growth has two advantages be-
sides the concentration of wealth aud capital
real estate pays handsome interest ON the invest
ment ana all kinds OF business arc moro active
stirring and prosperous than would otherwise bC
the cnsc. When real estate is thus In such ex
itraordinary demand for residence and business, il
Icln stand heavy taxation and yet yield larg'
profit to the owners. Since the Board of Revt
sion commenced operations in Philadelphia
many vacant lots have been built upon that haC
been for yehrs "carried" by owners In hopes o
subsequent increase of value. Much prOpert.
occupying valuable sites, but IuadcquatelV i'm
proved, has found sale and been handsomely bull
up. And ih the west end, where the taxes ar
! heavy, houses are In most demand at prices tina
: would have been laughed at ten years ago.
But the situation of Philadelphia Is so dffercn
: from that ol New York that under existing oil
cnmstances, no such concentration of population
Is practicable here Us Wo see there. lfWest Phil
adclphia were as populOus and wealthy rs Brook
|, lyn, and Camden we're equal to jersey City an
= iobOken, with a city like Newark only min
= miles of, then there might be In tho twO-mil
district of dhe old city of Penn such q cOneentrI
: tiOn OF business and capital we see in the lowe
= half of New York. But none Of these cOnditiOT
y exist. Philadelphia has grown in a lOngitudu,
. direction, parallel with tho Delaware, in a mannt
: exceeding all calculation, while west OF ii
Sehuylkili Tho progress has been relatively slON
For the builders who have pushed the imprOv
= ments nOrthward nothing seems TO be too boil
:. and they fully expect to reach both FTank1OI
and Germantown. Ten years ago good hOuS
u could be bought In Walnut and Arch streets II
u twelve thousand dollars. Now houses wOr
~ sixteen thousand dollars find ready purchasers
Sixteenth street, near Jefferson, and houses wOr
Oh eleven thousand have been built ia TWenty-sC
y Ond street, near Diamond. 1t is not merely
no the multiplication of medium and smal-si
" " houses thal the progress in this city has been
70 remarkable. Prices in the fashionable quart
~ have run np enormously some single hons
~ y ranging as high eighty Thousand, while for
IT, Thousand i5 common price, Girard avenI
above Broad and North Fifteenth street. abO
Thompson, arc probably as fire streets As any
the city. 80 rapid has been the spread OF ]
proVementb that many persons have grown ri
~ by the mere rise in the value of ground.
"! The universal use OF the horse car has p
ea duced much the same OWLS here as in New YO
OF On none oil the lines can a gentleman depend
ua retaining his seat and at certain hours it is ey
"a. lucky accident TO be able to get standing roo
an There is not single line in the city that aItem
ln- to guard against excessive erOwdlng or 10 prov
an adequate number OF cars. This must lneVi
OF bly, tend to living In hotels Indeed, already
AZ the central boarding houses ara fllod up SO q
hee accommodations arc scarce. II the pOpu
ess movement In this way should lndace the nIu
ar plication Ol hotels, boarding houses aud Frsr
ty' Nat hOuses In tho eontTal wards, as seems hig
ger probable, II will be better for gcneTal bnsin'
, hut real estate in the suburbs must suffer and
his horse car companies find their profits dinin
vas ing. As sone indication of the direction thi
ons are taking we may remArk that within the
nto five wears seven new hotels have been built
ed the central wards, aHd have proved quite pOpl
GU and