, 1873-12-21
The Depression Of Manufacturing
Makes Workmen Afraid
to Buy.
Bankers as Bears on Real EState---
4 Bankers Opinion.
Where Are the January Interest and
Dividends 10 Find Invest
mcnt :?
Gty Real Estate Seems to Be the Only
Thing After All.

Anu tho buslncee III c1tE1lnDly JUL Abal1l. IcF.
haps tho most important feature ia that tho salo
Of cheap lots has greatly diminished lately. This
Is duo to the fact That great numbor Of skilled
mechanics, who are always tho principal buyers
Of such property, arc atill out OF employment.
The grcat manufacturing establishments havo
not resumed work uB soon MS expected; sovoral
Of the latgo sash and blind md other factories
on tho South Branch aro still closed, tho rolling
mills nnd somo other Of tho largest work.
shops III the city arc only running on
part tmo, md tho workmen who would 'othcr-
wiso buy cheap lots fcel afraid to invest, because
they nlay not hnve work as soon ns they antici-
patel a few weeks ago. At tho aame time, those
Of them who l,ave money in the savings bauka
undoubtedly feel as though they would rather
havo 1t invested In lot, nnd tho foar that they
may be obliged to live on their savings during n
considerable portion Of tho winter is ali that
prevents their making such invossmonts now.
WQ regard this, however, as only tempo
rary fcat,lre Of the real-estate market.
Tho revival Of business trom tho effects
Of tho panio hns boon 20 positive in all parts Of
tho country that, though tho manufacturing In
tcrost lags behind MI other branches Of busi-
ness, it cannot remain depressed long. When it
does revive, worlmon will acounsulate money
ASAlA us A6uA1t N{lA 4UI L4la ElHbb VI Hhf4USa
there is no form of. Investment so popular or 80
safe Us real estate In and around growing, thirty
Ing city like Chicago. We know 1t Inns become q
fashion among 4 certain claHa of business men to
decry rcnl-ostate Investments, md to only
speak Of , thom az rehl-estate "Bpecula-
tions," thereby implying somothing discred-
liable. This is, perhaps, moro common
among bnnl1crs than my others. The opinions
nF
connection with money matters than any other
class Of tho business. community, anl this is
perhaps the reason of the tnwarrantcd taint OF
discredit TINT attaches to real estate "spccula-
tion." It must be remembered, however, that
1t is tic habit Of bankers to decry evorything
but ready money. Thoy arc constitutional
bears, their business being to get tho keoping Of
other peoples money, and lend it out for their
own profit. Their habit Of preach
Ing that nothing is SO good as
rcady money, and to DO always
On tho lookout for doclino OF prices, grows to
be part OF their nature. Tho banker has no
interest iu an udrcnce Of prices. No matter how
much yalues increase, he gets no benefit from it,
Legitimately, ho gets nothing bnt tho intoreBt of
his money loaned on security. His policy, there
fore, always in to anticipate d decline of prices
Nothing offered as 8ecurity ia evor. worth the
market price to him. Ho must not only antIci-
1ato tho lowest psico to which any marActahlo
thing may be depressed, but ho must estab-
lsh @ much lower price than this
1T which ho would be wiling to tako property, or
rather, he must habitually put so low value on
stances ho viii ind somol,ody olso to take, m
stead Of boing obliged to takei it himself. Tile
bankers habit, therefore, always is to preach
that things rre' too high" too high" Now,
Az thcro is porhnpa o. larger proportion Of real
kuf1 1,1111 11,e4k 4kor. -.
tho n~aks OF almost any other city, tlliB con
stitutional hea11shness OF bnnkcrs has proba-
ply contributed :, moro than anything elso
SeorynE ssai tee bt hso Nn of
ccmo to compare tho desitabiity Of the different
kinds Of investment for money at tllo present
lime, ovon bankers admit thoro Is nothing no
good as city roal estate.
And most conservative bankors in this city
"Wlere, and in what, will tho money tint ugu-
llly accnmulntes III tho hands of capitalists Mt
tho cloao Of January find its most active lnveat
nent two or three montha from now"
After tho consideration of tho probability TINT
!ess capital would bo invested in railroad mud
other corporate stocks, and In State mud nlu-
nicipal bonds this year tla, usual, owing to tho
general unsnttlement of contdoucs In corporate
md municipal honesty, he snid:
"lf Home personal friend, some widow. or
pthcr person not actually engayed in active
trade, were to ask mo what lie or she should do
1ith any sum Of money now, I think
should adyiso investment in Govern
Government bonds, however, .nre pretty high,
mud think tho preference would bo for real os-
tate mortgages. Ten per cent ia now the ruling
ratio Of interest hero on such security, md I
can't think OF anything e1ss that offera 30 much
inducelnons with equal security"
But What do you think Of The purchase Of real
We'll. roal estate scems high, but, on the
whole, don't sec wllat clio good many people
can do with their money thsH YeAr.
III fRct, this bankers opinion comedies with
the yiows Of capitalists everywhere. and in tho
general canvass Of The comparative dcAirabiltv OF
property in various cities there iB no doubt that
property in chcago looks moro attractive than
In any other city fl the United States.
1'here have boon several parties from Ken
tucky In this city this week looking aftor aero
property. They purchased ovor 100000 worth
and wont homo, with tho iltention Of returning
heard TO say, ''We have been looking around
your city for .bargaina.' but find that wo must
pay tho old prices for all tint VIC purchase"
AonE SALES.
Kerr, Daviaon l. Welcl sold 80 acres located in
Soc. %. 40, 13 Que mile southeast OF tho County
Farm consideration, $i60 por acro.
Also, 10t ucroH in Soc. 1, So. II, located 2M
miles southwest Of brighton, OIL the canal, and
Alion Railrond consideration, $500 per aero.
Also. 100 acres in Sou. Q, directly south OF the
sS*~e'~NAN]s4SAst ~SSS
tcre.
The eamo. partioa arc negotiating for about
100000 moro OIL property inside tho city
limits.
Snyder l. Leo sold % acres IL SEQ. s, 81, "A,
Washington Heights consideration for all.
fl5,000.
Omar Newman nold 40 acres. being the NE. 4
9f aho N. r. X Of Sec. IS, 49, IS, in tho town Of
Lake consideration. $2l,U00.
John s. Hair l. Co. aold 150 acrea In Sec. II,
81. II; consideration. 900. Also 10 aores III
Sec. "a, 50. 10; consideration, - ,000
AALEa OF L0TH.
Mr., Webb sold 50xlO0 OH tho northeast cornor
Of Carpenter mud Madison stroets, including
cheap frame btilllng; consideration, 1900 Per
foot,
Ira Brown sold cottage md lot ut Dcsplaines
consideration, $1,000. Also 100x125 ut Dos
plaiueA.; consideration. $500. Also 81 lots at
Deaplaines Cemetery, 5lO0 each. Also 1O0x120
feet at Evanston considerations 81 400.
Tho West Chicago Lanl Company sold lots
1t the Northwestern Car Shops; consideration,
johu s. Hair 4 Co, sold lot on West Lake