, 1873-09-25
hands Of ovory man, aud that Ia to retronoh
oxponBoa, to draw nothing from tho banks OK
copt what Ia actually necessary, keop cool, md
avoid speculation.
PANIna AND REAL E8TATE.

PAN1os AND REAL ESTATE.
The result Of recent Interviews tetwceu re-
portors Of tho Now York Tribune and tho proul-
inent roal-estato operators Of TINT city Develops
somo worry important testimony. M to the ultt-
mnte efroot Of tho present panic upon real estate
aa MI Investment. Tho first dealer callod upon
represented TINT thorc was general foeling TINT
productive real estate WAS tho only Rafo security
at this timo, and that tho goporal confidence In
1t waa not at all shakon. Tho second firm
stated that a great deal OF money, which
during tho last six months had found
tts way into stocks, was now going into
roal oHtato, and they had found no
holders who bud boon induced by tho panic to
sell, thoso having property to sell holding 1t
moro firmly, because they were conf'dout great
deal Of money would shortly bo placed In land
Tho third firm also 8tnted that thero waa no dis
position among thotr customers to sacrifice.
Tho fourth party, who WAS largely engaged In
placing real-oatate bonds aud mortgages, tesst-
fed that though transactions might fall of, the
price would remain tho eamo upon improved
property, as It waB always productive, and that
tho tendency WAS to hold on firmly. Appointment
Pine atroot broker stated TINT many Of his ous-
toners, WHO had large sums In bunk, had With
drawn thom for Investment in roal estate;
that there was an increasing frmnesa in rcal
estate, and tendency to invest in It. and that It
was just as oasy to obtain money upon bond and
mortgage as 1t was vook ago. Tho instances
which NO have cited arc fair samples Of tho
replies which woro givon in every case. Tho
testimony was unanimous from oil the heaviest
dealers In Now York that even thoBo who woro
carrying tho hoayicat amounts In real estate had
no disposition to sell, but only hold the moro
firmly Us tho panic increased.
Whist is stated above relative to tho effoot Of
tho present panic On real estate has character
izod everY panic heretofore. Tho natural effect
OF panic Ia to cauao money to 1oW towards tho
hrmeHt security, and that security Ii offered By
roal estate-not speculative gchomoa and lots
looated in Bwamps and wi1dernesses, but I'M
proved city or country property, which pays in
terost on the capital invested Every panic
thus far in the financial history OF the country
has concentrated tho attention Of capital
to improved real estato. Property Of this
class can't break, for, although trade
may be dull md transactions few, tho
price remains fixed, for the property Is still pro-
ductiyo. The rents still go on even though
thoro mny bo no immediate disposition to buy
the property. It remains moro atablo evon thnn
Government securities. The result will bo the
same in tho case Of tho present panic. All con-
fdence in stocks and bonds has boon shaken by
tho developments OF tho past weok. It will be
very gouoraliy conceded, in fact, that tho utter
insecurity Of fancy stocks and moonshiue rail-
roads haB beon demonstrated. md TINT no man
In his sober eensos will care to pour his
money into this siovo again. Capital will
sock moro generally tho suro Investment which
unimprovod real estate Offers. Instend Of flying
tho mir in balloons. liable at any moment to
burst aud collapse, 1t will aottlo down to the
solid ground whore 1t ia safe, auro, and produc-
tive; where 1t ia always not only remunor-
ntivo inyostmont, but m uuchallo ngod collat-
nral