, 1874-05-09

vory gonoral remark that tho city ID plaatorod
with m 'rtgagoa chat everything ls Fortgagod
up tn tho oyost and that. In short. oar burdens
afo good dea! s leaver l than no Gun boar. What
| That, aaid ie. is banod upon very, worry ono
sidel riaw Of the facts, Let us eupposo d case !.
Hoto lB man Of business who has beon burnt
out, After tho 1ro lo has takotl his insurance
on hia mcrchnudiao and what ho was ablo to
enough to accomplish the purpose with wlnt ho
| was able to collect Of hla INSURANCE, aud aftor
tho fire ho got tiqlo from his Eastern creditors,
30 TINT he could fostlme: business boing: aotivo,
ho was able to go on and prosper. Nov bis roat
estate Ia mortgaged for half it's value. He iays
| by each wcok a cortain portion OF bis profits
AZ shifting fund to meet the principal Of his
mortRnge. Whon tlo mortgage ia injured ho
tinda himaelf ennblcd to pay Off say otlo-half,
two-thrds, or perhaps tho wlole Of It. II only
tho hnlf, he can obtain All extension OF tho mort
gage for the re1nainder aud ho IL ablo to meotit
| before maturity.
!Thore is, said n1r. Peabody, a groat donl Of
talk here aud perhaps in Eastern oities about
Chicago bong mortRagcd to death, but tako any
business man here, who has e mortgage on real
ostate, inquire into bis assets, md you will find
unablo to msot hts liability. It Is quite trno
tint We owe Rreat deal on mortgages; but tho
money We have borrowed In tls way has either
gone into building improvements Or the working
i
Ia oil represented In buildings or in tho form Of
merchandise. The money Chicago has borrowed
ia in existence, either In buildings or in NOR
ohantse, and Is oar',iug good deal more than
the borrowers nrO paying rs lutoroat upon tt.
The Eroalo portion OF tho business property
Of the city is covered to as largo an oxsont as
tho 1oaniug companies would like to have It.
In fact, under present circnmstanceB, It would
not perhaps stand much moro. Lately the loan-
ing institutions hnve beon rather conservative.
preferring only tlrst-oass sacitltIos, aud as
minimum IN advance rs possible. There is a
disposition to crowd property witt. as much as It
1nnney when noeded. Tho most trustworthy
Information from tho East shows that loanipg
capital Is abundant at to 10 per cent. but !end-
CTS arc worry cxacting as to the values and tue
proportions OF advance.
VALUES OF REAL EBrATE.
In regard to tho valuos OF Chicago real o.
tnte, Mr.. r. remarked Tint they could only bc
tested by actual transactions. These we're few
ratio they could uos be accepted as fair intioa-
tinn Of permanent values since this wRs = season
Of financial depression.
GOOD 1NvEs1MENr.
Tie apove contains about the substance of
D1r. Poabody's observations On tho subject. The
reporter next sought m interview with gentle
n1au connected with prominent loan,ng compa-
ny. ono who, from his position aud experioncs, ia
undoubtedly, we'll informed on the question: In
reply to tho question whether Chicago
property, "pastered with mortgages" as 1t 1B
said to bo, was still considered good invest
mens BY Eastern capitalists, he replied BY
most decided affirmative.
Tho prosent ao-colled depreciation Of real
cstato here, said he, is more apparent tlan roal.
anco thero arc 80 fow actual tests By which to
Judge. We cannot teIf without an actual bonn
tido transaction, what yulues arc. This is q
moro temporary depression, tho result OF M un-
so.tled condition Of finances, the absence of in-
diyidual enterprise, and the general effects Of q
panic. Instead of our being, as some ne'aiaed
and many ignorant people aoem to assume, on tile
yerEe Of general bankruptcy, the very contrary
is the fact. To uB who ought to know aome-
thing Of the "inside track Of these natters,
things appear as hopeful and quite as prosper
oua as ever. Parties are. mud havo boen, soek-
ing recent nveBtmonts-Eastern capitalists and
present advantages cao bo occurred. That Is,
they are willing to tako advantage of what
would be considered a p,ossing time. But yet
there scems little disposition hero to yield those
dence in the futu.o and bclleye that any de-
doubt
WE ARE LARGELY sronTaAoEp,
probably to tho extent OF 970.U00,U01 or $780,
100000; but We arc not excessively burdened,
and tho best proof of this is tho promptneHs
With which the interest on mortgages is paid.
The truth is, this values Of Chicago property arc
not affected to any serioua extent.
There arc very few applications for loans,
either Oh first or second mortgages, on choice
properties. What are no to inter from this
Chicago men are not backward IN asking. for
money when they want it. especially il they have
good security to offer. The Inference aecms 10
be rather that there is no great domnnd for
money than that tho security is not good.
II we IRE 30 excessively mo1tgaged as some
people imagine. whore is tue proof OF 1t? It
would surely appear in rejected applications for
Nov, Us matter Of fact, there are
PEW APPLICATIONS,
and these are principally on second and third
class property, that lenders do uot want, except
recent applications for loans on second
mortgages have been on second and third
class property and the applications are generally
baaed on tho appreciated yalua of the property
MIR. ARSON sPEnnY,
who Ia the medium through which aeonsiderahle
amount Of businaas in lending and borrowing is
transacted, WAS interviewed on the question.
knowledge, that Eaatorn capitalists hayo as
much confidence In Chicago values az ever they
had. We are heavily moitgaged, said he, but
we wore prctty heavily DESTROYED. There are 90
ssre for every ht ts Is in T.
the other gentlemen, TINT the applications for
loans were very light, people seeming to prefer
to wait and let matters develop; rather than rush
into obligations through which they could not
Hec their way clearly. ons important fact was
well uttested, that interest waB botter paid now
than 1t was ninety days ago. As rule. he was
satisfied that property WAS taking cara Of the in-
forest.
Is IMPROVED REAL ESTATE PROF
1TABLEP
POTTER PALMER,
For tho purpose Of getting tho ideas Of one
Of Chicago's vealthiest capitalists, Tn1nuNE
reporter yesterday called upon him, aud found
him In Ills ofaco.-the man who haA done 80 largo
q part toward making Chicago one Of tho finest
built cities In the world.