, 1874-05-09

upon discussion Of Tho effect OF tho t'rosident'e
veto and all that sort Of thing but tho reporter,
not being momber Of Congress. modostly disa-
vowed familiarity with tho subject Of currency
In any form, mud. thanking tho capitalist for his
franknoRa and good nature took his loayc.
". II. DERRY.
Mr. Derby was tile noxtperson called on:
Reportor-Do you consider business property
property?
Mr. Dolby-Its value Is governed BY what 1t
will ront for. Take Wabash ayonue. for Instance
that portion OF the city where the buildings are
scattering, property there ia not worth as much
as on Clark atreet, because many OF tho stores
are occupied. 1t will be worth moro wlan tho
vacant lots are buils Oh. Now 1t has prospect
i've value.
Reporser7Do you think business property is
good to hold7
i Mr.. Derby-I think ii u man were to buy It ut
what it can bc Ind for to-day, he would mako
money. In other words, I consider that busl-
Roporter-1s that tho gonoral Impression
among real: :ostnto dealers?
hlr. Derby-Ycs TINT property is being offered
at pr1co below its yaluo.
Roporter--Is, there fceling OF depression
among oWnerB
;, nfr. Dcrby-I know nothing Of it. Some par
ties arc uneasy, from the fact that thoy owo
large BUNS, borrowed on the lind, and tho;r
rentH arc not equal to the interest they arc pay-
ing.
Rcporter-1s thoto any disposition to sacrifice
property?
Mr.. Derby-I do not think there is.
Aeportos-Has tho coutlltion Of things i'm
proved Hince the 1st Of JANUARY?
ar. Derby-Yos; things look blight.
Neportor-Will they becopo brighter?
They cannot be nny worse.
Hep0rtor--Aro they very hud2
1lr. Dctby-Well. l cannot say TINT thev arc,
Aeporter-Wero they ever worse2
Mr. Dorby-.Oh, yes. 1 hnvs seen very much
worse times than these, in 1867 and 1859.
Roporter-ls tho staa anation Attributable to tho
panic
Mr. Derby-Yes, partially, and also to the fact
that too much building has been done,
Roporter-Do you doubt that. in time, Ill tho
stores now vacant will bs oceupied?
them will be tcnantcd within couple Of yearB,
and that moro will be huitt-tho vacant lots
coyered-and In uBo by that timc,
Reportor-,Have you any idea how many stores
Mr.. Derby-tI have not. I notice that rents
arc good everywfere excspt in the burnt dis
trict, md attribute it to the fact that we have
built beyoud tue dsmand for stores.
PERKINS BASS.
Roporter-T wans your opinion as to the pres-
ent status Of building property.
Mr. Dasa-Well, after tho Fire, Chicago Was
crowded like d bee-hiye, rents were high, aud
there was not room to do the business Of the
city. Now that the town Is built up anil thoro is
enough room and some to spare, do not think
it wonderful tint thera should be some vacant
buildings. There are in every city, 10 far az I
know, and always will be. I suppoxo, # thero
should be serious depression in business all
over the country, Chicago real estate would
suffer in common with tint Of other cities, and
not any more. As thore iH room enough here,
Of course rents have to be reduced from fire.
rates. Many people think that this ID some
thing unusual, but 1t does not 60 occur 10 mic at
all. Rents wele too high, and they have been
properly reduced. To have vacant stores is not
worry strange, and as evidence that it is not,
buileing is going on slowly now.
account Of the situation
Mr. Daas-l do not think there is as much de-
preston here aB In other pRrtH OF tho country.
That foaling In the East ls graater than 1t ia
here. There is some falling OF from the buoy
ancy Of BUSINESS since the panc, but whether it
will improve or grow worse depends upon tho
general financial condition Of tho country.
1eporter--Does this feeling interfere with
parties raising money on real ostate?
Air. Bass-l do not understand that there is
any difficulty in raising money on good roal ca
tate. II ii idle to say that there oan be
anancial depression in the whole eoun-
nS sy snpaes sna nGs s. e ocaeo oe''1SSj Ri edno do
to be al prosperous AZ aho was. as long as all
tho rest Of tho country Is depressed financially.
Reporter-When things around about grow
brighter Chicago will march ahoad'
Mr. DoBB-Certalnly.
Reporter-1s bnsiness property paying Just
now3
Mr.. Dore-1t depends upon its locality. Down
on South Water etreet, tloro Is not all idle
store, and in the central part Of town the bu,ld-
ings are rented. In rebuilding the town,
the. future al well Us tho present was
looked at, and the property-owners did
not want to take tho roofs of few yoais hence
and put on another story; they put 1t on WHOM
building; and that IL the reason why there ara a
great manv rooms above tlat arc vacant.
Reportor-Do sou consider 1t good property
to own3
Mr.. .Doro--lt is, If people can hold It. There
IL no doubt that In certain localities there are
moro buildings than arc wanted.
Neporter-Do you believe thora will ever be |
domand for them2
Mr. Doro-Thero IL no doubt about It. II |
thts town does not want throe timos as many,
NO hnve all been deceived.
noporter-WtAin what time, in your judg- ],
ment, will It want them?
Nr. Do,e-I have as, idoa that, II there are
reasonable crops tlIis year, in two years all tho
buildings va! DO occupied and tl'ese Will bo
Roportor-whora aro tho people who are to uso
tllem to come from?
Mr.; Doro--irom all over Gods creation.
urbs for then, to 1yo in. It is curious to 500
how thoy arc sticking tho buildings tn, down III
Cornell and Calumet,
Ropolter-Do the owners Of mortgaged prop
orty anticipate any difficulty In unloading tholr
Mr.. Dore-Those who own buildings that are
not renset-you will find Rome OH Michigan aud
Wnhash aye,,nes-wiIl layo trouble, but do
not think those WHO Sw ~ tne contto Of tue
tl.oir buildings rented, Till DO abe to pay t|er
taxes aud the interest, aud tho wealthy nen will
pe able to hold OIL whether their buildings are
rented or not; and many Of tho stores ara owned
Michigan and Wabash uyonleB arc i,ot rantai Ia |