, 1874-02-15
REAL ESTATE,
Property More Firmly Held and
Fewer Large Sales.
The Sale of Cheap Lots Steadily
INCREASING.
Speculative Investments in
the Suburbs.
Sales of Some Valuable ff,lnside
Property with Fine improve
nents.

Property with Fine Improve
H1ents.
Ihe volume OF bueiness during the past week
hns been smaller than during tho previous one,
because holders of property nave been less will
inr to make concessions, and therefore fewer
large sales have been made. The yiovB Of buy
ers and sellers are more apart than they were,
BECAUSE the latter are inclined to ask higher
prices
The increased disposition to invest in real
estate, which TIE noticed as beginning two weeks
ago and increasing in activity last week, seems
to BE- thus far largely speculative. thongh there
is good reason for believing that it viii eVentu-
ally take the form Of more peE1na-
nent investment for the purpose CT
Improvement and use. It is an established prin-
ciplc in political economy th1t real estate and
the improvements thereon must always repre-
sent the major portion Of the accumulated capi-
tai Of any country. The profits Of industry and
trade sooner or later find inadequate employ
1aont in the a1tension Of trade, and unst finally
be invested in real estate and improvements
But as there can be no increase in the extent Of
land to represent the increase OF capital the
only way in which it can represent fhe accu-
mutation OF profts Is hy IN increase OF improve
tnente and in the value OF the land
The application Of these principles to the
present financial situation in the West is plain-
The people of the Northern States, but particu-
1Arly OF the West, have been growing
rich by the increase Of population, and the sue
ceseion Of good crops during the Last several
years. Last year, particularly, the crops OF
everything except corn we're unusually large,
and all this winter have been selling for unusu-
silly good prices. The Vest MAS never so &na OF
money as now. Where is this money to find in
yestnent? The ss1ailroad era" during which
the accumulation Of trade and industry Of both
the :sastern and Western States were for several
years invested in that class Of improvements,
thereby adding thousands OF millions Of dollars
to the value OF lands in the Western Territories.
has come to IN end, and it uoald be next 10 am
possible to sell the bonds Of the most natter-
ING railroad project now. After the collapse
Of the railroad schemes in the panic, capital be-
gan to seek investment in Western products.
Pork, and corut and wheat, and barley have each
in turn been the subject of large speculative in
yestments in the last three months. But it re-
ouires no particular Hhrewdness to see that the
speculation in all these has eliminated NO
body buys these commodities to keep. Ihey
must all be sold within the ne1t three months
to Eestorn or foreign consumers q course. .
@A~AA4 SetA~
in the shape Of goods for consumption. But,
over and above these, there is no question but
there Will be larger surplus Ii money than IN
any year in the last decade When It is
remembered that there is from $15.0O0, 900 to
$4,000, 900 Of Western products now held IN
store in this city alone, awaiting market, 1t
will bo apparent that the sale Of these and the
large amounts in the country yet to como Tor
ward will greatly increase tho supply M st Weste1n
edmit OF some expansion, and some OF the Eur
plus capital will be absorbed in that wav, but
for tho remainder, corresponding to TINT which
in past years has found Investment IN railroad
bonds, ne can zee nothing SO certain to attract
it for permanent investment as city real estate
At present the disposition to invest in real
estate is speculative and not for the sake of rev
enus from rents This accounts for the demand
for suburban lands and lots.-at least As far out
IS the city linnits,in preference to inside prop
ert, either for business OF residence. lhe great
bulk OF tie latter has reached it's maximum
price 1t least it will not increase in value fast
ar than w1ll cover the ANIMAL taxes, and in some
favorable locations low rate OF interest on the
investment, There is large belt OF residence
property within = miIe Of the business centre
That viii scarcely sell Tor any more iya or ten
years hence than it will now, and for this reason,
even If Improved and rented, will not yield per
cent on the Investment over and above taxes and
insurance. The maximum price which the
choicest residence property is likely to reach
in this city for ten yearB to come cannot raa-
EQuAciT l9 QlaEeQ AE QRG1 E4DI ~ Cu1U PSI 4UOty
ma there are few localities where even these
values can be maintained. To use the language
of the markets. ''the speculation is out" of all
residence property at over $500 per foot. Hence,
when people buy, they prefer to go out further,
where it can be bought for one-half or one
quarter as much now, but where it is pretty sure
to increase to say $500 or $3.50 per foot, which
seems to be about the average price Of drst-class
rcsdence-property il the city now* The best
residence quarters IN sny hmeEcan A. slty are
more rapidly than in anr other city. New resi-
dence quarters tire beng built up from year toyear
that " nutshine the old, &nd the ground in the
latter dininishes in Ealue 81 that in the former
increases. ..-.
sALEs OF INSIDE PROPERTY.
But, aside from the preponderance OF the
speculative element; there is a great deal Of
valuabls inside property changing hands. Some
by parties who have mortgaged it heavily, and
who prefer other property, Of less value
now. but uniacumbered. The parties who take
this inside property in exchange are generally
men Of larger capital, who clear OF the lncuua-
brances and look the tepts Tor interest on their
Investments.
Bnt there are also $ great many purchases OF
improved property for all cesh.-oE part CASH
md part time,- actua. occupation.
bv Mesare J. 4. & ]. We'll for Air. Nelson Lud-
ir1eton, Of his handsome residence, No. lao Cal |
>1n,et avenue to Mr.. II. A. kohn, for S7b, 600, of
which s55,ooo was cash, and $50 900 was IN the |
conveyance Of the residence No. 6l0 Wabash I
ayenue. The Calumet avenue residence is one
of the finest in the city and stands on q lot COX
l78.
The Messrs. Veil also sold No. 464 State |
street, being lot 25x1o3, with buildings there
on. for 90e al1 cash. Also lot 50zl6u. corner Of
aIlyaukee avenue and Evergreen street, for |
$4,000.
Levi Wing i Co. sold the two-story and base
nent resjdeuco No. Cos West Van Buren, atroet |
IN. Lord sold 8sx8o feet on tbe southeast |
corner of State and Twenty sixth streets consid~
e1a.ion, S25, 500.
Meesrs. Betnent l. Thomas sold this week 75z
100 on the northeast corner of Cass and Indiana
streets, for SIC, 500, all cash.
". D. Kerfoot Il Co. sold recently G55xl9o
feet. m Madison street, seast of franklin. for
s27. 500. Also 50x2D0 feet On North Clark, north
Of Frederick street, with improvements, for
s6,590. ........... .-.....
SUBURBAN LOTS AND LANDS.
4 :sa1e yas made Yn5tU1Hfiof sd feet, east !