Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-04-11
THIRD RACE.
MEMPHIS.
Prices Of Real Estate and Building
Operations Rents Encourage.
menIs i'm One Direction
at Least.

The low price of real estate in this city
induces many to inquire as to the cause,
and in the absence Of a satisfactory eX'
PLANTATION some are prone to take dark
view OF the city's future. Rents and real
estate have decreased, it is true; and
while this may lie detrimental to indi-
vidual property-hoiders, it cannot prove
injurious to the general interests OF the
city. When real estate is low rents are
cheap, and this would naturally invite
to our city that class of persons who con-
tribute so largely to the building up OF
cities. The mechanic and the laborer,
the person who depends upon mis- daily
efforts for a livelihood, cannot afford to
pay high rents for homes. In our
midst reside men of talent, en-
ergy and intelligence, persons who
have q high aim in life. To re.
tain such men in our city is desir
able, and this can be done where Occu-
patton and means of livelihood are of.
fered. Whatever damage low rents and
the reduced value of real estate may
work to Memphis, it cannot be doubted
but what in the long run it will prove
advantageous 10 the city. Men who
speculate may not invest in property
when there is no prospect Of profitable
increase and corresponding degree of
remuneration. But the reduced value
of real estate may allow the poor man,
and especially the young man begin
ming in life, to purchase property and
have home. A few days ago the AP-
PEAL published extracts from New
York and Philadelphia papers showing
beyond a doubt that there are six times
as many houses TO rent in other cities
than are in Memphis. This is gratify-
ing intelligence; and when We Temem-
Der that the houses "tO let" are unOccu-
pied not because Of local, but because of
general effects, that are felt in the tinan-
cial, commercial and manufacturing Cir
cles of the country, we should feel all
the more hopeful of the future prosper
itv of Memphis. Real estate has depre-
ciated in many other cities, and in a
ratio far below the decrease in
Memphis. In this connection
we here present the following
extract from the Twelfth annual state
ment Of the trade, commerce and man.
ufactures of Memphisn prepared by Mr.
John s. TOOf, secretary OF the chamber
of commerce: "The real estate tTsnsac-
tions Of the past year have been on s
moderade scale only, but there has been
no time at which eligibiy located and
| productive property would not COM
msnd ready sale at fair figures. This
description Of property, however, has
seldom been placed on the market, of
| feriDgs beiug generally confined to un-
| productive and undesirable property.
Fhe building interest of Memphis du-
ring the year 1874, while in full sympa.
thv with the depression incident to GER
tsfn other branches OF business since
the manic, has not been as prostrated as
was apticipated at the opening Of the
wear. It is true that there has been 6
Considerable falling of in building Oper'
atiops during the past twelve months
INT when we look abroad we will fine
that this reduction is not peculiar t
Memphis, but presses with equal fore,
upon the whole country. Let US, as 81
Illustration, examine the record Of New
York-the metropolis OF the coun
trv-as get forth in the fol
Iowine extracts from a leading
iournsl OF that city under the head O
liStagnation of the Building Trade
sThs building trade of New York hs
GONE down to a point that would appea
almost beyond resurrection; not evel
the fall in the prices OF materials ca
save it.. Labor has gone down to su1l
! an extent that mt chanics can be hire
t for what contractors may choose
/ pay Skilled workmen al
; now willing to work for two dollars an
= fifty cents per day; the fact seems to h
that there is no call, and there is likel
> to be no demand for the erection Of ne'
buildings. Scores of houses uptown al
being sold to satisfy mortgages; dwei
!, ings, and even desirable :enements thi
lOns year ago brought twenty thoussn