Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1875-09-23
The subscription prise OF the
PUBLIC LEBGER is IS per aunum
Tor Daily, ana se per annum for
weekly. POSTAGE FREE.
BUILDING ACTIVITY.

4a1A0 11N
building during the present year in the
larger cities Of the country, and even
here in Memphis we see new residences
going up in all the principal suburbs
This means with us that the people have
come to stay; that they consider Mem.
phis a healthy and desirable place to
live, do business and educate their chill
dren. The investments thus made are
mostly by nee of moderate means who
desire to settle themselves in comfortable
homes Of their own where they can easily
live within their incomes and grow up
with the community. We have four
building and loan associations, all doing
a good, safe business. The members
feel that it is good stock to hold as an
investment, while those who desire to
build can borrow on reasonable terms.
Thus many men who work for small
salaries cease to pay rent by paying a
little more into the loan association, and
at the end Of a few years own their
homes without scarcely missing the
money, so regular and small are the pay
ments made. The system is preferable
to a savings bank, aud commends itself
wherever introduced. Many cities have
been built up by these excellent institu-
tons. They are happily adapted to the
wants and circumstances of a large class
of our most useful, energetic and prom
ising citizens, many of whom are just
taking G start in life. And now that the
assessment OF property is completed,
and that on d very reasonable basis, and
the business outlook Is SO favorable,
building will receive a new impetus such
as has not occurred for several years.
The assessment glands for four years.
A man may build q three thousand
dollar house on a Eve hundred dollar
lot, but he will only be taxed on the lot
for four years. Such an inducement to
build has never occurred before. The
capitalist, too, who chooses to invest his
thousands in business blocks Of tene-
ment houses, has the same advantage as
the man who is trying to secure q little
home. Material and labor are abundant
and cheap, and it is to be hoped that
during the coming season our mechan-
ice, laborers and contractors sill have
all they can do. In Target cities, build.
ing goes on at greater speed and upon a
large scale. St. Louis expects to build
four thousand houses, mostly residences,
this year, and yet the demand is 81 great
hat rents are unaffected. Philadelphia,
stimulated by the prospect Of the Cen
t%ennial, expects to count sever thousand
new houses on the first of January. New
York makes a smaller showing, as the
city proper is well filed up, and there is
not much more room for buildings. 1t
is claimed that 10000 builders, masons,
brieklayers, carpenters and laborers have
been out Of work in New York all sum
mer, while ia Philadelphia, St. Louis
and Chicago such activity has never
before been witnessed. The bgild-
ings going. up are mostly for dwellings.
The Chicago Real Estate and Building
Journal says in explanation 1T seems
almost certain that the main cause Of
this general building activity throughout
the country is due to the pnseitled and
depressing condition of business. Par
ties holding capital, whether IN large or
small amounts, are distrustful OF all CON-
mercial and manufacturing investments,
and money is thrown into the improve.
ment Of real estate as the safest manner
of employment. Business depression
prevents any large demand for business
buildings, but the same cause does not
interfere with the deuand for new and
improved dwellings, unless The popula.
ton Of a city is falling OF, ard eonse.
quently the major portion Of idle capita
turns naturally into that channel ofuse.
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