New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-11-07
shrinkase I'm Real Estate,

On several occasions recently the New
York Times has referred to the shrinksge
in the value Of real estate, especially on
the banks of the Hudson. Some sales took
place there not long since which did not
give much encouragement to men of wealth
to erect stately mansions or purchase large
estates. One place on the banks of the far
famed stream which cost about $500 900,
was knocked down for $3.50, the amount of
unpaid taxes that was against it. The
montgomery Place." which is situated on
the Upper Hudson, and was formerly owned
by Edward Livingstone, the publicist, was
sold for $4,000, which is about one.sixth of
the prit at which it is valued The house,
it is said, is built in the best architectural
style, and is both beautiful and comfort
able, while the grounds, gardens, and sur
rounding landscape are not surpassed by
any in the United States. Other estates
have been sold for about as much as the
timber that grows upon them is worth,
while some could not tud a purchaser at
almost any price.
The reason of this immense reduction in
the price OF real estate of the description
mentioned is not found, it is believed, in
the existing tghtness of the times, al
though we are Of the oplpion it has much
to do with it. In the Old World, where the
law of primogeniture exists, to the detrI-
ment of all the members of families except
the Oldest cons, landed estates can be per
petuated, but in this country, where no
such law attains, ut is found very difficult to
transmit them to two generations. In Eng
land landed estates are perpetuated from
father to son for long yeare, but here it is
very rarely the case that Q grandson in
herits the estate Of his grandfather. The
millionaire OF to-day in this country were
in very humble circumstances in their
youth, or their fathers were on the ragged
edge Of poverty, and, perhaps, starvation.
Many of those who were born of rich pa
rents are now in the lowest scale of
perjury. 1t is true, as one of the
Georges said, there is nothing in the
laws of England to prevent any man
from becoming respectable and prosperous
if he will, for many OF Britannia's sons, who
were nothing but weavers or labOrera, are
now occupying high positions, and are rich
in the possession OF grand estates. But,
somehow or other. the people of this coun-
try succeed in great numbers in amassing
wealth, but they are not tenacious of it. 1t
is but short time since some of those mil
lionaire bankers and business men, who
have failed in very large sums within the
past few years were only clerks or sales
men on salaries of from $500 to $780, They
rose rapidly to the topmost round of the
ladder, but the elevation was too great for
them, and, being intoxicated with their sue.
cess. they tell to the ground with crash,
ploFCu NV OulN EuluUub W UucuS6lNt5,
but to others. The name of Jay Cooke was
once power in the land, but no one seems
to care about mentioning is now, except in
dersion. Ogontz cost him an immense sum
of money; it was erected according to the
most approved style of architecture, and
was luxuriantly and extensively furnished,
but he who built it was unable either to
hold it himself or transmit. it to his heir.
Such are the varying fortunes to which men
are an hieetA6 that the mil lion aira of m. dav
may be bankrupt to morrow, and all the
fine estates upon which he layished so much
money may have to be sacrificed to pay
taxes, or satisfy the dema, DIS of creditors
The question is, tn. H. whether it is wise
for men who are able to support their fami
lies in almost regal grandeur, but could not
convey to each one of their children as
style, to erect lOrdly mansions which no one
of the family will be able to hold and &C.
cupy. When man purchases eligible
property, and erects upon it q palatial res
idence, the whole costing from one to ten
hundred thousand dollars, more or less, we
do think it would have been well if he had
asked himself, before he laid the founda-
tons, if there was any possibility that some
of his children, would be able to retain the
premises after his death, or it it was more
likely that they would have to be sold to
pay the taxes, or satisfy other indebtedness,
at figure not more than the 0ne-half, or
one-sixth, of the original cost. If these
things were taken into consideration, as
they should be, we question very much
whether rich men would found as many
grand estates as they do. We are rather
inclined to think that the wise ones of them
would becontent to erect such mansions as
could be retained by members of the family,
and would not be sacrificed under the sher-
it's hammer.-Pittsburg Dispatch.