, 1875-10-17
REAL ESTATE.
Holders Have Too hueh Confidence in Chi
cago's Future to Sacrifice Their
Property.
Consequently Very Few Transac~
tons are Reported by
Dealers.
4 Considerable Falling Of in Loans and
Applications for Loans.
Individual and Corporate Indebtedness Of
New York and Chicago.

New York and Chicago.
There ia still no movement in the real-estat
market. The views Of sellers and buyere at
too far apart to favor transactions. The yer
Ittle-almost nothing-that ia doing shows botl
the confidence OF holders and the caution o
buyers. With both parties, it il simply a quea
ton ~ to whether bottom figures have set beel
reached. Tho rule that when everybody want
10 sell is the time to buy, is generally regarded
a. good one; but the question whether every
body wants to sell bad enough to put dow
prices very considerably below present ho1din:
rates ia answered in almost as many diretea
ways as there are persons to discuss it
Holders, relying on the past history q
the city, feel we'll assured that in the end the;1
real property is sure to command fair and erer
rcmunerative prices. They study the rapidly
extending trade Of the city, which, with the ex.
ception OF Mexico and the Insignificant countries
south Of it, laye the whole continent undec con.
tribution to its wealth, and they determine tt
hold On II possible to what they have, aud ge. ~
much mora as they can- They know that With
here and there exception ike Vanderbilt,
Stewart, and d few that light be named in this
city and elsewhere. the
GREAT FORTUNES
in I'll the leading cities OF tha country were made
on Feal estate Statistics have shown that more
than 80 per cent OF merchants fkil in business
md become poor, and the came may be said.
perhaps truly. Of reaI-estate sreculato1s; but
the mcn Who bur to hold, or who invest the
actual surplus derived from their business in
lots and lands in and around great clty like
Chicago, axe sure to win. Of course, whether
the time to invest has arrived. ne leaTe to the
Judgment OF each individual.
roR THE MARKED DuI1NEss
IN the market just now. the Real Estate Journal
gives the following reasons:
Naal estate IS just in that condition which all
mediums Of surplus investment are. when money ia
turning itself Almost wholly fnto commercial and agr
cultural channels, and when great crop IL being
moved and the fa trade is IN full blast, requiring
unusually large amount to conduct these operations.
Whenever thare ia sudden increase Of trade and
than ordinary stir in other markets, land buyers
apt to hold OF Until tie sequel Of tie movement Is
developed before deciding upon localities for invest
ment 4 vzat amount CT money has lain Idle and is
now being freely used, and the surplus Of Western
tanks il being exhausted supplying the demand Il
ia natural that he renewal OF activity money should
first other repositories than real property. It is
the profits Of other business that invested In real
r. It hss always followed nerer led rsopening IN
far to expect that will continue to do and thAt in
Few months /: fsrthest there will be strong and
Rct1ve trade in lind.
CITY DEB1s.
The matter Of the individual and corporate
Indebtedness Of different cities has much to do
with the profits to accrue to the holders OF real
estate In this respect Chicago is certainly no
worse of than most other American cities. Our
municipal debt is, in round numbers, about e12,-
00a 000. and the park debts different sections of
the city about 81 COO, 900 more Our best informed
cirizens estimate the individual Indebtedness at
SCI, 600. Most Of this has been contracted
s,nce the great fire Of 1871 to rebuild the city,
and, with rars exceptions, the interest on these
loans is pr omptis paid. Only few parties have
defauited, and their property has been. or Is to
be, Sold 4 wise rros7sion af the Constitution
of the State l'rohhts our city legislators from
increasing o;sr municipal debt shove per oept
On its taxable val1e-
While the cona.tion OF Chicago is bad enough.
and there is = large drain on our resources to
pay interest, that Of
NEW FORK
la vastly worse. OF the individual Indebtedness
Of that city the Dtooklrn Union has this to say
There are 1900 nc.es in New York City exclusive
Of the Twenty-fourth Ward. CIpn these it is est-
per acre or sEu0o ter lot Of o51lC0 feet Admitting
that 5000 Of this belonging to wealthy
free of this Charge it will leave ooao of
the island under q: average Of 91GO Goo
per acre. making total n,ortRagc debt cf s. Geo 0 0
foz Is this m e1ravagant estinate although nearly
United Stataa paying in interest," axes lxwyers and
brokers' fccs, without counting assessments, yearly
charge for iatere etc. nearly double that Ct the in
EuouA amount OF $l65 DOL, 600.
The municipal debt of New York is $40 000,-
600. The interest on this and on the individ 1aI
Indebtedness must all be taxed upon the busi-
ness Of New York From these facts it is easy
to see why her people are driven to New Jersey
md Ill the surrounding country 70 live. We
CAL also understand why It lr that tho teRl-estate
ttausfers in thar city are now made almost en-
tirely under mortgage Gales. This thing must
60 On till business there revives, or till liquida-
tion is fully effected. The groanlng Of her mer-
chants and capitalists, and their walls about dull.
hard times are. in view Of these facts readily
understood. II they want to wear cheerful
faces and STOP their croTline. let them pack up
their goods and their household traps and come
to Chicago, where business is active and the
people are happy.
TIE LOAN MARKET.
Tho actual loAning business OF the past week
has been very Glow, and there has been conBid-
ersbls falling OF both in the loans effected and
in applications 1t true, that the figures in the
statement below are about up to the average, but
more than one-thixd OF the amount comprises real
estate transactions or renewals. Agents ere in
elined to conaider the present limited demand for
money rs I healthy sign, indicating disposition
to clear OF old liabilities before plunglng further
into debt. Capitalists hare for some years re-
garded Chicago Is = favorable field in which to
employ their surplus funds, and their confidence
il Strengthened By the promptness with which
interest has been paid and principal discharged,
even during the depression OF the past
three years. Beneath the surface there is
strong nndercuzrent Of carlton. which ia drifting
both borrowers and lenders into one conco1va-
tive channel: as though both were agreed that
the bottom Of the real-estate market had not yet
been reached, aud that, therefore, it bshoovos
them to - go SLOW"