, 1876-08-06

AS hAS ~ Oh EAIL%AIH3
the statement made BY THE TR1BusE's corrc-
spondent in the letter published III this column
last Sunday about the dcplorablc status OF real
estate in St. Louis has excited the rural press
Of that part Of Missouri to great heat Inc
Gzobe- Democrat takes the field and produces the
following elaborate rcjoinder:
We reproduce from Tue CHICAGO TRIBUNE let"
ter which, in spite OF its length, will not fail to en-
tertaln and to amuae st. Louis readers, since II
shows the pressing necessity which IL felt IN Chica
60 OF iisparagng prosperity which Ch1easo ouei n
is highly creditab1c to the talents Of the eorfe-
spondent the only fault to be found with it being
in the small amount OF truth which IS supposeu ~
be sufficient to lcayen large amount Of falsenooo.
That there havc heen losses and failures i'll st. Louis
during the past three years, and that many houses
are vacant, is fact which it would De foolirh 10
and Boston, and OF all other cities. But We man
age to get along pretty we'll, and one Of the
reasons why We do not complain az much US thea
60 does Of the decline in prices is because we are
not compelled to sell to as great an extent as Chi
eaS9 is sbona h. de,;ehted to neo, that Nr Honore
Park at $500 an arce, as few acres Of such prop,
crty would enable him to meet his judgments nno
taxes in Chicago, but we doubt whether tni he has
cnce in st. Louis has been very much Ike that OF
Mr.. Sam Walker and ether real estate n,fliona1res
in Chicago, who bought the green spots OH The conn
aud who now repeat the old stoFy BY telling their
friends, When I came to Chicago was poor
SO. COO
The Southern Hotel failed to its proprictors,
but then the proprlctoss Of the Southern Hotel had
to pay rent while the proprietors OF the Grand Pn
cific, in Chicago, took the hotel for nothing, and
sunk Sf00 900 Of their creditors money Ill u single
rear. We have no suburban villages; but, on the
other hand We have no deficit of S400, 600 in our
City Treasury, carried along from year to year. to
represent such Investments as David A. Gage made
in the suburbs OF Chicago. Our iron trade is very
dull but the reason why the iron trade of Chicago
hus not suffered is because Chicago never had any
iron trade. Our Oldest Hesitate agent retlFes III
to United States Marshalship, but he does not owe
his creditors 3}00, 600, does the odest real
mortgage that brought in less than the mortgage,
but we have no parallel to the case OF J. Young
Scammon, who borrowed S400, coo III gold to build
with, and saw the buildings and the land knocked
down for less than $3.50, 0O0
II Chicago owes great deal to such men as
Walker. llonore, Scammon, Gage, Warren. and Il
dozen others who might be named, it might repay
them by buying up the judgments against them at
!. cents on the dollar, and setting them on their
itself By dccrying the growth Of ST. Louis. chicaGo
We understand to be the centre OF the trade in CALI
forna pears and in picked salmon, and Of course
it suffers great deal from the unrsill1ngness OF
people to buy pears at two for quarter.
These few samples are bad enough, to be
sure: but they prove nothing. In no city In the
Union are real-estate values On more sub
stantial basis than in Chicago. The people Of no
city pay their interest aud business obligations
more promptly, and In no one is trade more
active aud satisfactory,