The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1878-05-07
Reduced House Rents In Balti.
more.

bAlumore American.
House rents in Baltimore are now down
below ante bellum prices even, and real es.
tate is cheaper than ever before in twenty
or thirty years. Owners and brokers are
OF the opinion that prices have " touched
bottom" and that q reaction must soon
Get in. They hold that II any good Is to
come TO the interests Of the country from
the resumption OF specie payments it
will be felt first Of all in real estate.
Just now the market is at stand still,
and there are no transactions OF any con-
sequence to record. The business Is most.
ly confined to exchanges, giving city
house for country lot, and go on. One
Of the things that has helped to pull down
prices Is the extraordinary number oil
sales made within the last year TO satisfy
mortgages. A year or so ago, for instance,
a man Of family finding himself pushed,
borrowed 81 200 on his house, then worth
$1,000, firmly believing that times would
be better and that he would be able to
raise the mortgage money. The year
passed, and he found himself worse of
than ever. What could he doH He goes
to dealer and says: a must pay that
81 200 mortgage on my house; so | will
sell the old home for $780," BE is
lucky II he gets that, and so 1t goes.
The lowness Of rents is, OF course hailed
with delight by the poor people, although
It does not benefit them in as liberal pro-
portions as the people Of moderate
means. Houses that rented few years
ago for 81 900 per anunm can be had now
At $500. A large propetty.holder who
had 81 200 year house lying idle for
nearly two years concluded few months
ogo TO rent It TO good tenant for $500.
Landlords have been compelled to re-
duce the rents Of old tenants, and the
number OF first.class houses around I'm.
ion and Harlem squares that can be rem
ted at from $50 10 $50 per month each
indicate that those desiring TO rent hou.
ses need not have much fear Of failing to
find cheap ones. The lst Of May, the
time when so many change their residen.
ces, is near at hand, and it is reasonable
to expect that stir in real estate mat
tiers will soon begin. Property.holders
complain that two perpetual Jokes are
laid upon the shoulders Of the real es.
tate interests in this city, and bow It down
BY their weighta
One is the ground rent system, which
retards improvements and stiaes activity
in buying and selling. The other is the
excessive assessments made on property
by politically appointed men who were
incompetent Judges. Baltimore, in pro.
portion to is size, has far more capital
invested in ground rents than any other
city 10 the United States. There are
many wealthy citizens whose incomes are
derived chiefly from ground rents alone.
Some old tumble-doWn warehouses stand
on the lots, perhaps, and ne one will ever
replace them with new buildings as long
as the inordinate ground rents have to
remain to eat up fair interest on the
money invested. As soon as buyers in
sist on a fee simple In every instance, q
stimulus Of the most important kind
will be given to the real estate interests
Of the city. As for the assessments put
upon city property, they are considered
extortionste In hundreds OF instances, and
cores Of cases can be referred
to where, II property had TO be sold, il
would not bring three fourths Of the va
lue upon which the owner Is paying taxes