, 1881-10-16
Chicago Sales Quiet Because
Holders Cannot Be Kept
to Their Prices. il.
Majority Of the Sales and Build
ing Permits for Small .
Amounts.
New Tracks to Englewood-The Belt
Road-Plans for the Cook
County 1nfrmary.
Interesting Correspondence on the Subject
Of Bridges and Other Methods OF
Crossing the River.
GREAT SPECULATION.

GREAT SPECULATION
VIEWS OF A VETERAN.
The oldest broker in real estate i'll New
York. the venerable z. II. Ludlow as the
Herald calls him, i'll all interview with 4 re-
porter Of that paper predicts that there is
coming :" the greatest speculative rise in real
estate we have ever SEEM This is the time,
tue says, to own land The rate Of interest
is and will be low, and land must increase
greatly. Tile Astor family is founded upon
land. The first in the line, John Jacob
Astor, bought land with great Judgment.
In the time of the second in the line, Will
lam 3. Astor. the opportunities for protlta-
bic purchases of land We're unsurpassed. hut
he did not buy much lands: lie Invested
money for interest, and built houses OH his
land Or leased them. In the present genera
ton the Astors are buying land again, for the
family are quadrupied, and they mean to re-
tain their ascendency at tlle head of the
wealth of the country. They understand the
subject Land is the best basis ..
BTTEE THAN BONDS
that will be paid of, better than railroads
that may depreciatc. The Astors own large
tracts OF lands within the city limits at low
prices, covered with buildings. They are
now buying land, and it is the same with
many Others"
l"But is not the railroad speculation still so
great that not much capital eau be diverted
into land?''
+'Iailroads have had q long period Of rise
which may he far from over, but this specu-
lation has gone on into new railroads whose
profits are prospective. Money is abundant
and the annual profits Of the people are large.
a small amount overtiowing into land will
rapidly advance the price. This process has
commenced already. Take two instances.
One
WHO RECENTLY MADE HIS MILLIONS,
has bought two acres of land fronting on
Central Park and is about to erect Il series OF
dwellings and large apartment houses.
There is an investment of S22,00D.000 or
s., ,000, 600. The other is erecting a great
Office building on Wall and Broad streets
which will cost as much. There are many
others, This is railroad and mining profits
going into real estate-''
"But it is improved and not vacant land :'
Every new building is 4 forward march
upon the vacant land that lies beyond it."
1Ir. Ludlow gives this account Of the move
ment of the real-estate market as he has
watched it since 1880: Railroads, he says, are
real estate, irst-class improved property,
producing constantly, though varying in i'll
come. They have land in all the towns and
cities they traverse, Immense buildings, and
large personal property; but the basis is real
estate 1t is an old saying that in hard times
real estate is the first to iall and the last 10
recover When real estate RECEIVERS the diff
ferent classes regain value III their order, not
simultaneously. Good crops and business
activity cali for larger stores and warehouses,
and the rise in rents OF such buildings i'll
crease their value Then the men engaged
in business want, as they make money, to
live better, to move from small houses in
downtown streets into their own houses i'll
more fashionable locations. This makes 4
demand first for small uptown residences,
then for larger ones, then for palaces.
THIS STARTS THE BCnDEEs,
and their demand for lots increases the price
for vacant LAND where the street improve
1aents are completed, and this finally starts
the value Of land not yet ready for building,
and speculation follows.
This veteran observer OF the rcal-estate
market expects 4 great deal Of activity this
1all~ When the men who invest capital
come to the city from their summer rambles
and they are coming every day-they will
decide in what way to use their msncy. They
do not 60 Oh very general ideas; they study
closely the signs OF the times and the chances
OF profit. II few notable purchases are
made there will be many to follow the cx-
ample
MEN MOVE TOGETHER
and all vacant real estate on this island, ut
reasonable prices, is Il bargain. Look at the
East Side, which has doubled and treblcd
since the rise commenced, aud then go over
the West Side The elevation and grade Of
the land aud the prospect over the parks are
inco1nparably finer, aud yet the prices are
one-third or o1le-fourtll those Oil the East
Side-lower now than the E;,st Side before
;he rise there began. Compare Riverside
lots with Fifth avenue lots, at one-tifth the
price, and yet ultimately the Riverside will
oe just as valuable"
''Who are the leading OF most successful
operators in tho nlarlSetm'
.'Tl,ere is hardly any one who makes 1t an
sxclVsixe business.
>TuE MOST FORTUNATE
seem to be those vino are thoroughly en-
crossed in other business and who invest oc-
c:lsioually. If real estate rs a business could
b. owued as railroads, und such buildings rs
The Boerce} are could be sold in shares, if
blocks up town could be built up by corpo-
I:ltlons and sold in shares, the profits would
make wild speculation. There is where
real estate i'll the shape Of railroads has the
adsautage-:' =:
-'Slil yut think that land uptown will
have its turn9"
1t is, indeed, coming, and the acculnula-
.iou OF morley and the storing up OF the cleo
:rlcity Of speculative feeling will giycit great
(orce.'' :.
SALES. 80.
TRANSACTIONS FOR 4 WEEK.
Notwithstanding the delay in settling the
plans for the new Board of Trade, the 1ead-
ing operators are sufficiently confident to
..u1lfiuua to make IaEcc Investments III the