Savannah morning news. [volume] (Savannah) 1868-1887, 1883-09-01

been pleased to call ga BOOM" did not assume
the proportions it would have but for this ex-
cess of caution. This has acted as some check
upon swelling the volume Of transactions,
which, though largely in excess of any two
years since 1876. We're curtailed by the causes
Just referred So. Notwithstanding this con-
ditiOn of affairs an the elements for "A greater
advance OF valves existed. amt during the
last half of the year a. our people have been
able to determinethe results Of the years busl-
ness, large investments have been made in
real property in the city and county.
The heaviest demand for property, how
ever, has not been from the capitalists and
spectators, but from persons desiring homes
or places of business for their own occupancy.
Never perhaps in the history of our city. have
our people been 50 thoroughly possessed with
the determination te own their own homes.
This idea seems To have beeOT8e incorporated
in the warp and WoOf OF every mans
life. and to be the object of his
eXertions in business. This is not con-
fined to one class of our citizens, but
comprehends and peFmeates all classes and
conditions. The demand covers every class
of property. from the most palStla residence
and handsome store in our city to the hum
blest and cheapest hoale known to the bust
ness. Our merchants and professional men
who have long since owned comfortable, staId
residences, and whesc prosperity now war
rants something different, are purchasing
more modern sites ca buildings farther south,
and by building and remOdelling, securing
for themselves residences more in keeping
with their increased means and the advanced
IDEA OF comfort ana elegance OF the present
day. The man of laoFe moderate means who
has heretofore rented is straining every effort
to own his own ho1se and rent no more.
There are good reasons for the present condl-
ton of real est ate matters in our city. and
equally good ones for their continuance and
improvements. savannah was just recovering
in a measure from the general prostratiOn
which tOllOWedBhc pane oil ISI3 when we were
visited By the terrible epidemic of 1876. The
damaging effects of this setback were
greater and more lasting than anything, eX-
hot napT rod n
our history Not only were our energies
parayzed fog a season, but worse STILL public
cOndenc0WaS shaken as to the SAFETY OF our
locality fOa- business purposes and Tor the IN
vestment of capital. The wonderful COM
mercial. strides made since by our city, its
great recGperativc energies manifested in
every department of business together with
the determination evidenced by the authorl-
ties to prevent such a recurrence if possible
have Ill conspiTed to reinstate our locality
4 in the confidence of the public. That this has
1 been done is proven by the number of people
/ who have $50 to put it, taken permanent root
/ here. and are investing their means IN homes
/ ANA business locations. If no other reason
/ existed for the strength of real estate, this
/ one fact should be sufficient to satisfy reason
! ing minds that we are only TScOrer{Hg lost
! ground. Nor have we yet regained what we
/ have lost. 1t is a matter OF fact known to
( real estate men and lawyers, VINO handle ola
/ deeds, that the prices obtained in the present
T dav for property are in most cases less than
/ the consideration named in deeds made from
/ ten to thirty years ago.
Real estate has been entirely neglected f0r
! some years by investors. and in the mad rush
/ for wild cat speculative stocks and bonds
/ which has characterized the history OF the
| last two years, the staid old investment OF
| real estate has been left for sObcnef
period, when the excitement of speculation
| had spent Itself. That time Is now upon US,
| and the panic which some of our wiseacTes
| see dimly y in the distance is but the burst
| ing of some of the bubbles OF their own m
| flatiOn, and cannot, from the Very nature OF
! its eVanescent character, be widespread or
general in its effects. Even over GidFGbf5ed
/ stocks and bOnds-all of which are now at a
high rate Of premium-d0es real estate pos
! sesS positive advantages. The permanent
/ character of it as an investment, the apprecla-
ton in value which it must experience In Il
| growing country, the better rate OF net inter-
| est ii pays, all recommend real property over
| personal. The fact that it is not subject to
| such violent and frequent fluctuations, and Is
beyond the control of directors and syndicates
having power to reduce its value to mini
| mum price without let or hindrance, Is Il
/ powerful factor for inducing men to leave
| the uncertain ways of Incorporated stocks in
favor of this class of property.
Another reason for an advance IN the price
. of property in this locality is found in the adj
vance in rents during the last few years. This
| advance was healthy one, predlcated upon
the law of supply and demand, and made
/ necessary by the reduction which had taken
, place after the epidemic as one Of the results
l of that calamity. Rents have never recovered
| that lost ground, but the advance that has
been going on for some years, and which Wtll
continue, has forced upon thinking men Ehe
fact that it would pay them to be their own
landlords; hence the demand, before referred
to, which has sprung up for houses Tor the
| multitude to live in. We are all forced to
| study economy in some measure, ana the
| item of house rent is the first to receive at
tention at the hands of most men. The con-
cusOn is then easily reached that it is an
| economic measure to save the pPlfts realized
by the owner of the house. The desire follows
to be your own landlord, and the realization
is made possible through the poor mans
helper, the loan association. These institu-
tions have been Of incalculable benefit to Sa-
vannah. The results of their work is the
building up of all that part OF the city south
of CASTOR street from east to west. Many q
man in our midst owns his home, who but fol
their assistance would now be n newer Of
wood and drawer of water, paying
out the larger part of his month
~ earnings MIN for for shelter for hl'
These associations have been of great help tC
men of larger means, who could afford to pay
considerable sum out per month in order tC
secure a comfortable home, but who cOulC
not afford to jeOpardizc their business by tax
ing out the amount necessary to build home
from their own capital. Again have thest
associations been useful in assisting men tC
accumulate wealth in the matter of purchas-
ing or building that class of houses which
very nearly or entirely pay their own way
through the loan associations, and at III
termination leave them possessed Of thC
citizens amassed wealth and added ma
terially to the taxable property of the city
In these ways, and in others, have loan asso
Citations become important factors in building
up our city ard in increasing the demand fol
real estate by simplifying the attaining of it
ID specifying the reasons for the present
and continued advance IN real estate (ano
of rents we should not lose 81 hit of the grad
ual yet certain increase of population which
is continually going on. Our people are Won
derlng why it is that with the large number
of houses that have been and are still being
built that there are no houses for rent, and
that greater difficulty is experienced each
year in getting houses. Our population has
quietly yet surely increased, showing from
5000 to 5000 additional souls in the last few
years, yet because our old fogy citizens did
not see them all come in at one time they
cannot admit their presence, and expect them
to live in the same houses that $4,000 used &c
live in. This increase must continue. for de-
spite what rivals may say of our community
IL is a pleasant place to live in. Our people
are hOspitable and sOciable to the extent that
active business Will admit. \ living is as
easily made here as In any place in this cOun-
try If men are willing to work for it. Labor
of every kind Is better remurerated and more
generally respected ana protected than IN the
North, and as well. if not better, than in most
places in the South Our climate is pleasant
and hfdlthH which latter fact is proven by
the mortuary reports of our city, which are
open to the world for inspection. Reasons
might be multiplied which render Savannah
pleasant and profitable place in which to live
/ andrear family, but to say more on this sub
ject would be too great depression.
In the consideration of the subject of real
estate in Savannah, sufficient prominence has
not been given to our improved condition as
| community, as one of the elements OF
/ strength in the market. The financial sOlid-
ty Tor which savannah has always been noted
IS greater and more stable to day than it ever
/ was. While we have fewer milliOnares than
/ some communities further North, vet we are
IN better condition because the wealth of the
| town Is more evenly distributed, and there
/ are great number of persons possessing
I moderate means and fewer extremely veal
thy. This increase of wealth by slow accumu-
lations gives us a population with a vast pur-
chasing ability The tax digest unfortunately
IS not the means of acquiring this Informal
/ ton. But daily operations on the street will
| prove 1t, as Will the presentation of any
l scheme which promises safe returns and good
/ management, call forth ample and liberal re
/ sponses of capital. Savannah is rich in her
! resources of capital, and the best informed
/ upon the subject know that the custodians of
it are not to be found only in the recognized
. marts of the city, but frequently in unpreten-
/ tiOus corners,
Real estate may properly be considered the
/ barometer OF city's prosperity. The state of
the whole business of the community Is indi-
/ Gated by the condition of its real estate mar
/ ket. UnprOmisIng, indeed, must be the flu
! ture of that community whose real estate is
not wanted, and is declining. Therefore, how
blind to patriotism and all else but selfish pur-
/ poses are those of our crOaking citizens who
/ can see nothing in the present advance in
real estate but the imitation of bubble that
must burst next week or next month. If
they are prophets then. indeed. must all the
/ signs of the times prove delusiYe. Every
where in the South. and particularly in our