The weekly Floridian. [volume] (Tallahassee, Fla.) 1867-19??, 1889-05-28
Manufacturers Recon

Manufacturers Record.
1t has for some time past been noticeable That
idle money in our Eastern financial centers has
been literally going begging for investment
Scarcely month ago 100000 worth of real
estate, comprising lots, building and warehouses
scattered throughout the business section Of New
York city, was knocked down at auction at con-
siderable of an advance over the sum expected
to be realized 1t was found however, that the
aggregate of the rentals amounted to but 81 per
cent of the cash value of the property, so that
after dedustng taxes, repairs, etc. the net
income from the premises but about per
cent. And yet the purchasers of this property
thought they were making an excellent invest
ment, and so they were judged by the earning
capacity of capital in the North, for many large
real estate owners are glad to receive to per
cent. net on their investments. And now
comes an even more striking illustration of the
decreased earning power of money, or perhaps
one had better say, the heplessness of capital.
On Thursday last Comptroller Myers, OF New
York city, opened bids covering nearly $S,OOO,-
600 of the proposed 100000 issue Of park
bonds at - per cent, the prices bid ranging
from par to II per cent above. Among the
bidders were some of the most solid financial
concerns, such as the Metropolitan Central and
Atlantic Trust Companies, savings banks and
private banking houses A trust company stands
ready to take the balance at par, if the offer
should prove acceptable.
Where to invest money to advantage is be-
coming a problem the more vexing as the grand
total of idle wealth Increases Twenty years ago
family inherihng 100000 could count on
life OF comparative atfluence, since an income of
10 per cent and upward could safely be looked
for To-day, as investments in general go, per
cent. is considered decidedly profitable income.
The recent refunding of the British Consos, to
say nothing Of Mr.. Secretary Windem's manage.
ment of American government securities under
the Garfield administration, taught the world
that the period for large returns on security in
vestments has passed. Within very few years
the savings banks Of New York and other East
good fields for the investment OF $500, O00, 900
or perhaps double that vast sum-. The surplus
capital in New England seeking profitable in
vestmeat is probably even greater than in New
York. and it would be well for Southern enter
prses to be more vigorously pushed in that
field. In the meantime, capitalists, banks, trust
companies, savings institutions and other finan-
cial concerns are puzzled where to put their idle
capital to the best advantage
To all such enc may properly say: Does not
the South, which throughout its borders is pull
satng with the growing vigor of industry offer
the very best field for the investment Of capital :?
Certainly. nowhere in the world are the natural
laws of progress sustained by favorable condi-
tons more actively at work The profits to be
reaped from investments in the South, in min
eral and timber lands, in furnaces mines and
factories, Jldiclousy managed, appear to be fab
ulous to all who are not familiar with the logic
of experience. Let the moneved men of the
North, therefore, come South, look around, sc
leet the enterprise in which they may see fit to
invest and with anything like discretion in the
matter OF management, returns upon capital
ventured will he double, triple and in MANY
cases quadruple what can be obtained upon
equal OUTLAWS upon safe ventures in the North
and the older sections ot the West. The El Do
RADIO OF the next half century is the South. The
wise recognize it the dull and the timid will
ere long regret their sloth or their hesitancy