The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-09-04

1897 9Sn 81. I5s Sns
To New York. ................19Q34 2I,72l
| To Boston .........,..........1i690 10, 33z
10 baitlnore. ........-........ l,lOO LOU
10 fhlIa1elphla, .......ss..... 2,3S5 o,oos
4otal' OBSERVATION-DISCLOSURES. "a, l59 AZ ,44s
REAL ESTATE.
The year under review has been made famous
by the exceeding stringency of money. Soon
after the publication of the last Trade Review
the financial storm which had been brewing in
England and in South America eliminated. and
its effects were felt all over the commercial
world. The causes leading to this are analyt-
| lcelly treated and fully explained in the finan-
cial article in the present Review
But for the difficulty in obtaining money the
transactions in realty would have been i'm
meuse and the profits proportionately great
Naturally the effect of light money has been to
reduce the volume of business. The disposition
to invest has been marked. and has only been
restrained by the difficulty experienced 10 ne
gOtfating loans II has not been q question of
cheap money, but altogether one of obtaining
1t at current rates. The profits on realty war
rant the payment of current rates. il untram-
meled by calls" The course of the banks OF
the city has been to call in all real estate loans
and to discourage transactions of that nature
Such course, if continued, must result unfa-
yorably TO the community, and in time react
upon the banks adopting such policy
1t behooves stockholders ia such institutions
to use their capital in the formation of a trust
or other kind of company, where real estate
| transactions will be treated as Legitimate"
and where this important interest will be fos-
tered and protected.
Notwithstanding the general troubles in finan-
cial matters which were augmented by three or
four local failures Of Importance. realty has
held its own" While the whole line of stocks
and bonds, including those heretofore classed
as ''gilt-edged," have suffered severely, aud in
| many cases have been utterly neglected. real
estate has experienced no decline. While trans
a.aff1 hau lad rod
last year, the sales made have been at full
prices, and good paying profits have been real
lied
Holders who were compelled to raise money,
having failed utterly to find relief by trying to
sell securities, have been able to sell realty at
full prices, and have saved themselves thereby.
very important factor in maintaining the
strength OF the market has been the character
of the holders of real estate. In this article last
year that matter was referred to-with little
thought, however, that the test would be 30
soon applied
Reference is made to the "syndicated" or in
corporated owners of real estate. The fact
that much property has gone into the hands of
such companies, well organized, and
strengthened by the aggregation OF capital, has
placed beyond possibility the sacrifice or fore
ing of property. So great has been the con
servatism that has marked the management of
these companies, that tine offerings have not
been sufficient to meet the demand
The few public sales of lots which have been
made have been very successful. Good prices
have been realized as the result of healthy and
legitimate competition. Several large private
sales have been made recently and others are
now being negotiated. The prices at which
sales have been made show q wonderful faith in
the future of the city. These remarks apply to
all classes of property-urban as we'll as sub
urban.
Vacant lots not too far out continue in fine
] demand and some very fancy prices have been
| paucity of the offerings. Unless something is
| done TO bring in the property south of Anderson
street, and that very soon, falling off in build
| ing must result. The prices which holders have
a right to expect for welllocated lots, by reason
| of their scarcity, places them beyond the
| reach of persons of average means
| There is always good demand for residence
| property-for dwellings ranging from SO 900 to
| $4,000. Those at the lower prices are exceed
| lngly scarce, and really most in demand. 1t is
| a matter Of wonder why some of the various
real estate companies do not seek to fill this
want ana build up their holdings with neat,
/ convenient and inexpensive dwellings,. This
must soon be done bls ONE one if we expect to
successfully encourage those who show dis
position to move among us. The increase of
| population, which has been going on for seme
| time, aud which must be greater with our
| growing Importance as a seaport and as a rail
| road terminus, can best be encouraged by
| cheapening the cost of living here. One of the
| most important factors in this cheapening pro-
cess is cheap houses, whether for purchase or
| rent
In the matter of rents, the remarks of last
| year apply with increased emphasis to this
| year. There is large shortage" of houses
| for rent, and an increased demand. There has
not been sufficient number of houses within
the last five years to accommodate the large
| increase OF population. This increase contin-
| ues, and the shortage will become more and
| more apparent. The opening of new territory
4 by the completion of new lines of railroads, and
| by the extensions of and additions to the old
| lines, and the increased volume of freight to be
| handled by reason of new connections will
| bring TO us all classes of wage learners. All
1 muSt hava bOUaG We ba ba he
| artisans and the material necessary
/ for these homes. If we do not invest
our capital and prepare for this influx of popula-
| ton we shall lose the benefits to b5 thus de-
| rived, and instead OF building up our city this
| population will overflow into and build up the
| small near by towns along the several railroads.
This is a menace not to be deSpised or neglected
and our people should take care that their
policy Of mastery inactivity does not cost
| them too dearly.
One of the great needs of this community is
| cheap lots in healthy localities on the lines OF
| street railroads. The capitalist who at once
| will take hold of a tract, sub-divide it, and
| place 1t on the market we'll drained. supplied
with good water, and accessible by street cars
Will not only reap rich reward but will be con
Sidered public benefactor.
| The outlook for the coming year is full OF
| promise. the fruition of which none should
doubt. Never before in our history has the future
| been 50 bright for business of all classes
The process of liquidation through which
every prudent business man has put himself
| uurlng the trying year just completed, has
| served TO strengthen our soidity." New en-
| terprlses have been Inaugurated by prudent and
| successful men, which must add to our facilities
| ami bring new business. Our people and
| the people of the whole state are united in a
| determined effort TO make Savannah the port of
| the sonth Capitalists from other sections are
| investing and others seeking investments In our
| realty, end new lines of railway projected com
menced and nearly completed, all are converg-
| ing TO this as their Mecca. The outside world
Is dong much for us, and it only remains for
US TO do well our part
Under these circumstances it is not strange
! mat real estate, the basis of all wealth, -
should be considered in our city a sure a
| certain, very desirable investment. Large
| fortunes have been made here by such invest
| ments, and each day witnesses new 8ccessions
| from the Shrewd business men of the city-those
who believe that real estate investment is the
sure road to wealth.
| AS previously stated, all that has initiated
| against a very active market during the whole
| year has been the stringent money market
| This difficulty will be overcome by easier
money, this year, and new methods and new
sources from which to draw for real estate
| loans. The result will be an exceedingly active
market in really. larger transactions holder
operations and fresh capital from outside opera
tors. The indications oil point to a constantly
advancing market, which means large profits
The outcome of these conditions is a rand
building up into great city of our beautiful
| Savannah.