The morning call., 1892-10-01
solid CITY SUBJECTS.
Various Cuttings From Ma
gees Circular.
THE REAL ESTATE MARKET.
comments on the Non-Partisan Ticket and
Its Supporters-Ths Money
Market.

Inc real estate market was very dull in
september. The total number OF sales
made was 339, of the total value of 81, 1S2,-
co. Real estate is, however, not any more
dull here than in New York, Chicago and
other large Eastern cities. Even the holding
oil the Worlds Fair at Chicago does not
make real estate lively there. chiefly be-
cause OF the fact that. when Chicago was
selected, boom set in, which lasted for
nearly two years, and the result is the pres
ent stagnati0n. We believe, indeed, though,
that there is not city in the civilized world
In which either business or real estate is
lively They all, about five years ago. in
dulged in overtrading, land-booming and
speculation in outside, shady bonds, stocks,
landed and other securities, and now
the revulslen is upon them all, In
when; wnleh the uppermost feeling is that
COIN, San Francisco is par ticularly affected
Dy TINS feeling at present. The loss OF
trade mere and there, the number OF houses
10 iet, the reduction OF rents and the general
guinness OF trade are all pointed to as evil
dence that real estate is not likely to be
liVely or advancing for long while. We
elsewhere give reasons why we think the
present real estate and business dulpess is
Diessng. Works and the expenditure OF
money Tor city and State development are
both loudly called for, and, If the call is
responded TO, empty houses will quickly fill
UP, our population increase, our trade be-
come com active and real estate values 60 ahead.
Inc present dulnesS can thus easily be in
creased to the most active prosperity.
Is the Present City Duliness Desirable?
Clly real-estate owners generally will not
be likely to agree with US in saying that the
present dul!ness in city property Is bless
ing But it is. 1t was caused by over
DurclasIDO and hnnmipr thrnuUb credit
sales al time when the Southern Pacific
Railroad and other causes were at work 10
deprive the city of wholesale trade and shut
OH lis advantages as seaport The result
mas been notable decline in the trade here
toIore controlled by this city. Lower rents
and lower prices for real estate were
therefore inevitable, But the trade lost
can be brought back. The late general
use of the Cape Horn route, by
the establishment OF one steam and
two or three sail lines, has already
brought back portion OF 1t, by enabling
this city to lay goods down here and sell
tfem to many points in the interior at prices
below those which it is possible for Chicago
at any pr0hl whatever TO do. Let this work
60 ahead, but there must be many supple
ments to 1t. The first. and perhaps the most
Important, Is the proposed great main rail-
road line TO Salt Lake CITY, by the Beck
with Pass route, via Oroville. Subscrir-
tlons are now being taken. with the agree
ment thai, II S3,e00,000 are not here sub
scrlbed. the subscriptions made Will not be
called for. We have taken $4,000 worth of
stock In this project, not from cnolce, out
from necessity, because we know OF no other
effectual plan to bring back lost trade and to
increase rents and real estate values here.
Now. many objections may be made
| to this or TO any railroad scheme
or other enterprise whatever. and
| II We wait until plan is devised to aid
the city and State against which objections
| cannot be urged and failure prophesed, we
| will simply sit still forever. Ii the S3,0OO0OO
| named Is subscribed and spent with aver
| age wisdom on this road we suppose tney
| will carry the line as far as Or0vllle, which
| is 14S miles from this city northward UP
the Sacramento Valley. Suppose that not
! dollar more can here be raised to push the
| road further east and that those who spend
| the S3.000,0 coo lose every cent OF that money.
This, IL will be admitted, Is the worst posi-
| bic view OF the case. But, even If this hap
| pens. the money will still be well spent.
| Some one will continue the road
| eastward If 1t build even as far
as uroville; but even il they did
not. at least another very good thing would
certainly happen. The distance from Oro-
| vile to kedding, the head OF the Sacramento
! Valley, is about 100 miles, and, beyond a per-
| adventure, the road from here to Oroville,
| iflnot continued East. will certainly be ex-
ifs,|tad- t. BEDDING, and thus the city will
| IrNrthern head of the Sacramento Jaushye.
| Ii only that much is accompli shed the money
| inNoiVeu IN lt Will be as-Sell spent almost
as II is possible to conceive OF, and, in addi-
| ton, the road will pay, we may be sure of
that. But even II II does not pay directly it
will indirectly. San Francisco must build
| railroads through the State and bring
1t to her doors with her own money.
| She can no longer depend upon inte-
rior trade if she does not do this. And
let us establish what steam and sailing yes
! sels lines we may To this port, we can reap
but portion of the benefits TO be derived
from them, If the goods they land here con-
tlnue to be carried by the Southern Pacific
| monopoly al freight rates that IL will make
as nearly prohibitory rs possible. What are
| three millions OF dollars to this city, too
| mere bagatelle. But if the money for
such nses took one-fifth of our possessions
1t must be spent. There is no other way
out Of the woods but by cutting our own
| way out. Ii We do not at once set about
dong this real estate is going 10 be duler
| 81 sale, lower in price and lower in rents.
| We have no choice. 1t is work and spend
| money or lose the most of what we have
| already got.
1t is not denied by any writer or speaker,
| Republican or Democrat, that New York
| City has been brought to bankruptcy,
and Boston. Philadelphia and Chicago
nave been loaded with debt by the votes of
! those who do not OVID, and are never likely
| TO own, dollars worth Of property in
| them. In other words, A. and G.. by
small or large parcels OF city property,
which ID. L and T., not owners of cents
| worm OF property, have right by their
| votes to half or wholly confiscate through
taxation or the jobbery they make possible
| by the selection of thieves for Office olders.
In an article on wholesale robbery the Ma
tlon says: TO confer the privilege of dis
| Dhrslng money, or of choosing those who
are to disburse il, upon one who has had
| nothing to do with its acquisition, has paid
no share OF it, and has every possible in
| aucement to sQuander IT, will soon, we be-
neVe, be looked upon in municipal affairs as
the method OF madmen, and any attempt to
aeiend it as too irrational to cali for serious
discussion"
The Money Market.
There was a better demand for money
from both city and country last month than
tnfre has been for six months. This Is
| shown by the fact that the savings banks
granted city loans to the amount of 1884
| 435 in September OF this total the Hibernia
Bank lent Sl,o69, 565. the German Bank
! SICS,5 525 and the Savings Union $572, $50.
The rates of interest remain the same, that
IS to say, the regular rate on city real
| estate is per cent, the banks paying the
mortgage tax. Soma very choice loans in
large sums have been granted at 6m per
cent. The rate on country loans IS u to 8
pen cent. According to the last report of
the Savings Bank Commissioners the Ger
man Savings Bank has loans to the amount
Oh S3, l23. 038 in Oregon and S2SS8, ,312 In the
Stae of Washington. Many of the loans In
oregon are on Portland real estate and
many OF the loans in Washington are on
Iea estate in Tacoma, Seattle and Spokane
falls. The Savings and Loan Society has
loans amounting to S77i, 800 in Oregon and
Sl4i 600 in the State of Washington. The
security Bank has S206 600 lent out in the
Iqfmer and S13S, 500 in the latter State. The
HIoernia Bank and Savings Union have no
loans outside of this city and State.
Vital Importance of the Nicarsg qua Canal.
Articles on the advantages to be derived
PIrom the construction of the Nicaragua
cahal by tho United States at large. and by