New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-09-24
FOUNDED UPON A ROCK.
NETWORK CITY REALTY NOT DISrt REED
BY PANICS
DESIRABLE PROPERTY is PASSING INTO TIE
HANUs OF ZIG CAPITALISTS. AND WALES
SHOW no DECLINE-vIEwS OF
wEII~K\OWN DEALERS

wELLKNOwN DEALERS.
IL il pleasant for any year to take its place
IN history decorated with the word panic" Never
theless 1898 is destined pass into the memory of
men and the records of time with this unWhole-
some spot upon it. just It's predecessor 1872 has
become a sort Of milestone permanently set up to
mark point In the march Of progress around which
disaster settled with unforbearing severity.
But while the panic of 1895 has touched and with
cred many Industrial occupations. and while con-
tention to causes productive of this blight stin
exists one element of trade remains which, If the
calm statements and judgment Of its most active
conservatives to be relied upon has thus far
IN no way experienced abnormal disturbance. Hith-
erto in the history OF the country il has been Gus
tomary TO declare that real estate was the last
commodity TO yield to the influences of panic
and the last to respond to the general revival OF
trade. Some will argue from this that the present
manic has not yet run it's course, but among ms
class will be found the real estate agents them
selves on the contrary. careful canvass OF this
particar field discloses the existence of conditions
which compel the belief among its representatives,
that the panic has spent its force. and That the
real estate field, far. at least. as Manhattan
Island is concerned has not been invaded. and will
not be unless Congress. by radical treatment in the
direction of free trade, completely unsettles the
manufacturing industries of the country.
George r. Read of No. Pine-st, has been
identified with the real estate business for twenty
seven years. He said to a Tribune reporter yes
terday THE situation in summer is always duli'
CAPITALISTS and who are likely 10 purchase
real estate are usually out of town at this time.
The market has held its own throughout the late
financial unpleasantness, and do not look for
any depreciation of high-cass. wel-located invest
ment property. There may be some depreciation III
outlying tracts. People have realized some'hihs
during the past summer concerning the stability oil
values Of well-ocated real estate They nave seen
that while stocks and bonds were quick 10 Fle'u
during the period Of currency sringency. New-fork
CITY real estate has proved TO be saie ana sure
T,broushout the progress of this panic there mas
been no pressure TO sell real estate On the CON
trary have had more applications from buyers
for this class Of property than nave Deeh aoie
10 find sellers to accommodate the pulcihSAhs
class"
Mr. Read in the course Of conversation gave
some interesting Illustrations Of the changes "'e"
have taken place during the last twenty Years III
the matter of real estate dealings within 'He
boundaries of the metropolis. AT the time oi
the panic Of 1873" he said there was large anu
active speculation going on In real estate mere.
Fspecially was this true Of lots situated hor'h Vi
siytieth-st on both sides of the city, ana oi'eh-
times a piece OF property would be sold nan d
dozen times without the passing OF deed now
however the property on the island is beihg ''heh
up for investment by people Of large means !,
1, thus removed from the speculative marke'' al"
cha In ownership are HluVH iV9' 'i'f"'"'
than they used to be. The hieh-prced real estate
,o,,, hold in strong hands and limited in area
must necessarily have the maintenance OF It's Nae
secured in the face OF almost any cohcelNdp
form of panic that is likely TO visit the couh'rE
II is the concurrent declaration or real eS'A'e
men that thus far there have been few apphca'ons
Cor new mortgages or for increase OF amounts on ou
,nas On the other hand. some criticism Is hearu
=, oc,ion taken hv few Of the large corpora
tons holding mortgages carrying f'c an" F'i -
interest about expiring in giving notices wa"
nsr cent per annum will be hereafter eXac'eu' r0
instance a case is mentioned in whch 'he oN"'
~ q nropertv appraised at 100000 put mor'sasc
Of 20 oo upon Il at per cent, some time ago WIN
q ,orgs Insurance company. He has peeh III
formed by the holders OF the mortgage that me-
after he must pay per cent. rms Is i'o' '
mon by real estate yen as an evidence Vi "
confidence on the part OF the lenders oeeauS' ne
&c clear $4,000 margin. but it Is regarded more
e., .ha ucbt Of q rapacous effort TO take advahlase
:. ,ha nresent monetary stringency 10 secure al
additional | per cent. Different views are '~'''
NJ the effect of this twisting ana scre"ins p'C
nv nowerful combinations of capital Many oe'e'
81, :, will result in attracting money from o''er
sourc.s than the insurance companies 10 Io'nN vi
o,,,. ron, estate and that real estate WILL thie-
fore he benefited thereby. Others fear mat Snouiu
the present Of general Improvement
a apasm the advent OF the new Ntai mag
money exceedingly hard to obtain ana real es'ae
Ferdinand Fish who is an old dealer IN fedl e'-
go eos that If is his experience that moneF j.
coming ont OF Wall Street seeking permanent III,
vestment in real estate while on 'ne o'''', .
Int IN much less proportion. holders OF rear ~.
xa,,fsa. Willingness dispose OF their Te''I'N !"
"'.a od,a,,a.a Of the prevailing low prices OF
stocks Speaking OF the general sltuauoh' MI 70"
said: ,, .ho 10
".rbare I. always however. somebody WIN -
ready TO take a turn in real estate but az w.
mo cannot inst now ind large owner WIZ "''
. nronertv TO sell Properties downtown are "a
rule hold by rich men and are always P'0 80
mi. roved IN be so even after the panic OF 1900
rtara is no trouble In the matter OF cohecuhs '"
In fact my collections at TINS uhe are 49,.
tho average There are some peopie VIM -
nav their bills promptly ana VINO MAN. - =
,s,srce ~ hard times excuse. wheh III i"N' :
-. .ha, .bav have big bank accounts anu "e
.ir,rlv holding back their money. never s'io"
much Ien,ency with this class. Thus iaf III an '''
business I have had but one failure. A"o'' 90 !,
niecant sign of returning confidence Is inc imp -
demand for renting mo1erate-priceo o'"oen, -.
Indicates that there are many VINO are "''''"s
..,,,ro :, new lines of business. on the ""o'V'
tho effect of the panic mas not yet been 'e' IL Wv
real estate market II Is early ho"e'.'' 80.
g. nos,,ive expression of opinion as 10 "ha' III" =,
may no IL the prevailing uncertain s'ua"o' "
-. g. ,rolonped Years ago September was
49, so,,,.o month I'm real estate. but 1t is not un,
October now that activity begins lneIe - -
AZ tho nresent time depreciation OF values
=. =, ,aor, that real estate men as a CLASS aie
no, disnosed to meet trouble half way. looN'' .''
outward from their own point OF view; .ney i" hu,
aeon the whlrlwind OF panic all around the''' ou
they realize that the season OF inc Ee'' o., ~
q made it's advent was favorable ra'hei -
.,e, 80 ,be,r interest II its fury is exhausted
,bev are safe In the main they beheVe u'"' sa
danger Is over and they are secure The May .,
mad already been signed when the trouble .,,n
us fuu force The customary inactivity o, ' nno,
rncr months followed. Meanwnile r." 70, hoe, IN.
runr quantity as each month has oroush. ,o' ThI
the contract stipend in the way Of renlai n conn
improved condition OF things as measured 'ne :,
g.. 49,. o,,,oo Thorn confidence that hou"'7 =