The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1896-09-26

mortgaE Ee investors realiz 4 that Ties
had BEEN the largest sharers IN tn,
great speculation which they had been
foremost In condemning The suction
which had been westward for vast
amounts became a suction eastward for
the vast amounts plus interest. and
what principal and interest the West
could not pay the East bore the loss
or The sudden and simultaneous with
drawal Of such great amounts left the
West almost drained OF money Values
OF land. from being FAR above proper
values, have fallen far below them, and
VIII 50 remain until the West secures
the confidence Of the East for loans.
Those who have been looking for a
great increase OF values In Astoria up
on the construction Of a railway should
not lose sight OF these broad conditions.
vastly greater than any single railway
construction. There Is an abundance
OF money now at the East awaiting
investment, held out Of trade and busl-
moss circles by the Owners because OF
lack OF confidence In mortgages, Con-
hdence is the only key that will unlock
the vaults and let II out.
INCOME POSSIBILITIES.
Of what use then. TO the subsidy
giving real estate owners Is the rail
way, II real estate values are not to i'm
proye7 II Is Of use. bee0use II is slowly
but surely and steadily helping to cre-
ate the true basis OF real estate values,
namely. income possibilities It makes
possible. not today, but after few
years. q rental value for property not
remote. and. after many years. for
property that is remote. The value Of
such property. based on prospective in
come. is simply a promlssory note,
which has a present discount value
When money is plentiful you can get
II discounted. When money is not
plentiful you cannot get II discounted
at any price. But the railway is all
the time gradually increasing its fu-
ture income-produoing value. This is
cold comfort for a man who must have
money soon. or go to the wall; but for
cash investors. who can hold on and
wait, the railway is very definitely
making a return for the subsidy.
THE RIVAL TOWN.
Is not this betterment from the rail-
way construction being diverted to
ival town at Flavel?
There are some OF us who have been
'ery cautious subsidy-givers, and who
we're wide awake long ago to this pos
ability, II such an attempt is going to
De made TO kill Astoria proper, then
ct Astoria fight 1t hard and fight 1t to
/ finish. The finish will be a finish Of
he rival town. il precedents count for
lnythlng But let us use discrimina-
ion and good Judgment in deciding
lpon what constructions at Flavel con
titute an autagonistic movement, and
What do not. Let us look at other sue
essful cities, and see what features
Il development are held closely within
he central city. and what features are
'anished to exterior territory,an there
leld tributary to the city. Let us take
\storla's close Eastern counterpart,
Iew York City, city of greatest sim
Iarlty to Astoria in position and shore
ines.
ASTORIA AND NEW YORK.
First-Its railway yards. The Penn
ylvania Central. the New Jersey Cen
raj the Delaware, Lackawanna 4
Western, the Delaware X Hudson, the .
Erie, have their freight yards from one .
nd one-half to three and one-half .
niles from the center of New York .
'ity taking the postofiice as the CEN .
er; and these roads would not attempt .
" biNAdAt SUM ydlhS NANllli tue ANtN ]
'ork City limits, were yards given .
hem there, BY lighterage they reach .
IL points of the New York water front .
nuch better than they could from New
'ork City, and they have less traffic .
Instruction and less taxes. The New
Iaven road has its freight yards at
'ort Morris, seven miles from the New
'ork postofflce. The Baltimore & Ohio .
as large freight yards on Staten ISL /
nd, seven miles from the New York .
ostofllce. The New York Central has .
wo freight yards within the city at .
istances respectively of three miles .
nd four and one-half miles from the .
ostoiilce. The difficulties and annoy
noes from being cramped by city re-
trictlons, and the distribution from
hese yards is so difficult, that thou
ands of tons of freight are delivered .
y the central system to the river dis
ribution system at places above the
ity, from its West Shore yard at Wee
awken. Nor do the residents Of the .
ity want the yards within the inner
ity any more than the railways do.