Staunton spectator and vindicator. [volume] (Staunton, Va.) 1896-1916, 1898-12-29
GENERAL PROSPERITY.
As Seen Through the Specta
cIeS of a Staunt0nian.

As Seen Through the Specta-
cIes of a Stauntonian.
EDITOR OF THE SPECTAToR:-I, with
many of your readers, was surprised, as
we'll as panied, to read the following
statement in your leading editorial of
Sunday morning, the 10Th:
X Rents have Drop
ed fifty per cent, business houses are
standing idle. The Virginia Hotel and
every building on that block is empty.
The Lutheran school buildings and
grounds which cost probably 100000,
sold not long since at $4,000. The
Methodist school buildings and grounds
which could have been sold only a short
time ago for from forty to fifty thou
sand dollars, are empty without bid
for them of ten thousand. Buildings
belonging to the estate of a deceased
person. which had cost over $4,000
| were last week sold for less than half
that sum. 1t may be disloyal to state
these facts, but if reasonable We plead
guilty. 1t Is too often that such facts
are hushed because they can do no good
it is claimed. But the statement of
them does do good, in that it tends to cur
tail the expenditure of money both by
individuals and by the tax laying
power.
There is no denying one fact that
while Staunton is admittedly the livest
town of her size in Virginia, if not in
the South, she is in the throes of the
most desperate depression by which she
was ever visited. Our merchants have
laid in splendid stocks for the holidays,
but our people do not seem to have the
money to crafty their desires, OF enjoy
the luxuries as ON former occasions.
This is sad fact, but true, and coming
on as it has at time when so much
gush has been INDUCED in about pros
perity, shows how untruthful are these
people who think that the scarce money
is the more prosperous we can be- We
had as well wake up to facts, and refuse
to be longer deceived.
To permit the above remarks to go
without explanation would not only be
disloyalty to StauntOp, but to the coun-
| ty and State as WELL There is no
question as to the depression in the real
estate market of this place at this time.
We have had this condition. periodical
ly. before as might be expected in a
purely agricultural community, where
there are very few industrial pay rolls.
1t is condition by no means rejecting
the general financial status of the peo-
pie nor is it attributable to any admin
istratiye policy OF National OF State
legislation. 1t comes without apparent
cause and goes without a rational sOlu-
ton. Very few OF our people deal in
real estate for merely speculative pur-
poses. They buy when they want
property for special object, or have
surplus money to purchase with and
consider it wise to invest in that class
of property. But in no sense is the
price of real estate the barometer of
business conditions nor can the fiuctu-
ations in its price be taken as a guage
of the volume of currency in circulation
or held in surplus quantities.
1t is exaggeration to say that ''rents
have dropped so per cent" There may
be Instances where rents have dropped
as result of change in the current
of local business affecting locations, in
dustrial and commercial. But to say
that rents have dropped 80 per cent. as
general thing is far short OF the fact.
AS to the cases cited where properties
are now rented below the price at one
time or another quoted for them. is
misleading and unfair. The Virginia
Hotel was in fairly prosperous condi-
ton until financial complications and
troubles overlook the proprietor, re-
sulting from causes and operations
apart from the actual running of the
hotel. 1t is a property of Anticipated
design and arrangement, and pending
the embarrassments that environed the
proprietor other hotels and houses of
entertainment were opened which di-
verted the patronage it formerly com.
manded. But for the outside difficult
ties which confronted the proprietor
there is no doubt it would be still run
ming Oh healthy basis. One thing is
certain the Virginia Hotel was not af-
fected in the least. by causes assigned
by you in the extract quoted above; nor
was the Lutheran School building OF
the Wesleyan Female Institute proper
ty. The Lutheran School had never
been success and its suspension years
ago surprised no one acq tainted with
it's history. The Wesleyan Institute
was pronounced Success and for
many years enjoyed large atten1 dance
of pupils from various States of the
union until the principal, who had
built up this lucrative patronage Re
signed and opened UNCONVENTIONAL
school for young ladies at Roanoke,
Va, in competition with it, carrying
with him a large proportion of the girls
who attended the institute at this
place. n either of these buildings is
suited for private residence and I'M
| less there should be an abnormal boom
in real estate and building lots are in de-
mand for speculative purposes neither
of the premises could be sold for its in
trinsic value Not because there is not
surplus money in the community to
purchase and improve. but for the rea-
son that those who have it prefer to use
it in other ways. Then, too, as bearing
upon the suspension of these two
schools many of the patrons of all the
female schools of Staunton reside in far
Southern States, in all of which SINH
lar institutions are being established,
and instead of sending their daughters
away to be educated they are being en-
tered at home, thus decreasing the mat
REGULATES in distant localities such as
| Staunton.
The buildings belonging to IAN es-
taten sold under decree of the court to
settle ND the business of that estate,