The daily morning journal and courier., 1899-07-15
BUILDING BUSINESS DULL
OUTLOOK NOT GOOD FOR fl BOOM
 VERY SOON,

Reasons Advanced by Well Known
 Real Estate Men-New Haven Needs to
 Grow Up to the Demamd-H High Prices
 for Building Materials One of the
 Reasons.
 In order to ascertain the prospects of any important building operations ill New Haven this season a number of the leading real estate men of the city have been interviewed as follows:
 General Henry $. Peck recently, in speaking about the prospects of real estate boom in the near future, said that from present indications the chances are very small, and that it will probably be two or three years before any great ad- vance in that line is noticed in New Haven.
 General Peck said New Haven was overbuilt about four or five years ago, ard that great many people of the city moved from their old homes into the more modern apartments. This, of course, let matters stand as they were previous to that time, as the people moved out of one house and into anoth- CT and left the less desirable houses va cant. He said it has been Very hard to fill the vast number of rents that are to be found all over the city, but that in the course of time they are sure to be occupied, as all New Haven needs is two or three years of growth.
 The increase in population during the last year has only been about five hun tlred, and this proved insufficient to fill the vacancies.
 New Haven needs to grow up to the demand in order to overtop the present supply, and for two or three years there will be no great boom in the real estate line in this city. The trolley systems that reach to the many neighboring towns of New Haven have also been the cause, of a drop in real estate, as most of the fares have been reduced. and it makes living in the country much cheaper than in the city.
 The value of land in New Haven is not likely to increase within the next two or three years, and as it is valued for what 1t produces, and not for what is built on it, the sales will probably be small for while.
 The many trusts and combinations which have been organized during the last year have also had a slight effect on prices of building materials have gone up trifie.
 The risk with so many other houses standing idle, is too great for the build CTS, who have sworn off for a time.
 John c. Punderford, the real estate agent, in speaking of the slump in real estate, yesterday, also said that the principal reason in his mind was the over building of New Haven about four years ago. A great number of cheap tenements and apartment houses were built by the Russian Jews, and the ac- commodation of so many families under one roof, at such cheap rates has done good deal toward making real estate sales low and few in number
 He said there would be no new houses erected very soon, as there is no en- couragement for the builders. 1.-The trusts formed have also had an effect on building,' he said, "as the building ma 
 is so especially in the case of iron pipes. The price of this article has almost doubled within the last year.
 MT. Punderford said he thought there wiuld be no boom in that line for two or three years, but in the course of time New Haven will necessarily grow, and the demand for rents will necessarily increase
 He also said the result of the building of these cheap houses would come to the surface in few years, when they begin to wear out and fall to pieces.
 William H. H. Hewitt, in speaking of the matter, said that the main cause in the decline in the real estate business was due to the fact that so many people were out of work and that wages were so low He said that at the present time people were too poor to invest in and that still another reason is that in 1893 and 1894 we.got on building fit and that better times and more wages are the essentials for pros porous times in the real estate line. He looks for an improvement in two or three years.
 Charles H. Webb, when seen Friday afternoon. said that real estate was be- ginning to feel the effects of the panic of 1893 just as it did after the panic of 1873. It took four or five years to feel the eff fleets of the first panic, but when it came it came hard. MT Webb said business has been rather quiet, but that during the last month an improvement could be noticed.
 ''Too much attention is being paid to Wall street" he said, "and not enough to the real estate market, which the peo- pIe are letting slide by" MT, Webb said also that the many Russian Jew flats that have, within the last two or three years. been put up all over the city, have had a serious effect on the trade | He said an improvement in all it's lines Is noticed and that it would steadily l continue.
 Owing to the immense rush in the Iron and steel trade and great demands | ou the productive capacity in that bus Iness the large concerns are consider sblv behind in orders and have been l for some time. This is also hindrance | to building operations.
 MILLING FORD.