Year: 1869

Sales 100 600 lbs, at llssc ll34c.


active and prices arm. Sales $50 bbs Ssc s7c
tax paid.


REAL ESTATE MATTERS


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There is probably no subject upon which so many
and conflicting views exist among people as the
present and prospective condition Of the real estate
Market and none upon which 1t Is 80 difficult to
rive at a correct Judgment. Most mems views upon
the matter are Influenced by prejudice or sympathy,
call it which you will the wish in the majority OF
being father to the thought Especially is this
to be found exemplhed IN the popular feeling upon
the subject The landless class hold 1t as cardinal
principle Of all economy that property must 60 down
II it has not and all who have to pay rent unani-
nous in thus declaring their belief upon the subject,
mostly ncliningto the view that 1t has already fallen
of from the highest figures OF the spring. Again
there is the class Of owners who are prepared to
demonstrate in the cearest manner posi-
BILE that there has been no break; that
property is dull, but held nrm at the best
prices Of the season. NOW, it would be very easy,
II the true condition OF the market lay only between
these two to strike the proper mean and learn the
actual percentage Of decline That there has been
decline admits Of no doubt; but, except in special
instances Of unusual pressure, do not think 1t Is
yet sach decline involves actual loss to the for
mer purchasers. There is one circumstance which
deserves to be taken into account IN considering this
subject. Any one acquainted with the stock market
is familiar with the fact that operations tn ere
almost entirely controlled by cliques. These combi.
character OF the Market and alternately "oullo and
"bear, movements carried on with degree OF skill
and an extent Of influences and resources really mar
vellous demonstrate day by day the uncertainty Of all
speculation. 1t Is said that there Is ring existing
in the real estate market the members Of which
have been among the largest buyers Of real estate
for some years back. 1t was the activity produced
to some extent by their heavy purchases that pro-
recently passed. When the very high prices were
reached this ring partially withdrew, whereupon the
market collapsed OF course It Is to their interest to
sion Of opinion on their part as TO the future pros
poets OF real estate must be taken with full allow
anoe for their desires In the matter.


That real estate will preserve its present ng.
ures is quite likely, but that the decline Will be


improbable. Since the first Of the % year every effort
has been made TO break the stock market, and only
recently most determined sortie was made by the


bears,n assisted by a combination Of naturally de
pressing causes, such as rarely occur stimuli.
taneously. The market gave way, and de.
wers aSan ne Sas ae %Ssn
suddenly the feeling turned, reaction set in, and
prices rapidly ascending the market BECAME again
as strong as ever. II Is quite compatible with many
past experiences OF this kind, as well in the
real estate market as on the Stock Exchange,
should nappen in rea esa our S
situation is much improved compared with
that OF some weeks ago. The purchase by the
bonds weekly under the authority OF and for the pur
pose contemplated by the Sinking Fund act OF 1892,
nkey 70 improve M .is ease, tnrougn tne apprecia
heavy shipments. This advance will likewise bring
many small lots OF bonds into the market, thus dis-
tributing money extensively among class likely TO
favor real estate az an investment. At present the
prices obtained for suburban property, In the
face OF the loud Htcy against real estate,
be supposed that the people VINO buy this property
do not know what they are doing. In most cases
the sales are held on the ground, and full opportu-
nifty Is Afforded for examining all the advantages or
disadvantages the lots possess either for investment
or speculation. The character OF the soil. grade,
surroundings distance from the city, time required
70 travel and means OF transportation Afforded all
be seen; while In the expense incurred In getting
must be bona ae as no owner Is likely to incur the
risk OF having his sale failure and the bulk OF his
property left on his hands through bidding In. so
far this these sales have been success and the
prices obtained at them satisfactory 10 those Offer
ing-in fact placed in comparison with the price OF
adjoining farms per acre, quite high. This IL kely
10 be the only active dealing in real estate during the
summer months: but II continued with the same
spirit thus far manifested, 1t VIII prepare the way
for fresh animation In city property In the fall.


The heavy dealings In the stock market this year
tying up very much capital, through the induce
ments held out 10 carry large amounts IN expee-
tation OF great profits In grand schemes OF con-
soidatiOn yet TO be accomplished has operated as
principal cause to the dulness OF the real estate mar
ket The excitement produced by the declaration Of
q scrip dividend In New York Central attracted to
the Stock Exchange much OF the speculative element
that had previously contributed to the buoyancy OF
real estate. The association OF many real estate
dealers with the Albany ring assuring them Of being
always en- rapport with the legislative movements
upon the subject OF legislation and so securing them
against all possibility OF loss, caused very large
movement Of the capital OF outside dealers, who had
been buying real estate on contracts, and the elimi
nation Of that system from the market showed how
much inflated had been many OF the dealings. The
number OF these who yet hold over are comparatively
few. and the bulk OF their property has passed into
the hands OF men able TO carry H. often at sacrice
TO the contract man. perhaps but without the feel
ing or loss on his part, a. he felt satisfied he was
gong TO be '1et In for good thing" elsewhere
when the present stock excitement eliminates q
great deal OF that money Is certain to nnd Its way
nack into real esae and In the prospect OF most OF
the operators, who entered the market simply to
realize on the scrip speculation, unloading at an
cary day at the high figures now ruling, TINS cir
Cumstance already offers element OF strength TO
tne market tending TO an Improvement I'm ts tone
py Inuucing greater nrmness the part OF holders
~ would be very foolish TO attempt ANYTHING like a
prophecy az To what the future OF the market may
ve' put upon general review Of Its present stua-
uon @ tne ieellng seems now TO be more conservative
'nah indIcat've Of any very great change.