Year: 1875

New York has what is called noiseless


panic in real estate. What is meant by


this is the rapid shrinkage in the values Of


such property, as to force great deal of it


upon the market, where a, the current


prices it brings so little in approximation


to its real value that millions of dollars


have been lost. At one time, and but a


year ago, real estate brought fabulous sums.


This induced builders to enter largely into


the work, and the number of houses built


has been greatly in excess of the demand


With the tumble in prices came the panic,


and following closely upon that was the


foreclosure in mortgages, and the defeat and


ruiu of those who entered into real estate


as means of profitable investment. The


demand for houses in a place as large as


New York; where the population is in


creasing daily, the demand for houses of


course is great, but the supply far exceeds


it. New York is not the only place that


has had this experience but in Baltimore


and Philadelphia the real estate men have


had to travel the same thorny, rugged


path of disappointment and loss. In Bal


timore the building mania seems to have
taken particular hold upon the capitalists


who have gone into this kind of specula-
tion with recklessness, and the re-


suit now is precisely the same as in New


York. With Philadelphia the number Of
buildings erected has been very large, more
so than there was any demand for. But


it has bright anticipations in the Centen-


nial when the demand for buildings will be
large, and in fact many seem to think it
doubtful if the demand can be supplied. In
Wilmington the increase in building for
the last two or three years has been Of such
magnitude as to give some serious thought
as to its prudence. But we have increased
80 rapidly in population that the growth of
the city in buildings has subsided all
fears, and they have nearly all found oc.
cupants. This gives evidence that the
contractors here have occupied


their time and capital proftably, and that


capitalists who have given their aid and


influence in this direction have not gone


astray. But this should be lesson of
profit to them instead. of one of loss, as it


haonot proved to the people of New York
and Baltimore who have invested in this
way. The real estate market should be
Closely watched, and the number of build
ings erected measured by the demand. If
this is done then it will be impossible to
overstock the market, and large amounts
Of money saved. 1--WE do not need costly
structures. What we most need are those I
houses which can be built in IA strong, ser. +
viceable manner, and rented to the work. !
ing men at price that their wages will I
warrant. Such a class of houses as these {
are always in demand and rent RAPIDLY.
AT the presen. prices oflabor the working t
man cannot live very extravagantly, and +
there is no point in his domestic affairs /
where he needs to economize 20 much a, t
N the amount he pays for the rent of his d
iosse. It is this that makes the demand y
Tor cheap, serviceable houses, and it is such \
hat the contractors and builders should Il
put up, or the real estate market Of Will n
nington, in less than year, may be in Ii
he same condition as that of New York il n
o-day. a,