Even where properties are fully improved for their present use, if a new utility arises or is anticipated, since this may involve a different basis of economic rent, capitalization rate and value, by such estimated difference the exchange value may vary from the present intrinsic value. If the new utility does not arrive, prices may advance and recede, while values do not change, but if the new utility arrives, both prices and values will alter their levels.

EVOLUTION OF A CITY Paris in 56 B. C. (Lutece) Site on Island chosen for defence. (Maps printed in 1705.)

EVOLUTION OF A CITY Paris in 56 B. C. (Lutece) Site on Island chosen for defence. (Maps printed in 1705.)

EVOLUTION OF A CITY. Paris in 508 A. D. First walls surrounded buildings on island. Second walls on north side First beginnings of axial growth along each road issuing from the walls.

EVOLUTION OF A CITY. Paris in 508 A. D. First walls surrounded buildings on island. Second walls on north side First beginnings of axial growth along each road issuing from the walls.

EVOLUTION OF A CITY. Paris under Louis the VII. Axial growth outside the walls has developed into centers at road intersections.

EVOLUTION OF A CITY. Paris under Louis the VII. Axial growth outside the walls has developed into centers at road intersections.

EVOLUTION OF A CITY. Paris 1180 to 1223. New walls, include much greater area. Central growth takes place around the abbeys and churches erected mostly on the sites of the old Roman temples.

EVOLUTION OF A CITY. Paris 1180 to 1223. New walls, include much greater area. Central growth takes place around the abbeys and churches erected mostly on the sites of the old Roman temples.

EVOLUTION OF A CITY. Paris 1367 to 1383. Third wall on north side includes added area. City shows marked growth on north side within the walls and on the south side, outside the walls.

EVOLUTION OF A CITY. Paris 1367 to 1383. Third wall on north side includes added area. City shows marked growth on north side within the walls and on the south side, outside the walls.

EVOLUTION OF A CITY. Paris 1422 to 1589. The Tuilleries cause strong axial growth out the Faubourg St. Honor

EVOLUTION OF A CITY. Paris 1422 to 1589. The Tuilleries cause strong axial growth out the Faubourg St. Honor

EVOLUTION OF A CITY. Paris 1589 to 1643. The hills to the north check extension in that direction.

EVOLUTION OF A CITY. Paris 1589 to 1643. The hills to the north check extension in that direction.

EVOLUTION OF A CITY. Paris in 1705. The city has spread in all directions. The high land to the north is being cut up into building tracts.

EVOLUTION OF A CITY. Paris in 1705. The city has spread in all directions. The high land to the north is being cut up into building tracts.

To be reckoned with under the head of future prospects are not only local changes of utility, but the rate of growth of the city as a whole, the prosperity or depression of the surrounding section and the success or failure of the industries directly supporting it. Moreover, general financial and economic conditions enter so largely into exchange values, that values are at times not based on income, or supply and demand, but represent simply a condition of the public mind.,/