Wichita daily eagle. [volume] (Wichita, Kan.) 1884-1886, 1886-06-12
INSIDE VS.. OUTSIDE.


INSIDE VS.. OUTSIDE.
The Lot Craze and WHATS Coming Of 1t.
Some of these fine mornings. owing to
some financial stress or other, two or three
dozen Of the owners of these outside craze
lots, in speculative additions, will suddenly
find it necessary to unload. When that
morning comes with its unloading there will
be precipitated, within few hours, on this
market two or three millions of dollars Of
totally unproduc.ive property, without bot
tom or hope, and valueless. Somebody viii
be caught, and his name will be fool, bis
number scores and hundreds. Property or
pretended property which cannot by any
known means or use be made TO pay at least
taxes is worse than no property. 1t is fear
full to contemplate, five or six thousand acres
of prairie laid out in 25-foot lots, and loaded
on to the public a: from one to five thous-
and dollars per acre. A hundred thousand
dollars paid for single inside improved or
business lot will pay something on the In
vestment, but the hundreds of thousands
being put into these outside speculative lots
cannot possibly return a cent Of revenue
upon the investment. John Law, the prince
credi. mobilier of France, if living, would
blush for some of the methods of the aver
age Wichita real estate speculstor. 1.-THE
pretended Christians, who are playing this
confidence game we're the men to be finally
caught, it would be all right, but they are
the fellows whose cold dollars will
be lying in the bank vaults.
So far as the victims are concerned
it would be no greater wrong to hold men
up for what they had on them than to go
out miles from this city, buy up somebody's
farm, lay it out in lots, as an addition, to
Wichita, and unload the same on credulous
men and women, most of whom buy fully
persuaded that such lots have real value as
lots and will advance as inside property has
advanced. How rude, how hard the awak-
ening will be for that woman-that widow,
for instance. with three children whom We
heard dwelling SO hopefully to frien on a
street car, upon the fact that she had mort
gagged, yesterday, all that she had to put it
into these outside lots. That poor womsn's
hearts blood will inevitably stain the soul
and conscience Of some Spectator in q way
that no long prayers made in churches on
Sundays, that no subscriptions made to
build other churches, will ever wipe out
Some of these men look upon the writer of
these lines as wicked, unregenerated,an and I'M
saved, but we tell them that we would rather
"buck the tiger" or turn our property into
poker game than to thus beat, to do that
which must inevitably defraud laboring men
and confding women;because,in one instance
the game is against professional gamblers
who know their business, while the other is
q confidence game played on ignorant and
credulous people. We have been told, and
we don't doubt it ct l,that men have closed
out legitimate trades in this city solely to
embark in this wild craze of making lots
and then specializing on them, whose values
are wholly fcticiOus, and for which there
can be no legitimate demand, and which, as
an investment, outside of the gamblers
chance of selling again, would not return
cent on the dollar il ten years time. Wo-
men daily are to be seen consulting with
real estate dealers at their offices, who ought
to be at home if for no other reason than to
be out of temptations way. A wife and
mother only yesterday was crying, because
her husband, who had caught the fool fever,
was insisting on selling their home that he
might have some ready money to put in real
estate options. Can any homes. man stand
up and defend such wild state of things or
denounce the EAGLE because of its contin-
ued warnings?
The foregoing is only one phase Of this
threatening matter, and we have not put it
strongly. There is the other side to what
We have before alluded, and that is the in
evitable reaction, the crash, when it comes,
as it surely must, will have on inside aad
really valuable properties deprecia;ipg for
the time the values Of solid properties and
thereby may be, running the owners.
than to warn all people of moderate means.
all iaboring people, and especially ali
women, to keep hands off those far away lots
of outside additions. There is no doubt
that Wichita is going to make a very busy
and very bright city, with business CEN
ter which will cover half mile square or
more, and at an early day, but should it
reach one hundred thousand inhabitants be-
fore tomorrow morning the price of these
speculative properties which we speak of
would even in such an event be twice too
high. Go yet further, and concede tina:
Wichita, in our day, will run up to two or
three hundred thousand inhabitants and
after that lots three miles from the corner Of
Douglas avenue and Main street will not be
worth the prices paid tor them every day
for a month past. The EAGLE has not lost
any faith in Wichita, ard the EAGLE expects
to boom Wichita in the future as in the
past in q sensible, reasonable way, in way
that her surroundings and opportunities will
warrant, but when every other business
house is turned into a real estate office, and
every other man boy and loafer becomes
real estate broker, no paper, however strong
and influential, no city, however gloriously
bright her prospects, can long stand up I'M
der such An unwarranted spirit of reckless
speculation.
RUN HER UP.
The buildings composing the old Eagle