The Palatka daily news. (Palatka, Fla.) 1884-1888, 1888-02-28
The BUSTED BOOM.
Two Oiss listed SInneapoIians Paint California as

II lS.-
We give below two communications
to the Minneapolis Tribune both in the
same issue, that of last Monday. OF
the first one the Tribune says:
1t is by Mr.. J. NJ. Bartlett, one of die
oldest and shrewdest real estate men in
the city. and can be taken as refiec-
ton of the views of a keen observer,
who sees things as they are, and who
has learned that all that glitters is not
gold. 6
The letters are as follows:
REAL ESTATE IN CALIFORNIA.
To the Editor of the Tribune:
pasadena, CAL, February ga few
lines from resident of your city may
be of interest, coming from the land of
perpetual sunshine and flowers, to some
of your many readers.
Early in October last there appeared
in your columns a three inch item touch
| ing upon the California boom, and the
| probabilities of its early collapse. The
| Los Angeles Times, of October 1S, used
! a full column of its boom sheet to refute
| the truth of the article and denounce,
in language more than modest, the au-
| thor of the article and the Tribune for
| twenty days, and have spent most Of nv
| time studying this boom, and il is "a
| pleasure to me to say the advice you
gave the people of Minneapolis has
| helped to defeat one of the most gigan-
| tic schemes that was ever planned in
any country, Which was to boom this
whole country to fabulous prices. Get
! this immense crowd of monied men
here and unload it all on them this win
| ter. The press, pulpit and every man
| and woman in this whole country, took
| hold in earnest to do this. The '.tender
| foots" are here with their money; but
the occasional tips from the leading
| journals of the East caused them to hest
| tate, and try and find some measure upon
some business principles, for the values
! put upon this vast amount of vacant
! space. They nave failed to find it. The
perpetual sunshine racket mas proved
delusion. The space from San Fran
| cisco to Mexico is all doomed alike, and
/ all vacant and so vast in its proportions
| that the most hopeful cannot hope to
corner it, nor the most nervous fear it
can be all taken, and they are all going
home with their money in their pockets.
Jaw Gould, in all his deep laid schemes.
would have to lift his hat to these earn
est schemers, had they succeeded in car
| rying out the last act of their play, as
| well as to get the men here with their
| money, / like good thing well done,
and have no enjoyment in recording a
failure. To show how dead the boom is,
party told me to-day he came here
four months ago at the solicitation of
his intimate friend, who made 49,, 009
| in the real estate business last year, and
| went in with him in same business.
They hired another man, making three
of them; that they have worked con-
stantly at the business and have not
made one sale in the four months, and
he was looking for some other business.
He said further that his friend was
likely to lose in the decline in property
all he supposed he made last year, and
said they had on their list dozens OF
pieces of property where the party had
paid one-third cash and wished to. drop
what he had paid and thereby save his
paper from protest. A lady here, who
is we'll connected III Minneapolis. says:
I'VE are loaded to the muzZie with real
estate, and if you Eastern men do not
buy this property from US we are all a
gone up community. as our payments
are all falling due and we cannot meet
Them This is the keynote to the Sit
uation, and still the hard hearted men
are not going to help them out of the
hole. The country is delightful; no one
| can ride or drive through this country
on nice day without falling in love
with it, The orange groves, laden with
the many varieties of tropical trees and
plants. give the whole country mid.
summer appearance that always capt.
Yates Eastern people when they think Of
the banks OF snow they have left Al
home. The climate here from 9 .. M