The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-04-18

prTtly- ~umf iuttitrfNA fh'tr huh ~
eure.-Rchmond is IA Wealthy city an,
so Mistake About IT,
Richmond State
The real estate boom was the chiei
tonic on the street t0 day I'm fact, tht
boom has been attracting attention iOl
some weeks past. and real estate is talk
ed in the clubs in the cals ON Change
In tne lodges. and even around the fam
iiv hearth. A stat reporter dropped in
at Major James H. DOoley's office This
afternoon and obtained AN interview
which Will De read with interest Here
it is.
The question is asked of me every day
upon what the recent activity In real as
tate is based, and whether il is going %
continue
OF course. [ have my opinion about TO-
and 70 may differ from that of other peO
pie. but will give 10 for what 10 Is worth
In the first place, any man who keep,
his eyes open tO what is going on in the
world cannot fail 10 see that there Is an
unusually strong real estate market not
only in Richmond, bur throughout the
United States
SO such activity and no such prices
for lots have ever been seen, as those
which now prevail in New York, The
financial heart of half the world. Town
lots I'm Chicago, Duluth, Kansas Guy
Denver and ia every growing city which
was not violently doomed IN lss6si arc
mounting up 10 The highest prices ever
known.
e. Paul. Minneapolis, Birmingham.
Admission and other places which had
their boom in those years are again
quiyering All the eve of another upward
bound
Well, what Is the meaning Of 10. is
there any reason for IT,
Yes. several reasons for 10
l-t. Silver For ten years past the
Government hr been steadily Initiating
the currency by The ISSUE of silver Al the
rate of $4,000 900 per annum, and there
is no prospect Of the issue being stopped
or diminished in the future The silver
currency is worth only seyenty-hye cents
ON the dollar in the worlds markets.
our currency is being deprecated 10
that extent
All history shows that whenever the
currency OF Is great, prosperous CONNER
cial country is deprecated people turn
20 real estate az a safe investment, and 10
rises ont OF all proportion 20 the depre-
citation of the currency
I'd The great increase of travel, and
the facilities for travel, in the last few
years have enabled the millions OF cOun-
try people who never saw city before
90 lamilarile themselves with the
comforts and cOnyeniences of city life,
and they all want TO come 10 the cities TO
live
81 The enormous increase OF manu-
featuring in recent years has brought an
immense increase of population 10 the
cities and greatly swelled municipal
wealth
Coming back now to the city OF Rich
mond What ground is there here for
such a rise,
In the first place, real estate is always
cheap or dear, according 10 The wealth
of tie people amongst whom il Is To-
Gated This is an axiom in political
economy For wears after the war we
were too poor 10 buy, and the conse-
IAtA'i " ~ tlAt NAA lAll+ A4A AAtA AtAVltA
was abnormally low, just as il now is in
the country throughout Virginia. With
in the last ten years our people have
been getting nch, ihey have accumulated
a surplus above what j. needed in their
business, and they turn TO real estate as
cheap and safe investment.
In the second place, any man who will
walk ubOut our city would be struck by
the compactness with which il is built
up Ii does not cover half the ground
that would be occupied by Western
city Of the same population This is
owing 10 the absence OF street railway
facilities Very recently our street rail
ways have shot out into the suburbs and
have quickened them into life and ac-
tiyity.
Persons buying real estate in the West
End now know that when buildings 20
up, the street cars will he there To carry
them TO the city in the morning and
home again at night.
But above all, Richmond is growing
in business, in population, in wealth.
Go to the Danyilie depot and ask how
about tie freight tonnage 10 and from
Richmond. They will tell you that it
il has nearly doubled in TWO years Go
10 Byrd-street station, they will tell YOU
the same. Ask the Richmond. Freder-
icksburg and Potomac, they will report