The Mason County journal. [volume] (Shelton, W.T.) 1886-1927, 1890-03-07
Evils of Real Estate BOOmS.

The Journal, OH several occasions,
has deprecated "booms" of real estate
in any locality, as detrimental to that
community Of interests that brings
prosperity to town or locality:
Where one interest is "boomed"-
pushed beyond hers that give life
and stability to town or community
it produces friction that frequently
leads to disaster. An illustration OF
this is had in the following from a
business man in Birmingham, Ala
bama, where land "boomers" have
effected the industrial interests of that
locality seriously. Forced speculation
in reality is unnatural and generally
brings its evil results. The gentleman
of Birmingham who has invested
largely in industrial interests there,
says:
eff the spectators in real estate
the men who boom the price of lots up
until workingmen are compelled to
pay almost, if not quite, as much rent
in new towns with few or no conven.
fences as they do in eastern cities
where they get something for their
money-it the land spectators were
shot or drowned, the towns in which
new factories and mills like Blrming-
ham-and there are many towns in
which new enterprises are struggling
would undoubtedly succeed. But
how can the new concerns compete
with old establishments when the land
SPECTATORS once get their hooks in ?
They absorb all the land available,
put Il fictitious value on it, and work
men in factories are compelled to
walk a mile when, if the boomers and
spectators were kept out, they could
find houses within easy reach for mod
crate rent"
Every one knows about the late
real estate booms of southern Califor-
mia, which caused a set back to the
towns and country and brought dis
aster to many an overreached inves,
tor. Upon this the American Ma
chinist INDUCES in the following OBJ
servations:
"The outcome of the land boom in
southern California has been to sink a
good deal of eastern capital that has
been invested there, and to leave the
country in worse condition, so far as
probable future progress is concerned
than before the boom. There is no occa-
sion to pity the spectators who work
up these booms in real estate; but they
contrive to rope in good many hon
est men who have little money tC
invest and think they see their way tc
getting large returns. The genuine
settlers are suffering severely from
high taxes, the assessment having been
made on tine basis Of an artificial val
ne to-day. It is the bonafide settlers
men who have bought land to use o.
have estab lished business there-who
are to be pitied. 1t is good thing
that the spectators lose by Their op-
erations. No doubt in time men viii
learn to let these land booms alone
and to let the town alone in whicl
they are being worked"
The towns of Washington should
profit by the experience of Californi.
and not coat n,nee any effort t.
"boom" real estate therein or there
abouts. 70 preserve a healthy growtl
Of town or community, wild specu
lation should be avoided, because i
has tendency to initiate values be
yond what they will bear and Other
business interests will support. Thus
far Tacoma, and other Washington
towns have escaped disastrous real es
tate "booms," and they should contin
lie to guard against tuern. There il
ample field for fair, legitimate meth
DDS in supply aud demand withou
Initiating prices beyond what the othc
business Interests will bear.-Tacom;
Real Estate Journal.