Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1890-10-28

of cowboys and ranchmen that usually
pretty well what they were talking
kbout. 'sHow can it be Last Of
the BuffaloesF" was the question
put by one of them, ''when in this very
picture we can see nigh onto twenty thous-
and buff" Another reckoned that the
last of the buffaloes would be found,
tanned, and yoked up with q steer on some
Montana ranch. Our surprise was com
plete on entering the large gallery in
which were exhibited about $50 choice
originals by the old masters. Among
them we noticed masterpieces from
Titan, Rubens, Van Dyck, Salvador Rosa,
Murillo, Sir Peter Lely, and others whose
widest dream never foresaw their. paint
ings thus transported to the banks of the
Mississippi,
On returning to the West hotel we took
occasion to make some practical inquiries
of Mr.. Byron as to the methods and sue
cess of loan associations like that of which
he was the presiding officer. We already
knew something of the local building asso-
citation to which Philadelphia, more than
to any other single cause, is indebted
for her proud title of ''the city of homes.
1t has been claimed that more people live
under their own roofs in that city than in
any other three cities in the United States
The same system that has done so much
for it has been fostered in Minneapolis,
and more than aught else explains the
pleasant fact that so many of its artizans
and laborers own their dwellings. But we
had understood that when it was under
taken to expand this into national sys-
tenn, "a Minneapolis idea), people had run
wild about it, and many had lost their
slender investments. This was to some
extent true; and for that reason an act
was passed by the legislature of Minnesota
in 1889 providing for strict examination
annually into the affairs of every such
association. requiring that all mort
cages and notes taken for loans
shall be non-negotiable. and must he de-
posted with the state auditor till paid
The law also requires that no loans shall
be made on bisis of more than 40 per
cent. on the actual value of the security,
which shall invariably be q first lien on
improved real estate, officially certified to
be of sound title. As the state thus be-
| comes practically the guarantee for pay
ment, there cannot be any run on the COM
| pany, as there might be on a bank, and
| the law does not require it to carry any
great amount of money on hand to pay for
Withdrawals. The original building" fea-
| ture has dropped out, and the existing sys-
| tenn might better be described by the term
cooperative banking" than by any 9TH
er; and its privileges can be safely extend
cd f1om Minneapolis to either Connecticut
or Oregon, verifying its claim to be
really national In its scope. As
ton broker told Rev DR.. Thwing that of
twenty million dollars that he had placed
on such securities he had only lost very
small sum, not worth even mentioning
There are twelve states in the Union that
are said each to show a smaller assessed
valuation than this one city, and if the
customary ratio of assessed to true valua.
| ton be taken as correct the wealth of Min
neapolis in 1890, according to Professor
Folwell, would stand at the vast figure of
! 1886, 900, 900. In confirmation of that es-
| innate the banks of the city report $240,-
| 600, 900 as their clearings for 1889.
One cannot help being impressed by the
| surprising dimensions of the public build
| ings, hotels, apartment houses, mills and
other structures of this unique city.
When we left it they were erect
ing the new postofice at a
cost of 100000, and that was re-
garded as a fine edifice. But it is dwarfed
by the larger ones in its vicinity. For in
| stance the Guaranty Loan companys s
building, an immense structure that rears
its twelve stories to height of 172 feet.
| A fine restaurant occupies the twelfth floor,
and an elegant garden adorns the roof,
above which rises an observation tower
whose balcony is 210 feet above the pave
ment. The building contains 400 rooms
all heated by steam, lighted by electricit,
and supplied with hot and cold water. TIL,
Lumber exchange is another and similar
business edifice, twelve stories high, and
admirably fitted in every way. The new
| court house has risen as high as its first
story and is being pushed along toward
completion. 1t will cost larger sum than
the state house at Hartford
But if you happen to own few inside
lots or suburban acres at Minneapolis
that seem to be unsaleable just now tn,
question may naturally arise as to how
this fact may be made to agree with th'
cheering facts here stated The explana
ton is that the day of booming ha
mostly gone by, and the inflated prices o
four or five years ago were anticipatory o
what exists at the present time In othe
words, those are fair prices to-day, an'
no one need make sacrifice of his invest
ments who is not forced to do so for in
dividual considerations. gentleman o
our party, who bought a good lot six year
ago for g, 900 and who had tried in vail
to sell it for 5000, and stood ready I
knock of thousand or so, told hi
agent not to take dollar less than sc, ,00(
when he found what admirable improve
ments had been going on in the vicinity
There is very healthy feeling pervadin
the whole northwest. and in spite of SON
depressing rumors and actual extravi
t gancies the cities of that noble region Al
5 able to give a good account of their stey
, ardship, and deserve the continued con-
dence and esteem of New England, fro
whose substantial towns they have large
: drawn the men whose ability, honesty al
/. | integrity have won for them the prosper
a ty they now enjoy. Fl. c. HovEY.