The Durham daily globe. (Durham, N.C.) 1889-1894, 1891-12-28

ANOTHER BIG SALE OF ELIGIBLE LOTS
AT NEWPORT NEWS.
The Log;c Of Investment Working Itself
Out Sooner Than EXp~ected-The
Advance in Values.

The following from Newport News,
December %, in the Richmond Dispatch
The logic Of investment to which have
referred in previous letters from this
place has begun to work itself out one
than | expected, though not OOner than
was consistent with business foresight
and sagacity. | have alluded more than
once to the fact that other clear-headed
tinancicrs, considering the conditions
that exist at Newport News, could not
fail to profit by the example Of the New
port News Building company, composed
mostly Of Richmond parties, which re-
Gently purchased three hundred lots from
the Newport News company. The plat
of the last named company, as | have
explained, is in the natural extension Of
the place and the three hundred lots were
bought for the purpose Of being built
upon in order to meet partially the in
evitabIe demand for houses occasioned
by the rapid development of the place.
ANOTHER BIG DEAL
Now it is learned that through one of
their agents, Capt. J. S. Lipscomb, Of
Durham, n. c., the Newport News COM
! pany have made another big deal. They
have sold to the North Carolina and
Newport News company 11S lots in the
same magnificent plat. This North Car
DINA company is composed largely Of
wealthy capitalists Of Durham, n. c.,
and the syndicates mean business. They
have made the first payment on the lots,
and will also begin building operations
at an early day.
sTILL INADEQUATE.
Yet both of these syndicates, the Rich
mond one and the Durham one, may
build to the utmost capacity of their
holdings, and it is a safe prediction that
there will still be a crying demand for
houses. Every day there is accumula-
ting evidence that the vast transatlantic
fleet enterprise here, the ship-yard, the
dry-docks, the increasing business of the
railroad, and the minor industries is
still further Completing the problem,
How shall We house the people," and
still further accentuating the fact that
there must be a rapid advance in values
of real estate here.
The taking up Of 41S lots of the New
port News company by two ~syndicates,
in addition to the large number sold to
Individuals. within the course of 2 few
weeks, and that in a plat that the city is
compelled to grow over, a plat in the line
of the extension of all the city's improve
ments, such as lights, water, sewerage,
street railways, cOnfronts the investor
with the simple but most important Ques-
ton Of supply and demand. 1t does not
take anything like supernatural acumen
to see that every building putup by either
of these syndicates or individual pur-
chasers must enhance the value of sur
rounding and contiguous property. Nor
does it take supernatural acumen to APP
preciate that the sooner one invests,
either for building purposes or to hold
for higher figure, the greater will be his
profits. If there was a certainty Of in
crease, q safety Of investment here before
the North Carolina syndicate made their
purchase, what must be said en- that point
now? 1t is rather a reflection on the in
t~elli9ence Of the average business man to
ask.