The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-05-15
An Old Epidemic.

The story OF the collapse of the Cardiff
town enterprise will be interesting reading
for many people in Maine. This was a New
England enterprise, into which thousands of
dollars OF Maine money went, and with
which several Maine gentlemen were asso-
ciated until they found out its true nature,
The net assets of the concern appear to be
bank without business, country grocery
store and saloon. Probably the saloon is
not without business, like the bank. The
moral of the story of Cardiff is self-eyident
and needs no explanation. On the whole
Maine investors have been learning consid-
cradle within the last year. Some of the
thriving towns of the West have not been
meeting the extravagant expectations of
Maine people, who put money into real es-
tate within their limits or three or four
miles without their limits. Some day, the
time may not be quite ripe for it yet, some
philosopher will write book on city and
suburban real estate. And one of the first
principles he will lay down will be some
thing like this. "Real estate booms are the
especial Affections Of growing cities, as
measles and mumps are the inevitable ac-
compartments Of thriving childhood" These
ivy ANoA Oot0tO poOiups Will Lu6 dLLeQUdQC
crashes are not new phenomena. There has
been an epidemic of them in the last five
years, but, like the grip. which afflicted the
country along with Tyler, it has not been at
all new. Men may have forgotten 1t or new
er known OF it before, and paid for their ig-
norance; but the epidemic is the same old
trouble. Nearly all cities in their more
youthful periods have had 1t. Nearly twenty
years ago the now fourishing city of Indian
apolis, Indiana, went through an experience
which should have become a warning to real
estate spectators for all the years that have
elapsed SINCE A correspondent of West
ern paper has told in az interesting way the
experience of Indianapolis in 1873. With a
population of but little more than half of
what it is today, additions were plated in
every direction, and scarcely cornfeld or
woods pasture remained within radius of
four miles that was not cut into town lots
and thrown upon the market Lured by the
promises of speedy and immense plofits.
capital went to indianapolis from other
cities Of the State and from other States, and
the play became faster and still more furi-
GUS. Woodruff place, named for its owner,
was laid out two miles from the centre of
the city, and 100000 was expended in drives
fountains and costly statuary that still stand
as monuments to Woodruff's folly. In this
remote suburb, with three quarters of mile
OF unoccupied space intervening between 1t
and the built-up portion Of the city. lots with
frontage OF eighty feet sold for $4,000, and
the choicest locations were held at twice that
figure. Prices in the business part of the
city and elsewhere were in proportion.
There could be but one outcome to this spe
cies OF insanity, and the bubble that had
sWelled and scared so grandly and gaily
burst. The Generalization for the time be-
Ing was complete, and large part of Indi-
annapolis was owned by the mortgage hold
ers. Almost In day men that had been
rated millionaires became p upers, Subur-
Dan additions deprecated TO the value of
ordinary farm lands, and real estate sharks
pulled up their stakes and went to raising
corn and cabbage on the lots for which they
mad refused from $50 to 800 per front foot.
1t was an occasion Of the survival of the
fttest. Many leading business men and
capitalists, men most conspicuous during
the era OF imitation, were crushed and were
never heard of in business way afterward.
Some went to the asylum, some to the ceme-
terry, some to an obscurity from which they
never had the energy and ambition to
emerge. Others there were who patiently
and courageously set about restoring their
fortunes and repairing the waste places.
To-Day indianapolis is thriving and pros.
porous city, but in twenty years nearly the
city has not grown up to the extrayagant
expectations Of 1873. Indianapolis was not
the hrst and is very far from the last city
to suffer from the epidemic. Not few cit
les are having 1t now, although their citizens
would be very angry If anyone should put
the board OF health placard on their gate
WAYS,