The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-01-15

From the remarks made by S. w.
.Iamison, cashier of tho Roanoke Trust,
Loan and Deposit Company, to reporter
of THE TIMES Yesterday, the inferenc
is naturally drawn that tho representa-.
tives Of tho financial interests of the city
of Roanoke look in decidedly hopeful
manner upon the land and building in
forests of the future. He stated that
the forecast for the financial year of 1893
is exceedingly brighter than that of the
past year; that already somo important
real estate has changed hands, and that
the only property showing decreased
valuation is in trustees sales and that
is in outlying property. Debts arc now
being settled ON business basis. There
is as much money in town as there was
year ago, and the need Is not SO great.
Last year it was discount business
this year there is comparatively little
worked on that basis. All good CONNER
cial paper is being taken by tho banks,
and all real estate paper that has merit
is being taken at less discount than q
year ago. Twelve months ago our peo-
pic were carrying largo debt for out of
town ncople, such as Lynchburg, Staun-
ton, Charlottesville and Washington,
ID. c., which is not the case now, those
debss having been paid off to largo ex-
tcrt
In reply to a question in regard to the
outlook FOR 1893 Mr.. Jamison said: 81
was on tho street cars yesterday and
prompted by curiosity counted the mum.
Der of houses that were being erected
on the line Of travel, and was surprised
when found that the number exc. eded
100. The people who have purchased
lots arc now improving them and
think rents arc going to be lower next
year, especially III the cheaper grade of
houses, which have always been too
high. Consequently the cost of living
will be less than it has becn horotoforo
81 look forward for this year TO be the
standard bearer in the erection of dwell
ing houses. | think there will be moro
buildings erected in Roanoke during the
coming year than in any ono year since
her birth"
When asked upon what basis he had
formed that opinion, Mr.. Jamison re-
piled: II can explain the formation Of
that opinion from two or three theories
which | think will find realization in
the near future First, l believe the
population OF the city of Roanoke will
increase some 5000 during the present
year
my reason for this belief l will ex-
plain. The Roanoke Machine Works
must of necessity largely increase their
force, and there will be, without doubt,
largo increase in the West End Roll
ing Mill, and | know the Norwich Lock
Works have made arrangements to work
on larger scale than ever. These eX-
tensions alone in business interests will
call for an increase in laoor and it's sur
roundings. The people of this city are
beginning to own their own homes, and
when they make their final payments,
which is being done rapidly, they begin
to TO look around and breathe easily,
and can safely say that tho population
is quickly Increasing in these citizens.
Property in business spcions is up
to boom prices" MIR. Jamison here
admitted that he disliked the word
"hoom," but that circumstances had
m@do 1T part of our national vocabu-
lazy. Continuing, no said: "a piece of
property that only had a valuation Of
from ten to twelve thousand dollars
during The time Of inflated prices, was
sold for twelve thousand dollars few
days ago. People speak of the depres-
sion in business during the past year,
yet do not seem to take into considera-
ton tho wonderful strides .aken in tho
building interests of the CITY The
Academy OF Music, the Terry Building
and the Roanoke Street Railway were
all developed in the past year, which
shows, II it were ear of depression, it
was at least year Of investment.
Tho losses in outside property could
not properly come under the head of
strictly legitimate investments, but I'M
der the head rather of lille ultimate
speculation. as considerable amount
of property was bought because the in
vestor had recently made a pro6ta bio
sale, and for no other reason. What
nature had originally intended for agri.
cultural urposes-intemperate specula-
tors tried 10 force upon the market as
mineral or other fictitious plants, and
itstands TO reason that with our phenom-
email amount OF outlying territory, and
in rapidly growing city which would
call upon oil OF our inside resources
that absurd outside valuations must
/ necessarily feel the blow when young
city reaches a standard basis OF busine IS
VI ices
Il look forward to seeing great deal
done by the Roanoke Development Com
pany during this year in their West End
property, and think that part Of the
, city will DO benefited fully as much il
not more than any other tction Of the
town. The building of Dr. Harris
! school will be an acquisition to our city,
and If we can succeed in securing the
cotton mills Roanoke will certainly
take just pride in her pseudonym, the
Magic City. In order 10 keep up a
steady growth, the people OF our city
| should put in one or two good interests
each year. think the citizans see the
necessity and will do it Anyone repro.
senting real estate interests can Ger.