The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1893-05-27

LAND A BASIS OF WEALTH
Local Dealers in Real Estate Say the
Failing Banks Did No Harm.
The Furry Only Showed that Greater Secur-
ity for Investments Lies in Iand-New
Buildings on ST. Marys Street.

The real-estate market for the past week
has not been remarkable for sales of large
proportion, though every real-estate deal
er that you talk with says there has been q
goodly lot of business done and that there
are number of fine. large trades on the
"tapis." The weather has been too rainy
to encourage excursions for the purpose of
looking at property and nobody wants to
show off his house for sale In o time when
every thing is wet and bad Impressions
might be made The dealers say that the
failure of a few banks has NOT hurt the bus
mess of selling property, since the weak
ness of that form of investment is empha-
sized. and attention is called more stron gly
than ever TO the fact that land Is the basis
of all security. Under the laws of the
realm no one oan lose his real estate if paid
for and If values shrink on account Of some
money stringency land Is the first form of
property to recover. A mans home is his
castle and, If not plastered with mort
gage. has more provisions under the law
for It's protection than any form of per-
sonal property. Its very name in the vocab-
ulsry of the trade denotes it's real solid
investment for the wageworker, who
knows his income is SO much per day and
cannot be made more under the Limitation
of the physical body to do more work than
it then is doing.
The possession of q strip of land gives
certain dignity and responsibility TO citi-
zeDship. IL entities the owner to certain
legal distinctions In themselves OF credit to
him. He is looked upon as indeed one of the
pillars of socIety and of the State. ond his
credit Is established without much ques-
tion. Stability is synonymous with the
possession of land.
Thrift has bscome the watohword of the
period. The man ON salary has absorbed
the idea and in various ways that financial
genius in return for fair remuneration has
devised. has begun to make rent in its
monthly pilgrimage to the pocket of the
landlord bring back with it modicum Of
ownership. Thus flourish the new sddi-
tions which can be reached by rapid tran
SIT. Houses are building for prospective
tenants who become in time the ownera
One of the new ventures into building
for rental purposes has been begun by s. II.
Collins, vice president of the United States
Lounge Company. He has let the contract
for the erection of q row of modern houses
forrental purposes. on st. Msry's street. be-
tween Delaware ana Alabama They are
to be constructed after the style of similar
buildings in Chicago. and will include every
inducement and attraction for the very
best GLASS of tenants. All downstairs
floors Will be hardwood. The houses will
be equipped throughout with electric de-
vices and speaking tubes. Each apart
ment will have bath on the celebrated
Roinier system. so much in use In Chicago.
The contract calls for their completion
early in September. Louis III. Gibson is
the architect.
One of the incidents of the week has
been the unexpected ability of those whose
property was under mortgage. to fash the
money for relief before the holders of the
membranes. The number of liQuida-
large during the week. The numerous in.
stances of the kind taken in connection
with the recent financial furry caused con-
siderable comment among real-estate
dealers.
One of the disappointments of the week
was the cessation of the active work of
laying street car extensions and the delays
in the extensions which seemed to be GER
the Board of Public Works The life of
much of the suburban real estate depends
upon immediate extensions of rapid transit
into these parts OF the city. The inactiv-
ity, SO far as it was due to the board, has
caused much criticism among the dealers