The Indianapolis journal., 1893-05-13

SOUTH SIDE REAL ESTATE
Starting of the Virginia-Avenue Line
Has Stiffened Up Prices.
Good Property in that Section that Has Been
Underestimated--No Bothered by the
Capital-Transfers of Yesterday.

The real-estate prospects on the South
Side are brighter to-day than they have
ever been before since there has been O
South Side. In times past that portion OF
the city has not afforded very profitable
field for investment in real estate. but for
the past few years there has been q gradual
but steady increase in values on account
of prospective improvements In that SEQ
tion of the city. Some additions, which
have been laid of. have sold readily at
moderate prices the sales being mostly to
working men who desired to secure home.
and in great many cases did so through
the agency of building and loan assocla-
tIons. With the new era on the South Side.
which was inaugurated with the perma-
nent improvements. values have been on
the rise, and while re8l-estate men expect
nothing phenomenal they feel that real-es-
tate investments in the portions Of the
south Side where the improvements have
gone. or are to go. lie safe and will bring fair
returns on the money invested.
The recent equipment of the Virginia
avenue line with electricity will undoubt-
edly cause q moderate advance in prices in
property throughout the territory along
and adjacent to the line. The advantages
of rapid transit always have resulted in an
increase in the price of real estate along
the route and property owners In that por-
tlon of the city, in anticipation of the line
coming down Virginia avenue, have been
holding their property at higher figures for
several months past. This line. when it il
completed, will extend to McClalns-
ville on the Shslbyville road. and
to Auburn street the city limits. on
Prospect street. Both these extensions
will bring large area of ground which has
not been much built upon heretofore on
account of ITS distance from the center Of
the city and the length of time required to
reach downtown by the old mule oars
Several plats have already been laid out
on the Prospect. street end of the line In
anticipation of it and will be put upon the
market sooE. The ground is mostly high and
the neigh borhood is healthy. On Shelby
street. south of Raymond street. the old
corporation line, Is q large tract of land
which will probably. find ready sale to
workingmen when it is put upon the mar
ket, and connecting it with the city by
rapid transit will bring about it's plating
and sale in lots.
Several reaI-esrate dealers were seen
yesterday and asked what effect upon the
market the suspension OF the Capital Ma
tional Bank would have. Said one of them:
THE suspension of bank usually rebounds
to the advantage of the real.estate dealers
At such times people to q certain extent
lose confidence IN banks and seek to invest
their surplus money in real estate. IL is
probably yet a little early for anything of
the kind in the present instance. even if IL
should have that effect. but 1 hardly think
1t will. There are several reasons why
do not expect the suspension of the Capital
to have that effect. First. 1t is not looked
upon as failure in the sense in which that
10 generally understood. / believe and the
people are fairly confident. that even If the
bank goes out of business the depositors
will lose nothing. Then there is some talk
of it's resuming business. and this in O meas
ure restores confidence. Another reason
why do not anticipate the usual result is
the stability of Indianapolis banks. They
carry larger reserve than banks any
where else in the country. and there is no
city that. according to size. has stronger
banks than this city. The failures of the
Harrison's, Ritzinger's and Fletcher d
Sharpe's banks here several years ago re-
suited In a large boom for real-estate men.
because the people lost confidence in bank
ing institutions and invested their money
in real estate. The banks have since that
time been conducted on q different basis
and are recognized to be sound and safe.
The failure of the Ritzingers was due to
the fact that they held too much real
estate and could not realize upon it quickly
enough when the rush came. Since then
the banks have not invested largely in real
estate"
The same dealer said that every year
saw kind of small boom in real estates
This had not been noticed yet this year.
but was attributed to the condition of the
weather during the past few weeks. With
bright clear weather it is expected that
the next week will show very perceptible
increase in the resl-estate transfers.