The representative. [volume] (St. Paul, Minn.) 1893-1901, 1894-08-01
ROBBERY.
(Subject of CartoOn.)

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the daily papers of this city an
nounced that the board of equaliZa-
tion had tacitly decided to raise the
valuation of real estate in the city Of
Minneapolis So 100000. 1t was stated
upon the authority of an alderman
that the object Of the board in max
ing this raise is to enable the city to
issue more bonds to be. devoted to
building reservoir with park accom-
paniments on Columbia Heights, a
tract of property owned by a syndicat tie
of which Mr.. Thomas Lowry is the
head.
The announcement of the intention
of the board created considerable ex-
element among real estate owners
and many angry protests have been
made. To the REPRESENTATIVE this
step appears to be wholly uni ustifiable
at this time. 1t is an undisputed fact
that there has been terrible shink-
age in real estate values in this city
during the past two years. A leading
real estate agent in this city has said
within week that he is authorized to
sell 100000 worth of such property at
less than its assessed value. A gentle
man recently purchased on Lowry Hill,
or in that immediate neighborhood, a
lot for 81 900 cash for which two years
ago he vainly offered $500. This is of
course, an exceptional case, but it is
safe to say that the shrinkage has not
been less than % per cent. The REP
REsENTATIyE thinks it is much more
1t is said that it will injure this city
to publish such a statement as this. A
greater mistake could not be made.
The decline in real estate values is
universal. No city on this continent
is exempt. To try to create the i'm
preston abroad that there has been
no shrinkage in this city is the
heighth of folly. Any sensible man
knows it cannot be SO. In these times
people looking for investments in real
estate will place their money where
there has been heavy shrinkage,
provided the locality has behind it the
elements of recovery. That Mime
apolis has these elements in a high
degree cannot be denied Minneapolis
real estate, the REPRESENTATIVE
firmly believes, is the best investment
because Of the enormous shrinkage
which has carried it below what it is
intrinsically worth. just as soon as
the country undoes the vicious tinan-
cial legislation of Wall street there
w ho mir
estate values here as will astonish
even those who were here during the
great boom.
Regarding this proposed increase in
the assessment Alderman Haynes is
reported as saying that if the city
board did not do it the state board
would. 1t is difficult to see what war
rant the gentlemen has for assuming
that the state board would take any
unjust action towards this city. 1t
never has done so in the past. Now,
however, since the alderman has, in
effect, admitted that an advance
should be made, the state board can
not fail to follow his suggestion, I'M
less the real state owners of this city
60 before the board and convince it's
members of the injustice of the pro-
posed action.
The REPRESENTA- I'VE fully believes
that the assessed valuation of this
city should be raised much more than
six millions of dollars. This raise
should not be placed upon the real es-
tate. To put it there will be to do a
serious injustice to thousands of la
boring people whose little homes in
many instances are already mortgaged
heavily in order to obtain something
to live upon in these terrible times of
distress. This increase should be
placed upon mortgages. money on
hand and in banks, stocks. bonds,
notes and other evidences of
Indebtedness. That is what
should have been done in the first
place. What this city wants is
an assessor who is honest and fear
less. The burden of taxation should
be readiusted and the bulk of it
placed where it belongs-on the backs
of those who have the property.
Regarding the proposed reser-
voir, the REPRESENTATIVE has very
serious doubts that one is needed.
The death rate of Minneapolis is
shown by statistics to be the lowest
among all the great cities of the en-