Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1899-05-06
MONEY GOING INTO GROUND
BIGGEST REAL ESTATE MOVEMENT
IN THE HISTORY OF THE COUNTRY.
REAL ESTATE EXPERTS PREDICTION OF A TIDAL WAVE.

/ ness. IL has been the habit Of a great
many to invest such pronta IN stocks
ana bondt. because real estate was
not considered rlli-esired. For months
everybody mas been watc hing the cur
rent Of ahnirH, To see whether the tuf-
gidiiy caused By the war was settling
down and the fircamof commerce and
finance would How with astsady current
In It's regular channels. II has been
demonstrated 20 tho satisfaction OF
nearly everybody that thcrc II de-
cidcd movement. caused BY legitimate
business transactions. The result OF
this u that values arc substantial, AMI
there II no better evidence u the fact
that public confidence has been thor
ouRhiy restored than the Investments
that are taking place"
New yori city furnishes n fnthcr
novel evidence o, me eject OF ,he gen.
eral Increase. fifih avenue property
has not held the standing In values that
" used 10 In the old days when u was
the home Of fashion. While the en-
cronchment ~ business has not caused
prices 10 drop at all, u has been com
nlderrd a decided bar TO any great In.
erase. Now, however the value u
Firm avenue property IL decidedly APP
prcciatinT. Worthington Whitehouse
dcvotcA his attention TO little else than
tifth avenue realty. said hci
THE beginning OF the now era. 20
far as fifth avenue property u con.
ccrncd. II marked by Andrew carne.
gics purchase ~ large number N
lots rhoye what has been general
ly known Az the line which divided the
swell and the uitra.Hwell rHidenccH,
This line was drawn at Nlncty-Hccond
street. While rcnl estate on Manhat-
tan Island has never lost value. Il has
felt the general depression; and there
are certainly signs OF n tremendous
&c., Il IaI.
Ing made down town and u finds ~
way 10 real estate. A short time nrn
n man who had never before hoeu nm
investor IN rial estate. but had pur.
chased securities instead. bought
large amount Of real estate through me,
lie fal1 the price ot securities wns 20
low and tho r,liurnH 20 small that he
could not make hlf money earn what u
was worth. - he turned Il TO rval ea-
tate.
'Ana,hcr thing have noticed "a tho
large amount ~ Western capital that
has lately been Invested In Flfth avenue
property. A good deal ~ this u from
Chicago. while several ~ the Investors
hre from California and others from ~
Louis. do MT think that this eau be-
considered In any way detrnrtlng from
the opportunities for Investment N the
uiher cities, but simply II an Indication
that the business man. who likes Ca
vary tho lnNNlltf W Nv nNNNHANNfliNHt
has more money 20 place, ana u Inn
pr~esei with the fact that the now
movement ia rial estate Il on "a frm
foundation"
Henry A. ~ Kelly says the now
movement In land Il evidenced BY thr
readiness ~ buyer 90 offer higher
prices. This movement" he said,
'ahouid not be- called boom. for the
reason that n h In the nature ~ rcgu-
lar progression. You win hear the same
story everywhere. 80 90 any part Of the
United States you wili-thaf the feel
Ing IL better. and that everybody Il
satisfied lpedrock on values was reached
before this Increase began. Thcrc u
no fiuctuntlnn In this. II Il like tho
steady advance ~ an army, the army
Of pioneers. that only leads the wny for
a Etiii greater army. There has never
been a time IN any Of the years that
make up tho last decade that capital
has generally sought Investment In
land OF course, II IN true that realty
II bought and Nold all the time hut
what sneak ~ Il a general move
ment,n movement that II not ccnierrd IN
New York ~ Han Francisco or In chi
caFo. but that extends all over the
United states. The man who calls u
n boom makes n mistake. n n not. n
II only the result ~ business hscom-
ing aettled and values adjusting them
selves on a proper basis"