The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-04-15

for several parcels of land in this place
are higher than was paid for land in
lower Broadway, New York City,
twenty-five years ago, when the popu-
lation OF that city exceeded 200 900.
The prices of suburban property here
are equal to, and in many cases far
exceed the prices OF excellent suburban
property OF the cities of Philadelphia,
Baltimore and New York
Comparisons of prices can only be
made in a general way, and in given
instances may mis1ead.
If the population of this city will
soon reach To- ,000 as some claim It
will, the rise in values is justified.
How high the values may legitimately
rise it is impossible to estimate. There
are too many unknown factors to per-
NIT any sound judgment.
|. The experience of other cities may
or may not furnish a general guide to
the course of land values here. There
is not a city of the Mainland that
has not experienced sharp and disas-
sons have been ruined by c srations
in city lots and suburban property
than have made money. At the same
time many have made money who real ;
ly understood real estate values or had
good luck.
The argument that the growth of a |
city will enhance prices is deceptive |
one. 1t is true, so far as those who |
purchase at bottom prices are con-
cerned, because, as a rule, those who |
shrewd enough, or lucky enough to !
buy at safe prices.
During the years 1S70-'71 and ~, |
there were vast operations in nearly |
all of the eastern cities, based on what |
was called a sure commercial growth.
But while the populations of those
cities steadily increased, the values,
after the reaction in prices of the year
1873, steadily declined for six years,
and it was said by those who We're
we'll informed that two-thirds of those
who dealt in city lots, and nearly all
Of those who held suburban property
we're ruined, where they had borrowed
money on the land.
While speculative movements in land
Are active, the argument that is gen
orally advanced is that prices are !,
pound to go up" During the land !
,peculations after the year 1881, the
visitor in any town or city in any
,art of the Mainland from the Atlantic
o the Pacific would be confidently
old by banker and broker and mer-
20 up" and the local newspapers in
ariably called the doubters miserable ,
nd deluded pessimists.'
The amusing feature of these predic ,
ions was that while banker, broker, 8
apitalist, merchant and journal in /,
very town and city confidently pre- ,
icted that prices were bound to go
p'' in their own town or city, they
lways had very grave doubts about a
ise in values in any other town or
yhich they advanced for the rapid rise :
q values in their own places, which {
ad no force elsewhere.
1t is quite possible that values here {
nay continue to rise. 1t is quite pos
ible that this place will not be gov s
rned by the usual course of prices that +
las prevailed in land values elsewhere.
The facts presented here refer only
o other places. Whether we shall
lave the same experience that other
,laces have had is a question that is
Tot discussed. Honolulu may be, and {
t is most earnestly hoped that it will '
,e, an exception.
|