Daily press. [volume] (Newport News, Va.) 1896-current, 1899-09-12
TUESDAY, SEPTEMBER IL, 1899.
AIS TO REAL ESTATE VALUES

Real estate in American cities in
both residential and business sections,
has conspicuously failed, sine. the
present era or wonderful rrnsp e.-;ty
set IN, TO advance in value in proper
tlon to the increased volume of bust
ness. III mas not met expectations
rounded upon experience. There are
very few. if any, cities in the Unitea
States where the average value Of real
property rs not far less than it was be-
1orc the panic of 1898 set in Cont,-as ST.
ing this fact with the statistics Of orr
industries, our finances, and our foreign
commerce, we have a situation that
calls for explanat arlington
Post.
The Posts proposition May be true
IN the abstract, but Newport News GER
#tainly furnishes a notable exception to
the rule laid down by our contempo-
Tary. MANY Of the conditions mention
ca by the Post which have operated 10
prevent an advance in urban realty
values exist in this city the same as
elsewhere, but not understanding these
conditions real estate values in Newport
news nave 'Deen constantly appreciate
Ing 10" several years and are higher
today than ever before. The Post men
tons four agencies which have tended
TO 4 reduction of real estate values in
american cities and although none. OF
them has exerted such an influence
here they are worthy OF consideration
as possible factors in the future values
OF real estate in all cities Newport
News included
The first Of the four agencies" saws
the post-"lirs't in order of time but
perhaps not SO in pctentality of intlu-
t1S.,#.
t'on of the elevator. by which the upper
floors of buildings are rendered almost
as desirable for business or residence IS
the lower floors The effect OF this has
been to double, treble, or quadruple the
capacity of a building site Indeed, the
sky scrapers in New York ana Chicago
locate ten times more business on Il
given area Of ground than would have
been possible without the elevator
This is equivalent to the addition of an
fu1sfee1'se tract 81 ground to the amour.
previously available, and this alone
would have eXerted an immense fnnu-
ence in the real estate market.
Another factor which we will cOnsid-
CT as an entity. although it is more or.
less dependent ON the elevator for It's
successful operation. is the department
store, wherein, under one roof, the bus
lHcss formerly occupying fifty or Il
hundred stores is now carried on This
accounts for vacant stores in many cit
les where the aggregate of trade is be-
yond any previous experience The
opposition to department stores in
some@of the State legisla lures does not
come entirely from competing trades
men. Owners of real estate and ,nanu-
iacturers Of and dealers in building
materials and members of the building
trades share with the minor merchant
in the opposition to those great eSta1b
lshlnents which have grown up in all
the cities But they Will stay because
the public wants them. And their ad-
verse influence upon real estate val
ues, while 1t may injure individual
fortunes. will not be resented by tn.
people generally.
The apartment house, akin to the
depa rtmcnt store and more dependent
than that on the elevator, is one of the
great, ii not the greatest of all. factors
il preventing the advance III real estate
values. In every large city it has va
Gated thousands Of houses Real estate
owners, builders, and others interested
in the building industry recognize r
the apartment house q factor 10 be Sc
Tlously rcconcI with. Opposition to or
cutlery against this innovation is use
less. / stays because it is wanted.
But perhaps the most powerful OF
all the influences upon urban real es-
tate values is that which is cxcl4tcd by
the trolley Cheap and rapid transit
from the heart Of a great city to a ru-
raj home is equivalent to the removal
or the rural site UP To the border or the
City. Millions OF available building sites
have been opened up 10 the residents Of
American cities III the last few year,
Thousands Of beautiful suburban viii