The Hawaiian gazette., 1900-05-15
nonoLuLu nrAL rarArt.

be probably STUDDED ~ land holder
In uonoIulu now that this city hope
to hnvs now visitation OF progress
Zoo % easy to start a boom IN The RICH
I place and sometimes In the wrOni
/ place. but The point We want 10 EN-
! phasIze Is that It IL also easy. In IN
best OF places. to bring d boom to ,
sudden aud disastrous end
Mr.. Dcsky struck a keynote when h,
expressed the hope that property-own
frs would not put their prices so hlgl
that none but rich men could toucl
them High figures per front foot xii
booms as surely as reasonable figures
encourage them. People seek land
whether for speculation or investment
in the hope that 1t will increase il
value. If that hope is dashed by ap
praisements which create fear that tn,
selling value of the land must sink tc
reach normal level, then there will be
no buying. 1t was greed that killed the
Southern California boom in 1887
Prices were forced up and up until they
stood above those of San Francisco. A
corner lot in suburban addition &c
San Diego, twenty miles from the bay
cost five times more than corner lot
in the Park additions to San Francis
co where the city was sure to spread.
People of common sense would not buy
sand and sage brush on such terms and
as a result San Diego's additions and
soon its inside property became a drug
on the market. The collapse occurred
on January ], 1883, the general pay
day, and the lost boom has never come
back. 1t might have done so after the
process of liquidation was complete if
fair prices for their land. But they had
tasted blood and wanted more. Every
rumor, however baseless, of coming
railroads or steamships kept the eager
land-holders from. letting go until the
absurd spectacle was presented of men
who could not easily pay their living
expenses claiming to own a quarter of
million dollars worth of realty
Now, twelve years later, land values
are coming down to a point where an
other boom may be reasonably looked
for.
Here in Honolulu as a result of the
boom the plague interrupted, land val
ues are getting near the danger point
and if that point is once reached and
held, the real estate business viii fall
into state of suspended animation.
1t ought to be clearly understood by
proparty-owners that no one will pay
as much for real estate, especially res
idence realty, in Honolulu as is asked
in San Francisco. The reason is that
San Francisco, as the market place of
an empire which includes eight States
and Territories and as the central
Pacific Coast port for the whole United
States, is bound to be an enormous
city. 1t now has nearly 100000 people
and suburban population of 100000.
Honolulu, on the other hand has a
chance to become a place of dignified
size but surely not a San Francisco or
a Hongkong. There is not enough land
behind it to support metropolitan pre-
tensions. So if we try to put on met
ropolitan airs and mark realty up to
the top of the column we shall merely
create laugh at our expense and more
than that, drive away people whose
aid is needed to enable Honolulu to
realize its natural destiny.
In other words new people will come
here to settle if they are given a
chance TO make something but they
will not come to be sheared. They
have learned by observation of West
ern booms or by sad experience in
them, what 1t means to buy property
and have it depreciate or become I'M
salable, and they are likely to learn the
basis of values very soon. 1t is not
enough to tell them that stable gov
and electric touch with the
Mainland market will support extrava-
giant values, lot II IL ala not do so in |
San Diego, Los Angeles and San Fran
cisco, it will not do so here. But these
.hings will surely aid in maintaining
lair values and it is for fairness that
We appeal. 1t is not necessary to par
iCularize. Let any man figure what |
MS land cost him, how much profit on
IS sale would be reasonable and what
he land is likely to be worth when
'apid transit puts tracts which are far
tut in the country within thirty min
ties ride of the post office and when
government land comes into the mar
ist-let him consider these things i'm
partially and he can get up a bill of
for himself.
-%-
M.