The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-04-23
OUTLOOK FOR WESTERN TOWNS
They Are Now in Good Financial
Shape and show Steady Growth.

shape and snow steady Growth.
Chicago Bonds and Mortgages.
1t is noticeable that activity in Western
investment interest has for the past half
decade been centered in farm realty, rather
than in that of the towns and cities This
is accounted for by the series of good crops
that has continued since 1898 and has made
for the farms marvellous showing. 1t has
been somewhat bewildering to learn that
farmers have taken enough wheat corn
from a place In a single year to pay for
the land, and the advertising that this has
given to real estate i'm the middle West
has caused land movement of very posi-
tive proportions and one which is yet
undated. Because of this interest in farm
property. the advantages that might ac-
crue to the municipalities Of the middle
West have been in degree forgotten They
are, however, worth consideration and have
many points thae should commend them
to investors.
In most Of the cities Of the West there
was during the eighties building boom.
1t with little excuse i'm many places
and far outran the needs of nearly every
municipality. Il left the towns with a
superabundance of houses and stores, some
or the towns with hundreds more than
they needed. 1t took years to correct this
and for the past two decades the building in
the Western towns has been at a minimum.
There was in the middle nineties almost
a panic among the owners of city proper
ty and the Westerners reaped "A harvest.
They bought the boom properties for a
trife and then began reorganization and
Encouragement of the towns. Many of the
houses were moved to farms, others were
torn down, others were taken from the
additions and located near the center of
town In the Legislatures hundreds of
additions were by special acts shorn of
city perquisites and transferred TO farm
land.
The effect has been this: The Western
towns have become the property of the
residents therein and the steady growth
In population in the West has filled every
vacant house. Building has recommended.
The former fact is of special interest. II
gives greater permanence TO the cities
and adds to the pride in which the proper
~ is held In many Western papers ap-
pear items that show that not more than
10 per cent. of the property is owned by
Eastern investors-a few years ago the
proportion would have been reversed. An
other thing, the fact that the towns are
practically filled up. that few or no va
cant houses are reported, means that the
building resumption that is noted through
out the West is very real thing. Ii is
making property worth what II costs 10
build II. IL is increasing the returns in
rents, and, which is of greater interest To
the investor il is making security better
/ fifteen years.
The Western towns have changed their
theories regarding the plan upon which
/ they should seek "A future prosperity. They
/ have seen the advantage of small manu-
/ featuring industries. They have noted the
effect of a steady payment of wages TO "A
/ large number of hands and are trying TO
4 accomplish what has been done in Ohio.
Indiana and Illinois, in securing the lOca-
4 ton of industries This is undertaken on
/ a different scale from that of old. Then
i there was "A voting of bonds and the boom
/ ing of stocks Now there Is a tendency
/ for the Western capitalists-and the West
I Is acquiring many capitalists Of moderate
/ means-tO unite their fortunes with the
/ money of Eastern investors and so build
up the industries on a permanent and
\ business-like foundation. The effect OF this
/ tendency Is not so generally understood
\ as il should be and Eastern investors may
/ find a careful consideration OF IL 10 their
/ advantage.
The changing character OF the Western
/ town il manifest in another way. The
/ West If growing old. II has come 10 the
period when 1t Is able to go alone The
younger generation is taking the place OF
! the fathers and mothers who first To-
/ Gated on the claims, and the older genera
1 tion is doing what has been done in the
| East for long, long years-moving 10 town
and living easily and comfortably on the