The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-02-07
Real state
CHANGES slip Avn Az
Moneyed Residents Seem Not to I'm
derstand Opportunities, Says
Edmund G. Walton.
improvements on Nicollet Made by
Non-residents Duty Of the
Real Estate Man.

Edmund G. Walton in a conversation
regarding the duties of the officers of
the real estate board and the position tax
en- that every member should be willing
to do committee work or Quit, said to-
day:
1--WE have among us men worthy of
recognition in any of the big business
centers, and able to hold their own under |
any circumstances. 1t is said of us in
New York, Boston and Chicago that !
Minneapolis has more highly educated and
keen. clear-headed real estate men than
any city of its size in the United States
1.-THE city, although growing to a Won
derful extent, is still unfortunately not
even fairly understood by her own
moneyed residents. Third in the United
States in the number of building permits
issued in 1902, we still find it almost i'm
possible to interest local money in our
building enterprises On Nicollet avenue,
| for instance, from Washington to Sew
enth street how much properey owned by
residents has been improved in the
| last few years? Out of $500 feet Of front
age, 1895 is owned by residents of Min
neapolis and only ,O05 feet by outsiders,
and yet it is the outsiders who have put
in new fronts, built new buildings and
pushed improvements.
Ito my knowledge no single resident
owner of Nicollet avenue frontage has
awakened to the fact that Nicollet ave-
nue. has no equal as a retail street in this
| country. They have none such in New
| York, for Fifth avenue, in all it's glory,
cannot show eight continuous blocks on
both sides of the street of beautiful
show windows Respondent with art.
Broadway with its street cars cannot be
classed with Nicollet for minute Look
! at Washington street in Boston or State
street in Chicago. What are they COM
pared with Nicollet? Go to st. Louis;
New Orleans, Cincinnati San Francisco,
Kansas City or st. Paul. All you find is
a broken up retail center without base
or cupalo It is only in London and
Paris besides New York that you find
long, continuous streets. This goes to
show that in original design, at least, we
are destined to be their equal
Ten years ago our bank clearances
averaged in rough numbers $6,O00,O0O a
, week with a population of 100000 peo-
pie. Now we average $4,000, 900 a week
with a population certainly not less than
, 250, 900. And yet outside of a very linn
, tied circle, real estate values are the same
: as ten years ago. A week or so ago we
, were talking about the high price Of the
corner of Seventh and Hennepin, Just sold
at $500 foot.> More than this was paid
= fifteen years ago for the corner of Tenth
!, and Hennepin. now occupied by the pub
y lie library. Sixteen years ago Nicollet
avenue frontage between .1IISlllll dllu
i Ninth STREETS sold for 81, 900 foot and the
corner of Fourth and Nicollet, now oc-
cupied by the A. D. T.. company, for IS ,000
. a foot. Clifton avenue property sold
. readily at $2O0-a foot and when Lowry hill
y was opened, just ten years ago, its choice
: corners went nearly at $120 foot.
'These facts, and the reason we are not
e doing the same to-day, is because we our.
e selves have lost the confidence Of oul
!, own moneyed residents. Why, know
e not, but it is a fact that outside of very
= few, including such men as S. r. Nc
Knight L. S. Gillette and Judge Gilfillan
it seems impossible to interest local CAPT
talists.
"Only two weeks ago / knew Of a cas-
"a where a well-knOwn citizen appeared a
his bank with his statement wishing t
borrow a few thousand. His statemen
ID showed mortgages receivable amounting
le to S62. 900, and clear real estate, much Q
is it income bearing. amounting to $4,000
and yet the cashier of that bank, i
l. granting the loan, said the only bad PAL
is about the statement that it was a
real estate or securities on real estate.
IS, Real estate is the best thing on cart
j. because it is earth. A greater part of tn
j. assets of any railroad company are ii
rs terminals and roadbed. No steamshi
ul company is any good without docks; n
city is any good without building; and II
man, without a home: yet this highe
education of bank clerks seems to try an
teach them that all these are not deserI
ing of credit without bill of lading or
st certificate with a gold stamp.
What we fellows want to do, then,
-. to fall in line and stick gold stamps a
IL e over our warranty Deeds push the Torre1
" system of registration for all we al
II, worth, and make our bankers understar
81 that our assets are the original basis
he ,,ausbt. +Io.+ Nc i, fa:ot .ra r,,,o;
~ ~ banks, for we have what they have nc
- good old mother earth; they are o.
III tenants, we are the landlords, and in tim
~ like these we should do the talking al
as ch;idron 1ou wow, od,,o,t tod ~ ,,,o,,t
possess home and our children will BILE
us for the thought and continue to Ike
this great country Of ours in the first pla
DOL among nations