The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-15
CITY NEWS
FUTURE IS BRIGHT R
Optimistic Outlook Of Lester B. Ell
wood, President Of Minneapolis
Real Estate Board.
Inaugural Address Delivered Yester.
day Points Out the Signs That
Promise Good Things.

Lester B. Elwood's inaugural address, |
as president of the Minneapolis Real
of optimism. Mr.: Elwood looks for great
things for the board and it's members |
He says:
1.-The members of this board may rea-
sonably take up the work of this year
with a strong assurance that during 1908
activity in local real estate, and that our
work, and especially it's part in the build
Ing up of our city, may be made increas-
1ngly important and effective.
The reasons for our faith are not far
to seek. nor difficult to grasp. The phe-
nomenal development of our, tributary ter
ritory, more, especially and increasingly
marked during the past five or more years,
has greatly enlarged the foundations upon
which the growth of our city depends.
During many preceding years much of
this territory in the Dakotas and beyond
has been occupied by the struggling from
tiersnan, whose hold on the unbroken
acres, far from markets, was precarious.
Now the changed conditions are bright
with hope in all directions. North Da-
kota Is taking the aspect of southern Min
nesota, and that accumulation of agricul-
tural wealth which was formerly the slow
result of a half century of struggle, is
now witnessed in a decade. 90, go, 49,
Meanwhile, congestion either at the
heart or the extremities, or both, has
been relieved by the constant extension of
the lines of transportation, reaching out
to meet every need Of the farmer, the
grazier, the miners and the merchant, with
facilities for ready and rapid Interchange.
'1n this connection we may we'll con-
graduate ourselves upon the widening and
deepening sentiment, which demands the
breaking down Of the Chinese wall upon
our northern frontier, which. when ef-
fected, will open up to- the trade of our
| cities an additional empire Of most mar
velouS natural wealth, already developing
with great rapidity, and SO attractive that
colonies from our older states are tenn
porarily expatriating themselves, lured by
| the fertile fields of the Saskatchewan;
and these, our countrymen and kindred,
will aid to swell the demand for open
markets and fair trade.
| Growth Of the City. =
"While our tributary territory has been
developing with such rapidity, our city
has steadily increased in every direction,
| its facilities for meeting the demands OF
the increasing trade. It is not necessary
at this time to do more than to give a few
comparative figures between the years
1889 and 1903 to show the response of
Minneapolis to the increasing demands Of
this, tributary empire:
clearinghouse receipts $24o ooo 900 $72oooo goo
Savings bank deposits. 4,5OO,O 600 E13,5OO,OOO
Postoffce receipts (Ex.
VI: s:s:sF: s:s::
! Flax receipts (bushels) $4,000 100000
Flour made barrels j. e,o9ooee 90 9 9SS
During the same period our jobbing
trade has steadily grown, the volume OF
business for the past year being more than
treble that Of 1889. ~ ..r..--'s f. a2 = O.
| In volume Of bank. clearances we now
stand the twelfth city in the union; in
postoffice receipts the fifteenth, while In
population we are but the eighteenth y
1.-THE growth of our city in all respects
lin business and In Ropulation-has been
Isteadily continuous and never 1nterm1t-
tent During the same period the growth
of st. Paul, although less than our own,
has also been continuous, and during the
| last quarter of century it has been evil
dent that in all our larger interests We
are one city, and that the local rivalry Is
| only the struggle between the two parts
of one commercial center, and pronaotive
of the growth Of the whole. It will not
be overlooked that, aside from the purely
commercial aspect Of the question, popu-
llation will inevitably center here, attract
ed by our beautiful locatfon-our schools,
| churches, parks, and all those existing
conditions which have already given us
a cultured citizenship. =
1.-The situation of the local real estate
market indicates very plainly that, the
advance in values, which has already been
evident during three years past, Will con-
! tinue and become more general. Inc re-
verish advance in real estate values which
followed our rapid growth during the dec
ade from 1875 to 1885, and eliminated In
a "boom," was followed first by stagna-
ton from 1889 to 1892, and finally by the
great depression Of 1893 and the years fol-
lowing, continued nearly to 1900.
.. - The Future. -
"This long period of depression natur-
ally following the boom period, carried our
real estate far below its normal level, and
below that of any other city. In the United
States of corresponding size and condi
lions. In view of existing conditions, 1t
is an easy forecast to predict that we have
entered on period Of advancing values,
which will make Minneapolis real estate
an attractive investment to the prudent
capitalist as we'll as to the investor look
ing for immediate business openings, and
the citizen seeking a location for a home
Already this Is evidenced by the careful
but steadily increasing movement wit
messed during the past two or three years
in our city, in which period large ag-
Igregate investment has been made, gen
orally in business property, including also
location of homes, and finally, a. limited
and quiet absorption of those vacant lots
which during the long depression have
hung like mill stones upon the necks OF
their Respondent, resident and non-resl'
dent owners. 3 d. =. : ,: s.,
"The members of this board should
make q. careful study of the existing stu
alton and meet it with intelligent energy
We should organize our forces and give
method to our work. IL
..Without attempting detailed advice,
suggest that we keep in close touch witt
other organizations having as an object
the upbuilding of our city, and In every
direction we should give such vigorous
assistance to all good work as shall estab'
lish the reputation of this board as ar
active and efficient factor in our city,s
development and general welfare.
while refer to this. board the study
and determination Of the special methods
:. to be adopted, I venture at this time t.
!. urge the need of efforts to procure sucf
tax legislation as shall place the burder
of taxation equitably and evenly upon al
: property This is an essential to the gen
, eral welfare and is > subject in which
: the interest of this board is inme diate
consideration of the special methods
of the work of the board devolves upol
each of us, and In conclusion = urge tn
earnest cooperation Of ALL
Entrance Fee May Be Raised.
= E. G. Walton announced that at tn
next meeting he would introduce reso
luton raising the entrance zee from
. to s25.
j. u. Barnes suggested a law whic
: Twill make it compulsory for attorneys I
II file the name and address and cuisines
,fof person against whom they nave Sc
: cured Judgment, so that when propert
S is afterwards sold, the real estate tagen
NAV readily find the right person. Til
49,, Z, r,l1rnOSe. of iden