The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1904-02-06
Real Estate
DRAWS LESSONS
FROM FLOUR CITY
r. M. HURD's BOOK ON CITY
LAND VALUES.
Constant Reference Made to Minne-
apolis for Illustrations-Study of
Principles Underlying Values Now
Regarded as a Necessity by Real
Estate Men.

r .chard M. Hurd's new book,
Principles of City Land Values" is
being read carefully by Minneapolis
real estate men. Values and valua-
tions are receiving more attention
here as 1t becomes better known that
accurate knowledge of the basis and
the principles Of valuation is neces-
sary to become a good realty or rental
agent. Mr.. Hurd's book, which men
tons local features, is becoming a
text book here.
Mr.. Hurd is president of the Law
yers' Mortgage Insurance company of
New York. Year ago, when placed
in charge of the mortgage depart
ment Of the United States Mortgage
and Trust company, he could not find
in this country or abroad books on
judging values. His own work is the
outcome.
His viewpoint is that of a conserva-
tive lender on real estate. The ma
terial for the study of average scale
of values is drawn from valuations
obtained in about fifty cities.
References to Minneapolis
Constant reference, in deducing the
reason for land values, is made to
Minneapolis. Values here are affect
ed by the water power and the series
of lakes scattered thru it's site.
Mr.. Hurd states that cities originate
tact with the outer world and grow
in the lines of least resistance or
greatest attraction, or their resultants.
Also that growth in cities consists of
movements away from the point Of
origin in all directions, except as topo-
graphically hindered, these move
ments being due both to aggregation
at the edges and pressure from the
center. TO illustrate this picture of
st. Anthony in 1857 is given, showing
that Minneapolis itself originated as
an overflow from st. Anthony, the
starting point being determined by the
bridge resting on the islands, which
are pictured. 1t is mentioned also as
a. truism that cities on the west side
of a river grow west, the main direc-
ton being usually controlled by
topography.
In the discussion Of the unit from
which a plat is built up and of the
ground plan of cities, plat Of the
| block between First avenue N and
| Hennepin, Third and Fourth streets
| is pictured to show variations in the
! division Of blocks from the alley. He
says alleys are a modern development
| which, in large cities where land is
| closely utilized by means Of interior
courts and light wells, are a detri-
ment in interfering with economic ar
| rangements.
Currents of Travel.
! In an analytical chapter on Cur
rents Of Travel" in mentioning
movement, Nicollets avenue is In
stanced as, an example Of a carriage
trade" street because it bears no street
car lines.
The chapter on building types is
exceedingly interesting to the builder
and owner Of stores. A dozen photo
graphs show the mistakes in building
from a show and business standpoint
Attention is called to the changing over
Iofa buildings to give more show room
and photograph is given of the COR
ner of, Fifth and Nicollet, being re-
modelled into the present Andrus
building store fronts, "a not uncom-
| mon reconstruction.
In a chapter on the scale of average
values the business section Of Mime
apolis, tributary to Nicollet and Hen
| nepin avenues is represented, show
ing the values of corners in
| dollars per front foot, for lots
of average width and depth. In
another place the map of the entire
city Is shown giving values of residence
corners. The author says in connec-
ton with the first map:
"The proportion between 1an6
values due to different utilities varies
widely in different cities, evidencine
the response of special sections t.
special forces. Thus the best bust
ness and the best residence land in the
same city shows in New York
with $4,000 front foot FOL
business and $4,000 from
foot for residence land, a pro
portion Of to /; in Buffalo witt
$4,000 for business land and $500 fol
residence land, a proportion Of to l
in Minneapolis, with $4,000 for bust
ness and 800 for residence land, {
proportion Of rs to /; and in Seattle
with $4,000 for business and 500 fol
residence, a proportion of 20 toll
A review of the book reveals inter
esting facts and deductions therefrom
Particularly is it good reading in Min
Eneapolis because of it's continual ref
erence to land conditions in the three
principal Minnesota, cities.