The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1905-08-12

An. essential feature of Minneapolis
real-estate conditions is the fact that
Its property is owned mainly by it's
citizens. This was not always so. The
fact removes Minneapolis from the list
of typical western American cities.
1t was not long ago when it was
deeply lamented in the press that Min
neapolis was dependent on foreign
money to create real-estate demand.
Large blocks of property were held by
eastern banks and eastern money Joan
-ers. When the city was taking it's
first strides the east was looked to for
money. Mortgages were given in large
amounts as security. When the bot
tom dropped out Of the boom, fore
closures began, and within the legal
time of thirteen months after lis pen
dens was fled, huge chunks of Mime
mortgagee.
AS real estate continued to slide
down hill, this property was put in the
snap column. Before the bull inter
ests had fastened sufficient apprecia-
lion on local values to put snap prop
erty out Of reach, investors began to
take it up and soon all the snaps had
been swept from the marl.et into the laps
of local buyers. All It's time home
houses and lots: When the city had
recovered from the shock Of the de-
pression it was found that Minneapo-
lis was largely Minneapolis city.
Still there was some pessimism over
THE fact that local capital refused to
ENTER the speculative market, or to be-
gin buying business properties for in
D.. H. L +l0+
while local capital could be secured
easily for any other sort of Investment,
lit, SHE'D at the suggestion of real estate.
This condition was overcome as soon as
money began to realize possibilities
lhere in that line. Two Or three CAPT
Italists began to show their faith in
real estate. Interviews with such citi.
Izens as NJ. B. Koon, A. E. Merrill and
other substantial men of business had
result that today it is hard to get in
side business property here at any
price. Business men have discovered,
to their chagrin, that it is practically
impossible to secure any sort Of a site
lwithin ten blocks Of the center.
The fact that certain fixed corners
iare practically immune from deprecia-
Etion Influences was discovered thru a
! study of the growth of other cities. 1t
was found that strategic points exist
led in Minneapolis as well, and to the
1credit Of the city, it may be said that
the situations are now held by Mime
Sapolis- investors.
1t is we'll remembered that Levi NJ.
Stewart, G. D. Dayton, S. T. Mcknight
and u: s.. Gillette were pioneers. To the
list of the new buyers may be added
tit, the Palace Clothing House, W. L.
Harris, j. B. Gilfllan, the Rands. J. r,
sWyman, the Orpheums Circuit company
the Minneapolis Paper company, the
Electrical Engineering ompany, the
La Crosse Implement company, the Park
aConstruction company, j. U. Barnes, w
A. Ramsey, L. S. Donaldson, Theodore
Curtis, Northrup, King & Co., J. B. Hud.
j son, the 500 line O. o. Searle, J. o.
Rogers, G: F: Piper, Mrs. Alice Hall
David G. Bell Investment company, j
j.. Tourtellotte, S. Jacobs & Co., E. J.
sOyBrien, Judge G. M. Pond, Northwest
srn Knitting company, Northwestern
National Life Insurance company, F. P
SNicoll, w. F. Bechtel, Clinton Morrison
Nv. J. Keith, Emery Mapes, W. B
5Boardman for syndicate, E. G.. Walton
for syndicate.
Sperience Of western cities that they
must depend almost entirely on for
seign capital to control the real estate
4situation as we'll as the building cap
5italixation. Minneapolis has secured
much of its building impetus from for
selgn capital, but an examination OF
the list of the new buildings erected il
minneapolis the last ten years will show
i q large proportion Of Minneapolis CAPT