The American issue. [volume] (Westerville, Ohio) 1912-19??, 1919-02-28
PEORIA OPTIMISTIC
OVER DRY PROSPECT
Business and Labor Fear No Harm
When Saloons Close

/ is ready 10 forget It's past and launch
out into an era OF new and greater
prosperity under the dry law.
The great Peoria distilleries arc al
ready or soon will be changed for 9TH
er lines of manufacture. Three Of the
largest distilleries will be turned into
factories for the production of corn
and sugar. They will employ more
men and use more corn than before
Laboring men foresee no hardships to
labor from tile saloons closing. The
number OF men involved is small COM
pared to the total number of laborers
in the city. 1t is predicted that prac-
tieally all who care to can easily OBJ
tain employment in restaurants, soft
drink parlors, factories, etc.
Real Estate Values Will Increase
The old claim that Prohibition hurts
real estate values is not taken serious
| ly by Peoria real estate men. Those
who have made study OF the Situa-
ton say that real estate values will
be but slightly and temporarily de-
pressed, it at all The general raise
i'll property values will more than
make up for losses in connection with
individual Saloon properties Real es-
tate men point out that saloon in a
block or in a building lowers the rent
al value OF adjacent property. ABB
normally high saloon rentals do not
compensate property owners for the
lower rent values caused by the near
by saloon.
Another thing pointed out is that
for years pieces OF real estate includ-
ing saloon property was depressed in
value because OF the uncertainty in
connection with the future OF the sa-
loon business With permanent bust
nesses occupying former saloons, real
estate values are bound to go steadily
upward.
Recently the Peoria Journal Trans
cript printed the following article on
the real estate situation as it will be
affected by the Prohibition law:
"a temporary ripple on the real es-
tate market in Peoria will be the only
effect of the passing OF the saloon
business July las far as property
values are concerned--in the opinion
OF majority OF the real estate men
OF the city.
Real estate dealers agree there will
be a temporary depression, followed
by a speedy readjustment. and in some
instances, an actual rise in property
values.
az feel sure the depression in real
estate values, incident to the large
number OF vacant buildings July /. will
be temporary John w Mcdowell, OF
the Title and Trust Go. said when ask
ed his opinion concerning the real es-
tate situation.
Immediate and Temporary
"'There undoubtedly will be an inn
mediate depression in the business dis
trict proper, but there is a constant
] demand for store space and the space
will be very quickly absorbed. The
affect on real estate values can be
summed up as immediate and tempo
rary.'
walter G.. Causey. president of the
State Trust & Savings Bank, and ex-
perienced dealer in real estate, prac-
tically echoed Mr.. McDowcll's opin-
ion. He asserts the depression will
be slight and brief in duration.
ID. s, Brown, OF Brown brothers,
declared that in Rockford, Springfield
and other dry cities in Illinois, the
vacant buildings were absorbed al
most Immediately and the passing OF
the saloon did not injure property
values.
Property Values Rise
zone possible result OF the new or
der. peculiar to Peoria, was forecast
| by one prominent real estate broker,
an expert on property values.
AZ am firmly convinced there will
| De an actual rise Ill the value OF prop
erty in such localities as the 500 block
South Adams street, he remarked
! Where the saloons are as thick as in
that locality the merchants have been
kept out because women will not go
to trade where there are SO many sa-
looms
| when the saloons close, many high
class merchants will absorb the store
space left vacant and rentals will con-
sequently rise. Ii is also probable that
districts in the residence portion of
the city will be similarly affected.
Where there are several saloons in a
neighborhood, rentals and land values
i 1