Speculators and Real Estate Sales in Munice, Indiana

Goshorn of Cincinnati Ready to Donate Towards Improvements


Publication: The Muncie Daily News

Muncie, IN, United States
p. 1, col. 3 - 4


One of the Commercial Poisons.












Its Drivers Uses and Many Abuses

By Manipulators.


There is no doubt but that Muncie just now is in the infancy of a wonderful period of growth and progress. Even the most conservative are forced to admit that in a short time our population will be doubled and even tripled. One of the . . . [illegible text] . . . that is producing this remarkable growth is the gift of nature natural gas. Generated by the warming influence of the gods is a . . . [illegible text] . . . agency, an invention of man speculation. The former without the aid of the latter would have made our own grow and increase in size, but the increase would have been too slow to please this progressive age. The latter, speculation, is a tonic and yet a poison. Judiciously administered it will do more for the town in a few months than gas could do by itself in as many years. But just as sure as we get too much of a dose it will injure our town as much as though the natural gas wells would stop flowing.

A Cleveland newspaper man went to Findlay and dispatched his paper as follows:

"Veterans in the affairs of the boom here remark a falling off in the number of visitors to the town, but this fact has only served to intensify the activity of those who have staked their all on the future of the place. The simple fact appears to be that the most speculation has been had in outside property, in distance from two to four miles from the central part of the town. The area covered by syndicates and private ventures is known to be as great as that of New York city, and, while every one concedes that there must be a considerable town here if gas holds out, no one has the temerity to predict that all the territory under speculation can be occupied, even under the most favorable circumstances, within the period of fifteen years or more. Hence some one will 'get left,' but whether now is the time to let go is the question that is . . . [illegible text] . . . uppermost in all minds, though will outwardly protest that the boom is yet only in its infancy. Two things plague the speculators: The first is the vast area in hand here, and the second is the well settled fact that all the high pressure belt from St. Marys to the lake is debatable ground. The question of the permanence of the gas is not allowed to enter into the computation. One thing is noticeable, and that is that few good buildings are going up. Men and women come her, spend a day in town, get confused with the reverberations of the boom, buy a lot or two . . . [illegible text] . . . and if then . . . [illegible text] . . .. But few buy to improve. . . . [illegible text] . . . vast quantity of gas, the gist of the thing, is patent to the most superficial observer. A cool headed visitor said to me: 'It looks like a speculator's boom, and not one bottomed on material facts.' This seems a fair criticism, but has an explanation . . . [illegible text] . . . fact that the bride of . . . [illegible text] . . . twenty-five years from now, have been discounted already. Though the most flattering inducements have been and are offered to manufacturers to bring their works here, such as free sites, free gas for five years, land bonuses in the shape of local contributions, there has been no provision made for the most important matter connected with a factory the working man and his family. Houses for them there are few, and few in prospect, and the prices asked for land suitable for homes are so high as to be absolutely discouraging. But money has been poured into real estate in unprecedented amounts. According to a local newspaper the transfers of Wednesday amounted to over $378,320, and those of the past week to over . . . [illegible text] . . .. Almost the entire amount of the transaction were between speculators, and on one knows this fact better than the speculators themselves. Hence there is a tact understanding that heroic treatment must be resorted to to keep the boom afloat. Confidence is supreme and . . . [illegible text] . . . but something more than speculation is needed to make a town. This the Board of Trade . . . [illegible text] . . . recognizes, and at its last meeting the leaders of the syndicates met the citizens and took important action. A purpose of $1900 per month for three months was raised to advertise the town. A representative of the Cleveland Trade Review was present and said that if assisted, that paper would publish an excellent may of the town, give its many advantages in detail, and find its way into the hands of 25,000 readers. A proposition to raise $15,000, to be mainly used in newspaper advertising, was favorably considered and given an encouraging start. At this meeting it was reported that 35 manufacturing establishments, large and small, now exist in the place. The belt line railroad, so much talked of and by some asserted as assured, was spoken of as still under consideration."

"As the papers have been full of the prices paid for land here, I will only cite a few cases in support of what has been thus given. Just west of he Joy house on Main Street, and probably as good a location as there is in town, is the property known as the 'Judge Corey place.' It is 100x200 and 'before gas' could hardly have been sold at all, and certainly, according to opinions of candid men here, if sold would not have realized to exceed $3500. Judge Swing, of Cincinnati, bought it for $25,000, has been offered $50,000 and asks $60,000."

"After careful survey and inquiry, I am safe in saying that there is not in this entire township a lot 50x200 that can be bought for less than $250. The clash of booms in this belt is terrific. When boom meets boom, hold your ears! Findlay, Fostoria, and Bowling Green are having a triangular serenade that reminds one of the three cornered duel in Capt. Maryatt's 'Midshipman Easy.' "

It is gratifying to know that Muncie is not suffering from an unhealthy growth, and there are many reasons for thinking that it will not. In the first place the buyers are not real estate sharks, who intend to boom the town on paper without any substantial foundation. We have more factories now than Findlay, if there are only thirty-five there. And we know that many of the men who have purchased real estate here intend to enhance its value by locating factories on the ground. We know that some manufacturing establishments have been secured by the Board of Trade, and that they will secure many more.

Messrs. Meade and Ohmer, of Dayton, most assuredly intend to improve their properties, both by factories and dwelling houses.

Messrs. Goshorn, of Cincinnati, stand ready to donate their share of money to secure improvements for the town. They invested their money, of course for the profit, but they are ready to help the town when they benefit themselves.

Mr. Wm. Harris, of Union City, is as enthusiastic for Muncie as any old resident. He is always on the lookout to secure manufacturing interests, and spends more time and money after such features. Enough country land has been laid out in lots around Findlay to make a town of 1,000,000 residents. We shall be sorry to see a day in the very near future when all of Centre township is platted. It is ridiculous to think that a town can grow so fast. It is folly to allow speculators to put prices so high that a man who wants to locate here with family cannot buy a lot. Muncie does not nee 10 square miles laid off in lots with only one house for every two hundred lots. Let us not . . . [illegible text] . . . ourselves with the idea that $1,000,000 in real estate is of as much benefit as that much in factories. We want the town to extend the corporation line and not let the line outgrow the town.

We must repeat that we may not be misunderstood that the City of Muncie is not now effected by any such an unhealthy boom, and a stranger will attest to the truth of this statement. Hundreds of houses are being builded in the town and as fast as possible homes are being made for the people who are flocking to the town. The men who are purchasing much of the suburban properties are manufacturers. The tireless activity and ceaseless vigilance of energetic Muncie men will see that real estate scalpers do not get the cream of our prosperity to the detriment of Muncie's interests. Muncie is now on the high road to success, and the real estate men must not be allowed to go so fast that the city will be left behind.


Researcher notes: 
Supplemental information: 
Researcher:Bob Stahr / Roger Lucas
Date completed:June 4, 2010 by: Glenn Drummond;