The Collapse of a Real Estate Empire
After years of boom-time speculation, a prominent firm collapses under the weight of unpaid mortgages and political fallout.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
A sign on the window of a store in the Occidental block fronting on Yesler Avenue announcing that it is 'to let' indicates that the once thriving firm of Harry White & Co. is out of business. Of the many real estate firms which made money fast by the sale of outside additions, this was at one time the most prosperous and has survived the longest. Following the melancholy record in the county clerk’s files of an attachment by John Collins, the owner of the building, of the furniture and fixtures for rent, the office is closed. Harry White made money rapidly after the fire, mostly by platting cheap wild cat lands in town lots and taking a mortgage with monthly payments. In many cases, the first installment paid by the purchaser was equal to the price paid for the land. He got mixed up in politics and, by the use of money lavishly spent, succeeded in getting the nomination for mayor in a year when nomination was equivalent to election. He treated the mayoralty as he did his land investments, and the end was the same in both cases. Harry White & Co. are said to be involved to the extent of $40,000 to $50,000.
“He treated the mayoralty as he did his land investments, and the end was the same in both cases.”
The 'boom and bust' cycle defined early Seattle’s geography as developers platted 'wild cat' land in the outskirts. Today, the tension between predatory land speculation and the need for stable housing remains a central, unresolved argument in Seattle's civic life.
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