Eastern Gold Trickles Back into Seattle
After eight months of investment drought, local agents report the first renewed interest from Eastern backers in Seattle property.
Eastern capital is again finding its way to the city for loans. J.W. Easte has received orders from two different parties to place money for them in either farm or city property, one of them being for about $30,000. He says these are the first direct Eastern loans he has received in the last eight months, and regards the orders as a most favorable sign of the times. Loans are being made by him and other agents of Eastern companies at 8 to 9 percent on inside property, and 10 percent on other and smaller loans.
“He says these are the first direct Eastern loans he has received in the last eight months, and regards the orders as a most favorable sign of the times.”
In 1894, Seattle was emerging from the stagnation following the Panic of 1893, looking for outside capital to jumpstart development. Today, while the sources of capital have shifted toward global institutional investors and tech giants, the city’s extreme reliance on 'outside money' to dictate the pace and nature of local growth remains a persistent source of economic anxiety.
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