A Sober Assessment of the Seattle Boom
A local businessman warns Easterners against the 'real estate sharks' and urges caution for those moving West.
The story, cleaned up
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George W. Rummer, manager of the Denny Clay Company, wrote a letter describing the post-boom transition in Seattle. He warns that while the city is growing legitimately, the days of easy riches from real estate speculation are over. 'The wind went out of the balloon,' he writes, noting that those who came here expecting to double their money in thirty days often found the bottom had fallen out. He advises newcomers to bring capital and to be wary of 'real estate sharks' who stake out worthless land. While he remains optimistic about the region's long-term growth, he emphasizes that the era of blind speculation has ended, replaced by the necessity for honest labor.
“The sharpers found the ever greedy American easy prey. Why, all that was necessary was to survey some favorably located spot, lay out streets and stake off 50 foot lots; make a 'daub' picture of the new town, hang the 'painting' upon a street corner and rake in the coin.”
This 1893 critique of Seattle's 'boom and bust' cycle feels eerily modern. The tension between legitimate growth and predatory land speculation remains a central, unresolved argument in the city's ongoing housing debates.
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