The Renton Addition: Seattle’s 1889 Speculative Gold Rush
As property developers paved the way for Seattle's expansion, one man's high-stakes sale of the 'cream' of Beacon Hill real estate signaled a city-wide frenzy for land and infrastructure.
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.
Papers are to be signed today for the sale of three-fifths of the stock of the Seattle Construction Company, owned by Mr. Fred E. Sander, to Messrs. George M. Bowman, G. F. Wittier, and Junius Rochester. The transfer includes the Yesler Avenue and Jackson Street cable lines and all lands and properties appertaining to them. The deal has been under negotiation about a week. Messrs. Bowman and Rochester have owned about a one-fifth interest in the road from its inception, and it is understood that the purchase of Mr. Sander’s interest is made for St. Louis capitalists who are seeking a permanent investment. Under the new management, improvements such as double-tracking both lines and improving the roadbed will be continued. Mr. Sander secured control of the road two months ago, and it is stated he sold at an advance of nearly $75,000 over what he paid. Following this, the Renton Addition property, situated on the plateau at the summit of the hill on Madison Street, is slated for its first major lot sale. The location offers a magnificent view embracing the city, West Seattle, the harbor, the Olympic Mountains, Lake Washington, and the Cascades. Developers Crawford and Conover have announced that no lots can be secured in advance of the June 5th sale date, noting that the addition will be the 'Beacon Hill of Seattle.'
“The addition will be the Beacon Hill of Seattle and everyone recognizes the fact.”
This 1889 account of a 'speculative gold rush' for land on Beacon Hill and Madison Street feels strikingly modern. Today, Seattle remains caught in a similar cycle where rapid transit infrastructure, property development, and the arrival of outside capital define the boundaries and costs of urban living.
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