Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-02-18
rURNIsn1NG rKsEMENTs.
Ho,c Real Estate O,Uners Can Sell Their
Property aud Build Up the City.

Ho,c Real Estate Ooners Can Sell Their
Property and Build Up the City.
To the Editor of the Globe.
Articles have appeared in your columns,
editorial and otherwise, from time to time,
calling attention to the necessity of provid-
ing tenement houses for the growing popu-
lation of our city. SuggestionsAh have been
made that capitalists individually OF collec-
lively invest in tho enterprise of house
building to prevent people from leaving st.
Paul, and to afford accommodations
to tho incoming population. The necess1-
ties of our mechanics and laboring men,
clerks, statesmen and others for houses to
live in have been urged upon the attention
of our capitalists. All of these suggestions
are in the right direction, but the practical
responses are not seen in the erection of the
houses. Now I will make a suggestion,
which, if carried out by the owners OF real
estate, will result IN giving Us all the houses
we need. The money to build the
houses is already provided. Fully twenty
five thousand dollars per month is rendered
the mechanics, the clerks, the statesmen, the
merchants and the incoming population to
build houses by the II or IA building and
loan associations of ST. Paul. But these
people require lots, and this want can only
be supplied by the owners of real estate. Do
the owners of real estate desire to sell their
lots? This is the only thing in their way,
If they do and will sell them SO that the
buyer can give first mortgage to the build
ing associations, giving second mortgage
and other security, personal or otherwise, to
the settler of the lot, the problem can be
solved.
Now 1 suggest that the owners of real
estate odyertise their lots to be
sold in this way, or form an
one or more lots to be sold in this way. They
can build up their vacant additions, add to
the value of their other property, meet the
great want of the city for more houses, and
thew can do it all without investing dollar
of money. The Building association will
furnish all the money. And they will do it
at such low rates of interest that the man
who builds the house will pay no more for it
monthly principal and interesD than he is
now paying for rents Or would pay in rent
for similar house. At the end of eight
wears the house is his own instead of his
landlords.
1t is simply question whether he will pay
OEG " lO VI VSN Va %oo PCT AiOosh AoA A'o
own house, or pay it out for his landlords
house.
But the real estate man replies, ~ can't
take second mortgage. will have no Sc
curity."
This is not true. He will have as much
security az most landlords have who rent
houses. He will have the strong self-interest
of the purchaser to have home of his own,
sufficient to induce nine -tenths of people to
pay their rent for temporary home, and he
will have whatever additional security (the
second mortgage getting better every
monthly the personal security gives him.
But if he should lose the lot entirely, and
get his now wilderness addition built up
With houses, he will be mani
testify the gamer. Many of these
large holders of vacant lots had better give
away ono lot out of every three they own,
than to get up ''boom'' to curse the city in
the future as in the past and sell to specu-
lators who put up the prices and bar out The
people.
For the sake of st. Paul's future let US
avoid real estate 'boom." Sell low to
actual builders, and there will be a healthy
rise, and in due time q great city and
Great fortune for the real estate men.
If dozen owners Of real estate will come
forward with their lots, make the offer OF
$4,000 per month to improve them on
tshalf of our building association.
]. ". Moc1vSe,