Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1880-09-19
LIST. Louis Chronicle.

chamber of commerce is for sale st Gan i'm
mense sacrifice" One hundred and forty thou
sand dollars is named as the price, good,
clear title to be given, subject to first
mortgage amounting to $860,000, bearing
6 per cent. interest. According to the archi-
tect's figures the building cost, in round
numbers, 81, 1,25o,o0O, and the ground 1851,
700, thus making total cost
of $1,817,000. It will be evident
at a glance from this show
ing, that there is discrepancy of nearly
$1 100000 between the cost price of the
building and for what it is now offered for
sale, with no buyers. Mr.. Rufus j. Lack
land, president of the chamber of commerce
association, accounts for the discrepancy on
the ground that the structure was construct
ed in flush times, when everything was high.
As consequence, the ground, which was
probably only really worth 100000, cost
$50O,000. The building estimates and con-
tracts were all made OF correspondingly high
figures. The building was undertaken, ex-
plains another gentleman, to be constructed
without regsrd to cost, and through unnec-
essary extravaganza has cost from 100000
to $500,000 more than it ought to.
The plan was not only the most expensive
that could have been adopted but it
was carried out with the
most lavish extravaganza. The pillars
and front stone work, instead of being in
solid blocks would have been just al durable
and handsome if made of rough hewn blocks
faced with finely dressed stone. In this
manner some of the finest buildings in the
United States have been built. Here alone
large sum, enough to more than put the
property out of debt, might have been saved.
The gentlemen who overlooked sd con-
trolled the work were conscientious, but they
made grave mistakes, and the results is that
the building has to be sold to pay TIE cost of
the extravaganza. Every dollar Of the stock
subscribed has been sunk, leaving heavy
mortgage and large floating debt. With
more careful management the building could
have been erected for the amount of stock
subscribed and that borrowed on first mort
gage. There were some criticisms of the
plan upon which it was constructed, but
this was mainly on the score Of want of
economy.
Not the least interesting and instructive
feature in the history of this magnificent
structure is where the two millions of money
came from. The $S35,OO0 Of stock was sub
scribed mainly by the business men of the
OAUy IL oAAouAHo IauStAS lIoAA VA3VoO W
$25,000, though it is to be regretted that
many persons unable to lose subscribed
large sum in the aggregate. There are
about two hundred and fifty stockholders,
some of whom took small amounts from
300 to $500, Nearly half of the names on
the stock list are down to $4,000. Among
the subscribers are number of ladies,and in
several instances persons subscribed for their
children in the belief that they were making
sure and profitable investment for them.
The second mortgage bonds, worth, if the
plans of the association can be carried
out, about 25 cents on the
dollar, are said to be held
mostly by the principal promoters of the
building. Or these there are $220,000 out
standing, and which may be added to the
amounts contributed by the list of stock
holders given below. There is debt OF
100000 which stands somewhat in the re-
lation of third mortgage. This amount
was due in judgments and building liens,
and nine gentlemen generously indoIAed
notes to relieve the building of this debt,
the ultimate cost to each one being $1f111.
These nine gentlemen were r. j. Lakeland, !;
Charles L. Hunt, A. w. Alexandria, Adolphus
Meier, Charles Green, J. 81. Beach, Web. NJ.
Samuel, DR.. r. Rowland, and George Knapp,
every one of whom had already contributed
largely to the building fund.