St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-01-08

Some of the younger class of the real
estate dealers in st. Paul manifest dis
position to endeavOr to excite the mar
ket, and to cause what they call boom
by gross and inexcuSable inflammatOry
talk. Longer experience in the bust
ness will teach all such persons the fooi-
ishness OF such course. No person
can be deceived as to the condition of
the market. 1t is not active, nor is it
even approXimating activity. There is
a fair, steady inquiry, with moderate
sales and considerable buying. while the
indications are that when the spring
opens there will be very good, healthy
market, with much more activity than
there now is.
This is about what the oldest and most
reliable dealers in the city will say of
the condition of the market, and it is
probably very near to the truth. EX-
cept for the fact that the sales are not
as numerous as they were, the market
new er was in better or more healthy
condition than it is at present. 1t is
well known fact that is settled by the
concurrent testimony of the bankers.
the real estate men and those who hold
mortgages, that they have never seen a
time when mortgages were paid up so
promptly as they have been during this
winter, and are being now. This
and Therefore has nothing of
neWness, or originality about it. Still
it is well enough to bear it in mind, for
it certainly is the most noticeable feat
ure of the market, and one that will
have a very great bearing hereafter
upon it. 1t will make a great difference
whether people go into the spring with
their mortgages paid up and with no
obligations weighing them down, or
whether they are loaded down with OBJ
legations bearing heavy interest.
In the one case they will feel free to
buy and to make improvements. In the
other they will not dare to buy at all
without taking unwarrantably risky
chances OF beng hOpeleSSly sWamped.
This fact of mortgages being so univer-
sally paid UP is regarded by business
men as the most significant fact yet de-
yeloped. 1t is something that has never
before been observed here, and cannot
fail to have its due effect upon the bust
ness of the season.
az
The near approach of the opening of
the cable line has created a new activ-
lty for lots in all the additions near the
line on st. Anthony hill. Half the
agents in the city have been running
their legs off for two or three days past
to secure lots within two or three blocks
OF the cable line. 1t looked like the
activity OF last winter, and know
beginning. The fact is that everybody
has doubted about the cable being Oper-
ated till some time next spring, and
those who proposed buying have not
been in hurry. Now that it is about
to be put into actual operation they are
all frightened lest it create ''bOOm''
that will raise the price on the lots
which the parties intended to purchase.
-
The consequence is they are all
Scrambling now to get contract before
the confidently expected ''boom'' breaks
loose. Inside of ten days the cable line
will doubtless be in operation, and it
will present scene of activity along its
whole length such as has never been
seen before in st. Paul. Those who
have waited so long will probably get
left, as everybody, nearly, understands
what the effect will be of the actual
opening of the line for traffic.
The next thing will be that those who
have learned wisdom by experience will
push out East Seventh street and secure
property in that direction, which will
actually double in value whenever the
cable line is constructed out East Sew
enth street. 1t will be great benefit
to its owners during the carnival season.
The Warrendale improvement COM
pany has A. F. Gauger, the well-known
architect, preparing plans for seventeen
dwelling houses tn be erected at War
rendale in the spring. Work has been
continued ON the foundations all the
fall and up to the time the snow came
down so heavy, when it became neces-
sary to cease work. Nine of the founda-
tons are completed, and stone is being
hauled for the others. Work on the
other foundations will be recommended
in February. These dwelling houses
will cost all the way from $500 to
$4,000.
A deal was completed last week
amounting in the aggregate to 1882, 200.
The property purchased extends from
John street in lower town to Ramsey
street in upper town, and comprises
lots located on John street, Seventh,
and Third. The prices ranged from
1926 per front foot to $3.50. One thou
sand dollars were offered per front for
the lot west of the Bodega, Oh Sixth
street, and refused. Some of the prop
erty sold for 1926 per front foot was
west OF the Seven corners, on Seventh
street.
Another big railroad deal was in cir
culation during the week. Which way
it is coming into town has not yet been
settled definitely. Some say that it is
coming up through West st. Paul, while
others that claim to know assert that it
is to come in from the east through the
territory south of North st. Paul. 1t is
given out that the road will expend
over 100000 in its terminals here in
st. Paul. On the strength of these rep
reservations parties have been endeav-
oring to get options on a large number
of acres out in that vicinity, but they
were unsuccessful, inasmuch as the
other side had heard the reports and the
property could not be secured.