St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-01-22

&S9VgW V290
The market during the past week has
developed great activity, and has justi-
{ fed the prediction that inside property
would be eagerly sought for and pur-
chased at reasonable rates.
~
The old stone building known as the
Metcalf seed store, on the northeast
corner of Fourth and Robert streets,
was owned by one Bowling, of st.
Louis, Mo-; or rather, it was owned by
two brothers of that name. For many
years they have declined to sell the
property at any reasonable price, al
ways demanding far higher price for
it than the surrounding property was
held at. During last summer one of the
brothers died, leaving John Bowling
sole heir and the owner OF the entire
property. Recently negotiations were
commenced for the purchase of this prop
erty, but it was very difficult to obtain
any price from the owner. He finally
entrusted the sale of it to his attorney,
Cyrus j. Thompson, in St. Paul, who
was ShreWd enough to manipulate two
would-be purchasers, the one against
the other, and to obtain the highest
price therefor that has ever been paid
for real estate in the city of st. Paul. 1t
was bought by the Pioneer Press Build
ing company. The ground is seventy
five feet fronting ON Robert by 124 feet
6 inches along Fourth street, and for
this small area the successful bidder
has contracted to pay 100000, all cash.
Col. j. II. Davidson sold fOrty-feet adj
Joining it on the north, fronting on
Robert, by 124 feet 6 inches in depth. to
fnr
cash.
AS showing the steady advance in
real estate, it may be interesting to
know that Col. Davidson purchased this
Identical fOrty-five feet from Messrs.
Greve and Oppenheim in 1888, for $500
per front foot, and purchased from
other parties the brick hotel north of it,
known as the Canada house, for $3.50
per front foot. Himself and Commo-
dOre Davidson purchased from Quinby
& HallOwell the old carriage factory and
the store building occupied by Bohrer
d Smith, for $500 per front foot. All
this property is now worth 81 900 per
front foot, and is regarded as very
cheap at that price;
1t is said that the purchase of 12O feet
on Robert by 12417S feet in depth is for
immediate improvement. The contract
of sale for it provides for possession be-
ing given March 1, and it is said to be
the purpose of the purchasers to i'm
prove this property with stately and
/ expensive building during the coming
summer.
q The Germania Life insurance COM
-pany has purchased SOx1OO feet on the
FIcorner of Fourth and Minnesota streets,
for consideration of $751; 900 cash, and
this also is to be improved by a large
building, for the headquarters of the
icompany in the Northwest. This COM
pany has heretofore had Headquarters
building at Berlin, and one in New
, York city. The directors of that organi-
zatiOn have decided that the interests of
Z the company would be greatly enhanced
|. by having similar building in the
Northwest; hence they made this pur-
lefase, and are preparing actively for the
Immediate construction OF a magnificent
Zone.
There are four or five other moneyed
corporations doing an immense business
in the Northwest that are actively look
ing the field over and seeking suitable
location on which to build. 1t is not
unreasonable OF improbable that half
a dozen new enterprises of this kind
will find fOothold in this city within
the next twelve months. The construc-
ton Of these new buildings on Fourth
street, the completion and operation of
the cable line, will make this the lead
ing street of the city as a financial
street, and as street for business
offices.
~
Seventh street will undoubtedly con-
troll the retail trade, and will take most
of it except that which has already
been established on Third street. The
benefits of the cable line will extend the
whole length of Fourth, from Broadway
to the intersection with Third street at
Seven corners. The extension of the
cable line at Broadwayand East Sew
enth, If it ever takes place, will make
Broadway one of the most desirable of
the streets running at right angles with
the Mississippi river, and although the
bulk of business is now west of Broad
way, the time is not far distant when
Broadway is likely to be the center of
business, as it is now about the geo.
graphical center of that part of the city
lying east of the river.
~
The disposition of investors is to take
hold of property around which improve
mentS have already been made, even if
they pay extremely high prices; in other
words, on Jackson, Wabasha, Robert
and Fourth streets, they prefer paying
from 81 900 to 81 500 per foot rather than
to go down Oh Broadway and buy prop
erty at from $500 to 5000 per foot, and
yet the Broadway frontage will double
its present price much more quickly
RI
1890 per front foot will again double.
Those who are shrewd and far-seeing
realize that the time to make invest
mentS ON the most profitable basis is to
buy while property is cheap, when no
one wants it, provided that it is so To-
Gated that there is certainty that in
the near future everybody will want it,
and be willing to pay good prices for it.
Dealers declare that there are undOubt-
h eddy more speculative opportunities on
r Wacouta. RoSabel, Broadway, Pine,
b John and KittsOn streets at present
T prices than there on streets between
EeoWabasha and jackson, and of the large
capital which is coming here for invest
.ment, a good many are beginning to see
that they only need exercise little
lep patience and they can make more
/ money out of the property which is on
[ the edge of the present center, and not
in immediate demand, than by paying
fancy prices for the highest-priced and
h most centrally located property.
|ec -
Pi A number of lots have been sold on
lJSt. Anthony hill. Considerable inquiry
IFS being made for property on Dayton's
bluff. and there is a general awakening
| all around. Every agent who has
| good list of property is beginning to
ohave more inquiries. There are more
I parties who desire to look at property,
and in every way the market is exhibit
ing some decidedly encouraging feat
| ureS.