St. Paul daily globe., 1889-02-17
ST.PAUL REAL ESTATE
Demand for Improved Prop
erty in This City by East
ern Capitalists.
The Metropolitan Hotel viii
Be Ready for Business
This Spring.
Seventh Street Property De-
sired for Theatrical Pup-
poses by a Syndicate.
Dealers Report an Active Mar
ket and Sales Steady and
Remunepatiye.

Curiosity has been manifested to
learn the reason why SO much money is
offered in this city on loans maturing IN
three or four years, and thinking men
have been studying its bearing on the
city. A real estate dealer and good
business man being asked the question,
stated the case as follows: Railway
stocks have been on the decline. Divi-
dends have steadily decreased, and
many roads have failed to pay any.
Stock has also declined. so that the last
months OF 1888 and the commencement
of 1889 showed that the bulk of railway
stocks had declined to point so that
there was loss even after allowing
any dividend that had been paid.
A capitalist purchased a GER
tain stock four years ago at
III. During the time he owned it he
received. dividends equal to 16 percent.
Upon trying to sell he found that he
could get only 9S for his stock. Capital
in the Eastern states has been largely
invested i'll railway interests. The
Atchison. Topeka & Santa Fe is an
illustration. 1t was built by capital
from Boston. Millions of dollars were
put, into it and yet it needs mere meney
yearly. and owners of the stock are pa
tiently waiting for dividends,
s'The Northwest is well considered in
the East, and many capitalists are di-
recting their attention to this section.
st. Paul ranks well, compared with
other Western cities. Its bonds are
taken promptly ana its credit is high.
There are many reasons why st. Paul
should receive q good share of the
money accumulated in the East. The
excitement in Southern California has
declined. Capital is afraid to go there:
Values in Kansas City have advanced
rapidly, and nothing is doing there in
real estate. The progress of Kansas
City thus far has been due largely
to the Eastern capital that has been
poured into that city. The chances
therefore are largely IN favor of st.
Paul being selected by many in the
East as safe place for investing their
money. Such investments as the Endi-
colts have made. mounting into mill
ions, and the solid building they are
erecting, as we'll as the large buildings
being erected by the New York Life
and the Germania Insurance companies
show how the city is being advertised.
Money is plentiful for safe loans, and
this is an indication that an early
-
Negotiations are pending for
lease of w. p. Murray's property on
Seventh street for the purpose of erect
ing a theater. The lease is to be for
ninety-nii.e years at $1,000 year for
the first five Years on yatuation Of
100000, with revaluation every five
years.
The reopening- of the Metropolitan
hotel, corner Third and Washington,
will 0ccnr about the 1st of April. This
well-known hotel has been thoroughly
renodeied and completely changed.
Real estate men report inquiry for
property on the West side flats
which will be benefited by the Broad
way bridge. Owners hold their prop
erty stiff, and agents find it impossible
to obtain concessions. They claim that
the bridge will bring this property SO
near the wholesale district as TO make
it very valuable for warehouse, trans
fer. manufacturing and trackage pur-
poses.
: There is good deal of building in
West st. Paul. John Lawton is erect
ing a big block on Prospect Plateau.
Alr. Lindsey is also erecting building
near Concord street and Brown avenue.
Mrs. NJ. l.. Barteau is ready to COM
mence work OH her SiX-Story apartment
house, corner Oak and Ninth streets.
The foundations were put in last fall.
The structure is to be completed Oct. l,
and will be called Hotel Barteau.
*%
J. Fairchild & Co. report an improve
lnent i'll business. Their sales for the
week amounted to $4,000, and were
scattered throughout the city.
c. c. Fairchild reports that large
amount of Eastern capital is coming
here for investment. One party writes
that he is ready to take Sl,000.0o9 worth.
He wants all improved preperty,sso chat
afe can secure an immediate Income
from it.
Messrs. Clark & Bryant report a few
sales at the stock yards. all orimproYe-
ment. In addition to these large
number of new houses have been COM
menced there.
Or. J. FL. Bryant, formerly of st.
Paul. but now located in California, has
recently written letter to friend in
ST. Paul, in which he, gives some inter
eSting matters about California. "Real
estate" he says. lis not SO active there
as itWaS year or two ago."
-
Stone & Morton have been doing
something all the week, in the regular
way, but they have not found any in
creased activity. Sales have been steady
and regular.
John Matheis has commenced the
erection of a new brick block on
st. Peter street, between Seventh and
Ninth streets.
Eighty feet were sold oh Pleasant ave-
nue. near Forbes street, during the
week, at $3.50 per front foot.
Messrs. Davis 6, Brown report sales in
South st. Paul and one lot on Martin
street upon which will be erected
residence costing 81, 800.
E. Holloway q Co. sold at auction
yesterday, lot 9,~block 10, Warren Il
Winslow's addition to st. Paul. for
81. $50 to Robert Fitzgerald.
The Record.
LAST WEEK 5 TRANSFERS.
Monday ............... ..l4 So2,090
TUESDAY. ..............'. -'.'-..1t Leu
Wednesday ......... ...... Ia 1852
Thursday -. ....---....--.-.!4 OIL 70
Mid