St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-26
Obstacles in the Way OF
Accepting the Reform
School Site.
The Real Estate Board Is En-
deavoring to Adjust the
Difficulty.
Surplus Eastern Capital Will
Find an Outlet in
st. Paul.
Importance of All Real Es-
tate Men Attending the
Board Meetings.

Quiry from the East. Sucn is the Sltua-
ton. Such it has been for months, only
it is getting more so every day. The
plethora of capital in the East, COM
bined with the demand for money in
the West, is having the effect
which has been predicted in these
columns for months, viz: causing
the great capitalists to turn
their ewes westward for investments.
Here in st. Paul we can give them
bigger rate of interest Oh their money
with better security than they can get
anywhere in the East. This incOntro-
vertible fact is gradually dawning on
the minds of those who are seeking out
lets for their surplus accretIons OF
wealth. The finest investment to-day
in the United States is ST. Paul real
estate. 1t is held at low figures compar-
atively speaking, and cannot fail to re-
turn handsome prolific any purchaser.
Every train brings men OF wealth to the
city seeking for property. The prncl-
pal work which has engaged the atten-
ton of real estate men during the past
week has been showing outsiders the
choice property III st. Paul. Every
broker tells the same story. Every III
yestment broker tells the same tale OF
wise men from the East attracted by
the star of st. Paul coming to see what
they can do in the way OF financial in
vestments, either in the way of buying
property or mortgage loans. One OF
these men who was driven over the city
during the past week, and shown the
ponderouS buildings in our midst and
the myriadS of comfortable homes on
our outskirts, remarked: You should
not say that business is quiet, as no one
would know it without being told"
There is an air of prosperity about the
city which demonstrates one fact very
clearly, and that is that while there is
little or no money here for speculative
purposes, there is abundance for i'm
provement. There are certain districts
In the city which have built up so rap
idly that few people know what
there is to be seen. In GER
tain parts of the Midway district.
and in Arlington Hills hundreds of
houses have grown up during the last
month or two. Still. people say things
are quiet" While they may be quiet
In the way of not much property chang
ing hands. it should be remembered
that this building boom was necessary
before any great activity in transfers
could occur. So much property had
been sold, so many additions plated,
that until considerable amount Of this
had been occupied by houses and taken
from the market, there was little chance
for much buying by residents. But it
is now apparent that Eastern Specu-
latOrs are preparing to place large sums
of money in ST. Paul property. This
will
REVIVE THE SLUMBERING MARKET
and cause an activity that will send
prices up. At the meeting of the real
estate board yesterday rapid transit
was again the all-absOrbing topic of dis
cussion. While talking about cable-car
extension subject arose which is OF
the most vital Importance to all resi-
dents between Selby and University
avenues namely, the possibility of
stleet-car extension on ROndO street. 1t.
was pointed out that if the plat of the
state reform school lands, as now exist
ng,weIt on record. it would forever stop
all chance of extending the Rondo
street car line, besides making that
str ct end at Lexington avenue. 1t
will be remembered that the city engi-
neer and plat commission refused to ac
cept the plat for this very reason. COM
blned with their objection to an absurd
jog in Syndicate avenue. The city
this action. Theu the reform school di-
rectors got a bill through the legis-
lature authorizing the register of deeds
to place the plat on record. This
he has not yet done, and it is very I'M
likely he will in the face of the objection
of the plat commission and city authori
ties. He will certainly not do so until
the county attorney has had all Oppor-
tunity to express his opinion Oh the law.
This he cannot well do before the sale,
which commences June 6. In the
meantime there is no recorded plat of
the land and the sale cannot take place
until there is. This state of affairs was
brought before the real estate board
action was necessary, commit
tee was appointed, consisting of
Messrs. W. E. Burton, w. A. Sum-
mers. Fl. S. Fairchild, Charles A. Moore
and H. A. Campbell to see if they could
not revise the plat so as to meet the re-
quirements of the city. This committee
held a meeting yesterday afternoon in
II. S. Fairchild's Office and examined a
few material changes in the plat, sug-
gested by Mr.. Wilson. These consist
OF doing away with the little street
called Norton dlace, which runs from
sheol to nowhere. Rondo street is run
thOny avenue at the jog. The lots
and south instead of east and west. The
effect of this is to increase the number
of lots by one, and to vastly enhance
the value of number of them. 1t was
estimated that the change would en-
able the reform school to realize $4,000
to $4,000 more. The suggested changes
were heartily Endorsed by the commit
tee, and the members of the reform
school board are to be asked to
meet the committee at H. S. Fairchild's
office at p. m. next Wednesday, to
see if they do not prefer the new
plat to the old. 1t is confidently eX-
pected they will, and there will be no
difficulty in the way of the acceptance
of the new plat by the civic authorities.
The new plat would greatly improve
the chances for getting the street car
line extended on Rondo street and also
provides for a small triangular park,
besides increasing the number and
value of the lots. The reason for this
action on the part of the real estate
board was the apparent
IMPOsSIBIIITY OF THE SALE.
coming off unless something was done
at once. The board also discussed the
unifcation of values and cable car ex-
tension. Satisfactory progress was re-
ported in both these projects. and great
advantage is likely to accrue to property
owners at large through these mediums.
The members of the board who have at
tended the meetings regularly so far
urge upon the attention of others who
have neglected them the Importance of
attending these meetings. Not only are
subjects of great interest and impOr-
lance discussed, but it is necessary to
have the opinion of every real es-
tate man Oh the subject of values. 1t is
pointed out thu that every man in the bus,
mess knows more about some particular
section of the city than any one else.