St. Paul daily globe., 1889-09-22
The EBB HAS CEASED
And the Full Tide or Prosper
ity Will Shortly Be
Upon Us.
Encouraging Inquiry and
Outlook for Dealers
in Dirt.
With Rapid Transit, There
Will Be a Rush for Sub
urban Plots.
Values of City Property Ex-
pected to Increase SO
Per Cent.

A good inquiry for property the past
week. The most noteworthy feature III
the realty market was the reported con-
tract for thiTty-five acres of Reserve
township property at $4,000. There
have been number of Eastern invest
ors in the city, and, altogether, the
traffic Unreal estate is beginning to show
the vigor which has been expected and
written about the last six weeks.
The settlement of the rapid transit
problem has done more than anything
else to add momentum 10 the market.
Without means of transportation the
suburban parts of the city were inac-
cPSSible to the great mass of the people.
who have hitherto been crowding the
business center TO an almost alarming
degree. All this will now be altered.
With rapid and convenient transit facil-
ltieS. opportunity is afforded people of
limited means to rent or purchase their
OWN residences. The Reserve town
slip and the Midway district will profit
largely from the legislation of the. city
council the past few weeks. aud already
3 good many houses are beginning TO
rear slywards, while the prospect of
building in these districts next year is
of the most reaSSurIng character.
FirSt-class property throughout the
city is on the advance. as may be eX-
pected when an Old established firm re-
port that for such realty there are more
buyers than sellers. Property owners
will continue to hold out until after the
end of the year, as the more cOnSery-
alive real estate men feel that after the
settlements of Jan. l are closed, and
business men see how they stand tinan-
sially, there will be a very active
market, and large business transacted.
There are millions of money in the East
not employed at the present time.
Railroad stocks have not altogether
proved the most desirable kind of in
Festment, the best stocks having paid
but small dividends and a still larger
number paving no dividend at all. In
terest rates are very low in the East.
and capital is looking to the West and
Northwest for sure investments. This
capital, once swept into tie Northwest,
VIII find profitable investment and thus
will encourage other capital to come in.
Altogether the outlook for st. Paul's
continued growth is flrst-clasS. The
development of the past two or three
years has been wonderful. the building
activity something unprecedented; st.
Paul last year standing third city in the
United States in the record of money
expended in the erection CT new build
ings. But at the same time the values
of city property are much below its act
ual worth. 1t is most singular fact that
the values aIe below such cities as st.
Louis, Denver, Kansas City. Los An
geleS, San Francisco, and the young,
thriving business center OF Washington
territory. This IS very peculiar fact,
and is thus explained by A. X. Bush
nell:
st. Paul is a rich city-a city where
the capital and business of the North
west is centered. 1t has great many
rich men and a large number of rich
estates. These parties are the owners
of large wholesale and retail business
blocks. They have erected these build
lhgs with their own money, so that the
uDbuilding of the city has been largely
1One by the capital owned right in our
midst. This is not the case with most
Western cities. They are built largely
with the capital furnished from the
East. The fact of Eastern capital not
coming into the city in any great guam
titles until within the past year, has had
q tendency to keep down the property
values. The capitalists have not been
made thoroughly cOgniZant of the pay
Ing capabilities of st. Paul business
property, as it was owned solely by
pity men. Had outside capital been
more freely invested, the investments
afforded would have been more widely
known throughout the East, and the in
fux of capital would have been so great
Us 10 have forced the values to their
proper figure. 1t is only a question of
time when property will command the
price it is worth. Eastern capital is be-
ginning 10 flow in.'