St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-06-09
4 BASIS OF VALUES,
It Is Established by the Sale
of Reform School Prop
erty.
Dealers Are Delighted, as II
'o-scz-----z- - $3.50
Stimulated the Inquiry,
Already Brisk.
Street Railway Magnates and
Midway Property Owners
Reach an Agreement.
Indications Are That the Ca
BILE Line Will Soon Be Ex-
tended.

STATE ItlUlul SCilCOi. ~ AtNSAN 49,
has been thought or talked OF. ana
almost every broker attended. Inns
sale is one OF the most important events
that has occurred for many years. Inc
block on which the school is situated
has stood in the midst of plated prop
ertv. with streets on every side. but
with no possibility of street or alley
penetrating. A great, impenetraole
block like this always has prejudlclal
effect OH the development OF adjacent
property, and this has been no eNcep-
ton. The opening of streets through
this will prove of immeasurable beneht
to the city, and this will be still more
the case when Rondo street is put
through. A great error was made
in plating the property, an error
only rectifable when the next
legislature convenes. But the city
council has it i'll its power to provide
remedy which will greatly improve the
present status. The opening OF Rondo
street Is vital question TO a large ana
increasingly populous district. With
this street opened through to st. An
thony avenue, the street car line can DE
extended. Without it, the line, II eX-
tended, must take very roundaoout
route. The prices brought by the prop
erty are most satisfactory, pelng lroin
IL to SO per cent over the appraised
value. This has established a definite
basis of values in the Midway district.
basis very much needed. There were
men who. before the sale, maintained
that the appraiSement was far too h!gh.
They claimed that the property was not
worth any such figures. That tEey
were wrong has been cOnclusively
proved. The class OF men who at
tended the sale was composed Tor the
most part of local capitalists. Many
of these bought extensively, though
the majority of the lots went to specu-
lators from the East. Confidence mas
been restored in the minds of those who
have for some time lacked it. Men have
been started in career Of buying, and
when once they get into the habit OF
puving they are going to continue.
This makes the prospect for a lively
summer and fall business very bright:
1t is to lie hoped. however, that st. Paul
men will not fall into the mistake OF let
ting outsiders buy up all the valuable
property in the city. and then next
spring find that they themselves have to
give an advanced price. By buying
now ST. Paul men can reap the profits
liltlilScltCS ttllt tliO OulSittSio SiNS
the advance. This sale has started the
price of property up. An instance of
this was brought in very marked way
to the notice OF those at the
sale. 4 gentleman who owns
large block of land within
three hlocks of the reform school prop
erty, which he offered for $50, 600 few
weeks ago, was offered $4,000 cash for
it on the sale ground yesterday. He re-
fused the offer, stating as bis reason that
from the way land has sold there, he
concluded to hold his land at $4,000.
This one of the strawS that show
which way Tie wind is blowing. The
result of the sale will undoubtedly be a
fifn er real estate market. Property in
the Midway district will advance at
once, and will carry with it that of all
the city. The cable car extension prof.
ect is gradually coming to head. A
contract has been drawn up which is
perfectly satisfactory to the street rail
way company, and is probably the
strongest contract ever obtained by a
set of property owners from such a
corporation. By this agreement the
company will run car every five min
utes from Broadway to Fairfield avenue.
West of Dale street the cars are to run
twelve miles. and east OF Dale street
ulEG lllltS Ill liOul. uG ldlt lOl Tic
whole OF any part of the distance is TO
be five cents, and the last car is to go
west at midnight. The value of every
foot of property within six or eight
blocks Oh either side OF the new line is
affected, and it is a conservative esti-
mate to say that lots now selling for
Sl,100 or $1,000 will sell for $500 to
$500 as ION as the line is in opera
ton. A meeting of the property owners
is called for next Thursday evening in
the Chamber of Commerce. The meet
ing will start sharp at s O'Clock, land it is
of the greatest Importance that every
property owner within six or eight
blocks of Sebly avenue should be pres
ent, as the agreement between the COM
pany and the committee which had the
matter hand will be
SUBMITTED FOR RATIFICATION.
Then Will come the important matter
of raising the 100000 and other details
necessary to the accomplishment of the
enterprise. If large proportion of the
bonus is promised at once, mile of
track will be laid and probably operated
during the coming fall. Every one must
recognize the fact that the price of
property in the Midway district will be
materially enhanced by this extension,
and the only thing necessary to push it
lilOuSh uIltGQ Gu
operation Of all property owners in rails
ing the requisite bonus. The subject
OF rapid transit will also be discussed
at meeting at Hamline next Tuesday
evening at s p. m, at which the needs
of the Midway district will be discussed
Building activity in the suburbs is I'M
precedented. A drive across Ar
1ingtoD Hills to Mississippi street
reveals over five hundred houses now in
course of erection. The same is true of
every suburb, while in the heart of the
city no one can remember the day when
so much work was being done and of so
substantial a nature. A prominent
Cleveland, O., man was gazing from
the eighth floor windows of the GLOBE
building yesterday. He had never been
in st. Paul before. and expressed him
self as being utterly amazed at what he
saw. The following new buildings were
pointed out to him: The Germanla
Life, New York Life, Pioneer Press,
Endicott and Arcade opera house
blocks, besides other smaller affairs.
He said lie had never been in city be-
fore in which so much building could
be seen from one window. All this
building is distributing money: every
house built gives employment to num-
Der of men, and every home finds a ten
ant at once, generally the owner. A
number of those who bought lots
at the reform school sale bought
with the avowed intention of building at
once. Every real estate mans Office is
besieged every day by numbers of men
wanting building lots, and the inquiry
during the past week has been
unprecedented. A few goodiy-sized
transactions have been made, and many
more are just being closed up, in the
nf t>xrIT
whose interest in st. Paul is daily on
the increase