St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-06-30
The week IN REALTY
Everything Seems to Be Hang
ing Upon the Rapid Tran
sit Scheme.
Suburban Property Alone Is
Affected, and Is in Great
Demand.
Public Improvements That
Will GLADDEN. Hearts or
Taxpayers.
No Cause for Alarm Over the
Jnearthing Of the Great
Conspiracy.

7 The past week has been productive
of many matters of interest in realty
circles. The two most prominent feat
ure of course, have been the develop
ment of the electric car scheme and the
exposure of the forgeries of deeds.
Meanwhile the cable car extension has
received its due share OF attention, and
the subscription list for the bonus mas
been materially added to. The inquiry
for property has increased very greatly,
being stimulated by the projection and
completion of better facilities in the
way of rapid transit. Eastern capital
lists have been placing money in large
amounts in the hands of their brokers,
with instructions to invest anywhere IN
the Midway district. The East enc
also, which is greatly improved and
brought nearer to the business center
by the opening of the East Seventh
street cable line, receives considerable
attention. This part of town has been
also rendered more desirable by the
prospective opening of two large parks.
THE ELECTRIC RAILROAD
project is in fair way to consumma-
ton, only depending on the action OF
the city council. Mr.. Holdridge, in
whose hands the matter has been
placed, said yesterday: I'VE have not
vet completed the schedule of valua-
lions and assessments, but expect to
have it ready by 10 o'clock tonight. 1T
is tremendous job, and entails more
work than anybody who had never gone
through it would imagine. Wehad first
of all to draw up list of owners OF
every individual lot. We had then to
place a valuation on each lot. which 1T
was necessary to check, by inquiries
of the men most familiar with values in
that particular neighborhood. After
this was done. we had to figure out the
relative benefit accruing to the different
owners, and base our assessment on
percentage of values. We are well
along with it now, and shall in all prob
ability get through tonight. don't
think there will be any dissatisfaction
with our valuations, as they have been
very carefully prepared. l anticipate no
difficulty in raising the requisite
bonus. Many men have already
come to us saying they were willing
to contribute their share as soon as
ever it was needed, looking at the prof
ect from the point of view that 1t
would improve their property in direct
ratio to its proximity to one or other OF
the lines. Those who have been asked
their views have all expressed them
selves favorably. In fact, this was
about the only way OF raising an actlv.
ity out there in legitimate way"
Thomas Cochran Jr. was asked how
they were progressing. He replied: Il
have held several consultations with
those who are directly interested in the
cabIe-car project and have arranged for
a meeting Monday afternoon. Every
thing is harmonious between us, and we
have agreed to make division of the
territory OF money raised therefrOm.
We can do nothing definite, however,
until Monday, when we have the assess
Ement list to go upon" There is no
doubt about their ability to raise the
requisite bonus, and the success or fall
ure of the project depends solely upon
the action OF the council Tuesday
night. If the council sees fit to grant
the franchise. the roads will be in oper-
alton by the time the snow flies. 1.-THE
franchise is denied, the roads Will not
be built. a -"
THE BONUS FOR THE CABLE-cAR
extension is being rapidly raised. Hon.
Alex Ramsey walked into E. q. Han
dy's Office the other day and stated that
he had figured out the amount due from
him: it agreed with the figures of the
committee, and he signed his name,
pledging somewhere about $4,000. Col.
r. NJ Newport and Thomas Cochran
Jr. have signlfied their intention of
signing for large amounts as soon as
they can get the permission of their
clients. Figuring these as certainties,
the total amount raised is considerably
over $4,000. Some difficulty has been
experienced in dealing with some of the
outside property owners, owing to their
misapprehensiOn of the way in which
their subscriptions are to be paid. Many
of them have supposed that cash
was required. This is not the
case, except in the instances of men
who only own one or two lots, making
it almost necessary for them to pay
their small amounts in cash; but where
man can give lot, or several lots,
this Is the way he is expected to pay, as
the street railway company do not want
the bonus in cash, and any cash raised
will have to be expended in the pur-
chase of lots Before the sale of the
state reform school site the GLOBE
urged the Encouragement of the plat sc
as to admit of Rondo street being ex-
tended through to st. Anthony avenue.
This was found to be impossible, and
PRESSURE WAS BROUGHT
to bear upon the trustees to hold back
the lots affected, also upon prospective
bidders to abstain from bidding on such
lots. With the characteristic acumen
of real estate men, this was brought
about. Pressure was then brought
upon the council and board of public
works by both parties to have Rondo
street opened through. 1t is under
stood that this ''conSummation devoutly
to be wished is in fair way to sue.
cess. The board of public works
is prepared to ask the coun-
Gil to order the work begun
at once. 1t will be with great salts
faction that all property owners in that
part of the town will learn of this.
When this is done the street car line on
RondO street can be extended westward
without this will be almost impossible,
1t will also materially improve all the
neighboring property, and will leave
room for small triangular park at the
intersection of Rondo street and ST.
Anthony avenue, thus raising the value
of a certain number of lots at least sc
per cent. Great hope is in the hearts
of property owners that Rondo street
will be extended inside of the next two
or three months. Inquiry for all sorts
of property has been good during the
past week, while the loaning business
has been remarkably active. A strong
demand for money and an equally
strong supply has resulted in a good
business. Sales are picking up, and the
number of transfers is satisfactorily on
the increase. Despite the hot weather
there is little doubt of uery brisk and
rising market during the summer.
NO OCCASION TO WORRY.
There is great deal of unnecessary
uneasiness among real estate dealers in
general oveI the startling complications
being unearthed as the dastardly work
of the gang of real estate swindlers and
forgers. Many reputable real estate
lrQllprS laVtA -naruauS lu set To 1uarl