St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1889-05-19
Dealers Preparing a Schedule
OF Property Values in the
Midway District.
Every Property Owner Will
Be Asked to Subscribe
to a Bonus.
Danger Of OVERRIDING the
Building Of Large Blocks
of Offices.

ton presents few changes from IllaC IT,
ported in last Saturdays GLOBE. The
Supreme question in the mind of every
broker is-rapid transit. How to get
it? What is the best form? What dis
tricts will most be benefited? These
ere the questions heal I'd in every office,
on the curb, in the exchange, and every
where brokers most do congregate. 1t
is becoming settled fact in the minds
of the more enterprising property OWN
ers that the available means of access
to and from the suburbs must be very
much augmented at once. The fact is
that people are done with building in
the prospect OF getting car line. They
now say, "Give me the car line and |
will build" But they are willing to
make some immediate sacrifice to get
the extensions of the car lines, with the
idea of reaping future advantage
therefrOm in increased values OF
property. AS has been pointed out
before, there are large sections OF coun-
try on every side of st. Paul which
there is TO hope of developing or filling
up with residences until some means
can be provided for reaching the city in
reasonable length of time. OF course
these districts suffer materially from
the enforced idleness, but there are
other districts which are within easy
access of the business center of Min
ueapolis, from which st. Paul is only
reached by a clrcuitous rail route. st.
Paul suffers thus from her own inhabi-
tants being compelled to go to Minneap-
oils to do their shopping. The real es-
tate board and the property owners OF
the Midway district have had this mat
ter under discussion for several weeks,
and there now seems to be some posi-
bilty of definite result being attained
in more ways than one. At yesterdays
matter was again discussed. and
It was decided to endeayor to
interest the chamber of commerce
and city council in the matter. The
members of the board realize that this
is no time for passing windy resolutions
expressing their views, resolutions
which die stillborn. Action is needed,
and it is proposed TO take action
promptly. George FL. Hazard. presi-
dent of the real estate board. expressed
the opinion yesterday that the street
car company possesses no exclusive
franchise which would prevent any
other company securing similar rights.
He thinks the day of cable and horse
cars has passed, and that electric motors
are the best and cheapest things to use.
in these sentiments he is backed by a
large number Of the other members,
some means OF transportation which
will give cheap fares and quick transit.
Meanwhile the Midway district property
owners are working like beavers on the
cable line extension. The execu-
tive committee has finished a
schedule of. all the property
benefited, directly or Indirectly,
by the proposed extension. They meet
tomorrow and place valuations on
every lot. This is a big undertaking
and will take several days. After this
is finished schedule of assessments
will be drawn up and presented to every
property Of course this cannot
be termed an assessment exactly, but
is merely division OF the 800, 600 bonus
among the owners according to the pro-
portion Of benefit their property will re.
ceive. Egbert &. Handy, speaking OF
think any man would be asked to con-
tribute more than $50 lot, while the
minimum would be somewhere about
s25. So far as could be learned in a
cursory concensus of opinion OH the
subject every property-oWner expresses
his
HEARTY WILLINGNESS TO PAY
this assessment. j. w. Ham, for in
stance, said: 81 don't know whether /
have any property within the limits
they have drawn, as do not yet know
what the limits are, but if l have will
be very glad to chip in. do not think
the company'S demand at all unreason-
able, as there are two miles and half
out there which have no houses, and
the line cannot pay for several years.
eral blocks on each side will be en-
lanced in value by at least so per cent
inside of twelve months, if the ex-
tension is made. This is fair
specimen of the way all owners
look at the question. Tt is of the
highest importance, however, that none
of those who own lots should be shy, as
it will need the cooperation of every
man to raise the necessary bonus. Own
ers of single lots will probably pay their
assessment in cash, while owners OF big
blocks may make deeds Of one or more
lots, as they see fit. The cash will be
used in purchasing property, as the COM
pany will not take the bonus in any
other form. Col. Barr has made the
statement that he is completing arrange
of large majority of the property at
once, recognizing that homes out there
will rent we'll.
The end of the month Is being pre-
pared for by property owners, as that is
when they must pay their taxes. This
has made money rather close, and has
caused a tendency to ask for brief
loans. The rapidity with which these
are taken up shows the eagerness of the
desire of Eastern capitalists to invest III
st. Paul. Fl. S. Fairchild, when asked
how the market was, replied: s'Not
much selling, but big business in
money loaning, the past week having
had the placing of several good mort
cages as its principal FEATURE" All
agents tell the same story. Of course
natural that money should be wanted
to help pay taxes Oh the 31st. This has
made the mortgage loan business one of
great activity.
A large number of Eastern capita
lists are in the city now with view to
investing in real estate. A group en-
tered a prominent real estate mans
office yesterday afternoon and inquiry
proved that they were men who had en-
trusted him with the investment of
some capital in the past, had made
money out of it and wanted to invest
some more. 1t is to be hoped that these
men will not see fit to build any more
vast blocks of Office buildings for an
other year or so at least. The fact is
that when the Endicott, New York Life,
Germania, Arcade, Pioneer Press and
other blocks now in course of construc-
ton are finished, there will be room for
all the tenants and plenty to spare.
The Pioneer Press and New York Life
buildings can accommodate every law
yer and real estate man in the city and
still not be overcrowded. There is a
tendency to overdo this sort OF thing,
and the prices asked for Offices in the
new buildings will have to be reduced