St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1894-02-25
LEASE OF THE MARKET
HOUSE PROPERTY.

The proposed lease of the market
house property for a term of ten years
at a total rental of S5S. 900 should not be
too hastily consummated. There are
many sides to the question that deserve
the serious consideration of the city au-
thorities.
In the first place, the rental price
proposed is entirely inadequate. The
property covers a large half-bloek in
n of the best retail centers of the
city. The property adjoining it on all
sides is held at a much higher valua-
ton. and, without buildings. returns
to the owners a much larger rental
at least double, and in several instances
four times that asked for the market
site. Again, the present is probably
the least advantageous time possible for
making a Longtime lease. Property Of
all kinds has reached bedrock values.
1t can go no lower; it must increase,
Z and thai in the near future. inNo1saga-
cious business man or property owner
would be guilty of making future con-
tracts on the basis OF present prices.
But ever at present rates. the rental
proposed would amount to less than l
per cent of the value of the property,
and before the expiration of the lease
the lessons would probably be paying
less than one-tenth OF l per cent.
1t is argued by the advocates of
the lease that the property is now
unprOductiye-that it scarcely pays the
cost Of its maintenance, to say nothing
rf fnfnrnnf ~. thu Tlx.-
is true, but the fault is largely that of
the city itself. The rents charged to
hucksters occupying space are nominal,
but a public convenience is served by
their being grouped at a point readily
accessible. The building and the bust
ness conducted within and outside it's
walls are eyesores to aesthetic citizens,
The cost of caring for the market is
much greater than it ought to be.
There are a market master and several
deputies, and nc end to the number of
lab0rers employed. None of the large
Office buildings IN the city. which are
kept in the best of order, are managed
as ~extravagantly. The owners could
not afford it. And yet the market
house never looks clearly, and people
avoid it as much as possible. With a
proper reduction in the number of en-
pioyes, and an increase in the efficiency
Of those who remain, the market might
be made far more attractive, and would
produce a much larger revenue.
But whether it Is profitable or other
wise, the present is not the time to sell
or lease the property. Values are at
their lowest ebb, and the price offered
is shamefully disproportionate to its
value. We leave out of consideration
the question of whether or not the bust
ness enterprise which it is proposed to
establish in the building will or will not
be a benefit to the city in general. That
is a matter of private concern. The
public is. however. interested in pro-
curing full value for its property, and
the tender Of S3s, 600 for a ten years.
lease is not one quarter of what the
public has a right to expect. 1t will be
the part of wisdom for the city 10 hold
the property for a few years, or until
the present stagnation in trade has
passed away. Then al opportunity may
offer for leasing or selling the ground
and buildings upon terms that will sub
ject the city to no loss. 1t is a matter
in which the city authorities can afford
to move slowly. y