St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-03-20

CITY HOSPITAL SITE
The New York Life Company
Foreeloses Its Mort
gage on 1t.
END OF AN ASININE DEAL.
City Is Out Twenty : Five
Thousand Dollars in
Cold Cash.
END OF AN ASININE DEAL.
LUCKY GEORGE A. BRACKET
He Was In Need Of Money
and the City Provided
1t for Him.

every time they thought of the
asinine deal which the city closed
with George A. Bracket a few
months ago for the ostensibIe pur-
pose of providing the city with hos
pital building, but in reality for
helping Mr.. Bracket out of his
financial difficulties, may now take
their revenge. They can utter that
portentous phrase, II told you so,'
to their hearts content, for the in
evitable has happened. Yesterday
morning Sheriff Holmberg sold the
city hospital site and buildings on
a mortgage foreclosure. The prop
erty was bid in by the New York
Life Insurance company, the mort
gage, for $4,000. The city had al
ready paid Mr. Bracket $50, 600, and
and it can now whistle for at least
half of it.
There has always been some doubt
as to who owned the site and build
ings-the New York Life or Mr..
Bracket. When the city was cast
ing about for site the board of
charities and corrections espoused
the cause of Mr.. Bracket, who had
a fine site to sell, and was dying to
sell it. Mayor Eustis worked like
a beaver for his friend Brackets
property, and would hear of mono
other. 1t was whispered about that
Mr.. Bracket was in financial dis.
tress, and needed money" This
argument was used among the al
dermen and with members Of the
board of charities and corrections.
After an immense amount of lob
Dying and scheming, Mr.. Brackets
proposition to sell the site and tho
buildings thereon for 100000 was
accepted by the board, which had
$4,000 on hand. The council was
asked to issue $4,000 in bonds to
make up the purchase price, and
accordingly, on June 9, the bonds
were voted. The transfer was made.
and Mr.. Bracket was paid s25. 600
in cash.
AT the time the deal was closed
the Bracket property was incum-
bered by a blanket mortgage for
$4,000. Mr.. Bracket agreed to re-
move the incumbrance and give the
city clear title to the property in
lee absolute, it being understood
that the board should not paw over
the $4,000 until this was done. Mr.
Bracket, however, experienced
great difficulty in securing a release.
as the New York people demanded
$4,000 for a satisfaction.
But Mr.. Bracket was not content
with the $25, 600. He needed lust that
much more, and got it for the ask
ing. About two months after re-
ceiving the first $3.50 he asked the
board to come again. explaining
that he would give the city a trust
deed on other real estate of his in
the city. And, Notwithstanding the
fact that the other property was in
numbered, the request was readily
granted, and the money was handed
over to him. AS the matter stands
now, the board holds a trust deed
and has $4,000, but it will cost at
least $4,000 to get the hospital back.
besides considerable sum for legal
expenses.
If Mr.. Bracket should consent to
secure the $4,000 the city would be
greatly obliged, but it appears that
he is under no obligation to do so
the city having by the acceptance of
!. the trust deed relieved him from any
legal claim which might be made.
Mr.. Bracket mortgaged his prop
erty to the New York Life company
in March, 1898. The property in
question includes practically all of
the block bounded by Fifth and
Sixth streets south and Sixth and
Seventh avenues. In September. '93.
the second installment of $25. 600 was
asked for, and as the whole matter
was under the control of the board.
the action of the five gentlemen
constituting that body is hard to
understand. In advancing Mr..
Bracket money a second time, the
board seems to have thought that
the $4,000 held by the city as the
balance of the purchase price was
security for the removal of the $780,
600. Mr.. Bracket, however, enter
tanned no such delusion, nor did he
presume to ask for the additional
$4,000 without putting up more Sc
curity.
The loose and unbusiness-like
methods which characterized the ac-
tons of the board have been con
demned on all sides, and at the time
the deal was contaminated those
familiar with it were eager to know
when Mr.. Bracket was going to
remove the big mortgage on the
property.
The minutes of the board, under
date of Sept. 6, 1893, when the second
$4,000 was advanced, record Mr..