The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-05-14
TURNING TO REALTY
A Significant Feature of the Oneida
Block Purchase.
RECENT PREDICTIONS VERIFIED
The Investor in This Case Has Been
Dealing in Bonds and Other
Securities.

Walter L. Badger made the principal.
sale of the week. The transfer Of the
Oneida block from the Oneida Building
company to G. Stanley Mitchell, aside
from the Importance of the sale as al
fecting the financial status of Fourth
street and First avenue S. and the swelling
of the total sales of the week 100000,
has another significance, interesting to
dealers in stocks and bonds and to real
estate investors. sd. ...
Mr.. Mitchell comes from the Milwaukee
family which for years has put its money
solely in securities. Mr. Mitchell has sold
securities enough to buy this building.
In other words, he has begun to change
from one form of investment to another;
to what extent he will continue is another
matter. - H.
Real estate men have been contending
for years that when the stock market
reaches the limit the investment, and
speculation in real estate will begin.
George Mitchell, the father. never put
money into real estate until Mr.. Badger
interested him in the corner of Hennepin
and Seventh where he built the Mitchell
and the Wells buildings. The fact
that his son has come also into
the local market shows more en-
phatically than could mere words that
the venture has been successful; that
the Mitchells admit that real estate is
tangible security Tor money.
Another thought is suggested-one
which local financiers should digest-that
the Mitchells come to Minneapolis with
their cash to invest because they have
confidence in Minneapolis and in its dirt.
The one bought property practically va
cant, the other property which, with some
contemplated improvements, is ready to
bring in large returns. '''- .. T.. o..
Cash was the only item in the transfer.
n ND rot IN
tered into the deal. If an outsider is
willing to invest 100000 fiat here, surely
| local men can afford to buy. Sometimes
| the outlander sees the future more clear
| ly than the resident. At any rate, no
| real estate man or shrewd Minneapolis
investor will deny that G. Stanley Mitch
| ell has shown, through the Offices of his
agent, a keen foresight: ''.:-'-
Washington Avenue Sales,
Another good sale was the purchase by
Olaf o. Searle, secretary Of the A. E.
johnson company, of the old First Ma
| tional bank property, at Nicollet and
Washington. This corner has been offered
to local capitalists, some of whom now
express regret at not securing the prize.
| Mr.. Searle illustrates a wisdom that other
tenants might we'll emulate-the pur-
chase of the property which they have
been renting as business homes. Mr..
| SeaII6 COuleulp ldl6S changes WHICH VII
cost $4,000 in addition to the $50, 00(
| which he is to pay the bank when the con-
tract is completed June /.
| The closing of the purchase of the st
| James hotel corner by the directors of the
! Union City Mission is another good feat
ure of the week. The first payment o
$685. 900 has been made to the Connect
cut Fire Insurance company, and within
the year the balance of $22,500 will b.
! forthcoming, if the campaign for funds i
as successful as it has been in the las
ninety days. The raising of the first pay
ment by subscription and the closing o
the deal in ninety days, reflects credit OF
the financiering ability of President T. E
Hughes and C. M. Stocking, aided by 9th
err members of the committee If citizen
who will contribute smaller amounts d.
as we'll as have H. G. Akeley and others
the Hartford company will not wait tn
year for their money. AS already stated
the corner is to be immensely improved
Here is another instance of fact tina
when some one wants a piece Of propert
others are anxious to get it. larg
wholesale establishment expected to ge
Mr. Ames' hostelry, but to speak com
monty, "fell down"
The two purchases by S. T. McKnigh
this week is an evidence Of the extrem
confidence which he has in the city. Tc
gether with the purchases of Mrs. Sall1
Moon and those of her son. the total in
vested by this family is considerable
Mr. Meningitis investments this week 9
Sixth avenue S and Fourth street and e
Mary place and Twelfth foot $4,000. WI
Goodfellow followed with a $4,000 pull
chase adjoining the site of his new build
ing on south Fifth street.