The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1903-07-20
Quite Snug Figure When It Is Con
sidered That Only Two Dined.
(Chicago Tribune.(

S4ueISu mat Ouly Two O1neu-
Chicago Tribune.)
A Chicago man dined at a great New
York hotel a few months ago he had
but one guest and his check called for
only $S.15-Outside of the tp-an ex-
tremeiy modest amount for a dinner az
the hotel in question. It developed
later however. that the dinner had ac-
tually cost the man from Chicago
little matter of one-etghth of million
and that, it will be admitted, makes the
meal a historic one. so far, at least as
cost 5 concerned.
The Chicago man in question had
gone to New York 20 complete the pur-
chase of an entire block in the business
part of the city. He was representing
large wstern capitalists who wished TO
make an investment. He went about
his work shrewdly, working through
half q dozen or more local real estate
brokers. each of whom was intrusted
with the business OF getting an option
on one or more Of the separate pieces
OF property which made uD the block.
The whole deal was under the gen
eral direction Of the man from Chicago,
and his attorney. a New York lawyer
Of wide reputation. The Chicago man
made his Office in the hotel. To his
room each of the real estate brokers'
came every day to report progress and
TO receive directions for their future
operations. Everything was kept as
secret IS possible for all Interested
knew that IL the plan once got out
some of the property holders woult
boost their prices and do their best
TO hold up the intending purchaser.
The plan was kept a secret even from
the real estate men who were working
OF the deal. Each of them knew only
that he was expected 70 get options on
the particular pieces Of property indi-
Gated to him. and pains were taken to
keep them ignorant of the fact that
they were all working in the same in
tereSt. With this end in view a differ
ent hour was set for each of them to
report at the hotel. and time enough
was left between the appointments to
make it unlikely that any two of the
brokers would meet about the hotel.
The plan on which the Chicago pro
moter was working required for its
completion the purchase of every foot
OF the block, as improvements were
planned which would cover its entire
surface.
Every evening the Chicago man and
his New York lawyer dined together at
the hotel and talked over the progress
OF the day. After a month had been
spent in the securing Of options for six
months it was found that practically
all the property involved had been Sc
cured. There remained in fact only
single plot, with forty feet frontage
and a depth Of a little more than $50
feet.
Unfortunately this particular piece Of
property lay right in the center of the
block and stretched back so that it Gu.
the block almost squarely in two. II
the block was TO be covered with the
single great building which the plans
called for the possession Of that lot and
the old four-story building which oc-
cupied 1t was absolutely necessary.
1t must not be imagined that no eff
forts had been made to get an option
on this keystone 10 the whole property
The broker assigned to that piece had
exhausted his ingenuity in trying to
get an option. From the first he found
the old man who owned the piece IN
willing to give an option at any figure.
He would sell-yes-but his price at the
first interview was S50,0OO which was
Just $4,000 more than the maximum
set by the promoteFffrom Chicago. 50
the broker had been obliged to report
his failure and had been finally told it
made no difference-the property was
not at all essential and the Chicago
people did not intend to be held up"
Finally after Everything else was
we'll in hand the man from Chicago
sent his lawyer around to see the own
er of the forty feet frontage Ee was
authorized to buy the property out
Ilsul, paying S0O,OUO. II that should
prove necessary to get It.
Strangely enough. when the lawyer
called he was told that the place was
no longer for sale at $4,000. 1t had
gone up greatly since the brokers' last
interview. In fact Il would take an
even 100000 to buy it. The lawyef
went back and reported to his principal
and the latter threw up his hands.
Never, said the Chicago man
I'm willing TO be robbed to moderate
extent, but when il comes to a plain
case Of hoIdup like this / QUIT. Well
build al. around the measly little forty
feet and let it stay there Certainly
we'll never pay more than twice what
the property is worth for the privil-
eye of owning it.
Then he asked the lawyer to go down
to the dining room with him The two
men sat down at a little table and
good dinner was ordered. Between and