The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-07-17
Syndicate has Been Formed
of Chicago Business Men
to Buy Property.
WOULD PAY 100000
Members Of Board Are Surprised,
But Think it Would PA
Wise to Sell.

Word was received in Hammond yes
terday that a syndicate had been
formed in Chicago for the purpose Of
buying the present site of the Ham
mond high school building.
The information came from an un-
impeachable source and the secret has
been closely guarded for the reason
that if too much publicity was given
the affair. there might be miscar-
riage in the plans.
SO far it has been impossible to learn
the identity of the men who are con-
nected with the deal bat the whole
thing Will be made public in few
days.
The matter has not even been
broached to the members OF the school
board through whom the deal Will
have to be made and so far. all that
has been done. has been the organiz-
ing of the stock company.
The ground is to be used for the
erection of a seven story office build
ing but it is not known whether the
building is to cover the whole property
or not.
May Move Building.
What disposition is TO be made of the
building which now occupies the site
is not definitely known. but it is be-
lieved that the purchasers propose to
move it to another site.
The consideration spoken of is
100000. for the land only, but this
figure is probably the sum tfat the
syndicate has decided TO offer, for no
sum could be definitely decided upon
until the deal is made
One Of the members of+the board Of
education was interviewed regarding
the matter this morning. and was sur
prised to find that aIsyndieate was
planning the purchase Of the high
school property.
He said that some time ago r. L.
Miller brought out a man who wanted
to buy the property and would pay
$4,000 for it. The fellow was
thought to be a buffer, however, and
the deal fell through
Later, another man came to the city
and was introduced by n. j. Biclx
there was nothing came of his offer
| either but it served to set the members
| of the board thinking and it was de-
| cided it would be a good plan TO sell
the property if a good price could be
secured for it.
Too Valuable for School.
For long time it has been the opin-
ion of many Hammond people that the
property on which the high schoo
building is located is too valuable to
/ be retained as school property. 1t is
thought that a site can be secured that
Will be just well located and may
/ be purchased at much smaller figure
The matter of the cost OF moving the
1 building was then taken up and an ex-
pert from Chicago, after making &
careful investigation, reported that II
would cost about $4,000 to move Tile
building.
The board members then saw thai
they would have to get enough fol
the property to not only pay for the
moving of the building, but TO also
pay for the new site and then leave
a margin besides that would make The
| transaction worth while
The matter was allowed to rest fol
awhile ard now comes the news tha
the Chicago syndicate has organized
to buy the property. One of the Ham,
mond business men said today that the
property was too valuable TO be helC
for school purposes alone and that i
also prevented the extending OF til,
business district TO the south
1t is very likely that the deal vii
be consummated in the near future i
the syndicate which now proposes Il
buy the property VIII pay what 1t i
worth.