New-York daily tribune., 1858-04-20
LAND SPECULATION IN CHICAGO.
Correspondence Of The N. Y. Tribune


CHICAGO, Thursday, April 8, 1853.
There are few places in the world where great for
tunes were so suddenly made as in Chicsgo A few
years ago this city took ne start, and for period OF
about three yeaIS s population increased at the rate
of eco 20 OOOa year. This great and sudden in.
crease Of population owing to the fact that Chicago
was made an important railroad center, that hali a
dozen great railroads were completed terminating here,
that times wee exceedingly prosperous, and emigra'
tion, which always runs wild in prosperous times, wa
very large. ard not a little was owing to judlclous
and gigantic system Of putting. Every body purchased
lots here speculation, and those who bought i've or
six years ago could not buy amiss. Buy where
and Of whatever price they would, they made money
The same property sold and resod repeatedly,
and always at surprising advance. Hundreds en-
gsgeo in resestaie speculation as permanent bust
1t 49, ard Chicago has now more land-Joobers than
any city in the United States. Everybody here and
elsewhere was induced to buy lot OIL speculation IL
stranger here be told OF the great fortunes
made by people in spite OF themselves by the slnPle
process OF buy ing few feet of dirty swamp. He was
iold that nobody had ever lost anything by buying
lots here. All classes Of persons, men ano women,
mechanics, lawyers, dcctos, merchants and preach
ers were irduced to pitch in In every part OF the
United S,sas will be found persons who own resl
estate here.
The specua.ors have blocked out city large enough
TO sccomu odatc London, aod sold lots az pces which
ttev would scarcely be worth if the whole was built
up with solo brick instead of being vacant prslle or
swamp where cows do pasture. They published
glowing accounts Of the growth of Chicago, Its rapid
increase of population and the astonishing number ot
new houses. These accounts al first were true OF
nearly true. But spectators continued 10 Puollsh
.bem long after they ceased to be true; they manu-
factued fsse statistics, and put iortn census wncn
was token only in the ofce OF eAtorS interested 10
additions TO Chicago.
Now. tie truth is that the population is not in
creaspp at tie rate of 900 20 600 year. or any
II ing ike H. nor has done for two or three years
II is matter of doubt whether the population Is as
great low as il two years ago. and 1t Is the opa
ion of many candid persons that duIlrg the last year
this CITY has lost many thousand inhabitants. They
were driven away by high rents the hlgn price Oh
fuel and living, want of employment, and dlsappolnt-
ment and failure was taken here last umlner
and suppressed as Inaccurate. The truth was 1t did
not sustain the statistics of spectators.
Notwithstanding the effVrte made by the land
iobbers real etate was very dull here last Summer
and Fall. A few sales were made on long credits, or
by the exchange of properly. The auctOneeis made
desperate efforts 10 sell "vauable lots, and that
eminent gentleman, Peter Funk is said TO have been
employed occasionally. During the Winter the real
estate operations almost entirely ceased and so far this
Spring they are very dull
The truth is, real estate specu alton has been run
into the ground in Chicago, and many persons nod
lots at prices which they will not soon realize agaln
II will take msny years to recuperate from the effects
of this excessive speculation In my judgment, real
esfa;e has by no means reached the in OF dePresson
The holders have been consoipg themselves with the
hope that these hard times would soon be over tner
payments are not yet due they will not sell till they
are compelled to SELL which they will not be for year
or two. a..
have no doubt Chicago will become great city,
but il will take long time TO recover from the b!ow
she received during the last Winter Then there viii
be healthy progress, and not a spasmedic growth: