, 1873-02-09
REAL ESTATE.
Moderate Activity in Sales Of Resi-
dence Property,
a Dull harket for Business Property. y...De.
cline in Business Rents.
The New Town to Be Built in
Section Ten.
Increase Of Wealth and Population from
the Development Of Man
ufacturing.
The Spring Resumption Of Building~-Plans for the
Ae'v Court House. Transfers for The Neek.

The Spring Resumption Of Building~-PIans for the
heE Court uonse.-Transfers for The Neek.
Inc demand for residence property is still the
most favorable feature of the real estate mar
Let, and, Notwithstanding tho scarcity Of money,
there appears to be plenty Of people who can get
it to buy any piece Of available residence prop
erty TINT is ofored ut very little concession on
the highest prices that have ever been asked
There are, however, but few holders who are
willing to make any concessions at all, and, on
tho Whole, the prices demanded now are higher
than four months ago. With business property
it is different, and for tho present there is not
much doing, though TIC hear Of negotiations
pending for several valuable pieces Of first
class business ground The present tendency Of
BUSINESS RENTS
is in af, except few localities, unfAvorable to
the sale OF business ground. In eomc quarters
there has been large reduction in the rents de-
manded for business buildings in the last si1
months. Some OF tie new stores on Wabash
avenue, north Of Harrison street, arc now offer
ed for less than two~thirds what was demanded
and received for similar ones in the same neigh
tion in rents Of Wabash ayanne stores is at ]east
80 per cent from the prices Of aix or seven
months ago. On State street, and on Washing
ton and Madison streets west Of State, rents
have been fully sustained, and on Madison have
even increased in some instances. On Lake
street, between State and LaSallc, rents are Just
about what they vera before the fire, pretty
well sustained. The concentration Of three i'm
nnrfnnf In fk4 af fha 5r7nrtinY4 ftf Vaahipd}nY,
and Dearborn streets, aud si1 more at the juno
ton Of Washington and LaSalle, shows that the
character OF Washington street is settled. When
the Cook County National moves into its new
born, the Bank Of Montreal moves into the
northwest corner OF Washington and LasaIlo,
and the Fourth National into the northeast cor
nor Of Washington and Clark, there will be
fifteen Incorporated and private banks on Wash
ington street in the distance Of four blocks from
Fifth avenue to State street. These fifteen con-
Germs hold in tho aggregate o7er 81. .o0o, 600 OF
deposits, and do over two-thirds Of the active
commercial banking business Of the city.
TIE PROPOSED NEW crTY II SECTION TO-
In another column extended reference is
made to the at last completed and fully-nn-
nounced plans Of the Chicago l. Northwestern
Railroad Company for the location and ction
OF their construction and repair shops in Section
ern Company owns2 24o acres OF land in the north
half Of Section 10, the whole Of which will be 1e
quired for the shops, nine structures
in all, and necessary yard room, and
by next fall or in the early part Of next winter,
about z, 600 mechanics will have permanent occu-
patton there in the construction and repair Of
the Company's engines and cars.
The lines OF the Chicago j. Northwestern Com
pany have been 80 enormously extended during
the -last three yeara that this concentration Of
shops became an absolute necessity in order to
bring the work under q systematic manage
uent:, A single instance Of the increase
OF the Company's rolling stock is
shown in the fact that, during tie
last year, they have bought Il new engines.
AftsE the erection rect; Of the new shops they vii
kinds. The effect on real estate in that quarter
OF the establishment Of 30 extensive hive OF
industry can hardly be estimated,
as We know Of no similar instance Of the plant-
ing OF 3 whole manufacturing city at once. Two
thousand workmen implies population Of not
less than 5 900 persons that will in the aggregate
ba gathered within a radius Of one mile from the
shops within 4 year.
THE DEVELOPMENT OF1ANUFACTURIS0 RESOURCES.
People who talk oi tie high prices Of business
hero with those for the same class Of property
in Now England cities. Boston business proper
ty, it is well known, sells ct nearly twice HI
much per square foot az Chicago business
even in gomo OF the smaller New England cities
prices are higher than here, and, remarkable as
it may seem, the rise in values in some Of them
in the last fve years has been equal to what it
has been in Chicago. lot on Main street in
Springfield, Massachusetts, Ma vas purchased, *sd,
city Ito be- occupied BY a new build
ing for the bank), at the rate OF about
$50 per square foot. the whole price being |
$50 900, for lot 107 feet front and little over
10 feet deep: oEing to the development Of its
manufacturing interests, Springfield has i'll
creased very rapidly in population. Within = |
radius Of tan miles from the business centre of |
Springfield there are now about LOO, 900 people, |
whereas, twelve years ago, there we're only
about $4,000. Ihis Is an example Of the IN
7ill result from the Development Of the manu-
'acturing interests which has just begun within |
he past year or two.
GENERAL BUILDING NOTES.
Although tho let-up Of the extreme rigors Of
he season has been OF the briefest aud most |
rcacherous character, the signs Of resumed ac-
ivity in building have this past week become
apparent, and work OF all classes
ras resumed on multitude OF pattlally CON-
>leted structures, as well as On some N the arsE
.bundant opportunity to discover the sohd work
be frost has accomplished. Tho greatest anx-
city prevails among many owners Of structures
where operations we're ahut down upon By e1-
eadiness for early apring occupation. Within
he week the new Aatteson House, Robert Hill,
proprietor, has thrown open it's doors. It is the
Inest three-dollar-a-day hotel in the United
itates, gem in every part, and already Dir.
Ilrs friends are finding him nu1nerous1y. The
NO dollars and half day, an admirably ap- |
.ointed establishment. Tie Sherman House |
ill come next in line. MeBs,s. Munson g. Co. i
70 buying their furniture, and will soon bid
Goodbye TO the woEkmen. Tho arrival Of r. D.
iaskill, late and long Of the Revere House,
loat1n tn antnr 11pnn hin dutiea in connection |