, 1873-02-16
REAL ESTATE.
Active Demand for Near Resi-
dence Property.
Necessity for Extension OF Horse
Railway Lines.
Speculation in Suburban Lands--.Fine
Residences Hard to Sell.
Sales Indicative Of Ealues..Decne in Office Rtnts.-
Money on nertgages.-.P Philadelphia
Fire Traps

Fire Traps.
Transfers for the Week.
There has been an apparent increase of activity
in real estate transactions in tho last week,
purchases Of ground both for actual occupation
and improvement, and also for speculation arc
decidedly On tho increase. 4 large area OF
ground in tho vicinity OF the ternini OF the va
rious horse railways is being taken for actual
occupation, and the greatest activity in building
this spring will be in these quarters. The de-
mand for medium class Of dwellings costing
from So, GOO to "a 900, On ground worth from
800 to 3200 per front foot is considerably in
excess of the supply. The unusual severity OF
the winter and the delays that have been expert
enced during the last two months, in transit
by steam-cars to more distant suburban points,
has made all cheap residence property within the
reach of ho1se-cars seelI more desirable, aud
will probably exercise a wholesome check upon
the tendency Of the city to spread out too rap
idly. There is real necessity for tho extension
OF the lines Of every horse railroad in the city to
meet tho demand for the class Of residence
property above mentioned. In the direction Of
Central Park and Douglas Park the city has
grown mile beyond the means Of transit af-
fo1ded by the horee-rai1ways. Its further pro-
g1ess in those directions is seriously re-
tarded by the policy OF the West Side
Railway Company in not extending their
lines. A similar obstacle prevents
the improvement of all that district of the South
Division between State street and Cottage Grove
avenue south OF Douglas place. The horse
railways were chartered for the convenience OF
the people IS well as for the profit of the stock
holders Of the railroads, and while the compa~
MES are making over 20 per cent per annum on
their stock, there seems no reasonable excuse
for not extending their lines The Indiana az.
each bo extended at least q half q mile, il not s
whole mile, this summer. Some new line also
should diverge either from the Blue Island
line or the Van Buren, street line
toward Douglas Park The lack Of
these extensions has forced . large population
dences in suburban towns ten mlles, away, the
Inconvenience Of which, as before mentioned,
has been seriously felt this winter. There will
always DO portion Of the business men OF the
dence, in accordance with their taste, but the
present deficiency OF horse railway facilities is
driving many there whose business would be bet
ter suited BY nearer residence II they could get
7honsesrent reasonable rates within reach OF
horse-cars.
SUBURBAN LANDS
The speculative inquiry for property is still to
great extent for suburban lands and lots, and
tho greatest activity is on the several lines
radiatins westward beyond Central Park, in the
Western car shops, southwestwnrd be-
yond the new. manufacturing dis
trict, and southward toward the South Park
In all these directions and quarters ground is
- n / Ill., %Eav fncf all
Northwestward, also, along the lines Of tho new
Chicago i. Pacific, the new MilTaukee i st. Paul,
and the new line Of the Northwestern, as far US
Irving Park, there is active specializing trading
in 1and, and prices have advanced 10 to 10 per
cont since last fall
FINE RESIDENCES.
4 month ago there was 4 good demand TOR
fine residences, costing from $25, ,000 to sou o00,
but the number OF customers for these ls always
limited. Some of them have purchased within
q month, and others hare dropped out of the
market, so that for the present there seems
but little inquiry.
THE DECLINE N OFFICE RENTS
has been quite marked within tho past Six
MONTHS and an average reduction OF over ~ per
cent has been made since lest fall. For stores.
banking and insurance Offices there has also
been considerable reduction in the last month,
though one prominent corner Office Tas rented
yesterday at q full price. The Fifth National
Bank taking the first floor office IN the new
-
Washington and LaSalle (ofhce 33x7O at tie
fair rental of SO 600 per annum for five years.
INDICATIONS OF VALUES.
Among important sales made within the past
week, at prices indicative Of values IN their
neighborhoods, were:
Tho four-story block Of four stores on Canal
street. next south Of the Barnes House. sold by
Messrs Wilson j; Montgomery for 5119,000
The block is 10 feet 'front.' and the lots ITS feet
deep. Tho property is now rented Tor sl6'ooo
An undivided fifteen acres, fronting west and
north in the angle of Humboldt Park, was sold
by Jacob We'll & Co. for 938, 500.
MONEY OK MORTGAGES
is more freely offered than week ago, th9ngn
there is no reduction in rates Of interest. Dur
ing January, when there was larger demand
than now for loans on real estate, some
OF the loan agents, took advantage Of
the necessities Of borrowers to charge
S uer cent commission for negotiating any
ioan for any sum less than $4,000 for any term
Of years, thus making the borrower pay from
to per cent per annum for money IN aldltlon to
the market rate. This is nearly doubts the rato
Of commissions usually charged, and the attempt
to maintain it now ehows that when well-kno~n
loan agents take advantage OF both the borrower
and lender in this way, there is promislng
opening for more competition in the loan agency
business.
PHILADELPHIA Is. CHICAGO.
In the following letter from 3lre. Swieshelm,
at philadelphia, she desires to take back some
things said about Chicago at the time Of tho
Chicago fire. After look around Philadelphia,
she concludes that what she said about Chicago
vas sensational, conclusion in which everybody
convereant with the facts will concur:
10 tho Editor Of The Chicago Tribune:
s1n: Ny conscience moves me t2 repentance and
confession OF sns in the form Of aublic acknowledge
ment to the people Of CHICAGO, forfhemany charges
have nada against the1 through your columns and
those Of other tonrnale Of being sinner, above Ill
who dwell in the Jerusalem Of anonted government,
in the matter Of woodeu warts" used architectural
ornaments. Somehow my attention was first especially
attracted to these excrescences in the proud city Of tho
West and long before her calamity spoke Of her "a
being cminently fitted up for grest fire. The flre
that lid como not great the feared, and
If it has really taught your people that no busneas-
centre BE- 20 e. eproof as to etand while ua1le
square Of wooden houses burned to w1ndward IN
gae they bought their experience cheap II the5 use
wisely. do not think that ut any time oVerestinat-
ed the folly Of the people Of Chcagofn their lavish se
Of kin1ngs but did them great wrong In assuming
that this crime was local, or, At most, western:
The fate Of the splendid buslneas-cenIe 81 bos:on
proved that the love OF cheap fnery has not beeh con
ped TO the Wes must have hzd It's headquaFfera
in tn. Athens of America and extended its light wing
away down East to portand, else hre-craeker never
could have cent city TO the clouds, as contou-
ton to tbs family Of silver nnipga. Yet With al ne
terriole teachings of the past, have taken 1t for