, 1874-06-14

Total. .KT2, ,9!9, ,631
tt It will be noticed that the value OF property
corresponds very we'll. with the inc7ease OF
population, that being 81 per CENT
There was no city in the country quicker to
see the immense profits and advantages Of
THE INTRODUCTION OF RAILROAD
thnn Chicago. The construction Of the Ga1ena
Southern. OF the Michigan Central illinois Cen
tral, Chicago i Alton, Chicago, Burlington &
Quincy Railroads, gsve tremendous impulse to
the city, and when tho full flood tide Of 1856
came Chicago was riding on its great; Then IN, L :,
tho Ohio Life and Trust Co.
This time it was very much milder,
very much more limited than before. This,
unlike the crash Of 81, was not land panic, but
a railroad breakdown, the particulars Of which
are we'll enough known, and need not be touched
upon here. Real estate suffered, and suffered
severely. but even go coon IS 1853 there WAS d
little recovery, although. as u general thing,
actual values did not again reach the speculative
height of sc for nearly ten years. The ADVANCE
before Sc may be illustrated by case on Wa
bash avenue. In 1851, q lot on Wabash avenue,
between Congress and Harrison streets, WIS
bought for 315 per foot. In 1886 It brought
$500 per foot. The decline after '56 may be
seen on the same avenue Land on the corner 3g2e
was sold in 1861 for $3.50. In 1872 it was
worth 81, $50 loot. It il depressed now, but
will SEQ very much higher figure before
many years have elapsed. In 1856
wealthy landowner sold LOO feet near
Union Park, at the corner Of Robey and Lakc
for a rope walk. There was m incunbranco OF
$4,000 on the property. The purchaser found
himself utterly unable to pay either the taxes or
the interest on his purchase. and hls grantor
carried IT for him under these circumstances for
three years. He "as frequently Sought Dy tne
unhappy possossor
xrru pr AyEns A%n TEARS
to puy back the land for tue amount OF the H.
cumbrouce This the former, rho was rare
kind of bird, Was too kind-hearted to do. In
1850, when things were better. ono-holi oil tue
property waB sold for enough to clear off all the
indebtedness. The remainder is now worth
$50 per foot on Lake street, and s;10D on
Robe7. Cases of this kind where purchasers
found themselves
UNABLE TO MEET EVEN TIE INTEREST
on their payments wero very numerous. There
are instances in which the prices OF ~ have not
vet been regained, rs on tho North Side between
Market street, Chicago avenue. and the r! 7er
This happens in every city. There ls more than
one case Of properly in New York City, known
to the writer, which has not advanced in value
for forty years, ana ls "oIto, II anytnlng, less
now than it was then.
In the speculation preceding 81 but little mon
or Was used in transfers. Often al low as ~ or
per cent Of the purchase money was ali that
was paid. Speculation WAS most active In liyde
EA1K. Properly "hd oo'0 kAE1C ~ ~ 1A4A s~oo -
bot that, as late as '65, would not bring
moro than $75 per acre. There Was also not
speculation at Lake View. As to inside property,
q lot uas bought on Lake street for $500 per
foot that had been held for $1,000 in '5G. In
1S59-62 there was great many foreclosures
Creditors bought largely, but in few cases was
tho consideration less than the amount OF tho
Remembrance. The history OF the Portland Block.
m tha corner of Dearborn and Washington
streets, shows some OF
THE FLUCTUATIONS Oh THIS TINE
In 1857 it WAS bought By z. I. Tinks1am Of Au-
rustus Durley. He built the Portland Block, and
mortraced it to Peter G, Brooks. OF Boston, who
was a1terwards obliged to take it for tho incu1n-
b1ance. For several years after it would not
have sold for the amount Of the mortgage.
To value 1t now at 5l5D,000 without the
building would be u moderate estimate.
Prices ut Calumet after 1857 fell down to th G
Government rate, aud even during the War
good deal Of it went at - aud IS an acre The
weekly sales OF tue Caumet IL Chicago Canal
and Dock Company afford TINT Company
comfortable assurance OF much better times. In
fact their land is
WORTH ABOUT AS MUcu AN INCH
as an acre ut that time.
4 new element appeared in tho depression
'aIr Peck has also shown his original document
for the purchase Of Lot Block la in the old Town Of
Chicago. It ia Us follows
Received Of P. F. II. Peck, sso in fill for Lot 4,
Block H. the plan Of the Town Of Chicago, and In
full for all claims TO this date. ". F. WALKEn.
This lot is 1T the southeast Of South Watsr
and LaSale strecta fronting 90 feet 6oath Water
$4:,soo.