, 1874-06-14

Gates to be concentrated on one piece. In this
way a purchaser who held certificates for
four different pieces OF property, on each
Of which one-fourth had been paid, could have
them set on against one lot and. thereby forfeit
but three instead of four. rhis precipitated
about three-fourtha OF the canal lands upon the
market The failure OF the Bank of Illinois
threw it's property out Tor sale. aud tho burdens
Side, land in Carpenter l. Duucans Addition
was sold on an execution against John Murphy
for IS an acre. In 1856 the property was worth
$1,000 IN gold. In 1886 land in Wolcott's Addi-
tion was sold for 81, sou an acre, and in 184l it
brought but 500. In 1888 property couldn't be
sold at any price. II a man persisted in forcing
sale he had to take what he could get. All the
capitalists and spectators Of the East, who hnd
suffered by their operations West were sick unto
death at the mere mention Of Western real estate.
It fell moro in their favor than it had in price.
They declared
CHICAGO WAS NOTHING BUT A SWAMP,
a fever aud ague plague-spot, that WAS certain
to vanish like the dew before the sun,-for, in
their chaSrin they mixed their metaphors.
Creditors dictated the prices after '37. Almost
every sale was on foreclosure, aud nine out Of
ten OF the purchases were made By creditors.
Eastern merchants took property for their debts.
These were Eastern capitalists who wero
suAEWD ENOUGH TO KNOW
that the future Of Chicago WIS certain, and that
the time to buy Was when everybody wanted to
sell. Foundations OF one or two very large for
tunes were laid hore at that time. One keen op-
erato1 bought d great deal Of land without the
payment Of single dollar down. "balance at
6 per cent.
To show how property Was sacrificed, the case
Of an eishty-acre tract on the West Side may be
taken. It bore two mortgages-the first for
$500. the second for 800. In 1910, the agent Of.
the Eastern man holding the second mortgage
proposed to bis principal that he should pay up
the first mortgage and thus secure himseG. The
answer came back TINT he would have nothing
TO do with Chicago property, and that
THE wRo1E TOWN WAS N'TtWoATH $500.
That property lies between Madison and Har-
rison nnd Reuben and West Morgan streets, in
D. Ashland's Second Addition to Chicago. and is
now worth 52,00o.000 or "a, 900.
Land north aud south Of Van Buren, street, be-
tween Ha1sted and Reuben streets, could hare
been bought for 81 an aero. Que Of our Oldest
and wealtniest citizens took advantage OF tho
times to buy piece of land on State street. ue
paid $500 for it: its value now, on moderate
calculation, is 5000
In 1870. oue-third of the Lake House and it's
site, on the corner OF Rush and Water, was sold
on judgment for 1850. Still auother,-Block
q. III kinzie's Addition, on the North Side,--
which would easily have sold for $25, 900 i'll 1885,
was sold in 1910 for 81 200 on an execution 1t
is now worth about $500 por foot. Again, what
is known as the Newberry Block, valued at
$25 900 in 1885, was sold in 1910 for 2,500.
Property on the West Side on Washington
street, between Ada and Ann, that was worth
WV r,p%1sa r.sns srrrrRrn
norbans n,ora than ci:v property certainly as
much As an example. noble farm Of 200
acres near H1lls]ale, Mich, at four corners aud
near mill-powcr, would not bring more than 50
conts M oc,a in 1S3e althonuh. in 1856. $40 m
aero WAS given for it.
After such fall it seemed to everybody in Chi
caso as il all the Kings horses and all the
kings men, could not set this HumptY Dump:y
a.aa,,i.t;s,, hal Treet dea1 Ipss thsn neople
e1'nsa ~ AZ ,;t, the erowt nj the country
nu.p,,, ~ .t3o+;nna ~ tha cnrrnncy opnrassiye
lniousu .s'a ~ =, ~ t;4f ~ .av not,,;pg
aa ~ tho srnwri nf Chicago las
| " e'a!e !oea, a., 0A7'uA o"Nee'' "11o
eono on ,,,crrx n1vrn
Tia ,o,,,,.t;n,, ~ 1saS Wa I'M in 1910 it yas
4 I'M m 1sl; it was 1u.C)V: in 1877 it was
XII ~ 20 lnay :. ~ .. We ~ MI 49,, lr.rrno tn
e;" .oou' - zSS7 ~ ~ :. ,oasha1 1no non in 1S;l IL
IInt. III =. .a,,,,a, Snna j.; ti,o vn,ua of real
iat e.;n ~ ,'or a.; e,o,, crrnatances IN ahsurd and
s, uu.a raatai cnnf,,.;nr an the result nj
.,aI,;,a .,a ;.;.a;tudos If nocniation Thoro
Is Iitt,e raI;rat of rcaIos:aie b11.iness remem-
| iIorad tn havo taken place in 1Hi3 thore was
uclea " naso -; ~, d;r.ct,on NJ
| Tnllo TioU a,d Evanstoo. The same CAUSES
th.t ore reh,;ie;np Chicago noS we're at work
tntna csta1i;sbsd 1, tamsav.s heTe lie farming
non,,Ia1; 1;n,, araw 1enscr and r;car and mr. dis
tr;Ebu1ins h,,s,.,es4 continua1ly Increased. The
onan;ng nf Tho 1liino;s < Mich irar Canal mud
Tia Hal hor nnl River Convention OF 1877 cave
'n0 anu r',sTu 1,1prTms ~
It vas Intended t by politicians and editors
1,r, ayorr ,art NJ tLa conntrv Every ionrrnl
IN to 11n;,ed r. states adyor1ised the town in a
page. e. or column. OF paragraph Of reports Of
ths Gonrentinn Its conmaniinr position began
.1,o;n ~ o1,ta;, ,ocoomt,nn from n,1t5ido cap.
t1i;sta, Tnrce inycstments by southornets,
narI;culariv from Kentucky. were made hero,
~ snd now sGh5iv;sions were ia,d out.
A''@ AN n. OLD I rAsu1oSEp nEAn ESTATE ARTICLE.
1fne co,,tiit,nn Of rea1 estate at tLiv time, and
IN comnsr;ann with nroyic,,s noriods. was written
-, IN 4|,a Democrotjc Free Press IN 1853. iu an
ii s ul,cl, onr reaers viii thank us for re-
n,,l,I;S,,i"1 ~ 1.I,J said tho Frpe Press:
Tha a,rac;xtinr N the value Of real estate in
cbic,1o IL tr,,v aJnazin-. 10 those who hare
slwnys lived " in towns aud cities on the seaboard
4nat sara = tin;sl,e hefore thoy we're born, the
facts We ara about TO rive viii bo scarcely cred
;n,e s Tt,er are. however. plain, sober truths,
whicb If anv one doubts. ne can verify ut h,s
,a1sura Rail estate in Chicago now has = posi-
w.. hs;ness vn1I,e beow which it will never bo
,;.alv ~ a;,,L nnIess some Great calamity should
hae,f hasai1 w tha s1.,, ,..,o,a conntry-
:. I.;Ia ,1, Westarn cit,es- Chicago has had her
-o,o-sas In 1s35-'6 real estata had FICTITIOUS
,,.11a ;rha u.hnia country wos mad with the