, 1874-05-03
What Was Done Last Week in
the City and Suburbs.
n,ueral Reduction in Rents---The De-
mand for Houses Continuing.
j plan for Moderate Homes for Mod
crate Means.
TN Real Estate Exchange---The Lake
Front Question.
Bindings and improvements In
the Suburbs.


the Suburbs.
Trades, Transfers, and Miscellaneous.
wh.. there has been Of activity in tho real os-
t,,o market during the past week has been main
ivr7sib1s in the renting Of houses and sto1es.
rbera hare been but few inquiries for property
<or a.1e snd still fewer purchases. The very
d;.,oreesble weather has made it impossible for
5e.ters OF customers to visit suburban
nronerty, The same cause has depressed
;nsids property. This and the uncertain
tias Of the financial legislation OF Congress have
vvan the real estate men OF this city an un-
dep,.bly dull week. There is perhaps some-
thing 1t work beyond the influences just men-
toned. In all branches OF business there ia
plaiply to be seen settling Of values, growing
conservatism in operations, 4 general teadjust-
rnsnt which may be traced back to the effect Of
The panic, and may be considered in
sone sense IN anticipation, although 4
remote one, Of the resumption of the
spec:s standard in our currency. Real estate
cannot e1pect to be an exception to the laws that
s1e plainly modifying all business. Looked at
In this Light, the present quiet is natural enough,
md far more encouraging state than the ex-
element that would have followed my attempt
to initiate the currency.
Nothing new can be added to what hos been
3s.d in previous issues With regard to house
rents. In every direction, except perhaps
tho North Side. east Of Clark street, reductions
haye been the rule, and have ranged from 10 to
E9k per cent. The number Of houses that were
teuled this year By the LIST OF May was much less
Than the number last year. new phenomenon
IN renting Is the continuance OF lively
demand after May l. The disadvantages grow
Ing cut Of the custom Of dating aii leases from
the LIST Of May, and thus compelling
landlords and tenants alike to submit to
great inconvenionces, and often 1osses, have
often been commented upon in these columns.
It now appears thar the wisdom of allowing the
lease business to fall into the natural methods,
to be regulated BY the supply and demand, is en-
forcing itself. A: no previous time subsequent
to the 1st OF May has there been such demand
for houses as there il at present. Dealers re-
port that they have hnrd!y noticed any diminu-
uon in inquiries up to this time. This may be
accounted for oHly on the assumption that
owners have allowed many Of their tenants
to remain at will and tenants hnye preferred to
take tho chance of doing better by remaining
temporarily. The result of this innovation will
be to extend the leasing business over two OF
three months, instead Of concentrating it on one
daE.
In the rents Of stores, as in dwellings,, there
has been general decline this spring, except in
few Of the choicest business quarters. As in
etsnoes Of this downward movement it may be
meutioaed that q prominent dealer: has rented
far $2,500 store on Lake street, near Clalk,
which last year brought 81 900. A store in the
eame F7cinity which has been held at Ct, coo
has been leased for four years at $4,000 year.
On Wells street, in the neighborhood Of South
Water street, there have been reductions from
E2,750 to s., 00D; and from SO, 600 to 1,750.
P1opsrt; between the river aud Market street.
That used to be rented for S. 500a year, together
with the payment Of taxes aud expenses, has
been leased for 50. $50 net year.
These facts, which fairly show the course of
the maket, are not very welcome, but they are
not necessarily diEcouraging. One Of the most
enterprlsing and most wealthy landlords in tho
re1ts high again is to put them down now. That
F7u attract manufacturers and traders from
abroad, who are now kept out by our high rents.
With their influx, the demand for houses and
stores will increase steadily and surely, and our
prosperity will carry tho value Of real estate and
rentals higher than before"
The business area Of Chicago has been 20
largely increased since the fire that a'.:l il.
rents is inevitable. Before the fire the &c. '''
limit Of business VAS Monroe street. E:.::
ssn ,at .a|s s.sl lno .tst Wells s9 street. Gi5
street near the river we're largely oc-
eapied BY shanties. Stores now stretch
Aoog State street and Wabash avenue as far
soath as Harrison street. The shanties on Wells,
Ch1k. Market, and Madison streets have been
replaced By blocks OF buBiness-houses. Tie
Mes actually occupied by business il larger now
snAa It any previous time in the history Of Chi
caso, but tenants must be found for oil these
sso1es, and The more the enlghted policy quoted
sooTe is followed the more quickly will this re-
Gult be achieved.
Einra tho ra+o +ho d,v,.,;t;o., ~ ..~:..,:t, :.
loan money On improved real estate haa grown
moro favorable. Property that has ouce been
oottsaged cannot OF course be mortgaged again |
q these conservative times, it it has remained
Haslonarr, or has declined since the first mort
EsKe Tas given. The views OF lender and bor-
to.er a.e Of cou1ee wide apart. Uncertainty OF !
1sg1s!aton has produced uncertainty of business.
'nale the borrower is anxious to get oil he can.
ssaaefs are moro than ever disposed to keep !
a1e margin in their favor There are large |
.1anot be secured on account Of first mortgages |
Ateaoy existing, and OH good deal OF outside !
property capitalists will make but slight loans !
W naefe7er there appears to be anything fancy in
The largest number Of applications is made. BY
r1eoaA OF Small means. The prevailing rates |
H. 49, PER cent;9 per cent is taken for large
1ae and there nav be exceptional transactions
- PER can't. One large firm has loaned $50, 900 |
ua1ang the week. |
@ooERATE HOUSES FOR MODERATE
MEANS.
..,t ~ 'os'ah Quincy has printed for private cir
n.'a'oh letter written BY him to AIR. E. E.
~ furnishing an account Of every detail OF
~ Deanam Settlement, when under his man
;s@eets sn experiment. has been tried Of fur
~ ts1n'6 independent homes for the working |
t.. es' This enterprise deserves the success it |
"a asa sehlefed at Dedha1a, and should commend |
- ,. 1ot imitation to the capitalists OF all our
sege ctiea, aud to none moro 30 than those OF
Chicago - '~ '~0@ ~ ''
lhoso Who are not favored with Mr. Quincy's /
!a.n'ance ~, can find the letter printed in 3
=, .efk By the Rev. E. E. Hale, entitled, "Wo1king
atns Homes.n
4Ais Problem Of how to get moderate houses