, 1875-11-28
THE LAKE-F
Beneficial Results that Would
FOLLOW Its Sale.
Immediate Increase in the Value Of AL
tbs Neighborlng Property.
This Is the Opinion Of Leading Real.
Estate Men and Merchants.
Aid. spalding States What the Railroad
Will Do,
His Opinion as to the Wisdom Of
Selling, the Property.

t11a Op1u1oA do w tuo " 4aAoA4 "
| Selling, the Property.
| Public feeling in favor OF the proposed sale ot
| the Lake-Front fer depot purposes seems tc
| be daily on the increase. The property IS il
now stands is worte' than worthless, and there Ia
NO prospect that it will ever be used for any-
| thing except by th q railroads in the manner sug-
sested. There is INA urgent need for grand
union depot, one that will accommodate the vast
business that ia transacted With difficulty in
the present limited quarters at the foot OF Lake
street. And the general opinion is that the
space on tho Lake-Front for which the railroads
| have offered $500, 600 is exactly the locality
| for such q depo:- Why any ptoperty-owner
in that vicinity can object to the sale cannot be
coniectured. The price offered is certainly lib
eral, and more than could be obtained from any
other purchasers. As to the effect which the
saIo will have upon the adjacent property, there
can be little doubt. Business men who are best
posted in such mat9e1s express but one opinion.
In order to show tho general sentiment OF the
best citizens on this subject, TRIBUNE reporter
visited yesterday st,yerar representative men,
whose views are worthy the attention Of tlose
Aldermen who oppose the project.
Mr.. MARSHALL FIELD.
bead Of the house of Field. Letter l. Co., Was
first approached. lie WAS found in tho whole
sale department OF bis enormous establishment,
deeply immersed in q sea Of correspondence.
To tie question as to his opinion on the pro-
posed sale of tho Luke Front, Mr.. Field promptly
responded tina. he favt1ed it heartily. and hoped
that the project wonid DO carried out immedi-
ately.
Reporter-How do YOU think the eale will
affect the interests Of the property-oTneIa in
the vicinity?
Mr. F-C.n any one doubt the resnlt: The
prices OF property on Mchlgsn avenue will rise,
OF course.
Mr.. Field stated further that be did not own
any land there, and was not personally inter-
ested either way in the measure. He regarded
IT, however, as one ir which the public at lalge
were concerned, and in which they had right
to epeak. The sails Of the vacant land on the
Lake-FroDt would bo great public beuoht, and
so TAR from jpjurlpg any adjacent property
owners, it would benefit them especially.
MR. HENRY II. ZINC
was also strongly in favor Of the sale. In answer
to an inquiry, he said that he hoped 1t would
take place Immediately. The City Council ought
10 ratify the sale at lis Grst meeting.
Reporter-WlIl the sale work an injury to tho
property-osners ca Michigan avenue in the
neigh oorhood 7
Mr. Kiug-Not at all. On the contrary, so
we'll am convinced OF the beuedt accrulug to
them that might almost say that they could
afford to pay the railroad companies $500, 600
for building the depot there.
Reporter-What do you thiak Of the property
as 1t is
lit. King-I don't consider tbs land worth
anything for any other purpose. 1t is not 10 the
line OF business, and caDnot be used aa a loca-
tlon for business blocks. No one would be 30
foolish as to erect such buildings in taas place.
Reporter-In regard to the depot?
Mr.. king-I tank it Is great mistake for
people to oppose the depot project The land
offers natural site for such depot as is tro-
posed. BY preventing the sale the eitv will
drive the roads into building in some obscure
%. of town. net easily accessible. aud thus pro-
ducing an endless amount Of trouble ana useless
expense.
Mn. n. D. EEaroor
NAV be quoted as reliable authority on real
estate matters. The reporter caiie at his ottca
yesterday afternoon 10 learn his opinion on the
Laka-Front question. Mr. Kerfoot was at first
somewhat disinci;ned to be interviewed. He
eald, however. that, having seen = statement in
TIE TRIBuNE to the effect that the railroads bad
agreed not to ask any riparian rights fiom the
city in case the land was sold to them, he was
now earnestly in favor OF the sale.
Reporter-What effect will tue carrying out OF
the project have upon property in the vicinity?
MI. KIT Will have this effect II nothing
ese it will establish value for the property on
The other side OF Michigan avenue.
Reporser-How
Mr. K.-property In that neighborhood at
present has no market price. 1t is not wauted
ty anybody. The establishment OF union
depot on the Lake-Front would.s things going
in that vicinity. would create demand for
building lots, aud there would be stated price
and high price at thst-where nov there ia ab-
solutely no fixed value.
Repo,ter-Do you regard the sale as beneficial
to the public?
way OF enhanced credit alone. The sum realized ]
from the sale, properly applied, would reduce |
the city's debt nearly million dollars at SINGLE
blow. The effects OF such reduction would |
be to raise very decidedly the reputation Of tho
city abroad.
4 TRIBUNE reporter also called on -
AID. sPALD1SG
at his residence last evening, for the purpose Of
getting: bus views on the subject, This he did
in the following conversation:
RFporter-What do You know, Mr.. Spanking, !
about the much~talked-of sails bY the city Of the
Lake-Front property to the Illinois Central
railroad?
S.-lhe Illinois Central is resdy and willing to
buy the three blocks bounded on the south By
Monroe, on the north by Randolph, on the east
by the west line Of the Illinois Central Railroad
r7ght-of-way. and On the west by the east line
Of Michigan avenue
R.-lp what manner do they propose buying |
the land :?
Shy metes and bounds bounded Is I have
stated.
R.-Have you any authority for making the
assertion that it is the Company's intention to
buy /?
S.-Yes have understood from mr. Doug
las. President OF the Company that it il ready
and willing to make tho purchase.
R-.How much does the Company propose to
pay for the property
Slight hundred Thousand dollars.
R-How will this sum be paid?
S.-One third in cash, and the balance in |
three, s11, nine, aud twelve months, so that the
cltv will realize the whole sum within year,
R.-Does any other company enter into tho