The anti-monopolist. [volume] (Saint Paul, Minn.) 1874-1878, 1878-04-25
CHlCACO'S RUINED HOMES.
The Men who Rebuilt the City Now on the
Verge Of Starvation-What Hon.
Leonard SWEET says of the
Situation


Situation.
A resident of New York, who was,
for many years, engaged in business in
Chicago, met Hon. Leonard SWEET in
the BrevOort House, Il few days ago,
and drew from him a picture of the
desolation now affecting that city.
Mr.. SWEET is the ablest lawyer in Chi
cago, and is thoroughly conversant
with the situation of affairs in that
city. The conversation was briefly
as follows:
1t is reported, Mr.. SWEET, that the
people of Chicago are suffering terri
oily. Is it so!'
cit is all true, sir, and you cannot
imagine-you cannot form any idea of
the state of affairs in that city. 1t is
worse than any man can conceive
Of
''Does it affect the leading citi.
zens!''
"Nineteen-tWentieth of all the best
citizens of Chicago are bankrupt. OF
every twenty you can name [ can
show you that nineteen are utterly
ruined. None have escaped but those
who were dealing in money. The fail
ure of half a dozen of the large
merchants has swallowed up the
small dealers. The property in Chi
cago wouldn't sell for the mortgages,
and the original owners do not put
valuation on it now equal to the
amount of the mortgages. The men
who rebuilt Chicago are all broken
up"
How has this happened, Mr..
SWEET q
You know" said Mr.. SWEET, ''all
about the rebuilding of Chicago. Her
citizens could only rebuild by the aid
of eastern capitalists. They went for
ward, however, with an energy unpar-
alleled; but the brick which they but
into their buildings cost $l5 per thous-
and land the laborers received $s4 per
day. The property that cost $3.50, 900
they mOrtgaged for $4,000 or more.
To-day can get brick for ST, and la
borers at any price. 1t is easy to I'M:
derstand, therefore, that the property
cannot be worth more than one-half Of
what it was valued at, and that it is not
worth enough to cover the mort
cages"
HAS property deprecated in every
section of the city!"
Yes, it is all alike. The other day
l took walk with Mr.. -, promi-
nent real estate Spectator, and he di-
rected my attention to IA piece of prop
erty. and said: "A few years ago, l
was offered $40. 900 for that property.
| refused it. and demanded $l50,00O. l
have recently offered to sell it for $l2,-
O0O.and l doubt whether can get that
much for it, You will see from this
that property has gone down very
low"
Mr.. SWEET was asked as to the finan-
cial affairs of the Hon. J. c. HaineS,
ex-mayor and senator. and of hun
dredS of others, and his reply was.
they are all ruined and have nothing
left"
"And what about Hon. b. N. Judd,
the eX-miniSter to Berlin!"
''He has not only lost everything
his beautiful home at kenwood, and
all the other property-but he is men,
tally wreck. 1t is hard, indeed. to
look at this man in his affection
"Who were affected by the savings
bank failuresr'
Mostly poor people. Those who
read the papers and were in the habit
of looking ahead saw what was COM
ing and took their money out. The
three large banks deprived thousands
of their earnings for many years, and
left them without dollar"
"What Of the city government"
st is conducted in an economical
manner land much better thanin years
past, but the supremoloourt Mas forbid
their uttering any certificates offn.
debtedness, and it isveryhaIa to con-
duct the affairs Of the cfty. don't
know what they will do.
Ibid Mr.. Coolbangh. the banker,
who shot himself u the crave Of
Douglas, leave any pfoperty4
Yes, he left prop3 fty 10 the amount
of $500 900, and no ,cAu66 can bB -.
signed for his rash a0tY oxeept mentnl
arrangement" #
81 understood youtonA5fluIf nearly
all the men who rebsilt Chitsgo are
ruinedl'
"There is 1znedly -, axeeptfon.
They are all .bankrnpts wv
The above s,trnly, ! ~ picture.
and it comes from the Ilpo Of one who
knows whereof he speal[A Nesv Yoeb
Star H9sk4