, 1880-12-26
THE NEW BOARD OF TRADE BUILDING


THE NEW BOARD OF TRADE BUILDING
The report Of the Directors Of the Board
Of Trade in favor Of procuring new and ELL
larged accommodations for the transaction
Of business, and recommending the erection
of new building south Of Jackson, and
extending from Pacific avenue to Sherman
street, was published In The TRIBUNE yes
terday.
The report states that the Board Is offered
the north half Of the property lying between
Jackson and Van Buren streets and Pacific
avenue and Sherman street for the nominal
sum of $4,000. This offer Is made upon the
condition that La Sale street, between Jack
son and Van Buren streets, shall be vacated,
and that the Board OF Trade shall erect on
the property building to cost at least
S47D 0o0, the building to be completed Within
two years. This scheme includes the WIDEN
ing Of Pacific avenue and of Sherman street
eight feet each, thus making these streets
available Tor business, and, in place of that
part OF La Sale street thus vacated. spa
cious arcade to be constructed under the
building, which Is to extend from Pacific
avenue to Sherman street. The report thus
describes the Layout OF the building:
The Board to devote fifteen feet from the
son1n sds OF the m property and ~ Scott Set, ths ts
north side OF the remaining property in the
block, for use By the two parties as an open,
private court The Board Of Trade to SIT their
building back eight feet from the west line OF
Pacific avenue: Sir. Scott TO do the same when he
buiids on m bis property, next south Of the
connect the building which he proposes 10 erect
on the property remaining with the Exchange
Building b5 bridge. and the Board to provide An
nectiou with the bridge; Mr. Scott to obtain the
vacation OF La Sale street at bis own expense
within sixty days from acceptance by the Board.
The whole site selected is 2l5 feet north
and south by 2GS from east to west, affordin4
room for building 200 feet square. This
proposition Is so conlmendable In every
sense that 1t is difficult to understand why it
should be opposed by any one. Mr. Scott
practically donates the site for the new
building to the Board Of Trade, looking to
compensation from the enhanced value Of
his adjoining and remaining property, which
will be promptly and correspondIngly i'm
proved. The inadeQuacy OF the present To-
cation i. confessed by all, and the necessity
for another location, and with view to per-
manency, Is, Of course, admitted. The re-
moval OF the Board Of Trade rooms to
building such as Is proposed, erected on the
site named, Is as necessary and as nppro-
pirate as was the change from South Water
street to the present location some eight
years ago. :,
The whole city is interested In this change.
All that neighborhood bounded by Dearborn
and Franklin and by Jackson and Harrison
would feel the magic influence of this pro-
posed Improvement The city itself owns
the present site Of the rookery known Us the
Clty-Hall. and that property would be
doubled in value by the change proposed.
The vacation Of La Sale street for the dis
tance Of block ut is already vacated south
of Van Buren, street( will OF course be nec-
essary, and it Is to be hoped that the City
Council will not hesitate to adopt the 1egis-
latfon needed for that purpose The Rock
Island and Michigan Southern Depot will be
as conveniently reached by Sherman street
and Pacific avenue as by La Sale street.
There will be some regrets and some sympa-
thy for those affected by the abandonment OF
the present inadequateC Chamber Of Commerce.
and the question will be asked, What can be
done with that property? The answer is, that
such . building Is even now sadly needed
for an exchange for tha lumber, coal, and
iron interests, whose official ORGANIZATIONS
are now located in small buildings and scat
tered about in various parts Of the city.
These branches Of trade need public ex-
change room OF the capacity furnished By
the Chamber Of Commerce Building, and,
when the Board Of Trademove south to their
new building, the coal, lumber, aud iron ex-
change may move into the Chamber Of Com
merce Building. which will not be too large
for the wants Of those trades.
Upon all considerations, commercial and
public, private aud municipal, the proposed
improvement is most desirable and should |
meet with the most earnest support from all |
quarters.