, 1881-07-24
Rand Rise Of Values Near the
New Board of Trade.
The Board Acquire the Title
Of Their New Site.
Negotiations to Settle the Lease Of
the Chamber Of Commerce.
A Firm Real Estate Market
Sales of the Week.
important Auction Sale at Normal
Park-0ther Auctions.

AAN~S~A~~~@'
~
a NEW BUSINESS CENTRE.
1t Is in the Dcighbor11ool Of the ncw board Of
Trade that the interest in real estate centres for
the present Since it became evident thns the
move >guS really to he made. Il strong inquiry
has started up for property in that locality
There is very little to be had since the men who
had fuith In the new scheme bought some time
ago what was for s,lle. Most of them have been
offered n handsome advance on what they paid
Since the attempts OF the opponents Of the re
moval to capture the property have been t'atltcd
inquiry for lo1s here has been rcdoublcd. Every
nonresident owner has been written TO fot hiS
price.
Mr. ]. D. Jennings, who bought for S.3,059 a
1O foot lot Clark street. 1J feet south Of Jack
eou. running through to Pacitic avenue, has
just made Il least. Of It OIL terms advantageous
to himself and the lessee. lie has leased it t,: Il
continuous term OF 70 years, without rev:slta-
ton. ut 5000 Il year. and nl taxes, TO Mr. Pope,
OF the Public Produce Exchanr.'. The Sears
cs1utc Of Boston have sold their 80 foot lot a'l-
Joining Mr.: Jennings 70 Mr.. u. A. Lorins for
$1i,0OU cush. MIR LOEinE has been offered and
has refused 4 cash advance OF S:.'A0o3 On his
purchase.
1t is the intention Of Mcssrs. Lorng Il Pope
toopen private court. thirty fcc, wide. through
their lots. running from Pacific avenue 10 Clark
Street Office buildings will then be erected "i1
place, ncar wall street, \ very handsome
rental will he cnrncd in this way.
th E ~ r =. ,.s T. a1sc ~ ,n co1r Of Ia
Sale and Jackson. This property was bo1,gbt
soue time nro Tor s30,Vu. snd last week sdo,Wo
was refused tor it.
Twenty-Five feet on Sherman street. .' feet
north ot Ean Buren,, has been sold Tor ssU
foot cash.
:rhe board OF Trade I;uiiding Association,
though formed has not been dthntly oryau-
lied. It's counsel arc settling tho details u in
corporation. When all these arc arranged, the
viii rrta1 trnrk.
u special meeting Of the Directors Of tho
Board ct Trade ou Wednesday Mr.. W. t.. nut11r
ortan, matter Of the validity Of tho title tn the
property. Anu that Of the VACATION ordinance
2assed by the cty ConmS MI Go4ay ,n sfa,sd @
grx'ussd Hf the questions involved. ard II his
opinion the validity OF the ordinance could not
be doubted. The Legislature had endowed the
City Of Chicago with a charter which gave tho
municipality full power to tAca,c streets AMI
Of suGh e'on m y the s. Enu 1, nes
In his opinion the La sale street property could
safely " purchased ty the i;"ara as be ..ss co,.
IN the title OF the ordinance. The re-
suit Of Mr.. Couuy's repoTI was the unani-
NOUS adoption OF resolution hy the Board OF
Directors that the site he purchased, and atI
association be formed 10 erect the building. The
Board will pay the nominal SUN OF Sa'M0 for
the lot, the remainder haing been raised by the
Association will be organized at cnce+ ana until
IL Is properly Incorporated the plans tnr the new
IRE will cost Se.U0 viii occupy all ti,e rcAl es-
Iatc purchased. and will contain i board 1rA'm
he main ti9or Vt which shnll not bs lnnrc @ than
of tho street, and ha tac main tlt'r Of which is
placed ut such blight is regarded MS preferable
by the majority of the members Of tho lioard to
a room that should open out to the street level,
because of its greater protection fro1u dust
There Is not as much rcal,es1ntc eScltsment IT, IN
is due to the fact that most Ot the 'leStrst'e
propcrty 10 be had was bought up some time ago
will affect all values in the vicinity and will be
felt on Stato street as fur south Us Twelfth
street.
TIE CHAMBER OF COMMERCE. AND
TIL: BOARD OF TRADE
An advance has been made by tho Board OF !
Trade toward negotiations for settlement Of |
its lease with the Chamber of Commerce. 1t is |
perhaps n little more difficult for corporations |
10 talk over such Il matter than it Is for inl- |
viduals do 80, but it is not believed that there
will be the slightest opportunity for any
trouble in settling this not difficult question. +
The Chamber Of Commerce has scrupulouslv
rcfraincd from doing the lcast thing to oppose
the desire Of the members Ut the Board to
change their place Of business. There conse- |
Qucn1ly exists tho best Of feeling between the |
Two bodies. The matter to bc arranged is cx-
trcmc1y simple The Board have leased the
Chamber OF Commerce for a term which still |
runs tor sumc hfty years The building was put |
up to order. for their accom- notation
All that remains to do is to capitui-
ize tho value Of the lease to tho Chamber
OF Commerce, md settle OH that basis. The
Board of Trade is itself i lnr.e stockholder in
the Chu rber OF Commerce.. The latter asks
only that the sctfle1ncnI be muie ut once. st3
that tt may he able to proceed with the aeccs-
exry ehanEes to let the tufidtug to other tenants.
The Board OF Trade ready. ar.. informed, |
to make an expeditions settlement In changing
their quarters they were not actu:tc1 lv the
least desire tn cyntle the smallest OF their ohii~
CATIONS under Til: lc,ist- There is probably no
lNsay OF business men il, tho United
States so prompt and honorable III their
dealings rs the Chicago 1}oar1l Of Trade Hut
there Is also question nt policy involved. To |
raise the amount Of money needed tor the New
building will be easy enough for II a'ody like tho
Board. but it might he seriously embarrassed il
IT showed disposition 10 cva*1r any uf its |
previous obligations. 10 make its new move 4 |
SUCCESS it must be with flying cDlors. and with
A STRONG MARKET. |