Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-26
THE CHICAGO BOOM.
Pittsburgers Who Purchased Land
There Twenty Years Ago and
TRADED 1T FINALLY FOR ICE.
A Comparison of Values Between Pitts
burg and the Windy City.
TREND OF TRADE ON FOURTH AVENUE

Mr.. j. b. Larkin, who has only recently
returned from weeks visit to Chicago in
the interest of some Pittsburg investors, in
an interview with THE DISPATCH repre-
sentative yesterday, told an interesting
story of real estate operations in the Windy
City, including a comparison between
values there and here. While the narra-
tive is of general interest, its local bearing
is of special importance now that great
deal of Pittsburg capital is being invested
in Chicago realty. Mr.. Larkin said:
II have read with much interest of the lucky
deals made by a number of Pittsburg gentle
men in Chicago real estate. and after five days
spent among the dealers there and an inspec-
! tion Of suburban property, am prepared TO
say that there is splendid field in that city
for persons of large means, and that the reports
about the doubling up of values are correct
can illustrate this best by reciting one transac-
tion. Many years ago W. ]. Radclif, Charles
B. Seely and others, of this city purchased
tract of land in Cook county. township IS, sec
ton 28 range 13, in what was then known as
the town of Lyons, in the southwest part OF the
county. The tract consisted of l60 acres
of swamp land. 1t was subdivided and
called keystone addition" although IA miles
distant by the nearest route from Madison and
State streets, and ~ miles outside the COR
porate limits now. Mr. Seely sold his portion
for little or nothing to Mr.. Parker of the East
End, and that gentleman traded two acres of it
as late as 1879 for ice to Edward Smith, of
Frankstown avenue, East End, who also
deemed 1t of little or no value, and did not
record his deed, although still in possession
of 1t.
~ went to Chicago to look up the title and
locate this addition, and found it on the line of
what is known as the Belt Railroad (similar to
our Junction Railroad), where it crosses
bisects the Grand Trunk Railroad,
"a miles from the city limits and
IA miles from State and Madison
streets. The Secretary of the Anderson Brick
Works, large plant with capacity of 800 600
bricks per day, now being erected on the so
acres adjoining the seely- Radcliff purchase,
informed me that the Seely land, if kept intact
without having been subdivided and SOLD, would
now be worth Sl6O.00O or s., 900 per acre. and
that in small tracts of three to five acres is
worth and is now held at 500 per acre. There
is only one bouse within two miles OF it, and
the nearest railroad station is Hayford, ~
miles distant on the Grand Trunk Railroad.
The brick works is nearing completion, and
the men employed travel to ana fro on speeders
on the Belt Railroad"
Prices Looking Up.
"The causes of the recent and prospective en-
hancement of values were thus stated by Mr..
Larkin:
1.-THE price of land, although out on the open
prairie, has enhanced very rapidly owing to a
purchase of acres in that part of the county
by the Stiokney syndicate for the use of the
Union Transfer Company, who propose erect |
ing the largest transfer depot in the world. It |
is said that l6 of the 20 heavy railroad interests
of Chicago have agreed TO this purchase and |
are parties to the transfer title papers. The !
Grant Locomotive Works are also in prospect |
i've, and are booked for the West Side, some |
distance from the city and in the immediate |
neighborhood of the land owned by the syndi- |
cate of Pittsburgers When talked to Messrs. |
Snow Dickenson, Thomasson and other |
operators about fine acre lot they laughed |
about it. and said: we could not handle it, and |
DO not touch anything in the remote suburbs |
less than 20 to 80 acres In addition to the as
sured location of the Union Transfer Company, |
Grant Locomotive Works and the removal of |
the Union Stockyards to the suburbs with its |
10000 interested people, the moneyed men Of |
Chicago claim that the passage OF the silver |
bill with its annual increase of $40 0O0 0OO added
to the present volume of currency, and the |
great influx to the Worlds Fair fully Justify |
the rapid increase in price of Chicago real es-
tate.
Il pretty thoroughly covered the immediate |
suburbs in three days, and with the develop |
ments going on and proposed, I see no reason |
to doubt that many millions of money will be |
made in the next 10 years out Of the land that |
now seems valueless except for its growth of |
prairie hay You may talk about the Windy |
City as you please. 1t has the territory. the |
money and enterprise. and in the near future |
will be the first city of this country"
A Comparison of Values.
When asked about the value of suburban
ground as compared with values In the suburbs
Of this city, Mr.. Larkin said:
''The comparison is not fair one, as the con-
ditions are very different Chicago has unllmit-
ed territory reaching north, south and west over
a couDtry that is as level as Wood street. 1t has
absorbed everything that has corporate exist
ence anywhere within reach, and the county of
Cook is grldlroned with railroads and street car
lines with low fares and a system of transfers |
that invites people to build up the suburbs.
Level land outside the city of Chicago Is
cheaper than land of the same character in this
city, except that Immediately adjoining the
Stickney tract for the Union Transfer Company
depot and yards, Grant Locomotive Works and |
other large enterprises but in this city it is
scarce and hard to reach, while the reverse 10
true Of Chicago. In the business portion, how
ever, values are three to four times as high as !
in this city. and, to get returns for an invest
ment owners are erecting 10 to 18story build
ngs, every corner of which is occupied"
A curious feature of this narration is that
none of the Pittsburg owners Of keystone
Addition" have ever seen it, and know nothing
about it (although it is said that Charles Seely
named the town after his friend, ]. b. Lyon.
low dead, and expected to rival Chicago at
'ome future day. except from the information
in the title and tax abstracts and
hat furnished by Mr.. Larkin, who footed it
,ver railroad ties for 215 miles from the nearest
tation. and then looked up and had the title
'erified.
Business News and Gossip.
A new plan of lots is being opened between 1
Williamsburg and Edgewood. 1t is understood
o be in the hands of Messrs. Hamnett & Mere
18th.
The highest price yet paid for land in the
squirrel Hill district was at the rate of S2l 900
n acre for a lot 90 by 200. The deal occurred
ome time ago but was not reported. The pur-
haser said yesterday he could sell it any day at
N advance of % per cent.
The most important mortgage on file for
ecord yesterday was for 81 600 There were SS |
q all, of which IA were for purchase money.
Beringer d Son-Work on California avenue
nd the certainty of electric road in about
year has given great impetus to real estate
q the Ellsworth district, 1t bids fair to soon
quail the East End in activity.
There is a movement on foot to change the {,
ames of Thomas and Mcpherson streets |
Boulevard place, to something more euphoni.
us and in better keeping with the characrer of |
ne locality. Suggestions for names NAV bs ,