The Portland daily press., 1898-01-26

decided by your Board of Directors to
make application to the Title Guarantee
and Trust Company of Chicago, Illinois,
for it's guarantee of the validity of the
title to purchasers of the various lots
represented in the subdivision, and pol
icies of guarantee are issued by that cor
poration as each lot is sold, for the full
amount of the purchase price.
In preparation for the accommodation
of temporary residents, visitors to the
Worlds Fair, miles of new streets in the
vicinity of Jackson Park were covered
with lofty structures of immense proper
tions, which in 1898 were used as hotels.
After the exhibition closed, these build
ings were generally transformed into
flats and rented at low prices.
The business depression which has
prevailed since that time has prevented
the natural increase of the population of
Chicago. A period of business prosper
ity always tends to increase the popula-
ton of cities, while hard times always
reduce the employment of labor in large
centers and force the unemployed 20
seek homes in rural districts where liv-
ing expenses can be modified.
The commercial paralysis which has
prevailed for four years following the
Worlds Fair has interrupted the natural
growth of Chicago, and the extraordin-
ary construction of buildings for the ac-
commodation of visitors to the exhibi-
tion created available tenements in ex-
cess of the demand of tenants. Recog-
nizing these conditions, your Directors
have made no effort to convert the Uni
versity property during this period of
business depression.
Within few months, however, q favor
/ able change in sentiment and conditions
has taken place, which is !, perhaps, more
city in the country. In view of this i'm
provement In financial and commercial
conditions, your Directors have COM
menced the erection Of thirty-two dwell
ing houses. to occupy both sides of Thirty
fourth street between CottageGrove avenue
and Rhodes avenue.
These residences will be detached, three
stories, and will vary In size from ten to
twelve rooms, each dissimilar from the
others but harmonious in architecture,
the materials used for construction being
of the various kinds of brick, stone and
terra Gotta, with the interior finishings
of hard woods. These houses are to be Of
| tho most y,aCdorp stvIo with rrY.oo vo nil otu
of exterior as well as interior decoration.
Especial care has been taken to make the
whole frontage beautiful in architectural
features, and to make the entire street as
attractive in appearance as any to be-
found in this desirable residence portion
of Chicago.
The residences will be sold to desirable
purchasers at fair prices and upon reason
able terms The plans were made by one
of the leading architects of Chicago, Mir
S. S. Beman. whose plans were adoptea
for the building Of the attractive town of
Pullman, and the improvements and sale
of the property will be under the i'm
mediate supervision Of the Chicago mem
ber of your Board of Directors.
Other streets in this tract of land will
be similarly improved in the near future
and as this property is only separated
from the Lake by Groveland Park and
Woodland Park, it is one of the best resi-
dence districts of Chicago.
| By reference to the appended financial
statement, it will be observed that the
! Investments made during the past year
by the Finance Committee of your Board
of Directors are in choice, high-grade Sc
curities, of recognized substantial value,
and convertible at any time at the stock
exchanges of New York and Boston, and
other money centers of the country.
Respectfully submitted,
FRED E. RICHARDS. \
President,
| ARTHUR L. BATES,
Vice President,
| JOSIAH Fl. DRUMMoND,
| PERCIvAL BoNNEY,
MARQUIS +. KING, rx
| EDWARD A. MOVES, D@FeceofS'
FREDERICK Robe,
FRANK E. ALLEN,
| SELDEN CoNNoR.
DAVID G. HAMILTON
| j. FRANK. LANG,
HENRY b. CLEAVES,
PORTLAND, MAINE, January 25, 1898.