Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1902-05-08
WAS SUMMONED SUDDENLY.
Death OF Potter Palmer. One OF Chicago's
Miilionaires. When Thought to
he Recovering.

Chicago. May 5.-Potter Palmer, for
nearly half a century one of Chica-
COS most prominent business men,
died last night at his residence on
Lake Shore drive. The exact cause
of Mr.. Palmer's death has not yet
been determined. He had been suf-
fering for several weeks from a nerv-
GUS disorder, but as he was able to
be about the house his condition was
not thought to be serious. When lie
returned Saturday night he was feel
ing, if anything, better than for sew
eral days. During the night, how
ever, he seemed to lose all his energy,
and yesterday morning was unable to
leave his room. He gradually grew
weaker during the day, and at $40
o'clock last evening he suffered a sud-
den collapse from which he expired.
The physicians who were attending
Mr.. Palmer are at a loss as to the
ultimate cause of his death, as APP
parently he had no organic troubles.
Mrs. Palmer and their two sons,
Honore and Potter, Jr., were with Mr..
Palmer when he died. No arrange
ments have yet been made for the
funeral, but in all probability ne will
be buried in Chicago, where he ac-
cumulated his fortune.
Potter Palmer was born in 1926 in
Potter's Hollow. Albany county, N.
Y. He received a common school edu-
cation, and at the age of 10 engaged
as a clerk in a store at Durham, N. T.,
where he remained three years. When
he became of age he opened a store
of his own at Oneida, N. Y, and con-
Quoted it for two years. He after
ward spent n year at Lockport, N.
Y, and then removed to Chicago,
where he established q dry goods
firm. This firm afterwards became
Field, Palmer & Letter, of which the
other members were Marshall Field
and Levi Il. Letter, and which has
been succeeded by the firm of Mar
shall Field & Co.
The sharp advance in the price of
goods after the beginning of the
civil war found the firm prepared
with a large stock, and it reaped i'm
mense gains from every advance. MI.
Palmer retired from mercantile life
in 1865 and so liberal had been his
policy in meeting public require
ments during the war, that the gov
eminent was indebted to him to the
extent of three-quarters of q million
dollars. After disposing of his dry
goods interests Mr.. Palmer invested
largely in Chicago real estate, and be-
gan the erection of business build
ings. When the fire came in 1871 he
owned 80 structures on State street,
every one of which was destroyed.
His losses were very heavy, but his
faith in Chicago was mistaken, and
he borrowed enough money to enable
him to reconstruct the buildings that
had been destroyed. He had already
begun the erection of the Palmer
House hotel, and as soon as possible
after the fire the work on this build
ing was resumed. 1t was completed
at a cost of 81, 1000, 900, the result be-
ing the handsomest and most sub
| stantial hotel in the country at that
time. His real estate holdings con-
tinued to increase in value until to-
day his fortune is estimated at $685.
300, 900. Mr.. Palmer was married in
1871 to Miss Bertha M. Honore,
daughter of H. II. Honore, a Chicago
capitalists of that day. In politics
Mr.. Palmer was a democrat.