Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1902-05-08
MADE AS MERCHANT, BONlFACE
AND LAND BUYER.
HAD FAITH IN CHICAGO
Perhaps the Largest Holder of Reality
in the City-Ceath Comes Sud-
denly From the Effects of the
Grip-Widow and His TWO Sons
at Bedside.

go real estate. A lew days ago MI.
Palmer scheduled personal property
amounting approximately to S1,250,
Geo. \ year ago he scheduled per
sonal property amounting to 100000
His wealth may be summarized AS
follows:
Palmer House block .......S 100000
Property south Of Harrison
street and other miscellane-
Gus holdings 1890. -. e. 100000
North side real estate ... 100000
Personal property scheduled 100000
Other possible property 49,. 1,750,0N0
Total " .. =. -. SIC, 100000
Mr.. Palmer's most valuable piece Of
real estate is the Palmer house block,
at Monroe and State streets. At one
time this property was held at ST.,
100000, and it is now one of the most
valuable real estate holdings in Chi
cago. Mr.. Palmer was credited with
owning almost a mile of real estate
along State street. His fancy always
was for real estate investment. In
recent years, however, he has gradual
ly sold his State street properties,
retaining, it is said, many lots south
OF Sixteenth street.
After the fire Mr.. Palmer began
purchasing real estate on the north
SIDE, his most valuable real estate
holdings there being on the Lake
shore drive. He had, it is estimated
1870 houses built on streets running
into the drive. The value of these
properties is estimated at between
$4,000 and $4,000 each.
Prior to the fire Mr.. Palmer con-
sidered his holdings o-scattered that
he could afford to carry his own in
surance. When the fire swept every
thing to the ground he was left with
the bare property and without insur-
ance for the buildings. This con-
siderably restricted his financial re-
sources for time, and it is related
that before he could finish the Palmer
house he was obliged to borrow money
from the Connecticut Mutual Life In
surance company to the extent of ST.
500 ,000
1t had been Mr. Palmer's intention
to lease the building for hotel pur
poses, but when it as completed he
found that he was unable to find a
lessee, and in consequence he went
into the hotel business himself. He
proved to be a remarkably successful
hotelkeeper, and the property has been
recognized as one of the most valu-
able in the United States. The life
insurance loan has long been Iiquidat-
ed and no incumbrance runs against
the property
The Palmer house is one of the
sights of the north side. It is es-
timated that the building cost $780,
GEO.. Indeed, it continued to run into
money to such an extent that Mr.
Palmer, it is said, >uld his bookkeeper
to enter no further charges against
the building, as he did not wish to
know how much it would cost
Little is known of Mr.. Palmers
holdings in stocks and bonds. 1t is
presumed that he owned a consider
able amount of securities. but his in
vestments in this line have never at
tracted public attention. He was not,
SO far as known, identified with steam
roads or local street railroads. He
was not credited, however, with own
ing stocks in Illinois corporations
other than those mentioned.
Gathered about the bedside when
death came were Mrs Palmer. Ho-
more and Potter Palmer, Jr He
was known as liberal giver to pub
lie institutions and for all charitable
objects. He contributed generously
to the promotion of interest in art in
| Chicago. He was active in securing
| the location of the worlds Columbian
exposition at Chicago and to his eff
! forts was largely due the adoption of
the great plan for the exposition
| which made it a success. Others
| thought that it would be too costly
and that it could not be carried
| through, but Mr.. Palmer contended
| that the plan which was finally adopt
ed was the only one upon which to
| conduct it. He was one of the largest
| buyers of exposition stock.
For Chicago, Potter Palmer was
creator of State street, promoter OF
| the city's magnificent park and boule-
ward system and chief Of the little
army of undaunted men who raised a
new city from the ashes of 1871. A
| smaller man would have acknowledged
| defeat and retired. Potter Palmer
! borrowed S3,400,000 at 10 per cent.
interest and raised a new host of
buildings more splendid than his lost
| edifices. He finished the Palmer
house in 1873, at that time one of
the greatest and most sumptuous no
| tells in the world.
He declined place in Grants first
| cabinet-that of secretary of the in
| terror, in 1869
He contributed largely to the
worlds fair fund in 1892 and during
| the last four years was a heavy buyer
Of Chicago real estate, being reckoned
| the largest individual holder of Chi
cago real estate at the time of his
death
Daring originality was the keynote
of his career. He came to Chicago
from country town-Lockport. \. Y,
and taught the merchants of the west
ern metropolis new methods of trad.
| ing which were to rule in time all the
commercial capitals of the world
For more than fifty years Palmer