Chicago Tribune, January 1, 1868
BUILDING.
In no department of business was this anticipation felt mute generally than in that of real estate. Men who had realized largely in the former year began to put their surplus capital into real property, which, the prevailing high rents, and the demand that was constantly increasing by reason of the growing population, seemed to offer, prospects of a larger return upon investment. Many capitalists prepared to prosecute building operations with great vigor upon the opening of the season. Large quantities of lumber were sent thither and materials were abundant for a vigorous and busy season. But almost at the opening of the season the labor troubles, which had long been threatening, actually arose, and in the demands of the eight hour men was sounded the key-note of an obstinate and damaging conflict between labor and capital. Work vas abandoned altogether, and building operations being crippled, the disastrous effect of the untimely protest of the workmen extended to all branches of business, and were to be marked even at.the close of the year. Many, a large majority, of projected enterprises were postponed for another year, and only a small part were carried to completion.
It is estimated that the total number of buildings erected during the past season amounts to 7,000. It is believed that in the construction of there from $8,040,000 to $9,000,000 hate been expended.
During the year 1866, not less than 9,000 structures were erected in the city, at an aggregate cost of $11,000,000.
From these figures it will be ascertained to what extent building operations were affected by the eight-hour troubles during the past year, when it is considered that of the two seasons the past has been much more favorable for this work. During the year 1866 men were plenty, and true; but materials were exceedingly scarce. The season was very rainy, and brick-making was attended with great difficulty. Prices reached as high as $15 per thousand. Lumber, too, was held firmly at high rates.
During the past year the price of lumber had not materially declined, bat the dryness of the season filled the market to overflowing with other materials. Competition sprang up very lively, and, during the greater part of the season, bricks were plenty at $9 a thousand. It is computed that 40,000,000 of these were manufactured during the season.
The buildings erected during the year present this characteristic: Although the number is small as compared with that of the previous year, those constructed were of a much better class, uniformly. The appearance of many streets has been completely changed within one short season. A year ago LaSalle street was a muddy, uneven, little frequented thoroughfare. The appearance of its structures was unattractive indeed. Now, imposing edifices have bees reared like magic where, but a little while before, crouched gloomy and tumble-down tenements, rickety stables, and cheap cottages. Many other streets exhibit a degree of improvement a lot equally marked.
The coming season promises to be one of unparalleled activity. A great number of enterprises have been conceived, and preparations have been made for commencing operations different quarters of the city, at the opening of the next season, on a most extensive scale.
Among the most noticeable structures erected or contracted for during the pest season are the following:
Armour’s building, on the corner of Michigan avenue and Randolph street, was erected during the season, and is one of the most elegant and substantial blocks in the city. It comprises two store, each with a front of 43 feet, and a depth of 130 feet. It is six stories in height. The building is furnished throughout with the most modern improvements. Its total cost was $400,000.
- Armour Building (Pullman Car Company Building)
John Carbutt, photographer, 1869
There is now in progress of erection for Mr. Potter Palmer, on the corner of State and Washington streets, a new business block, which will cost, when completed, upwards of $140,000. The fronts will be of marble, and the style of architecture will be beautiful and imposing.
Messrs. Bowen Brothers have erected a block of four marble stores on Randolph street, 120 by 170 feet in size. The block is erected in the Italian style of architecture, and will cost $425,000.
Messrs. Armour, Dole & Co. have now in process of erection a monster grain elevator whose capacity will be 1,250,000 bushels. It wIll be 130 feet high, will have a depth of 880 feet, with a width of 84 feet, and will cost $400,000.
The magnificent building on Madison street, in which are completed. Farwell Hall and the Young Christian Association, was finished during the last year at a cost of $120,000.
The Union depot of the Michigan Southern and Rock Island Railroads, on Van Buren street, having a front of 200 feet, with a depth of 600 feet, was completed during the past year. Its aggregate cost was $200,000.
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