Chicago Tribune from Chicago, Illinois • 11

THE CHICAGO 11 nt -m outlay. BUILDINGS OF 1891. tion of the building of $000,000. 000 tuikliajr to be ere fkj f.y tho" Maradiki Hug com paay on the si'. ci the prese-nt Honor The stooucl-- profidea for be provided.

Now that 1891 has punctured these balloon hotel schemes, it will probablw be the work of 1892 to bring seme more plans tor-ward which shall rest upon a solid foundation -1 fiance, and even surprised some of the most sanguine believess in Chicago property, is that the market could 60 shamly change from a to an investment basis and leave so few wrecks to mark the turning ilEAL ESTATE IN 1091. VlSTJtfEXT AND -NOT SPECULA-' TIQN THE KEY M)T OF puiuu. utiutiionaoiy a great proportion of CHICAGO LEADS IN NUMBER GREAT STRUCTURES. iu uio sere iieiti loJU were purchases bought for SDeculation where the buyers did not count much on anything but the first payment. They expected, after getting control of the property, to turn it over to some new customer before the second payment became due.

The course that the U.01BC!, won in xov -rrequently brought disappointment to those exueetations. In view of this chanra! an entirely safe prediction to have said that In the line of hotel building the wrk which has been done in reconstructing the Ueauri-vage flats at the corner-of Michigan and Van Buren street is interest ing. lhA building has been remodeled into a hotel to be known as the Victoria. The attention of investors and builders has naturally been attracted to the construction of hotels, residences; and apartment houses on account of the near approach of the Fair season. For this reason, more than the usual number of fine apartment houses and family hotels have been planned or are under way.

One of the finest of this class is being built on the North Side at tne corner of North Clark street and North avenue. It will cost about $400,000, and is being built by A. W. Maltby and C. J.

Warren. It is an eight-story structure, 100x325 feet, and bears some resemblance to the Virginia Hotel. A fine family hotel has been projected for the southeast corner of Thirtieth street and Michigan avenue, to be erected by the Lakota company. It is to be 100x120 feet, ten 6tories high, and will cost $500,000. It will be a fire-proof affair and will contain 300 rooms in suites of three or more: On the South Side the largest apartment house ever planned for Chicago is well under way.

This is known as the Mecca and occupies the south end of the block bounded by Thirty-third, Thirty-fourth, State and Dearborn streets. It is 206x234 feet, four stories in height. The estimated cost of this building with its equipment is $1300,000. It will contain ninety-three flats and twelve stores. The Sri7 -i mm "Mil J4Ai Buildings of Iron Construction Becoming More and Mora Popular Great Office Structures, "Which Are the Wonder of the World, Are Built, Finished, or Pro-' Jected Foot Tall Office Buildings to Face Single Block A Fetr of the Possibilities in the Time to Come.

The building operations of 1891 have surprised the most enthusiastio advocates of Chicago enterprise and industry. In the active movements of the realty market of 1890 the erection of sixteen and eighteen-story office buildings was considered in keeping with the great enterprises in all lines of real estate development. In the comparatively quiet period following it might, be expected that there would be a falling off in building projects. Such has been the experience in New York during the last year. During the first ten months the amount represented by the building permits falls below that of the corresponding period of 1890 by nearly $18,000,000.

This has not been the i i property on Randolph street, just west of State street, was sold to two purchasers for $125,000. The west one-half adjoining the alley, feet, was sold to August von Glahu for $00,000. The east half, of equal size, was sold to Eunice H. Short for $05,000. The improvements consist of a four-story stone-front building extending over both lots.

A lot- adjoining the McCormick Block on the east, being the property 84 and 86 Randolph street, was sold by Robert C. Watterson of Boston to Leander J. McCormick for almost $100,000. The ground is 40x102 feet, improved with a four-etory building. It is considered that a valuation of $2,075 a front foot, or a square foot, is determined by this sale.

Another purchase which was made for the purpose of combining two properties involved the Kent Building on Monroe street, just east of La Salle. William Heine-man, representing Granville Dodge, bought this property, consisting of 45x80 feet, improved with a seven-etory brick building, for $185,000. The seller in the transaction was Warren Springer. A square foot valuation of $51 is determined by this sale in case no account is taken of the building. Albert Tower of Poughkeepsie, N.

purchased Nos. 165 and 107 Market street from Owen H. Roach for $133,000. The land is 48x 90 feet, improved with a six-story and basement brick building. A valuation of $10,000 was placed cn the building, with about $2,000 a front foot as the land valuation.

A West Side purchase of considerable importance was made early in the year by Kohl Mlddleton. This firm bought Nos. 136 and 138 West Madison street from Mary J. Meeker for The Chicago Real-Estate Trustees purchased the Vienna Bakery property on Washington street, east of State, from the Hartford Fire-insurance company for $254,000. The lot, 50x110 feet, improved with a building which was not considered in the transaction, as it has since been torn down to be replaced by the thirteen-story Venetian building.

William C. Comstock purchased the fee of 40x170 feet on Michigan avenute, fifty feet north of Adams street, for $100,000. It was sold for i UK -VCtiI woum oe marked with a good many defaults; that much property would return to the men who had sold it to the speculators with strong hopes and Usrht finances. The actual course of affairs in this respect can but be a surprise to every" observer of the situation; and it is one of the strongest commentaries that could be desired upon the solidity of the real-estate situation. In a broad way there have been no defaults.

Of course there are here jand there individual cases where purchasers were unable to carry through their contracts, just as there always are but there was nothing like a general default on speculative purchases. AVhat is still more surprising is that there has been little skurry-lng around by such purchasers to find some one to buy the property providing they would let it go at a sacrifice. It was xhe Transactions Fall Slightly Below the rnpreedentcl Record of 1S90, bat They Jirpresent Solid Investment- There Is JJttle Speculative InSition In the Total -Great Sales of Business and Residence ropertr-An Cneqaaled UuildinS Bee Trealtate market of 1891 ha3 to suffer ry a comparison with the market of 1890. It by comparison with the unprecedented hich Vas shown in 1890 tha unfavorable regarding last year's trans- bcSs can be brought out. The year 190 ihvved a record vastly ahead of any preced-t-'vear.

The total transactions of last year lalL only a little below the great total of year preceding, and it will be far ahead of other year in the history of Chicago Hi-4 one doe not have to go back half a ilecaue to find totals of two years that wdi fail blow the total of recorded transactions xa only the one respect of total transacts is the record of 1891 eclipsed even by 13 A feature of last year and one which fir any year before, is in the number of extremely large transactions. It was a year of gigantic operations both by individuals and companies. Transactions involving fcalf a million dollars or more were more numerous than ever before. The year wap particularly notable for large down-towa transaction both in the way of long-term leases and actual sales. At the beginning of the year the reaL-estate market had not emerged from the shadow of hpr name.

The shutting off of KOHTHEBJT HOXK1- of capital and requirements. While there has been a lack of new hotels in the building operations there has been a great number of large apartment houses. High-class apartment houses have proved popular with the public and profitable to the owners. There ASHT-Aift) BL.OCX. transactions had been pretty complete, and it was hot easy to get the wneeis in motion TJfnLpKtate borrowers had been cutoff absolutely at the banks.

It mattered nothing how good a man cretin was, ne wanau ta borrow for real-estate his application was apt to be denied. nt thah financial crisis and Aaouiei 7,, na T.Mhah rf mnrfi ptiect than fiaj-thing else in shaping the character ot the marset last year, was mat snarpiy orougut to the minds of men the fact that real estate is far from being a quick asset. No form of investment is muen naraer to convert cash at a time when everybody wants cash. ii ,1 holr! oatate valued at thoU- gands upon thousands of dollars had found sfiiiSiil 111 ilf li 3 Hilfe William C. Ritchie, who takes back a long term lease at a per cent rental based on the selling price.

Another $100,000 purchase was made by William Stewart. He bought Nos. 25 to 30 Michigan avenue from Cornelia Barker and Frederick F. Haskell for this amount. The property consists of 80x124 feet, running through to Central avenue.

It is improved with a four-story and basement building, estimated to be worth $30,000. A North Side block, located at the southwest corner of Michigan street and La Salle avenue, was sold by J. J. Knickerbocker to J. W.Oakley for $130,000.

It consists of a six-story and basement building on a lot 114x100 feet. Mrs. J. P. Warner purchased 40x90 feet on Market street, between Madison and Monroe streets, for $100,000.

It is in reality the purchase of a fee, as the property was leased back to the seller, Frank R. Baker, on the basis of a 6 per cent income on the price paid. The building is estimated to be worth $30,000, which would leave the land value at $70,000. This is equivalent to a front foot valuation of $1,740, or a square foot valuation of nearly $20. Another sale of a $100,000 fee was made by Heath Milligan to Simon Reid and Thomas Murdoch.

The property is 30x180 feet, north front, at Nos. 170 and 172 Randolph street. A long term lease on a 6 per cent basis is taken by Heath Milligan. A sale involving property valued at $280,000 in the wholesale district was made by John V. Farwell to Henry Botsford.

The property consists of 90x185 feet on Franklin street, fifty feet north of Monroe street, improved with a five-story stone-front building. A purchase which can scarcely be classed with down-town transactions was made by Clinton J. Warren and A. W. Maltby.

They bought the southeast corner of North Clark street and North avenue for $95,000. It has a Clark street frontage of 225 feet by 100 feet on North avenue. The property at the northeast corner of Michigan avenue and Twenty-second streets, themselves unaDie to raise eveu omau ijci-csntsge of that value in cash. The effect of viingmg this fact to the minds of real-estate operators was to take a great deal tne speculative eiemeus out oi mo mai ut. n- tkQI Vina nnf-.

hn nntahlo for snecu- -fi ltalpi rf 8 se infill I mimi kite mum lOiEJBlilili inFli tlfeiB iH Kill? latlTe operations. great record of 1890 a-iis built up largely of speculative transactions. People got to a point where they did bs much consider intrinsic values. They baying because they thought there would ooa be some one else to whom they could sell p.t a profit There was comparatively little business of that character last year, and so it ii a doubiy satisfactory thing to look at the nn.otntilnf trnnsactinna and know that $500,000 building on the southeast corner of Van Buren and Dearborn streets, owned by Francis Bartlett. The third permit provided for a continuation of the Kearsarge and Monad nonk Buildings, to be known as the Katah-din and the cost $000,000.

David E. Bradley took out permit for a $600,000 building to be erected east of the Northern HoteL Tha fifth permit proided for a structure, to be built by Byron L. Smith at the southwest corner of Michigan avenue and Washington street. This unusual flurry in the building-permit market did not indicate any tendencies toward immediate operations, but simply reflected the agitation of the high, building question. The permits might be classed as "emergency permits," and the buildings they provide for be listed among those described by the adjective proposed." There are a number of building improvements which as yet come under the class described.

The plans have been drawn and all arrangements made for a fine office building to be erected by the Hartford Safety Deposit company at the earner of Madison and Dear- born? 6 1 reels. Application was made for a building perm it for a "sixteen-story building just a day too late. The Ecnt order instructing th-j Building Commissioner to refuse ap-plieatioas for buildings over twelve stories in height came just after the issue of the five permits above described, but just in time to prevent the Hartford company from securing authority 'to buila a "6ky-scraper." A compromise permit, however, has been secured, the lease of the corner has gone to record, tha company has been fully formed, and anew building on the southwest corner of Madison and Dearborn streets. wSl doubtless be one of the improvements of 1892. three blocks west of this a site has been secured for a sixteen-story building, to be known as the Security Building.

A company headed by Charles H. Marshall has leased the southeast corner of Fifth avenue and Madison street and will build a sixteen-story office structure at a cost of about The architect of this building will combine the steel frame with the solid masonry form of construction. A main central tower running up sixteen stories in height will be of solid masonry. The two wings will be fourteen stories high and with the usual eteel frame construction. Another of the notable buildings which are promised for this year is the Memorial Block to be erected by Higgina Furber at the southeast corner of State and Washington streets.

A thirteen-story building, covering a State 6treet frontage of 100 feet and a Washington 6trect frontage of ninety feet, to bp known as the Columbus," is to be built he J- It will be thoroughly fire-proof, of steel con-V. etruction, and will be memorial in its style of architecture and construction. A welve-f oot entrance opening on State 6treet will be surmounted by a colossal 6tatue of Columbus. The 6ides of the entrance will be covered with two large bronze memorial tablets. Heavy cornices decorated with Spanish medallions And coats of arms will encircle the building.

The estimated cost of the building is William A. Giles made application for a twelve-story building to be erected at the corner of Fifth avenue and Jackson street. It is upposed that tho permit is one of the emcr- gency class, but the building is one of the pos- -sibilities at least, of the coming year. Another. Fifth avenue building, which in all probability ill be commence-d early in the spring, is to be erected for Mrs.

S. T. Iiees of New York at Nos. 147 to 153. The buildings at these numbers are to be torn down and replaced by a fourteen-story structure at an estimated outlay of This will be the tallest wholesale block in the city.

The new Savoy Theater on the site of the First Rcgi- ment Armory on Jackson 6treet promises to be the next important theater structure built in the city. It ia to be twelve stories high, surmounted by a roof garden, and will approximately $400,000. At the time that the final permit "was cured for the new Hartford Building a pernios -for a twelve-story and basement brick buithe ing to be erected at Nos. 112 and 114 De 111 street was secured. This will replace wa cft Stewart-Bentley Building at a cost'With awt $2QaGtf--TJie building will be MASONIC WOMAN'S TEMPLE.

A illiUiCUSC bWVtt it is befeed largely on the Bolid foundation of investment buying. Money grew easy as the new year progressed and the investment demand was excellent. If sellers had been as plenty as buyers the fortunes of the agents would have been made. Owners' ideas, however, were extremely firm, and they did not always correspond with the views that purchasers held regarding the income that should be realized from real-estate investments. Neither the arguments of would-be purchasers nor the events of the have changed the owners' views as to the value of their holdings.

The amount of property is small indeed that can be purchased for les3 than -it could have been bought Jan. 1, 1891. Prices of tiie choicest inside business property Lave made a material advance during the year. There are today many who believe that those prices gone up to an unreasonable point. The answer of the holder is that there msver was a year since coonskins were a legal tender in which there were not people who buildmg is in the form of two wings, separated by a central court 66x152, opening out to Thirty-fourth street.

In the center of each of the wings will be a covered light court, arranged somewhat like the rotunda of the Chamber of Commerce Building. The flats will extend back to these covered courts and will frcnt on the streets and on the central court, which will be improved as a park. Another fine apartment house projected for the South Side is in con- TEMPLE. have been many of them built during the year, more probably than in any other year before and there will be many more built this year. REALTY TRANSFERS BT QUARTERS.

Rasiness of Six Tears as Indicated by the Transfer List. The course of the market has been at least approximately indicated by the transfer list. The total for 1891 falls below that of the exceptional period of 1890, but is far in excess of the total for any previous year. The following graphic sketch shows the transfers by quarters during the years from 188G to 1891 inclusive Si 18S6 113 22.80o.oo6 3 'TO IIMl case in Chicago. Although the transfera of 1891 fall below the total of 1890's transfer list, the amounts represented by building permits show a small balance in favor of the year just closed.

The great office buildings which have been built or projected have excited comment from Maine to California. The great undercurrent of residences and flats, which does not appeal to the public eye, is a better indication of the general confidence of investors and of the general prosperity of the city. The features of the building operations of the year has been the developineut of what is known as the Chicago style of architecture. This commercial 6tyle of architecture, which was introduced in the Home Insurance Building, has been used in almost every down-town business budding erected last year. The most notables example of this form of building are the Unity Building, the Cook County Abstract and Trust Building, the Ashland Block, the German Theater, and the Venetian Building.

In all of these the steel or iron frame supporting the entire structure is used, and a description of one would answer for alL In the Unity Building the only variation from the general rule is the use of iron instead of steel beams and columns. In the German Theater the variation from the general rule is in the foundation rather than the superstructure. In this a pile foundation has oeen used. The Unity Building on Dearborn street possibly has excited more comment than any of the others on account of the rapidity with which it was constructed. Work on three of the great buildings which have been mentioned began about the same 6ime.

The framewort of the Unity Building was completed, however, before the first story of one of the others or the foundations of the third ISS7 1SSS 17,900,000 27,900,000 20.SOO.000 29,500,000 22,900,000 21,800,000 20,700,000 2S.900.000 21,400.000 22,000,000 29,700,000 33,100,000 30,600,000 42,100,000 40,300,000 EE 1SS9 E2 not a good year for the bargain-hunter: there have been few job lots. Even those acre tracts that were bought for speculation, with little thought of what they might be used for, and with as little thought of ho deferred payments Were going to be met, have been held firmly at prices in most cases well up to those of a year ago, and in many cases at prices which would realize the holders handsome advances over what they had agreed to pay. An Unexampled Building; Record. As last year eclipsed even the marvelous 1890 in solid investment buying, it also excelled it in the best evidence of the investment character of transactions that is in, the building record. All previous records in the extent of new buildings had been far distanced by 1890.

Marvelous as was this material evidence of Chicago's growth even that record has been broken by the aggregate of building operations in 1891. Rapid as has been the work of the carpenters and masons the incoming flood of population has fully kept pace if not exceeded it. Chicago's stock on hand of rentable property is absurdly small compared to the size of the city. There ia practically nothing at all in the way of desirable down-town stores; merchants who expect to move make contracts three to five yeare ahead. It would be quite out of the question for one to pick up off-hand desirable retail quarters.

The renter of offices has grown sleek and well to do. In spite of the startlingly rapid rate at which additions to the office quarters have been made, new buildings begin to rent while the foundations are going in, and by the time the roofs are on some of them there is little left to pik from. Doubt may fairly be expressed if this condition can possibly continue, when the several enormous structures which are now nearly completed, and which will be ready for occupancy on May moving day, are thrown open. Still just such doubts were plenty at the time the first tall buildings began go up. Knowing people said they never could be filled but the workmen were driven out by crowds of incoming tenants.

It has been that way from then until today. In the house-renting field the situation is much as it was at year ago. There ia scarcely any surplus of unrented houses. Desirable modern houses find an instant market, and vast numbers of the old-fashioned houses that were hard to fill a few years ago no longer go begging. There has been no material advance in rent rates, however.

Chicago can spread easily, and the new building has been rapid enough to prevent anything like extortion on the part of the landlord. Whether or not that condition can be maintained through this year and next, with the orld's i air crowds to be cared for, is a serious question. Hotels That Did Not Materialize. A notable feature of the situation a year ago was the vast number of Dew hotel schemes that were on foot. It waB a dull wtefc that i mi mm BfTHfWSa 1S90 62,100,000 If I 1 I feet tdid 180 feet hijh.

The most important South Side 1S91 ltd. InJ. 6 3 VESETlAJt" BUILDING. 64,600,000 58,700,000 43,900,000 55,100,000 41,000,000 38,600,000 5ri r- ir EC S.C (RHHHi LP I r-rr rr-m, i with a frontage of 125 feet on Michigan avenue by on Twenty-second street, was sold by W. A.

Wells to Thomas R. Lyon for $375,000. This fee was purchased during the year by W. A. Wells from E.

A. Bachelor for $350,000 cash, and a lease for the Lexington Hotel building company at 6-per cent on a valuation on $375000 was made. The terms of this lease, give the value to the fee, as the property itself 13 probably not worth $1,800 a foot. R. M.

Hooley purchased forty-one feet improved with two- three-story residences at Nos. 226 and 227 Michigan avenue for The northeast corner of Wabash avenue and Twenty-second 6treet, 75x119 feet, was sold for E. G. Mason and the estate of John Mattocks to T. J.

Leff ms for $130,000 cash. TRANSFERS OP A SINGLE WEEK. a MOSADXOCK. etruction on Michigan avenue opposite Park row. It is to be ten stories in height and will cost $125,000.

The fronts of the lower two stories are of gray granite, while the upper 6tories are of Kasot a stone. The priucipal building improvement of the year on the West Side is the John M. Smyth Building. This building, with a street frontage of 205 feet ana a depth of 180 feet, replaces the block which was burnt out in the early part of the year. The building is eight stories high, with a Bedford stone front in buff and blue tints.

The entrance consists ot two arches supported by massive pillars, and is directly in the center of the front of the building. Plans have been drawn for a tenet ory warehouse to cover the entire site of the old Appraiser's stores. This property is bounded by the river, Jackson street, Quincy street, and Market street. It was leased to John B. Mailers, who will improve it with a $600,000 building.

A fair proportion of the amount involved in building operations during the year is represented by the improvements which have been made or are to be made in old buidmgs. The work that has been done in remodeling tho Reeves Block at No. 91 Dearborn street is but one instance of this class of work. The Vic- islei fl; rrn is Iff iiBfiSlpS Iff -a More Business Done in One Week or 1891 than in Any Previous Week. The most extensive week's work in real-estate business as evidenced by the transfer list was transacted during last year.

The memo BaViUW 11BF thougKf the Iprice of Chicago real estate too high. Down-town values are now based pretty largely upon what may be the highest possible income to be derived from the property after it js unproved with the tallest possible etracturi. kind of calculating may be reasonable enough up to a certain degTee but it is evident that it will not do to build up all the down-town districts sixteen or more feiories high. The High KniMinjr Controversy. This matter of high buildings has beea-one ot the most important questions in the real-estate and probably the one 'over which tuere has been thesharpest discussion.

The verdict seetna to be pretty generally in favor ot a it although there are many defenders or high buildings who are net yet con- vmefr JA.ye?raS i4; was thought that the limit had been readied in the way of towering business structures, but last year developed new possibilities. There is now a twenty-story building under roof, and plans for a thirty-foury-story building have been seriously considered. The thorough discussion of this high-building phase of the city's growth which marxed the latter part of the year resulted in many resolutions by various bodies condemning such structures, and the question has been brought squarely forward for municipal legislation. The most effective action in the matter, howeTer, seems to have been tatcen by the lire insurance companies, althoush it has not any means vt hr, .1 iL The totals for these years are a3 follows 1SS6 1-889 1887 95,000.000 11890 227,000,000 93,000,000 1 lb91 178,600.000 SALES AMOUNTING TO $1,250,000. Some of the Star Transactions in Chicago Business Property.

The three great down-town sales which mark the activity of the year 1891 in this class of property involve the Major Block, the 6ite for the Chicago Title and Trust company's new building, and the Monon Block. The sale which ranks first in amount as well aa first in point of time was of the Major Block. This well known block, at the southeast corner of La Salle and Madison streets, was sold for Samuel A. Crozer of Upland, Delaware County, toLeander J. McCormick for $025,000.

The land has a frontage of 135 feet on La Salle street by a Madison street frontage of 66 feet. The improvements consist of the five-story and basement building, valued in the sale at about $30,000. A somewhat higher valuation is placed uoon the budding by the new owner, who has plans for remodeling it. Assuming the building to be worth $100,000, the square foot valuation of the land is placed at $59. The square foot valuation, without considering the building, is a trine over $70.

The building was erected soon after the fire, when the entire property was purchased by Mr. Crozer for $325,000. The property at Nos. 100 and 102 Washington street was sold to David B. Lyman, representing the Chicago Title and Trust company, for $525,000.

It has a Washington frontage of sixty feet and is 180 feet in depth. It adjoins the Methodist Church Block on the east and was sold for Orrington Lunt and Horace F. Waitc. The building on the lot was not considered of any value in the transaction, as it has since been torn down and replaced by the purchasing company's new building. The price paid represents a square foot valuation of over $48.

This sale was identified with the organization of the Cook County Abstract and Trust company with a capital stock of $1,500,000 and the project of constructing a $000,000 office building. The sale of the Monon Block, which was but recently reported, was made to Eastern capitalists. It was sold in connection with twentv-tive feet adjoining on the north to the Thayer estate of Boston for $575,000. The property transferred consists of about ninety-six feet on Dearborn street running through to Fourth avenue. The Block covers the south seventy-one feet, while the five-story building known as the Zearing Building covers the adjoining twenty-five feet.

The Major Block sale was negotiated by Snowfc Dickinson and H. A. Hurlbut. -The sale of the Lunt-Waite property was made through the agency of Turner Bond and the Monon sale was made by Bryan Lathrop. The property known as the Safe Building at No.

55 Dearborn street, just north of the Real Estate Board Building, was sold to the Real Estate for $100,010. The lot has a frontage uf 103 feet by an irregular depth. The square fot valuation determined by the sale is $19. Two purchases, also of Dearborn property, were made by S. M.

Fisher, Seventy-five feet of frontage at Xos. 73 and 75 Dearborn street were sold for P. H. Eice for This lot forms part of the site which, is to be improved by Mr. Fisher.

Tha Henrici I "otuity of tae msurance companies to these ovuvvuica wui orevent sti fnrthoT B- J. ixk's BUILDIXCJ. projected for this year wOl be in the most fashionable part of Hyde Park. A company has been formed to build a $500,000 building on the north end of the block bounded by Cornell and East End avenues and Fifty-first and Fifty-third streets. The land has a frontage of 300 feet on Fifty-third street, 178 feet on Cornell avenue, and 86 feet on East End avenue.

The peculiar trend of the shore line opposite this property makes it one of the most eligible hotel sites on the South Side. Plans have been made for anotlier South Ride apartment hous-? and hotel to be built on Washington and Lake avenues and Forty-ninth It in to be four stories high and will be known as tho Kennebec." Tle estU v-mated. cost ot the building is $200J00. Kyndieate composed of Charles W. Bregn, Jamee Judge Thoman, Edwin F.

Getchcll, and Henry Ives Cobb has announced its intention of building a fine hotel structure on the lake shore a block north of Jackon Park. It is to cover a fractional block 485r 165 feet, andwill be six stories high. It will be known as tho Hotel Genoa, and its construction will involve aa outlay of So much of the work of construction on other great buildings has been done during 191 that they can te classed with the buildings of that. year. The Masonic Temple, Woman's Temple, Northern Hotel.

Monod-nock and Manhattan buildings have been almost or entirely completed withm the year. -Most cf these hive been rented in advance, and will be ready for occupancy early ia the spring. In a Tear in i tumparaiiveiy httle in fl. -J. ..191 r.

iuo icawsiaiB marKei it la natural that tha ouuauuu euouia oner some of the most notable contrasts with, 1890, ATHLETIC BUtLDKfG. were completed. The framework of this building was carried up as high as the eleventh story before any of the outside shell was built. The Unity Building is essentially one of the great structures of 1891 and will be one of the first ready for occupancy. The building which ia in the most advanced state of construction with the exception of the Unity Building is the Cook County Abstract and Trust Building.

This building is just east of the Methodist Church Block on Washington street and represents an outlay ot between and $700,000. It is of a somewhat different style of architecture than the Unity Building. It is sixteen stories in height, faced with gray stone in the first four stories and with brick and stone throughout the upper stories. The Cook County Abstract and Trust company, a newly incorporated organization with a capital 6tock of $1,500,000. will own this building.

A building which only a few years ago would have been considered first class was torn down last year to make way for the new Ashland Block. This building, located at the corner of Randolph and Clark streets, is well under way. It has a frontage of 110 feet on Clark street and eighty feet on Randolph street. When completed it will represent an outlay of $850,000. Just east of the Ashland Block on Randolph street a few unsightly buildings have given way to a fine sixteen-story structure.

This is the German Theater Building. It will contain a large auditorium and the entire building above this theater portion will be carried on independent canta-lever supports. The first of the buildings projected by the Chicago Real-Estate Trustees is located on Washington street, just east of State street. It replaces the Vienna Bakery Building and Ls twelve stories high. The plans of the builders provided for a handsome structure, to be occupied by dressmakers, milliners, jewelers, furriers, and socialists, and the building in its exterior, as well as interior finish, is adapted to such usage.

One of the notable buildings outside of the down-town district is the new Lexington Hotel at the corner of Michigan avenue and Twenty-second street. It will be ten stories high, covering a frontage of 125 feet on Michigan avenue by 161 feet on Twenty-second street. Some difficulty was experienced at first in obtaining funds for the construction of a building of this size so far south. However, the work was taken up by the Liextngtun Botel Building company and is now well under The building is of steel construction, faced with brick and terra-cotta. Over the main entrance a wide balcony overlooking the boulevard has been built.

Theconstruo It iCHt aLre was the most imnnaTit lit. T.KTTXQTOX HOTEL. weeks ending with the following dates made the most satisfactory showing in the three years of 1889, 1890, and 1891 i-o It- ui me raar- i.et. In 1S90 anything that oecuoied a plice on mail (if Innt I Vimir .11 Xf 1 ul ruauuy saiaoie. Wen -bOUffht nor inc-.

May 8,1891 July 3.7, 1890 6,501,000 4,235,631 Aur. 24, 1S89 AM. TRANSFERS IN VOI.VIXG Sl.OOO. F4IB ELlT-DING. did not bring forward a scheme for some new hotel which was to cost a million dollars or thereabouts and be finished with most elaborate elegance.

The number of enterpises of this kind that have developed into certainties during the year bear a disappointing proportion to the number of plans which were drawn on paper. It is 1 hard to say just what has been the trouble. Probably it is not the result of any conditions unf rablo to the carrying out of euch plans so much as it is to the fact that a lot of irresponsible fellows, on the strength of the orld's Fair enthusiasm, prepared, plans wrtjout-making any provision for the capital with which to carry out the enterprises. These promoters found it much easier to get an idle architect to prepare a fancy sketch than it was to find a careful capitalist to put up a million dollars. Positive bahaa done by these irresponsible Pro.f schemes that could not meet with favor at the hands of motors, and ffl ioiM so they kept out of the field more careful Promoters whose work would resulted in the building of Chicago already has, a vast hotel if also has a vast hotel patronage It is not today entirely clear just where the thousand of World's Fair visitors are to lodged There need be littl- apprehensions KSSr.

That score, r. with the energy that has been shown every-other matter, connected with that vast left no room to doubt that ample facilities wul Ufea a flyer wheat or buy a block of rail-iy stocks for They had no use for rrorerty thetiKelves. They hardly looked J-iougn ahead to see what use might be r.e-- ot They sunply bought to seU again. rt. wps no such demand for acres last year.

hfi uays of the financial troubles oM830 some of the 'iivuaiH-of acre speculation were clearly i aDd tha lesson was not quickly for- i Arres Active, font JS9 SpecnlatiTe," It fa not to be inferred, however, because speculative feature in the acre martet was acre market was left stasnant. Asa MiUtivciit fact, there waseven asharperdemand sr acres ls91 thstn there was in 190, but it was oerciad of an entirely different charao-f ue buyers of acres last year considered ah Lie greatest care what use could be made CHICAGO TTTXX ASD TBCST BCTLDnfO. toria Hotel, the San Diego Office Building, the Oxford Building, the Freer Block, the Jones Block, and a dozen other instances of this class of work in the beart of the city might easily be given. During the single week ending July 6 two permits for office buildmgst wero issued. One provided for the German Opera House at Nos.

103 and 109 Randolph street, while the other wa3 taken out in the interest of the Chicago Title and -Trust company for their new building on Washington, street. This exceptional issue of large building per-m its was completely discounted by tho issue of Nov. 24., On that date -the Building Commissioner granted permits -for five sixteen-' story buildings at an. estimated aggregated cost of over $3,000,000. Tho first two build ing are.

well wi toward completion. No' move, however, has as yet been made toward the erection of the buildings provided tor at the Liter date. One of the five permits provided for a Interesting Table of Sales and Considerations for the Tear Just Ended. The following are the total number and amount of real-estate transfers within the city limits having a consideration of $1,000 and upward which were filed for record during the year ending Thursday. Dec.

SI, 1891: Month. Sates. Consideration. January 2.0U7 iebrnary 10,695.707 March .1,824 2.053 May 2.076 16.448,826 Jupo 1.99 13,056,130 J1" 1.772 11,754,014 1,444 1,653 11.3&3.472 October 1,630 9,921,056 1.476 10,115,089 1.2S0 7 9.794.819 Total for the year 20.800 fllO.S,.!? Total for the year la9o 1U.172.7C9 LONG KKM LEAShS OF A YEAR. Transactions WlilcJ Show the Popularity of This' Class of Investments.

The leasing of property for terms of ninety-nine years is becoming more and more of a feature in the Chicago realty market. During the 11 more ninety-nine-year leases vrere negotiated than during any previous period of equal length. Some of these leases were involved in transactions looking toward tni sal of a fee, and a few of them were of the kind that call forth profuse explanations from the principal interested. Many of the important building operations of the year were linked with the negotiations tot along- i viiiie is spewing at the rate of a year sa- rc must continue to be a demand for ot- upon wiucn to build honief and they boufan with that demand clearly in view. i ie if tne features in hie acra (situation m'ca iiiis Bet the growlmgs of the bears at de.