Showing posts with label Board of Trade. Show all posts
Showing posts with label Board of Trade. Show all posts

Saturday, December 22, 2018

December 22, 1933 -- Medinah Athletic Club Seeks New Lease Arrangement

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December 22, 1933 – Interested parties head to federal court, contesting a proposal by members of the Medinah-Michigan Avenue Club to lease the facility, which has been in receivership for 18 months, paying a monthly rental fee of $11,000 in order to run the building as a private club.  The proposal seeks court approval to increase the current membership of the club from 500 to 1,100 within 90 days with each member paying a $10 monthly fee.  Any money above the $11,000 rental fee would be divided – 80% going to the club’s creditors and the remainder going to the members.  Apparently, the plan has the approval of the Continental-Illinois National Bank, holder of $4,200,000 in first mortgage bonds.  “Strenuous opposition” [Chicago Daily Tribune, December 23, 1933] is voiced by representatives of the Seneca Securities Corporation, holders of $800,000 in second mortgage bonds.  Seneca’s attorney points out, “The court would be turning this property back to the same crowd which originally wrecked it.  When the receiver took charge he found $201,000 overdue on house accounts and overdue installments of dues alone.  Even in those generally prosperous days, with a membership of 3,500, the club had never shown a profit … The original club spent $750,000 to get its 3,500 members.  How the present club expects to get 600 new members on the present setup is more than I can understand.”  Judge Charles E Woodward sets a date of January 8, 1934 for the next hearing.


December 22, 1917 – Mother Frances Xavier Cabrini dies of heart disease at Columbus Hospital.  Mother Cabrini, the founder of the order of the Missionary Sisters of the Sacred Heart, was the founder of the hospital in which she took her last breath.  She was born on July 15, 1850 in the small Italian town of S’ant Angelo Lodigiano, the youngest of 13 children.  In her late 30’s, at the direction of Pope Leo VIII, she arrived in New York City, a place crying out for schools and orphanages to serve the huge population of Italian immigrants.  Her tireless work was so effective that she received requests for help from far-flung places across the globe, and she made 23 trans-Atlantic crossings, establishing 67 different schools, hospitals and orphanages.  In 1946 Mother Cabrini was canonized by Pope Pius XII.  When Columbus Hospital was demolished to make way for 2550 Lakeview, the chapel of the hospital was painstakingly preserved and today the place where Mother Cabrini worshipped, the National Shrine of Saint Frances Xavier Cabrini, is open daily and has weekend Masses with opportunities for confession and hosts Eucharistic adoration on Fridays.  The sanctuary of the Shrine is pictured above.


December 22, 1954 – The president of the American Furniture Mart, Lawrence H. Whiting, confirms rumors that the Mart has obtained control of 333 North Michigan Avenue, an art deco tower on the southeast corner of Michigan Avenue and Wacker Drive.  Whiting says, “The American Furniture Mart accumulated this interest as a long term real estate investment in what we consider to be an exceptionally sound real estate enterprise.”  [Chicago Daily Tribune, December 23, 1954]  Arthur M. Wirtz, the chairman of the American Furniture Mart, is also the president of the 333 Building Corporation.  333 North Michigan Avenue was completed in 1927 following a design by the firm of Holabird and Root.  The Art Deco design of its 25 stories is particularly striking because of the building’s location just south of the DuSable Bridge, directly across the river from Tribune Tower.

Thursday, July 20, 2017

July 20, 1881 -- Board of Trade Purchase La Salle Street Property



July 20, 1881 – The Directors of the Board of Trade receive assurances that an ordinance vacating a portion of LaSalle Street between Jackson Boulevard and Van Buren Street will be valid and, based upon this information, vote to purchase the property at this location for $10,000.  The next step will be to organize a Building Association since Illinois law prohibits the Board from erecting a building exceeding $100,000 in valuation.  It is anticipated that the new building will cost at least $800,000, but the matter of the building itself is left for another day.  The Chicago Daily Tribune summarizes the results of the meeting in this way, “The Board of Trade purchases the property for $10,000.  This it leases to a Building Association for a term of fifty or one hundred years at a fixed rental.  The Building Association erects the edifice, and leases to the Board of Trade what my be required at a certain rental, yet to be determined upon.” [Chicago Daily Tribune, July 21, 1881] This would be a decision that would produce a huge impact on this area. According to Homer Hoyt in his One Hundred Years of Land Values in Chicago, "From 1881 to 1883 the value of land on Jackson, Van Buren, Wells, and LaSalle streets near the Board of Trade advanced from $200 and $400 a front foot to from $1,500 to $2,000 a front foot .. the total increase in the value of land and buildings within half a mile from the Board of Trade from 1881 to 1885 was estimated by current observers at from $20,000,000 to $40,000,000."  The first Board of Trade building to stand on this site is pictured above.  Barely visible above the front entrance at the base of the tower are the two statues of Agriculture and Industry that still stand in the plaza outside the present day Board of Trade building.


July 20, 1913 – The Chicago Daily Tribune’s art critic, Harriet Moore, writes an opinion piece in which she supports the City Club in its campaign against billboards.  Her argument begins with a single question, one she asked at a previous hearing in which a City Council committee was listening to testimony from both advocates and opponents of the signs, “Is it your opinion that beauty has neither health value nor financial value in a modern metropolis?”  [Chicago Daily Tribune, July 20, 1913]  She then answers the question with three separate responses:  that beauty is a health producer (“Hideous objects and harsh sounds, assaulting eyes and ears in a manner not to be escaped, destroy the harmony of life by introducing discords, and reduce the joy of life by insulting the senses with ugliness.”); that beauty is a commercial asset in any community (“Without beauty a city is merely a place to make money in and get away from.”); and, beauty is a great investment (“Why does the whole world flock to Italy, spending there millions every year?  Because, a few centuries ago a few hundred artists builded and carved and painted beautifully.”)  Moore concludes, “Chicago has the opportunity to become one of the most beautiful cities in the world.  The lake, the long stretch of park which is to border it, Michigan avenue widened to the river and adequately connected with the Lake Shore drive, the widened Twelfth street, the new railway terminals, the enlarged business district—these and other conditions and projects will create a beautiful metropolis.  Along with these large plans for civic beauty should go eternal vigilance against all kinds of defacement and in favor of all kinds of minor improvements.  The fight against billboards is an important detail of the general campaign.”

Thursday, January 12, 2017

January 12, 1881 -- Petition to Vacate La Salle at Jackson




January 12, 1881 – The Chicago Daily Tribune reports that Mr. John D. Parker has been successful in “obtaining the signatures of all the property-owners on La Salle street as far north as Madison, and also of three or four between Madison and the river, to a petition to the City Council urging that body to declare vacant that portion of La Salle street between Jackson and Van Buren.”  Parker is a prime mover in the effort to re-locate the Board of Trade to the property that the petition concerns.  Three other sites are possibilities for the new headquarters – one on Wabash Avenue between Van Buren and Harrison; another at the corner of State Street and Van Buren; and the third on the block bounded by Jackson, Van Buren and Third and Fourth Streets.  How different any of these areas – especially the site Parker and his allies favored – would look today if the critics of the plan had found a sympathetic hearing at City Hall and the politicians had refused to go along with the plan.  In a little over four years the vacated section of La Salle Street would give rise to the 1885 Board of Trade building, the opening of which is heralded in the announcement pictured above.

Also on this date from an earlier blog . . .


January 12, 1924 -- D. C. Davies, director of the Field Museum of Natural History for ten years, announces that the museum's new building has been completed. The original four million dollar gift of Marshall Field had, with interest, grown to $6,300,000 which was somewhat less than the cost of the seven million dollar building south of Grant Park. The shortage was made up with donations from some of the wealthiest members of Chicago society -- Captain Marshall Field, Stanley Field, N. W. Harris, James Simpson, and Edward E. Ayer. The architectural firm that designed the beaux arts building on the lakefront, Graham, Anderson, Probst & White, also made a contribution. More than a quarter-century after it was first proposed, after years of political wrangling over its location, the museum was finally complete.

Tuesday, November 22, 2016

November 22, 1936 -- Ernest Graham Dies



November 22, 1936 – Ernest Robert Graham dies at his home at 25 Banks Street at the age of 68, his death attributed to overwork.  At the age of 16 Graham went to work for his father in Lowell, Michigan, as a carpenter and mason.  Of this early labor he later said, “Honest toil never hurt anyone regardless of age.  My work with the trowel stood up with the best of them.  These were the days when a bricklayer laid three thousand bricks a day.”  [Architecture and Planning of Graham, Anderson, Probst and White – 1912-1936.  Chappell, Sally A. Kitt]  By the age of 20 he had earned degrees from Coe College and the University of Notre Dame.  He came to Chicago at age of 20 and entered the employ of Daniel Burnham, drawing plans for the World’s Columbian Exposition of 1893.  When Daniel Burnham died in 1912, Graham and three other architects took over the firm, going on to design some of the great second-generation buildings in the city.  They include the Wrigley Building, the Field Museum, the Shedd Aquarium, the Merchandise Mart, 135 South La Salle, Union Station, the Pittsfield Building, and the main post office.  Services for the architect take place at the Fourth Presbyterian Church on November 24, after which he is interred in Graceland Cemetery.