Early Life, Education, and Early Career
Altgeld was born in the town of Selters in the German Westerwald, the son of John P. and Mary Altgeld. He came to America early in life with his father's family, who settled on a farm near Mansfield, Ohio. He left home at age 16 to join the Union Army (lying about his age), where he fought in Virginia with an ill-fated regiment and nearly died of fever. He then worked on his father's farm, studied in the library of a neighbor and at a private school in Lexington, Ohio, and for two years taught school.
After a brief stint in an Ohio seminary, he walked to Missouri and studied to become a lawyer while working on itinerant railroad construction crews.
He also became wealthy from a series of savvy real estate dealings and development projects, most notably the Unity Building (1891), the 16-story office building that was at that time Chicago's tallest building. In January 1890, Altgeld bought a lot at what is now 127 North Dearborn Street in downtown Chicago, and he established the Unity Company to build and manage the future Unity Building. He indiscriminately contributed his own fortune toward the endeavor, and for a while the construction was moving more quickly than expected. However, this led to a $100,000 mistake and much of the framework of the building had to be rebuilt. Altgeld also made an error by trying to borrow $400,000 from John R. Walsh, president of the Jennings Trust Company and of the Chicago National Bank. Technicalities in the contract caused many problems for Altgeld. Eventually a new contract was signed, but Altgeld was only able to borrow $300,000 from Walsh. He ended up raising the rest of the money himself, and the construction of the Unity Building was completed. In 1893, he declared that the Unity Building had given him the most personal satisfaction of all his achievements.
Read more about this topic: John Peter Altgeld
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