Potter Palmer

From Wikipedia, the free encyclopedia

This article is about the Chicago businessman. For Harry Potter, see Harry Potter. For Harry Palmer, see Harry Palmer.

Potter Palmer (1826 - 1902) was a Chicago businessman who was responsible for much of the development of State Street.

Potter Palmer founded a dry goods store on Lake Street in Chicago in 1852, eponymously named Potter Palmer and Company. Unlike many stores of the time it focused on women and encouraged their patronage. Palmer also instituted a "no questions asked" returns policy, which served to nurture the goodwill and patronage of Chicagoans.

When Palmer's doctor urged him to get out of the business in 1865 because of ill health, he brought in partners Marshall Field and Levi Leiter. The trio joined forces and renamed the firm Field, Palmer, Leiter and Company. In 1867 sold his share of the partnership and focused his efforts on his real-estate interests, leasing a new building to his former partners in 1868 at State & Washington. He built several buildings along State Street on property he owned, including the Palmer House Hotel. When his building were destroyed in the Great Chicago Fire, Palmer borrowed $1.7 million to rebuild, the largest amount loaned to an individual up to that time.

In 1871, he married Bertha Honoré. In 1874, she gave birth to son Honoré, and in 1875, she gave birth to son Potter Palmer II. Both sons went on to have sons named Potter Palmer III, as well as other children. [See Who's Who in Chicago (1931).]

Palmer built a castle for her on Lake Shore Drive in 1885, leading to the establishment of the "Gold Coast". Prior to that time, Prairie Avenue was the most desirable address in Chicago.

Palmer is buried in Graceland Cemetery.