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November 84, 1833





The Record and Guide.





925





Bonal property; hence its negotiability. A change in the laws once
effected, making transfers easy and the eitablishraent of an
Exchange which will guarantee title and afford a ready market for
houses and lo';s, and then there will be no difficnlty in persuading
banks to lend money on real estate as collateral.

But after all why lay such stress upon maintaining the National
bank circulation? As the Tribune says: "experience has taught
people to demand a different kind of money." They want gold
notes and silver certificates based on the actual deposit of coin in
the United States Treasury. Why not an issue of paper based upon
bullion in the vaults of the general government. This would be an
absolutely secure currency, and when we were in need of more
money we c«uld draw it from across the ocean. The product of
our mines alone would give us from eighty to onehundred millions
of additional currency yearly. But if the bank issues must be kept
up, real estate would form an excellent basis were our land laws
reformed and an Eichange established by which realty could be
readily converted into money.





Our Prophetic Department.

Mr. Knickerbocker—Suppose, Sir Oracle, you turned your pro¬
phetic eyes upon the future and give me some idea of lhe coming
greatness of New York. I do not want any statistics as to popula¬
tion, but what physical changee may reasonably be expected within
the next quarter or half a century? Itis generally believed, you
know, that New York will, in time, become the metropolis of the
world, and that by the close of this century it mar be the financial
centre of the commercial nations. At whatever point money is
cheapest and most abundant there will be the great mart for all
who wish to borrow or who desire to deal speculatively in the pro^
ducts of all nations, and that point, many think, will be New York
Sib Oracle—Suppose we commence modestly in our foreshadow.
ings, and before speculating upon New York as a great financial
centre let us see what changes the coming years will bring abont in
the way of public improvements. We can, I think, speak with
more certainty about them than we can of New York as the future
money centre of the world.

Mr. K.—Well, then, tell us about the bridges, tunnels and new
railroads which are to connect this island with the rest of the
continent,

Sir 0.—We have now a very costly and partially useless bridge
to Brooklyn. This really will nut be much of an accommodation
until an elevated road is built in Brooklyn connecting with the
track on the Brooklyn Bridge, and that with the New York ele¬
vated system. Then, but not until then, will we see the full bene¬
fit of the construction of the bridge. Tlie final effect will be to add
largely to the value of New York business property, wiiile at the
same time enhancing the price of Brooklyn residences and unim¬
proved real estate. But another bridge will soon he in order, the
one for which there is a charter in existence, and wliich will span
the East River at Blackwell's Island. This proposed bridge is des¬
tined to connect the Long Island railroads with tliose of the rest of
the country. It will help, also, to populate both sides of the East
River, and eventually to give a high value to land in the neighbor¬
hood of Ravenswood and Astoria. Then X expect to see before a
quarter of a century several tunnels connecting this island with the
opposite .shore on the East River.
Mr. K,—How about the Hudson River all this time ?
Sir 0.~There will soon be a bridge at Cornwall, whicb will have
very important consequences to New York. I should not he sur¬
prised if it took away the coal business from the Jersey shore and
transferred it to extensive depots on the Harlem Eiver, which,
when improved, will be a scene of great maritime activity, for it
will supply New York, north and south, with lumber, stone,
hrick, building material of all| kinds, and I think, in time, with
provisions. The elevated and other roads yet to be built will be
utilized for freight as well aa passengers. There is already one
tunnel under way between Jersey City and New York ; it will, I
think, he found inadequate for the traffic that will be offered to it,
and I expect to see another one constructed from a point near the
Battery to the lower Jersey shore, that is, between Jersey City and
Staten Island, Then another great bridge will be in order between
Washington Heights and Fort Lee. Such a bridge is needed even
now to give the thriving towns from Nyack down immediate com¬
munication witb this great business centre. Still a third tunnel
will be finally built from the Jersey shore to about Sixtieth street.
In time I look for the transference of tbe growing commerce on
the other side of the Hudson River to this side, where it belongs.
Me. K,—Then our water fronts, will they not be improved?
Sir O.—Yes, New York within the next half-century, instead of
the poorest as now, will have the finest dock system in the world and
there will be a hundred-foot street between the bouses and the
docks,^over the euds of which will run a steam road, carrying not
only passengers but fre'ght of all kinds, wbich can be loaded directly
into the vessels at the docks. There will he warehouses under this
elevated road.





Mb, K,—Will our commerce justify this immense expenditure in
docks, tunnels, bridges and warehouses?

Sir O.—I think so ; the United States will not always be without
an external commerce of its own, and when the tims comes for the
nation to have its merchant marine, its metropolis will be the
chief gainer thereby. Our docks will be filled with vessels carry¬
ing the American, and uot the English and German flags, as now.
We will again have merchant princes as well as railroad million¬
aires.
Mr, K,—What other improvements do you see ahead?
Sir 0.—The greatest of all I have yet to mention. It is the crea¬
tion of a new street under Broadway^ from the Battery up to
Union square, connecting with two branches, one in the direction
of the Grand Central Depot and the other following the line of
Broadway up to the Harlem River. This will not be a mere tunnel
to convey passengers by steam, but a veritable street, wider than
Broadway itself, with shops wliere there are now basements, well
lighted by day and night and a favorite promenade for ladies
and others, who will be protected from the fierce rays of the sun in
summer and from the cold blasts of the wind in winter, as well as
from storms in all seasons. The centre of the street will be used
for steam cars, not only for local passenger traffic, but for briogipg
freight directly to the stores where the goods are sold, Tliis
Ar jade road will be one of the wonders of the world. It will make
Broadway realty more valuable than Wall street property is to-day.
I judge that this enterprise will be effected before seven yeare pre
over, as it is iu the hands of very energetic people.

Mr. K.—How about our other city improvenients, private dwell¬
ings, office buildings, apartment houses, public edifices and the
like?

Sir 0.—The history of the last fifteen yeare will be repeated.
There may be a check to the building of vast houses for a while,
but the work will be resumed. The same amount of land which in
former years was occupied by but one hundred thousand persons
will hereafter supply far better homes for three or four times that
many. Washington has been called the city of magnificent dis¬
tances ; New York wili be the city of magnificent apartment and
office buildings. The time will come when two million five hun¬
dred thousand persons will live on this island, which will then do
four times more business than is now transacted.
Mr, K,—What other changes do you look for?
Sir 0.—The annexation of New York and Brooklyn and the
addition of the rest of Westchester County to our city limits,
Staten Island, as well as Fort Hamilton region and Coney Island,
will be part of the metropolis in time. In short, New York will he
an enormous city, and the island bounded hy the North, East and
Harlem rivers and New York Bay will he tbe most costly real
estate on earth.

Mr. K.—Let me sum up what you have just said. At the end of
a quarter of a century there will be two new bridges and six tun¬
nels, elevated roads will run over newly-built docks, there will be
warehouses on the piers, the Harlem River will be a scene of great
business activity, while Broadway will be a two-tier stroet, with
steam roads connecting its stores and hotels with all the rest of the
country. This is quite an attractive picture. Of course, this
island will be built over in seventeen years and all the changes in
the old quarters will be from poorer to finer edifices. Well, I will
think over what you have said.





Over the Ticker.

THOSE who took advantage of Ticker's point last week about
C, C, C. & I. did not lose any money.    Buying at 66J^ and
selling in the neighborhood of 74 is not bad in these bear times.





A





ND this  same stock for a long turn is a purchase yet.    So is
Erie & Western which is likely to seU up to 60,





TOUNG George Gould admitted on the witness stand that his
father was getting out of stocks last January so as to go on

that voyage.





T

grief.





'HERE are influences at work in the market to put prices up
five or six points, hut then the best laid plans often come to





JAMES R.  KEENE'B friends are all bulls just now.    They say
that that Northwest melon will certainly be cut before many
days are over.





CERTAIN circles in Wall street will have ifc that a deal in Man¬
hattan is now in order. Indeed, ifc is claimed that the
difficulties have heen as good as adjusted. Ifc is knowu for certain
that conference committees are iu daily session. Herman O.
Armour, Daniel Torrance and Charles Duggin represent the Metro¬
politan Company, and Samuel Sloan, H. F. Dimock and John N,
Hall the Manhattan Company.





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