238





The  Record  and  Guide.





February 35, 1888





" The stockholders," and to the question, " Whoprofited?" hereplied, " The
men who gambled in the stock."

There was a good deal more to the same effiaot. Bat is it not monstrous
that there ia no way of putting theae gambling railroad men into prison ?
There have been thousanda of inmatra in our Ssate prisons who are less
guilty than tbey. IC the rich can plunder with impunity, ia not that an
argument for tbe Communist, which he can use with etfact should the time
ever come fora grand divide? Revelations such aa theae were largely
instrumental in putting a stop to the strike. The Reading Company could
not afford to have the examination continue, and this explains the means
used to fool the men by luying off their representatives, which it is charged
baa been done. Of course there is no intimation here that the present
management of Reading is like that described by ex-President Smith, but
the coal barons are chargeable with deliberately creating confusion in the
mine regions so as to tax the consuming public. Every firm and individual
that has been using coal has beeu injured by the high prices, for which this
strike was the excuse. Tne profits of all the coal companies show they
have done ao splendidly during tbo past year that they could well have
afforded to make some slight concessions to the men, and ao have prevented
the distress in the mining regions and the loss to the coal-consuming public.

Fair Play,

----------«---------,

RecoUeclions of Old New Yorkers.
II.

Bernard Smyth is one of the veterans of the real estate business, and is
now in his 67th year. He was once a dry-goods merchant, and years before
the Guernsey building was erected at Nos. 160 and 163 Broadway, by Henry
G. Marquand, he used to be a member of a large dry-goods firm which occu¬
pied the four-story structure that used to be on the same sine. " In 1850,"
aaid Mr. Smyth, "this u^ed to be considered quite a pretentious building.
It was about 23x140 feet in size, and we paid a. rental of Jl,(100 for the
entire building at first, which was increased iu flva years' time to $9,000.
We could have bought it then for 860,"00 to 170,000.

" I was born in the 7th Ward," ho continued. " aud I recollect the time
when you could rent houses in such his;h-toned q'larters as Eaat Broadway
and Henry street half a century ago for $350 per anuum, Two-story and
attic houses rented as low aa JSiO. The latter were about ?0 feet and
tho former 85 feet in frontage. Lota sold then for 83,000 on those streets.
When I waa a boy the property bomded by Centre, Elm, Pranklin and
White streets was an open plaza. Colonel Muir, who was then in charge ot
the government military stores and equipments in this locality, used to
reside hereabouts, and for a short time I lived at the southeast corner of
Frauklin aud Centre streets. That was before tbe Tomb) waa built, I
remember a house and lot on Broadway selling for S 15,000, oppoaite where
the St. Nicholas Hotel was, and a tbree-story and attic double house sold
for Slfi,O0O or $17,000 a little farther north. When the Quaker fraternity
left Henry street to move to what is now the lower part of 5th avenue
ordinary houses and lots sold on that great residence thoroughfare for
810,000 to $12,000; and later on, a housa of whicb I know was purchased for
$20,000 snme thirty years ago in the neighborhood of SOth street, for which
$110,000 js now asked. I bought lots at the Corporation sale, in 1852, on
Lexington avenue and 54tb atreet. For a corner I gave $1,100, and for
inside lots $300. I could have bought 5th avenue lots at about the same
figures; indeed, I had arranged with my partner to parcbaae a large num
ber of lots a*'' tbat sale with the considerable surplus of cash which we then
had, but he did not have that confidence in the future of NewYork real
estate which I had, so I purchased a few parcels for my own account, on
which I afterwards made considerable proflt. Had we purchased the prop¬
erty we contemplated buying we would have made from three to flve mil¬
lions 'of dollara before twenty yeara had passed away. I recollect the
northeast corner of .'>th avenue and 52d street, in size 25x100, being sold
for about $3,000, Of course people talk about proflti being impossible in
real estate nowadajs; but there is atill plenty of money to be made by
judicious investment. I have in mind at this moment a down-town parcel
which has just changed bands at private sale that could have been bought
five years ago for one fifth of its recent selling price. This is an unuaual
occurrence; still men are making good purchases all tbe time,

" This was a region of churches in my day. Where we are now sitting
is about level with tbe roof of the old Quaker church which occupied the
site of the Marquand building, now the Real Estate Esehange. Then there
was Grace Cburch, where Jay Gould's quarters now are, at No. 71 J?-oad-
way. On the north aide of Wall street, about opposite to the Stock Ex¬
change entrance, there was another church—Presbyterian, I think-with a
graveyard attached. Members of the Stock Esehange need uot fear; the
bcd'63 have long since baen removed. Then there was the old Dutch
Church, where the Post-offloe subsequently waa, and where the colossal
Mufual Life building now is. There was still another church on the north¬
west corner of Fulton and William streets, and another on Anu street, near
William, which was subsequently removed to Chambers street, opposite the
Court House, not to speak of Old Trinity and St. Pauls, which stiU exist.

" Where were our public meetings held in those days ? Well, the old
Masonic Hall, on Broadway, near Duane atreet, used to be the scene of our
greatest assemblages. It waa quite a fine buildmg In those days. Then
there was a hall on the southeast corner ot Broadway and Reade, where
the Stewart building now is. The old Tammany Hall, on the corner of
Frankfort and Chatham streets, the site of the present Sun building, wa«
the scene of many a political gathering, while the Broadway Houae. on the
northeaat corner of Broadway and Grand street, was the headquarters of
the anti-Democratic factions, the then Whigs, since consolidated into the
present Republican party. Another political meeting place was on the
south side of Canal street, near Broadway. There was also the Tabernacle
on Broadway, near Catherine lane. In those days the Aldermen were tbe
pink of reFpectabilily. Our best families took part in ths city government,
aad to engage in politics was honorable and praiseworthy. Men of the
highest standing in the community took an active interest in the cily's
welfare, and the bribery of  an  Alderman, or assistant Alderman, waa





unheard of. Amongst tbeae veterans I recollect the late William S, Coe,
whom I knew well. He was once Alderman of my native ward. Peop'e
used to Doke fun at the Council in those days becauae they had their suppers
and turtle soup. Thayus^d to meet in the evening to transact the city's
business, as their occupations during the day disabled them from attending
thereto in the daytime. Besidea, they received uo remuneration. I trace
the subsequent low status of our 'city fathers' to the introduction of
salaries and tbe increase of the saloons, but there may be a difference of
opinion on that point.

"I remember well the auction salea of real estate taking place in the
present Custom Houae on Wall atreet. Before that tbey were held at
different offices. The late Anthony J. Bleecker used to have his office on
the aoutheast corner of Wall and Broad gtreets, where the Drexel building
now is, and many a, sale of real estate was held there, I recollect when
Mr, Ludlow's firm was named Ludlow Sc Chilton, and when Homer Morgan,
A. H. Muller, James Cruikshank, and others who have since retired or
passed away, were well kuown. Tbere haa been a suggestion that the
hours for auction sales shall be extended, and that tbey shall not all take
place at the same time, Tbe reason wby noon became the customary hour
for commencing sales is because many years ago the Court e>>tabliahed that
time for legal sales, and it became a precedent for all other sales. But then
in those days aales were few and far between, and no one anticipated such
extraordinary activity in real estate as subsequently occurred, nor was it
ever expected that the day would arrive when flve or six auctioneers would
all commence their sales at the one moment iu one room.

" Tbe Hall of Records, where the Register's office now is, used to be a
Bridewell in those days, and the site of the present Court Houae was partly
occupied aaan almshouse, whore benevolence was dispensed by the City
A.lmoner. There were uo flats or tenements, aud the majority of housoa
were two-story and attic frame or brick dwellings. I know a wealthy
gentleman who, as clerk in a grocery store, used to carry up potatoes and
other eatables to the second floor of a modest dwelling occupied by a
gentleman who bas since become an important public personage. I know
another who has since been Mayor of New York, who, when he was firat
married, occupied a modeet room and bed room. It is somewhat curious
in my own experience that when I was younger I could purchase almost
any property and make money on it. Now I can't do near so well. Per¬
haps It is becauae I bave become too conservative iu my old days, or possibly
my early investments increased in value iu apiteof me, just aa the city
advanced in population and wealth.

" Our hotels were comparatively numerous in those days, though thay
were not on the same style of gcandeur and size as our modern ones. Com¬
mencing at Broadway, near the Battery, was the Mansion House, Further
north on Broadway, near Eichange place, was a first-class fourstory
structure named the Globe Hotel. Near WaU street, on Broadway,
there was Blancard'a Hotel. Then there was the City Hotel, where the
Boreel building now stands, and ou the northwest corner of Broadway
and Dey atreet, opposite The Record and Guide's editorial quarters,
the Franklin Hotel, Further eaat there was Holt's Hotel, where the
entrance to the Fulton atreet elevated road depot is, and the Pearl Street
House near by. On Broadway, going further north, there waa the Amer¬
ican Hotel on the northwest corner of Barclay street, the Irviug House on
the corner of Charabara, and Marriner's Hotel on the aoutheast corner of
Reade, where the Stewart building now is, which waa partly occupied as a
meeting hall. I should also mention the Broadway House on the north¬
east corner of Grand, where assemblages also took place. These were all
fashionable hotels, especially those on lower Broadway.

"Our principal newspapers when I was a lad? Well, there was the
Courier and Enquirer, located on Wall street, near Pearl, for which
the subscription was $10 a year. It was edited and published by a gentle¬
man whom I knew well—Jamea Watson Webb, father of Gen, Alexander
Webb, now president of the New York College. It uaed to ba issued as a
' blanket'sheet—that is, a large aingle sheet of two pages. This was the
style in which all tha newspapers were published in those days. It was
about the principal paper at that time, Then there wai tha Journal of
Commerce, which had its quarters near by, aud which was edited by Matr-
th^w Hale, Then came the Commercial Advertiser, of which William L.
Stone waa tbe editor. The Evening Post followed, with William C. Bryant
as editor, with whom Wm, C Henderson and hia son, who published the
paper, were aaaociated. The Evening Star was the next in the field,
with Major M, M. Noah as editorial chief. This paper uaed to get a large
share of the auction sales of real estate and other advertiaementi, which
were subsequently taken away from it by the TPbrid in Mauton Marble's
time, and parties interested in the latter new paper got an intereat in the
Star, and the World practically stepped into the shoea of that paper when
it ceased to exist. Tbe above papers, with the exception of the World,
used to be read and advertised in long before the Herald's time, or before
the San, the Times, Tribune and other papers made their appearance. Of
course, cables, wires, mammoth printing presses, large editorial staffs and
the varied and intricate machinery of the modern daily or weekly, all
these were undreamt of in the daya of my youth. Yea," he mused, aa the
writer rose to leave, "itia a remarkable thing to look back and see wbat
wonderful changes have taken place in this great city of ours during tbe
past forty or fifty years."

There ia one prospective " corner " at which Americans do not shudder.
It is in silver. It is said that foreign speculatora contemplate the control of
silver bullion in London—the money centre of the world. Silver haa been
remarkably low of late years, the average quotation last year for London
bare being 44d, The annual production of the world is valued at $105,-
llOll.OlKi, and of this the United States uses about $50,000,000. This country
literally teems with silver and would view with gre-it satisfaction a lively
demand for it in any form. We could furnish bullion for a long time iu
quantities to suit and, if the "corners" forced the price so high that a
coin_ed silver dollar was worth a dollar in gold, the United States could
uncfiver its vaults and put some ot its many naillions of unused silver dollars
on the market. The Parisian money speculators should be encouraged in
their ambition.   Tuis country i^roady tobe " BqMeezed,"—Albany Journal.