Columbia University Libraries Digital Collections: The Real Estate Record

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_____ .jj^rZS____ 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. ^