Columbia University Libraries Digital Collections: The Real Estate Record

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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.