V IMPSES OF SEYMOUR DURST li'hen you leave, please leave this book Because it has been said "Sver thing comes I' him who waits Except a loaned book." Avery Architectural and Fine Arts Library Gift of Seymour B. Dl rst Old York Library Glimpses of OLD NEW-YORK Digitized by the Internet Archive in 2014 https://archive.org/details/glimpsesofoldnewOObrow V ' f r •rr" I ovzmm AVING lived all my life practically in New York, I have come to find a singular fascination in the old city. Perhaps a knowledge of the great changes which have come to pass, in even my own brief span, has served to invest it with a hidden meaning hard to describe. Shabby and dilapidated old buildings in once fashionable regions resume their high estate, and behind the signs of Artificial Flowers and Curled Feathers move the ethereal figures of stately belle and sprightly beau of days long since gone by. The shadows lengthen and shorter grows the way. While inclina- tion serves, I have gathered together many of these pictures of an older and quainter New York, feeling sure that they will delight and enchant many another, as they have delighted and enchanted me. The statement that New Yorkers care nothing for their city has gone so long unchallenged that it has now become practically an axiom. As a matter of fact, nothing is further from the truth. My recent revival of Valentine's Manual met with instant support, and my limited edition of "Old New York" is now out of print. Everywhere I find an [ vii ] increasing" desire to know Jiioic about tlie city — its rise, its progress and its amazingly interesting history. Not all of us have the time or the inclination to read a hook whose every para- graph is halted hy a cabalistic sign ref'cn-ing the reader to some other book, some place, somewhei'c. In the pages which follow 1 ha\c avoided these outward and visible signs of ripe scholarship. Hut facts are here nevertheless and correctly given. If I have adopted the spirit of t]ie cinema, in place of the pen pictures of a JNlacaulay, a Gibbon or a Ilumc, it is frankly because 1 am neither of these — and, besides, the "movies" ai'c crowded nightly. New Yoi-k is singularly fortunate in the possession oi" almost complete early records, chief among which are an extraoi-dinary !iumber of old prints now ex- tremely rare, many of which are here shown in colors for the first time. These are largely in the hands of pi-ivate collectors who, however, arc most generous in allow- ing their use for the benefit of others. These old pictures recite, in a univei-sal language, the early history of old New York. No purely imaginative drawing, no matter how skilfully executed, can vie in human interest with the crude and sometimes amateurish work of those men who actually lived and had their being among the scenes portrayed by their ])encils. ^Vnd in the yeais to come I hope to comjilete the record of which these pages to-day are the beginning. So much of this work comes from other sources that I have no hesitancy in speaking of it in the highest possible terms. I am particularly indebted to Mr. I. N. Phelps Stokes for the use of the hitherto unknown l*rototyj)e View, to Mr. Frederick TrcAor Hill for the liberal use of his delightful essay. The Storij of a Street, to Mr. J. H. Innes for his profound study of the early settlers of Man- hattan, to the New York Historical Society and others. On another page I have mentioned the collections from which most of the prints come. This book was originally meant to comniemorate the Hundred Years' Peace between Great Britain and ourselves, following the Treaty of Ghent, but the Great War having intervened, I have made it now commemorative of the year in which New York became the leading financial centre of the world and of the year in which its population exceeds that of any other metropolis. The Author. [ viii ] ONLY ORIGINAL COMPLETE BLACK IMPRESSION, OWNED BY PERCY R. PYNE 11 Srtnitg (Elfurrlj on Siroaliumy at tijp of Wall ^trttt EXTREMELY RARE VIEW MADE DIRECTLY AFTER THE BUILDING WAS REMODELLED AND OCCUPIED. MAY 21. 1846. THE FIRST BUILD- ING WAS ERECTED IN 1696 AND WAS DESTROYED IN THE GREAT FIRE OF 1776. THE SECOND EDIFICE (ERECTED AFTER THE REVO- LUTION) WAS CONDEMNED IN 1839 AS UNSAFE AND THIS ONE TOOK ITS PLACE. NOTE THE LOW-LYING BUILDINGS SURROUNDING AS COMPARED WITH THE SAME VIEW TO-DAY. THE PROCESSION ON THE STREET IS SAID TO BE OF SOME ORPHAN SOCIETY COMING OUT OF THE CHURCH Glimpses of Old New-York HENRY COLLIKS BROWK The rare Old Prints are from the Private Collections of Mr. ROBERT GOELET ^ ^ Mr. PERCY R. PYNE 2^ g Mr. I. N. PHELPS STOKES Mr. J. PIERPONT MORGAN Mr. W. LORING ANDREWS Mr5. ROBERT W. DE FOREST Mr. A. VAN HORNE STUYVESANT Mr. WM. F. H A V E M E Y E R Mr. SIMEON FORD Mr. J. CLARENCE DAVIES Mr. ROBERT E. DOWLING Mr. JOHN N. GOLDING S Mr. JOHN D. CRIMMINS NEW YORK HISTORICAL SOCIETY and others Privately Printed for The Subscribers ANDERSON GALLERIES BUILDING Fifteen East Fortieth Street New York 1917 COPYRIGHT. 1916 HENRY COLLINS BROWN ARRANGED AND PRINTED BY THE LENT a GRAFF CO.. NEW YORK. HAND ENGRAVED COLOR-G RAVU R ES BY MR. ROBERT BROWNING OF THE GALVANO- TYPE ENGRAVING COMPANY. NEW YORK TABLE of CONTENTS CHAPTER I PAGE First Views of New York: Early Dutch Engravings ... i THE HARTGERS VIEW ; THE STOKES OR PROTOTYPE VIEW ; THE VISSCHER VIEW ; THE FAMOUS MONTANUS VIEW ; THE VINGBOOM SURVEY ; EARLY FARM GRANTS SOUTH OF WALL, STREET ; THE "RESTITUTIO" VIEW ; THE DUKE's PLAN ; THE VIEWS BY LAURENS BLOCK CHAPTER II Wall Street in History 26 ERECTION OF THE CATTLE GUARD AFTERWARD MADE A STOCKADE OR WALL; WALL STREET IN THE EIGHTEENTH CENTURY; THE MERCHANTS' COFFEE HOUSE AND THE tontine; wall STREET AFTER THE REVOLUTION; FAMOUS WALL STREET "industrials" ; wall street of to-day ; the anglo-french loan ; the dollar supplants the pound sterling; old views of wall street; the stock EXCHANGE ; CHANGES OF THE PAST IN WALL STREET BUILDINGS CHAPTER III The Main Street in Our Village: Broadway . . . .121 OLD PICTURES OF BROADWAY ; BROADWAY : EAST SIDE TO LEONARD STREET CHAPTER IV First Occupation of Manhattan Island 177 THE ISLAND IS PURCHASED ; TROUBLES OF THE COLONY ; GOVERNOR STUYVESANT New York after the Surrender 189 CHAPTER V Reminiscences of Old Columbia College (Richard T. Bang) . . 201 Reopening of Columbia College after the Revolution . . . 214 Julia Ward Howe in Her Girlhood 217 The Old Ship-builders of New York 217 A Curious Omission 221 [xi] Table of Contents CHAPTER VI Old-time Marriage and Death Notices How New York's Magnificent Public School System Began . Old Fifth Avenue and the People Who Lived There in 185 i . CHAPTER VII New York: 1816—1916 253 The Stadt Huys, or City Hall, of New York 258 Across the River: Memories of Old Brooklyn .... 262 What was Going on in New York Ten Years after the Declara- tion OF Independence 277 The Post Office, etc., 181 6 282 CHAPTER VIII rV.UVt,Kl loUNb Ao A rilNc- rlKl . VV AbrlUNOlUIM iKVlJNu Ao A \_/Uri WKllt.K 205 i\. OLlMroc, Ur Irlt. rAbrilUJNo IJN lOOO ...... 209 HCHOtb Or IHE KEVOLUnON ........ 293 1 HE riKbl UlKLLlUKi Ur i\ bW I UKK, lyoO ..... 293 Echo of a Tragedy that once Stirred New York to its Depths 297 Grant's Last Residence in New York 301 Ellis Island in the Early Days 301 Our Volunteer Firemen 302 No Christmas, as We Know It, in Former Times .... 306 Curious Happenings in 1802 309 New York Street Cries of Long Ago 309 Early Dates of Important Events 310 [xii] PAGE 229 238 242 COPTKIGHT I9t< iBattrry $Iark m\h g'latr ^trvet THIS VIEW SHOWS THE STRIKING CONTRAST BETWEEN NEW YORK IN THE EARLY N I N ETE E N T H A N D TWE NT! ET H CENTURIES THE LITTLE HOUSES ON THE RIGHT WERE IN THOSE DAYS THE MOST IMPOSING IN TOWN AND ARE ALL THAT REMAIN OF THIS FAMOUS BLOCK, WHICH CONTAINED THE HOMES OF JAMES D WOLFE ROBERT LENOX THOMAS W LUDLOW. ARCHIBALD GRACIE, JOSEPH P PHOENIX. MOSES ROGERS. CHANCELLOR LIVINGSTOn' ROBERT FULTON. JOHN B COLE. AND OTHERS FOR MANY YEARS THIS STATELY OLD STREET. COMMANDING. AS IT DID. A SPLENDID UNOBSTRUCTED VIEW OF THE MOST MAGNIFICENT HARBOR IN THE WORLD AND THE WOODED HEIGHTS OF BROOKLYN ACROSS THE RIVER WAS DESERVEDLY THE MOST FASHIONABLE AND EXCLUSIVE RESIDENTIAL SECTION OF THE CITY THE ROGERS HOUSE IS THE ONE WIIH THE COLUMNS THE GRACIE «ND LIVINGSTON ADJOIN Table of Contents CHAPTER IX PAGE What Do You Like about New York? 313 New York Greatly Increases its Manufacturing Output . . 318 What a Great Britisher Thinks of New York . . . .318 Our Great Library 321 One Hundred and Fifty Years of Commerce in New York . . 329 Everett L. Warner : A Rising Young Painter OF New York . . 333 A Famous Artist of Old New York : Edward L. Henry . . . 334 The Oldest Military Organization in the State of New York . 337 CHAPTER X Cathedral of St. John the Divine 338 CHAPTER XI The Romance of Big Business : Great Industries and Their Small Beginnings 349 THE TEOLLEY CAR ; THE TELEPHONE ; THE PHONOGRAPH ; THE AUTOMOBILE ; GAS AND electricity; RETAIL CHAIN STORES; EARTH's HIDDEN TREASURES; THE UNITED FRUIT COMPANY [ xiii ] LIST of ILLUSTRATIONS Foreword — "Westward Ho!" By E. Johnson King [Colored] . . vii Trinity Church (1846), extremely rare Pyne view — Frontispiece [Colored] Battery Park and State Street Painted by E. L. Warner [Colored] . ix View of Wall Street: 1825 (From Broad Street to Trinity Church) i [Colored] First View of New York Ever Shown: 1628 [Colored] ... 3 Second View of New York: 1655 [Colored] 7 Third View OF New York: 167 1 [Co/or^- o S < I- m 3 m a fit 3 u /a u «^ J3- B u JSr o " i_ w "J (« i/i u — (_j j- q: - I- < -1 < 5 Early Dutch Engravings esting facts concerning the city itself before it passed into the hands of the Eng- lish. Together these two drawings, Manatus and Castello Maps, add materially to our knowledge of the original settlers, and make a highly valuable addition to the sources of knowledge on this subject already possessed. The Manatus Map — a recent wonderful addition to the early records of New York — can be positively dated as 1639, and is the earliest known survey of Man- hattan Island. Its existence had long been known from contemporary records, but it remained in obscurity for nearly two hundred years. A copy was then lo- cated in the possession of Mr. Henry Harrisse in Paris, who consistently refused to allow it to be reproduced. He recently died and left this priceless document to the Library of Congress. Before it was sent here, however, Mr. Stokes ob- tained the consent of the executors and of the French Government to have it photo- graphed. Our reproduction is the only colored one ever made and is from the copy now in the Library of Congress at Washington. It is of the first importance, as it shows every plantation, bouwerie, road, or building erected on Manhattan Island during the first thirteen or fourteen years of its occupation. It gives the names of more than forty of the earliest settlers on Manhattan, and in the Bronx. A few also are shown in Brooklyn, Staten Island and New Jersey. A curious fact in this connection is that the name of Coney Island is given, and does not differ very much in the old Dutch tongue from its present designation. This map was originally made for the Dutch West India Company. It passed into the hands of Hulst and Van Keulen, publishers, of Amsterdam, early in the seventeenth century. If it was published in 1639 and not merely drawn, it ante- dates the Hartgers View by several years and would be entitled to the highest rank among the old drawings of New York. That, however, is problematical. At all events, it disappeared for over two hundred years and was not seen again till it was exhibited at Paris in 1892 during the Columbian Exhibition of Maps and Globes in July of that year. It at once aroused the keenest interest among antiquarians and historians but its possession was jealously guarded and not until the death of Mr. Harrisse, its owner, in the summer of 1915 was free access to it possible. The original copy measures about 27 x 19 inches. It is per- fectly preserved, the colors laid by the hands of Joan Vingboom being firm and the lines clear and strong. Immediately upon its receipt by the Congressional Library at Washington, Mr. Edward Van Winkle, Recording Secretary of the Holland Society, reproduced it in cloth in black. Mr. Dingman Veersteeg made the English translation of the names, etc., and between the two it is now possible to obtain practically a dupli- cate. Our copy is the first one to be shown in colors. As this is a remarkably valuable contribution to the early history of New York, it may be of interest to read the names of the persons who actually occupied these farms and plantations before the days of subways and skyscrapers. The list from Van Winkle's translation will be found under the picture. [13] Glimpses of Old New York HOUSES IMPROVE IN QUALITY From the maps and views that we have already examined we have now a very good general idea of the character of houses built by the Dutch. The original thatched huts for temporary use quickly disappeared and were supplanted by buildings of a fairly good character. The roofs are variously colored, some red, some green and others natural brown. They present a rather orderly array, and their close proximity to each other and to the Fort was of course dictated by pru- dence. Indians and wild beasts were among the occasional visitors and farms re- mote from the village were more or less exposed to sudden attacks. As our narrative proceeds the pictures will gradually disclose a more substantially built city, in which brick figures prominently as building material, and the shore road begins to reveal slips, docks and other indications of advancing settlement. And as the town passes into English control these improvements increase more rapidly, and the city gradually takes on the outward and visible signs of a prosperous seaport. Curiously enough, the advent of the English did not aim at obhterating the customs of its former occupants. The Dutch were invited to a liberal share in the new municipal government, their tongue was declared to be official as well as the English, and the one church was divided amicably between the two. Dutch ser- vices were held in the morning and English in the afternoon. In fact, the easy- going, liberal government of the English suited the burgher much better than the paternal but harsh rule of Stuyvesant. Although Stuyvesant governed with a mea- sure of efficiency far above his predecessors, he was nevertheless sternly recalled to Ajnsterdam, there to be severely rebuked for failing to defend a town in which every inhabitant had already decided to surrender ! Stuyvesant, however, retained his affection for the little settlement in America and returned to New York, where he made his home. His "Bouwerie" was reached through a pleasant country road running along what is now the Bowery, and Peter sfield, his residence, stood at about the corner of Third Avenue and Twelfth Street. Mrs. Lamb tells us that he be- came very popular with the English rulers, and that his seat was frequently the scene of many notable gatherings. He became greatly interested in the Dutch Church, and in other ways identified himself with the life of the city until his death in his eightieth year. With the passing of the last and greatest of the Dutch Governors the last remaining link which bound the English to the original proprietors was severed, and the Colony soon lost trace of its Dutch origin except such as was suggested by the churches which continued to flourish and multiply. It is sometimes regretted that the splendid talents of Washington Irving were not devoted to a more serious consideration of the Dutch rule in New York than he has given us in his whimsical sketch of the city under the Burghers. He lived at a time when the impress was still strongly in e-vidence, and the genius that gave us the Conquest of Granada would surely have shed lustre upon those fateful first years of New York as no one else could have done. The reflections of Died- rich Knickerbocker must for all time color our impressions of the Dutch, although [14] t/) O Ul _l U LO < - Q iiilliiliiiiiiiiiiiiiiliiilif Z 1- liJ Q Q o z < S ^ a: < s 5 I- o o 2 S Z liJ E ; ^ ? u. ; Q UJ I I O o ,^- I CE tr uj I Q- < tr ii. : uj _i O (r : !i; H ^ ? o tu O > o ^ - - S q: IT in ta u a u S) a u s l/l X £ - I _ I X > 1- c/l X 3 o o J U1 Q. Q : s - < uj ; tn -1 I- £ ui < — " ^ z in g ul [i: >- Z ir O H E o tn uj < I- z o o ° E .'ri 1- o O Q. Early Dutch Engravings in the splendid line of Knickerbocker descendants still in New York, we know that the sturdy character of their forebears has stamped indelibly their most desirable traits on the history of New York. EARLY FARM GRANTS SOUTH OF WALL STREET Another document which will be examined with deep interest is the map show- ing the original grants of the farms lying south of Wall Street. By careful examination of the old Dutch records this map was produced by the late David T. Valentine, for nearly thirty years editor of the famous Manuals of the Cor- poration of the City of New York. Leases were usually made for a period of six years, and sometimes carried with them the right of permanent tenure or conveyance, but the Company usually reserved the right to the land should it be needed by them at the expiration of the lease. The most famous grant among them is the one that ultimately became the present Trinity Church Corporation. In 1636 Van Twiller permitted Roelof Jansen to occupy sixty-two acres. Jansen did not live long and his widow married Domine Bogardus and was subsequently confirmed in her possession of the land by a formal instrument, and this farmstead was known for many years thereafter as the "Anneke Jans farm." It was a part of the famous grant which Queen Anne made over to Trinity Church. One of the chil- dren of Anneke Jans was said to be incompetent and did not affix her signature to the document at the time of its transfer to Trinity, and on the strength of this and the enormous increase in the value of the property, numerous suits were brought against Trinity at various times down to our own day. An act of the Legislature was finally passed prohibiting further litigation, as it had be- come a scandal of the most flagrant kind, and many ignorant persons throughout the land were made the victims of unscrupulous lawyers, who induced them to at- tack the Church on the ground that they were descendants (?) of this unfortu- nate child of Anneke Jans and had been unlawfully deprived of their property. The earliest known private conveyances of land on the island began in 1638, and the earliest outright ground-brief was for two hundred acres of ground in Har- lem dated July 20, 1638, to Andries Hudde. This old map is very interesting, taking us as it does back to the days when lower Broadway and the whole financial district was farm land, growing cabbage and potatoes, and the country roads re- sounded only to the footfall of the sturdy farmer driving his cattle to and from the pasturage. No traces of these peaceful days are now left, except the occa- sional bleating of a few lambs in Wall Street. THE "RESTITUTIO" VIEW Another view of the city which possesses a degree of interest all its own is shown following the Montanus View. This is known as the Restitutio View and, as its title indicates, was taken to commemorate the recapture of New York by the Dutch, August 24, 1673, when the name was changed to New Orange. Al- [17] Glimpses of Old New York though the title on the sketch is dated 1673, certain discrepancies in the buildings shown indicate that it was probably drawn a few months later. This is the first view to show the canal in Broad Street in a completed state, with the sides fully walled in. It is also the first to show the tavern built by Lovelace in 1670 just south of the City Hall. The latter building is also shown without a cupola, which is no doubt an error, for one existed before this time, as the Burgomasters petitioned Stuyvesant for the bell which stood "idle in the Fort either as a present or on valuation, to hang it and to make use of it at the City Hall." Three fortified redoubts are also shown, which corresponds with a contemporane- ous statement in a description of the city in 1661 as recorded in Jameson's Nar- rative of New Netherland. They then said they "would build 2 halfe moons more between yt [tlie Stadt Huys] and the Northeast gate." Wliile this is undoubtedly a very good view of New York at the time, it is rather exaggerated in several particulars — the piling around the water front was on no such elaborate scale nor so far extended. The well-known Burghers' path is also missing. All these mistakes could easily be admitted, however, without de- tracting materially from the real value of the work, which is a contemporary draw- ing of the date it records. And as a reminder of the Dutch jubilation and rejoic- ing at their renewed hopes of an Empire in America the Restitutio drawing, in view of the short duration of these hopes, is not without its pathos as well. For a long time afterwards this drawing had great influence on all the carto- graphers and artists who portrayed New York. It is seen in the maps of Carolus Allard and soon displaces the Visscher View, which up to that time had been the favorite view for small embellishments in maps pertaining to North America. Allard was an artist who visited all parts of the world and ultimately published a book showing a hundred different cities and seaports in various remote regions and it was during this period that he made his drawing of New York. This is the fifth known engraved view of New Amsterdam, and the eleventh if we include in this category all the maps and drawings that were published up to this time, and is unique as the only drawing of the city made during the period when New York was New Orange and once again in the hands of its original proprietors. To us, the most important feature is the very perceptible evidence of the city's growth compared with the pictures that have gone before. The houses are more numerous, the water front has everywhere gained in improvements, and the canal is no longer a ditch but is neatly boarded up on both sides. It is evident to the most casual observer that New York in the nine years that have elapsed since the English occupation has made noticeable progress. The population at this time had also shown a marked increase, being now 4,000. In viewing the sky line of New York to-day from the Brooklyn side it is interesting to note the general resemblance of the city to its earliest known characteristics. There is of course a vast difference in the height and solidity of the buildings, but the curious tapering shape of the end of the island is still plainly preserved, and no one would mistake the Visscher View for that of any other city than the one in mind. [18] Eably Dutch Engrayings THE DUKE'S PLAN This is a particularly interesting drawing for various reasons. The original drawing, for instance, was the personal property of King George III of tragic memory. As befits the property of a king it is of generous size, 27^4 x 21% inches, and is brilliantly painted in colors on heavy vellum, decorated with gold. Upon the death of King George, who had made an unrivalled collection of maps and plans of his "beloved" colonies in America, the collection passed to George IV, who in turn presented it to the British Museum, where it now reposes. It is our city as it was when as New Amsterdam it surrendered to the English and was rechristened New York in compliment to its new owner, the Duke of York. This plan was made for his personal use and has ever since been known as "The Duke's Plan." Its geographical title should be,, properly speaking, "A Plan of New York, late New Amsterdam, in 1664." The drawing itself and surveys are of 1661 and the author was probably Augustin Herrmann, of whom mention has been made before. Curiously enough, this important plan, hke the Manatus Map, lay unheeded and unknown in the British Museum for over two centuries. The late George H. Moore, the accomplished librarian of the New York Historical Society, was the man to discover and resurrect it as a feature for Valentine's Manual, in which it appeared in 1859. It at once arrested the attention of scholars and historians and much speculation has arisen concerning certain features which to this day have re- ceived no satisfactory solution. The date 1664 and the British flags on the ships lend color to the supposition that the map was originally drawn by a Dutchman in 1661, and at the time of the surrender to the English in 1664 was then enlarged, redrawn and embellished under the direction of the Governor who desired to send it to his royal patron, the Duke of York, to show the picture or plan of the city which he had just captured. And here comes in the mystery. The description of this map has been found to agree with conditions in the years 1661-62. That has been carefully studied and finally accepted by investiga- tors. The map itself is also inscribed, "As it was in September 1661." The inter- esting question raised is this. Why was a map of 1661 sent to the Duke of York purporting to be as of 1664? Were the map and the description both the work of English spies? In September, 1661, the English had designs on New Nether- land, as we now know. The Dutch, learning of the plans, promptly took measures for defense, which included strengthening of the Fort. Nothing came of the pro- posed invasion this year, however, and the supposition is that this plan was part of a spy's report. This, however, is only interesting as part of the legends which in time gather around a great historical event. While the survey may have been completed in 1661, it was undoubtedly added to and corrected by Nicolls at the time he had this map drawn. It has a particular interest for us, as it marks the second most im- portant event in the history of New York (if we regard the discovery as first), and [21] Glimpses of Old New York that is its final entrance into the great English confederacy in America and the complete shattering of a dream of Dutch dominion in the New World. It is therefore not without its dramatic side as well as its historical significance, and whether it was actually di*awn by Herrmann, Jacques, Cortelyou, Hack, or de la Montague, matters but little to us to-day — the map's the thing. It gives a correct bird's-eye view of the city as it appeared the year the English took possession. It records some additional features not shown on preceding views. A few new houses appear, the beginning of Broadway is clearly defined, "the ferry to Brueckelen" and Alderton's Building being the most noticeable. It is also the first plan to show three bridges over the canal in Broad Street. This map appropriately marks the end of our city as a Burgher city. With the exception of one other view — "the Restitutio" — no pictures are extant of New York as a dependency of the Dutch West India Company or of the States-Gen- eral of Holland. THE VIEWS BY LAURENS BLOCK Along in the early 80's Mr. C. E. Detmold, a member of the New York His- torical Society, presented the Society with a drawing of unusual interest and with a remarkable history. The date of the view is fixed by the inscription in the lower left-hand margin, which has been interpreted to read: "In the ship Lydia by Lau- rens Block son of Herman in the year 1650." Bibliophiles are, however, puzzled over part of the translation, which might mean "passage" ship, indicating that the ship in the foreground was the "Lydia" and that she was regularly engaged in car- rying freight and passengers to and from Amsterdam. This is a very interesting theory, and if true would suggest many other possibilities. The weight of evidence, however, seems to be against this contention. Had there been any regular pas- senger ships some record would undoubtedly have been found either among the voluminous correspondence of the West India Company or in other documents of that time. None appears, however, so we are obliged to forego this interesting and fanciful speculation. This drawing was picked up in The Hague in 1880 and secured by Mr. Det- mold, who happened to be there at the time. It differs somewhat from the Vis- scher View, having, for instance, no "gallows"; and the little pier or wooden wharf built by Stuyvesant in 1649 cannot be positively identified, though it may be hidden behind a group of boats just south of the crane. Some criticism might also be made of the foreground, which is undoubtedly exaggerated, and the location of some of the better known buildings — the Stadt Huys, for instance — is not correctly placed though the difference is not great. There are some who incline to the opinion that this is the original sketch made by Augustin Herrmann referred to by Stuyvesant in his letter to the West India Company (1660). It is rather sketchily drawn compared with the Visscher and other views, but the general appearance of the drawing and the old frame in which it is enclosed leave little doubt of its authenticity. Another view closely resembling the one just described forms the next im- [22] 8 n m m u Jsr DS u o C4 tTt 4-1 .5 2 i5 ^ u 2 a ft* /a a S fit n s a S a Lj q: (/> I- t/1 E — IE < 3 P ^ ^ o - ^ 3 S X Q O li. O °: o o tfl UJ O u, u e S — (/I q: < O UJ o X 1- Q !^ < z < 3 c a. O 0= z o < °= z n y " UJ ° < ^ • 5 1 ° 5 o g z ^ 1^ U. =1 Z X !^ ^ w ? I 3 5 -■ lu o: ^5 O z ^ si< <-> 5 IE - ° S ± = O J Z UJ =^ X X Q. X _J IE lift Eakly Dutch Engravings portant drawing of Dutch days. It differs materially in certain details compared with the Block picture. For instance, the City Tavern, which is so prominent a feature of the other sketch, is totally missing from this. The date of this drawing is a few years earlier (1643) than the Historical Society's (1650), and one or two details in it are not found in the former. These are the three windmills west and north of the Fort. We know from the Manatus Maps that in 1639 two windmills actually existed near the Fort. This goes far to establish it as authentic and con- temporary, and supplies a delightful addition to the none too long list of early Dutch drawings. The artist is not definitely known, but there seems no doubt that it was drawn by Laurens Block, the same who made the one possessed by the New York Historical Society. It must be considered one of the most important docu- ments that have come down to us from the Dutch period and makes an admirable addition to the drawing of 1650. With this drawing, therefore, we shall end our consideration of these wonder- fully fascinating little Dutch pictures that mean so much to the New Yorker. We feel sure he has enjoyed our attempt to tell him about them and has not begrudged the space it has required. There are, however, other almost equally interesting features about the city to which we must pass on. And in the stories of Wall Street and Broadway which follow the reader will be all the better able to follow and understand their devel- opment from the study he has already bestowed upon these early engravings. [25] CHAPTER II WALL STREET IN HISTORY Erection of the Cattle Guard afterward Made a Stockade or Wall Early in the morning of March 31, 1644, there was an unwonted stir among the few settlers who dwelt in the straggling huts just outside of Fort Amsterdam the little fur-trading post which rejoiced in the rather impressive but not alto- gether suggestive title of New Amsterdam on the Island of Manhatta. Of no particular importance by itself, it figured prominently in the chancelleries of Europe as a possession of one of its most powerful states. And the public notice tacked on the trees that morning gave no hint of the leading role afterwards to be played in the History of Nations by the street thus strangely called into being. For we learn by the Minutes of the Directors and Council of New Netherland in the Colonial records that on this particular date it was resolved that steps should be forthwith taken to prevent cattle from straying into the woods on the north and that a barrier should be erected on the northerly line of the clearing that would serve this purpose and at the same time be strong enough also to afford protection from the Indians. Monday, the 4th of April, at seven o'clock was the time appointed for the beginning of the work, and promptly at the hour the citizens assembled to begin the construction of the barrier, and within a few days the work was completed. The records do not state exactly what form of construction was adopted, but from such evidence as has been accepted as reliable, it consisted mainly of forest trees felled where they stood and arranged with the trunks facing south in a straight line and the branches lying to the woods at the north. Maps and other documents show that the barrier thus commenced ran across the northern boun- [26] ^li!liiliii:;ii!!i!lii!!llil(!i!lil!il!l!Hilii^^ I— t ea n C4 t-l W a 8 Q U o o ^ ° tE < IE < S UJ S Q Z O < CE X O O IE O O CO S m UJ (/) Q < Z g U to 3 — UJ I o in < ± _, IE ^ o§| ^ ^ in O o UJ - m ^ — m IEUJXU.OOXi-tDOO Wall Street in History dary of the cleared section of the settlement, which at that time corresponded with a line about one hundred feet north of our present Wall Street. How the major portion of that hundred feet, which was included in the original plan for Wall Street, was subsequently stolen and the most important thoroughfare in our great city reduced in width to a miserable thirty-six feet, will be explained in a later section. With the completion of this barrier, but little more than a cattle guard, the location of the most important thoroughfare in our country was defi- nitely begun. At the beginning the barrier did not quite bisect the island as it did later. The city was much narrower in those days and there was a high promontory where Trinity now stands which formed a sort of natural obstacle. So the original barrier began on the east at a point about where William Street now is and ended at the foot of the eminence we have just spoken of at Broadway. At William Street it swung a little to the south and continued till it joined the canal at Bea- ver Street. Probably it soon spread across the island completely, as it marked the northern limit of New Amsterdam in 1644, but the location we have just cited is taken from the Dutch records and is historically accurate. Undoubtedly the natural trend of the street would be in the direction of both rivers, but it is not until nine years later that the Records again resume the history of Wall Street and present us with the official facts regarding the next step of its growth which carried it from one side of the city to the other. Early in 1653 news of the troubles between England and the United Prov- inces reached the little colony on Manhattan Island and created intense excite- ment. It is apparently a natural condition for New York to be unprepared, for in 1653 the Navy consisted of one solitary vessel, the Fort was in bad repair and there were no soldiers to speak of. Steps were at once taken for defense, however, and among other measures promulgated by the authorities we copy the following from the official Records of New Amsterdam (Vol. I, p. 69) : Notice. — The committees appointed by the Director General, Council and Magistrates of this city will receive proposals for a certain piece of work to off the city with palisades twelve to thirteen feet long, by the rod. Any one who wishes to undertake this work may come to the City Hall next Tuesday afternoon, hear the conditions and look over the work. Done etc. Mch. 15, 1653. "Let one tell it to another" According to the specifications the contemplated Palisade was to be 2,340 feet in length extending from the East River (Pearl Street) straight across the island to the rise in the land at the North River, which has been already described and which formed a natural breastwork. It was to be constructed of rough wooden posts, each post to be twelve feet in length and eighteen inches in girth sharp- ened to a point at the top and placed in a line interrupted at intervals by larger posts to which split rails were to be nailed two feet below the top. The diagram showing the plan in detail can be found in the Records of New Amsterdam (Vol. I, p. 172), where it remains to-day, and is a tribute to the thoroughness and painstaking methods of the Schepens and Burghers then in authority. Bids were invited for the work and the successful contractor was one Thomas [29] Glimpses of Old New York Bacxter. The records show that he was paid in "good wampum," then the coin of the reahn, and that the items were as follows: 1404 planks at ly, florins 2106 florins 840 Posts 804 " Nails 100 " Transport 120 " For setting these up and carpenters* wages 600 " Total 1300 " Bacxter subsequently adopted the calling of a pirate and some folks are mean enough to say that he is not the only buccaneer who got his start in Wall Street. As a result of this expenditure the little city was now stoutly defended on the north by a structure of sufficient strength and permanency to justify its inclusion among the other "walled" cities of the period. Some two years later other local disturbances with adjoining neighbors and the ever increasing possibility of war with the English induced the city fathers to again look into the state of their de- fenses. The wall, or palisade, was found to have suffered considerably from neglect. Quite a number of the stakes had been destroyed for various purposes — sixty-five in all — and the structure as a whole had fallen greatly from its high estate. Numerous and expensive additions were necessary, and it is surmised that it was at this time that the first bastions were added. These bastions added materially to the strength of the defenses, and carried two gun artillery mounts. They are regarded historically as of great importance in the history of the Wall. One was at the head of Hanover Street, another covered the present site of No. 44 Wall Street just west of William Street, a third stood on part of the ground now occu- pied by the Sub-Treasury, corner Wall and Nassau Streets; a fourth dominated No. 4 Wall Street, and the last commanded what was to become Trinity Church- yard from a point a little to the rear of the existing church. Additional strength was imparted to these defenses by nailing boards to a height of ten or twelve feet beyond the existing heights of the palisade. For a while the population was rigorously confined behind these breastworks. But as time passed and no signs of hostility were apparent, the warlike spirit sub- sided somewhat and before long alterations were made in the palisades by the in- troduction of gates that afforded quicker and easier communication with the farms and pasture lands outside the wall. These gates were two in number ; one, opening at about Broadway and Trinity Church, was known as the Land Gate, and the one at Pearl Street and the East River as the Water Gate. No mention of either the bastions or the gates is found in the original minutes of the Council regarding the palisades, but in the map known as the "Duke's Plan" of the town as it was in 1661, we find that five small bastions of semi-eUiptical form had been constructed along the works and their locations quite clearly defined. These merely projected far enough from the stockade to allow a couple of guns upon each of them and were evidently added a year or two after the original works. When the English took possession of the town in 1664 quite a few changes [30] lEarhj iutrli iFarms S'lutllj uf MaU l*trrrt IN 1859 MR D T VALENTINE. MADE A CAREFUL STUDY OF THE FARM GRANTS SOUTH OF WALL STREET IN EARLY DUTCH DAYS COMPARED WITH LAND VALUES IN THIS SECTION TO DAY THE CHANGE IS STRIKING THERE IS NOTHING LEFT TO SUGGEST THESE BUCOLIC DAYS SAVE THE OCCASIONAL BLEATING OF A FEW LAMBS ON THE OLD SHEEP PASTURE ON BROAD STREET. WHERE IS NOW LOCATED THE STOCK EXCHANGE Wall Street in History were made in the fortifications. The bastions were demolished, except the second and fifth, the latter of which appears to have been rebuilt at this time at a point nearer Broadway than before. J. H. Innes in his New Amsterdam and Its People says : In 1673-74, at the time of the recapture of the town by the Dutch, Governor Colve effected considerable further changes in these works. A general clearance of buildings and obstructions in their vicinity took place, in the course of which several interesting landmarks were demolished. That portion of the fortification west of Broadway was entirely rebuilt upon new Unes, being turned to the south, towards the present Rector Street, in such a manner as to cover its exposed flank, in the direction of the North River; the site of the present Trinity Church was now left entirely outside of the works. The second bastion, above spoken of, near the present William Street, was now considerably enlarged, and a new one was constructed just east of Broadway: these received names, according to the custom of the Dutch, and were known as "HoUandia" and "Zeelandia." The gate at Broadway was closed, and a new one was constructed at the head of Broad Street, where it was commanded by both the bastions; the road thence turned along the trench, and in front of the westerly bastion into Broadway. A gate, or at least an open- ing, at Broadway seems to have been restored about 1674, in compliance with a public demand, when an order of council was made for the construction of "a little gate" at Smits Vly, for a foot passage. But the gate at Broad Street appears to have remained in use till the final destruction of the works about the end of the seventeenth century. An observer, standing at the narrow "Water Poort," looking northwards, in the year 1656, saw before him the ditch of the town "fortification"; upon its south bank the line of palisades nine feet high, and upon its north bank the fence of the Damen farm, formed a vista extending straight up the hill, towards the North River. Over the ditch a rough bridge was probably thrown, at the gate, and through it ran a small rill col- lected from springs at the foot of the hillside pasture known as the Claaver Weytie of the Damen farm. Over this streamlet, and upon the east side of the road or present Pearl Street, a score and more of years after the time of our survey, the butchers of the town erected slaughter-houses, much as the poulterers of London, cen- turies ago, built their scalding-house over the somewhat similarly situated stream called the Wallbrook. These slaughter-houses, and the pens for cattle which were situated opposite them, were long conspicuous features in this part of the town: at the period of our survey, however, neither the slaughter-houses nor the cattle-pens existed. In place of the latter, there stood near the bank of the trench of the palisades, and in inconveniently close proximity to the gate of the town, the house built more than twenty years before, by Director-General Van Twiller, for Tymen Jansen, the master ship-carpenter at New Amsterdam for the West India Company. We now have an accurate description of the birth and infancy of what is un- doubtedly one of the most famous streets in the world. The spectacle of the corner occupied by the Morgans serving as a sheep pasture only a few years ago (using tion, such as London, Paris or Rome, one must go back ahnost to the IMiddle Ages to make a similar contrast. In all descriptions of Wall Street in these early days it is well to consult the sketches elsewhere shown in these pages in connection with the text. It visualizes the village as it was in those days and also accentuates one fact of which we are apt to lose sight — the narrowness of the Island then as compared with the present. The extreme eastern boundary was Pearl Street, which appears in the old pictures above spoken of as a quiet little sandy road skirting the shore. On the west a high promontory where Trinity now stands descended abruptly to the river at about where Church Street now is. St. Paul's, if you will notice, is built with its back to Broadway and its face toward the river. In our day and to our eyes it seems to be facing the wrong way. But when first built, there was no sign of Broadway where it is now. The entrance was from the little street on the west called Church [33] Glimpses of Old New York Lane, and the waters of the river were but a few feet farther west, leaving a foot- path that ran to Greenwich Village. On the south the city ended at what is now the rear of the Custom House. All south of that, including practically all of the Battery, has been added since the time of which we write. The removal of the Wall or Palisade by an order of the Common Council in 1699, and the demolition of its bastions, came in response to a petition of the citi- zens, who declared it to be an obstructing nuisance, and New York ceased to be a walled city. The stones of the bastions were utilized in constructing the new City Hall on the corner of Wall and Broad Streets, which was begun in the same year. The Stadt Huys, on the corner of Pearl Street and Coenties Slip, erected by the Dutch some years before, was the first municipal building on the island, but the new City Hall was the first to be erected by the English and was specifically designed for the purpose for which it was used. The location of this building in Wall Street was a recognition of the growing importance of the thoroughfare both commercially and socially, and its effect upon the fortunes of the street immediate and far-reaching. Having completed a recital of the beginnings of Wall Street and having seen it fairly started on its way to greatness, we will now take up the history of its growth in the eighteenth century and the exciting days preceding and during the Revolu- tion. In bringing this chapter to an end it is a great pleasure to acknowledge many obligations for items of fact collected with vast labor and much painstaking care by Mr. Frederick Trevor Hill on this subject, and by JNIr. J. H. Innes, whose books. The Story of a Street and The People of Niew Amsterdam, are each of them of inestimable value to the student of early New York. WALL STREET IN THE EIGHTEENTH CENTURY We have already referred to the fact that as originally planned Wall Street was to be a hundred feet in width. In fact, such was the case for many years, as its broad surface was used for a Parade Ground, and in front of the City Hall stood the Pillory and Whipping Post — both details naturally suggesting width. And the explanation of the sudden shrinkage in width can be found by consulting the Records in the Register's Office, L. 13, pp. 124, 150, Dec. 14, 1685, and in the item in Valentine's Manual for 1851, page 406. These two items recite the first recorded instances of political graft in the city. His Excellency, Thomas Dongan, was Royal Governor at the time, and his position quickly revealed to him the possibilities of a real-estate deal along the line of the Wall. By the time-honored connivance of a dummy he acquired, in the name of Captain John Knight, of his official staff, from the Damon Estate, which adjoined the Wall on the north, a strip of land one thousand feet long and eighty feet deep fronting the Wall, with all the right, title and interest the sellers had in [34] COURTESY N Y HISTORICAL SOCIETY atllp (Fmo iraujiuga of Npw fork bg ICaurrnB iBlork THE UPPER VIEW, WHILE RATHER SKETCHILY DRAWN, CONTAINS ENOUGH FEATURES— THE WIND MILLS, STADT HUYS. ETC— TO PROVE IT AUTHENTIC AND FIX THE DATE A BOUT 1643 AN INSCRIP- TION ON THE MARGIN READS; IN THE SHIP LYDIA' BY LAURENS BLOCK SON OF HERMAN IN THE YEAR 1650 ' THE LOWER ONE DIFFERS IN SOME IMPORTANT PARTICULARS. SHOWING THAT IT WAS DRAWN ABOUT 1650 WHILE NOT POSITIVELY KNOWN. THE GENERAL OPINION IS THAT BOTH SKETCHES ARE BY THE SAME ARTIST. LAURENS BLOCK Wall Street in History the Parade Ground behind the Wall, which they and everyone else supposed would become a public thoroughfare. With this deed safely in his possession, Dongan ordered a survey of the Wall for the purpose of officially opening the street. And so promptly did the surveyor perform his work, that in less than a day he returned a report laying out a street only thirty-six feet wide, instead of one hundred as originally planned, and of course Dongan's 80-foot lots expanded in proportion. The legal facts in this case are set forth in the Records of the Register's Office, L. 18, p. 64, and show that Knight took title Dec. 14, 1685. The warrant for Beckwith's survey is dated Dec. 15, 1685. Return of the survey made Dec. 16, 1685. Knight's deed to the Governor was apparently dated before he acquired title, as it bears a date Mch. 9, 1685. His Excellency, however, did not record Knight's deed till 1688. Dongan nevertheless made a good Governor and was largely instrumental in obtaining for the City of New York the first Charter granting popular govern- ment, religious toleration, trial by jury and immunity from martial law. He was a General in the Armies of England and France, and afterwards became Earl of Limerick. He was a staunch Catholic, and in an age when Catholicism was anathema in the other Provinces in America, he must have been a man of no small ability to occupy the positions of trust and responsibility he did. A bronze tablet to his memory was erected in old St. Peter's Church, corner Barclay and Church Streets, in 1911. It is a matter of regret that so splendid a character should be sul- lied by so petty an offence as this Wall Street matter, but when we come to think of what an added attraction that extra width would have meant to this important street, we must let the record stand for its possible effect on future would-be evil- doers on the Street. Some few years after the events above recorded, Dongan disposed of his Wall Street holdings, and the records seem to prove that on one of these lots, part of which is now known as 56 Wall Street, was erected the first house on the north side of the street. This site is also entitled to additional fame as one of the possible homes of Captain William Kidd, the celebrated freebooter and pirate. Kidd mar- ried the widow of the owner of this house on May 16, 1691, and, although he was then living in Pearl Street, it is not at all unlikely that he would, for a time at least, occupy his bride's more pretentious dwelling. Mr. William S. Pelletreau, of our city, is the clever writer who unearthed Kidd's connection with 56 Wall Street, and the fact that Bacxter, who built the Wall, afterwards became a pirate, and Kidd, who owned the first house, did the same, is merely a singular coincidence, and although the late J. P. Morgan gleefully named his yacht "Corsair" in compliment to his alleged piratical ancestor, Henry Morgan, there are no facts to assume that the output of pirates to-day is any greater than it was in the 1700's though the street itself is greatly enlarged. With this first building completed, Wall Street slowly but surely continued to develop. At its lower end a slip appears and a ferry to Brooklyn becomes an established fact. Opposite the ferry a rather cheap-looking structure answers the [87] Glimpses of Old New York purpose of a market, where corn, meal and other farm-produce are sold. This in time gives way to the more profitable business of slave-selling. Here were exposed for sale or hire negroes brought from the Jamaicas and Africa. Behind this not attractive building were rows of inconsequential little houses gradually improving in size and structure as we near the City Hall. At about William Street the Jiayards had erected in 1729 a huge building in which to refine sugar. The pro- cess was termed "tiie mystery of sugar refining" in their announcements. Close by the refinery was a tavern kept by Gabriel Thompson, and beyond that the most noted building on the island — the new City Hall. Above this was the Presbyterian Chuich, rather an miposing building for its day, and just beyond, like a sentinel guarding the street, the little old-fashioned wooden building with a tremendously large steeple which formed the original structure built for Trinity Church in 1696. Altogether, one would not say that Wall Street at that time gave any signs of its coming importance. A very good view of the Presbyterian Church is shown elsewhere in these pages. It is based on a sketch made from the street itself by the celebrated artist JNlaverick, and gives a good idea of how it looked. This view, however, is much later than the time spoken of above, but no radical changes were made in the interim. The whole block, in fact, remained about the same, except that Keeler's brick house, on the corner of Broadway, and Smunons' Tavern, on the corner of Nassau Street, were added. But the church remains the dominating feature at both periods. We have already alluded to the importance in the development of Wall Street of the City Hall being within its precincts. For the time being this building was the centre of the civic, military and official life of the city. While it was a rather modest building originally, it afterwards attained distinction achitecturally by the work of L'Enfant who remodelled it for the use of the Federal Govermnent, in which met the first Congress, and in which the first President was inaugurated. L'Enfant afterward designed the Capitol at Washington, and it is no small satis- faction to the New Yorker to know that he won his spurs for that immortal un- dertaking by the work he did on our own City Hall in New York. The City Hall as then constituted answered a multitude of civic requirements. It contained the first hbrary. The Society for the Propagation of the Gospel in Foreign Parts sent over in 1742 books bequeathed to them by the Rev. John Mil- lington, who requested that they be sent to the Plantations in America. The Com- mon Council accepted the gift, made room for the books in the City Hall, and they became known as the Corporation Library. As it was httle used, the Corporation turned the books over to a number of prominent citizens, who organized the So- ciety Library to carry out the donors' original intention, and this venerable Society has existed to the present day. The City Hall also provided quarters for the accommodation of the courts, jury room, Common Council chamber, a jail, a debtors' prison and a fire department. It certainly was a useful institution, for in addition to the above its rooms were occasionally used by various semi-social and semi-official organizations : the New York Historical Society, the Chamber of Com- merce and other organizations among them. [38] Npui ^ark aa it Maa ml^nt tl|r lEuglial) Sunk Puaaraatmt tit 1604 "©Ifr Sukr'a ^piatt" THIS REMARKABLE DRAWING WAS OWNED BY GEORGE III. WHO BEQUEATHED IT TO THE BRITISH MUSEUM ALONG WITH OTHER ITEMS PERTAINING TO HIS LOST ' BELOVED ' COLONIES IN AMERICA IT SHOWS HOW THE TOWN LOOKED WHEN IT WAS FIRST TAKEN FROM THE DUTCH. THE WALL OR STOCKADE WHERE WALL STREET NOW STANDS IS ONE OF ITS MOST STRIKING FEATURES THIS DRAWING WAS SENT TO THE DUKE OF YORK BY GOVERNOR NICOLLS TO SHOW THE CITY WHICH HE HAD JUST CAPTURED FOR HIS PATRON THE CITY HAS CHANGED BUT LITTLE FROM THE MAIN FEATURES OF THIS MAP: IT IS THE FIRST ENGLISH DRAWING OF NEW YORK AND VERY INTERESTING Wall Street in History As a natural result all that was interesting in a political way, whatever there was of pomp and cu'cumstance in the coming and going of the Governors and other high officials, centred around this building. And in addition, the close proximity of the two most fashionable churches in town — Trinity and the First Presbyterian — combined to impart an air of distinction to Wall Street that speedily attracted the attention of those socially prominent. The existence of the cage, the pillory, the whipping post and the stocks in front of the Capitol Building gave rise to rather disagreeable incidents at times. Victims of the whipping post were frequent, and the unfortunates who were con- fined to the cage or stocks were not pleasant to look upon. Offending slaves were publicly paraded up and down the street and thrashed at each corner. Although the street has been spared the mortification of a pubhc execution among its records it was more the result of good luck than good judgment. Nicholas Bayard was accused of high treason, the penalty of which was death by hanging. Amid great excitement the Colonel was judged guilty, but the Court granted a release, as the whole proceeding was a political move which the people refused to sanction. Wall Street was thus saved the stigma of a hanging. If the presence of the jail, the pillory and the stocks somewhat lowered the tone of the street, yet the presence of the Courts of Justice more than counterbalanced the unsavoriness of the others. In the trial of John Peter Zenger by which the Freedom of the Press was accomplished. Wall Street has cause to pride itself upon being the scene of so notable an achievement. In the present days, not only of freedom but of a good deal of license in the press, it is somewhat difficult to reahze that there was a time when to criticise public officials was a felonious crime. Nevertheless, such was the case in 1734, when copies of the New York Weekly Journal were publicly burned near the pillory at the hands of the Common Hangman or Whipper. Zenger had been proven guilty of printing matter derogatory to the good name and fame of His Excellency Governor William Cosby. The Governor expected that the whole town would turn out to witness the degradation of Zenger and the vindication of the law. He even ordered the Mayor and City Magistrates to attend. But the local authorities defied the Governor and refused to be present. The public, who were greatly interested in the principle involved, and who were determined that the press should not be muzzled, likewise refrained from attending. The result being that Recorder Harrison, aided solely by a slave acting as deputy sheriff — the sheriff himself having refused to act — and a couple of soldiers from the garrison constituted the sole audience upon this memorable occasion. A more stinging re- buke could hardly have been thought of and the result was to further enrage the Governor. Already throughout all the Colonies restiveness was increasing under the repeated interferences by the authorities with the right of public criticism. John Peter Zenger became the humble instrument by which this vital principle finally triumphed, and the corner of Wall and Nassau Streets, as the scene of his vindica- tion, should be revered as one of the important landmarks in our struggle for liberty. [41] Glimpses of Old New York After the fiasco of burning his papers, Cosby ordered the arrest of Zenger, who remained in jail for many months. Meanwhile public opinion was aroused as never before. It was clearly seen that not only was Zenger on trial, but that the whole cause of human rights and human liberty was at stake. The opponents of the Governor at once championed the cause of the imprisoned printer. James Alexander and William Smith, two able lawyers, who were really the vital force behind Zenger, rapidly created a poi)ular party to support the movement. An- drew Hamilton, the most eminent member of the bar at the time, volunteered to come from Philadelphia to assist in the defense, and as the day of trial drew nigh excitement reached a dangerous height. The Grand Jury refused to indict Zenger, and the most ruthless and arbi- trary action was invoked to prevent his release even on unheard-of heavy bail. News of the celebrated case penetrated the most remote sections of the other prov- inces. Benjamin Franklin and others keenly watched developments, and to his consternation Cosby soon realized that, instead of trying one of his own subjects for an alleged misdemeanor, he had forced an issue with the entire country on one of the most vital questions he could have selected. The result of the contest would be fraught with the gravest consequences; a long step forward in the direction of popular sovereignty would result, or the Crown would fasten more securely its hold upon the people's rights and privileges. The venerable Hamilton achieved a mighty success. When the jury returned the verdict, "Not guilty," the courtroom broke out into the wildest manifestations of joy. Eager hands seized the victorious lawyer and bore him in triumph to the cheering multitude outside. Here the same stirring scenes were enacted. That night the whole city was ablaze with enthusiasm. Hamilton was given a grand banquet, and all who had contributed to the final result were cheered to the echo. A few weeks later Hamilton was further honored by receiving the Freedom of the City from the Common Council, and altogether the significance of this event was surely not underestimated by the people throughout the whole country. It is pleas- ant to note from the records, that in reaching such a righteous verdict some repre- sentatives of well-known names in New York were members of the jury: Rutgers, Holmes, Man, Bell, Keteltas, Hildreth and Goelet. With the Freedom of the Press finally acknowledged as one of the inalienable rights in the new colony. Wall Street can congratulate itself upon this historic accomplishment within its own borders. A long step had been taken toward the ultimate goal — ^American Independence. THE MERCHANTS' COFFEE HOUSE AND THE TONTINE Meanwhile the city itself, as well as Wall Street, experienced the beginnings of that marvellous commercial development which has continued without interrup- tion from that day to this. The little bridge on Broad Street over the canal at the foot of Exchange Place, where the early merchants were wont to congregate at noon for informal chats, had long ago outlived its usefulness. In 1768 John Cru- [42] Wall Street in History ger organized the New York Chamber of Commerce at a meeting held in Fraunces' Tavern. It afterwards held its stated meetings in the City Hall. But the popular meeting-place for merchants of all degrees, whether members of the Chamber or not, was the Merchants' Coffee House at this time on the northwest corner of Wall and Water Streets. It is doubtful if any building in New York ever sheltered more important gatherings than met at this famous hostelry. For years it was the centre of all great pre-Revolutionary meetings in New York and fills a glorious page in the annals of our history. Very little is known of its actual appearance. It seems to have been of the usual three-story brick type, and was built quite early — prior to 1738. It ori- ginally had the water at its back door and was much frequented by a rather pic- turesque clientele of sailor men and other adventurous sons of the sea, whose coinings and goings it were best not to question too closely. With the disappear- ance of these strangely garbed characters, the Inn attracted a much more desirable class of customers. We are assured of this fact by a resolution in the minutes of the Common Council directing the removal of the slave market hard by, as it "Oc- casions a Dirty Street, Offensive to the inhabitants on each side who pass and repass to and from the Coffee House, a place of great resort." It took influence in those days, just as it does now, to remove a nuisance of this kind, and we may feel satisfied that the new customers of the Coffee House were merchants of high standing to whom the authorities must give heed. The history of the Coffee House itself bears out this contention. It speedily became the most influential resort in the city, and was constantly frequented by the best citizens of New York and particularly by those from whom the Revolu- tionary party was subsequently recruited. Its rooms were admirably adapted for meeting places. A notable action taken here was a demonstration of disapproval over the military occupation of Boston by the British in 1769, and here also the most interesting meetings of the Friends of Liberty and Trade were held. The Committee of Correspondence was also formed here. The plan to confiscate the stamps used on the Stamp Act also had its origin here, and the stern refusal to receive the tea consigned under Lockyer had its inception here also. During all the troublous times in these pre-Revolu- tionary days the Coffee House was ever the scene of action. And when the final day did come and war actually began, the Coffee House virtually became the seat of government. Martial law had been proclaimed and the royal government de- posed. So many memories cluster round this old inn that a recital of them would be too long for the limited space at our command. It indubitably links up Wall Street with all that was best and most heroic in these trying days. Its Committee of Fifty did herculean service for the patriots, and despite the fact that New York was soon captured by the British, to remain in their hands throughout the entire war, the part played by Wall Street at its meetings in the old Mercliants' Coffee House is not exceeded by any similar organization in our country's history. A few years before the actual declaration of hostilities (1772), the Mer- [45] Glimpses of Old New York chants' Coffee House was removed to the southeast corner of Wall and Water Streets, diagonally across the street from its original location, where it continued to be the headquarters of the political and commercial movements of the time. The members of the Sons of Liberty and other patriotic citizens made their headquar- ters at Burns' Coffee House on Broadway, Twenty years later the site in part of the original Merchants' Coffee House again became the home of a building des- tined also to play an important part in the affairs of our city — the Tontine Coffee House. While devoid of the spectacular and thrilling experiences of its fore- runner, the Tontine nevertheless played an interesting part in the more prosaic days in which it was destined to flourish. And for many years it worthily upheld the traditions of its prototype in service and usefulness. On another page it is our good fortune to be able to present a contemporane- ous painting of the Tontine Coffee House. This is from the now celebrated paint- ing by Francis Guy in 1796. The original is owned by the New York Historical Society, which acquired it from Miss Margaret A. Ingram, who states, in a letter addressed to the Society, that the picture was originally the property of her grand- father, John Salmon, a New York builder, and was finished in 1797. The Coffee House is the building shown on the extreme left. This is the only known picture of the Tontine Coffee House and is said to have won the admiration of President Adams and others. It remained unsold, however, and was finally disposed of at a raffle bringing a very paltry sum. Its price to-day, however, is a very different matter and reflects the esteem in which the splendid part played by the old Ton- tine in the early days of New York's commerce is now held by the people of our city. After the trial of Peter Zenger the struggle for a further development of popular rights continued. Constant strife between the Royal governors and the People's party was the order of the day, with victory almost always with the latter, culminating thirty years later in an almost open break over the now famous Stamp Act. Recent writers, notably the Secretary of the Lower Wall Street Business Men's Association, have complained that the brilliant part played by New York in the events leading up to the Revolution have not been sufficiently recognized — that Boston and Philadelphia by contrast receive a much larger measure of praise. The Association points out, and truly, that the famous Boston massacre was ante- dated by the Battle of Golden Hill (corner John and William Streets), and that the first blood shed by the Patriots was in New York and not in Boston. A simi- lar occurrence matched the famous Tea Party, only in this instance no disguise was attempted by the New Yorkers. When the London sailed into the harbor of New York with a cargo of tea, it was promptly boarded by a Vigilance Committee, who bundled her merchandise into the sea forthwith. Similarly, when the Nancy ap- peared with a cargo expressly designed to test the sincerity and good faith of New York concerning the non-importation agreement, the consignees politely declined to receive the shipment, and the captain of the Nancy was advised to take his de- parture forthwith. Being over seven years old and a prudent man withal. Captain [46] ORIGINAL OWNED BY I, N. PHELPS STOKES Btpui of Iraab ^trtvt alpiuitig Jffriipral If all at tlfp rartipr of Naaaaii S>trrrt: \7SS THIS INTERESTING LITHOGRAPH SHOWS THE WEST SIDE OF BROAD STREET FROM BELOW EXCHANGE PLACE TO WALL STREET, INCLUD- ING THE SITES NOW OCCUPIED BY THE STOCK EXCHANGE AND OTHER LARGE BUILDINGS FEDERAL HALL WAS FOR A BRIEF PERIOD THE SEAT OF CONGRESS AND THE SENATE WHEN THIS CITY WAS THE NATION S CAPITAL Wall Street in History Lockyer pocketed his chagrin and set sail at once. In order that Lockyer should be under no misapprehension of the temper of the people, a unique plan was adopted to signalize his departure. Broadsides suddenly appeared throughout the entire city notifying the people to assemble at Murray's Wharf at the foot of Wall Street and witness the departure of the Nancy. Promptly at the appointed hour bells began ringing in every quarter of the city till pandemonium reigned. At this pri- vate signal groups of citizens suddenly appeared, arrayed in all sorts of mock- heroic costumes, some accompanied by fifes, drums and bands. Flags and stream- ers covered the buildings and shipping on the water front, and nothing was left undone to create a magnificent burlesque in honor of the departing hero (?) . The space in front of the Merchants' Coffee House, where the captain lodged, was packed with people who greeted the discomfited representative of Royalty with ironical cheers, hoots and the rattling of cow bells. The significance of the demon- stration could not be misunderstood, and although no actual disorder occurred, the meaning was clear, and when Captain Lockyer returned, the recital of his sarcastic reception and derisive treatment created a profound sensation in England, whose statesmen, however, continued on their career of coercion despite warnings of such serious import. • In support of New York's further claims to honor for its part in the pre-Revo- lutionary days, we might also cite the famous Stamp Act Congress which con- vened October 7, 1765, in the City Hall at Wall and Nassau Streets. Competent historians aver that here and at that meeting was the real beginning of the Ameri- can Revolution. It was the first time that the Colonies had met together to act in concert and clearly foreshadowed the coming United States. Nine of the Colonies were represented. The names of the delegates from New York, as given in the New York Mercury of October 14, 1765, were as follows: John Cruger, Robert R. Livingston, Philip Livingston, William Bayard and Leonard Lispenard. In all there were twenty-eight delegates. The same paper describes the business of the meeting as the most important that ever came under consideration in America. The significance of this meeting was not at first realized, but its effect was instantaneous. The need for co-operation and consultation among the scattered Colonies was never before so fully demonstrated. The proceedings lasted three weeks, during which time the seeds of unity took root and the leaven of concerted action was at work. The subsequent formation of the Continental Congress was one of its direct results, and the State papers which were produced at these meet- ings are still referred to as models of what such documents should be. In view of later events the importance of these initial meetings are now seen to have been of the utmost consequence, and it is everywhere admitted that no action in any of the other Colonies equalled in importance the work of New York. If she has failed to receive her due meed of praise from historians, it does not cloud her title to the glorious part which was hers in those trying days, and a little more insistence on her part would no doubt compel a fuller recognition than is now ac- corded. In the effort to achieve such a result the Lower Wall Street Business Men's Association is to be commended, but their offer of one thousand dollars for [49] Glimpses of Old New York a new History of the State is not such a dazzling one as to bring forth any particu- larly worthy effort in this direction. The growing importance of New York, as indicated by the events which I have described, naturally brouglit Wall Street into great prominence, and ere long its name became familiar throughout the length and breadth of the land. If there is any virtue in publicity, then Wall Street is certainly a fortunate thoroughfare. It is entirely within reason to say that the name of no street in the world has been printed so often and in so many tongues as has the little lane running from Trin- ity Church to the East River, and at the close of 170.5 it had not only attained nation-wide publicity but had also greatly improved its personal appearance, as its rapidly growing importance demanded. The removal of the Slave Market, the addition of Water Street, and the filling in of the shps, thus making a broad plaza at its lower end, did much to improve the street and increase its importance. Farther up the street, other improvements were noted. The unsightly buildings of the Bayard sugar refinery gave way to the imposing Verplanck mansion. A handsome statue erected by the citizens in honor of William Pitt for his success in repealing the Stamp Act stood on the corner of William Street, and gave a classic appearance to this section. This statue, in a ruined condition, is in the possession of the New York Historical Society. A duplicate of the statue was presented to the city of Charleston at the same time as it was erected here, and is still preserved. It would be a good idea if this fine monument to a splendid man was restored to its old position on the street. New York has not shown that care of its historic treas- ures which has characterized Boston and Philadelphia, both of which retain their old Colonial civic buildings. And certainly, if the old Federal Hall had been allowed to remain where it was, a practical use could have been made of its in- terior, while the exterior could have served to remind us of our storied past to the enrichment of the entire community. Splendid private residences now began to line both sides of the street, and the coming power of Wall Street commercially and financially was clearly fore- shadowed. A temporary wave of good feeling succeeded the repeal of the Stamp Act, and the city prepared itself for a long period of political and commercial tranquillity. The street presented an aspect of serene confidence in the future. The venders of the famous tea water from the pump in Chatham Square, with their crude hogsheads in carts or set on wheels, the heavily built lumbering coaches with their showj^ outriders — and of all your picturesque figures the old New York darky resplendent in brilliantly colored livery, with sleek fat horses covered with shining silver harness, makes the most picturesque — the sedan-chairs with glimpses of delightful young faces within, the scarlet coats of the British officers, the striking garb of swarthy-colored freebooters in port for the day, the black vel- vet coats and silk breeches and the three-cornered hat of the merchant — all these contributed to a scene of animation and color such as could be seen on no other street in the dominions of his Most Gracious Majesty in America. Such then was Wall Street on the morning of a Sabbath in April, 1775. A post rider, booted and spurred direct from Boston, drew rein in front of the Pres- [50] i)l';'n)'!!'"™i'i!!'''!'r'':i'l!lil)(IHiin^ t5» e s t3 a. las s 3 u UJ d: 1- UJ U- X < H O ,J 5 u] o I- I- 5 X o UJ z ^ ^ ^ r= " o <" 5 z in < O ± 5 °= in u- Q < . UJ O E in S t ° y o o , ^ UJ UJ h- > O L Q S w ' UJ UJ < ; J £ o 5 : ^ UJ H- r in _ ' ■ ui Q : I~ £r UJ z < i ^ S s : I UJ a- a ■ UJ z °- ^ I ' I < => e> I I f > ^ s s ^ : - S S X O O- H ' 3 O 10 . Q ,_, ^ U- : < E o Z IE < ] S S " o > J z o. < 5 O => ^ O H O Wall Street m History byterian Church and brought news of the most startling character. The congre- gations of this church and of Trinity still lingered at the doors. Polite conversa- tion regarding nothing in particular was arrested by the sudden appearance of this travel-stained despatch-bearer, and the people quickly gathered around. In a few moments the news was known. The Battle of Lexington had been fought and won four days before, and the long-dreaded War of the Revolution had at last begun ! A scene of wild confusion ensued. Both patriot and Loyalist were momen- tarily staggered. Each man felt compelled to take such steps as seemed necessary to him for the protection of his family and property. A spirit of universal mis- trust appeared. No man knew in whom to repose confidence ; each suspected and feared the other. It was the first of the panics for which Wall Street has since be- come noted. A few months later, British troops occupied the city, and a period of nine weary years must elapse ere we can resume the thread of our narrative. During this period population dwindled and commerce practically disappeared. In 1776 a disastrous fire, as if to emphasize the evil times upon which the street had fallen, swept over the city, leaving it a mass of burned and blackened ruins. The stately old Presbyterian Church no longer welcomed its pious congregation. Its hallowed precincts echoed only to the profane footsteps of the soldiers of the King. And as if to emphasize the fall from its high estate of the once proud thoroughfare, her chief pride and glory — historic Trinity — stood at the head of the street de- serted and in melancholy ruins for nearly ten years. Wall Street in 1776, the year of the declaration of our independence, was indeed a pitiable sight. WALL STREET AFTER THE REVOLUTION Wlien the last of the British troops disappeared over the Battery wall, Washington and his victorious troops started from the Bull's Head Tavern in the Bowery on their triumphant march into the City of New York. The city had at last come into its own, and henceforth was no longer a dependent of a foreign power. A Mayor and Aldermen were appointed to govern the city. It is a matter of profound regret that the records of the first meetings of our Common Council appear to be missing. It is a further misfortune that these records (from 1784 to 1831) are still in manuscript form. Abundant evidence is discov- ered from time to time that portions of these original papers have been stolen and some lost. That so rich and important a city as New York should continue to ex- pose herself to the possible loss of these valuable documents seems beyond belief. Nevertheless, such is the fact. The records of our earliest infancy, the most inter- esting period in our city's history, have never yet been published. For years they were kept in the old City Hall, a building far from fireproof. They are now in the Aldermanic Library in the new Municipal Building, and in a modern building like that are a little safer than before. Yet these records are constantly consulted; they contain an itemized description of the unfolding of the young city from week to week that is priceless from an historic point of view, and the trifling expense [53] Glimpses of Old New York required to print a small edition and thus remove forever the danger of losing these records, should anything happen to the originals, would be a most wise investment. It is largely a case of "what's everybody's business is nobody's business." The average citizen does not know of this situation and the Powers That Be are evi- dently afraid to appropriate the amount necessary to remedy the evil. Those of our readers who may be able to bring pressure to bear on the jSIayor and Alder- men would render a great service to the city by lending their aid to tlie accom- plislmient of this worthy object. The first meeting of the newly appointed JNIayor, James Duane, is dated Feb- ruary 10, 1784. And we know, from references made in these minutes of later dates, that they refer to transactions which apjJear to have been brought up previous to the meeting of February 10th. On February lOtli, and thenceforth, the records are apparently complete and at this date we resume our story. This meeting was held at the address of one John Sinmions, innholder, whose tavern was at the corner of Wall and Nassau Streets where the Bankers' Trust Co.'s Building now stands. By a curious coincidence a great-great-grandson of Duane's is a Vice-President of the corporation occupying the site of the modest inn where his ancestor presided over the first meeting of the Common Council of the City of New York. This John Simmons was evidently a man of some parts in his day, as Wash- ington is said to have dined in his tavern on the night of the evacuation, and his name appears frequently in the letters of Washington Irving to his friend James Brevoort. It is also on record that he weighed about 400 lbs., so in one respect at least he was a citizen of weight. The revival of Wall Street after the Revolution was one of the marvels of the day. When the British left New York, Wall Street plainly showed the dis- tressing effects of the British occupation. Most of its beautiful shade trees had been destroyed for fuel. ISIany of its houses were vacant and all in sad need of repair. Its gutters had fallen in and its roadway was a succession of humps, ridges and debris. The Presbyterian Church was almost in ruins, and the charred walls of Trinity spread a feeling of gloom and depression over all. The City Hall fared but slightly better. It had been used for nearly seven years as a prison, and its valuable library had been scattered to the four winds. oNIonths elapsed before much of it was located. The building itself had also suffered from neglect and misuse. Altogether, the upper part of the street was in a deplorable condition from any point of view, and the lower part had been practically abandoned to the pigs that swarmed everywhere in search of food. Under normal conditions the popu- lation of New York in 1784 would no doubt have been about 45,000. It was over 25,000 in 1775. In 1783, however, it had shrunk to less than 12,000. It was from this discouraging point that Wall Street had to start. With the organization, however, of the City Government under Duane, mat- ters at once began to mend. Alexander Hamilton was among the first New Yorkers to realize the possibilities of the new city, and he labored day in and day out to impress others with his splendid optiuiism. The second event that helped [54] THIS CiUSTOM MOUSE , WALL STli'ffiET ttt HtPUt of 1!Jrua^ aub Wall g'trrrta in 1S45. SlrvtiHiinrrft frum tlfp ©rigtttal tu lljr PosBrBBimt of Hr. 31. p. HHnrgan No Dtljrr ropire of lljiH jtriut arc knouni to rxiot THIS PICTURE IS OF EXTRAORDINARY I NTEREST. SHOWl NG AS IT DOES MANY HOMELY CHARACTERISTICS OF A STREET SCENE IN NEW YORK IN THE 40; THE CUSTOM HOUSE, NOW THE SUB-TREASURY. WAS JUST COMPLETED AND WAS ACCLAIMED THE FINEST BUILDING IN THE CITY. THE LITTLE OYSTER STAND IN FRONT OF THE MORGAN BUILDING STOOD THERE FOR SEVERAL YEARS. THE CART-TAIL ORA- TOR OF TO-DAY IS EVIDENTLY NO NEWDEVELOPMENT.ASWE SEE HIS PROTOTYPE ON THE LEFT THE QUAINT OLD CHAISE ON THE RIGHT. WITH A RATHER SPIRITED TROTTER. SUGGESTS OUR LATER ROAD- STERS AND GABE CASE S THE ROUND TOP COVERED WAGON AT LEFT. THE FARMER S CART IN FRONTOFTHE OYSTER STANDANDTHE SMALL HAND PUSHED VEHICLES IN FRONT WERE ALL TYPICAL OF THE TIME THE MORGAN CORNER WAS OCCUPIED BY THE YANKEE CARD PRESS. A SMALL PRINTING CONCERN. AND OSGOOD AND BURLING. A FIRM OF AUCTIONEERS. WERE NEXT DOOR THE HANGING SIGN OF A WATCH WAS THAT OF W F LADD THE REST OF BROAD STREET WAS LINED WITH PUBLIC WAREHOUSES. COMMISSION MERCHANTS AND NEARLY EVERYTHING ELSE BUT FINANCE THIS DRAWING WAS MADE BY ROBERT KERR. AN ENGLISH ARCHITECT. WHO ESSAYED A NUMBER OF NEW YORK VIEWS OF WHICH THIS IS THE FIRST TRADITION HAS IT THAT THE CARICATURING OF THE FIGURES WAS RESENTED AND THE PROJECT DIED AT BIRTH Wall Street in History in the rejuvenation of Wall Street was the selection of New York and its City- Hall as the meeting place of the Provincial Congress. Hamilton was quick to see the advantages to be derived by New York as the Capital City of the new Republic and immediately formed plans with that object in view. There is a letter in the possession of John D. Crimmins, written by Hamilton to Richard Varick, urging upon him the necessity of restoring the City Hall to a habitable condition, and of- fering it outright to Congress for use as a Federal Hall. This plan eventually- succeeded. The letter is as follows: Dear Sr: It is in my opinion intirely necessary that the Common Council should be convened this day in order to pass an act for appropriating the City Hall to the use of Congress. The act should be published in the papers & notified by yourself, or if you are not well enough by a committee or member of your board to the Senators & representatives as they arrive . . . The Philadelphians are endeavouring to raise some cavils on this point — The thing must not pass to-day. For propriety absolutely requires that the Members should be offered a place by tomorrow which is the day for assembling. Yrs A Hamilton. Richard Varick, Esq. Tuesday, Mch 3rd, 1789. To Major Pierre Charles I'Enfant was intrusted the work of remodelling the City Hall. He was a French engineer who served with distinction under Baron Steuben and won immortal fame by subsequently planning the National Capitol at Washington. His work on the City Hall proved a tremendous suc- cess. No building in any American city could compare in elegance with the re- modelled City Hall. It not only realized but exceeded all expectations. The marble pavement, the painted ceilings, the crimson damask canopies and hangings and handsome furniture more nearly suggested an Old World royal residence than the simple edifice required for a plain republic. Some there were who criticised in this vein ; but in the end all was serene. The reception to Sir John Temple, the first consul-general from Great Britain, was an event which did much to justify the lavish expenditure for this building. The appointment of Thomas Jefferson as Minister to France, the meetings held in remonstrance to Great Britain against infractions of the Treaty of Peace and other events, added further to the pubHc pride in the building, so that when the time came to offer it to the Federal Government it was a structure whose fame had penetrated to the uttermost parts of the country. Hamilton finally succeeded in his plan, and when Recorder Varick formally tendered the building to Congress on March 3, 1789, its acceptance was already assured. And at a vote taken April 6, 1789, in this building an important for- ward step was taken in the history of the new Republic when, as a result. General George Washington was formally declared the choice of all the delegates for the office of Chief Magistrate. Washington was accordingly declared President, and John Adams, having the next highest number of votes, was declared Vice-Presi- dent. From that time forward till the day of Washington's inauguration, Wall Street seethed with pleasurable anticipation. Washington arrived at Elizabethtown Point on April 23, 1789. The city was [57] Glimpses of Old 'New York everywhere gaily decorated. Flags, streamers and festoons of flowers were every- where disjjlayed. The landing stage at Murray's Wharf was carpeted and the rails hung with crimson cloth. A huge bronze eagle grasping thirteen arrows and bear- ing the arms of the United States, adorned the chief pediment of the new Con- gressional Building. The roar of cannon and the ringing of bells proclaimed the near approach of the stately barge, manned by thirteen pilots dressed in white, and when the well-known figure of the beloved Commander-in-chief was recog- nized, shouts and cheers from a delighted multitude rent the air. Declining the carriage provided for him. General Washington walked on foot up Pearl Street to Cherry Street to the beautiful Franklin Mansion, which had been prepared for his use. On another page we show a sketch of this building, drawn by A. J. Davis, the architect of the Sub-Treasury Building on the corner of Wall and Nassau Streets. Davis made a number of sketches of prominent buildings between the years 1820 and 1830, and this is one that has fortunately been preserved for us, and is owned by the New York Historical Society. Frank- lin had been a wealthy merchant in New York, and his home rivalled the famous Walton House in elegance. The two men were close neighbors for that day. One of the piers of the Brooklyn Bridge, resting on the corner of Cherry Street near Franklin Square, marks the former site of this now famous mansion. It was taken down about 1870. There was some alteration made in the house after Washing- ton lived there, a third story being added, and the sloping roof disappears. The inauguration ceremony occurred a week after Washington's arrival, and Wall Street was alive with the noted men of the day. Robert INIorris, Oliver Ells- worth, John Adams, Roger Sherman, James JNIadison, Benjamin Franklin, John Jay, Rufus King, Elbridge Gerry, Chancellor Livingston and other well-known New Yorkers could be seen on the street almost any day. After the seven lean years Wall Street was coming into its own. At one o'clock April 30, 1789, the head of the procession appeared coming around from Pearl into Broad Street. Approaching the Hall, the carriage halted, and General Washington, escorted by General Webb, Colonel Nicholas Fish, Colonel William Smith, Colonel Franks, IMajor Leonard Bleecker and John R. Livingston passed through a guard of troops to the Senate Chamber, followed by invited guests and distinguished bodies of citizens. For a moment Washington stood on the balcony in full view of the people. He was dressed in a suit of dark bro\vn cloth, with metal buttons ornamented with eagles. His stockings were white and his shoebuckles silver. He carried a simple steel-hilted dress sword and his powdered hair was worn in the fashion of the times. He was greeted by an immense multitude, who cheered him with such enthusiasm that for the moment he seemed unable to control himself and involuntarily made a slight movement backward. Perhaps this great man, who always underrated himself, became conscious just for the moment of the tremendous part he had played in the drama of human history, and possibly a vision of its great conse- quences to future generations flashed across his mind. However that may have been, he was deeply moved. But immediately, his natural calmness and serenity [58] ONE OF THE PIERS OF THE BROOKLYN BRIDGE NOW RESTS ON THE SITE OF THIS HISTORIC BUILDING CHERRY STREET WAS AT ONE TIME A VERY FASHIONABLE LOCALITY AND HAD MANY DISTIN GUISHED RESIDENTS CAPTAIN REID THE HERO OF THE BATTLE OF FAYAL (WHICH SAVED NEW ORLEANS 18 12) BEING AMONG THEM Wall Street in PIistory asserted themselves, and he stood forth, looking out on the sea of faces before him with the modest dignity and the true bearing of the hero. It was a solemn moment as the great soldier bowed his head while Samuel Otis slowly read the oath of allegiance. Washington reverently kissed the outstretched Bible, and one of the most momentous events in all history was thus concluded. With the official proclamation, "Long live George Washington, President of the United States!" the great cheering was renewed, combined with a roar of artillery louder than New York had ever heard before. Across the street, where Morgan's Building now stands, stood Alexander Hamilton watching the scene from the windows of his own home; and a little six- year-old lad who was almost lost in the crowd, but was determined to see his namesake, had his wish fully gratified. He afterwards lived to bring further renown to the name Washington, as the little boy was Washington Irving. With the inauguration of the new President, and the Nation at last on a sound basis, we take leave of Wall Street of historic days to review its marvellous de- velopment in more modern days. FAMOUS WALL STREET "INDUSTRIALS" With the inauguration of General Washington as President the new Re- public was at length fairly launched, and Wall Street, already the most important thoroughfare in the country, immediately began to add fresh laurels to her past achievements. It soon began to be the most fashionable street, and imposing private residences lined both sides. The popularity of the "Church Walk" in front of Trinity was soon usurped by the afternoon promenade on Wall Street, which rapidly became recognized as one of the features of New York. Everybody and his wife were to be encountered on its narrow walk; sedan-chairs, and gaily decked family coaches with negro outriders in gorgeous raiment, were a common sight. The clothing of that day was not the funereal black to which we are accustomed. Silk knee-breeches, powdered wigs, colored coats and stockings, shining silver buckles on the shoes, added a note of cheerfulness to the street which must have been very entertaining. But the people themselves were the most interesting. As has always been characteristic of Wall Street, they represented the leaders in Finance, Commerce, Politics and Society. Benjamin Franklin would rub elbows with Alexander Ham- ilton, whose guests at dinner would include, besides the Quaker philosopher, Jeffer- son, Adams, Jay, Madison, Knox, Gates and others. The Jays, Kings, Alsops, Duers and other old families connected with the early growth of New York were frequently in evidence. And as Wall Street then was noted for the eminence of its residents and of the stranger within its gates, so has that peculiarity survived to the present day. It is quite within reason to say that almost every prominent man of our generation has been at some time or other a visitor to this narrowest, but most dominating thoroughfare in the New World. And it is to a brief glimpse of the "Street" as it is to-day (1916) that we now turn our attention. [61] Glimpses of Old New York The passing away of the late J. Pierpont Morgan in the city of the Roman Emperors was a fitting end to a career not without its elements of old-time chiv- alry and present-day romance. His last trip down the Nile from the ancient strongholds of the Egyptians to the land of the Ca?sars had about it something of the classic atmosphere that ever surrounded this King of Kings in Finance. Curiously enough, with his demise there also came to an end a distinct era in the development of American business. And of that strange and wonderful period of combination, amalgamation and reorganization of which he was easily the leader We would recount one or two of the gigantic deals which for all time must stand as milestones in the progress of the Nation's business. It is difficult now to realize exactly the wonder and astonishment with which the news was received that a new "Trust" was being formed, the capital of which was so enormous as to be outside the range of ordinary comprehension. No one had ever dreamed, no one had ever imagined, that a business could be so large as to require a capital of over fifteen hundred millions of dollars. Even Wall Street was staggered and the district buzzed with excitement. In the early negotiations Mr. Charles M. Schwab loomed large in the public eye. It was generally understood then, that he secured a much better price for the Carnegie holdings than was at first deemed possible. He was always credited with considerable ability as a salesman, and in this instance not only justified his reputation but added greatly to it. He became the first President of the Steel Cor- poration and was the youngest man with the largest salary in the country. "Charlie," as his friends delight to call him, not content with the wonderful success he had already won, did a most remarkable and unusual thing — threw the Presidency of the Steel Trust overboard and then started in to build up a cor- poration of his own. The motive was clearly not mercenary — he had all the money he needed and a great deal more. Several more or less plausible stories were afloat at the time, most of which hinted at a tiff with the directors arising from certain lurid tales concerning wild nights at Monte Carlo which, by the way, had no foun- dation in fact. The truth seems to be, however, that, like many another man, he grew tired of the ceaseless talk that his success was really due to the friendship of other men and that his own individuality did not amount to so much after all. His new venture therefore, if successful, would refute all these aspersions and prove that his own initiative was the real mainspring of his prosperity. And so came into the field the Bethlehem Steel Company, whose spectacular career during the past year or so has astonished even the wildest partisans of Schwab and has utterly con- founded his critics. In the twinkling of an eye, so to speak, Bethlehem advanced from $30 a share to over $500, and they say the book value is still greater. It is said that Mr. Schwab started life as a coal breaker on the Carnegie works. He is to-day one of the greatest figures in American business, and whatever doubt there may have been regarding the credit of his bringing up, it is now everwhere conceded that he has amply demonstrated the right to stand as his own indi\adual creation. And in this thought there is encouragement for all. The organization of this gigantic steel combination focussed the eyes of the [62] THIS IS ONE OF THE EARLIEST VIEWS OF WALL STREET AND DATES BUT A FEW YEARS AFTER THE ERECTION OF THE BUILDING ITSELF. IT IS PARTICULARLY INTERESTING BECAUSE OF THE FACT THAT IT WAS DRAWN BEFORE THE PRESBYTERIAN CHURCH WAS ERECTED. AND WHILE TRINITY WAS STILL A VERY INCONSEQUENTIAL STRUC- TURE. THE EAST SIDE OF BROAD STREET WAS STILL VACANT. ATA RECENT SALE THE PRINT. FROM WHICH THE ABOVE IS A COPY. BROUGHT $3,000. THE HIGHEST PRICE BY FAR YET REACHED FOR TIEBOUT DRAWINGS. FROM THE COLLECTION OF MR PERCY R. PYNE. 2N0 Wall Street in History world for the moment on the city of Pittsburgh, the home of the steel industry, and almost any man from the Smoky City was popularly regarded as a "millionaire." But Wall Street is cosmopolitan in its affections, and its favorites come from everywhere. The tall figure of Thomas F. Ryan, the street railway and tobacco magnate; Mr. James B. Duke and Mr. Benjamin N. Duke, Mr. Caleb C. Dula, Mr. Robert B. Dula; young Nicholas F. Brady, who with his brother Joseph suc- ceeded to the enormous interests of his father, the late Anthony N. Brady, in the same line — all these names are redolent of the early days of the American Tobacco Company, when the violent fluctuation of its stock was the sensation of the hour. The history of this Company, being one of the earliest of what is now known as "Industrials," is certainly a romantic and interesting tale. It was contempora- neous with sugar, and these two stocks blazed the way for the subsequent combina- tions of steel, wire and a hundred others. It was along toward the close of 1889 that there was talk of a merger between the cigarette manufacturers. The original members of the combination consisted of W. Duke, Sons & Co., Kinney Bros., William S. Kimball & Co., Goodwin & Co. and Allen & Ginter. The original capital was twenty-five millions, fifteen common and ten million preferred. This was regarded, in those days, as something stupendous. James B. Duke was chosen President, John Pope 1st Vice-Presi- dent, William S. Kimball 2nd Vice-President, William H. Butler Secretary and Charles G. Emory Treasurer. These officers, and the following gentlemen, con- stituted the first Board of Directors: Lewis Ginter of Richmond, George Arents, B. N. Duke, George W. Watts and Francis S. Kinney. The Constitution and Bylaws bears the date of January, 1890. The new combination was a huge suc- cess, paying 12 per cent, on its common stock regularly till its entrance into the plug tobacco field, when for a short time it postponed dividends but afterwards made it up in scrip. It has been a profit-producing stock since the beginning. In those early days both sugar and tobacco were constantly being assailed in the courts on grounds of illegal methods. The Hon. Joseph H. Choate was senior counsel for the latter, but Williamson W. Fuller was soon in charge of the legal department of the Company, assisted by Junius Parker and Ambrose H. Burroughs, the patent expert, and it was under their administration that most of the battles were fought. It was generally supposed that the success of the Com- pany rested on its monopoly of the Bonsack machine for making cigarettes, con- trolled by the Company, and its method of "consigning" and not selling outright. In due time the Bonsack patents expired, and Mr. Fuller voluntarily discontinued the consignment scheme. Neither of these factors apparently had much to do with the success of the business, as it continued to grow and expand at an enormous rate in spite of these changes. At about this juncture a new group of capitalists entered the field with Wil- liam H. Butler at its head, who had withdrawn from the American. Thomas F. Ryan, the late Anthony N. Brady, P. A. B. Widener and Stephen B. Elkins, to- gether with Oliver H. Payne and other members of the Standard Oil, were inter- ested in the new company called the Union Tobacco Co. They commenced opera- [65] .ij.Mi'SES OF Old New York tions the Bull Durham business in Philadelphia, the Liggett & Myers Tol^ t. Louis and some others. A serious trade war was apparently ' Stock Exchange witnessed some remarkable pyrotechnics as a re- cnd harmony was restored, the brilliant Butler withdrew to form a 111 successful company of his own, and James B. Dnke wns plectpr) hrr\<\ !ie entire amalgamation of the new and old companies. The Board of Directors of 1898 contains quite a number of new names re- rtecting the growth of the Company. Tl F. Jeffress of Richmond, William R. Irby of New Orleans, John B. ' i V illc, T. B. Yuille, Rufus L. Pat- terson of marvellous mechanical i . b C. Dula of St. Louis, C. W. Toms of Durham, Pierre Lorillard. Thomas F. Ryan, Anthony N. Brady, Ohver II. Payne, Grant B. Schley, Herbert L. Terrell and others. The five last named, however, were not tobacco men in the sense in which the others were, representing merely banking interests. A lull of tranquillity succeeded the harmonizing of the various organizations now combined into one huge corporation with "J. B.," as he is affectionately known to his intimates, at the head. This period of inaction, however, lasted just about long enough to consolidate and organize properly the newl i.ired forces, when the English market suddenly loomed up as a field f(ir i , expansion. The British campaign, for dramatic suddenness and amazing success, is still remem- bered as one (»f the most spectacular performances ever achieved in a peaceful in- dustry. Tl ' CO Co., Ltd., resulted, and the parent com- pany grew ^iv and r . , r ,1 Other , were next a] , • in them was greatly increased, new factories being o[>ened in as far-away countries as India, China and Japan. Not muc h waA knu\\ u iii die tii of the Dukes in those earlier d^y|j ,Tt ^va^ well-known Southern family, however, consisting of the father, Was?jiif^oii^ulce, and his sons, B. N. and J. B., and the business was located in Durham. Early in the 80's James moved to New York, opening a small branch factory in Rivington Street, and it is doubtful if the annals of Wall Street form a parallel to the re- markable career of tbis almost farmer lad from that day to this. From the very ' ' ' 'itj, ]MivaIi)wleB«fliHpdusiness , ^HI(lUq;aTH3V3 3HI(lri|,T^ YMAM.10,311332 3HT2AW OliA .YTID x'flOY that was nothing .s, . lU.s feijijAqlt&»^>iT>W3noMdriia^al3i^^si*''*ifrV\^feW3yM>feD^^?.^-'MPVi9fiM for the on Avenue A near 38th Str- t^^^^^^^^^li^^mij^WMl^^^dy ,0T!03aii3». QUA .a*iflA-fiK3(jA^if ziif iY?i i^^f^i .^^^sji^Hfamiliar . HOURS V THUOM : . I Ml^' 30 3Mlil3IT3rY8 ;(J3T3U5rr2Mpp, ,l(JJAI^»6)flb «iwi91^^1flfti^W»(l at thc YS a32AHDflUS 2AW Tl SaT I Ml 3 3 M 30 123 R 81 H 8 A . 6 I T I . Y3 D M A J 3HTTI OHIJJAD .Hn3VAT A a3H3qOOHW .e3 3HUAjn MAa >IOAja" » -aOflq ^0,2flA3Y YMAM paYOLWS Tl ,VV*H MA 8A • aA3H 2M33U0" ... Mf- Amrrrt^,viA3*ia'aAv(^'i5)^34«b3 i^iflsly^Hb iAt 8»^^ With a C^.u^^3T4m^^d^t:l1w W^M^ as ;S6S^S1^^S^mffl^^^^AMr»iness as establislK < < 3ht . •, Yj^Art^/^a-T k^qi26|\^i))^iei(t^^(giaA elifdasTAH^sT fortune 02JA H01TUJ0V3fl 3HT 30 _2M02 3HT QUA aUJO THDAY >iflOY W3I1 IS estimated ai !?»A3q'iA3Htaj|ua2ima9 3w4bej»i'iBiieoof«tife:^sand'avhile no .3H3HW32J3 .HOITUJOVBfl 3HT ?0 2H0e 3HT H0IT33JJ03 3HT HOfll [66] ^Fraunrra' cSaurrn. ronipr Jlrarl aiiii Sroaii ^trrrta Wiftve Haabiiigtan Souk IFarruirll at i|ia ODfturrti FRAUNCES' TAVERN IS ONE OF THE OLDEST BUILDINGS IN NEW YORK CITY. AND WAS THE SCENE OF MANY STIRRING EVENTS DURING THE REVOLUTIONARY PERIOD. IT DIVIDES HONORS WITH ST. PAUL S CHAPEL. WASHINGTON'S HEADQUARTERS AND THE VAN COURTLANDT MANSION IN ITS CONNECTION WITH MEMORIES OF WASHINGTON IN NEW YORK IN THE LONG ROOM ' OCCURRED THE AFFECTING SCENE WITH HIS OFFICERS DURING WHICH. FOR THE LAST TIME. HE TOOK LEAVE OF HIS COM RADES I N ARMS. AND RETIRED TO MOUNT VERNON THE BUILDING WAS ORIGINALLY CONSTRUCTED BY ETIENNE DE LANCEY. I7I9.ASHISRES1DENCE IN 1762ITW AS PURCHASED BY "BLACK SAM " FRAUNCES. WHO OPENED A TAVERN. CALLING IT THE "QUEEN'S HEAD " AS AN INN. IT ENJOYED MANY YEARS OF PROS- PERITY IN 1 768 THE CHAMBER OF COMMERCE WAS ORGANIZED HERE IN 1774 THE SONS OF LIBERTY AND THE VIGILANCE COM- MITTEE MET HERE TO PROTEST AGAINST THE IMPORTATION OF TEA. AND WOUND UP THE MEETING BY MARCHING TO THE SHIP LON- DON. WHICH HAD JUST ARRIVED. AND DUMPING THE CARGO INTO THE WATER. THUS ANTEDATING THE BOSTON TEA PARTY " THE NEW YORK YACHT CLUB AND THE SONS OF THE REVOLUTION ALSO ORGANIZED HERE OTHER PARTICULARS OF THIS BUILDING APPEAR ELSEWHERE rnOM THE COLLECTION OF THE SONS OF THE REVOLUTION Glimpses of Old New York tions by acquiring the Bull Durham business in Philadelphia, the Liggett & Myers Tobacco Co. in St. Louis and some others. A serious trade war was apparently in sight and the Stock Exchange witnessed some remarkable pyrotechnics as a re- sult. In the end harmony was restored, the brilliant Butler withdrew to form a smaller but successful company of his own, and James B. Duke was elected head of the entire amalgamation of the new and old companies. The Board of Directors of 1898 contains quite a number of new names re- flecting the growth of the Company. Thomas F. Jeffress of Richmond, William R. Irby of New Orleans, John B. Cobb of Danville, T. B. Yuille, Rufus L. Pat- terson of marvellous mechanical ingenuity, Caleb C. Dula of St. Louis, C. W. Toms of Durham, Pierre Lorillard, Thomas F. Ryan, Anthony N. Brady, Oliver H. Payne, Grant B. Schley, Herbert L. Terrell and others. The five last named, however, were not tobacco men in the sense in which the others were, representing merely banking interests. A lull of tranquillity succeeded the harmonizing of the various organizations now combined into one huge corporation with "J. B.," as he is affectionately known to his intimates, at the head. This period of inaction, however, lasted just about long enough to consolidate and organize properh' the newly acquired forces, when the English market suddenly loomed up as a field for further expansion. The British campaign, for dramatic suddenness and amazing success, is still remem- bered as one of the most spectacular performances ever achieved in a peaceful in- dustry. The British- American Tobacco Co., Ltd., resulted, and the parent com- pany grew immensely both in prestige and commercial renown. Other foreign countries were next approached. Business in them was greatly increased, new factories being opened in as far-away countries as India, China and Japan. Not much was known in the North of the Dukes in those earlier days. It was a well-known Southern family, however, consisting of the father, Washington Duke, and his sons, B. N. and J. B., and the business was located in Durham. Early in the 80's James moved to New York, opening a small branch factory in Rivington Street, and it is doubtful if the annals of Wall Street form a parallel to the re- markable career of this almost farmer lad from that day to this. From the very beginning, Mr. Duke displaj^ed a capacity for getting business that was nothing short of genius. In a few years the Rivington Street place was out- grown and the largest building devoted to the tobacco business was erected for the firm on Avenue A near 38th Street. Shortly after came the combination already spoken of, and from that time on the career of Mr. Duke is more or less familiar to the reading public. Throughout all the changes from '90 he has remained at the head. The dissolution of the American Tobacco Co. in 1911 in accordance with a mandate from the Supreme Court resulted in the retirement of James B. Duke as head of the Corporation and he became Chairman of Directors in the business as established in England of the British American Tobacco Co., Ltd. His fortune is estimated at many millions. He is still a man in the prime of life, and while no [66] IFrauitrra* ©attorn FRAUNCES' TAVERN IS ONE OF THE OLDEST BUILDINGS IN NEW YORK CITY. AND WAS THE SCENE OF MANY STIRRING EVENTS DURING THE REVOLUTIONARY PERIOD. IT DIVIDES HONORS WITH ST PAUL'S CHAPEL. WASHINGTON'S H EADOU ARTERS AN D TH E VAN COURTLANDT MANSION IN ITS CONNECTION WITH MEMORIES OF WASHINGTON IN NEW YORK IN THE "LONG ROOM " OCCURRED THE AFFECTING SCENE WITH HIS OFFICERS DURING WHICH, FOR THE LAST TIME. HE TOOK LEAVE OF HIS COMRADES IN ARMS. AND RETIRED TO MOUNT VERNON THE BUILDING WAS ORIGINALLY CONSTRUCTED BY ETIENNE DE LANCEY. 17I9.ASHISRES1DENCE IN 1762ITWAS PURCHASED BY "BLACK SAM " FRAUNCES. WHO OPENED A TAVERN. CALLING IT THE "QUEEN S HEAD "" AS AN INN. IT ENJOYED MANY YEARS OF PROS- PERITY IN 1768 THE CHAMBER OF COMMERCE WAS ORGANIZED HERE IN 1774 THE SONS OF LIBERTY AND THE VIGILANCE COM- MITTEE MET HERE TO PROTEST AGAINST THE IMPORTATION OF TEA. AND WOUND UP THE MEETING BY MARCHING TO THE SHIP "LON- DON. "WHICH HAD JUST ARRIVED. AND DUMPING THE CARGO INTO THE WATER. THUS ANTEDATING THE BOSTON TEA PARTY "" THE NEW YORK YACHT CLUB AND THE SONS OF THE REVOLUTION ALSO ORGANIZED HERE OTHER PARTICULARS OF THIS BUILDING APPEAR ELSEWHERE. FROM THE COLLECTION OF THE SONS OF IHf fU VOLUTION W3M m aomajiua tziojo 3ht lo hmo ei unavAT aBOnuAjn SMIflUa 2TM3V3 3HlflfllTaYHAMT0 3M3 32 3HT EAW QUA .YTID ))flOY 2 JUA1 T8 HTIW aflOHOH 8301710 Tl .aOin3q Yfl AHOITU J0V3n 3HT TaHAJTSUOD HAV3HTaMA 2n3TflAU0aA3H ZHOTSHIHEAW .ja^AHD MOTOMIHaAW 10 a3lflOM3M HTIW MOITD3miOD ail Ml MOiaHAM 3MITD31TA 3HT QaflSIUODO ■'MOOSI 3H0J ' 3HT Ml JlflOY W3M Ml ,3MIT TaAJ 3HT ftOl .HOIHW OMiaUQ e»30niO 2IH HTIW 3M302 OT a3fllT3a QMA .8MflA MI 23aAJ)MOD 2IH TO 3VA3J XOOT 3H MOMflSV TMUOM 30 3MM3IT3 Ya OSTOUflTaMOD YJJAMISIflO BAW OMIOJIUa 3HT Ya oaaAHDflUs aAw ti saTi mi 3DM3oia3fl am aA .eiTi .ysomaj 3HT Tl 3MIJJAD .MflSVAT A a3M390 OHW .a3DMUAflT ' MAa >IDAja ' -aoflq 30 anA3Y ymam osyolms ti mmi ma aA ■ aA3H a M33U0 ' a3SIMA3flO aAW 3Dfl3MM03 30 fl3aMAH3 3HT 83Vt Ml .YTIf)3<1 -MOO 3DMAJI3IV 3HT OMA YTflSaiJ 30 aHOa 3HT ^VVl Ml .3H3H .A3T 30 MOITATflOIMI 3HT TaHIASA Ta3T0aq OT 3fl3H T3M 33TTIM -MOJ" ima 3HT OT OMIHOflAM YB 3MIT33M 3HT lU OMUOW QMA OTMI OOflAD 3HT SMiqMUa OMA .03 Vmfl A TaU L 0 AH HOIHW ' .MOO 3HT •■ YTflA3 A3T' MOTaOS 3HT aMITA03TMA aUHT .«3TAW 3HT OaJA M0ITUJ0V3S1 3HT 30 BMOa 3HT0MA aUJO TH DA Y XflOY W3 M HA311A SMIOJIua aiHT 30 aflAJUDITflA3 flSHTO .3fl3H 03IIMA3HO .3R3HW3aJ3 HOITUJOVBfl 3HT 10 znoz 3HT 10 K0IT33JJO3 3HT MOfll IFrauttrpB* (Saurnt, rurnrr Prarl nixh Mraah S-lrrrta Wt^ttt Hasbiitgtau ulouk iFarnurll uf l|ia (iDaurrii FRAUNCES' TAVERN IS ONE OF THE OLDEST BUILDINGS IN NEW YORK CITY. AND WAS THE SCENE OF MANY STIRRING EVENTS DURING THE REVOLUTIONARY PERIOD IT DIVIDES HONORS WITH ST, PAUL S CHAPEL. WASHINGTON'S HEADQUARTERS AND THE VAN COURTLANDT MANSION IN ITS CONNECTION WITH MEMORIES OF WASHINGTON IN NEW YORK IN THE "LONG ROOM" OCCURRED THE AFFECTING SCENE WITH HIS OFFICERS DURING WHICH. FOR THE LAST TIME. HE TOOK LEAVE OF HIS COMRADES IN ARMS. AND RETIRED TO MOUNT VERNON THE BUILDING WAS ORIGINALLY CONSTRUCTED BY ETIENNE DE LANCEY. I7I9.ASHISRES1DENCE IN I762ITW AS PURCHASED BY "BLACK SAM FRAUNCES. WHO OPENED A TAVERN. CALLING IT THE ■ queen s HEAD " AS AN INN, IT ENJOYED MANY YEARS OF PROS- PERITY IN 1768 THE CHAMBER OF COMMERCE WAS ORGANIZED HERE IN 1774 THE SONS OF LIBERTY AND THE VIGILANCE COM- MITTEE MET HERE TO PROTEST AGAINST THE IMPORTATION OF TEA. AND WOUND UP THE MEETING BY MARCHING TO THE SHIP LON- DON. WHICH HAD JUST ARRIVED. AND DUMPING THE CARGO INTO THE WATER. THUS ANTEDATING THE BOSTON "TEA PARTY ' THE NEW YORK YACHT CLUB AND THE SONS OF THE REVOLUTION ALSO ORGANIZED HERE. OTHER PARTICULARS OF THIS BUILDING APPEAR ELSEWHERE FROM THE COLLECTION OF THE SONS OF THE REVOLUTION Wall Street in History longer so deeply interested in making money is actively engaged in using some of it for the benefit of his native State. He and his brother have endowed Trinity College in Durham and have put a large amount of capital into plans looking tow^ard the development of North Carolina as a great manufacturing State based on its wonderful natural water power. In addition to these benefactions, his work in the development of the tobacco market has been of incalculable benefit not only to his native State but to the entire South as well. No branch of agriculture has shown such enormous expansion as has tobacco culture. From a small strip of territory in North Carolina, known as the Bur ley region, the crop has spread all through Kentucky and adjoining States till the annual production in pounds has risen by the millions. In 1889, the period of the forming of the combination, the money paid to the Government for Internal revenue amounted to thirty-two millions. In 1916 this figure had increased to the gigantic sum of over eighty million dollars! To handle this enor- mous increase of business new factories have had to be built, foreign markets opened, and thousands of persons employed. The new business thus created has ramifications in illimitable directions, not the least of which is the introduction of American tobacco to the uttermost ends of the earth. It is quite evident that with small capital no such results could be produced. But our Government, instead of rewarding such marvellous achievements, takes an entirely opposite view. In running over the list of men whose work figured so largely in the early career of the tobacco combination and who nevertheless figured not at all in the public eye some names may escape me, for recent changes have been many, and not a few, like the late Wm. R. Harris, have passed away. Many men from many cities joined the combination at various times, each one adding his quota of strength to the organization. The recent deaths of old George Sneed and D. O. Wright should be mentioned, as they belonged to the original Rivington Street daj^s of which we write. Of the three companies formed out of the old combination, all of them are managed by men who made the original company such a gigantic success, and if competition is a desirable thing there is no lack of it under present conditions. Mr. Percival S. Hill succeeded Mr. Duke as President of the present Amer- ican Tobacco Co. His son, Geo. W., is now one of the Vice-Presidents. Mv. Hill comes from Philadelphia, where he had his schooling with the old Bull Durham under General Carr. Mr. Caleb C. Dula, President of the Liggett & ^Myers Com- pany, comes from St. Louis, where he learned his trade first as a practical grower, then stripper, then salesman and now chief executive officer of the largest of the three units. His administration, so far, has been very successful and has fully met all expectations. Mr. Dula is rarely seen outside of his own offices, and for a man of his financial prominence is seldom in the limelight. His sole recreation out- side of his business is an occasional game of golf. In company with his neighbor, William B. Thompson, he has organized the Hudson River Country Club at Yonkers, which has one of the finest golfing links in the country. [69] Glimpses of Old New York Mr. C. W. Toms, Vice-President of Liggett & Myers, is another Durham boy, who joined the Duke factory as a leaf man in the early days: he is a prodi- gious worker, Mr. E. II. Thurston, the Secretary, resident in St. Louis, is a New York boy and earned his spurs in the tobacco business under Mr. Dula in the old days. The old firm of P. Lorillard Co. has as President another practical man, Mr. T. J. Maloney, who as a manufacturer has no superior. He was an old Lorillard man raised to the presidency as a result of his knowledge of the manufacture of tobacco. Mr. David II. Ball, Vice-President, is another executive who came up with astonishing rapidity in the old organization and inmiediately made good, while 13. L. iielt, another Vice-President, is considered one of tlie ablest cigarette men the business has ever produced. Herbert H. Harriss is another active official re- cently elected, and George W. Dandy is also well known. These men are still young and have many years in which to excel if possible their brilliant past. The early days of the Sugar Corporation formed also a spectacular chapter in the history of Wall Street a quarter of a century ago. The gyrations of its stock made and won fortunes in a day. It also paid 12 per cent, and yet rarely sold much above par. It was its period of evolution from a wild-cat security, as it was at first regarded, to an honored rank as a steady, persistent dividend payer. Both sugar and tobacco richly rewarded those whose faith abided. The late Henry O. Havemeyer was the genius of the sugar trust and was surrounded with a brilliant coterie of able lieutenants, of whom John E. Searles and John E. Parsons stood well in the lead. It is only within late years that the aristocracy of the sugar business has been challenged by anything more important in the way of manufac- ture. The Bayards were in it in the early days of Wall Street; the Roosevelts at a later date and the Rhinelanders still later. Nor does anyone blame Sweet Ade- line for relegating Jack's mere money to the junk heap for a nice big lump of pure Crystal Domino. The Havemeyers were always in sugar. The family name appears in the early directories of the city, and an old print in Valentine's Manual shows the old family residence at 57th Street between Eighth and Ninth Avenues. It was undoubtedly a handsome residence for its day and would be so considered even now. In Germany the history of the Havemeyer family can be traced back more than three hundred years. Wlien only fifteen years of age, William Havemeyer left his German home and went to London. There he learned the art of sugar re- fining and in 1799 he came to the United States. In less than ten years he began business on his own account, taking as a partner his young brother, Frederick C. Havemeyer. The two brothers were, respectively, the American ancestors of the two branches of the Havemeyer family of New York. William Havemeyer was the ancestor of the branch of the family of which the late Mr. William F. Havemeyer was the representative. Frederick C. Havemeyer was the ancestor of the branch to which Henry O. Havemeyer, of Sugar Trust fame, belongs. The early days of the sugar combination was not a path of roses. Claus Spreck- [70] COPYRIGHT 1913 H C BROWN miaurrtrk's ISuuftrrful Uirut nf Mall ^trtvt. 1825 THIS REMARKABLE OLD LITHOGRAPH GIVES AN EXCELLENT IDEA OF THE STREET BEFORE THE GREAT FIRE OF 1835 THE BUILDINGS. AS YOU SEE. ARE OF A RATHER INCONSEQUENTIAL CHARACTER. THE MERCHANTS' EXCHANGE BEING THE ONLY ONE OF ARCHITEC- TURAL IMPORTANCE THE FEATURE OF SPECIAL INTEREST IN THIS PARTICULAR PRINT IS THE MARGINS. EACH PARTICULAR BUILDING ON BOTH SIDES OF THE STREET IS CAREFULLY SHOWN. AND AT THE TOP IS A DISTANT VIEW OF BROOKLYN HEIGHTS. ONLY THREE COPIES OF THIS LITHOGRAPH ARE KNOWN IN THIS STATE THERE ARE LATER IMPRESSIONS. HOWEVER. BUT NONE SHOW THE BORDER WITH THE BUILDINGS ADJOINING THE EXCHANGE WAS THE ORIGINAL JEWELRY STORE OF BENEDICT BROS, JOHN J ASTOR ADVISED THE ELDER BENE- DICT TO PURCHASE THIS SITE. WHICH HE DID. AND AFTERWARDS RESOLD IT AT GREAT PROFIT THE BENEDICT BROS HAVE DONE BUSINESS FOR NEARLY A CENTURY. FIRST IN WALL STREET AND LATER IN BROADWAY. BELOW FULTON FROM 1IIC COILLCIION OF MR ROFIERT GOILCI Wai.l Street in History els of San Francisco, a fighting "Forty-niner," backed with milHons, essayed to break the monopoly in the East. Then John Arbuckle and his able associate, James Jarvie, took a hand in. One of the retaliatory measures adopted by the sugar people was the purchase of the Woolworth Spice Co., makers of Lion Cof- fee and a strong competitor of Arbuckle's "Arioso." Them were the days I Suits of all sorts were inaugurated by both sides and the courts were appealed to for restraining orders of one kind or another continually. The aid of the Federal Government was also invoked, and all kinds of motions were begun to annul the Sugar Trust's charter. The papers were filled with the proceedings from day to day, but the curious part is that the whole trouble seems to have been adjusted and nobody now recalls just how the settlement was made. Arbuckle is still doing business at the old stand and Arioso is going strong. The sugar people seem to be earning dividends all right, and Lion Coffee is still with them. Even Spreckels has subsided and the old-time acrimony seems to have completely disappeared. About the only people who permanently suffered apparently are those who dropped their stock during the scare caused by hostilities. It was a genuine scrap while it lasted and will long be remembered in the annals of the Street. That Henry O. Havemeyer stood high in the affections of those who knew him best is amply demonstrated by the bronze memorial tablet which marks the entrance to his old offices in Wall Street and which bears the simple inscription that it was "Erected to his memory by thirty of his associates." The Cordage Trust was another picturesque incident in the same period. The slump in this stock according to the papers caused great havoc among the younger society set and the cartoonists drew amusing pictures of mamma's pet looking for his lost cash and exclaiming "Oh I di mi." Exactly why this should have been treated as a society function I do not now recall, except that the stockholders were leaders in the hunt set and their friends were largely let in on the ground floor. Some of them, later on, went through the roof. Old maps of New York still show a shaded section covering the block on Broadway where the Woolworth Building now stands which was occupied as a ropewalk. It is the first recorded instance of this business in New York and is con- stantly referred to by old chroniclers of the city. The fact that it was of suffi- cient importance to appear on a map indicates that the business even then had at- tained some importance. And although it is a far cry to the SM^eet-scented crowd that floated the Cordage Trust, it is not without its significance. The Waterburys were connected with this industry from its earliest days in one way or another and probably some ancestor had something to do with the fii'st ropewalk in America established on Broadway. Diamond Match, Leather, Can, Biscuit, Steel and Wire, and others also con- tributed in their modest way to the lively doings of the day in Wall Street at this period. All these new flotations were yet in an embryo stage, but a brilliant coterie of Western manipulators, including the Moore Bros., John W. Gates, Daniel G. Reid, Elwood and others managed to tlirow a shock into the street from time to time. They had acquired enormous fortunes in forming these combinations [73] Glimpses of Old New York and the new "game" appealed to them. Conservative Wall Street was greatly shocked at some of their operations, but it was an era of epoch-making specula- tion and much that was open to criticism got by in the general frenzy. John W. Gates was certainly a remarkable character, the like of whom ap- pears only once in a lifetime. No matter what might be said of him in some re- spects, he bore an unsullied personal reputation. To his family and his less for- tunate relations he was kindness itself. His son "Charlie," who was the apple of his eye, did not long survive him. The Gates fortune totalled up something hke thirty millions, mostly acquired in the last few years of his life. Daniel G. Reid, another Westerner, made his debut in New York at about this time. He was one of the early pioneers in the tin-plate industry which de- veloped rapidly as a result of the McKinley Bill. Mr. Reid's early life gave prom- ise of his subsequent career. He entered the tin-plate business at a time when it was the rankest kind of a speculation, and his first venture was far from a success. Free-trade papers were loud in their denunciations of American-made tin and openly charged that it was nothing but the Welsh article dipped in a coating of tin. In the face of such hostile criticism it was hard to induce capital to enter this new industry, but Mr. Reid persevered and finally succeeded. His later activities have been more in the line of railroads. This period is also noteworthy for the resumption of dividends by the great Union Pacific System. For years this stock was considered worse than useless and could be bought for a song. The most astonishing thing in the whole history of railroads was undoubtedly the rejuvenation of this valuable property under the man- agement of E. H. Harriman in conjunction with Kuhn, Loeb & Co. Early in the 90's rumors of its progress were heard, and its steady and sensational rise is still remembered. When it was finally placed on a regular 10 per cent, dividend basis the financial world paid homage to Harriman the Wizard, to Jacob Schiff, Paul Warburg, Otto H. Kahn, and the other members of this banking firm who had made the transformation possible. The subsequent struggle between Harriman, Morgan, Hill and Schiff for domination in the Northern Pacific is too fresh in the reader's mind for repetition here. Most of the actors have disappeared, but the memory of that awful day when Northern Pacific touched $1,000 will not be soon forgotten. WALL STREET OF TO-DAY History has been made in Wall Street, as we have just seen, but greater his- tory is being made there now. Banks which financed the American Revolution, the War of 1812 and the fight for the Union stand side by side with banks which have furnished the sinews to the belligerents in the greatest of all wars and which will supply the capital to rebuild the Europe they are destroying. To Wall Street the nations come for the gold to keep their armies in the field and from Wall Street after the war will flow the yellow blood to refill the exhausted veins of world com- merce. Wall Street has become International. The surest way to appreciate this momentous change is to walk from Broad- [74] COPYRIGHT. 1913. H C. BROWN A VERY RARE AND INTERESTING PICTURE OF THE GREAT FIRE OF 1835, IN WHICH THE MAIN BUSINESS PORTION OF THE CITY EAST OF BROADWAY AND SOUTH OF WALL STREET WAS PRACTICALLY DESTROYED WITH THE LOSS OF OVER THIRTY MILLIONS OF DOLLARS. IN LESS THAN A YEAR. HOWEVER, THE BURNT DISTRICT WAS EN- TIRELY REBUILT THE FIGURES IN THE FOREGROUND WERE OF THEN EMINENT MERCHANTS OF THE DAY AND WERE GOOD LIKE- NESSES. THEY WERE AMONG THE VOLUNTEER FIREMEN WHO HELPED TO SAVE THE CITY THE NAMES ARE AS FOLLOWS 1— CHESTER HUNTINGDON POLICE OFFICER 2— JOHN JACOB SCHOONMAKER - KEEPER OF THE BATTERY 3— NATHANIEL FINCH MEMBER OF FIRE CO No 9 4— MATTHEW BIRD - - - - MEMBER OF FIRE CO No 13 5— JAMES S. LEGGETT • ASST FOREMAN OF FIRE CO No 13 6 — ZOPHAR MILLS FOREMAN OF ENGINE OF FIRE CO No 13 7 — WM H BOGARDUS .... COUNSELLOR AT LAW e-COL JAMES WATSON WEBB - E DITOR OF C 0 U Rl E R 8 E N Q U I R E R 9 — A M C SMITH . - . ... POLICE OFFICER 10- JAMES GULICK CHIEF ENGINEER 11- JOHN HILLYER S H E R I F F OF C IT Y ft CO U N TY OF N Y 12- 0LIVER M LOWNDES POLICE JUSTICE 13- CHAS KING E DITOR OF TH E A M E RIG AN 14 — HON C W LAWRENCE .... M A Y O R OF T M E C ITY 15- JAMES M LOWNDES UNUhH blllHII-F 16- JOSLI'H HOHbON I'OLILt JIISIK E 17 — EDWAKU WINUUST OF SMAKISIMAIt INN I'AKK HOW 18- THOMAS DOWNING OF No-.. 3. 5 ft 7 BROAjD STREET 19- JACOB HAYS HIGH CONSTABLE 20- H W MERRITT POLICE OFFICER 21- PETER MtlNTYRE - PROP. MONTGOM E RY HOTEL. BARCLAY ST THE GENTLLEMAN RUNNING UP THE STEPS IS MR PATTERSON. OF PATTERSON & GUSTIN. WHO WISHED IF POSSIBLE. TO SAVE THE STATUE OF ALEXANDER HAMILTON. WHICH WAS DESTROYED A FEW MINUTES Al- TEHWARDS MR CHAS KING (PIUS c;OLUMUIA) IS THE CKNULMAN WHO CROSSED THE EAST RIVER THAT AWhUL NIGHT IN AN OPEN BOAT TO THE NAVY YARD TO PROCURE GUNPOWDER. IN WHICH HE WAS SUCCESSFUL. FROM THE COILECTION OF MR. ROOEHT GOtLET. Wall Street in History way to the river and study the signs of the times on the way. Banking houses with good old American names hke Halsey, HolHster and Rhoades alternate with repre- sentatives of the great banks of London, Berlin, Paris and other cities, making as startling a contrast between the ancient and the modern as the thirty stories of the Bankers' Trust Company and the Doric Sub-Treasury it overshadows. A trust company so old-fashioned that until recently it refused to use the typewriter and the telephone faces a bank whose skirmishers are scouring the globe for new methods and new opportunities. The oldest savings bank in the city, whose building is al- most coeval with itself, stands but a few doors from a heaven-touching skyscraper on whose door one sees Chinese characters indicating that it contains the offices of Celestial bankers. "East is east and west is west, and never the twain shall meet" may be true in poetry, but it is not true in Wall Street. There the agents of the great banks of North and South America, Europe, Asia and Africa meet so closely that they might almost transact business with each other by word of mouth from doorstep to doorstep. At Number 1 Wall Street the Bank of Cuba, facing the ancient cemetery in which Wall Street's founders sleep in peace, overlooks the modest building of the First National Bank, that institution of fabulous dividends whose chairman, George F. Baker, was called by the late Mr. Morgan, on the witness stand, "after myself the most influential financier in America." Two hundred millions of deposits in the First National represent the balances of countless corporations in many of which Mr. Baker and his son, George F. Baker, Jr., president of the First National, are directors. In the Schermerhorn Building next door to the First National IMr. Robert E. Saunders, agent of the National Bank of South Africa, looks after the inter- ests of an institution with a half -billion of deposits and branches in every important city in the world. This and the adjoining building (the "Astor") extend through to Pine Street, and their corridors form a part of the rainy-day route through the downtown section by means of which it is possible to go from Liberty Street and Broadway to William and Beaver Streets almost under cover all the way except in crossing a street. At the Pine Street entrance of the Astor Building is the office of Mr. Jolm N. Golding, who has a very large and valuable collection of old New York prints, completely covering the walls, and which are well worth visiting. ISlr. Golding is ahvays delighted to have one do so and can tell more interesting things about the changes in this district than anyone else. At the Wall Street entrance of the Astor Building are the offices of John H. Davis & Com- pany, the senior partner of which, John H. Davis, is one of the veteran members of the New York Stock Exchange, having been admitted in 1873. No. 14 Wall Street, the Bankers' Trust Company Building, is a hive of finan- cial houses both foreign and domestic. William P. Bonbright and Kissel, Kinnicutt & Company, Bernard Scholle & Company, are in this building, and so are White & Case, counsel to many reorganization committees. Mr. George B. Case was one of the three voting trustees of the Bankers' Trust Company until the voting Trust was dissolved. [77] Glimpses of Old New York At number 9, in the old Mortimer Building, Zimmermann & Forshay, official bankers to the German Government, sell Imperial German bonds and in normal times do a vast business in bills of exchange on Germany. Separated from them only by the Wall Street entrance of the Stock Exchange are Kidder, Peabody & Company, American correspondents of the great English banking house of Baring Brothers, and across Broad Street at 23 Wall Street is the very temple of interna- tional finance, the new marble palace of J. P. JMorgan & Company. As the pyra- mids looked down upon the armies of Napoleon I the Egj^ptian pinnacle of the Bankers' Trust looks down upon the throne of the Napoleon of finance, while from his pedestal on the steps of the Sub-Treasury a bronze George Washington watches the millions flowing from Morgan's doors to aid the England which the living George opposed, for eight long, weary years during the struggle for American freedom. Under the elder Morgan, railroads and trusts were organized and reorganized at 23 Wall Street until no other site but that of the Bank of England had a wider renown. Gone is the old Drexel Building from which he ruled financial America, and in its place stands a vast and solid marble edifice, a silent witness that the Mor- gan power endureth from generation to generation. Where the elder Morgan raised millions for American railroads and industrial corporations the son raises billions for the governments of England, France and Russia. The successful capi- talization of the billion-dollar United States Steel Corporation was the crowning achievement of the father's life. In one year a billion dollars has been loaned to foreign governments through the present firm of Morgan, whose ten partners, J. P. Morgan, Edward T. Stotesbury, Charles Steele, Henry P. Davison, Arthur E. Newbold, William P. Hamilton, William H. Porter, Thomas W. Lamont, Ho- ratio G. Lloyd and Dwight W. Morrow, constitute probably the strongest and most progressive group of financiers in the United States. All young men, with the exception of ]Mr. Stotesbury, who is the head of Drexel, Morgan & Company of Philadelphia, and Mr. Steele, the Morgan firm is living evidence of the late Mr. Morgan's ability to choose men. William H. Por- ter won his place in the firm by his success as president of the Chemical National Bank, Henry P. Davison and Thomas W. Lamont theirs by building up the Bank- ers' Trust Co. between 1903 and 1909 into the second largest trust company in the United States, with deposits now exceeding $250,000,000. The rise of Mr. Davi- son and Mr. Lamont is particularly interesting, proof that merit without financial backing has not yet lost its opportunity in Wall Street. Both originally country boys, Mr. Davison coming from Troy, Pa., and Mr. Lamont from Claverack, N. Y., they have climbed by their own efforts into the seats of the mighty. The old Assay Office, across Wall Street from Morgan's and next door to the Sub-Treasury, has been torn down to make room for a modern laboratory in which Wall Street's gold is tested and smelted into bars and its beautiful fa9ade has been removed to the Metropolitan Museum of Art, leaving the Sub-Treasury the sole unchanged relic of the classic age in Wall Street. Just beyond the Assay Office the Hong Kong & Shanghai Banking Corpora- [78] OPYRIGHT. 1913. H. C. BROWN Wall »tteet Abuut 1B45 HERE WE HAVE AN INTERESTING VIEW OF WALL STREET AT AN IMPORTANT TRANSITION STAGE AFTER THE GREAT FIRE OF 1835, THIS STREET WAS REBUILT IN A MUCH MORE SUBSTANTIAL MANNER — THE BUILDINGS HAVIN(. A MORE OR LLSS ARCHITECTURAL MERIT AND IN KEEPING WITH THE GROWING IMPORTANCE OF THE STREET AS A BUSINESS CENTRE. THE SOUTH SIDE STILL SHOWS AN ALMOST UNBROKEN ROW OF PRIVATE DWELLINGS. AND A TREE STILL ADORNS THE SIDEWALK WHERE NOW STANDS THE BANKERS' TRUST COMPANY. r ItOM THE COLLECTION or Mil. N. F. PALMEn, Wall Steeet in History tion shares a building with Adrian Isehn & Company and James B. Colgate & Company, worthy representatives of the old blue-blooded financial aristocracy. Post & Flagg, at 36, is another pure American firm of long lineage. Across the street at 35, Mitchell, Kennedy & Company of London and New York deal in domestic and international investment securities and in foreign exchange. At 37-43 Alvin W. Krech, president of the Equitable Trust Company, which absorbed the Trust Company of America, looks after $150,000,000 of depositors' money and reorganizes railroads in rivalry with James N. Wallace, president of the $150,000,000 Central Trust Company at 54. And at 37, also, John Harsen Rhoades, son of the famous president of the Greenwich Savings Banks, buys bonds for that and other savings banks and works out plans for banking reform. William T. Jerome, the eminent public prosecutor and now a corporation lawyer, is in this building too. At 45 The United States Trust Company, E. W. Sheldon president, shows deposits of $63,000,000, and next door the Metropolitan Trust Company, of which George C. Van Tuyl, former state banking commissioner, is president, has deposits of $72,000,000. At 49 Wall, N. W. Halsey & Company and Clark, Dodge & Com- pany, typical bond houses of the old school though as alert and active as their youngest competitors, finance public utility and other big enterprises and do a tre- mendous business in railroad, municipal and other corporation bonds, while Hei- delbach, Ickelheimer & Company represent international finance at the same address. William Nelson Cromwell, one of the leading corporation counsel in the country and the man who negotiated the transfer of the Panama Canal from France to the United States, has his offices at 49 Wall Street. From 40 to 48 Wall Street historic associations and financial strength combine to make these few feet of ground as notable as any equal space in the country. Here four of the seven century-old banks of the city stand in a row, facing the fifth, while the sixth has but recently left this neighborhood. The Bank of New York, N. B. A., founded in 1784 by Alexander Hamilton, has occupied the site at 48 since 1797. The Bank of the Manhattan Company at 40, founded in 1799 by Aaron Burr, Hamilton's arch enemy and lifelong rival, the Merchants' National Bank at 42, founded in 1803 by Oliver Wolcott, and the Bank of America at 44-46, organized in 1812, complete the quartette of New York's oldest banks. The Me- chanics & Metals National Bank, resulting from a merger of the Mechanics Bank, founded in 1812, and the National Copper Bank, stood next door to the bank of New York until 1915, but on acquiring control of the Fourth National in that year moved into the Fourth National's quarters at 20 Nassau. The National City Bank, directly opposite the former home of the Mechanics and Metals, was founded in 1812. The seventh centurian bank, the Chatham & Phenix, has not been in Wall Street within modern times. The present presidents of the seven hundred-year-old banks are: Bank of New York, Herbert W. Griggs; Bank of the Manhattan Company, Stephen Baker; Merchants' National, Samuel Galloway; Mechanics and Metals, Gates W. Mc- [81] Glimpses of Old New York Garrah ; National City, Frank A. Vanderlip ; Chatham & Phenix, Louis G. Kauff- man. The National City Bank at 55 Wall Street, with over $400,000,000 of demand deposits, $25,000,000 capital and $37,000,000 surplus, is unquestionably America's premier banking institution. Organized just four days after the declaration of war against England in 1812, one of its first acts was to loan the United States government $500,000, and its associations with the United States Govermnent have always been intimate. Its present home was formerly the United States Custom House in New York, one of the city's most imposing buildings. For the first half-century of the City Bank's existence its growth was slow but steady, and suc- ceeding presidents and directors continued to develop the bank's fundamental pol- icy, the building up of an impregnable cash reserve. In the panics of 1813-17, 1837 and 1857 this policy caused the City Bank to stand like a rock while other banks were toppling. With the advent of Moses Taylor the bank's period of rapid progress began. Under this prince of merchants the City Bank became one of New York's leading institutions and plaj^ed a great part in the expansion of the city's commercial life. On his death JNIr. Taylor was succeeded by his son-in-law, Percy R. Pyne, who was president of the bank for nine years. Then came James Stillman. The election of Mr. Stillman meant not only the acquisition of banking genius but of the tre- mendously valuable business of the Standard Oil Company. When Mr. Stillman took the presidency in 1891 the City Bank's deposits Avere $12,000,000. In 1892 they were $16,000,000, and after the panic of 1893 $31,000,000. In 1891 several New York banks had double the deposits of the National City. Two years later it was the largest bank in New York and the greatest reservoir of cash in Amer- ica. In 1897 the City Bank was further strengthened by the business of the Union Pacific Railroad Company, and its deposits increased to $97,000,000. In 1900 the capital was increased from $5,000,000 to $10,000,00 and in 1902 to $25,000,000. In 1909 Mr. James Stillman was made chairman of the board of directors and was succeeded as president by Frank A. Vanderlip, who had come to the vice- presidency of the National City from Washington, where he had been assistant secretary of the Treasury. Born on a farm, working as a boy in a machine shop for $3.00 a week, Mr. Vanderlip graduated from journalism into finance, and now is recognized as the leader of American banking interests. Under his active di- rection the National City Bank has expanded not only through the United States, where it has over two thousand correspondents, but into South America and Eu- rope and even into the Far East. It now has branches in Havana, Cuba ; Buenos Aires, Argentina; Rio de Janeiro and Santos, Brazil, and, through the Interna- tional Banking Corporation, in China and Japan. It has been a principal in the big foreign govermnent loans of 1915-1916, forming with the Guaranty Trust Company and J. P. Morgan & Company the Anglo-French syndicate, and with the same interests and others the American Foreign Securities Corporation, the Russian Dollar Loan, the British Collateral Loan and other sjmdicates. But of more moment than these corporations has been the formation of the [82] Mall S>tteH (Norllj g'tbr) : ISfi? SHOWING THE CENTURY OLD BANKS THE MANHATTAN CO. MER- CHANTS NATIONAL, BANK OF NEW YORK AND BANK OF AMERICA Wall Street in History American International Corporation for the purpose of developing and financing international trade. Of this corporation Mr. Vanderlip is chairman and the stockholders of the National City Bank hold half of the $50,000,000 capital stock, the other $25,000,000 having been allotted to large commercial interests repre- sented in the directorate. The charter of the American International Corporation gives it powers to cover a very wide field, and the purchase of a half-interest in the Pacific Mail Steamship Line is evidence of its determination to make the best use of its powers. The president of the American International Corporation is Galen L. Stone, head of the Boston house of Stone & Webster, the largest developers of public util- ity properties in the country, with interests in every State and in Canada. Willard D. Straight, vice-president, is one of the younger "giants" of Wall Street. The son of an American missionary in China, after graduating from Cornell in 1901 he went into the Chinese Imperial Customs Service, and his experience there and later as American consul-general at Mukden made him invaluable to J. P. Morgan & Company when the "Six Power" loan was first contemplated. His work in China for the Morgans won him a responsible place in the home office, and his mar- riage with Dorothy Whitney, daughter and co-heiress of the late William C. Whit- ney, brought him into yet closer association with the rulers of the financial world. He had just left the Morgan house for the purpose, it was stated, of studying in- ternational law when the International Corporation was formed and he was chosen vice-president. The association of W. R. Grace & Company with the American Interna- tional Corporation in the purchase of the Pacific Mail Steamship Company brings that ancient and honorable firm into the scope of this chapter, though their build- ing is not in Wall Street, but in Hanover Square, a short distance south of the National City Bank. W. R. Grace & Company have for many years been heavily interested in shipping, especially to South America, and the great war in Europe gave them opportunity for expansion which they were not slow to embrace. They own a half -interest in the Pacific Mail. At 20 Exchange Place is another important concern engaged in international trade since the outbreak of the war. This is the Mercantile Bank of the Americas, which is backed by the Seligmans and Brown Brothers & Company. Recrossing Wall Street from the National City Bank one passes at 52 the old- time Colonial building of the New York Life Insurance & Trust Company, a healthy survivor of the days when the granting of annuities was a popular practice. Having ceased to be an insurance company in anything but name it does a very large trust business for the Knickerbocker aristocracy whose Avealth is not less real be- cause it is hidden under a bushel. The deposits of the New York Life & Trust exceed $70,000,000. Walter Kerr is the president. At CO Wall Street, in sharp contrast to the little white marble home of the New York Life & Trust, rises the thirty-story structure in which Henry L. Do- herty makes his headquarters. "Sixty Wall," the common appellation of this building, connotes enterprise, daring and success, for Henry L. Dolierty's career [85] Glimpses of Old New York is bound up with the American public utility movement. He has developed more public utility companies than any one man and his Cities Service Company is the holding company for water, gas, electric light, street railway, power, and pipe line companies in all parts of the Union, with combined assets of over $200,000,000. Mr. Doherty is president of some sixty public service companies and a director in as many more. This block is the home of the American agents of most of the big banks of Canada and of some other foreign banking institutions. The Bank of Montreal has its agency at 64, the Merchants' Bank of Canada at 65, the Bank of British North America at 52, the Bank of Nova Scotia at 48. On the front of the building at 56 in which the London and Brazilian Bank has its offices is a curious tablet "to the memory of Robert Morris, A Canadian, cashier of the Bank of the United States, who, as first president of the Mutual Life Insurance Company, established on this spot the business of modern life insurance on the American Continent, 1843." The International Banking Corporation, owned by the City Bank interests, and doing business with the Far East, has its headquarters at 60 Wall Street ; the Yokohama Specie Bank is at 55, in the City Bank Building. At 76 Wall Street is the Seamen's Bank for Savings, the oldest savings bank in the city, and one of the largest. Few seamen now get as far away from the water as 76 Wall Street, but the deposits of the Seamen's Bank exceed $80,000,- 000. Daniel Barnes is president of this bank, which was founded in 1829. At 59, on the corner of Wall and Hanover Streets, the unpretentious building of Brown Brothers & Company houses the oldest private banking firm in the United States. Brown Brothers avoid the limelight like the plague, but in no part of the world are the names of Brown Brothers & Company of New York, Phila- delphia and Boston, Brown, Shipley & Company of London, and Alexander Brown & Sons of Baltimore unknown. This house was founded by Alexander Brown, who came from Ballymena, Ireland, in 1798. Alexander Brown & Sons of Baltimore date from 1800, Brown Brothers of Philadelphia from 1818, Brown Brothers of New York from 1826, of Boston from 1844, and Brown, Shipley & Company of London from 1839. Through its American and foreign branches this great house has been recognized for over a century as the synonym of all that is most substan- tial and conservative in international finance. The present members of Brown Brothers & Company and of Brown, Shipley & Company are Waldron Post Brown, Charles Denston Dickey, Eugene Delano, James Brown, Thatcher Magoun Brown, and Moreau Delano of New York; George Harrison Frazier and James Crosby Brown of Philadelphia; Louis Curtis of Boston; Sir Alexander Hargreaves Brown, Edward Clifton Brown, Lawrence E. Chalmers, Montagu Collet Norman and J. Leigh Wood of London. Alexander Brown & Sons of Baltimore have maintained a separate existence since 1839, but are very closely associated with the other firms. From Pearl Street to the East River, Wall Street retains its old-time charac- ter as an emporium of coffee, sugar and other commodities which come to New York by sea, the growth of the financial district having been north and south [86] 3Firat Offirp of tljr HBfrHtrrn lluuiu Srlrgraplj (So. AN INTERESTING VIEW. CORNER OF WALL AND BROAD STREETS. DUR- ING "BLACK FRIDAY." 1873. THE BUILDING ON THE RIGHT IS THE OLD WILKES BUILDING. FIRST HOME OF THE WESTERN UNION COM- PANY AFTER ITS ORGANIZATION BY HIRAM SIBLEY AND ITS REMOVAL FROM ROCHESTER IN I860 FOR MANY YEARS IT WAS KNOWN AS "KIERNAN S CORNER. ' AND HAD A LARGE CLOCK. IN THE SHAPE OF THE WORLD. ON THE WALL STREET SIDE FROM THE COLLECTION OF MR WILLIAM BAYLIS. ■nua .2T33flT2 QAOflS aHAJJAW30fl3MflOD .W3IV SmTa3fl3Tkll MA 3HT 21 THOin 3HT MO OHIQJIUa 3HT .£'C8r -.YAamT XOAja" SMI •MOD HOIHU Ma3T23W3HT30 3 MOH 1251 R .3M 10 J I ua 23>IJIwajO JAV0M3fl 2TI QUA Y3J8I2 MAaiH YS MOlTASIMAOflO 2TI fl3T^A YMA1 2A MWOMX 2AW Tl 2flA3Y YMAM HOT .038 t Ml H3T23HD0fl MOfll 30 3qAHa 3HT Ml ,>ID0JD 33nAJ A QAH QMA ' .?13Mfl03 2 MAMfl3l)(" 3012 T33flT2 JJAW 3HT MO .OJSIOW 3HT .eUYAa MAIJJIW AM MOIT3ajJo:> 3HT MOvn a a. e u » u © s o c s u Jsr 6 I- I- t ^ in ^: tn I Q < 1- z ^ z < H - O 5 O o O U CO 5 r 1^ w u E < 3 i/) 1^ o >- E UJ < >- m cc z cc — < < I S _J S q: < , O Q ■ Z li. < ■ o I ' 5 o ° : z - : 5 E <=■ ^ - UJ O IK Z I uj cr , ■ o ' CQ H i/l I/) to cr X in z 2 -J <: cc It I < — O ol u. ; I- W^LL Street in History rather than east. The main entrance of the Stock Exchange, for instance, is on Broad, not on Wall Street, the great international banking house of Kuhn, Loeb & Company on William Street, the Farmers' Loan & Trust with deposits of $158,- 000,000, and the Corn Exchange Bank, deposits $100,000,000, on South Wil- liam. While "Wall Street" is strictly the name of a narrow thoroughfare from Broadway east to the water, the term generically covers a good part of Pine and Cedar Streets, of Exchange Place, Broad and New Streets, and runs over into Nas- sau Street and Broadway. Kuhn, Loeb & Company, the only real rivals of the house of Morgan, are at 52 William Street, adjoining the back of the Bank of New York. Maitland, Cop- pell & Company, names familiar to students of the history of Old New York, are in the same building. Across the street are MuUer, Schall & Company, a big in- ternational banking house. Jacob Schiff, the head of Kuhn, Loeb & Company, has to a certain extent taken the place of the late J. P. Morgan as the "grand old man" of Wall Street, but his activities have of recent years been more in the line of philanthropy than in that of strict business, though his sturdy, erect figure and white whiskers are to be seen ahnost daily on Wall Street. Otto Kahn, too, has been less active in business than in semi-public life, and Paul M. Warburg, on the formation of the Federal Reserve Banking System, resigned from Kuhn, Loeb & Company to become a member of the Federal Reserve Board. The affairs of the firm, which include the reorganization of great railroad systems and of raising money abroad for American enterprises, have been coming more and more into the hands of the younger members, Mortimer L. Schiff and Jerome Hanauer. J. & W. Seligman, international bankers of age and repute, are at 1 William Street. Knauth, Nachod & Kuhne, known the world over as "K. N. & K.," were formerly at 13 South William Street, but in 1916 moved into the new Equitable Building at 27 Nassau Street, where Lazard Freres, the French bankers, are also located. Harris, Forbes & Company, whose founder, N. W. Harris, the "father" of the retail bond business, died in July, 1916, are at the corner of Pine and Wil- liam Streets. This house stands at the head of those who combine the issuance of securities with their retail sale. The present head of the firm is Allen B. Forbes and the other members are Isaac Sprague, Arthur M. Harris, Lloyd W. Smith, Everett B. Sweezy and Charles W. Beall. At 62 Cedar Street A. B. Leach & Company occupy the quarters formerly used by the Federal Reserve Bank, which is now in the Equitable Building, and Harvey Fisk & Sons occupy the rest of the building, which they own. These strong old houses, dealing in investment securities of all classes, have lately been spe- cializing in government bonds, Harvey Fisk & Sons mainly in United States issues and A. B. Leach & Company in "foreign governments." The latter firm, the head of which has been president of the Investment Bankers' Association of America, was largely instrumental in interesting American investors in the Russian Internal 5I/2 per cent. Loan. Among the important financial houses on Pine Street are Redmond & Com- pany, whose white marble edifice is directly across the way from the offices of Ed- [89] Glimpses of Old New York ward Sweet & Company and Chandler Brothers & Company, who floated and paid off a big loan for the German Government in spite of the British blockade. Cata- cornered from the Redmond Building is a similar marble structure where James Speyer & Company of London, New York and Frankfort have financed the Rock Island and other railroads for many years. Coming from Pine into Nassau Street one sees first the thirty-eight-story Equitable Building, the home of the Equitable Life Assurance Society, of the Fed- eral Reserve Bank of which Pierre Jay, former vice-president of the Bank of the Manhattan Company, is chairman, and Benjamin B. Strong, formerly vice-presi- dent of the Bankers' Trust, is governor, of "K. N. & K.", Lazard Freres and a host of other important private banking institutions. Next door, across Pine Street, is the National Bank of Commerce, founded in 1839, the second largest na- tional bank in the United States, with deposits of $2.50,000,000. James S. Alex- ander is its president. On the other side of the Equitable Building is the Han- over National Bank, of which William Woodward, son of the partner of James Stillman, the "second father" of the Citj^ Bank, is president. The Hanover's de- posits are over $125,000,000. And opposite the Equitable, at 24 Nassau Street, is the Mechanics & ^Metals National Bank, with deposits of $130,000,000. The Guaranty Trust Company, the largest in the world, with deposits exceeding $300,- 000,000, used to be at 20 Nassau Street, in the JNIutual Life Building, but in 1914 it moved into its own beautiful home at 140 Broadway, and its Nassau Street quar- ters were taken by the important municipal bond house of William A. Read & Company. The Guaranty Trust now belongs to Broadway geographically, but its business interests are international and under Charles H. Sabin's direction it is a keen contestant with the American International Corporation for foreign trade. At 32 Nassau Street is the United States ^Mortgage & Trust Company, John W. Flatten president, with deposits of over $60,000,000, and the United States Safe Deposit Company, of which that genial Southern gentleman, J. Lynch Pren- dergast, is president. The Liberty National Bank, with deposits of $60,000,000, is in the Equitable Building, but on the Broadway side, which makes it strictly a Broadway bank, along with the Chase National, deposits $200,000,000, the Chatham & Phenix, deposits $70,000,000, the American Exchange National Bank with deposits of $83,000,000, and the Irving National, deposits $100,000,000. The Chase was in the Clearing House Building at 77 Cedar Street until 1916, when it moved to 61 Broadway. Walking back to Wall, one passes at 5 Nassau Street the offices of Hallgar- ten & Company, international bankers, and the luxurious quarters of the American Bankers' Association, where Colonel Fred E. Farnsworth looks out for the interests of 7,600 national banks. At the Sub-Treasury Nassau Street widens and changes its name to Broad. There, opposite the Morgan Building, is the New York Stock Exchange, where a million shares of stock change hands sometimes in a single day, while socialists and the Rev. William Wilkinson, the "Bishop of Wall Street," standing on soap [90] I Wall mvctt in 1854 SOME OF THE STOOP FRONTS. RELICS OFITHE TIME WHEN THE STILL REMAIN. THIS EET. LOOKING WEST CORNER OF WILLIAM BUILDINGS WERE STILL PRIVATE RESIDENCE SHOWS THE NORTH SIDE FROM PEARL S TOWARD TRINITY CHURCH. THE HOUSEONT STREET. NOW OCCUPIED BY THE OLDEST BAlK IN THE CITY - THE BANK OF NEW YORK - WAS FORMERLY TH^ RESIDENCE OF WIN THROP. THE BANKER FHOM THE CnilftTl'iN <■! Ml' I <-LAI(ENCr. HAVIf 1 I.ESI Hi tint* llcflf ^HT M3HW 3MIT 3HT 30 8DIJ3fl .21^1033 90012 3HT 30 3M02 ami rM3" Lira .a3Dvi3a,a3. 3Tav.«3 jjira 3.3W ao.iaJiua TP.W am^OOJ T33f.Ta JRA33 H0«3 3012 HT^Oll 3HT aWOHB MAM HW 3rfl3M«O0 3HT V10 38UOH 3HT H3«UHD YTmi«T QSAWOT Tw 3^30.30,23. 3HT V3«3M«03 -W - ..OV W3.^30^..Aa Wall &tmt looking W^st from jpparh about IBHD A WONDERFUL VIEW JUST BEFORE THE WAR OF THE STREET DURING THE FINAL TRANSITION STAGE FROM DWELLING HOUSE TO THE MODERN GIGANTIC BUSINESS BUILDINGS OF TO DAY ONLY ONE OR TWO BUILDINGS HAVE BEEN LEFT NOTE THE OLD STOOPS STILL STANDING Wall Street in History boxes exhort the crowd outside. Just beyond the Stock Exchange the international banking house of Blair & Company occupies a building scarcely less imposing than the Stock Exchange itself. At 15 Broad Street, the Mills Building, for years the largest office building in the world, houses a vast concourse of commission brokers, of whom the veteran Henry Clews is the dean. Stetson, Jennings & Russell, coun- sel to the United States Steel Corporation, are at 15 Broad Street, and Horn- blower, Potter, Miller & Earl, reorganization lawyers, are at 24. At 25 Broad, William Salomon & Co. and Spencer Trask & Company, bond houses, transact business of vast proportions, both in the issuance and sale of securities. And at 20 and 30 Broad Street international investment houses like A. A. Housman & Com- pany are neighbors of such progressive young bond dealers as L. M. Prince & Com- ,pany. At 43 Exchange Place, a building connected with Wall Street, as is the Mills Building, by a covered passageway, the Boston bond house of Lee, Higginson & Company has offices under the charge of Albert Sheldon. In the same building E. H. Rollins & Sons of Boston, New York and San Francisco deal in investment securities. Returning to Wall Street through the tunnel at 43 Exchange and walking back to Brown Brothers' corner, one enters the world of commodities as distin- guished from securities. At the corner of Pearl and Wall Streets, opposite the Seamen's Bank, is the building of Crossman & Sielcken, "coffee kings," whose ac- tive partner, Herman Sielcken, lives some of the time in Germany and some of the time in the United States, but, wherever he is, knows more about coffee than any other living man. Next door to him is Frederick J. West, Inc., who was twenty- five years ago a travelling coffee salesman but is now head of an importing business which rivals that of Crossman & Sielcken. Across the street at 79 are many impor- ters and the Anglo-American accountants, Marwick, Mitchell, Peat & Company, with offices in all the important cities of England, the United States and Canada. A little farther down on the south side of Wall Street, at 91, are the offices of the Federal Sugar Refining Company, and at 117 those of the American Sugar Refining Company, while the headquarters of Arbuckle Brothers are behind them, on Hanover Square. In the other buildings of this part of Wall Street, some of them new and towering, others old and squat, are to be found importers of and dealers in all kinds of commodities, heirs of the spirit if not of the flesh of the old merchant princes, the Gracies, the Howlands, the JNIinturns, the Lows, the Aspinwalls. No more do the golden argosies of Cathay float up to the foot of Wall Street, but the fine steamships of the New York & Cuba Mail S. S. Co. depart and arrive there, to and from the Spanish main, carrying the American flag, which is at last begin- ning to regain the fame it had before the Cival War, that of being seen in every port. A familiar sight that is now no more is the old Wall Street Ferry house. The Subway under the river brought its century-old career to a final close. The forest of masts and bowsprits which formerly gave South Street a deep-sea character all its own, long ago disappeared. [93] Glimpses of Old New York THE ANGLO-FRENCH LOAN Wall Street has been the scene of many memorable events in financial history, but none have exceeded in dramatic interest the raising of the huge sum of five hundred millions of dollars for the British and French Governments which was successfully carried out under the direction of J. P. Morgan & Co. and their asso- ciates. The loan agreement was signed by all the Anglo-French Commissioners in the banking house of J. P. Morgan & Co. on October 14, 1915, Baron Reading, Lord Chief Justice of England, Sir Edward IT. Ilolden, Chairman of the London City & Midland Bank, Ltd., Sir Edward Babington Smith and Basil P. Blackett sign- ing on behalf of Great Britain, and Octave ITomberg, of the Ministry of Foreign Affairs of France, and Ernest JNIallett, Regent of the Bank of France, representing the French Government. J. P. Morgan signed for his firm, while the following affixed their signatures as witnesses: Francis lA'nde Stetson, attorney for J. P. Morgan & Co..; Franklin W. INIcCutcheon of Byrne & ]\IcCutcheon, who served as legal advisers to the Commission ; George H. Gardiner of Stetson, Jennings & Russell, who assisted in the preparation of the papers, and Basil P. Blackett. After the signing of the agreement. Lord Reading and ]\L Tlomberg both ad- dressed the gathering which had witnessed the closing of the transaction in the offices of J. P. Morgan & Co. Lord Reading said: Mr. Morgan and Gentlemen: We are met here this afternoon on an historic occasion. We have just signed a contract for the .$.500,- 000,000 loan. I don't want to separate from you on this occasion without telling you how much we are indebted to you for your assistance in this matter. We realized from the first that it was only possible to carry out a transaction of this magnitude if there was loyal and devoted co-operation by all concerned — from Messrs. Morgan & Co. and from all their associates in the syndicate. From them we have had nothing but the greatest assistance and conscientious and sincere advice, and it is for that reason I desire to express our sincere gratitude. This has not been an easy task, and on the whole, taking into account the magnitude of the transaction, the result has been very creditable. Especially as we have carried it through by the date originally fixed for the first payment on the bonds. It may not have been the exact date we intended, but we have got there. The credit for that is due to the work so thoroughly and earnestly performed by Messrs. Morgan & Co., which I know has been work- ing day and night. This is not an occasion on which I desire to make a speech. However, I do feel that on behalf of the English Government it is incumbent upon us to say that we are much indebted to all who have aided. May I add another observation which I think will be of interest to the public at large. After a close study of conditions here, after having made ourselves acquainted with the difficulties of the transaction — in a country where the people are not familiar with external loans — the advice given us was conscientiously and honestly given us, not only in the best interests of our own country, but, we believe, in the best interests of the United States. M. Homberg, in French, similarly thanked the underwriters for their success- ful efforts in the flotation of the loan. THE DOLLAR SUPPLANTS THE POUND STERLING In connection with the visit and with the newly acquired position of impor- tance of the American dollar, a conference between Sir Edward H. Holden and local bankers was held in the directors' room of the National City Bank for the [94] Uirui uf Nrui ^nrk in Iran AN EXTREMELY INTERESTING AND ONE OF THE EARLIEST VIEWS OF THE CITY SOON AFTER THE R E P U B L I C W AS FOR M E D ITSHOWSTHE WEST SIDE OF THE CITY FROM THE BATTERY TO A POINTJU ST BE- YOND TRINITY CHURCH. THE NEW HOUSE FOR GENERAL WASH- INGTON" (GOVERNMENT HOUSE) AND THE CHURN" ARE THE MOST PROMINENT FEATURES A MAN O WAR AT ANCHOR IS SHOWN AT LEFT. NO OTHER COPY OF THIS RARE ENGRAVING IS KNOWN TO EXIST. FHOH THE COLLECTION OF MM, I'tHLY H. PYNt. 2NI), Wall Street in History consideration of proposals for the establisliment of dollar credits to supplement the present method of drawing sterling bills direct on London. The conference, it was said, was designed in order that Sir Edward "might get a picture of the foreign exchange situation as it is seen in this country for presentation to English bankers on his return." The fact is said to have been brought home to him that the temporary substitution of the American dollar for pounds sterling, as a basis of credit transactions between the two countries, is about the only solution which could be suggested. The Times quotes one of the bankers present at the con- ference as saying: It is now proposed that London banks guarantee their customers for definite amounts with American banks, and that exporters draw their drafts on these banks in dollars. The bills run for ninety days, and the London banks would have that length of time in which to settle their obligations, or, if necessary, to pur- chase gold for shipment. It is believed that under such an arrangement there would be in the American banks from $250,000,000 to $300,000,000 of bills awaiting maturity at all times, so that the exchange market would be relieved of this amount. Sir Edward Holden objected to this on the ground that it meant a transfer of the risks of exchange from the exporter in the L^nited States to the importer in Great Britain. This fact was admitted by his American colleagues, but they offered in reply a suggestion that in making contracts the importers figure on a basis that would allow them to purchase gold at the end of the ninety-day period in the event that the exchange mar- ket has not been favorable to a purchase of dollar exchange. Sir Edward then objected that such a plan might drain England of too much of her store of gold. The suggestion, it is stated, will be laid before the London joint stock bankers on the return of the Anglo-French Commission, and it is considered probable that some kind of an understanding can be reached in the matter. The conference was attended by James S. Alexander, President of the Na- tional Bank of Commerce; William H. Porter, of J. P. Morgan & Co.; Max May, Vice-President and Manager of the foreign exchange department of the Guaranty Trust Co.; Charles H, Sabin, President of the Guaranty Trust Co.; James Brown, of Brown Bros. & Co.; Benjamin Strong, Jr., Governor of the Federal Reserve Bank, and Frank A. Vanderlip, President of the National City Bank; James H. Perkins, Vice-President of the National City, and J. E. Gardin, Vice-President and INIanager of the foreign exchange department of the National City Bank. While the old-time history of the Street is of absorbing interest, greater events are in the making, and history a hundred years hence will no doubt surpass in in- terest much of what we have written in 1916, the year in which New York became the financial centre of the world. OLD VIEWS OF WALL STREET The collecting of old views of New York has always had a peculiar fasci- nation for very many New Yorkers. The fact that the growth of the city from its very infancy has been faithfully portrayed by a continued series of absolutely authentic paintings, drawings and old prints undoubtedly lends a charm to the acquisition of these old pictures, which elsewhere have been described in their chronological order. Some very extensive and most important collections, away beyond the scope of [97] Glimpses of Old New York any public institution, have been gathered together by various individuals, among which are a great many items of the greatest rarity and some of which are positively unique; at the same time the happy possessors of these treasures are at all times perfectly willing and very glad to allow them to be reproduced for the enjoyment of others. So that in a work of this character it is possible to show many very interesting views which otherwise would be unknown to the public at large. It is quite natural to find the depicting of Wall Street a favorite subject for artists, and there are many of the collectors above referred to who make a particu- larly assiduous search for everything it is possible to find showing some view of the Street as it was. They of course have always been Wall Street men, or inter- ested in Wall Street affairs. From the very beginning (1C53) the "Wall," or Stockade, can be seen in sev- eral of the earliest views of New York. This was erected to protect the town from a threatened invasion of New Englanders whom the Dutch regarded as "a lithe, slippery and aggressive race." The invasion never took place, but the wall remained until 1699, and succeeded nobly in keeping the town from growing beyond this useless barrier. In 1(590 there are several separate drawings of tlie Water Gate at the East River, and the Land Gate at Broadway — also of the Bastions. THE STOCK EXCHANGE No account of the Street would be complete without a history of the most famous institution in it — the New York Stock Exchange. And yet so much has already been written on this subject that a new angle is hard to find. From one point of view it is everything disreputable, while from another it is exactly the re- verse. As a matter of fact neither is correct, and while there did exist some prac- tices that were not ethically sound the Exchange itself took steps to remedy the evils and admirably succeeded. The Revolution first created a demand for stocks and bonds, and while the business for many years was relatively insignificant the need of special machinery for handling securities apart from merchandise and banking soon made itself felt. And as the country expanded and new capital was required the business of buy- ing, selling and raising new funds quickly became important. It was conducted at first in a very modest sort of a way by brokers who had their headquarters mainly at the Tontine Coffee House and later at the JNIerchants' Exchange. The first recorded meeting seems to have been about 1817, when some twenty men responded to a notice calling for a meeting to form a more compact body than had up till then existed. For a long time the "Exchange" occupied the square in the open street at Broad and William Streets about where Delnionico's now stands, and in a general way the business was conducted very much after the fashion of the present curb brokers. Many old prints are in existence showing the group standing around, most of them wearing the old silk topper so fashionable in the 50s. After a while they moved up to their present location and the sessions were ever after conducted [98] iEarlg iauH of tijr i>tork lExrljangp THE CURB MARKET. BEAVER AND WILLIAM STREETS. 1864. PRESENT SITE OF THE FARMERS LOAN AND TRUST CO.. SELIGMAN ft CO.. DELMONICO S AND CORN EXCHANGE BANK IT WAS SOME TIME BEFORE THE STOCK EXCHANGE MOVED INTO A BUILDING OF ITS OWN. ITS BUSINESS BEING TRANSACTED FOR MANY YEARS ON THE STREET. JUST AS THE PRESENT CURB BROKERS' COLLECTION SAMUEL SLOAN Wall Street in History in their own building, which contained a large room for trading. The present magnificent structure on Broad Street is an enlargement of their former quarters, although the alterations are on so vast a scale as to make it entirely a new build- ing. It is one of the notable buildings architecturally in the city and is one of the sights of lower downtown. The President of the Exchange, Mr. H. G. S. Noble, has recently written a highly informative book on the Exchange during the great crisis of 1914, and the article certainly gives a wonderful insight into the successful workings of a great monetary machine under most extraordinary circumstances. The famous Com- mittee of Five in whose hands rested the responsibility of re-opening the Ex- change passed many anxious moments before the decision was finally made. Sir George Paish and Mr. Basil P. Blackett from London met this committee and their counsel was of great help. When the Exchange resumed business a great relief was at once experienced throughout the whole country, and none of the disastrous results anticipated by the timid were ever realized. Mr. Noble's book forms an interesting contribution to the literature of Wall Street. The membership of the Exchange at present is limited to eleven hundred members. Seats are worth at present (1916) about $80,000. They fluctuate ac- cording to business conditions. Mr. H. G. S. Noble is President, Mr. Winthrop Burr Vice-President, Mr. Charles M. Newcombe Treasurer, Mr. George W. Ely Secretary, Mr. H. S. Martin Assistant Secretary. Mr. William C. Van Antwerp of the Governing Committee has written a very exhaustive treatise on the functions of the Exchange in its relation to the business of the country at large and answers successfully many of the mooted questions brought up by would-be critics and muckrakers. The list of membership includes many of the most prominent financiers of the country, whose figures are familiar in any gathering of prominence in the city. J. P. Morgan is a member of the Stock Exchange, and so is John D. Rocke- feller. Jacob Schiff is not, but his son, Mortimer L. Schiff, is a member. The Ryan interests also are represented by a member of the second generation, Allan A. Ryan, son of Thomas Fortune Ryan, and the Harriman interests by Joseph W. Harriman, a nephew of the "wizard of Union Pacific." Mr. Joseph W. Har- riman, by the way, is also president of the Harriman National Bank, on Fifth Avenue. Stuyvesant Fish, E. H. Harriman's great rival, has a son on tlie Ex- change, Stuyvesant Fish, Jr., board member of the firm of Callaway, Fish & Com- pany, while Mr. Callaway of the same firm is a son of the late president of the Pennsylvania Railroad. Anthony J. Drexel, Jr., is another Stock Exchange representative of an ancient financial family. The Lewisohns have two memberships and two firms, Adolph Lewisohn of Adolph Lewisohn & Sons and Frederick Lewisohn of Lewi- sohn Brothers. The oldest member is J. N. Whitehouse of Whitehouse & Company, 111 Broadway. He was admitted Nov. 20, 1857. The next oldest is A. M. Cahoone of Martin & Company, 6 Wall Street, admitted May 10, 1862. E. C. Benedict has been a member of the exchange since 1863, Henry Clews since [101] Glimpses of Old New York 1804, W. T. Colbron since 1866, G. J. Losea and C. H. Leland since 1867 and H. S. Germond since 1868. A number of members date their admission from 1869, among them James Seligman of J. & W. Sehgman, W. F. Bishop, S. W. Boocock, John V. and M. C. Bouvier of M. C. Bouvier & Company, F. K. Strong of Strong, Sturgis & Company, W. N. Wadsworth of Wadsvvorth & Wright. And many are the members who go back to the 70's and 80's. Some of these old firms have changed their names and personnel from time to time, for Wall Street is in a constant state of flux, but a respectable percentage of them have been operating under the same titles for three decades and more. Among them are: M. & H. Clarkson, organized in 1866; Kountze Brothers, 1870; Day & Heaton, 1871; Lee, Higginson & Company, 1876; Floyd-Jones & Robi- son, 1878; Jesup & Lamont, 1877; Speyer & Company, 1878; Asiel & Company and Boody, McLellan & Company, 1879; Jackson & Curtis, 1880; Pearl & Com- pany, 1881; William Morris, Imbrie & Company, 1882; A. W. Kilborne & Com- pany, 1884; Fahnestock & Company, 1886; JNIaitland, Coppell & Company, 1886; Joseph Walker & Sons, 1886; A. M. Kidder & Company, 1889; H. Amy & Com- pany, 1889; Hornblower & Weeks, 1889. Not all the eleven hundred members of the Exchange are active, of course. Many of them keep their membership for certain valuable privileges, such as the making of their own investments by direct purchase. John D. Rockefeller never appears on the board and Henry K. McHarg but seldom. Mr. McHarg, who is vice-president of the Bank of the Manhattan Company and an influential if modest capitalist, finds his membership of great value to him personally as well as to his bank. The same is true of Henry C. Swords, president of the Fulton Trust Com- pany, who was for many years treasurer of the Stock Exchange. Among the most active members Harry Content, Barnard Baruch and Eugene Meyer, Jr., are conspicuous. Each of these three men is credited with making great fortunes by trading on his own account as well as by executing commissions for the big "pools." E. & C. Randolph & Company and James H. Oliphant & Company are types of the old and conservative houses with rich clienteles, who are better known to inherited wealth than to the investor who is looking for sudden profits. Mr. Ed- mund C. Randolph has been for many years warden of Wall Street's church. Trin- ity, the richest religious corporation in America with an income from investments alone of over $1,000,000. James H. Oliphant & Company is representative both of old and new Wall Street, for while the house is an old one, all the present mem- bers are young men. J. Norris Oliphant, head of the firm, has been out of college only a few years, and Floyd W. Mundy, whose annual publication of "The Earn- ing Power of Railroads" has made his name familiar to all students of railroad finance, is under forty. Carlisle, Mellick & Company have the distinction of owning the largest number of memberships on the Stock Exchange — six. DeCoppet & Doremus, of which firm Mr. H. G. S. Noble, president of the Stock Exchange, is a member, have five. [102] Jnaugurattait of (Spttrral Waaljingtun as Ifitst ^rtaibtiit of ti^t lUniUb &tatPB in STpbpral iSjall, Hall &trppl: \7B9 AN INTERESTING SKETCH OF THE MOST NOTABLE EVENT IN THE HISTORY OF WALL STREET PRINTED FROM AN ORIGINAL ENGRAV- ING ON WOOD Wai.l Steeet in History Most of the other houses seem content with one or two board memberships, which is not strange considering the price of $80,000 a seat. To further single out houses which are distinguished for this or that character- istic would be what the theologians call a work of supererogation, since member- ship in the Exchange itself confers an honor which is in finance what the ribbon of the Legion of Honor is in military life, but one may without fear of incurring suspicion of unneutrality mention among the younger firms such houses as Warren W. Erwin & Company, Hollister, Fish & Company, HoUister, Lyon & Walton, Dominick & Dominick, Benedict, Drj^sdale & Company, Colgate Hoyt & Com- pany, F. B. Keech & Company. These houses are typical of scores whose purpose is to encourage thrift and to protect the investor as much as to collect commis- sions. The type of broker who is, in Mr. Croker's words, "working for his own pocket all the time," is fast fading into innocuous desuetude. The wonderful fortunes gained and lost on the Exchange must ever invest this peculiar institution with a fascination and a romance all its own. In fact, the average playwright would be hard put to find material if he could not by a sudden twist transfer the hero into a millionaire and the villain to a pauper through the medium of the New York Stock Exchange. CHANGES OF THE PAST IN WALL STREET BUILDINGS In a preceding section a detailed account has been given of the earlier history of Wall Street, and its various buildings, and in particular the story of the very delightful manner in which Governor Dongan acquired valuable building lots on the north side of what has become one of the world's greatest streets, and which have augmented in value beyond the dreams of avarice. Twice an attempt was made to restore the original width of one hundred feet as originally intended ; but it is only below Water Street, which is all made ground, that this has been accomplished, and very probably many New Yorkers will be surprised to learn that the ferry house and slips have recently disappeared and modern docks have taken the place of them. In the following lines an effort will be made to compare the general appearance of the street to-day with what we know of it in the past. THE NORTH SIDE No. 2. At the corner of Broadway, the present home of the First National Bank; has stood there for many years. It replaced quite an imposing structure which was occupied by the Bank of the Republic. Prior to that, a very substantial building had stood there since 1820, originally occupied by Howard, Keeler, Sco- field & Co., drygoods merchants, and afterward remodelled as an office building, and was always a favorite address for prominent brokers and lawyers. The view of this building, showing the block extending to Nassau Street, is here reproduced for the first time from a contemporary print in the possession of Mr. Robert Goelet by Peter Maverick and redrawn by E. Johnson King in a very [105] Glimpses of Old New York beautiful water-color. This is one of the very rare views of Wall Street of which only three others are known — in the collections of Messrs. E. W. C. Arnold and John D. Crimmins and the New York Historical Society. This same building is seen again in a drawing, presumably by Robertson, which Mr. Stokes has recently discovered. In the earlier print by Tiebout of Federal Hall, two very small shanties occuj^y this corner, and originally one of the bastions in the "Wall" stood at what is now No. 4. The next small building shown in the view was occupied by P. A. Mesier, a bookseller and lithographer, who did some very interesting old views of New York. The First Presbyterian Church was taken down about 184.5 and re-erected in Jersey City. The present buildings on these lots have stood there for some time. They replaced the old-fashioned office buildings of Wall Street as shown in the Tallis Views. Many of the old fire insurance companies were located here: The North American at No. C, the Humboldt at No. 10, the Astor at No. 16, etc. The remaining small building, at the corner of Nassau Street, is the famous Simmons Tavern, which was directly across from the Federal Hall. It was here the first meeting of the Aldermen was held in 1783 after the British evacuation. This site is now occupied by the imposing new structure of the Bankers' Trust Co. It is hardly possible to present pictorially a more striking contrast of the past and present as may be seen here. No. 10. Tliis and tlie ad joining building (the Schermerhorn) extend through to Pine Street, and their corridors form a part of the rain^'-day route through the downtown section by means of which it is possible to go from Liberty Street and Broadway to William and Beaver Streets almost under cover all the way except in crossing a street. At the Pine Street entrance is the office of Mr. John N. Golding, who has a ver^' large and valuable collection of old New York prints, completely covering the walls, and which are well worth visiting. Mr. Golding is always delighted to have one do so and can tell more interesting things about the changes in this district than anyone else. At the corner of Wall and Nassau Streets, which has been the most important one at all times, the United States Sub-Treasury is the only building now re- maining of all those which are to be seen in the old pictures of Wall Street. At the same time it is the most interesting structure to be seen there to-day. Here it is that Uncle Sam keeps constantly on hand vast millions of gold ; every day a settlement is made here of the balances due all of the New York banks presenting checks of the Government drawn for all purposes and received from all parts of the country. Here also are deposited every day the receipts of the Custom House. At any time the passer-by may see a wagon backed up to the curb from which is unloaded gold in bars and in coin, some in bags, some in kegs ; also silver bullion in huge quantities, which is handled without any covering at all, just as ordinary build- ing material — a very familiar sight to the habitues of the street, but one which is always fascinating to the sightseer. Recently as much as fifty millions a day in gold has been brought here by express wagons. This was the United States Custom House, built (1834-1841) at a cost, in- [106] tn o 5 rs J3 U1 Q h- < ^ in o o < E O O i O J !^ !i! P w (/) I- z m z — q: UJ Q Q in C o i^ -J s < rl O : 5 UJ lil 5 q: I li. z < z o < E > O a: o i_ zoiiii^<-cii-_ccZHin Wall Street in History eluding the ground, of $1,195,000 — an appalling amount for those days, but New Yorkers gloried in having such a monumental structure for one of its show places, and the guide books of the day are unstinted in their eulogistic descriptions of its great beauties and wonderful details of construction, etc., such as blocks of marble weighing thirty-three tons, the marble roof consisting of slabs weighing three hun- dred pounds each, and the probability of its being the only fireproof building in the world. Formerly there was an entrance on Nassau Street, which was removed when, in 1862, the Custom House was established in the Merchants' Exchange (now the National City Bank Building) and extensive alterations were made to accommodate the building for its present use. It occupies part of the site of the historic old Federal Hall, described in a former chapter, which included what is now Nassau Street (1699-1812), and has thus, stood at the head of Broad Street — as far uptown as might be! Everyone should be familiar with the appearance of this famous national edifice; there are several contemporary prints of it, but the engraving by Tiebout is the best picture and gives also a good view of the locality. Numerous copies and reproductions of this are available, but, unfortunately, of the original plate only a few prints are known to exist. The Stock Exchange Luncheon Club is the happy possessor of one of these in their great collection of old Wall Street Views. It was pur- chased some years ago when Mr. Stuart Wortley, Mr. Maury and Mr. Halsey were on the Art Committee — at a cost, it is said, of about one hundred dollars — at any rate, no other copy has since been offered for sale until two years ago one appeared in the catalogue of a sale of old prints, which finally was knocked down to the successful bidder for $2,950, and is now the very much envied possession of Mr. Percy R. Pyne 2nd, who owns one of the most important collections of old New York Views. The jog in the sidewalk at the northwest corner of Nassau Street was origi- nally Piewoman's Lane, or Kip Street, over which Federal Hall projected, and was the only entrance to Nassau Street beyond, until 1812, when the building was reconstructed for use as the Custom House. Part of the railing on the balcony from M^hich Washington delivered his first inaugural address is in the custody of the New York Historical Society, and a second part is in front of Bellevue Hospital. On the present vacant space next to the Sub-Treasury until quite recently stood the oldest Federal building in New York, the Assay Office, known as No. 32 Wall Street, which was built in 1823 as the United States Bank and Treasury. The fa9ade of this venerable old pile has been carefully removed and is to be pre- served in its original form at the Metropolitan Museum of Art. Prior to its last use as the Assay Office it had been an office building, and in one of the old prints may be seen the names of some of the tenants, such as Livermore, Clews & Co., Vermilye & Co., etc. The former is still a household word in the Street, but of the latter it may be said that it was truly "trailed in the dust of Nassau Street." This was also the site of the beautiful Verplanck mansion and gardens, adjoin- [109] Glimpses of Old New York ing Federal Hall, and which was occupied during the British invasion by General Robertson, the Royal Governor. A very fine jjrint of this is to be found among the Peabody Views. Nos. 34-36. This is a modern building of the earlier period, and was until recently occupied by the Gallatin National Bank (now merged with the Hanover). In its offices there was a very interesting collection of old views of Wall Street at various periods. One of them (1868) shows the former buildings in this whole block; its predecessors were the Union Bank at No. 34 and the National Bank at 38, also Charnley and Hatch, brokers. One of the present tenants, Mr, James C. Colgate, possesses a very comprehensive and valuable collection of the old prints of Wall Street, and also views of the city from the earliest period. No. 38. Post & Flagg, the brokers, have occupied this entire building for many years. It replaced a three-story building which was the old office of Fisk & Hatch, and the Mechanics' Association. Mr. George B. Post, of this firm, is also a collector of the old views. No. 40. Bank of the Manhattan Co., the second oldest bank m New York, founded in 1799, is one of the century-old institutions which have always occupied their original sites in this immediate neighborhood. With the aid of Aaron Burr the original charter was obtained ostensibly to supply New York with drinking wa- ter. The old building seen in a view of 1864 is only two stories and a half, sur- mounted by the large figure of Neptune which originally was over the entrance to the waterworks in Duane Street. When another story was added a few years later, this was taken down, but is still preserved in the bank, along with some of the original wooden water pipe. The present building was erected about 1882, when the Merchants' Bank, next door — the third oldest bank, organized in 1803 — de- cided to demolish their ancient structure with its imposing columns to make way for one of more modern construction. Many of the present tenants have been at this address for a long period. Robert Winthrop & Co. were always here, and the very important law firm of Strong & Cadwalader. Mr. Nicholas F. Palmer, whose offices are also here, has some very rare old Wall Street views. No. 44, the Bank of North America, and No. 46, the Bank of America, are also century-old institutions, occupying comparatively small buildings of the earlier modern construction. The old Bank of America Building, No. 46, was another of those with a fa9ade of Ionic columns, a very prevalent style of architecture about 1830. No. 48, the Bank of New York, is the oldest bank in New York, and one of the three oldest in the United States. It was founded by Alexander Hamilton and others in 1784. The corner-stone of the building says it was "laid June 22, 1797, by Gulian Verplanck, Esq., the President, George Doolett, Architect." No changes have been made in this building for many years. It occupies the site of one of the bastions or guard houses in the old "Wall." No. 52. The old building of the City Bank, still another of the famous old banks of this locality (now the National City), remains as originally constructed [110] THIS CORNER WAS TAKEN JUST BEFORE THE JONES & NEWMAN VIEW OF 1850. IN THE BUILDING SECOND FROM BROADWAY WAS THE ORIGINAL PRINT SHOP OF THEO L. DE VINNE. WHO AFTER- WARDS BECAME PRINTER TOTHE CENTURY MAGAZINE AND ESTAB- LISHED THE DE VINNE PRESS. IN 1849 JOHN ANDERSON THE TOBACCO MERCHANT, VERY PROMINENT IN THOSE DAYS. DE- MOLISHED THESE BUILDINGS AND ERECTED A FIVE-STORY STRUC- TURE FOR HIS OWN BUSINESS ON THE SITE THIS WAS A STRIKING INNOVATION FOR THE TIMES AND THE HIGHEST YET PROJECTED. ONE OF THE G R E AT SE N S AT 1 0 N S OF THE DAY WAS THE DISAPPEAR- ANCE OF A YOUNG WOMAN EMPLOYED BY ANDERSON AS CASHIER. FROM the: collection of MR. JOHN N. GOLOING. Wall Street in History with but few changes, and next door is the famous McEvers mansion, which was one of the finest residences when Wall Street was the Fifth Avenue of the city. No. 58 — The Central Trust Co. A modern building erected about 1880 on the site of the first residence ever built on the north side of Wall Street, and one in which Captain Kidd is said to have lived at one time. No. 60 is a very large new building which took the place of two or three of the old houses which were occupied by numerous fire insurance companies such as the Royal Fire and Life, the Aetna, the Howard, the New York Fire & Marine. There are still two or three of the same old houses remaining in this block awaiting their turn to be demolished. At the corner of Pearl Street is the famous Sea- men's Bank, which has been there for many years. One of the oldest printers in New York, G. F. Nesbit, occupied this corner for a long time also. Pearl Street to Water. This block is occupied by one building known as the Tontine. On the lower corner stood the famous Tontine Coffee House, of which full mention has been made. Not many changes have occurred on this side of the Street from the Tontine to the river front for many years. Nearly all of the old-time shipping firms whose headquarters were located here have long since disappeared, and the buildings are as dilapidated-looking as any that may be found in other parts of the city. The Rogers Building, at the corner of Front Street, is a new building, and the Ward Line of Steamers have also a substantial structure adjoining the Tontine. THE SOUTH SIDE No. 1. The present building occupies the highest priced lot ever sold in New York — $700,000. It is also a very small piece and not adapted for the erection of a large modern building. This and the adjoining No. 7 form the whole block front to New Street. The latter is really a part of the building at 84 Broadway. In the earliest views these lots are shown to be vacant; the fire of 1776 had destroyed the original houses which stood here, such as they were, as well as Trinity Church. The Maverick print of 1820 shows a continuous row of small houses. The corner one has the signboard displayed of "E. Cummings, Exchange and Lottery Tick- ets"; next door is a printer and engraver, but this corner has always had an at- traction for brokers and bankers. Wilson's drugstore will be remembered by many. This occupied the ground floor until the erection of the present building a few years ago. No. 9. The Mortimer Building, corner of New Street, was built about 1880 on the site of two or tliree small houses, and adjoins the Wall Street entrance to the Stock Exchange. One of the oldest firms in the old building adjoining the Stock Exchange was that of Groesbeck and Schley, and the bankers Zimmermann & Forshay have occupied the ground floor of the present building for a long time. Jeremiah Skidmore had a coal yard here in the early days, where now you enter the Stock Exchange Building. No. 15 — The Wilkes Building: Corner or Broad Street. One of the [113] Glimpses of Old New York earlier modern buildings, occupying an important corner. It replaces several old buildings which were familiar landmarks in the past, and housed many of the great- est operators on the Exchange. The W estern Union Telegraph Company occu- pied the corner on the ground floor, and made it a very busy place during the day. An old print of 1825 shows a substantial four-story building here; the original store for Gould's law books was on the ground floor. Messrs. Baylis & Co., one of the present occupants, have a collection of prints in their oflices illustrating this neighborhood in olden times which is of special interest. No. 23 — J. P. Morgan & Co. The new building, recently completed, re- placed the last remaining old structure on the south side of Wall Street, between Broadway and William Street. It had been erected about 1870 and for years was one of the very prominent features of this locality, and during its existence had housed very many of the big operators on the Stock P^xchange. It replaced the old four-story and attic building of which tliere is a photograph of 1864. In fact, old views of this section are more numerous than of any other part of Wall Street. Mr. Morgan has an old lithograph which is undoubtedly unique, made in 1846, which gives a very quaint view of this corner as it appeared then, and the appearance of the people on the street, vehicles, etc. It also shows an oyster stand of the sidewalk which was established on this corner for many years. The build- ing shown in the above view is the same which stood there during the Revolution, and where Alexander Hamilton had his law office. To-day a grandson spends his working hours in the same spot, as one of the Morgan partners. Another early lithograph, depicting the great fire of July 19, 1845, and the explosion of the Johnston Building at 30 Broad Street, shows the same original two-story building and the public stores opposite where now the Stock Exchange stands. The old watchmaker, W. E. Ladd, occupied the first floor, reached by a small stoop on the Broad Street side, and his sign of a watch hung on the corner of the building for many years. The upper story was occupied by a printing office. JMr. Ladd is said to have seriously considered the purchase of this property when his lease expired, but finally moved to the corner above, now the Wilkes Building. The Stock Exchange Luncheon Club has a very fine copy of this rare print, pre- sented to them by Mr. F. Gallatin, Sr. The old photograph above referred to also shows us a view of the block extending to the old Custom House, and, ex- cepting the latter, every vestige of what is seen here has disappeared. No. 25 was part of the corner building ; Ladd, the watchmaker, has returned to this store, and the signs of numerous brokers are to be seen. There was a little nar- row space between this and No. 27 next door, on which was a tiny three-story build- ing. The ground floor was Delatour's Soda & Congress Water Emporium, and the thermometer maintained there was recognized as the authoritative record of each day. Nos 27-29 were two imposing five-story office buildings, now also included in the Morgan Bank. The old Leather & Manufacturers' Bank was located at No. 29, and Nos. 31 and 33 was the old home of the Mechanics & Metals Bank, where [114] COPYKIGHT 1913. H. C BROWN Hirm uf If art (Srnrgp, utitlj tljp (£tty of Nrui ^ork, from the ^'outljutrat. About ITfill THIS ENGRAVING BY CARWITHAM. PRINTED FOR CARINGTON BOWLES, MAP AND PRINT SELLERS. AT NO. 69 IN ST. PAUL S. LONDON. IS AN EXCELLENT VIEW OF THE BATTERY AND FORT AS IT APPEARED WHEN NEW YORK WAS A FLOURISHING ENGLISH COLONY. ALREADY A NUMBER OF CHURCHES ARE SEEN. AND BUILDINGS OF A SUBSTANTIAL CHARACTER APPEAR THIS COPY IS OF THE ORIGINAL SCARCE. EARLY COLORED ISSUE. BEFORE CHANGE OF TITLE AND PUBLISHER AND IS EXCEEDINGLY RARE. FKOM THE COLLECTION or M It nilCT II I'VNI ?ND Wall Street in History they remained until quite recently, when this plot was also taken in for the Mor- gan Bank. Alexander Hamilton owned this lot in 1798. No. 35. This is the Wall Street entrance to the Mills Building on Broad Street, erected about 1880, and has been tenanted by some very prominent law firms ever since. It replaced a small four-story house, with the high stoop front. There was a vacant space between Nos. 37 and 39 which was known as Jauncey Court, a favorite place of meeting for brokers, etc., during the day. This is now occupied by the very large building of the Equitable Trust Co. and extends through to Exchange Place. The old banking firm of Colgate & Co. occupied No. 41, where originally stood the Phoenix Bank, with its ponderous granite columns, where now the United States Trust Co. has the oldest building on this block at Nos. 45-47. . No. 49 — The Atlantic Mutual Insurance Co. This very popular build- ing replaced the substantial four-story building of this old-established company. It is occupied by many of the most prominent law firms in New York, and also houses the Metropolitan Trust Co. and the banking firm of Clark, Dodge & Co. In the rooms of the latter is a very large collection of framed prints of old New York which form a very attractive feature. One of them shows the building which stood at this corner in 1835 — a rare view of the "Ruins of the Merchants' Exchange" after the disastrous fire of that year. Mr. Clark also has an interesting print of 1880, showing the whole block from William to Broad Street and giving the names of the various firms in each building. No. 55 is the National City Bank Building, occupying the whole block from William to Hanover Street. This is the well-remembered Custom House, re- modelled at a very large cost to meet the requirements of this greatest of all New York's great banking institutions, and providing several floors of offices for many prominent brokers. This was originally the Merchants' Exchange, built to replace the much smaller building which was destroyed by the fire of 1835, and which oc- cupied only half of the block. It was regarded as the greatest architectural triumph of the day. The granite columns, each formed from a single block, weighed forty-five tons each. The Chamber of Commerce met here, also the Board of Brokers. The cost was more than one million dollars, and it is said to have been a losing venture, notwithstanding the enormous rents of its rooms. At any rate, in 1862 the Federal Government purchased the property and established the Custom House here, where it remained until the completion of the present beautiful building at the foot of Broadway, the same site it occupied a hundred years ago. Mr. J. Stillman has been an assiduous collector of all old prints illustrating this neighborhood from the earliest periods, and on an upper floor of the building Mr. Percy R. Pyne 2nd has a number of his old New York prints relating to this neighborhood hanging on the walls of his office. Nos. 59-61. This building was erected about tlie same time as the Morgan Building, and they were the two most prominent structures on Wall Street for years. Two stories have been added since it was first built; Brown Brothers, the bankers, have been here for the whole period. [117] Glimpses of Old New York Nos. 63-65 — The Sampson Building. Is a modern structure. The re- mainder of the block to Pearl Street has not been altered for a long time. Below Pearl Street are several modern buildings: the Orient at No. 71-75, and the Fed- eral Building at No. 91, which occupies the site of the famous Merchants' Coffee House of the olden time. Later this was the original warehouse of I. N. Phelps, predecessor of the great firm of Phelps, Dodge & Co. We have a very fine print of this in the Peabody Views, showing the surrounding shipping at the docks with the sign of INIr. Phelps over the entrance. The building caught fire and an explosion of the stock of chemicals wrecked it completely. There is a very rare lithograph depicting this scene, in which is shown a dead body being car- ried away from the scene. As Mr. Phelps was the only one known to have lost his life, this print has a gruesome fascination. It is owned by the New York Historical Society and is said to be unique. The remainder of this side of Wall Street, which is here restored to the width originally intended, remains the same as it has been known for years. The great Sugar Company and its subsidiaries practically occupy the whole block from Front to South Street in substantial buildings, a few of the old ones only remaining. And with the disappearance of the well-known old ferry-house, and the surround- ing forest of masts and spars of the sailing vessels of the past, which had always been a characteristic feature of this locality, an entirely modern flavor has replaced all that can be shown of the past. [118] CHAPTER III THE MAIN STREET IN OUR VILLAGE : BROADWAY Long before the white man came, Broadway was already in existence. It seems to have been one of those thoroughfares that Nature herself makes. As an Indian trail, it led up from the pebbly shore where is now the Battery, climbed the steep hill that faced the Bay and wound its way to the northward. Some- times it deviated a little, but always it retraced its course and continued in the same general direction — northward. For a time it threatened permanently to fol- low the eastward course, up the present Park Row, but that was only to avoid the high hills just beyond Vesey Street, and further north, the Collect Pond. This obstruction compelled a long detour through the Bowery to the farm of Petrus Stuyvesant at Third Avenue and 12th Street. From that point it skirted westward through Fourth Avenue, which begins here, crossed what is now Union Square to 17th Street, joined the Bloomingdale Road at that point and resumed its interrupted northerly course. With the exception of Broadway all the Dutch streets below Wall Street are narrow, tortuous paths surveyed and laid out originally by bovine instinct. Broad- way, however, was destined to be great from the first. The Dutch called it "De Heere Straat" — The Great Common Road, or the Broad Wagon Way. And the English called it "The Broad Way." From the beginning it held a peculiar prominence arising from no other cause than its own dignity and impressiveness. Pearl Street, Wall Street, Pine Street, Greenwich Street and many other streets seemed destined at one time or another to become New York's most famous thor- oughfare, but Broadway heeded not. The shores along the East River front were populous and busy. The commerce of the growing City clustered thick around [121] Glimpses of Old New York the water fronts, east and west, and Broadway seemed far away. It was in the middle of the town, too remote from either shore to give a hint of its future great- ness. But right here, let us review the beginning of Broadway. Fort Amsterdam is at the very foot. The water came right up to the Fort in those days. The present Custom House is now on the same spot. The streets that to-day lie beyond the Custom House all the way down to the Staten Island Ferry, and the whole of Bat- tery Park, have been added since that time. So Broadway, leading from the Fort, naturally became our first main travelled road, going north. Even before the Fort was built some traders occasionally stopped here for a few weeks at a time and they built a few huts on the same place. When Adrian Block was here in 1613, his ves- sel, the Tiger, burned to the water's edge. He spent the winter in New York and he, too, selected Broadway for his company's quarters. There is a tablet on the building, No. 39, telling of his visit and of the fact that he contrived to build a new ship while here which he called the Restless. Broadway was therefore the scene of the first shipyard ever erected in the city, and that was more than a dozen years be- fore the Dutch finally decided to settle here permanently. For nearly two centuries a fort of some kind always stood here. Under the Dutch it was called Fort Amsterdam. When the English took it in 1664, they changed the name to Fort James, after the Duke of York. When it again came into the hands of the Dutch in 1673, they in turn called it Fort William Hendrik and the City they named New Orange, after the Prince of Nassau. When it finally passed into the hands of the English to be retained by them till the Revolution, it was called successively, Fort William, Fort Ann and finally Fort George. Dur- ing the Revolution, the British added a redoubt to the Fort and erected thereon a battery of guns for defense against an attack by sea. And this gave the name "Battery" to the site, which strangely has endured long after the Fort has been forgotten. AYlien the Revolution was over, the Fort was finally razed to the ground and on its site was erected an imposing structure designed to house the President of the United States and the Congress, for New York was the Federal Capital. Washington never occupied the building, however, as the Capital was changed the next year to Philadelphia. This building, which was known as Gov- ernment House, was taken down in 1815 and the land sold to private persons who erected thereon a row of brick houses, very imposing and costly for those days, and the block was called Battery Place. It became a very fashionable street. Many New Yorkers can recall these houses in tlie days of their adversity as "Steamship Row." They were removed not many years ago to make room for the present Cus- tom House. And so this historic spot of ground which was Government property at the beginning has once again come into the possession of the Government and is used for Government purposes. The region of the Fort in Dutch days and its immediate vicinity was evidently the center of such social and political life as then existed. We find there the resi- dences of the Provincial Secretary, Domine Megapolensis, the first Dutch mini- ster to settle permanently here, and two of the leading taverns of the day — Peter [122] MANY A MAN OF TO DAY CAN RKCAI.L SITTING UP WITH THt DRlVtR ON THE OLD STAGES AND PAYING HIM THE FARE. INSTEAD OF DROPPING IT IN THE BOX THIS WAS HIS PERQUISITE THE FLOOR WAS COVERED WITH STRAW AND YOU PULLED THE STRAP TWICE WHEN YOU WISHED TO ALIGHT THERE WERE MANY LINES THROUGH- OUT THE CITY AND FOR HALF A CENTURY WERE A PICTURESQUE SIGHT FROM Till PRIVATE COLLECTION OF FRtDERICK E. OIlTi The Main Street in Our Village: Broadway Koch's, which stood on No. 1, and later that of Martin Krieger. The open sphere or plain in front of the Fort was used as a parade ground and witnessed the re- turn of Peter Stuyvesant's army so humorously portrayed by Washington Irving in "Diedrich Knickerbocker." The old parsonage of Domine Megapolensis later became the property and residence of Balthazar Bayard, a relative of Governor Stuyvesant. He erected a brewery on the premises near the river shore, access to which was by a lane from the present line of Morris Street. Mr. Bayard died in 1699. His representatives and heirs in 1726 sold the property to Augustus Jay, ancestor of the distinguished family of that name. It later became the site of the Stevens House, and where Delmonico opened the first of his famous restaurants. On the site near the corner of the present INIorris Street was the first public burying ground established by the city, which at the termination of Dutch rule was quite full of the graves of early settlers whose bones were ruthlessly thrown out by later excavations. For many years a public market occupied the site, and in 1651 a great annual Cattle Fair was established, to be held between October 25th and the first week in November. During this period no one could be arrested for debt, and this no doubt had much to do with its popularity, as it continued for nearly thirty years. Another market was subsequently built on Broadway — the Oswego — in 1738, near Iviberty Street. It had a tendency to lower values in the neighborhood by reason of unsightly and cheap buildings, which grew up around it, and the Common Coun- cil finally decreed its removal to the foot of Dey Street. From this location it moved slightly north and eventually became Washington INIarket, of the present day. Under the English the Fort was greatly improved and enlarged. The "El- lipse" or oval space in front was enclosed by a fence and paths laid out, and in 1732 the whole turned over to the use of the public as a park. A little later, in 1745, the TV eehly Post Boy contains the following announce- ment: "The Bowling Green, near the Fort, being to be new laid with the TurfiF, and rendered lit for Bowling, this summer. Whoever inclines to do that service, may leave their Pro- posals with the Printer hereof." Bowling Green is therefore the oldest Park, and the City Hall, the second. The land on which the City Hall now stands was always City property, or "Com- mon Lands." They were first used for pasture lands, then for general public meet- ings, and were known as the "Fields" or "Commons." Broadway lay on a ridge and the land sloped to either side. For nearly a century it was effectually ended at Trinity Church by the stockade erected at Wall Street. By and by the town grew and the cattle needed more room; they were then driven out to pastures through the land gate to the "Common Land," now the City Hall Park, and no one saw any significance in the fact that Broad- [125] Glimpses of Old New York way was the route selected. It was the line of least resistance and thus early showed its utility. By and by the stockade was removed. After the removal of the stockade, an association of shoemakers purchased about 16 acres of land on Broadway, extend- ing from about Maiden Lane to Ann Street. They had a tannery at the junction of Maiden Lane and William Street, This tract was long known as the "shoe- makers' pasture." One of its principal figures was John Harberding, after whom John Street was named. He lived on the corner of Broadway and Maiden Lane. He acquired considerable property, a goodly portion of which he left to the Dutch Reformed Church on Nassau Street, which it still enjoys. North of the shoemakers' pasture was a sort of country resort known as the Spring Garden. A small tavern stood on the site of the present St. Paul Building which afterwards became Hampden Hall, headquarters of the Sons of Liberty. In a later day, the site was occupied first by Barnum's jNIuseum in 1840, the Her- ald Office in 1859, and finally the present St. Paul Building. Wells and pumps existed in the middle of Broadway as late as 1806. During the intervals which ensued in the extension of Broadway to the north, several of the side streets were opened. Cortlandt Street was opened from Broad- way to the river in 1736. The first sale of a lot in this street, size 25 x 126, brought $130.00. A plot of 5 acres adjoining Cortlandt Street was owned by Tunis Dey which fronted on Broadway and on which stood the first suburban tav- ern, the Blue Boar, in 1670. This type of roadhouse afterward became very popu- lar in the outskirts of the town and in fact all through the country. At the time of the Blue Boar establishment, it was the first of its kind, and was distinctly outside the "city limits," which were then defined by the stockade at Wall Street. Several other taverns in Broadway achieved such fame as to warrant their preservation in history. Chief of them all was undoubtedly Burns' Coffee House, which looms large in the history of Broadway during the stirring times that pre- ceded the Revolution. It was erected on the site of Etienne De Lancey's house, at what is now 115 Broadway. The Holland Society has erected a bronze tablet on the building to commemorate the site. This tavern had its chief distinction as the headquarters of the Sons of Liberty, one of the numerous organizations formed throughout the Colonies to combat the growing abuses of the English Govern- ment. The meeting to express opposition to the Stamp Act was held here in 1765 and the correspondence with the disaffected section of the Colonies was conducted from this place. Members of the Sons of Liberty included most of our influential citizens, many of whom were later to become prominent as leaders in the actual Revolution, and two as signers of the Declaration of Independence. The Sons were in frequent conflict with the English authorities, and one of the encounters gave rise to a small scrimmage, which has since been referred to as the "Battle of Golden Hill," where the first blood was shed for the Revolution. This encounter took place at about the corner of John and William Streets, then known as Gold- en's Hill. JNIeanwhile, the Common Lands or "The Fields" was the scene of much ex- [126] "&tramril)ip ?Rinii" in ita |Ialmi| SJaiia BOWMNG GREEN. THE MOST FASHIONABLE ROW OF HOUSES IN NEW YORKIN IB30 SMOKEFROMTHEGREATFIREOF1835RUINEDTHE DRAPERIES AND TARNISHED THE SILVER, DAVID AUSTIN LIVED HERE IN 35 LATER, THE FOLLOWING FAMILIES OCCUPIED THE ROW-FROM LEFT TO RIGHT: PETER REMSEN, FERDIN AN D SUY DAM . JOHN GIHON, COMMODORE VANDERBILT. ELISHA RIGGS AND STEPHEN WHITNEY TH EN IT BECAM E STEAMSHIP ROW ' IT IS NOW SITE OF THE CUSTOM HOUSE THIS STREET MARKS THE NORTHERN BOUNDARY OF OLD FORT AMSTERDAM, THE SOUTHERN PART ENDING AT WHITEHALL STREET, WHICH WAS THE SHORE LINE AT THAT TIME (1664), FROM THt COLLtCTION Of HtSS AMY TOWNSCND W3H Ml aaauoH to won ajaAnoineAT t2om 3ht .M33flD omjwoa 3HTa3HIUHae8r303fll3TA3fl33HTMOfl33>IOMe OESr m)lflOY a3VIJ MITSUA aiVAQ .H3VJI2 3HT a3H2IMnAT QUA a3in3<1Afla 3HT a3ISU3DO 23IJIMA3 3mW0JJ03 3HT .f13TAJ Ml 3fl3H .MAQYUa aMAMiafl33 .M32M3fl «3T3q :TH3m OT T33J M0fl3-W0fl aMA 83313 AH2IJ3 .TJI8fl3aMAV 3flOaOMMO0 .M0HI3 MHOL WOMaiTI ■ WOfl SIH2MA3Ta 3MAD3a Tl M3HT ,Y3MTIHW M3H13T2 MH3HTaOM 3HT 8>lfiAM T33flT2 eiHT .3aU0H M0T2UD 3HT 30 3Tia 3MiaM3 TflAq MR3HTU08 3HT ,MAafl3T2MA TS103 aJO 30 YflAQMUOa TAHT TA 3MIJ 3nOH8 3HT aAW HDIHW ,T33flT2 JJAH3TIHW TA .Oast) 3MIT QHazHWOT TMA 22IM 10 HOtTDajJOD 3HT MOfll y/' £a„ rn-n/ ' ■ .Qi^l w "a ^ UJ O UJ EI I uj X =) I- 2 Q 5 z u. > o < O u O O CE uj o o I- < 3 J 1- s p S O ^ CE O >. h- Q I- (j ui w _j cn 2 t " 1^ =1 o X iiJ o < ^ >- =c J U U5 ? t 2 Q X w O t- ± m < H The Main Street in Our Village: Broadway citement on its own account. In addition to the frequent altercations between the soldiers and the Sons of Liberty which were many between the years 1766 and 1776, the Conmions was the scene of many public indignation meetings of one kind or another. In 1770 the citizens met to denounce the Mutiny Act. In the same year no less than three thousand persons assembled to erect an unusually strong Liberty pole on which was inscribed at the top in huge letters the word "Liberty." A contest ensued but no fatalities occurred. A little later a meeting in opposition to the importation of British goods was held and a month later a quantity of Brit- ish goods was seized as a result of this protest and was burned on the Commons. Four years later, a great meeting was held to protest against the Boston Post Act. Then came news of the Battle of Concord and Lexington, which convinced the peo- ple that war was inevitable and caused them to make preparations. Finally, and this may be said to have ended one phase of the "Fields" exis- tence, the Declaration of Independence was read. Troops paraded to the Com- mons at 6 o'clock in the evening under the command of Washington. A hollow square was formed at the lower end of the "Fields," with Washington on horseback in the centre. One of his aides read the precious document, and at its conclusion three hearty cheers were given and the crowd dispersed to their homes. This ended for the time being the function of the "Fields" as a rallying place for the people. When peace was declared, this land, as we shall see, while still preserved to the peo- ple, lost something of its original character but gained in another and more digni- fied direction. The Liberty Boys had erected a pole on the Commons (The City Hall Park), around which they were wont to gather, and this pole was an object of considerable contention. It was originally raised to express their satisfaction and gratitude for the repeal of the Stamp Act. The authorities would remove it one day, only to see it erected the next on some other part of the Commons. It served as a rallying place for the Sons, and in a measure was the outward and visible sign of an or- ganized opposition to the principle of no taxation without representation. The frequent encounters with the Militia led the Sons of Liberty to erect a pole of their own on private ground just outside the limits of the Corporation's land. This pole stood on the north side just about opposite to where the City Court now is. In addition to the pole, the Sons also acquired a house on the corner where the St. Paul Building now stands which they named Hampden Hall after the English patriot. Broadway was thus the scene of many stirring events from Bowling Green to the Commons, the entire length of its then existence. At Bowling Green a statue of George III had been erected by a loyal people, but during the war the statue, which was made of lead, was torn down, shipped to Litchfield, Conn., and then run into bullets for the use of the American army. Years afterwards, the base on which the statue rested was found doing duty as a headstone for a grave in New Jersey. It was identified by the marks left for the hoofs of the horse, and removed to the custody of the New York Historical Society. Before the Revolution, Broadway had given signs of its manifest destiny by attracting not a few of the then prominent citizens as residents. Among those may [129] Glimpses of Old New York be mentioned John Watts, Judge Chambers, JNIajor Minvielle, Mrs. Alexander, mother of the Earl of Stirling, William Peartree Smith, Samuel Verplanck, the Van Cortlandt and Livingston families. The block on the west side to Morris Street escaped the devastating fire of 1776 and preserved its Colonial identity for many years after the Revolution. There are still among us men who can recall the demolition of the old Kennedy, Watts and Livingston buildings to make room for the present Washington Building. The fire of 1776 was one of the most destructive that ever visited the city. The only block on Broadway that was spared was the one mentioned above. North of Morris Street, practically nothing is now known of the appearance of the street as every vestige of its character was destroyed. The fire was stayed by the open fields at St. Paul's Chapel and the College gi'ounds just beyond. Following this fire a number of shanties were erected temporarily in lower Broadway on the east side and gave the noble thoroughfare a decidedly poverty stricken appearance. Their characters may be imagined from the following de- scriptions of those still standing in 178.5. No. 37 Mrs. Ross Grocery Store No. 39 S. Buskirk Tinman No. 41 Mrs. Lasley Shopkeeper No. ,51 Peter Ritter Jeweler No. 53 Ben Haight Saddler No. 55 John Girdere Chandler No. 57 Henry Rome Store No. 59 Wm. Bayley Tinman No. 65 James Anderson Shoemaker No. 67 John B. Dash Tin Store No. 69 J. Richardson Jeweler No. 71 Mrs. Hoffman Grocery Store No. 77 ISlrs. Forbes Shop Keeper As an illustration of the difference socially between the residents of Broad- way in 1793 and the squatters who occupied the same site with miserable wooden shacks only a few years earlier, I quote a few of the names as recorded in the Tax List of 1793. John Watson John Delafield George Scriba Dominick Lynch Brockholst Livingston John Lawi'ence William Edgar Alexander McComb Archibald Gracie Henry King John Ricket James Watson John Ramsey Charles Wilkes Col. Hem'y Livingston Philip Henry Livingston Richard Varick [130] COPYftlGHT 1913. H C BROWN THIS SHOWS AN AFTERNOON VIEW OF LOWER BROADWAY IN 1825. THE HOUSES ON THE LEFTWERE OCCUPIED BYTHE KENNEDY. WATTS AND LIVINGSTON FAMILIES. AND WERE REPRESENTATIVE OF THE BEST TYPE OF DWELLING AT THAT TIME, DURING THE REVOLUTION SIR HENRY CLINTON. SIR GUY CARLETON AND GENERAL LORD HOWE LIVED IN NO, I. ARNOLD. THE TRAITOR. LIVED HERE FOR A TIME. AND WASHINGTON ALSO. WHILE THE PRESIDENTS HOUSE WAS BUILDING. THIS SECTION WAS THE CENTRE OF FASHION. THE STREETS ADJACENT (BOWLING GREEN. STATE AND GREENWICH) BEING ALSO THE HOMES OF THE WEALTHIER CLASS ROBERT FUL- TON DIED IN A HOUSE IN THE REAR OF NO 1 THE COSTUMES. CARRIAGES, ETC . ARE TYPICAL OF THE DAY THIS IS ONE OF THE FAMOUS MEGAREY PRINTS NOW RARELY SEEN. FROM THE COLLECTION OF MH ROBERT GOELET, The Main Street in Our Village: Broadway As we have the Tax book for 1793 before us, it is interesting to note that all the houses and lands then existing on Broadway were assessed at only $85,690, and the total tax collected amounted to less than $900.00. As the numbers have changed since then, it is not possible to give exact comparisons except in a few in- stances where the locations are indicated by something else than numbers. The corner of Rector Street and Broadway belonged to the Lutheran Church and that plot is the same one to-day occupied by the Empire Building. It is assessed at $600, and the tax amounts to $4.66. The corner of Pine Street and Broadway belonging to Richard Varick is as- sessed at $9,000, and the corner of Thames Street and Broadway $10,000. Broadway and Cedar Street is quoted at $6,500. Three vacant lots below Wall Street and presumably about 25 feet wide are assessed at $3,200. These figures moreover represent a substantial increase over pre-Revolutionary days and main- tain the experience of constantly increasing values which have ever been the charac- teristics of lower Broadway. In addition to the destruction of 490 buildings by the fire of 1776, the whole of the city was in a highly depressed condition at the close of the Revolutionary war. For almost eight years, it had been constantly in the hands of the enemy. Its commerce was well nigh destroyed; its population had dwindled from 25,000 to about 12,000. A large part of the town was still in melancholy ruins, and Broadway was the chief sufferer. No rebuilding had been attempted. Gaunt and blackened walls lined all of the downtown section and all that remained of Trinity Church stood at the head of a once bustling thoroughfare now silent and deserted. The Presbyterian Church, a few steps from Broadway on Wall Street, was in a scarcely more presentable condition. Its protecting rail destroyed, its neatly kept garden a mass of refuse and debris, its interior showing the effects of its use as a store house for soldiers, all made it a fit companion for Trinity. Small reason was it therefore that the lower end of Broadway should be tenanted by nonde- scripts and hucksters, or that property should go begging at a thousand dollars a lot. But with the evacuation of New York by the British, and the return of its exiled citizens, Broadway began to experience a change in spirit. Some j^ears elapsed however after peace was declared, ere Broadway got its real start as our leading thoroughfare. Some little time was required to clear up the dumps and squatters that had acquired locations, but when the way was clear for regeneration the work actively commenced. In a short while society flocked to lower Broadwaj' and it became the leading fashionable quarter of the new-born city. Within the next few years the improvement was continued and many first class residences added. Among the new comers we find Gen. Alexander Hamilton at 26, Nicholas Low at 24, John Delafield at 30, Peter Jay Morris at 36, Daniel Ludlow at 54, Judge Lawrence at 52, Herman Le Roy at 66, Josiah Ogden Hoffman at 68, Cadwallader D, Colden at 70, and Governor Jay whose large stone house was con- sidered the handsomest building on the street and added much to its growing social importance further up the street. Just beyond Trinity was opened the first real [188] Glimpses of Old New York hotel New York had yet seen. It was tlie City Hotel. For half a century this hotel was the resort of fashionable society. In it the Assembly originated and all the important political dinners were held there. Leading Societies, like the Cin- cinnati, the New York Historical, the Chamber of Commerce, etc., all had their meetings here. Soon after the New York Hospital, occupying the blocks from Duane to Worth Streets, opened its doors. In 1793 the street was paved as far north as Murray Street and sidewalks laid. The erection of handsome private residences on the block now occupied by the Astor House was commenced, owned by leading private citizens, among whom were Walter Rutherford, Rufus King, Cornelius Roosevelt, David Lydig, Rich- ard Harrison and Abijah Hammond. The house (221) next to the corner of Vesey Street was owned by the State of New York in 1802, and was occupied by Aaron Burr as the official residence of the Vice-President of the United States. Edward Livingston, then Mayor of the City, occupied the adjoining prem- ises (223), which were owned by John Jacob Astor. After the Revolution, the improvement of the "Fields" or Common Lands by its enclosure in 1785 with a post or rail fence was the first step toward the more exclusive condition of a Park. This was in keeping with the general and rapid improvement of this part of Broadway, and the custom of allowing cattle and other animals to roam at will upon the green was out of all keeping with the changed condition of things. In due time the post and rail fence was superseded by one of wooden palings, which finally in 1816 gave way to a substantial railing which was erected with due ceremony and public recognition of the event. In this con- nection I might mention that a portion of the present enclosure was part of the negro burying ground which extended north across Chambers to Reade Street in its early days. From this time on the progress of Broadway has been continuous and rapid. Up to the time of the Revolution it could not be said to have ranked in importance with Pearl, Wall, Pine, Broad or Beaver Street, all of which were populous and thriving thoroughfares. For many years, its opening, as we have said, was halted at Vesey Street, and as late as 1789 there were no houses on it north of this street, though it had been opened as far as Duane Street and received a new name — Great George's Street, a name which it retained for over thirty years. After pass- ing Canal Street, its development was rapid; it followed the course mapped out by the Commissioners in 1807 and soon reached the "Tulip Tree" on Union Square. Houses sprang up on both sides as if by magic and retail shops soon de- serted the waning fashionable section of Pearl Street and Chatham Square for the more pretentious establishments on the now fast growing and more metropolitan Broadway. On all the Island, there was no street so generously wide, so hand- somely adorned with magnificent shade trees as Broadway. Pearl Street, which for years had been the leading retail thoroughfare, was originally a shore road skirting the river, and when the streets were extended beyond that point, the width was made in conformity to the regularly accepted measurements of the day, which were soon seen to be wholly disproportionate to the needs of the growing com- [ 134 ] The Main Street in Our Village: Broadway munity. The great fire of 1835 had also much to do with the decline of Pearl Street, and the rise of its rival. Overlooking the possibilities of the new street, and relying upon its past reputation, owners of property in Pearl Street demanded exorbitant rents, and as the lower part of town had been practically denuded of houses and stores, the landlords expected to reap a rich harvest. Profiting by this condition and aided by its natural superiority, Broadway soon wrested supremacy from Pearl Street, Chatham Square and Catherine Street, as the retail shopping centres and has retained it ever since. Curiously enough, some of the old-time lead- ers in this erstwhile fashionable section who moved to Broadway at that time, re- mained there till quite recently. At the present time of writing, Broadway as a retail centre has been compelled to divide honors with Fifth Avenue, although still retaining a very large and important section of retail business. In its endless array of other costly enterprises, wholesale houses, office buildings, hotels, theatres, etc., it has more than made up what it has lost to Fifth Avenue. Unhappily pictures of Broadway in its early stages are exceedingly rare. At- tached to an old deed of sale of lots near Morris Street in Dutch days, there is an authentic picture of the character of the house in existence at that time. Next to that come some excellent drawings by Bennett, Megary and Maverick, and still later a series of advertising views by Jones and Newman, now of exceeding value. Another series of similar character by Tallis, engraved on steel but rather small, are also interesting, and last, but by no means least, are the lithographed show cards published by W. T. Stephenson & Co. in the fifties. These are of gen- erous size and although primarily designed as commercial works, they nevertheless delineate the buildings, costmnes, vehicular traffic and other street accessories cor- rectly and clearty. In this connection, it is not without interest to record the fact that these old prints of Broadway are now so eagerly sought for by collectors that their price has soared far beyond the reach of the ordinary pocketbook. A Ste- phenson, for instance, readily brings about $1,200 to $1,800 according to its con- dition, while the view of lower Broadway owned by Mr. Percy Pyne 2nd is the only one known to exist and is therefore unavailable at any price. Mr. Robert Goelet, Mr. Herbert Lee Pratt, Mr. I. N. Phelps Stokes, are also known to re- joice in the possession of prints of which no other copies are known to exist. Other collections of old New York prints are owned by Mr. Simeon Ford, Mr. E. W. C. Arnold, Mr. J. Clarence Davies, Mr. J. N. Golding, Mr. Robert E. Dowling and others. The Broadway views by Jones & Newman were originally published at 25c. each in four parts. A complete set is easily worth $500 to-day. They are the most interesting views of Broadway in the fifties extant. Each block on both sides is shown from the Battery to Duane Street and from them it is easy to trace the gradual encroachment of business into this street. First came the retail stores, soon to be followed by the wholesale. In our own time we have seen the purely commer- cial supplanted by the purely financial in the same section covered by Jones & Newman and again we are reminded of the competition of the Fifth Avenue of [137] Glimpses of Old New York to-day with the Broadway of yesterday by the recurrence of old familiar firms, all leading concerns in lower Broadway in the fifties. Late in the fifties, photography began its commercial career and the pictures of Broadway from that date on are more numerous and the record of the street development from that period is more comijlete. There are still quite a num- ber of old residences transformed into business buildings standing on Broadway, most of them unaltered as to fronts and only slightly changed inside. Between the City Hall Park and 14th Street they are quite numerous and with trifling alterations could easily be made into their original appearance. But the shade trees are gone, the stages have disappeared and the gas lamp posts have been replaced by electric light. The awnings which formerly lined the road, from its beginning to its end, have likewise disappeared, as have also the hideous telegraph poles with their ever- increasing strings of wire. Before the street cars came Broadway was the one street in town favored for parades. For almost a century it was unrivalled in this direction. The first im- portant exhibition of this kind occurred upon the arrival of Lafayette to pay his last visit to America. The demonstrations that have followed since that are too numerous to mention. It is quite safe to say that no important public event, from the protest against the Stamp Act in 1765 down to within a few years ago, was ever allowed to pass without a celebration on Broadway in the shape of a parade. The tremendous expansion of the city northward has however robbed Broadway of this monopoly and other streets, notably Fifth Avenue, have succeeded to this honor. As the parade era began with a patriotic demonstration, so it may be said to have practically ended with another — the funeral procession of General Grant. Other imposing and impressive parades have since occurred from time to time but the old-time political parade, the complete monopolizing of the street from the Bat- tery to the Square, long ago ceased. And such parades as they were! Countless thouands still recall the famous political parades in the eighties which have probably never been exceeded in num- bers and enthusiasm in any city in the world. The rival political leaders reviewed the marchers either from the balcony of the Fifth Avenue Hotel or from a stand on Madison Square, and the length and number of the paraders were supposed to presage victory or defeat and the effect on the silent vote was supposed to be de- cisive. In the early fifties, Broadway, by the erection of the iron front building for Benedict Brothers on the corner of Broadway and Cortlandt Street, set the style for business architecture for many years. This was the first of the so-called fire- proof ( ?) buildings ever attempted and was a distinct improvement over the brown stone and brick buildings hitherto prevailing. At about the same time, there was erected in a building so far uptown on Broadway as to be almost in the country one of the most daring innovations yet planned in architecture — a passenger ele- vator in the new hotel at the corner of Broadway and 23rd Street. This latter invention proved a success and its use became general. In the erection of the first skyscraper at 50 Broadway in the late eighties, Broadway gave the first practical [138] HISTORICAL SOCIETY Ulljp SfamoitH g'trirklanb Patnttttg of iBroaliiuay m\h &t. Paul's Qllia^irl: 1820 A MOST INTERESTING VIEW OF THIS SECTION OF BROADWAY, SHOW :NG THE COUNTRIFIED AIR OF THE NEIGHBORHOOD. THE SMALL BRICK HOUSES AND THE GENERAL ASPECT OF A VILLAGE STRICK- LAND S VIEW IS A CONTEMPORARY PAINTING AND OF RARE HIS- TORICAL INTEREST IT IS MUCH FADED IN THE ORIGINAL AND THIS REDRAFT IS BY E, JOHNSON KING The Main Street in Our Village: Broadway demonstration of the success of this new school of architecture and its effect on the value of surrounding property was immediate. In conjunction with the elevator, the skyscraper completed the change in the appearance of lower Manhattan. Late in the nineties, strangers desiring to obtain a view of New York from the highest available point were wont to climb the steeple of Trinity Church, then and for almost a hundred years, the most conspicuous landmark on the Island. To-day this steeple is completely lost in the architectural Matterhorns that surround it and the original skyscraper has already been demolished to make room for a loftier and more imposing edifice, its modest ten stories being completely overshadowed by its thirty and forty story neighbors adjoining. It is doubtful if Broadway in all its varied career ever contributed quite so much to the wealth of the whole city as when it devoted part of its valuable space to the erection of an unsolved problem such as the skyscraper was at that time. Other changes were at work about the same time. The experiment of horse cars had been accepted as an improvement over stages. That was now to be suc- ceeded by cable cars and they in turn by underground trolleys — each a step in advance of the other. They were now to be reinforced by another method of tran-. sit — the subway. As far back as 1860, a small section of a subway had been con- structed in Broadway between Warren and Murray Streets, and in 1873 a more pretentious underground system was projected by a company who issued a huge lithograph depicting their proposed line. Not until the present electrically driven and electrically lighted system was introduced did the public take kindly to under- ground travel, but now the entire length of Broadway will soon be traversed by this means of transportation. With these three remarkable advances, all of which contributed to the welfare of Broadway, the street began to change accordingly. Every part now became readily accessible but the development beyond 34th Street became most marked. The large number of hotels, theatres and restaurants which quickly gathered along its length imparted an atmosphere of cheerfulness and gaiety that speedily be- stowed upon that section of the street the sobriquet of "The Great White Way." To a large section of out of town people that part of Broadway is the most fas- cinating of all. Beyond the theatrical district however are immense offices devoted exclusively to a business that a few years ago was wholly unknown — the automo- bile. The same colossal skyscrapers mark this part of Broadway as elsewhere. This region formerly ended at the beginning of Central Park but has already streamed far beyond it, where we will leave Broadway for the present. OLD PICTURES OF BROADWAY The foregoing section has given a rather concise synopsis of the early history of this world's most famous street. Anything like a complete story of all the stir- ring events, changes of its general appearance, the old residents, business enter- prises, etc., in connection with Broadway, compiled from the bibliography already at hand, and extended to the nth dimension with the present daily remi- [141] Glimpses of Old New York niscences of the Old Timer (even after correcting so many of his general statements), would entail a work that could easily put the encyclopedia in the shade. Reference has heen made to the old prints of Jones & Newman, Tallis, Ste- phenson, etc., as depicting a period (1850-1865) when Broadway was supposed to be at the zenith of its greatest possible grandeur, and in looking at these pictures showing each old building, with the names of all New York's leading merchants, fa- mous hotels, theatres, art galleries, institutions of learning, the Hospital, the Park, etc., now beyond the ken of even the very oldest survivors of those days — any at- tempt to describe all the wonderful "tran^nmtations that have been conjured by the silent alchemy of (fifty) j'ears" is indeed a task. Notwithstanding the accomj)lishments of the modern photographer, it is im- possible to make a picture of the front of any of the present skyscrapers that now occupy the sites of these little two, three, and four story buildings which are seen in the prints referred to. A year or more ago an attempt was made to photo- graph No. 42 Broadway straight up and down from the sidewalk. The result was anmsing, at any rate; it is the same as that obtained by the amateur who took his friend seated on the ground with his feet as the prominent feature of the foregroimd. On the other hand we are able to get most excellent canon views in contrast with these older ones, and a general skyline view of the city made to-day will show Broadway prominently, but only from about the twelfth story upward. Old landmarks such as No. 1 Broadway, Produce Exchange, St. Paul's, the Post Office, Bennett Building, Benedict Building, Astor House, St. John's and even Broadway Rouse's Building, are lost absolutely. At any rate, everyone should be familiar with the present appearance of such structures as the Woolworth, Sin- ger, Equitable, City Investing, Adams Express and United States Express buildings, and as far as possible an attempt will be made to follow the general evo- lution from the old to the new. Full mention has been made of the original beginning of the Broad Way. It would seem that at no time had our forefathers been governed by the orthodox guidance of sticking to a straight and narrow path, and undoubtedly there are at the present very many who believe from accounts they may have read in the Sunday supplements of the newspapers that the Broadway of to-day is really the one of which we have been warned in the Scriptures. There is a peculiar romance in the fact that the greatest city in the world — and at the same time we might say the youngest — has in its possession the most perfect iconography that is known. This undoubtedly is the reason that one, with- out realizing it to be so, finds such absolute enjoyment in reading about its early beginnings, and especially in looking at the reproductions of those early views which we know now to be absolutely contemporary and at the same time are proven to be accurate. But how many do really know, or consider, when they visit the beautiful Custom House on Bowling Green, what a fund of information there is available regarding this historic spot, unknown to the world just three hundred years ago, but of which we have always at hand a complete and unbroken record, [142] COPYRIGHT. 1913. H. C, BROWN ^itp of g'tanJiarb ®tl luiliiing, 1343 ilSOSESE, OS COAL OH! »JE««iLKJ> BY PA*aW«« X XAOIM) YHQH t HIS OIL.' 1i oil or Uquid berMoTpi o know n tv th« pnMui. ThliCMl betas » FHHB DlSTrU.ATION F&OK COAL. • iUM>MUM>diDlxUn«orta>LBiT8 Of tt'&PKHri.tK or A.U ' ^«anuitc4 t» ba not ujiImIvo. IKdUSfHOM " allow it W b« ||H< «lthuat idUitioniii pciomava rMa^ li«r ^Tklet'of tb« oil, oaeikmp alrlatf a UvM aqoal to tifV »li foot Kaa burnera. Thtt ull call b« aiM IR CAVPRKKR and SVLTtC OQa I.AV1'>!, •«<) on ti« ndaplad lo CbBndcllan tot SSOtKUL COUIfTKT RVKIDRNCltH, »ad «Tk;,\\.KR?i. Th* aiaal t to wbn.i^ie (IvHlora. TBS BosTn A.iubiUAN ithnonKunt tmurJMt, J SITE OF 26 BROADWAY. AS A COAL AND WOOD YARD IN i; THE TOWN RESIDENCE OF ALEXANDER HAMILTON WAS HERE THE LEFT IS THE FIRST ADVERTISEMENT OF KEROSENE OIL AS ILLUMINANT. PUBLISHED IN 1853 FROM THE COLLECiroN OF MH WILLIAM ROCKLFELLtR The Main Street in Our Village: Broadway of documents and prints, covering the entire period of its history — from the verit- able cradle of this great city. For here it was New York was born, and from here the Broad Way was first started on its wonderful career — practically from the water's edge, for, as explained before, every bit of the present city south of the Custom House is made ground. The first house built of brick — brought over from Holland — was erected at the southeast corner of the present Custom House, and while excavating the foun- dations here, they came upon the hull of an old ship left on the beach there in the early days. Nos. 1-3 Broadway: The Washington Building. This building has re- tained a most peculiar prestige ever since its erection in the early 80's ; it is doubt- ful if there is any business address in New York, even to-day, that is so well known, and they do say that the tenants there are the same that moved in when the building was opened — notwithstanding the wonderful attractions since offered in newer and more up-to-date structures. Apart from the delightful historical reminiscences referred to, this was really the pioneer skyscraper of the modern city, and before tlie erection of the Goddess of Liberty, returning tourists from Europe, and i)articularly New Yorkers, felt the first thrill of homecoming Avhen the CjTus Field Building (as it was first known) loomed up to greet them. Soon after, the present Produce Exchange was added to the skyline and, of course, dear old Trinity had some show in the view presented. A restaurant on the roof of this building (probably the pioneer of its kind) for many years was one of its greatest attractions. The entrance to the building, on the corner, consisted of a brown- stone stoop, the posts surmounted by handsome grilles and lanterns, which were sliced off a few years ago, during the campaign against sidewalk encroachments. The old Kennedy mansion on the corner, at the time this view was made, was occupied by ex-Mayor Andrew H. Mickle. Prior to its demolition to make room for the Washington Building, it had been converted into a second-rate hotel known as the Washington. Nearly all of the tenants in this building are interested in the coal and shipping trade. Nos. 5-11 — The Bowling Green Building. Known as No. 11 Broadway. This is an immense structure compared with No. 1 and was erected many years later — and occupies an equally interesting historical spot. Here stood the famous King's Arms Hotel, afterwards the popular Atlantic Gardens, a building which was still standing when the Bowling Green structure was planned. Here was found, while excavating for the foundations, the remains of an old dock in the rear on Greenwich Street, which we know was the original shore line of the Hudson River, and so we can well picture in our minds what we have read of the secret landings in the garden of this historical tavern, of traitors, spies, etc., etc. It was converted into an office building in the early sixties, with some alterations. One of the old houses demolished, No. 5, was part of tlie Atlantic Hotel, afterwards used as the entrance to the Ninth Avenue Elevated Railroad, which many will be able to remember. At this period the King's Arms Tavern had be- [145] Glimpses of Old New York come the Atlantic Gardens (Nos. O-lll/i) — quite a fashionable resort — where very good band concerts were given. No. 7 was the residence of Mrs. Gates. A great many of the steamship offices are now located here, and the locality is well known to all travellers across the sea. The remaining part of this historical block on the west side of Broadway at present is in a transition stage ; the famous Stevens House, extending to the corner of Morris Street, is partially remaining, but will shortly be demolished, owing to the demands of the new subway which passes around it and under the Bowling Green on its way to the East River. The three buildings between the Bowling Green Building and the Stevens House were razed a year ago. One of these. No. 17, for years was the home of the British Consulate, and will readily be recalled by the two stone lions which guarded the entrance. It may be of interest to know that Major John F. O'Rourke, the engineer-in-chief, has had these removed to his place on Long Island. Originally it was the home of O. R. Burnham. No. 13 was Dr. Kearney's. The remainder of this block, Nos. 19-27, was then known as Delmonico's, who opened a restaurant here and which he maintained until his removal to the present site at Beaver and South William Streets. The old view shows Del- monico's name very prominently displayed on the building. The shade trees in Bowling Green were a prominent feature of this locality. It seems they have all disappeared for some reason or other, and an odd sight to-day would be the line of old-fashioned hacks which were always in evidence outside the railings of the Green. No. 29 — Corner of Morris Street. The Columbia Building was erected on the small three-story house in which lived Mr. A. Townsend, and afterward was occupied by Dos Passos & Co., very prominent South American bankers. Sev- eral stories were added to this a few years ago, making it an up-to-date skyscraper. IMorris Street was known as Beaver Lane, a narrow path extending to the Hudson River a block away. Here was the first burying ground in New York, and just above at No. 39 the first white man's house was built on Manhattan Island. On this block there are still standing more of the old buildings than an\^'here else on Broadway below Chambers Street. Nos. 39 and 41 were the INIansion House, a once very popular hotel; 35 was Mrs. Davy's — 33 was Mrs. Clarkson's — and so on. Nos. 41-45 — Aldrich Court. This was the first important building erected on this block. The former buildings surrounded a court, so named. It is now owned by the Atlas Line S. S. Co., and is the head office of the Hamburg- Ameri- can Line. No. 55, cor. Exchange Alley, is the new up-to-date Adams Express Build- ing, into which the Chase National Bank has lately moved. No. 61 was Judson's Hotel. It was here that Phalon, the popular barber, opened his first shop — fol- lowed later by others in all the newer hotels. Nos. 63-65. Just now demolished to make room for another giant building — that of the American Express Co. This and the Adams Express Building will represent the only radical changes that have occurred in the block for many years. [ 146 ] ^ ^ m F y z I O ?; 5 t 5 S 1/1 ui _i ■ => z 5 0 ° S 1- Li. UJ j3 1 Z O ^ § o E G uj !i; m uj ^ O z M -I t — > S H I ^ 15 S 13 2 /a a u 8 Q s u C4 u rs s I z c 3 o o (/I < ^ cr o z 5 ° s; < o — iij m iiJ I E E S < < p I to (J ■ . 2 -■ O < S 1 o i; u uj -; I H I o Ui (/) X .1331I.T.S SlllllOK The Main Street in Our Village: Broadway Nos. 67-71 — The Empire Building, owned by the O. B. Potter Estate. The small buildings which were erected here, on the site of Grace Chapel, was the ori- ginal home of the Union Trust Co., one of the pioneer financial institutions of this character in New York. Here also were the offices of Russell Sage, brought into notoriety on account of a lunatic having attempted to blow him and the whole building to perdition. The present building, extending to Church Street and looking over on Trinity Church, will always be popular on account of the unusually good light thus secured. Trinity Church — "At the head of Wall Street, and appropriately keeps watch and ward over the street morals of that Court of Mammon." Replacing the second church which was demolished in 1839, the present edifice being com- pleted in 1849, when visitors might ascend to a height of 250 feet whence a mag- nificent view of the city and surrounding scenery could be secured. The best position from which to view this gorgeous panorama is the battlements at the base of the spire. No. 11 — Trinity Building. North of the churchyard — an imposing Gothic edifice which has replaced the famous old building, at one time headquarters for the coal people, prominent lawyers, etc. In the basement was the real estate sales- room of Peter F. Meyer & Co. (Richard Croker being the company). The for- mer small building was known as Wight's Hotel, also the New England House. No. 115 — U. S. Realty Co.'s Building. Site of New York's first great ho- tel — the City Hotel — built in 1788, and according to Grant Thorburn, who arrived in New York while it was in course of construction, it was the first building in America that was roofed with slates. All the early writers in their description of New York agree in giving this famous hostelry the palm for grandeur and mag- nificence. Still, it was only five stories high and contained less than one hundred rooms. At any rate, in the view of New York from Brooklyn, 1798, it is cer- tainly a prominent feature of the town. But it was the Biltmore of its day from all accounts, and enjoyed great prosperity until after the Civil War, when it was converted into stores and offices, and so remained until 1878, when it was taken down, and the magnificent new office building, the Boreel, was erected on the site. This was soon superseded by more important buildings, and was demolished about 1898, the space remaining vacant for a long time, until an arrangement was ar- rived at with the city to move Thames Street farther north, thus giving more space for the new Trinitj'^ Building, whicli was projected in connection with the present No. 115 Broadway. Nos. 135-137 — Corner of Cedar Street: N. Y. Title & Trust Co. Erected on the site of the Merchants' Hotel, kept by Orlando Fish; also the old hat store of F. H. Amidon — and John Collier, an old-time watchmaker. No. 139 — Liberty Nationai. Bank Building. A small building recently va- cated by the bank, now located in the Equitable Building. The original building was occupied by the old firm of Stanford & Swords, book publishers. Mr. Henry C. Swords, President of the Fulton Trust Co., is a grandson of the member of this firm by that name. [149] Glimpses of Old New York Nos. 141-145 — Corner of Liberty Street. Now owned by the Pittsburgh Life Insurance Co, This replaced the old warehouse of Bininger & Co., wine mer- chants, and the little two-story building of Mrs. G. Newconibe, tobacconist. Nos 149-163 — The north corner of Liberty Street. Now occupied by the Singer Building and Tower. Until the advent of the Woolworth Building this was undoubtedly the best known spot in New York City, and has been visited by al- most every stranger in town. There is a very early view of this location (1G90) which shows a very small shanty occupying the site of this great pile, with cattle grazing in the adjacent fields reaching down to the Hudson River and an ox-cart turning down into what is now Maiden Lane. Fifty years ago this was the great booksellers' centre. G. P. Putnam was at No. 153, John Wiley at No. 161; also the office of the Literary W arid — T. Oliver, Reporter of Fashion. The Good- year Rubber Co. was at No. 159. This was the site of the Rathbun House, an im- portant hostelry of those days, which also had an entrance on Liberty Street and Cortlandt Street. The proprietor afterwards moved to 42nd Street and Broad- way, where he maintained a hotel for several years. Nos. 165-167 — The City Investing Co. One of the recent and most im- proved buildings of the day, of handsome and imposing appearance, extending to Church Street, with a very large frontage on Cortlandt Street. The Broadway facade occupies part of the site of the old Rathbun Hotel. At the corner of Church Street and Cortlandt now part of this structure stood the old Coal and Iron Exchange, an important building and one of the old landmarks in the sky- line. Mr. Robert E. Dowling has a very interesting memento of the demolition of this old building — the box taken from the corner-stone, containing the news- papers, coins, etc., of the day it was laid. Nos. 169-171 — South corner of Cortlandt Street: The Benedict Build- ing. A very early example of the modern iron structure in New York — the im- mediate predecessors of the steel frame building — still standing and leased for a long time to the City Investing Co. to preserve its light and air. The buildings re- moved for this were two of the very smallest of the old Broadway houses. No. 169 was occupied by Peter Gilsey, cigars, who later owned the new building for a time, and the corner was Henry Salisbury & Co.'s jewelry store. No. 173 — North corner of Cortlandt: Waterman's. This old building has been occupied hy the fountain pen man for very many years. Originally it was the furnishing store of JNI. J. McKinley. Just now it is announced to have been leased again for a long term to a cigar company. Nos. 175-191. Very little changes have been made in this block for a long time except the new low building at the corner of Dey Street. Crouch & Fitz- gerald are still at No. 177. J. G. Wendell had his office at No. 181 until his death quite recently. No. 185 was Milhau's drug store for a great many years. Nos. 189-191, the small new building, was a subsidiary' of the City Investing Co. Some of the older firms here were also booksellers: Spalding & Shephard at 1891/2, Leavitt, Trow & Co. at 191 ; as also the old auction house of Cooley, Keese & Hill. Nos. 193-203 — North corner of Dey: The Western Union Building. At [150] < X > r, •< PS n » LiJ UJ ^ H < O "J (E I o uj uj (/I (K =1 < > o ? - ^ _] £r uj < t- s 5 £r X ^ ^ 0 z _ 2: < _ 1 - ^ 2 ^ UJ Q- < 5 H °= l/l < W =1 I ~ > I 00 o I- r < Ul < t— < I— The Main Street in Our Village: Broadway this writing this immense new structure is not quite ready for occupancy. Much interest is manifested as to what new wonderful attractions are offered for offices here. Announcement has been made that they have secured the property to the north on Broadway, including the Mail and Express, and that eventually the building will be extended to conform with that just completed — thus making as imposing and magnificent a structure as has yet been projected. The building just demolished has been one of the most prominent and inter- esting of any in New York. Every one will recall the daily ceremony of waiting for the Time Ball to drop at midday — and the curiosity on the part of strangers as to what it all meant. A fire destroyed the tall cupola which originally carried the ball, and in later years it was dropped from a mast erected on the roof, but the mari- ners in the harbor for whose benefit it was especially intended would look in vain for a sight of it or even the building itself to-day. And yet another of the old Broadway hotels gave way for this great modern improvement, now also in turn sent to the scrap heap. The Franklin House en- joyed a great popularity. Newman & Co., school books, were at No. 199 ; Allen & Thurber, guns and pistols, at 201 ; also Lagenbein & Beckers, early photographers, who made several of the old Broadway views published by Stephenson. No. 203, the present Mail and Express Building, has stood there for many years, but will shortly disappear. Here was the music store of Anderson, who published the popular Broad- way songs, on the front of which were interesting old Broadway views, and the last house on the corner. No. 207, was occupied by M. B. Brady, the photogra- pher, who during the Civil War procured innumerable plates of actual scenes and portraits of personages which to-day are of the greatest value. At Fulton Street: St. Paul's Church. No changes have taken place in this old church or its surroundings. Some of the trees have been cut down on ac- count of old age, notably one at the Vesey Street side which, tradition had it, was used by Washington to tie his horse to when he rode there to service from the Presi- dential Mansion in Cherry Street. The pew in which he sat is still religiously pointed out to visitors. Nos. 215-225: The Astor House. Built in 1832 and first called the Park View House. Until very recently this famous hotel remained the same, but now the southerly half has been demolished and a moderately sized new building erected in place of it. The northerly half remains the same, but unoccupied. The old stores were occupied by Bedford & Co., books; Leary & Co., hatters; Joseph Chris- tadoro, hair dresser ; and Rushton, Clark & Co., druggists. Nos. 227-237: The Woolworth Building. Owned by the Broadway Park Place Company. This new edifice is probably as well known now as any building in the world, and occupies an interesting historic part of Broadway in its greatest days. In 1726 the first rope walk was laid out here when all the surrounding sec- tion was known as the Commons, but in later years became the most fashionable and important section of the city. It was the Fifth Avenue of New York, lined with the handsomest houses facing the beautiful Park, adjacent to the theatre, the [158] Glimpses of Old New York churches, the swell hotels. At the corner of Park Place, Nos. 227-230, stood the great American Hotel, but, as ever since, the northward march of affairs left it far behind and relegated to business only. Philip Hone's house became a book- store, and more tailors and furnishing houses located there than elsewhere. Wil- liam M. Tweed held court at No. 237, the Broadway Bank. No. 239 — North corner of Park Place. The original home of the Society of Merchants and Tradesmen, it is still owned by them, and was also the music store of William Hall & Sons. Not many changes have taken place here for many years, except the general disappearance of all the stoops and a great many very fine shade trees. No. 241 was the store of Dr. Benjamin Brandreth, of pill fame. At 243 Solomon & Hart, upholsterers, were still in business in New York until lately. Keppel, the print man, was at No. 245 ; and the very old house of Ball, Tompkins & Black at No. 247, now occupied by the Importers and Traders National Bank in a handsome new building. No. 253 — North corner of Murray Street^ is the property of Trinity Church Corporation, and possibly may never show any change in its appearance. Here was the famous bookstore of Charles S. Francis. Nos. 255-257 — The Home Life Insurance Co. A fine new building which replaced two of the old houses occupied by architects, tailors and photographers. Nos. 258-259. Rogers, Peet & Co. have built here a handsome building on the property of the Eugene Hoffman Estate. They succeeded to a long line of clothiers and outfitters who had always occupied this corner. Nos. 261-264 — North corner of Warren Street, is a modern building which took the place of a large iron-front structure of a defunct fire insurance company. It is the propert}' of the Gerry Estate. Formerly, Raib, the jeweler, was on the corner, and also Dr. Powell, an eminent occulist of that time. No. 269 — The Chemical Bank. A handsome new structure has taken the place of the Broad waj' front shown in the old view. The main building is in the rear and occupies a large space extending along Chambers Street. The old quar- ters of this famous institution are also shoAvn next door to Barnum's Museum, where it first started. No. 271 — The National Shoe & Leather Bank. This is also a more mod- ern building, replacing the original small tliree-story house which was the original store of the present well-known Tiffany & Co., the firm then being known as Tif- fany, Young & Ellis. A few years later they moved farther up on Broadway near Prince Street, along with the general trend northward. Nos. 273-277 — Bank Chambers: North corner of Chambers Street. A large and commodious modern building occupies part of the site of the old Irving Hotel, which took in the whole block front to Reade Street, and was undoubtedly a most popular house in its prime as managed by D. D. Howard. Soon after 1850 the grander establisliments away uptown then, the St. Nicholas, the jSIetro- politan and the New York Hotel, attracted all the custom of visitors to the city, and except the Astor House, one after the other of the down-town hotels became antiquated, and were converted into business houses. The stores on the Broadway [ 154 ] burning uf iSantum'B Musvmx. coum SroaiJuiay anJ» Amt ^trrrt. in IBfiS ONE OF THE BEST REMEMBERED INCIDENTS IN OLD NEW YORK THOUSANDS OF MEN STILL LIVING STOOD THERE HOLDING THEIR FATHERS' HAND WHILE THE FIRE WAS IN PROGRESS A HUGE DEAD WHALE LAY IN THE STREETS FOR SEVERAL DAYS TO THE GREAT DISCOMFORT OF THE NEIGHBORHOOD BEFORE IT WAS REMOVED The Main Street in Our Village: Broadway front were occupied by high-class firms : John Addonis, dry goods ; R. Fraser an old-time lace merchant ; Robert Carter sold French books. Nos. 279-283 — part of the Irving Hotel site — is a new building, and Nos. 285- 289 have remained unchanged for many years. Goupil, Vibert & Co.'s Art Gal- leries were at 289; also Ohver B. Goldsmith, writing master. Nos. 291-295 — The East River Savings Institution: North corner of Reade Street. A large and handsome office building recently completed. This was originally the site of Chickering's Pianoforte Showrooms and Warehouse, a large and pretentious building for 1850. Nos. 297-303 — The Barclay Building. Also a large new office structure, ex- tending to the corner of Duane Street, which took the place of several very small old houses, occupied originally by hatters, photographers, and small tradesmen. Nos. 305-309. Still another recent new office building in this neighborhood; as also Nos. 311-315, both of which are yet in the old drygoods district and tenanted by these interests. Originally the plot was part of the Hospital grounds — but had been disposed of for building lots. The old Nos. 307-309 was quite a popular re- sort known as the Cafe de la Republique, run by F. Palmo, lately removed from his old Chambers Street place. Nos. 317-319 — North and south corners of Thomas Street. These two valuable Broadway corners are still owned by the New York Hospital, which ori- ginally occupied nearly all of the space from Duane to Anthony or Worth Street, as shown in the old view. Thomas Street was cut through the centre of the plot about 1868, when the Hospital had removed to the new quarters on Sixteenth Street and Fifth Avenue. This ancient structure was erected in 1771, when the hospital was founded by Earl Dinsmore, Governor of the Colony of New York. Mr. Stokes has in his collection a very rare broadside, a single large sheet on which is printed the first annual report of this institution. The buildings stood on elevated ground surrounded by fine trees, giving a most picturesque and rural effect. Mr. Henry made some very beautiful drawings and photographs here about 1867; and another old print of particular interest shows the workmen very busily engaged in cutting down these beautiful trees to make way for the new street. This scene on lower Broadway must have had the same effect on any old New Yorker witnessing it, as it would to-day if he came upon a similar scene, say in Stuyvesant or Gramercy Park. The firm of Daniel Birdsall & Co., a very old real estate corporation, has had its offices in No. 317 for many years. Mr. Frank Lord, associated with it for many years, has a large collection of interesting old views in connection with this localit5\ Pearl Street, which is one of the perennnial conundrums to New Yorkers, started from Broadway below the Custom House, and finally was halted again at Broadway, directly opposite the Hospital. As the Hospital was the remotest point on Broadway of any interest, so this is as far as our old views take us in 1850. There being no buildings of any account, there are naturally no old pictures ; but very rapidly Broadway gained, and by 1860-1865 above Canal Street had be- come the great shopping and fashionable quarters. In the meantime we shall re- [ 157 ] Glimpses of Old New York trace our steps to the Battery and describe the old buildings on the east side of the street to Leonard Street as they were thirty-odd years ago. BROADWAY: EAST SIDE TO LEONARD STREET Nos. 2-8 — The Produce Exchange. An imposing pile of red brick with a large square tower, built about 1885, and which was a prominent landmark of the city for years. It replaced all of the old buildings on this block, consisting of warehouses in general. The corner of Beaver Street, No. 8, was a boarding house of which we are informed Mrs. Mix and Mrs. Tripp were the proprietors. Skif- fen & Ironsides, merchants, had their office at No. 2. In the earliest days of the city, here were erected the first dwellings outside of the Fort. Nos. 10-12 — The Produce Exchange Bank Building: Corner of Beaver Street. The original site of another decidedly very popular hotel, the old Adelphi, but of which not so much seems to have been recorded. The disastrous fire of 1845 reached its limit at this point, as the next object in its patli was the fountain in the Bowling Green. An old litliograph of the period shows it in flames, but otherwise we know of no otlier picture of it except an exquisitely engraved vign- ette, at the head of a bill rendered to one of the guests for board at $7.00 a week; good burgundy, brandy, etc., at equally moderate prices. This was in the pos- session of the late Mr. Neill at one time, and he used to tell of having been offered some very ridiculously high price for it from a gentleman who said he had been born there, and had never been able to find anything at all of the sort relating to this hotel. Mr. Conklin of New Rochelle has some old Almanacs of 1842-1843, interleaved, in which one of the original Hunters of Hunters Island records having gone to New York and engaged board for himself and son at the Adelphi for $7.00 a week. The old hop merchants, JSIcGregor & ISIorris, had their warehouse at No. 10. Nos. 14-20 — The Seaboard National Bank. This is a very large structure, built several years ago, and occupies the site of four of the old houses seen in the old views. They are also shown in the well-known picture of "Pulling Down the Statue of George III on the Bowling Green in 1776." They were destroyed by the fire of 1845. Nos. 22-30 — The Standard Oil Building. Known as No. 26 Broadway. Probably 26 Broadway is the least known of all the large office buildings on Broad- way, notwithstanding the fact of one's usual familiarity with the name of this great corporation. Housing as it does the officers of the parent company and all the subsidiary concerns affiliated therewith, including every officer and well-known individual connected with its vast enterprises, there never has been displayed any- where in the building such a thing as the usual directorj'^ board to which one usually refers for information. Everj'^one seems to come and go there as if it never were necessary to ask for information, and at any time a Rockefeller, Rogers, Pratt, Flagler, Harkness, etc., etc., may be seen sauntering in or out along with messenger boys, or any others [158] COPYRIGHT. 1913, H C 8R0WN IBroaliuiay in IB 55 AN INTERESTING VIEW OF BROADWAY IN 1855. SHOWING DELMONI- CO S ON THE CORNER OF CHAMBERS STREET. AND THE CHEMICAL BANK. WHICH IS STILL IN THE SAME LOCATION. THE SIGN OFTHE FIRST MAKERS OF FOUNTAIN PENS IS SHOWN ON THE BUILDING WITH THE HIGH STOOP ON THE CORNER- PRINCE S PROTEAN FOUN- TAIN PEN." GOODYEAR S SUCCESSFUL INVENTION OF VULCANIZING RUBBER HAD JUST BROUGHT HIS PRODUCT ON THE MARKET AND HIS FIRST RETAIL STORE IS SHOWN HERE, HEGEMAN. CLARK & CO. — FOREBEARS OF OUR PRESENT WELL-KNOWN RIKER - HEGEMAN DRUG STORES — ARE ALSO SHOWN ON THE CORNER ROBERT RAIT WAS THE FASHIONABLE JEWELER AND THE TIFFANY OF HIS DAY. THE IRVING HOUSE. NEXT TO DELMONICOS. WAS A POPULAR COMMERCIAL HOTEL THE TYPES OF PEOPLE CORRECTLY REPRESENT THE COSTUMES OF THE DAY. AND THE COSMOPOLITAN CHARACTER OF THE CROWDS IS SHOWN IN THE SOLDIERS AND SAILORS THE STAGES. CARRIAGES. CURIOUS TWO-WHEELED HANSOMS. WAGONS AND TRUCKS ARE ALSO AUTHENTIC, THIS IS ANOTHER OF THE FAMOUS STEPHENSON VIEWS" FROM THE COLLECTION OF MR ROBERT GOELET. The Main Street in Our Village: Broadway having business there. And it is a well-known fact that probably in no other office building in New York is it possible for one to receive more uniformly courteous at- tention than is shown there to any and everyone presenting themselves, no matter at whose individual rooms. The evolution of this site has been of great interest. As stated before, Alex- ander Hamilton's address was at 26 Broadway after the evacuation of the British, where he occupied a spacious dwelling. This was also destroyed by the fire of 1845. And a very interesting feature of the old view of 1850 shows this lot occupied as Worth's coal yard. A few years later a four-story building was erected there, which remained until demolished to make way for the present imposing structure, which really occupies four lots on Broadway. Nos 32-34 — The Hudson Building. One of the older structures that have replaced the old houses in this block. Nos. 36-42. Known as 42 Broadway only. In fact, nearly all of the big buildings in New York are generally known by their street number which is the post-office address. This is a very large structure and has been the home of a great many corporations interested in mining and kindred interests. The Lewisohns, Guggenheimers, Hammond, etc., etc., were located here for many years. In the basement of this building, with entrances on New Street and Beaver Street, is the largest retail book store in the country, so successfully managed by its pro- prietor Henry Malkan. The old building at No. 36 was Gay's "Cauchalagua Depot." No. 38 was Charles Ross & Co.'s steamship office, and No, 42 Noel's fa- mous French Looking-glass Depot, Nos. 44-50 — The Standard Arcade. Only now completed, presenting an entire novelty of construction in this section of Broadway. It is but three stories high, and consists of a wide covered street passing from Broadway to New Street, on each side of which are stores for the sale of high-class merchandise ; on a gallery above are also spaces for rent. The space above this building secures light and air for the adjoining buildings, and conforms to the new building code recently adopted limiting the area of a skyscraper. Very peculiarly, this is the site of the Tower Building, the first steel structure erected in New York and the forerunner of them all, which was demolished a year ago. It occupied a very narrow portion of this plot, and the engineers built the foundations along the centre of it, the side walls resting on the arms of cantilevers erected on the foundation piers. The build- ing attracted considerable attention at the time of its erection, but the scheme of construction spread so rapidly that it was lost sight of completely — in fact, one might say, it became a shanty in a year or two. The adjoining old house removed at the same time for this new structure was the last one of those seen in the old views on the east side of Broadway from Liberty Street to the Produce Ex- change. Nos. 52-56 — Known as Exchange Court. Extends to the corner of Ex- change Place, the Court from which it takes the name being situated on the latter street. The building also extends through to New Street, as they all do in this block. Originally there was still another hotel on this corner, The Waverly. The [161] Glimpses of Old New York old building was also known as Exchange Court and has always been a favorite address for brokers; the Tallis View of 1858 shows the names on the signboards of a great many prominent bankers of to-day, since retired or removed to other lo- calities: H. B. Hollins, W. B. Dickerman, Spencer Trask, etc., etc. When the present building was being erected, the progress of excavation for foundations, etc., was watched from day to day by a large crowd of bankers and brokers as interested spectators. At that time such work was carried on without the erection of the present-day boarded walls which exclude all view of wliat is being done within. Mr. John I. Downey was the contractor, and when his work was finally completed he displayed a large lettered sign announcing this fact, and thanking one and all for the kind interest they had manifested in its progress, and regretting he could entertain them no longer, he would bid them good-day. This whole plot was occupied by a large U. S. bonded warehouse, also by fur- niture-makers and chairmakers. Nos. 58-60 — North corner of Exchange Place. The new building of the Columbia Trust Co. recently erected on the site of the old Consolidated Exchange Building, now located at Beaver and Broad Streets. Prior to that the Misses Con- stantine conducted a select boarding house on the corner at No. .58, and the Ocean Steamship Navigation Company — Mail Line — were at No. 60. No. 62 was orig- inally the house of John E. Schermerhorn and is still owned by his descendants. Nos. 64-70 — The INIanhattan Life Insurance Company. A very massive granite building erected many j'ears since. Part of this site was originally the Globe Hotel, Nos. 64-66, a very imposing building of five stories and an attic, but little has been heard of this house. Nos. 72-74 — The Century Building Company. A comparatively recent structure, on the site of two of the old residences, which had been converted into offices. Nos. 78-82 — The Union Trust Company. A large modern building of the early 80's. Tenanted ahnost exclusively by bankers and brokers, the rear en- trance on New Street, being directly opposite the Stock Exchange. Moore & Schley have been located there ever since it was completed. The original houses were occupied by bootmakers, cigar makers, and hairdressers. No. 84 Broadway. Really a part of No. 1 Wall Street — the Bandbox Build- ing — erected on what is known as the most valuable corner in New York, or at least for which the highest price was ever paid. Wilson's drug store, on the cor- ner of the old building, was a favorite resort in hot weather for very many years. Nos. 90-94 — North corner of Wall Street : The First National Bank Building. An imposing brick building of the earlier period and the home of one of the largest financial institutions in the city. A very small shanty stood at this corner as late as 1850. In it were John Maninot, hairdresser, and John INIoran, bootmaker. Prior to that, however, as early as 1820, a very substantial building had been erected there. Nos. 96-98 — The Schermerhorn Building. An older brick building owned [162] 25raahuaij. from (Hurtlauht ^trrrt, 10511 SHOWING BOGERT S OLD CORNER BAKERY. WHICH WAS SUPERSEDED IN 1855 BY THE SECOND IRON BUILDING tRECTED IN THIS CITY. THE FIRST BEINGTHEOFFICEOFJ.BANDJMCORNELLIN CENTRE STREET. BALANCE OF THE BLOCK IS NOW THE SITE OF THE CITY INVESTING AND SINGER BUILDINGS. TWO OF THE COSTLIEST STRUC- TURES IN THE WORLD FHOM Hit COLLECTION OF MR ROBERT E DOWLING nCBI .iTJit'S HjiikHiuID rami .iinwfinrnJf 030385) 31U8 2 AW HDIHW .Yfl3>IAa fl3Mfl03 Q JO 213 3 308 3MIW0H2 .YTI3 8IHT Ml 0373333 GMIOJIUa MOfll aMOD32 3HT YS 2681 Ml 3flTM3 0 MIJJ3MHOD.M.LaMA.a.L30 33n303HT3MI3a 72313 3H7 Y7ID 3H7 TO 3TI2 3H7 WOM 21 »D0J8 3H7 30 33MAJAa .733372 OU372 723IJ720D 3H7 30 0W7 .23Miajlua 333MI2 OMA 3MI723VMI aJ30W 3H7 Ml 233U7 OHijwoa 3 TflBeon »u lO HOITD3JJOD 3HT mght Sroa&uiaa. rorttpr of QIartlanM »trttt : lB4a THIS SHOWS BOGERT S BAKERY. A WELL KNOWN COOKIE SHOP IN THE 40s THE BUILDINGS JUST BEYOND ARE NOW OCCUPIED BY THE CITY INVESTING CO THE BENEDICT BUILDING, WHICH NOW STANDS ON THIS CORNER WAS THE FIRST IRON FRONT BUILDING ERECTED ON BROADWAY (1853) The Main Street in Our Village: Broadway by the Astor Estate, extending in the rear to Pine and Wall Streets, which offers a favorite rainy day route through from street to street. Nos. 100-106 — The American Surety Co. of New York. A very gorgeous and imposing structure, at the corner of Pine Street. One of the buildings this replaced was that occupied by John Anderson & Co., cigars and tobacco, a five- story structure that had been erected prior to 1848, and replacing a very small two- story shack of which there is an old view. A story was told at the time of the com- pletion of this building, which extends some fifteen stories above the Schermerhorn Building on the south and east sides of it, and is provided with numerous windows, that the late Colonel Astor sent word to the company that he was ready to collect his rent for the light and air they were getting from him, which they were inclined to treat as a bit of humor on Astor's part, until they found out that he had filed plans to carry the Schermerhorn Building up as high as theirs and completely ob- literate every window they had on both these sides, after which they were willing to pay him for light and air, which, of course, didn't cost him very much to pro- duce. Nos. 108-124 — The Equitable Building. This number includes the whole block front from Pine to Cedar Street. The building, only lately completed, with all the wonderful contrivances and improvements, etc., has been most completely described. Undoubtedly it will remain for a little while as the most complete, up- to-the-minute, and par excellence example of the modern skyscraper. Still, it is impossible to say for how long! Phoenix-like, it has risen from the ruins of its boasted fire-proof predecessor — a massive pile of granite which is well remembered, at any rate, on account of the spectacular fire which destroyed it. The latter building took the place of several very interesting old houses. No. 108, at the corner of Pine Street, was owned by Richard Varick. In 1808 it was sublet to John Trumbull, and here he published his famous engravings of the paint- ings he had made of the Battle of Bunker Hill, Declaration of Independence, etc. The last building on this corner was the famous bank of Grant & Ward. No. 110 was the Tremont Temperance Hotel, later occupied by the confectioner Sa- varin, who was still a tenant of the building until its destruction, the Cafe Savarin being as well known as the Equitable and the name is still perpetuated in the new building. Colton, the mapmaker, and Disternell, the publisher, occupied premises on this site for many years. Mr. J. Clarence Davies owns a rather good painting of 1845, depicting the volunteer firemen at work on a bad fire which occurred at the corner of Cedar Street — a most interesting representation of the old days — and of the appearance of this site at that time. Very curiously, it was discovered about ten days before the destruction of the Equitable Building, and had already been purchased b}- Mr. Davies. The New York Herald had quite a large cut of it on its front page a day or two after the fire. Nos. 126-128 — The American Exchange National Bank Building. Erected many years ago, on the site of two popular drygoods stores, Clapp & [165] Glimpses of Old New York Kent, and S. M. Beckley, it was recently altered and enlarged. Henry Shelden & Co. was another of the original old drygoods firms. Nos. 130-146. Is now occupied by the magnificent new banking house of the Guaranty Trust Co. This whole block from Cedar to Liberty Street is now occu- pied by these two great financial institutions. The Croton Hotel, Eaton & Ray, stood at Nos. 140-142 and was a very substantial four-story and attic building, later replaced by a granite structure occupied by the Mutual Life Insurance Co. and the American Bank Note Co., and just now demolished by the Guaranty Trust Co. Nos. 148-158. Few changes have occurred here, except the modern building at No. 1.50, the others having stood for half a century. Drygoods firms, hatters, tailors, were the principal occupants, such as Conant & Balles ; Manning, Leavitt & Co. ; Clark & West; Wiley & Co. At No. 156 was the office of A. Bollerman, con- sul from the Grand Duchy of Hesse. Nos 160-164. The Lawyers Title Insurance and Trust Co. has recently erected a handsome building here for their own use and also for offices. An in- teresting feature in connection with their house-warming on completion of the premises was the important loan exhibition of rare old New York views which occupied the entire ninth floor and is probably fresh in the minds of many New Yorkers and others who had the opportunity to visit this interesting exhibit. This structure replaced three of the old houses seen in the old view — which had all become office buildings of a lower order. Nos 166-170. Is occupied by a large new building which is entirely devoted to those engaged in the jewelry and precious stones business. It is on the corner of JNIaiden Lane, which has always been the headquarters of this branch of trade. Many of the present tenants have also occupied the former buildings which stood here. Benjamin Pike & Sons, the old-time opticians, had their store here in the old days. No. 174 — North corner of Maiden Lane. This is another similar building to No. 170, devoted to the same interests. Barthman is still the tenant of the corner store. This building occupies part of the site of the Howard House, an- other of Broadway's great hotels in its time. Here was the original store of Spen- cer & Hensfel, pens; Bache & Peck, brokers. Nos. 176-178 — Title Guarantee & Trust Co. This handsome new struc- ture also occupies part of the old Howard House site. The entire building is de- voted to the Company's own use. At No. 178 formerly was the popular gun- maker, Henry T. Cooper, and SejTnour & Tuska, popular hatters. The build- ings Nos. 180-182 at the corner of John Street are still the same as formerly. No. 192 — The Chatham & Phcenix Bank, north corner of John Street. Was erected many years ago. The former structure was a very small two-story house, where C. King had a drug store. The property is still owned by the Re- formed Protestant Dutch Church, to which it was bequeathed by John Harpin- ding, who established the first tannery in this neighborhood in the early days of New York. [166] - n- : >- J o 0 ^ o , ^-