The new Northwest. [volume] (Portland, Or.) 1871-1887, 1880-01-22
LETTER FROM NEW YORK.
LFR6M OUR REGULAR CORRESPONDENT
New YORK, December 20, 1879.

I lF NUN ol X AEoA L LAX toltftE-7t p-Nl'E-NA i.
NEW YORK, December %. 1879.
To THE EDITOR OF THE NEW NORTHWEST:
Activity In business, abundance oi
money, and a general feeling of conf
denee in the future, now existing
throughout the United States, have
given a new impulse to several grand
enterprises that, for years, have Ian
/ guished in allegiance Tor lack Of funds
aud courage to complete them. The
Hudson River Tunnel is now rapidly
going ahead. IL will be about 1900
feet IN length (the river itself being one
mile widel, 60 feet below the water, 26
feet in width, and a feet in hight.
When completed, all the railway trains
from the South and West win run di-
rectly into New York, instead of stop
ping in Jersey City. The estimated cost
of the work is SlO,OOO,OOO. The Della
ware and Maryland Canal is also in a
hopeful way. The surveys have been
made, the cost estimated at S37 100000,
and a company is being organized for
its construction. And then there is the
Florida Ship Canal, which may almost
be regarded as an fat accOmpli, as the
capital, S2O.O0O,OOO, is ready and the
company only waiting the sanction OF
the Legislature to go to work. These
great enterprises will give employment
to tens OF thousands OF laborers and
vastly benefit the capitalists and States
that supply the lands and the money to
accomplish them. Another decade will
see all these grand projects completed.
What a highly-finished, well-furnished
world this will be a few hundred years
hence, if our little planet lasts so long
The New York Committee which has
in charge the proposed worlds fair TO
be held in this city in 1888, had an in
tervlew with Secretary Sherman and
Attorney-General Devens, on Tuesday
last, at the Fifth Avenue Hotel. Mr..
Sherman told how enormously Phila-
delphia had gained by the Centennial
Exhibition Of 1876, and said he thought
New York should have its turn like
wise. New York was "the natural
place. for such show. at is the city
OF our commerce." said Mr. Sherman,
"where the people Of our own country
and Of all other nations exchange works
and merchandise. OF the twelve hund-
red and odd millions Of foreign COM
merce, more than three-quarters CEN
tres here in this great city" 10 order
to insure the success of this proposed
exhibition, however, Mr.. Sherman
thinks that the rivalries and jealousies
Of other localities must be put aside.
Ip order 70 effect this, the exhibition
must be made "as national as the ma
tion itself, so that every town may have
the same interest in its success as the
city Of New York. You must make il
also international" said Mr.. Sherman,
$50 that every land and every cline
may be represented and show their pro-
ducts"
The Jay Cooke estate continues to
yield payment to its creditors, and the
Northern Pacific Railroad bonds, which
holders were glad TO sell for fifty cent.
on the dollar after Jay Cookies failure,
and which were converted into preferred
stock, are now quoted at sixty cents
proving Mr. Cookies far-sightedness in
business. 1t appears very evident now
that if he had been permitted oil
obliged to settle his estate himself
everybody concerned would have farec
/ better, and even been paid in full, anC
he permitted to carry forward his grauC
schemes, which would have benefited
the country all round.
Old Peter GOeleps will divides about
/ S20,OOO,OOO among his sisters, nephewi
and nieces; but the estate is to remain
unbroken, the interest, rents and profits
to be divided. One of the largest real
estate owners in the city, he never sol,
a piece Of land, not needing money, anC
confident in the future Of real estate I,
a patient waiter. Commodore Wander
bilt tried in vain to buy the ground oI
which his grand depot now stands from
old Goelet; but he resolutely decline,
the Commodore's large offer. 1t ended
though, by the railway sharp's ge;tinl
a bill through the Legislature, directing
the transfer Of the land for the publ
benefit aud its value to be appraised b.
arbitrators. That was no difficult ex
ploit for Uncle Dick Schell, VIII
worked the oracle, and the land passe
from GOelet's hands for enough les
than the sum the Commodore had oi
fered to pay the expenses Of "parliamer
tary counsel"
Externally, Christmas Dav was yer
dull and gloomy in New York. Raj
fell nearly all day, breaking only for
short interval after noon. AUGUST.
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