Little Falls transcript. [volume] (Little Falls, Morrison County, Minn.) 1876-1894, 1884-02-22
GOTHAM.
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Letter to Troy Times. While men
Idle, New York lives. Her merchant
princes pass away, but the city survives
the loss in the rush Of an increasing
population. The tremendous central
Iization of the business Of the continent
on this spot forces it to a eeaseless
1growth, and then the centering Of trade
| in certain localities here leads to values
which really seem fabulous. In the
more common streets of this city land
| is worth from $4,000 to $3.50 900 per
acre. In the best part Of Broadway it's
valeu is increased to 50 900 900 per acre,
but in the vicinity Of Wall street its
value is immensely increased, because
this locality is the money heart of
America. The land on which the Drex-
al building stands cost it's present own
er at the rate of $14 ,0O0,0 per acre,
It occupies the corner. of Wall and
Broad streets, which may be con-
Isidered the most valuable corner ON
this continent, and yet, when I was a
Broad street clerk, in 1910, this very
| place was occupied by a hat store. The
corresponding value of property in this
neighborhood has been illustrated by
the recent sale of the corner of Broad
street and Exchange place, which was
at the rate of $15, 900, 500 per acre.
Standing on the Drexel corner you
may see men entering their offices with
| ,oyo cfar, -o,,1 if II fDj1 + hon
you would find that their transactions,
though of enormous sums, were accom-
plished with the smallest amount Of
words imaginable. No time to waste,
when so much is to be done in few
hours. The day here is from 10 to 8
o'clock, and one house, (Treyor & Col
gate), closes an hour earlier. Such men
are always ready to act, hence there is
less need to talk. If any one attempts
a conversation he will find
himself politely but posi-
lively neglected. Men may talk at
their leisure; but not in the heaving and
excited street. Across from Drexels is
the United States treasury, where $50, 9
1000, 900 Of government funds are held,
and the rear Of the treasury on Pine
street, faces the great Turner building.
Close by IS the old solid firm of Yer
milye & Co., who are very successful
bankers. All around, as you cannot
but feel, is wealth, not in lands, or in
any representative shape, but in money.
Here money reigns. Money is the
theme. Moneyed men are only inpor-
tant, and if you want to see them, just
come to this centre of capital.
The tendency of business to central
ize renders the largest structures profit
able, and the Produce Exchange covers
an acre and q half. It's rental will in,
clude 300 Offices, and the latter are in
demand at high rates throughout the
business part of the city. D. O. Mills
charges SO per square foot on the best
floors of his immense building. Thus
an Office 15x2O will contain 300 square
feet, and therefore will rent for $4,000
per year The Boreel building i'll
Broadway, being more distant from the
financial centre, is cheaper, and yet one
would think it dear enough, since the
rent is $6 per square foot. These build
ings yield rich returns, and generally
pay from ten to fifteen per cent. on the
investment. In the course Of a. few
years the entire lower part Of the city
will be covered with buildings of this
kind, and the adjacent landholders will
form companies and their property will
be represented by shares of stock.