The Mineral argus., 1884-03-06
GOTHAM

Letter to Troy Times. men
die, New York lives. Her merchant
princes pass away, but the city survives
the loss in the rush of an increasing
population. The tremendous central
ization of the business of the continent
on this spot forces it to a ceaseless
growth, 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 a
is worth from 81, 300 to $500 900 per
acre. In the best part of Broadway its
valeu is increased to 81, 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 its present own
err at the rate of $14 ,000, 900 per acre.
It occupies the corner of Wall and
Broad streets, which may be con-
sidered the most valuable corner on
this continent, and yet, when 1 was q
Broad street clerk, in 1910, this very
place was occupied by a hat store. The
corresponding value of property IN thus
neighborhood has been illustrated by
the recent sale of the corner OF Broad
street and Exchange place, which was
at the rate of $15, 600, 500 per acre.
Standing on the Drexel cOrner you
may see men entering their offices with
rapid step, and if you could follow them
YOU would find that their transactions,
though of enormous sums, We're accom-
plished with the smallest amount OF
words imaginable. No time to waste,
wheh so much is to be done in a few
hours. The day mere is from 10 to j
o'clock. and one house, (Trevor " Col
oate). closes an hour earlier. Such men
are always ready to act, hence there Is
less need to talk. If any one attempts
q conversation he will find
/ himself politely but posi-
lively neglected. Men may talk al
2 their leisure, but not in the heaving and
> excited street. Across from DrexePs IS
the United States treasury, where $780,
: 900. 900 of government funds are held,
and the rear of the treasury on Pine
Q street, faces the great Turner building,
Close by is the old solid firm of Yer
= milve & Co., who are very successful
bankers. All around, as you cannot
but feel, is wealth, not in lands, or IN
a any representative shape, but in money
: Here money reigns. Money is the
5 theme. Moneyed men are only lmpor'
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
i able, and the Produce Exchange covers
an acre and a half. It's rental will IN
clude 300 Offices, and the latter are IL
demand at high rates throughout tn
to business part of the city. d. o. Mill
le charges So per square foot on the beS.
floors of his immense building. Thu
an office 15x20 will contain 300 squar
q feet. and therefore will rent for 1910
is per wear. The Boreel building l
n Broadway, being more distant from tn
financial centre, is cheaper, and yet on
~ ~ would think it dear enough, since tn
az rent is SO per square foot. These builc
ng ings yield rich returns, and general
- pay from ten to fifteen per cent. on th
~ investment. In the IFS Of a fe'
years the entire lower part of the cit
mn will be covered with buildings of TIN
G. kind, and the adjacent landholders wi
IN form companies and their property WI
s. be represented by shares of stock.