New-York tribune., 1902-12-31


from the seat OF the government Lonnon
Paris Berlin Vienna and Rome owe their pres
tige primarily to the fact that they are capltal
eities For this reason they have gradually be
come important business centres and have hnai-
ly grown he tho principal commercial cltles oi
their respective states. New-York owes no ooil-
CATION to the government for its tremendous
growth. Il has become great both physlcalIN
and as a financial and business centre primarily
because Of its Geographical situation.
Business men from cities all the United
States make il a point come to New-fork
10 do their buying. not only because they know
that they viii find here the best markets. in
Guiding variety of goods and competition as TO
price but they wish the city itself as we'll
Nowhere else in the world is there a collection of
buildings such as the sky line OF New-York ex
hibits.
The wonderful rapidity with which these
structures are being erected is one of the mar
wells of mankind. a cavernous hole appears
ln the ground. which is filed with foun-
s5ations of cement. concrete and masonry. vault
sng over the basement. sub-basement. cellar and
Eub-cellar. and on top Of this grows the building
sn a few months. from twenty 10 thirty stories
xtyW,ard. First comes the steel frame, and be-
fore this is entirely completed masons begin on
several stories at 10 build side walls 1t
was only few months ago that noted Eng
lishnlan visiting This country for the first time
stood aghast witnessing 10 him the strange phe-
s1omenon Of beginning the outside Of wall on a
ssroadway skyscraper six eight stories from
she ground He remarked that on his next visit
he expected 10 see them begin the top and
build downward
These downtown skyscrapers are virtual bus
sness palaces being fitted with all the modern
appliances for the speedy transaction of bus
sness as we'll rs for the comfort of their ocCu-
he first
zion beauty OF architecture and splendor of in
serior finish have fully kept pace with progress
sn other directions Polished marble and granite
are seen everywhere. Costly decorations. the
hest work Of the first artists in the world, are
Frequently found in these great office buildings,
which are used exclusively for business pur-
poses. and are practically closed after O'CLOCK
every night
While enormous sums have been spent in such
structures the end is not yet A recent estimate
has been made that the of S25o0oooo VIII
be spent on improvements already projected or
new under way Of a private or semi-pubhc
character. The municipality will spend about
S200oe0o00 more improvements the plans
for which have been made. Half dozen
bridges will span the East River. and perhaps
before the city is a quarter of a century oloer
Ibis number VIII be increased a dozen or more
Tunnels viii l,e also dug under both the North
End quicker means of transit between Manhat-
tan Island and the outlying districts. All these
have become necessary because Manhattan
Island has grown TO be more and more place
,nerely for business and those who do the work
in the city are compelled TO seek homes in
Long Island. Westchester County and New-Jer-
sev The construction of the subway line in
Manhattan and The Bronx is undertaking of
such vast proportions that it is almost i'm
and SIS real DrOn
= The building of a great public library, with
n scores of branch library buildings is another
~ enormous undertaking now under way. New
schoolhouses are projected by the dozen; new
docks, new sewers, extensions of the water sup
ply system. new courthouses, armories.
magnificent hall OF records and dozens OF other
structures Of a public nature might be men
toned which under way projected
The Pennsylvania Railroad Company expects to
spend SJ0oo0o00 on the proposed tunnel inn
provements, and the New-York Central Railroad
Company will perhaps spend nearly as much
more the proposed changes in and about the
Grand Central Station, by which its tracks will
tie depressed so as 10 connect with the sub
way, and also that Fourth-ave. may be
used as a street a short distance uptown from
the present station. The new home of the Clear
5ng House Association and the Chamber of
Commerce. recently completed, and the mag
f1ifcent home OF the Stock Exchange, which will
DE completed within short time have further
smbellished the downtown business district.
The wealth that is represented by the citizens
cf New-York it would be difficult at the present
no estimate. II is known that practically all
the captains OF industry have made their head
quarters in this city and the business and f1nan-
cial movements of the entire country and of a
large portion of the world are directed from
thst district Of Manhattan Island called Wall
Street" Its interests have grown SO vast shat
WALL Street is no longer able to contain them.
They have sweled north and south, so that this
ancient thoroughfare is merely the centre of the
district
A few figures in the financial and commercial
movements indicate the position whcn New
York occupies in the world of business. The
rotal clearings for the fiscal year 1902 were ir
round numbers. S116.0o0o000O0. OF this
smount. the clearings Of the New York banks
amounted a little less than $4,000, 600 000 ol
considerably more than one-half of the whole
In the census year of 1900 the value of the
manufactures in the city aggregated 81, 400. 600
600. with 475.0o0 wage earners in factories o.
one kind and another. whose earnings amounted
10 S250oo0o00 year. These figures did not
take into consideration the vast army OF clerk,
always employed.
Land has been sold In the city AT about $50.
square foot. and the total assessed valuation
of the real estate therein s. $50 600 900 thi
year. against S20oo0000 a century ago Tn
amount Of the city budget alone exceeds 500
100000 a year. Nearly all of the large railroad
and industrial corporations pay their dividend
in New-York City. and it is estimated that fl
the fiscal year of 1901 over $500 900 600 wa
paid out in dividends of which sum wa
cisbursed in the city Of NewYork
Another indication that New-York is growin
to he IL IL has not already become the fnancis