The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-03-29
OUR MARVELLOUS BUILDING.

VUn Nan Inu1UUO DUluVINV
CONsTRUCTION FOLLOWS THl
| CITY'S FINANCIAL GROWTH.
The Listings q stscss 10 1901 were Tin
paralleled. aad Csastructieu went VIII
! Them-Nearfy % Much once Reeu
| Provided since 0oo % IN the Previsu
10 Years-Activity In varieus Districts
The recent growth Of New York. in 90 "a,
] a. II has been extraordinary. II traceabls
1 to two principal causes. namely. the In.
dustriAl combination and the position oil
the city 80 . centre Of finance. The con.
solidation Of groups Of industrial corpora.
tions into giant combinations. each big
enough TO control . given line Of trade
throughout the country. called for hugs
issues OF stocks and bonds. The only city
In the United States with Q banking com.
munity strong enough to finance these
combinations and with stock market large
enough 70 absorb their securities was New
York. This city consequently assumed q
relation toward the nations oommercs
and industry which 1t had never before
possessed. The consolidated corporations
and, along with them. the numerous oon-
stituent companies, were impelled to es-
tablish their executive headquarters here
In order TO be In touch with their stock
market and banking interests. Through
the rise Of the industrial combination New
York became the national clearing house
for the commerce and industry Of the United
States. II was the concentrated command
over the oountry'a credit resources which
followed from this changed position With
reference to general business that placed
New York In the FIRST rank as an interna-
tional monetary centre.
The form OF corporate industry known
~ the industrial combination has been
developed almost entirely since 1895. the
progress Of II being traoeable In the listings
on the New York Stock Exchange. In
1895 new stocks and bonds OF face value
Of more than 81 900. oo0, 900 were listed, Q
total heretofore unprecedented. The float
ing Of big corporations was interrupted by
the Spanish-American War. but was re-
sumed as soon as the outcome OF the strug-
gle was assured. The annual hstings rose
to 81 10 900 900 In 1900 and In 1901 reached
the enormous sum OF $500 900 900. These
listinss on the Stock Exchange were fol-
lowed CLOSELY by expenditures for new
housing In Manhattan and Tho Bronx (ths
old city,. The cost Of the buildings pro.
jected In 1900 was tis0. 900 900. The great
est sum ever before expended In one year
had been 81 100000. The annual average
since 1899. exclusive, has been $50, 900, 000
Because OF this concentration here OF
business In the last four years new buildings
have increased with peculiar rapidity in
the financial district. OfYices have been
demanded for the most part downtown.
The architectural character OF the financial
quarter has entirely changed. and rents
and land values have undergone great re-
adjustment.
A few years ago downtown property was
q poor investment. Almost since the be-
ginning OF the era OF tall buildings, on the
perfection OF the passenger elevator about
1880. the production OF new offices had
shown tendency to run ahead Of require
ments. This tendency had been fastened
by the introduction OF steel frame con-
In 1850. The proportion Of va
cant Offices downtown was large, and under
The keen competition for tenants rents had
been greatly reduced. In the eleven blocks
BY Pine. William and Beaver
rtreets. Battery place and Trinity place,
'orty-nve now buildings had been erected
between 1850 and 1893. yielding net IN
,rease Of So, e6i square feet OF rentable
,fice space. an addition OF some 50 per
,ent. in eighteen ycars.
The district mentioned contained the bulk
u the modern buildings then In existence.
They were grouped principally around
he Stock Exchange and the Produce Ex-
mango. There were large areas within
he district untouched by modern improve
nents. But IL Possessed q greater density
y once population than any other territory
u equal extent. The conditions prevail
ne there may consequently be accepted
~ typical. 30 unfavorablc had these
,ecome that In 1897 and 1893 construction |
york remained almost at q stsndstill.
Meantime. the influence Of the Industrial |
was telling on the growth OF |
population and business. and In 1850. when |
money mad 70 be restored to lie normal |
'hanneis after the Spanish War. building |
'egan again on q larger scale. With one |
inception. however. the new buildings
vere erected outside the district In ques- |
Ion. particularly In Broadway north Of |
'ins strssf. In Cedar. Libsrty and Cort- |
Andt streets. IN Maidsn lane, and In Btsts |
trect facing Battery Park. The one build |
NJ erected within the district was tbs
the largest Of its kind In
he city. u contained twenty stories. dis
'laned nearly . dozen old structures. and |
ddsd . net inoreass Of 5e0iss square fest |
q rentsbis olnns spsce. Building enter |
'rtss fell "a In the following year. owing |
o sxos~siye oo~' Of construction. But in |
soi. the year ~ unssamplsd hstinss IN
hs SOCK EAohsnss. II efpsnd~d ca pre-
'iously unparalleled Proportions. Tho
'u,nb~r ~ buildings. With their ne, lnores.s
4 rsatshls oe'as spsos. oonsiruc,sd In the
'lsvsn blocks during the past four yssss
} shown In thIs table.
sssss
ssas.s Pee
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tLs eAhas spsa- fssaLrL~d by noe lsulld.
Ass N sls lssi feaf rsss essf sAd shove
tlsf a1sia lAs1 In tiss slsu0lusss tam aeua