The Washington herald., 1919-07-26
N.Y.TENDERLOIN
MADE TO BLOOM
Realty Shows Tremendous
Increase In Value,
Says Holland.

For approximately T,o00, 900 the land
and building occupied by a depart
ment store on the exact site of the
traditional. although somewhat myth
ical. 'Tenderloin" of New York City
was sold q day or two ago to this
department store compcny. 1t might
be OF no moro than local interest
were it not for the fact that the
transaction and others which have
been consummated in that vicinity go
far toward justifying the prediction
which was made by President A. ].
Cassatt, OF the PENNSYLVANIA Rail-
road, twenty-six years ago. He put
his finger upon q map OF Manhattan
sometime in the rIid-90's Of the past
century and thus indicated what he
was sure would become within
short time q great business center
in the heart OF New York.
Many astute business men were dis
posed 10 fear leEt Mr.. Cassatt's judg-
nent was affected by his Imagination.
The region which was indicated by
his finger upon the map was partly
squalid. partly the home of g.lded vice.
and there were IN it few small fac
tories Mr.. CaSSatt decided that the
Manhattan terminal OF the Penrsyl-
vania railr"ad tubes under the Hudson
should be upon the Hudson River trout
of this region.
Many We're tho criticisms. kindly. hut
b.>inessl,ke, which men who though
yHleir Judgment to be excellent VEN
tured to express when Mr.. CaSsatt' 5
plan was made public. They wondered
how the Pennsylvania Railroad Com
pany expected to centralize business in
( that deserted part of New York so as
/ TO earn enough TO pay the interest
upon the cost OF construction.
As 1t Is Today.
/ Mr.. Cassatt. however. was never
dismayed by CRITICISM. He was Iooi,-
ing beyond the boundaries of the
Hudson River shore of New York
City. for he planned the construction
Of tubes underneath Manhattan Is
! land and the East River, whereby
the Pennsylvania trains could be
Transported direct from Philadelphia
and the West TO the Long Island
terminal and then by means OF a
! brioge over Hell Gate physical con-
! tact With the New Haven system
could he secured.
! At that time the conjecture was
frequent that the Pennsylvania peu.
ole expected either to gain control of
. '4AS 4NN" SNSleIll-WIlCn, II X
were accomplished, would give il
command OF traffic to and from New
. EnGland-or else enter into an al
lance.
Now railroad executives and some
OF those who are in authority in
Washington are considering tavorabIy
the eXpediency of bringing the New
Haven system and the Pennsylvania.
as we'll as the New York Central.
into a single family through what
would amount to practical unifica-
uon. Mr.. Cassatt did not toresee
this precise development. but he did
look far enough ahead to picture
forth in his minds eye substantial,
if not complete. union with the New
Haven system.
Cassatt's Prophecy Justified.
In addition to the purchase of the
necessary land for the construction
of the great Manhattan terslinal OF
the Pennsylvania system, the Penn.
sylvania people. needing Mr.. Cas-
salts advice. have been buying land
demolishing the ramshackle buildings
which stood upon ii, and in addition
have caused to be constructed there
one OF the greatest hotels In the
world
They look for the construction OF
business buildings OF the modern
type upon these reclaimed lands and
the conversion OF that region into
a great business center exactly as
the recent completion of the Grand
Central Terminal and the purchase
by the New York Central of many
blocks stretching northerly has con-
verted a hitherto somewhat ne
elected part of the city into an i'm.
posing thoroughfare. The income
from this investment is understood
to be more than sufficient to pay the
interest upon the entire cost of the
New York Centrars improvements.
HOLLAND.