Lights and Shadows of New York Life

J >> James D. McCabe >> Lights and Shadows of New York Life

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The _Times_ is also a Republican journal, and aims to represent the
Administration of General Grant. Under the management of the late Henry
J. Raymond, a born journalist, it was a power in the land. Since Mr.
Raymond's death there has been a falling off in the ability, the
manliness, and the influence of the paper. It is owned by a stock
company, and is a profitable enterprise. The chief editor is Mr. Louis
Jennings, an Englishman, and formerly the New York correspondent of the
London _Times_. Mr. Jennings is a gentleman of ability and culture, and
a journalist of considerable experience. His chief needs are a decided
infusion of American ideas and sentiment, and a recognition of the
dissimilarity between the London and New York mode of viewing matters.
The publisher is Mr. George Jones.

The _Times_, under Mr. Raymond, was one of the freshest and most
thoroughly up to the times journals on the continent. Its
correspondence, especially that from Europe, was exceptionally good.
There has been a falling off in this respect of late. The circulation of
the paper is not known with certainty, but is believed to be about 30,000
or 35,000 copies.

The _World_ is the principal Democratic journal of the city, and aspires
to be the organ of the party throughout the country. It was begun about
the year 1859 as a religious paper, and is said to have sunk about
$300,000 for its projectors. It then became the organ of the Democracy
of the city, and has for some time paid well. It is the property of its
editor, Mr. Manton G. Marble. It is unquestionably one of the ablest
journals in the country. Its editorials are well written, indicative of
deep thought on the subjects treated of, and gentlemanly in tone. In
literary excellence, it is not surpassed by any city journal. It aims to
be in the front rank of the march of ideas, and makes a feature of
discussions of the leading scientific and social questions of the day.
It is lightened by a brilliant display of wit, and the "Funny Man of the
World" is well known in the city. The chief editor is Manton G. Marble.
He is the author of the majority of the leaders. In this he is ably
seconded by Mr. Chamberlain, one of the most forcible and successful
writers on the city press. Mr. Marble is not seen much in the office.
The _World_ rooms are connected with his residence in the upper part of
the city, by a private telegraph, by means of which he exercises a
constant supervision over the paper. The managing editor is Mr. David G.
Croly (the husband of "Jennie June"). He is a genius in his way. He
does not write much, but gives the greater part of the time to
superintending the work of the office. He is said to be extremely
fertile in suggesting themes for treatment to his brother editors. The
great faults of the _World_ are its devotion to sensation journalism, its
thick and thin Roman Catholic partizanism, and, strange to say, a little
too much looseness in the tone of its Sunday edition. Its circulation is
variously estimated at from 15,000 to 30,000. The exact number is known
only to the publisher.

The _Sun_ assumes to be the organ of the working classes, and claims a
circulation of 85,000 copies. It is a bright, sparkling journal, issued
at a cost of two cents. It is four pages in size, and has a fine list of
advertisements. It is owned by a stock company, who bought it from the
late Moses Y. Beach, its founder. The chief editor is Mr. Charles A.
Dana, a journalist of long experience, and one of the most thoroughly
cultivated men in the profession. He has made it a great success. It is
piquant, forcible, and good-natured. Mr. Dana is assisted by a corps of
able editorial writers and reporters, who are thoroughly impressed with
the wisdom of his policy. He is very sanguine of making a still greater
success of the Sun, and claims that he will yet run its circulation up to
200,000 copies.

The _Standard_ is the property of Mr. John Russell Young, formerly the
managing editor of the _Tribune_. It is a Republican organ, and is
struggling to reach an established and prosperous position. It is well
managed, and is conducted with considerable editorial ability.

The _Journal of Commerce_ is one of the few old-style papers left in New
York. It is a ponderous four-page sheet, depending more upon its
advertising than upon its circulation for its profits. It is edited with
ability, and as it employs but few editors and reporters, and cares but
little for general news, its publication is inexpensive. It is supplied
by a regular carrier, and is not sold on the news-stands. It is taken by
the leading hotels and by the down-town merchants, to whom it is valuable
because of its commercial reports. The general reader would find it dull
reading. It is one of the best paying papers in the city.

The _Star_ is a two cent paper, and was started at the time of the sale
of the _Sun_ to Mr. Dana and his associates, with the hope of securing
the patronage of the working classes. Its managing editor is Mr. Joseph
Howard. It is a sprightly paper, intensely Democratic in tone, and is
said to be prosperous.

The evening papers are much less influential than the morning journals,
but the best of them are very successful.

The _Evening Post_ heads the list. It is owned by William Cullen Bryant
& Co., and Mr. Bryant is the principal editor. It is the ablest and the
most influential of all the evening papers, and is one of the purest in
its tone of any of the American journals. It is taken chiefly in the
families of cultivated and professional men. Its book notices are
considered the most reliable. Its circulation and advertising patronage
are large, and it is a very profitable investment.

The _Commercial Advertiser_ is now under the control of the venerable
Thurlow Weed, and is a good paper.

The _Evening Express_ is the property of the brothers James and Erastus
Brooks. It is well managed, and well edited, and is regarded as ranking
next to the _Post_ in ability and general excellence. It is said to be
worth $40,000 per annum above expenses to its proprietors.

The _Evening Mail_ is younger than either of the others, but not far
behind the best of them in ability and interest. It has a decided
literary tone, and is one of the most enterprising news purveyors in the
city. It is now a thoroughly successful enterprise, and it deserves its
good fortune.

The _Telegram_ is little more than an evening edition of the Herald. It
is owned by James Gordon Bennett, jr., and is a lively sheet, full of
news and gossip. It sells for two cents, and has a large circulation.
Its first page always contains a rough, but sometimes spirited cartoon,
caricaturing some notable event of the day. It is a paying paper.

The _Evening News_ is a penny paper. It claims to have the largest
circulation in the city, and is said to be very profitable. It is
devoted almost exclusively to police news, and descriptions of crime, and
finds its readers chiefly among the lower and rougher portion of the
community. It is owned and conducted by Mr. Benjamin Wood.

The evening papers are generally issued in four editions, at one, two,
four and five o'clock in the afternoon. On occasions of unusual
interest, they often issue extras every hour until late in the night.
The evening papers contain the latest news and gossip, and a variety of
light and entertaining reading matter, and are bought chiefly by persons
who wish to read them at home after the cares and fatigues of the day are
over, or to kill time in the cars on their way home.

There are three daily morning papers published in the German language,
the _State Gazette_, the _Democrat_, and the _Journal_, and one evening
paper, the _Times_. The _Courier of the United States_, and
_Franco-American Messenger_, are issued in the French language. They are
also daily morning papers. All are well supported by the citizens
speaking the language they use.

II. WEEKLY PRESS.

Exclusive of the weekly editions of the daily journals, there are about
133 weekly papers published in the city of New York. Some of these are
literary journals, some political, some the organs of the various
religious bodies, and some devoted to the interests of trade and
manufactures.

The best known weeklies are the literary, religious, and political
papers, and of these the most noted are, _Harper's Weekly_, _Harper's
Bazaar_, _Frank Leslie's Illustrated Newspaper_, the _Nation_, the
_Chimney Corner_, the _Ledger_, _Home Journal_, _Weekly Review_, _Sunday
Mercury_, _New York Weekly_, _Hearth and Home_, the_ Sunday News_, the_
Albion_, _Dispatch_, _Sunday Times_, _Citizen_, _Revolution_, _Spirit of
the Times_, and _Police Gazette_, among the secular papers. The most
prominent religious journals are the _Independent_, _Examiner_,
_Evangelist_, _Methodist_, _Observer_, _Tablet_, _Liberal Christian_,
_Christian Advocate_, _Christian Union_, _Christian Inquirer_, and
_Church Journal_.

The _Ledger_ has the largest circulation, having an actual sale of
300,000 copies per week. It is so well known throughout the country that
it would be superfluous to describe it here. It is the property of Mr.
Robert Bonner, who has reaped a large fortune from it. Next in
popularity is the _New York Weekly_, which is much inferior to the
_Ledger_, but which claims a circulation of over 200,000 copies. There
are about a dozen illustrated papers of various degrees of merit,
_Harper's Weekly_, the _Bazaar_, and _Frank Leslie's Illustrated
Newspaper_ head the list in popularity and worth. The first and second
claim a circulation of over one hundred thousand, and Frank Leslie claims
about seventy-five thousand for his paper. Some of the other illustrated
journals are simply indecent sheets, and should be suppressed. The
_Nation_ is regarded as the highest critical authority in the country,
and holds here very much the position of the _Saturday Review_ in London.

The literary journals are well conducted, and one will often find
articles of genuine merit in some of the most unpretending. The reason
is that journalists are unable to live on their salaries, as a rule, if
they be married men, and are forced to make up the deficiency by
contributing to the magazines and weekly papers. As a matter of course,
they must dispose of their wares wherever there is a market, and where
they are sure of being paid, even at starvation rates, for their labors.
From $2.50 to $5.00 per column is the rate of payment with the most of
the weeklies, and many men and women with whose names and labors the
literary world is familiar, are glad to write for them at this beggarly
price as a means of increasing their legitimate incomes. The number of
writers is very much in excess of the demand, and literature offers a
thorny road to the majority of its followers in the metropolis.

The Sunday papers are generally high priced and nasty. They are entirely
sensational in character, and are devoted to a class of news and
literature which can hardly be termed healthy. They revel in detailed
descriptions of subjects which are rigorously excluded from the daily
papers, and abound in questionable advertisements. All of which they
offer for Sabbath reading; and the reader would be startled to see into
how many reputable households these dirty sheets find their way.

XV. WALL STREET.

I. THE STREET.

WALL STREET begins on the east side of Broadway, opposite Trinity Church,
and terminates at the East River. It is about half a mile from the
extreme southern end of the island, and about the same distance from the
City Hall. It is a narrow street, about fifty feet in width, and slopes
gradually from Broadway to the river. It is lined on both sides with
handsome brown stone, yellow stone, granite, marble, iron, and brick
buildings, and the Treasury and Custom-House rear their magnificent
fronts about midway between the termini of the street. They are
diagonally opposite each other. The buildings are covered with a
multiplicity of signs, rivalling the edifices of Nassau street, in this
respect. Scarcely a house has less than a score of offices within its
walls, and some contain at least three times as many. Space is valuable,
and rents are high in Wall street, and many of the leading firms in it
have to content themselves with small, dark apartments, which a
conscientious man would hesitate to call an "office." The rents paid for
such quarters are enormous, and the buildings yield their owners large
incomes every year. The streets running into Wall street, on the right
and left, are also occupied for several blocks with the offices of
bankers and brokers, and are all included in the general term "Wall
street," or "The Street."

[Picture: WALL STREET.]

Wall street first appears in the history of the city as a portion of a
sheep pasture which was used in common by the inhabitants of New
Amsterdam. Its natural condition was partly rolling upland and partly
meadow of a swampy character. The name of the street originated thus:
About the middle of the seventeenth century, the English in the New
England colonies began to press heavily upon the Dutch in New
Netherlands, and kept the worthy burghers of New Amsterdam in a constant
dread of an invasion. Influenced by this feeling, the city authorities
resolved to fortify the place, and in 1653 constructed a wall or stockade
across the island, from river to river just beyond the line of the
village. This wall passed directly across the old sheep pasture.
Citizens were forbidden to build within 100 feet of the stockade, this
open space being reserved for the movements of troops. It soon became a
prominent highway, and the eastern portion has since remained so. The
anticipated attack on the city was not made, but the wall was kept in
good condition. Houses crept up close to the wall on the city side, and
began to appear on the opposite side just under the wall. Thus a new
street was formed, through which ran the old stockade. The open space
along the wall was originally called _The Cingel_, signifying "the
ramparts." Soon after the town reached the limit of the military
reservation, persons residing here were spoken of as living "long de
Wal," and from this the street came to be called "the Wall street," which
name it has ever since borne. The wall having fallen into decay, was
demolished about the year 1699, and its stones were used in the
construction of the old City Hall, which stood at the intersection of
Wall and Nassau streets, the site now occupied by the Sub-Treasury of the
United States. The old building was used for the various purposes of the
city government until the close of the Revolution. It contained, besides
the council and court rooms, a jail for the detention and punishment of
criminals, a debtors' prison, which was located in the attic, a
fire-engine-room, a cage and a pillory. A pair of stocks was set up on
the opposite side of the street, wherein criminals were exposed to the
indignant gaze of the virtuous public.

At the close of the Revolution, the City Hall was enlarged and improved
for the use of the General Government. It thus became the first capitol
of the new Republic, and was known as Federal Hall. The first Congress
of the United States assembled within its walls in the year 1789, and
upon its spacious portico, in the presence of an immense multitude,
George Washington took the oath to support and defend the constitution as
first President of the United States.

Wall street was originally taken up with private residences, and the old
views represent it as well shaded with trees. Even as late as 1830 it
presented a very rural appearance between Broadway and William street.
Prior to the Revolution, the lower part of the street had been built up
with stores as far as Front street, and had become the centre of
mercantile affairs in the city, the row of stores on Wall street being
the first erected beyond Water street. About the year 1792, the old
Tontine Coffee House was erected on the northwest corner of Wall and
Water streets, and this became the favorite rendezvous for the city
merchants, by whom, indeed, it was erected and controlled. In 1791 the
Bank of New York was located at the corner of William street, and marked
the first encroachment upon the strictly private portion of the street.
It was also the first effort to make this locality the centre of the
financial operations of the city. Other institutions and private bankers
soon followed, and the character and architecture of the street began to
undergo a change. The work of improvement went on steadily, and the Wall
street of to-day is the result. Famous lawyers have also had their
offices in this street. Alexander Hamilton's sign might once have been
seen here, not far from where his humble monument now stands in Trinity
Churchyard, and the name of Caleb Cushing is still to be found near a
doorway just below Broadway.

[Picture: UNITED STATES SUB-TREASURY.]

"In 1700 a house and lot on the southeast corner of Wall and Broad
streets, 16 x 30, sold for 163 pounds. In 1706 a house and lot on the
north of Wall street, 25 x 116, sold for 116 pounds. In 1737 a house and
lot on the north of Wall street, 62 x 102, sold for 110 pounds. In 1793,
the dwelling and lot of General Alexander Hamilton, on the south of Wall
street, 42 x 108, sold for 2400 pounds. In 1794 a house and lot, 44 x
51, sold for 2510 pounds." At present the ground included in these sites
is held at hundreds of thousands of dollars.

The street fairly began its present career in the days of Jacob Little,
"the great bear of Wall street." He opened an office here in 1822, and
by dint of such labor as few men are capable of performing, placed
himself at the head of American operators. His credit was good for any
amount, and his integrity was unimpeachable. He could sway the market as
he pleased, and his contracts were met with a punctuality and fidelity
which made "his word as good as his bond." Efforts were made to ruin
him, but his genius and far-sightedness enabled him to defeat all his
enemies with their own weapons. His gains were enormous, and so were his
losses. The civil war brought upon him disasters which he could not
surmount, and he died poor in the early part of 1861, leaving behind him
one of the names of which New York is proud.

At the corner of Nassau street, and looking down into Broad street, is
the Sub-Treasury of the United States, a handsome white marble edifice.
It is built in the Doric style of architecture, and its massive flight of
steps and imposing portico give to it a striking appearance. It is
constructed in the most substantial manner, and has a rear entrance on
Pine street. The interior is handsomely arranged, and tasteful but
secure iron gratings protect the employees from surprise and robbery.
The vaults are burglar proof. This is the principal depository of the
Federal Government, and millions of dollars are always in its vaults.
The building was erected for, and was used for some years as, a Custom
House.

From the steps of the Treasury one may enjoy a fine view of the entire
street, and of Broad street also. About the hour of noon the scene is
busy and exciting. The roadway in Wall street is full of struggling
vehicles, and long rows of cabs stand in waiting in Broad street for the
busy operators within the Exchanges. The side walks are crowded with an
eager, hurrying throng. The steps and street around the Stock Exchange,
in Broad street, are black with men who are shouting, pushing, and
struggling in the effort to turn the transactions of the day to their
advantage. Overhead is an intricate maze of telegraph wires, along which
flow the quick and feverish pulsations of the great financial heart of
the country. The sunlight falls brightly and cheerily over it all, and
at intervals the clear, sweet chimes of old Trinity come floating down
the street high above the noise and strife below them.

Diagonally opposite the Treasury, and at the corner of William street, is
the Custom House, which occupies the irregular square bounded by Wall
street, Exchange Place, William street, and Hanover street. It is one of
the finest and best arranged edifices in the city.

Just below the Custom House is the handsome marble building of Brown
Brothers, one of the model houses of New York, as regards both the firm
and the edifice. The Messrs. Brown are regarded as the most reliable and
accomplished operators in the street. Across the way, in a dingy granite
building, is the office of August Belmont & Co., the American agents of
the Rothschilds, and bankers on their own account. Jay Cooke & Co.
occupy the fine marble building at the corner of Wall and Nassau streets,
opposite the Treasury, and there conduct the New York branch of their
enormous business. Fisk & Hatch, the financial agents of the great
Pacific Railway, are a few steps higher up Nassau street. Henry Clews &
Co. are in the building occupied by the United States Assay Office.
Other firms, of more or less eminence, fill the street. Some have fine,
showy offices, others operate in dark, dingy holes.

II. THE STOCK EXCHANGE.

The Stock Exchange is located on the west side of Broad street, just out
of Wall street. It is a fine white marble edifice, with a portico of
iron, painted flashily in black and gold. It extends back to New street,
with an entrance on that street. There is also an entrance on Wall
street. It contains the "New York Stock Exchange," "The Mining Board,"
and the "Government Board."

During the spring and summer of 1871 the internal arrangements of the
building were very much improved. The refitting cost the brokers
$60,000, but they now have the handsomest establishment of its kind in
the world.

The main entrance is on Broad street, and from this the visitor passes
into a room, the larger portion of which is separated from the Broad
street end by an iron railing. This is "The Long Room," and during the
day it is almost always filled with a noisy and not over-nice crowd. It
is the scene of the irregular sales of stocks. Any one who can raise $50
can purchase a season ticket to this hall, and once admitted can sell and
purchase stocks without being a member of the Regular Board. This
arrangement has nearly put an end to the sales of stocks on the side
walks, and has given a tinge of respectability to the class known as
"Curb-stone Brokers." A dozen or more different stocks may be sold here
at once, and the sale may be continued as long as the seller sees fit.
There is no regular organization of the brokers operating here, though
these men control the bulk of the sales made in the street. They are
noisy and seem half demented in their frantic efforts to make sales.

The "Stock Exchange" occupies the main hall, which is on the floor above
the Long Room. This hall is one of the most beautiful apartments in the
city. It is seventy-four feet long, fifty-four feet wide, and fifty-two
feet four inches high. Its lofty ceiling is arched and decorated with
bright red and buff penciling upon a sky blue ground, while the walls are
relieved by broad square pilasters, painted in brilliant bronze, with
tall windows and arched tops rising between, and other spaces between the
columns covered with drapery in more subdued colors. Up to a few feet
from the floor the painting is in a dark-hued bronze. The coloring is in
the Moorish style throughout, and the effect of the whole is very fine.
At the north end is the platform for the desks of the Vice-President and
Secretary, and on each side of this is a black board for recording the
quotations of the session. On the same platform is the desk and
instrument of the stock telegraph operator. At the south end of the hall
is a light gallery capable of holding 200 persons, for the use of
visitors. In connection with the hall are several committee, cloak and
ante-rooms. In the centre of the ceiling is a huge ventilator, beneath
which is suspended the lighting apparatus, containing 100 burners. A
chamber five feet in depth underlies the hall and the adjoining lobby,
and in it are laid pipes for conducting warm air.

[Picture: THE STOCK EXCHANGE.]

At the base of the walls is an open iron grating covering the apertures
of a shaft leading from the engine-room. Through this shaft warm air is
forced into the hall in winter, and cool air in summer, thus securing
perfect ventilation.

The Stock Exchange Board is an incorporated company, and is the only
lawful association in the city for the transaction of business connected
with stocks. It consists of 1050 members, but the control of its affairs
is vested in a council of forty members, together with the President,
Secretary and Treasurer in their unofficial capacity. The admission fee
is $5000, and a seat in the Board becomes the absolute personal property
of the broker, who can sell or otherwise dispose of it as he would of his
watch or his coat. Candidates are admitted by ballot and with great
care, the object being to secure the exclusion of all but men of known
integrity, for the Board requires the most scrupulous good faith in the
transactions of all its members. Four black balls will prevent the
admission of a candidate whether he wishes to enter by purchase or
otherwise. Candidates must submit to a close scrutiny of their previous
lives, and must show a clear record.