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development. Where large expenditures are made to improve a street by good pavements, sidewalks, parking, boulevarding,
water, light, gas, etc., and by the erection of handsome houses protected by building restrictions, if such developments attract
a desirable class of purchasers who establish an attractive social neighborhood, the land will easily have double the value of adjoining land which has been allowed to develop itself. Owing to high land the Boulevard and Jackson Street district is desirable, the low land between being occupied by negroes. In Atlanta, as in all southern cities, the poorer locations are taken up by negroes, whose occupancy yields values as high as $10 or $12
foot on account of the crowded utilization. The old residence district around the state capitol south of the railroad tracks has suffered from natural decay and the encroachment of business, the highest residence value on the south side being given at $70, although owners claim values of $100 to $150.
New York (population 3,437,202 and about 4,500,000 in the metropolitan district) exhibits almost all of the typical developments found in the smaller cities. Starting at the southern tip . of Manhattan Island in 1612, and clustering for protection around the fort, the first line of growth was along Pearl Street, then the shore road to the Brooklyn Ferry, the attracting forces being the trade with Brooklyn and the better facilities for ships in the East river, where there was less ice than in the North river. Broadway, the beginning of the Boston road and the Albany turnpike, was first blocked at Chatham Street by the high hill and the Trinity Church ownership of the Anneke Jans tract, and turning east sought the narrowest point between Collect Pond and Lispenard Swamp, over which to throw the bridge which laid down the line of the Bowery. Later when Broadway was cut through to Union Square it competed with and finally overcame the Bowery. The various plats parallel to the East river and the North river indicate the additions from time to time made to the territory of the city. The influence of topography has been gradually overcome, ponds, swamps, and streams being filled in and hills leveled. As the city grew north, the best residences pushed steadily up Broadway from the Battery, where they started, to Madison Square, above which point Fifth Avenue has drawn them off, while business has continued on Broadway. Added to this movement of the best residences up Broadway, they have jumped from one to
another of the small parks throughout the city's area, as from St. John's Park to Washington Park, Stuyvesant Square, Union Square, Gramercy Park, Madison Square, Bryant Park, and finally Central Park. Meanwhile the best retail shops followed after the residences on Broadway (also in earlier days the Bowery), and branched off on such prominent side streets as 14th, 23d, 34th, and 42d, which drew business, first by their width, being laid out for business streets, then by the ferries at either end, and last by their many elevated stations. Washington Square, which, like Union Square, Madison Square, Bryant Park, etc., was formerly a potter's field, when converted into a park effectually blocked traffic on lower Fifth avenue and started the most fashionable residence street in New York. Fifth Avenue appears to have become established as the most fashionable street by a process of elimination, owing to the narrowness of the island, by which one or two blocks on the water front being spoiled for residences by docks and manufacturing, the territory east of Third Avenue and west of Sixth Avenue being also injured by the elevated roads which make dividing lines, and the territory immediately surrounding the Grand Central Depot and east of its lines being similarly unavailable, there remain only Fifth and Madison avenues with adjacent side streets for highclass residences, of which Fifth Avenue leading to Central Park, for the past fifty years the most fashionable drive, had the natural advantage. The continuous movement of fashionable residences on Fifth Avenue up the east side of the Park is quite normal, while the absence of residences on the south and west edges of the Park was first due to the high prices at which this land was held, which led to the erection of apartment houses. The upper west-side district has been created by the Riverside Drive improvement, but does not compete with the Fifth Avenue district, being injured by the break in the approach, the street-car transfers, and the disagreeable section around 59th Street west.
With fourteen north and south avenues, where there would have been fifty had New York blocks been equilaterals, and with the great disproportion between the latitudinal and longitudinal axes of the island, immense traffic has inevitably developed on
all of the avenues except Fifth Avenue and part of Madison, which lack transportation. This has led to the rapid northward movement of shops on all of these axial avenues, so that a considerable portion of the city consists of north-and-south business streets and east-and-west residence streets.
It appears quite probable that the greater part of the surface of Manhattan Island will be ultimately devoted to business solely, the space above the ground floor, if not utilized for business, being occupied by hotels, apartment houses, flats, and tenements. Probably the only exclusively residence occupancy will be in the most fashionable locations on and near Fifth Avenue and Central Park, where the very rich who desire to live in town can afford to hold their property against the encroachments of business. Even here restrictions running with the land may be necessary, the weakness of their position being that one shop injures an entire block, while one residence may have but little effect on a block of stores.
Brooklyn, on one side, and Jersey City and Newark on the other, have tended to check the northward movement of some forms of business, and it is quite to be expected that the general growth in all directions from Manhattan Island will create a shopping, hotel, and amusement center near the middle of the island, necessarily south of Central Park and probably between the termini of the new Pennsylvania and Long Island subways and the Grand Central station at 420 Street.
The banking district appears to include the most valuable land in the world, the financial section in London being the only competitor. The two corners of Wall Street and Broad Street were sold about thirty years ago at $350 per square foot, and $150' has been offered for the corner of Wall Street and Broadway, by contrast with which The Statist says that £62 (or $300) a square foot, including a fairly substantial building, is the highest price known in London. It is, however, very difficult to arrive at the highest values in the two cities, as the best property changes hands only at long intervals. The favorable factors creating high prices in the two cities would be for London a larger population, lower capitalization rates, and fair transportation by underground