emands, that at length no
man could hope to sell goods except in the new locality. Meanwhile,
property in Cortlandt, Dey, Vesey, and the neighboring streets, rose
immensely, and old rookeries were replaced by elegant stores. The chief
features in this improvement were increased size and enlarged room. L.O.
Wilson & Co. took the lead in this by opening a store extending through
from Cortlandt to Dey street, whose spacious hall could have swallowed
up a half dozen old fashioned Pearl street concerns.

It was Mr. Wilson's ambition to break the bondage of antiquated habit,
and inaugurate a revolution in trade. He had been a prominent Pearl
street man, and had retired with a snug fortune, but had too active a
mind to be satisfied with the quiet of retired life, and hence returned
to trade with renewed energy. The new concern created a decided
sensation, and for several years was successful, but we regret that we
cannot record for it any other end than that which is the general fate
of New York merchants. The movement which had now been inaugurated,
continued with rapid progress until Barclay, Warren, Murray, and
Chambers streets were transformed from quiet abodes of wealthy citizens
to bustling avenues of trade. With this change the demand for size and
ornament still continued, and was accompanied by enormous increase in
rents. A newly-built Pearl street jobbing house in 1836 might be worth
$1,500 per annum, while $3,000 was considered enormous; but now rents
advanced to rates, which, compared with these, seemed fabulous. To meet
these expenses, the consolidation of firms was resorted to, and the
standard of a good year's trade extended from $250,000 to a million and
upward.

From 1848 to 1860 the principle of extension was in active operation.
From Chambers street the work of renovation progressed upward, until
even Canal street was invaded by jobbers, and until a space of a half
mile square had been entirely torn down and rebuilt. Vast fortunes were
made in the twinkling of an eye. A German grocer, who held a lease of
the corner of Warren and Church streets, received $10,000 for two years
of unexpired lease. The fellow found that the property was needed for
the improvement of adjacent lots, and made a bold and successful strike
for a premium. The church property, corner of Duane and Church streets,
one hundred feet square, was sold for $28,000, and within a week resold
to a builder for $48,000. The widening of streets now