Downtown Walking Tour Site #5 - 1 Broadway - International Merchantile Maine Building

The current building at 1 Broadway was built as the Headquarters of the International Mercantile Marine Company (IMM). IMM was founded October 1902 by JP Morgan by combining 5 major British and American Lines including the White Star Line and the American Line to compete with the huge Cunard Line.

However, the company was not able to garner much interest in its' securities. It was overleveraged because Morgan had paid too much for some of the lines and overestimated profits. That, and the sinking of the Titanic on 14 April, 1912 lead to its slow demise. It went into receivership in 1915 and by World War II it had divested all of its assets.

1 Broadway was originally occupied by Archibald Kennedy, a Scottish Peer, who built a mansion there in the 1700s. After the Revolutionary War, it was converted into a hotel. In 1884, it was torn down and replaced with an ornate office building called the Washington Building. It is the red building you see to the left in the postcard. In 1919, IMM acquired the building to build a booking hall for its' shipping lines. Because much of the building was already leased out, IMM had the architect reclad the facade and build the booking hall on the main floor.

The building has an ornate entrance on the Bowling Green side and is graced with nautical themes such as coats of arms from major ports. On the Battery Park side it has seperate entrances for First Class and Cabin Class.

One might ask, why build this booking hall if the company was in decline. Well, it had come out of receivership in a better state. But, more importantly, its' competitor, The Cunard Line had just opened it's own booking hall at 25 Broadway and IMM had to answer the challange.

The building is now occupied on the ground floor by Citibank which has kept the character of the booking hall. The famous law firm, Kenyon & Kenyon, occupies the rest of the building.

Main Entrance

Coat of Arms Band

Coat of Arms Detail

New York City Coat of Arms
And now you know where my avatar came from.

For information on my walking tour, visit me at Donnie Walks NYC

Related Blog Posts

Cunard Building at 25 Broadway

Downtown Walking Tour Site #4 - 5-11 Broadway - The Bowling Green Offices

 The Bowling Green Offices opened in 1898 as a speculative office building. That means that it did not have an anchor tenant to insure some level of rent at opening. Because of this, developers used grand entrances to entice tenants. This building has an eclectic blend of Greek and Egyptian motifs. In the photograph to the right, you will see that land has been cleared for the future Cunard Building.

Main Entrance

Column Detail

Above Entrance

Detail Shot

For information on my walking tour, visit me at Donnie Walks NYC

Downtown Walking Tour Site #3 - 25 Broadway - The Cunard Building

Postcard from 1920's

The Cunard Line had its' beginnings in Nova Scotia where Samuel Cunard was building a steam shipping company. He won a contract from Great Britain to carry the Royal Mail from Great Britian to Halifax, Nova Scotia and Boston in 1839. In 1840, the Cunard Line completed it's first Trans-Atlantic crossing with passangers, establishing a regular passenger service.

During the Gilded Age, luxury liners were built to accomodate the very wealthy. Immigrants also used these liners to come to America. They were housed in steerage, the lowest decks of the ship.

RMS Mauretania

The Cunard Line included the RMS Mauretania and RMS Lusitania in 1907. Lusitania was sunk by the Germans in 1915 helping push the United States into World War I. During the late 1930's they added the Queen Mary and Queen Elizabeth. With the advent of jet airliners in the 1950's, the need for regular transatlantic sea travel collapsed. The company turned to tourism as a way to survive. Having been bought by Carnival Cruises, the Cunard brand is maintained as a luxury line with a return to the traditions of the early 1900s.


The building itself opened in 1921 and served as its' HQ for its' North American operations. The main floor contained a ticket booking hall. The hall itself is a work of art with domed ceilings filled with frescos. After the Cunard Line moved it's HQ to midtown, the booking hall was turned into a post office with the ceiling left intact. I was fortunate enough to have visited the hall while the Post Office was there. Sadly, they have shut it down and the booking hall is now closed.

The following photographs are details of the front of the building. 

Ceiling

Main Hall looking towards front entrance

Main Entrance

Nautical detail of ship

Neptune

Detail shot

More Nautical Detail

Top Floors

For information on my walking tour, visit me at Donnie Walks NYC

What I learned today - The Great Depression

I was doing some background research about the NYSE to fill in some holes about its' history, when I stumbled on a mention of the Smoot-Hawley Tariff Act.

Most of us remember the Great Depression in terms of the Stock Market crash during October 1929, with Black Tuesday being the worst; and The Dust Bowl that destroyed the Great Plains.

But another factor was the tariff act. After it passed, a trade war ensued and reduced US trade by 50%. It was quickly repealed after FDR became President and they created the current system where trade agreements are passed as regular legislation instead of treaties, which require a 2/3rds majority.

So yeah, that it what I learned today.

Documents that will be used in the tour

Just thought I would give everyone a preview of some things I will cover.

The original map of New Amsterdam

What the Equestrian Statue of King George III may have looked like.

1930's shot of Lower Manhattan. I use this pic to explain the changes along the East River after shipping changed.

Gilded Age Banquet at Delmonico's in 1906

Stock Certificate from the 1800's. Used while talking about the American Bank Note Company at 70 Broad St.

Wall Street in the mid-1800s

City Hall on Wall St sometime after 1789.

1920 bombing of Wall St.

Newspaper Row - I like the way the great dailies tower over City Hall - late 1800's

Downtown Walking Tour Site #2 - 26 Broadway - The Standard Oil Building

Standard Oil was the oil monopoly headed by John D Rockefeller. The company was established in 1870 and quickly dominated by buying up or driving out of business other oil companies. It was considered a vertical monopoly, which means that it controlled all the steps from extraction to refining to selling of oil to gasoline. At it's peak in 1904, Standard Oil controlled 91% of ALL oil production in the United States.

During this period, other corporations were also creating monopolies such as US Steel by JP Morgan. They created these companies in the form of trusts to avoid state laws and regulations. The immense power and wealth amassed in the hands of a few men lead to a public outcry and an era of trust busting. The press attacked these men as robber barons.

TR Attacking Standard Oil

Just to give you an idea of the immense wealth, when John D Rockefeller passed away in 1937, his net worth was 1.4 billion dollars. Not a large amount in our times. But, according to Forbes Magazine, it translated into 663 billion dollars in 2007. Also, in 1937, the national GDP was 93 billion dollars.









In reaction to the monopolies, Congress passed the Sherman Antitrust Act in 1890. However, it wasn't until Teddy Roosevelt became President in 1901 when the Act started to be enforced. In 1909, The US government sued Standard Oil and forced its' breakup in 1911. The case went all the way to the US Supreme Court which ruled that the Act was valid under the Commerce Clause of the Constitution.


Now, on to the building itself. In 1885, Standard Oil moved it's headquarters from Ohio to NYC.

Close-up of building

At first, the headquarters was 10 stories on a smaller section of this location. Over the years it expanded until 1921 when the company took over the southern end of the block and began building the current building. It was one of the first building to use setbacks as called for in the Zoning Law of 1916. the 31 floor tower is lined up to the street grid instead of the building itself, creating an interesting effect of the building as a whole. They finished it in 1928 and the building served at the HQ until 1946 when they moved to 75 Rockefeller Center in Midtown.





A few photos to close this out.

A photograph from the 1930s

South Side Of Building

Clock Detail above Doorway

Urn at top of the tower

For information on my walking tour, visit me at Donnie Walks NYC

Downtown Sites #1 - The Charging Bull

The Charging Bull is an iconic symbol of New York City and more specifically, Wall Street. It is one of the most photographed landmarks in New York City. However, the story of how it got there is even more interesting. On Oct 19, 1987, the Stock Market suffered one of its' largest drops since Black Friday. An artist, Arturo Di Modica, decided to make a sculpture to represent the power of Wall Street to rebound. He spent two years creating the sculpture.

After some reconnaissance gave him a good time to drop off the sculpture, he returned early in the morning on December 15, 1989 to 11 Broad Street, home of the NYSE. He found a christmas tree in front of the Stock Exchange and deposited the bull as a gift to Wall Street.

The head of the NYSE wasn't happy about it and had it removed by the end of the day. However, fans of the statue wanted to find a home for it. The City Parks Commisioner agreed to let it be placed at the tip Bowling Green facing up Broadway. This was meant to be temporary, but at this point, I can't imagine anyone having the guts to remove it.

And yes, Everyone takes pics of this view too.









Read more at Wikipedia



For information on my walking tour, visit me at Donnie Walks NYC