New York City

The New York metropolitan district, as defined by the U. S. Census Bureau, includes a land area of 2,514.11 sq. m. lying in the'States of New York, New Jersey, and Connecticut, and had a population according to the 1930 census of 10,901,424. In addition to New York city, it includes such important centres of industry and population as Newark, Paterson, Elizabeth, Bayonne, Hoboken, Passaic, Union City, East Orange, Perth Amboy, Orange and New Brunswick, in New Jersey; Yonkers, Mount Vernon, New Rochelle and White Plains, in New York; and Stamford and Norwalk in Connecticut. Altogether the district contains 373 independent, self-governing municipalities lying within a radius of approximately 4o m. from New York City Hall.

In

1934, the tonnage cleared from the port amounted to 4,008, 859. The tonnage for foreign trade amounted to 14.9% and the value to 34.4% of that of all United States ports.

The area of the port of New York district within the jurisdic tion of the port authority is about 1,500 sq.m. extending from below Sandy Hook on the south to Tarrytown on the north, a distance of approximately 48 m. and east and west to an average approximate width of 32 miles.

Serving this area is the first of the projected belt lines, a con solidation of short transfer lines, extending along the west bank of the Hudson and connecting all the trunk lines entering the Jer sey side of the port. The Holland vehicular tunnel, opened in 1927, was brought under the Port Authority's control in 1930 while the Midtown Hudson Tunnel at 39th street, still under con struction by that authority is expected to be opened by 1938.

Two bridges across the Arthur Kill, one from Perth Amboy, N. J. to Tottenville, S. I. and the other from Elizabeth, N. J. to Howland Hook, S. I. were opened to traffic on June 29, 1928. A third, the magnificent George Washington bridge across the Hud son at 178th street, was opened on Oct. 25, 1931 and a fourth, the Kill van Kull arch between Staten Island and Bayonne, New Jer sey was opened on November 25 of the same year. The suspen sion span of the George Washington bridge, measuring about 3,500 feet, is more than twice as long as any such span previously constructed. Besides these improvements the Port Authority completed in 1933 the sixteen story Inland Freight Terminal oc cupying the entire block between 8th and 9th avenues and 15th and 16th streets.

Banking, Exchange and Insurance.

Since the beginning of the city's history, the financial district of New York has been at the end of Manhattan island, below Fulton street. Here are the largest banks and trust companies, the exchanges, and many insurance headquarters. In 1784, Alexander Hamilton wrote the constitution for the Bank of New York, the first bank to be established in the city, in operation five years before the U.S. Con stitution was adopted. This bank was originally at 67 Saint George's square, now Pearl street, and was later moved to 48 Wall street. The first bank of the United States was estab lished in 1791, and a branch known as the office of discount and deposit was opened in New York in the same year. The Bank of the Manhattan company was the third bank to be organized in the city and its charter is notable as being the first to enable a public utility company to engage in banking. The Manhattan company furnished New York with water for 43 years. The Bank of the Manhattan company is still at its original location at 4o Wall street. It continues to operate under its original charter,

through the expedient of maintaining a water-tower. The Mer chants and Mechanics and Metals National banks, the Bank of America, the Phenix and City (now the National City bank), all date from the early 19th century. When the Chemical National Bank was organized in 1823, there were already 12 others, having an aggregate capital of over $15,000,000.

The Sub-Treasury of the United States, formerly on Wall street, was abolished when the Federal Reserve system went into operation in 1914. A part of the functions of the Sub-Treasury are carried on by the U.S. assay office at 32 Wall street. The New York Clearing House, now located at Cedar street, between Broad way and William street, was established in 1853. The bank clear ings from January through December 1936 totalled 427.09. New York is the centre of the Federal Reserve district No. 2 (see BANKING). On July 1, 1936 the number of savings banks in Greater New York was 58 while their collective deposits amounted to $4,080,670,829. The New York Stock Exchange (q.v.) occupies a building designed by James Rennick and has 1,428 members. The New York curb market was formerly an open-air market for selling unlisted securities. It is now housed in its own buildings at 78 Trinity Place, completed in 1921. (For insurance companies, see INSURANCE.) Wholesale Trade.—The clothing market is chiefly centered in Broadway, Manhattan, between 34th street and Canal street, and in cross streets between Third and Seventh avenues. Silk estab lishments have two principal centres, one bounded roughly by 23rd and 34th streets and Third and Fifth avenues; the other, on or adjacent to Broadway between Canal and 8th streets. Fur establishments are now sharply localized between Broadway and Eighth avenue and 23rd and 34th streets. The millinery business, formerly chiefly along Broadway, between Canal and 14th streets, is now moving to a centre between Broadway and Fifth avenue above 34th street. Boot and shoe establishments are almost exclu sively in lower Manhattan between Broadway and West Broad way below Canal street. Jewellery, formerly concentrated in and about Maiden lane, has now become distributed in smaller groups between Maiden lane and 5oth street along Broadway and Fifth avenue, with a large and growing centre at and about the inter section of Canal street and the Bowery. Fruit and produce mar kets are centralized in Manhattan between Canal and Cortlandt streets, and West Broadway and the North river. The fish, egg and cheese markets, are highly concentrated on the lower west side between Harrison and Greenwich streets and meat establish ments centre at West 14th street and the North river. The coffee, tea and spice markets are mainly in a small area on the lower east side about Water and Front streets. Hardware houses are around Warren and Chambers streets, west of Broadway ; paper and stationery are much more widely scattered now than formerly, largely owing to the uptown movement of printing and publish ing establishments, one great centre being now at or near Park Row and the other in the neighbourhood of the new post-office about 34th street. Drug establishments are chiefly in lower Man hattan, on the east side of Broadway and below Chambers street, while leather dealers are just below Brooklyn bridge.