overlay

New York will soon have the highest structure but one ever raised by man. (LOC)

from The Library of Congress

• Glossy Wrench said:

  An ad was placed in the New York Herald in May of 1906 offering investors a chance to get in on this investment in the Globe Tower that was projected to cost $1,500,000 and was expected to pay up to 100% interest annually. Not unlike current times, investors flocked to the project and plunked down their hard earned dollars with visions of a fortune in their future. There was a ceremony for laying the cornerstone on May 26, 1906 with the usual pomp and circumstance. By the end of the year, the foundations were still not laid and investors began to get nervous. So on February 17, 1907 another ceremony was held and the first piece of steel was installed. Promises were made to be 50% complete by May 15th and 100% complete by the end of 1908. By 1908 the fraud was evident, the dream was dashed and there was no government bailout. BUT, we did get some very nice postcards. www.americanchronicle.com/articles/view/79558