Posts Tagged ‘Canal Street’

When western Canal Street had a “Suicide Slip”

September 20, 2012

Canal Street really was a canal back in the early 19th century; it carried filthy water from polluted Collect Pond, near Lafayette Street, and emptied it into the Hudson.

After the canal was filled in and made a road in 1820, the far western edge of newly named Canal Street served a more ghoulish purpose.

“The Street took its name naturally from the little stream which was called a canal,” writes Charles Hemstreet in his 1899 book Nooks and Corners of Old New York.

“The locality at the foot of the street has received the local title of “Suicide Slip” because of the number of persons in recent years who have ended their lives by jumping into Hudson River at that point.”

The Historical Guide to the City of New York also marks this as a suicide spot. “The small park at West and Canal Streets was once called Suicide Slip,” it states mysteriously.

The banker called the “East Side J.P. Morgan”

June 14, 2012

The Lower East Side was already a growing Eastern European neighborhood by the time Alexander “Sender” Jarmulowsky arrived in 1873.

Those immigrants needed a bank they could trust, one with connections to their homelands.

So Jarmulowsky, formerly a Talmudic scholar from Russia and now the wealthy owner of a shipping business, started one.

His eponymous bank, at Canal and Orchard Streets, was a huge success.

Jarmulowsky earned a rep as an honest businessman nicknamed the “East Side J.P. Morgan” who paid 100 percent on the dollar during the occasional bank run.

States the Museum at Eldridge Street: “As one Yiddish newspaper described him, ‘Jarmu-lowsky was living proof that in America one can be a rich businessman but also be a true, pious Jew.’”

The 12-story bank building at Canal and Orchard Streets he built in 1912 still stands today. Unfortunately Jarmulowsky never got to see it; he died that year. His sons took over, but they were more Bernie Madoff than J.P. Morgan.

When customers went to withdraw their money to send to relatives abroad during World War I, they found out their savings were gone.

The Jarmulowsky building was sold for $36 million earlier this year—way too late to benefit any of the account holders who lost their savings.