On October 25, 1929, Mayor Jimmy Walker broke ground on the Triborough Bridge. This date later proved significant, as it was just one day after the “Black Thursday” that helped trigger the Great Depression. The initial $5.4 million allocated by New York City for construction of the new bridge – most of which went to condemnation awards and counsel fees – had already been spent before the Ward’s Island piers had been built….With its coffers depleted by the ensuing Depression, the city abandoned work on the bridge early in 1930.
In 1933, Mayor Fiorello LaGuardia appointed Moses as the chairman of the Triborough Bridge Authority. President Franklin D. Roosevelt granted the new authority a $37 million loan, making the bridge the first project in New York City to earn approval from the new Federal-level Public Works Administration (PWA). Seeking a clear break from the Tammany Hall corruption of the past, LaGuardia said the following to the press: “We are going to build a bridge instead of patronage. We are going to pile up stone and steel instead of expenses. We are going to build a bridge of steel, and spell steel “s-t-e-e-l” instead of “s-t-e-a-l.” The people of the City of New York are going to pay for that bridge, and they are going to pay for it in tolls after its completion.”
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