Financial History Issue 125 (Spring 2018) | Page 10
THE TICKER CONNEC TING TO COLLEC TIONS
Dreamland: A Coney Island Financial Failure
By Sarah Poole, Collections Manager
As spring finally takes hold in the
Northeast after a long, snowy winter,
many New Yorkers will start planning
warm weather outings. Their destinations
might include a trip to Coney Island, the
historic seaside section of Brooklyn fea-
turing a beach, boardwalk, amusement
parks, aquarium and other entertainment.
Famous for the original Nathan’s hot
dog stand and the Cyclone rollercoaster,
Coney Island has been a resort destina-
tion since 1829 when developers started
building hotels and expanding railroad
and ferry access to the area. From the
mid-1890s through World War II, Coney
Island was the largest entertainment area
in the country, home to a number of
amusement parks, such as Sea Lion Park
(1895-1903), Luna Park (1903–1944) and
Steeplechase Park (1897–1964).
The most ambitious park to be built
during Coney Island’s heyday was Dream-
land. Only in operation from 1904–1911,
Dreamland was built by former state sena-
tor and real estate developer William H.
Reynolds. Inspired by the instant success
of Luna Park after it opened in 1903, Reyn-
olds sought to build a competitor. The first
hurdle to overcome to fulfill his dream
was acquiring oceanfront property. When
two adjacent parcels of land came up for
auction in July 1903, Reynolds attended
the auction, but the lots ultimately sold
to two individual bidders for a total of
$447,500. A couple of days after the auc-
tion, the developer revealed that the two
winning bidders actually worked for him.
Reynolds had feared that any aggressive
bidding from him would trigger other
developers to compete for the properties,
driving up the price.
The next obstacle in Reynolds’ path
was a physical one: West 8th Street
divided the two parcels of land that now
belonged to him. The former senator was
not intimidated by this challenge and
wielded his political connections to sup-
port his venture. First, Reynolds recruited
politicians and local businessmen to invest
in his newly-formed Wonderland Com-
pany (the park was originally to be called
Wonderland), which was incorporated in
Dreamland
Amusement Park,
circa 1904.
8 FINANCIAL HISTORY | Spring 2018 | www.MoAF.org