It was probably the street railways, the local transportation in Jersey City, that first needed to identify the location more precisely as Exchange Place.{American railroad Journal Vol 32, June 18, 1859} Beginning with horsecars in 1860, the local network connected the ferry with neighborhoods in the city and nearby towns. An off-street terminal called "Exchange Place" was established in 1891. It was almost at the water's edge, across the street from the Pennsylvania Railroad terminal and with easy access to the ferries. Cars with signs reading EXCHANGE PLACE could be seen all over town. In 1901, the privately held land was given to the city by the PRR.