New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-10-19
THE OLD POST OFFICE SITE SOLD.
ONLY $65O,OOO REALIZED.
LANGUID BIDDING BETWEEN TWO COMPETITORS
THE REAL PURCHASER NOT KNOWN.

LANGUID BIDDING BETWEEN TWO COMPETITORS
THE REAL PURCHASER NOT KNOWN.
When John H. Draper mounted the auction stand
OF his firm i'll the Exchange SalesrOom at noon
Of the old Post Office Building in Nassau-st.
he faced dense throng OF people, among whom
many capitalists and wealthy business men.
IL proved afterward that the crowd had been at
tracted to the sale from motives OF curiosity only.
Assistant Treasurer Acton stood beside MIR. Draper
with u cheerful c0untenance that gradually grew
doleful as the bidding went on. There several
members of the Chamber of Commerce at the sale,
among whom >. d. BabcOck the last presi-
dent of that institution. $. B. Chittenden and
in behalf of the Chamber, however, the Building
Committee of that body having reported against
entering the competition for the property on Septem-
Before the sale began Mr.. Draper said that in re-
ply 10 the reports that the Government had 10 right
TO make the SALE the act OF Congress authorizing
il was defective Secretary FOlgcr had sent the fol-
lowing telegram from Washington:
Secretary gives deed Same rules II title defective,
hculty silence OF act about the disposition OF the
56is
FOlger provided for the turning into the Treasury
of all proceeds OF public property sold. He ais
stated that the Government VIII gave warranty
deed for all the property included III the authOrlz
lug act of sale. For six minutes Mr. Draper re-
hearsed the advantages of the property he was
offering before the first BID was made. That was
the Government 10 receive. 1t was made
by Herman III. Cammann, real-estate broker
of No. 4 PIne-st 1t was several moments
before 1908, 900 was bid by Sgmund L. Meyer VINO
is understood to have acted Tor Kuhn. Loeb d Co.
he utmost ianguOr characterized the bidding
which rose by advances of 5000 each until the
sum of S0JO, 900 reached. Mr. Never and Mr.
Camlndnn were the only bidders When the latter
made the bid of S050,000 Mr.. Draper said, Won't
somebody give me ~ ,0C0 more ~
Don't take an advance OF less than 50 O00v audi
IDLY whispered NJ r. Acton.
"Oh, go way" retorted Mr. Draper.
amid the laughter of the crowd
you deal III too big figures
After vainly pleading for $1,000 more the auc-
tioneer knocked down the property for 5000 900 to
Mr.. Cammann. George 5. Coe, president of the
American Exchange National Bank, was Present
during the sale. When 1t was over, he, MI Cam
mann, Mr.. Acton and Mr. Draper went To that
bank where Mr.. Camnann handed over To Mr. Ac-
ton $4,000 III gold certificates, the ten per cent
cash required 20 DC paid at by the terms OF the
sale 1t - understood that in the purchase Mr. Cam
mann did not act for himself. Both he and Mr. ole
however, declined TO intimate who the real pur.
chaser purchasers We're, and IL was impossible 10
obtain the information from any other source Va
riOus statements were made by real-estate brokeTa
respecting this point, the Standard Oil COmpanv
and John Jacob Aston, August Belmont and other
capitalists being credited with the purchase In
reported later that Mr.. Aston had denied that
he had bought the property IL Is suggested by
some well-lntormed Teal-estate brokers .that the
purchase was made by syndicate OF capitalists on
speculation. some of the members of the Chamber
OF Commerce express great disappointment that
that body did not make effort secure the prop-
the equity interest IL claims 10 hold IN the property
Real-estate men generally consider the price paid
for the property very low. II amounts TO 49, 90
per square foot