Morning journal and courier., 1884-03-07
The rnsnrance Building.

4AAOH6 OA Onk1AS0LbS6 PEOcOAS9 " cS~S ~~-~ bidding at $75,0oO. That figure was the owest bid that would be accepted, and was he limit fixed by the court below which the sale could not be made. The auctioneer, MT. B. O. Beecher, mounted the rostrutn at about II o'clock and called for bids. The rostrum was pile of dry goods boxes in the Sosr.dor on the second floor ct the building. There were about two hundred gentlemen the occasion being an interesting one. Here was the 6HeSt public building for busincss purposes in New Ha ven. Business men in the audience engaged in conversation on the subject whispered that $75, GOO was cheap for such 6 building. The auctioneer waited in dead silence for an offer for the building. No response Then Mir. Beeeher fh his blandest tones and most tnsinhating words gave some of the points regarding the building, it's cost, it's rental. its desirability, but all was in vain. He referred to the neatly printed circulars which had been distributed about in the audience giving details of interest regarding the mag nificent pile. But all was fin vaih. The crowd remained obdurate. The auctione=r and people present glanced at Gov. English to see if he would make 8 sign. There was no sign to be seen except the office and other business signs in the corridor. Mir. Beech CT attacked the audience again. ''Gentlemen, we offer you this property consisting of this building and the lease of land from Trinity church; this magnificent building gentlemen, whose annual rental is from $19, 800 to $2O,- 900? Who will make me an offer at $75, 900. :" But no bid *as made. Mir. Beecher gallantly returned to the charge and added that the building was assessed at $1O0, 900 and that the obdurate assessors considered that assess ment low and would not reduce it. This caused a murmur of indignation in the rear At quarter to twelve the show was over and MT. Beecher withdrew the otfer of sale The receiver thereupon announced that the building would be disposed of at private sale, and would bring more than $75, 900. Among those present ct the sale were ex-Governor English, Eefrick P. Frost, Wallace B. Fenn, bridge, jr., T. R. Trowbridge, jr., Henry Trowbridge, E. E. Hall, Geo. H Ford, Wilbur F. Day, president of New Haven bank, John P. Futile, Landlord Bradley of the fontine, Lawyer c. H. Fowler, Augustus Lines, Squire Metcalf of West Haven, Anthony Carroll, George Isbell, Lawyer Eli Mix, ex-City Auditor Charles Kimberly, Samuel Thompson, Colonel Rutherford Trowbridge, Dr. Crane of Orange street. Deputy internal Revenue Collector John H. Rowland, Cap tain William Farren of Fair Haven East, Andrew Kidston, Town Agent James Key holds, Selectman Benjamin R. EDglish, Chief of Police Charles Webster, George T. filling, N. w. Merwin, the feed dealer, Leonard Bishop, Rev. Dr. Harwood, Jeremiah Bishop, John T. Sloan Major T. Attwater Barnes, Louis s. Mason, Charles E. Graves. Undertaken Keller. Coal Dealer Moritz Spier, Professor Johnson T. Platt, Dr. T. H Bishop, Clothier A. o. Norton, Professor William K Townsend, ex Judge Henry E. Pardee, s. s. Thompson, Philo Chatfield, George M Grant, EIizur Sperry. Alderman J. J. Ken nedy, Harvey Dorman, Professor George Hazlitt (of Cambridge. Mass ), James Gard ner Clark, Ezra B. Dibble, Henry Seabrook, George H. Ford, Charles H. Webb, Assessors Thomas K. Dunn and William Hull, James Gallagher, F. H. Brown, William Patterson of J. N. Adam & Co.'S, Charles A. Warren, D. B. Bradley and Samuel CIeeton.
 One of the lions of the occasion was Mir. Wilson H. Waddingham, the West Haven millionaire. He was accompanied by Mir. Kimberly, of West Haven. MT. Beecher made spirited and highly efficient effort to dispose of the building and the non-sale was no fault of his, but many citizens speculated and wondered why somebody did not take the building at $75, 1000.
 prominent capitalist in conversation gave his views as to why the building did not bring $75, ,O0O. His answer was that business speculation, architectural beauty was secondary. The true question was, wha interest could the building pay. It would not in his opinion pay more than five pel cent. net. Another gentleman said that il he had the money he would consider it dir cheap at $75, ,000. And so opinions differed
 The printed circular in announcing tho terms of sale called for per cent. in cash a time of sale and the balance in 30 days, ol on delivery of deeds, if delivered before tha time, and specified other particulars as fol lows: The building islands on two tractl of land held by lease from Trinity church said tracts being situated on opposite sidel of Gregson alley, the easterly part being about 52x1lS feet and the westerly part about 41x133 feet; building extends over Gregson alley, being supported by al arch; lease has forty-seven years more to run This building cost, in actual cash, iron $275, ,OOO to $500, ,OOO, is well built, and con tains all the modern improvements, including elevator, fire apparatus, and water closet on each floor. The probable gross renta for the coming year is from $19, 800 tc $2O, 900. This estimate is based mainly ol existing leases. The income of this propert, has steadily and rapidly grown, havin increased about 40 per cent. within the las four years.
 'sThe leese contains the following stipula tion, to come into effect at the end of tn term, provided the parties do net agree ol the rental for further period:
 ''It is further understood, and agreed b. the parties hereto, that. thirty days at leas before the termination of said full term o sixty years, appraisers shall be ap pointed and qualified in the manner herein before provided, who, under oath, shall ap praise the buildings upon the within leased premisess at their actual worth, in their thel actual condition, without reference to tn ground upon which said building stands provided that the parties hereto do not if such value by mutual consent.
 And of the value so fixed ant appraised as herein provided the said party of the first part shaI pay and satisfy to the party of the second part, in lawful money of the United States three-fourths of seventy-five per centum O. the said appraised value of said building upon the termination of the full term oi sixty years.
 ''As the building is well built, and in mod ern style, it will doubtless be as good at tht end of the lease as now, and the appraised value will probably be the cost of the erection.
 ''If so, the building is practically mort
 
 amount of $2OO, GOO or more, as the holder can force the owner of the land to purchase at that price at the end of the term"
 New FactorIzIng BtlI.
 MT. Golden. of Meriden, introduced thil week bill in the House of Representative as substitute to the bill offered by him earlier in the session, exempting fen days wages from attachment The substitute bill reads as follows:
 Section l. In place of all other exemptions of wage from foreign attachment or execution, 20 much oi any debt which has accrued 5 of the persona of the debtor for services rendered within the forty working days next previous to the service Of the process eha be exempted ar not liable to be taken by foreign attachment execution; provided that in any suits brought upon debts accruing fol personal b7ard furnished the debtor or his family only three dollars shall be exempted and not liable tc bs taken by foreign attachment execution, except debts for the personal board of the same minor child incurred during the time in which the wagel due were earned.
 Sec 2 All benefits by any association persons in this State towards the support of of it's members incapacitated by sickness or nrmtty from attending to his usual business shall be exempted and not lis b!e to taken by foreign attachment execution.
 Sec This act shall go into effect July 1st, 1884.
 The Irving Sale.
 The boys waiting in line for the sale oi Irving tickets increased in numbers slightly last avenin1 Two boys slept in B. Brock