Morning journal and courier., 1886-09-22
SOLD FOR s35,eOO.

The Insurance Building Bought at
 Auction by w. J. Atwater and others
 A Low Price for a Costly Building
 ItS Annual Revenue - Ex-Mayor
 Lewis Suggeets-The Free Library
 City Bonds.
 General surprise was expressed about town last evening over the price, $35, 500, for which the Insurance building was sold at the auction sale yesterday. It was considered sold dirt cheap, the property costing to
 build over $300, ,00O, and some. estimates
 placing it at near $4O0,O00. The history of
 this building is pretty well known to New
 Haven by this time, no property excepting
 the old State House having been more talked
 about in the public prints an d among peo-
 pie, owing to it's statellness, high cost and
 the litigation connected with it. The auc-
 tion sale took place in the building in the
 large hall over the stores, and there must
 have been four hundred people present to
 see the performance, counting those in the
 chairs and those who stood up. Upon a
 carpet-coyered box with white rose in his
 coat stood B. O. Lake, the auctioneer. He
 opened by stating the court decisions as to
 the legality of having the sale and announced
 that there need not be the slightest alarm as
 to the title, which was absolutely perfect.
 He referred any wanting any more details to MT. Russell and paused for that purpose. No one inquired. This was
 because all who had come to bid had already made all the inquiries they wished to, and found out all they wanted to know. MT. Lake called for bid, first stating that he had already in his possession two bids, but he would give those present chance to open the ball. MT. Edward Malley first broke the silence, bidding $10,000. This start ed the in- terest of the crowd. Auctioneer Lake with 8 thank you and deprecatory ejaculation at the size of the bid proceeded to call for more. w. J. Atwater, of Atwater block, Grand avenue, sung out"$15, ,OO0." J.W.S. Peck bid $20, 900. MT. Atwater raised it to $21 ,000. Other $1 000 raises followed until the amount stood $33, ,000. Then the amount crawled up by five hundreds, during this interval the property seeming to be several times on the point of dropping to MT. Peck, but just at the critical point MT. Atwater saw the auctioneer and called out $10O more. Finally MT. Peck, after talking to M. Strauss, bid $35, 800. A delay ensued, broken by MT. Atwater's bidding $35, 500. This ex- hausted the milk in the cocoanut and the for higher bid, was knocked down to MT. Atwater for $35, 600. A buzz ensued, broken by MT. Atwater's being approached on all sides and congratulated. It was well known that MT. Atwater was bidding for the New Haven Investment company, formed some
 ime ago nnd composed originally of w. J. Atwater, s. E. Baldwin, Herrick P. Frost, Elizul H. Sperry, E. A: Gilbert and Talcott d. Russell. MT. Russell, however, withdrew rom the company before the sale. The company itself will be reorganized and com ,leted immediately.
 Among those present at the sale were: Ex- Mayor L. w. Sperry, Postmaster English, Simeon B. Baldwin, Rev. Dr. Harwood, ex- Governor Bigelow, John w. filling, ex-Mayor lewis, ex- Mayor Robertson, Samuel Bolton, I. T. Sloan, John P. Futile, Milius Frank, ,electman Feldman.
 There was a general desire to learn what he building yields. These matters, as tated above, were not asked for, those who lad any idea of bidding having satisfied themselves upon these points. Last year the building yielded net revenue over all ex- 'enses of about $2,5O0. The annual ex- ,enses of the building are from $16,000 to l rom SIS, ,000 to $20, ,000. The annual lease ental is about 5000. This year the profits l we're 8 tri1e more than usual owing to a re- | uction of expenses. The stores in the ! uilding rent for $6, 900 each. The largest tenn of expense is the ground rent to Trinity | hurch. Much surprise was expressed after | he sale that Trinity church did not step in I nd buy the building, as the church will no l oubt have to pay when the lease expires l vice or thrice the sum it was struck off for l t the auction.
 Mayor Lewis has proposition or project | mich being expressed to different prominent | itizens was considered very favorably. The | x-Mayor's suggestion was that the city now | uy the building and use it for the city's free | brary. Here, said MT. Lewis, is one of the | hances which do not occur oftener than once | , O Iifa lima Incl lnoR Qf if HaTn ia a hnIId- lg costing $300,0OO. It's central position, s grandeur, it's prominence, all point to it just the building for the city to own. ow let the city buy it of these gentlemen ho have bought it. Suppose the city takes
 off their hands, giving them $40, 900 for it. hat would be neat profit, or suppose if ney object the city pays even as hig as 5O,O00. Is not that eheaps Then t the proper authorities condemn 1e leased ground and let the city thus buy
 of Trinity church. Then the city owns oth that elegant building and the ground it an6s on. The whole cost need not be over 200, 900. Then the city can issue bonds aying per cent. interest to pay for the hiding. Money don't bring or 2 per mt, and non-taxable bonds of New Haven i'll readily find 8 market at per cent. l as just talking with Mr. Wykes, of Hatch |
 Sons, and MT. w. said bonds of such igh character could be marketed at per ,nt without difficulty. Thus the annual ,st to the city is 5000, and the rent of ,ver it, and the rent of the other two stores, L2, ,OOO, and the rent of the rest of the build lg will leave handsome surplus to be ap- 1
 lied to further benef1ting the free public i brary. Isn't this, MT. Reporter. good ling to think about? And hold on a bit, l ant to say that it has been one of ex-Mayor ewis' hobbies for twenty years, continued
 r. Lewis, ,-yes tor twenty years,-to have room suitable for the purpose and suitably ,uipped with models, designs and books caring upon the mechanic arts, which shall 3 free to all the mechanics of this city to ,nsult. The Insurance building has plenty spare rooms suitable for the purpose