The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-07-15
A BOARD OF TRADE DEAL
THE PURCHASE OF TIE NAPLES
PROPERTY CONSUMMATED.

The Plans for Its Improvement-The
Way the Deal Was Negotiated-Bs-
Inmates OF the Value Of the Prop
erty-Preside nt Purses Eft OF Finan-
/ clsl Engineering
The board OF trade has closed its ne
I gotiation for the NAPLES building at Bay
and Drayton streets. AT an adjourned
meeting Of the board, held yesterday after
noon for the special consideration of this
| ques ton. the proposition Of Mrs NAPLES,
Offering the property on certain terms at
600, 900, was accepted AID the board Of di-
rectors was authorized to complete the pur
chase and to expend $4,000 in improving
the property.
The deal has been in progress for some
time, but was not actually consummated
until the meeting yesterday afternoon.
The members of the board OF trade are
enthusiastic over their purchase. The
trade was the work Of Capt D. @. Purse,
and is regarded as a great plece Of financier-
ing.
VALUABLE PROPERTY.
The ground upon which the building
stands is estimated to be fully worth the
price paid. 1t is said if the lot at the cor
uer OF Drayton and Bryan, recently
purchased by the Provident Life Assurance
Association of Hartford, is worth
S25, 600, the price paid. the corner lot lust
above 1t at Bay and Drayton streets is
worth at least $40, 600 more, or S35, 900, and
the adj oining lot. the building occupying
two lots, is certainly worth $25, 600, thus
showing that according to the prices re-
Gently paid for unincumbered real estate in
the same neighborhood the ground alone
without the building is fully worth the pur-
chase money.
When the improvements upon the build
ing are completed it is estimated that the
property will be worth considerably over
$l00, 600.
BIG DEAL WITH LITTLE MONEY.
The question that good many people are
asking is, where did the board Of trade get
the money from, or, where will it get it
from, as the board, while known TO ba O
solid Institution, was known not to have
anything like the amount named in the
purchase TO its bank account. The members
Of the board were asking themselves
mat same question a short while
ago. The fact is, the board
Of trade has just 5000 to it's credit. 1t
borrowed 900 from the Penn Mutual
Life Association of Philadelphia at per
cent. for five years, secured by first mort,
gage on the building It will place $25 900
worth of bonds, secured by second mort
gage, on the property. and, with the $4,000
already in hand, this makes the $50, 600,
sufficient to pay for the building and make
the proposed improvements. Part of the
second mortgage bonds are already placed.
A BIT OF FINANCIERING.
If buying a 100000 building and Dor
rowing SIS, 600 on It with only g.. 900 In
hand isn't hnauciering, what is!n asked an
enthusiastic member after the meeting.
The members OF the board Of trade are be,
ing generally congratulated on their pur-
chase. Tt 10 regarded as the cheapest pieoe
of property which has recently been sold
aud one that will prove most profitable.
Capt. Purse said it Is the intention Of the
board TO make the building the finest banking
and Office building in the city, in fact one
| of the finest in the south. The plans are
now in the hands of the architect, A. S.
Eichberg. The building will be completely
| renovated, the middle section will be run
up two stories with cupola Cd top and ele-
| vators will run up the whole distance from
the ground floor to the top OF the oupols a
hight of ll6 fest from the pavement. This
| will DO the highest elevation In the city
reached by an elevator.
TO WIDEN ITS FIELD OF WORK,
Capt. Purse says the object of securing
| Cue DullulHS is uoC only TO give the board Of
trade a permanent home and furnish g
nucleus upon which to center the interests
of the members, but 20 add to its facilities
for collecting and distributing commercial
Information and to develop its field of use
fulness in every direction. His idea
is to make 10 an exchange fol-
the transaction Of the general brokerage
business of the city, just as is done 10 the
exchanges of other cities. By widening its
field new interests will be brought into con-
nection with it and the membership largely
increased
The Penn Mutual Of Philadel.
phia, which furnishes the $50, GOO necessary
to complete the purchase. is the same ass0
ciatlon that put large amount into the
new Odd Fellows building.
The Penn Mutual appears very favorably
disposed toward Savannah, and evident !
regards this as good field for investment.
The loan was negotiated through the Penn
MutuaPs agent here, NJ. Julian Sohlev.
The board Of trade is regai ded as havinc
taken long step forward in the purchas
OF permanent headquarters.