The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1898-03-24
Safe Deposit Building Sold to h.
". McNeill for 970,0
MONEY TO Be PAID IN CASH
DnIy . Teehas~al Essos IN she D~ea
Delays tie Observation-Disclosures
she Gals - Realty yafses-Dws~a
~ = sas Fsaseisrs CssHssssies-
I. a~s,~rsy l.~.,.S .. r,,.. Ave-
aae Neas Hoes os Cherry street.

The handsome ssven-ssory bs.ck and
None building nj No 7eg Ffrsr avenws. baIss
5nss after the FIRE b. tfle Seattle Safe Ds-
Dosit and Trust Company. nae beer sod ~
the German sayIngs and Loan sostsiy. 81
San Francisco. 10 III. W. Mcneil for =
price approximasiag ss1.ys While fas deal
ss practically completed. technical error
IN the deed. merely the aslssgessils II the
word Bros" has caused delay In the stssAi
vyAaskereace Of papers Until the Fslss12e
can be corrected. TIE money Is wsstsEsE
end when the papers are delivered the eon-
eaderasson viii Re paid In CASH. Tas sale
mas made 10 Mr.. McSess through Fredes-
sionsl b&uk. acting agent Of the sS4n
Irancisco oanA. All information eonrsrn-
asr the matter has heretofore been reauss-
tered By the fex men familiar with slss
Facts, though negotiations h2H. teen pend
Seq for some time.
portani saiea Of Seattle real estate ina; has
occurred la several years past. Consider
Ing all fise surrounding circumstances the
deal bears eloquent testimony 10 the grow.
~ Interest on the part CO capitalists y
rial property and specially business reak
~ In Heatsle. For more than az mcnths
pNGt there has been steady. although grad
uai rise In all real estate values In Sea:sie,
Is compared with the panic PRICES Thai
prevailed everywhere In the Northwest for
several years dating from 1874. The cosas,d-
grafton ma med in Ibis deed 70 the Safe De-
post building illustrates how substantial
and how well justified has been this gain
q the price ~ realty.
{rhe property il situated on First agenue
q the foot OF cherry street. The main
store room is at prssen, ocsnpiess ny the
Postal Telegraph Company. which has
lease on the room until January / issa. t'p
stairs thfrs are offices and "a few of he
tenants use theirs for sleeping quarters.
The building was erected Just after the
Are by the Seattle Safe Deposit and Trust
Company for the Merchants National
bank of walch Angus Macintosh vas
president. A mortgage was placed on tsie'
property IN favor OF the German savings
and Loan Society. of San Francisco. This
mortgage was for t<t0a. Soon after the
Merchants National bank failed In lSt5.
President Macintosh notified the bank
that the property would ne surrendered
and "A foreclosure suit was begun by the
hank The property WAS purchased At sale
pS mo ucftEaEFs WIN iHtefFNts ta*k
taxes. etc. the property cost tire nsnk
somewhere In the neighborhool Sf t.s,9s
A. one time the lot and building were
placed on tho msrke. At to CO... This wax
before the steamer Portland arrived IN
Seattle from ~. Michael with over 81 90 t,c
IN gold dust. Every one knows ~ The met
emorpho~s that has been wrought ny mo
golden kiouake fairy. Conditions In Seat
tie today are vastly different frem what
they were year ago. and real estate al
though DUN and Inactive for u year ne fore
1901 has felt the effects of changed eonii~
ticns. as have all lines OF commercial actiy-
tty.
Mr. MeSsili the purehaver 81 the prop
erty. II well known In Washington and or
egon. Formerly ne was manager OF The
Oregon Improvement Company. with head
quarters at Portland. lie IL senior member
or the Incorporated company OF NcSeiil
Hrns.. owning and Operating extensive coal
mines I'm various states ia the East and Ia
Canada. HE has taken un as s.Aaisimaru
permanently In Seattle. and now lives I'm an
elegant home the shores OF Lake Wash
tngtou.
II IL said that the bank n1akss 3 good
sum out Of the deal showing that the faith
sr Seattle ever cherished By the Officers
NJ the Institution has been sulls justified.
On recent stst 10 Seattle Secretary
George Tourney of the hank stated that
although hts firm mad losaeA millions ia
Seattle. they had foreciosed bat very few
properties. and on these they had not lest
a dollar.