New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-10-19
STOCK EXCHANGE BUYS LAND
ROOM FOR EXTENSION FIVE YEARS
HENCE ACQUIRED FOR Ss25,ooo.
THE SITE OF THE WESTERN UNION TELEGRAPH
coMPANY's BUILDING BOUGHT AFTER TWO

CoMPANYs BUILDING BOUGHT AFTER TWO
YEARS OF PATIENT NEGOTIATION
A real estate deal was closed yesterday by
which the New-York stock Exchange acquired
for SS250O0 cash the site Of the eight-story
building Nos Is and IS Broad-st., adjoining II
on the southeast corner, and leased by the
Western Union Telegraph Company. The
twenty years lease Of the ground held by the
Western Union company will expire in 1903
and the building under the lease. will then re-
vert to the owners Of the land. The Stock EX-
change will therefore then be able to extend It's
quarters over an area roughly estimated at nifty
feet by, eighty, providing additional floor ac-
con,modation already badly needed by the FIX
change.
For nearly two years the negotiations for the
sale closed yesterday have been quietly goins
on. engineered by leading members of the FIX
change and il is said that it was only last
Wednesday, when official action had 10 be taken
bv the governors that the project became known
10 the Western Union Telegraph Company
which might have been disposed TO enter INTO
competition with the Exchange to Insure uh-
disturbed possession Of its quarters Inc SITE
of the building was owned jointly by the estate
of Abraham Blringer and the estate OF Ju'a
Bedell, widow of Bishop Bedell Eight or ten
heirs TO the TWO estates S'Hlc VI "''ii' ~
Europe and others in distant parts OF the Ohl'eu
States had to be consulted.
The consent of each one to the sale had to ps
obtained. so that months rolled by before nego'
tiations had passed the preliminary stages. Last
Wednesday. however the deal in proper
shane and the Governing Committee of the
Stock Exchange after a protracted meeting
unanimously decided to buy the property.
The contract was signed yesterday morning.
at q meeting between j. W. Davis. representing
the Stock Exchange: George De witt or NO. -
! Nassau-st and Frederick De Peyster Foster OF
| No IS Wall-st., representing the Blhinser
and Bedell estates, respectively. ana Sahluel
Frothingham of the firm of rockingham %
Timpson. Of No II Liberty-st.. the real estate
broker through whom the deal was negolla'eu,
! $4,000 of the purchase money being deposited
10 the account of the sellers to close the bargain
A Asnecial meeting Of the Stock Exchange MEM
hers was at once called for yesterday afternoon
| 70 ratify the sale. the notice being sent out over
the ticker.
| The call for the meeting created the greatest
| excitement among the brokers. No special
meeting Of the members of the Stock Exchange
| had been held since that in the week or the
| Black Friday panic twenty nine years ago, ana
all kinds Of rumors as TO the purpose or the can
were in circulation. When the meetlng was
held 40 out Of the loo members of the EX-
change were present. and the action OF the Coy
erning Committee was unanimously ratified.
The land which now passes into the hands OF
the Stock Exchange has a frontage Of i'.l IN
! Rroad-st by S73 on its south side. adjoining
the Commercial Cable Building, by o).4 In tne
rear and by ~ on the Stock Exchange side. The
building on its site. which viii pass into posses
sion of the Exchange five years hence Is an
;,l+
brownstone The Western Union company oc-
cupies the ground floor and basement, ana part
Of the upper floors The rest OF the Dulloihg Is
rented for offices The building was erected IN
1884 The annual rental paid for the site IS
S32 900.
As the Western Union Telegraph Company is
/ unlikely to sell its building or 10 give up pos
session before 1903. it was the general opinion
among real estate brokers yesterday that the
/ price paid for the property. SN-o'VVo. was some
what high There have been no recent saIeS
Of property in this block. however. so that II Is
! difficult 10 institute comparisons. The nearest
indication to the price Of realty in the neghoor-
! hood is in the case OF the Wilks Building, at
/ No IL Wall-st.. the site for which was acquired
/ I'm two parcels in 1852 and 1SS9 for an average
price of about S24O a square foot The site OF
the Commercial Gable Building adjoining that
now sold the south. and measuring about
| 30 feet by 100. was sold for S1l250UO This is
/ only $50 a square foot. but other considerations
entered into this transaction so that this sale is
no criterion. The last purchase of land made
! by the STOCK ENcnanS' was tudl III q Pdl''i
/ - feet by 6S 10 complete the Broad-st. front In
! 1879 The real estate market was then un-
usually fat. and the parcel was secured for
! S375000. or about $50 square foot The Nor
! timer Building at Wall and New SITS, was Of
! fered to the Exchange about ten years ago Tor
| about 5000 600
The cost 10 tho Stock Exchange Of its build
| ing and land up 10 date. exclusive Of the altera-
tOns of 1871 and 1857. has been 81 .22I. .o65. and
with the purchase price Of the building Just
| received S2052 3'iS When possession Of this
building is secured il is not likely that its front
/ or that Of tie Exchange will he disturbed. The
| prospect Is that the walls between the building
! and the Exchange Will be in part removed. and
| the main floor OF the Exchange. which is on a
| level with the second floor Of the telegraph
! company's building. will BE- extended. giving 10
/ the brokers the room so greatly needed.