The times., 1899-07-05
THE OLD CUSTOM HOUSE.
\ Bank to Occupy the Classic McKin
ley-DingIcy PnInce.


n hank TO occupy the Classic MclSin.
iey-Dingicy PnInce.
New York. July 4.-The sale to the Ma
| tional City Bank for the sum of s.. .265. COO
of the custom house property. and the an
nouncement that the bank intends to retain
the present structure, slightly modified,
has led to deal of gossip about the old
| structure.
As it is generally admitted that the
building is one of the most impressive en-
ampies of classical architecture in the
country. the banks announcement that the
structure will be kept essentially un-
changed is particularly satisfying to many
lhe interior will be remodeled and large
portion OF the building will be converted
into banking quarters of uncommon size
and elegance. tss
There will be no material alteration in
the external appearance of the structure.
The massive stone pillars which form an
| important feature of the Wall Street en-
| trance will be undisturbed Possibly the
william street, side of the building may
be cut up into stores or offices. and such
space IN other parts of the building as is
not needed for the use of the bank will be
converted into insurance, brokerage, or
lawyers Offices
The seventeen mammoth monoliths that
support the beautiful facade were brought
from the quarries of Quincy on RATS
specially constructed to transport them.
Each one weighs sthirty-three tons. and
is utterly useless for any other purpose
than that which it now so artistically
serves. 5@
Allowing for reasonably expeditions
work in the construction of the new GUS
tom house at least two years, it is be-
lieved, viii elapse between the time of the
beginning of work on the new building
and the surrender of the old structure to
the National City Bank. In the mean
time the Government will allow the bank
per cent per annum on the purchase
money as rental for The building
The establishment of the custom house
at its present site at the corner of VIII
liam and Wall Streets dates back to 1862,
when the National Government purchased
the building of the Merchants Exchange
for 81, 900 in greeubacks, then worth
about 100000 in gold
The Government took the old Merchants
Exchange almost exactly as it had been
arranged for the purpose of meetings.
sales, and so on, except that some little
taken for offices.
When Chester Alan Arthur was Collector
of the Port of New York he had the in
terror decoration changed to suit his tastes,
which were decidedly patriotic. The cell
ings and walls were painted a cerulean
blue, to represent the blue field of the
American flag, while stripes along pillars
and corners. and stars in the deep blue
field completed his ideas as to what a
patriotic interior should look like
The collector found it difficult to get an
appropriation for the decoration, and he
hit upon the device of deducting 10 per
cent from the salaries of the employees un-
til the work could be completed. This
was done, and the revenue thus obtained
was found sufficient TO plant the Stars and
Stripes in a cerulean field in the office
of the collector and in the dome. When
the ornamentation of the building was COM
pleted the salaries were restored, without
any reason being assigned for their
reduction or restoration. There are still
some old claims hanging about the Gus
tom house for this loss of 10 per cent
from salaries, and one old employe has
been trying for years to collect the $225
he thus sacrificed upon the altar OF the
collectors taste and the nations parsi
mony.
In 1892, when the Government decided
to sell the present site, and build a new
custom house on the old Bowling Green
site, it authorized the sale of the lot for
s4,000000. This price could not be had,
and the project fell through. When the
new act was passed last spring, the Gov
ernment authorized the sale Of the present
site for not less than SS,000,000.
When the terms of the act were known
it was thought by many real estate experts
in this city that the Government could not
sell the site of the custom house for any
thing like So 900, 600. The block contains
about 81 600 square feet and is a little less
than half the size of the new site on Bowl
ing Green, for which the Government will
pay about S2.100,000 While it occupies a
fine situation, real estate men thought it
a little off the tall-building strip that
passes through the centre of the city and
that only tall Office buildings would pay in
the lower part of New York.
The National City Bank, which is to here
establish itself, is one of the oldest bank
ing institutions in New York. 1t began to
do business about the time that the war
with Great Britain, in 1872, was declared.
The first meeting of the directors of the
City Bank was held on June 10, 1872, just
three days after the declaration of war,
and books for subscription TO the stock
were opened on June %. In the original
charter the capital stock of this bank was
fixed at $500, ,O0O
James Stillman is the president of the
Institution today, and its directors include
such men as Samuel Sloan, William Rocke-
feller. Henry o. Havemeyer Jacob II.
Schif. and Charles S. Fairchild, to men,
tion some of the more prominent