The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-07-04
OLD CUSTOM HOUSE SOLD.
NATIONAL CITY BANK GETS THE
PROPERTY FOR S3,2G5, 900.

The Largest Bank in tho Country to Use
the Property for II Bank Building-Only
Two other Kids Received The Price
Considered Fnir-Growth of the Bank.
WASHINGTON July Bids were opened at
the Treasury Department to- day for the sale Of
the New York Custom House and site. Tho
property was declared sold to the highest bid
der. the National city Bank and the price to be
paid is S3.2G5.OOO. There were two other bid
ders. the New York Realty Bond. Exchange and
Trust Company and tho Farmers Loan and
Trust Company. whose bids were respectively
S3.OI5. 900 and S3.O5l.OOO. Collector Bidweu
was present when the bids were opened.
President StImnn OF the National City Bank
was in Washington to-day to make arrange
ments to pay for the property. He told Secre-
tary Gagc that the bank preferred to pay the
greater part OF the amount In cash inn
mcdiatcly. but that he was willing to arrange
the matter to suit the convenience OF the
Treasury Department He will have a further
conference with Secretary Gage tomorrow. ut
which the time and manner OF making the nay.
incnts will be arranged,
Vice. President A. G. Ioomis Of the National
City Bank said yesterday that II the bank = bid
OF Sl2i5. OOc was accepted the bank would
Asked il he did not:think The building a little
'Ef he F BaHt o T nns f' occupe. pretty
Whether, the bank would rebuild or make
over the old building he would not say: The
INCREASED IN that period from S3Q.0OQ.Q0O 10
United States The banking offices are over
crowded and the need OF enlarged accom- m cda:
some time ago the nrd Ha,na n Bank Sn9 e
c cent The Second Natonal Bank. At Twenty.
been rumors that he Nations" e city Ban BANK " Was
gong to absorb other important local banks.
real estate. which is the largest real estate
transaction that has ever taken place in this
city. was naturally construed Yesterday as i'm
plying that the institution has very large plans
The National City Bank was chartered in the
year lSl2 with capital stock OF SSOO.COO. In
r rS ths %%H increased s to Sbogo0o Tie
Congress had refused to recharter that insti-
tutio2n, Its main banking house and real estate
for 100000. The banking house occupied
tie !" site t., nov 2ccnnied by the Netional City
;, The, City Bank became the National City
Pans in l.3. Noses Tay9r was at that tims
he was succeeded 10y his son in law Percy Ii.
pyne. and on Mr. pynes death James Stilnan.
the present President. was elected.
Sloan, Wee; President; \. g., LOOMS, Vice.
s STssnen5 g. o MhtsTn Gaihier Wliiam A.
feon and J. stap assiftant
Bacon. Cleveland ii. Dodge. Charles s. Fair
S,eph.R s. Palmer, James it, Post, H. Teyioii
}H@s%6 ii; SshiH, James stilImpn, Wiitia&
P SySr a S9AnS % Sa%ss W Se Tnry
bid. In 1891 they were, quoted at $3.50. Tho
600. or Sl5,25O.O
is a member Of the Executive Committee OF
the New York Realty bond, Exchange md
lid Of o VAS The second SFHs wh2
for the Custom House property. lie Is also .
director Of the Farmers Loan and Trust Conn
:, The Realty ana Trust Company furnishes
the following Information about the old Gus
The conditions OF the sale are that the Gus
tom tom, House shall occupy the present building
which will be within about two and a half years,
In the mean while naying rent at the ratio Of 4
Site The block contains ABOUT T5SH He s9sers
:s G vii Rp Ssy stdn y9h &S. "T
9SSemn,hss, ilne s.tu i ren estate men
passes through the centre , OF tho city. and that
only tall Office buildings would pay in the lower
rp Part Of New York; and tho erection Of big low
building on the immense lot was thought to
be out OF the question. However, an invsstlga.
ton Of the sale Of other lots in the immediate
talnedby the square foot. the old Custom House
s!Hien oHGht to bring more than the required
"''''!,'''''u. lnR me pIlCeS Oh ltIb SOU TO-
Gently on Wall and William Streets. the average
per square foot proved to he about SlU5.S, At
this rate the old Custom House site was esti-
mated 10 he worth S3.3E'532.
There will he much COMPLAINT when the pur-
chasers Of theold Custom HousebeRin the work
Of demolition. The hne old building, standing
there since the iortes. or for half a century. is
.'egarded,as one,of the best specimensof classic
architecture TO he found in the country. The
seventeen mammoth monoliths that support
the=beautful facade were brought from the
quarries OF Quincy on rats specially con-
structed to transport them. Each one weighs
thrty-three tOns. and they IRE utterly useless
for any other purpose than that which they
now SO artisticaIly serve"