The Savannah morning news., 1902-10-17
A HOME FOR BANKS
SAVANNAH NATIONAL AND OGLE-
THORPE SAVINGS AND TRUST
COMPANY
TO OWN NEW SKYSCRAPER.
j. ;. COLLINS HAS TRANSFERRED
JOHNSTON PROPERTY TO THEM.

JOHNSTON PROPERTY TO THEM.
AT Meeting of Directors the Deal
Perfected and the Deed Has Been
Filed - same Consideration EN-
pressed as in sale TO MIR. Collins.
but Doubtful if This states EXncf
Fact-Wimpy suit Dismissed AT
Plaintiffs Instnnce-Joint Building
Committee Appointed by Purchas-
ers and work VIII BE Begun Early
in Coming Year-TvO Handsome
Corners.
The modern office building, the i'm
pending erection of which at the cor
ner of Bull and Broughton streets some
time early in the coming year, was
described in the Morning News yester-
day, is TO be the joint home of the
National Bank of Savannah and the
Oglethorpe Savings and Trust Com
pany As already announced, it will
probably be ten stories in hight.
The transfer from Jacob 5. Collins
to the new owners was arranged at
meeting of the directors of the two
corporation held yesterday morning,
and the deed transferring the property,
which only the day before had come
into the possession of Mr. Collins. was
filed for record in the afternoon.
The consideration for the salV ex-
pressed in the deed is the same as that
in the deed from Mrs. Lula F. Johnston
-,
sumption by the purchasers of the
mortgage indebtedness of $50, 900, and
interest now outstanding. One of these
mortgages, for $4,000, is held by the
United States Mortgage and Trust
Company, and the second, for $40, 900
by the Oglethorpe Savings and Trust
Company, one of the new purchasers.
Whether this was the entire consider
alton is probably question, for hose
principally at interest refuse to say.
Minpy Suit is Dismissed.
However the suit filed by w e.
Wimpy, by which he sought to enforce
the specific performance of an alleged
contract for the sale of the property
TO him, has been dismissed-whether be-
cause of the payment of a lump sum
of money to Mrs. Johnston or through
the influence of the now owners of the
property is not disclosed.
The dismissal of this suit does not
relieve the banks of all prospect of
future trouble, in the event that the
understanding of the terms of their
leases some of them hold is the cor
rect one. Four of the tenants, A w
Masterson, William Estill, A L. Des-
bouillon and M. Ed Wilson, hold leases,
all of them running at least for a year
from the present month. 1t is very
probable that a compromise will have
to be effected with these tenants be-
fore the work of tearing down the
present ramshackle structures that dis
figure this magnificent building site is
begun.
building Committee Named.
A joint building COMMITTEES from the
two institutions was appointed by the
bank directors. 1t will be the duty of
this committee to consider plans for a
suitable building and report to the two
boards on this committee are Messrs
Herman Myers, ]. j. Dale Jacob
Paulsen, George j. Baldwin, Jacob s.
Collins, David Wells and j. e. Grady
Sr.
when will work on the building be-
gin?" President Myers was asked.
AS soon as plans can be prepared"
was his reply. This will probably take
some time. Architects will be invited
to submit plans, and their preparation
will require time"
''Do you think it may start by Jan.
AZ
Scarcely so soon as that" was the
reply.
what about the tenants who now
occupy the property" he was asked.
Il understand that their leases ter
inmate upon sixty days notice" was his
q n 'tfNhpU will hn prtxT M
tice''
President Myers said that it is
the purpose of the institutions
to erect handsome, fireproof building
of steel, thoroughly modern in all of
its appointments and equipment. It's
hight has not been definitely deter
mined, but he declared that it will not
be less than eight stories.
Two Splendid Corners.
The plan of the Germania Bank.
which is to build at the corner of Con-
gress and Bull streets, on the same
block, is for an eight-story building.
1t may be seen. therefore, that two
magnificent improvements are to be
made to the neighborhood. In the case
of the National Bank and the Ogle-
thorpe Savings and Trust Company
the Improvement will be particularly
gratifying to the people of the city.
for the reason that the mean structures
now occupying the property have long
been an eye-sore upon one of the most
prominent corners
President Myers considers that the
choice of a location for the two insti-
buttons has been most satisfactory. No
better, he declares, could have been
obtained. His view is that the trend
of business IS southwark, and he and
his board were heartily in favor of
some location no further north than
Broughton street
On the ground floor of the building
will be located the quarters of the two
banking concerns. The floors above
will be used for officers. President
Myers does not anticipate any difficulty
in renting them all.