The Savannah morning news., 1902-02-21
FOR BANK BUILDING
Low PROPERTY AT CONGRESS AND
BULL STREETS BOUGHT.
BY THE GERMANIA BANK.
BANK WILL PAY MIR. Low $4,000
FOR go by 90 FEET.

Capt. Henry Blum. President of the
Bank, Made nm OHer of $4,000 to
Mr.. w. J.. WakeIce, savannah
Agent for MIR. w. NJ. Low of Eng
land WedDesday-The Offer Was
CabIed to Mr.. Low. who Accepted
Observation-Disclosures Was Laid Be
fore the Banks Directors, Who
Agreed on the Price-Bank VIII
Make Its Home There-NeEotia-
tiOns for the Central Railroad
Property on.
Another handsome bank building is
in prospect for Savannah. Yesterday
morning a cablegram was received
from England, giving notice of the ac-
ceptance of an offer of $4,000 made by
the Germania Bank for the property
at the southwest corner of Congress
and Bull streets, having a frontage #
so feet on Congress and 80 feet on Bull
street.
The papers communicating the pur-
chase will be sent on to England at
once, where they will be signed by the
present owner of the property Mr.. w.
NJ. Low.
The deal was made after little
preliminary talk--far less than
usually attaches to a real es-
tate transfer of such magnitude. Capt.
Henry Blum, president of the Germania
Bank, met Mr.. w. L. Wakelee, Savan-
nah agent for Mr.. Low, Wednesday,,
and asked if the property was for sale.
Capt Blum had understood that
such was the case. Mr.. Wakelee re-
piled that it was and Capt. Blum made
him an offer of $4,000, Mr.. Wakelee
said he would cable MIR. Low immedi-
ately. He did so and yesterday morn
ing a reply was received. Capt. Blum
laid the matter before the directors of
the bank and the board unanimously
confirmed his action.
For some time the Germania Bank
has been on the lookout for a suitable
piece of property upon which to erect
a building for it's own use. The old
Central Railroad offices on Bay street
We're considered, and negotiations were
begun. There was a difference of sew
eral thousand dollars between the bank
and the railroad people, however, as to
the price, and there was doubt in the
minds of some OF the directors as to the
site being suited to the needs of the
bank. They took the view that Bay
street is too remote from the business
center, particularly as the center is
moving southwark, and that it would
be a better plan to secure "a location
elsewhere. The negotiations for the
Bay street property, therefore, were
brought to a close.
Capt. Blum was seen yesterday about
the Congress street transaction. He
said that he could not then discuss the
plans of the bank, for the reason that
1t had none, in so far as a building is
concerned 1t is the purpose of the di-
rectors to make a home for the bank
upon the property bought from Mr..
Low, but plans have not developed far
enough for 1t to be said whether the
present building will be remodeled or
a new one erected in its place,
1t will, at all events. be nearly a
year before any steps are taken. Capt.
Blum said that the bank will retain the
present tenants of the building, and
that nothing will be done until their
leases expire. The lessee of the build
ing is Mr.. ]. r. Einstein, whose store
occupies one portion of it. Mr. Elm
stein subjects to others, among them
j. Pinkussohn & Co, and the Living
ston Pharmacy. Mr. Einstein's leases
expires Oct. 1. next, while that of the
Livingston Company is up on Jan. 1.
Mr. WakeIee was seen about the
deal. He said that the trade had been
made very quickly. The property, he
said, has been in the Low family for
possibly seventy-five years. 1t was
w. NJ. Low was made residuary lega-
Too tho r,ronarfV falling IN him