The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-09-03
President Headden Of the
Hudson City Bank Buys
a Block of Property
STATEMENT OF THEPURcnAsER
Jersey City Trust Company's
Directors Select Their Tenn
porary Office on New
ark Avenue.

Though not yet definitely agreed upon.
it is safe to bank upon the supposition
that an elegant new bank building will
soon be erected ON the site now occupied
by Grocer James E. Banks and known
as Banks's corner, at the Five Corners.
President John Headden of the Hud-
son City Savings Bank has purchased the
property adjoining the present bank
structure on Newark avenue, running
north to the corner of Summit avenue
Between the bank and Grocer Banks's
store the plot takes in a confectionery
store, q news store and haberdashery,
and en- Summit avenue stable and IN old
homestead. Including the present Bank
building, the site will front oyes one
hundred feet on Newark avenue and one
hundred feet ON Summit avenue 1t is
part of the old John Tice estate Mr..
Headden acquired title on August 21,
and came into possession ON Monday.
To News" reporter this morning
President Headden said -
PRESIDENT HEADDEN'S STATE
MENT.
"The property was purchased with a
view to the erection of new bank build
ing. | alone am the purchaser ana the
directors of the Hudson City Savings
Bank have not yet taken definite action
on the subject of rearing a new bank
building. Until that is done will not be
in position to say anything about d new
bank building, further than what g. have
told you. | am willing to give whatever
information I have, but that is about all
the information that am in position
to give at this time. After the directors
meet, and I cannot tell you when they
will, / may have some further informa-
tfon to give out. The property was on
the market. The Tice children have
grown up and wanted to sell their prop
erty and divide the money. l got it
cheap and was offered $1,000 for the
transfer of the title thereto within two
days after my purchase. Our bank busi-
ness is increasing very rapidly and we
are much cramped for room True we
now have a well lighted and well yenti-
lated building, but suppose some one else
had purchased the property and erected
a large building running to the rear of us,
you see, we would be shut out of light
and cut off from ventilation But even if
the directors should not decide to build
upon it, | have made very profitable in
yestment. The rents upon it now. poor
as are the structures now standing upon
it, amounts to nearly 81, 300"
Mr.. Headden did not care to say what
he gave for the property.
President David W. Lawrence, of the
newly organized Jersey City Trust Com
pany, announced this morning that the
committee of directors appointed by him
to select temporary offices had secured
half of the FIRST floor of No. Gil Newark
avenue Corner of Court House place.,
now occupied as a real estate Office by
Bietz & Wallace, who succeeded to Pres
ident Lawrenees real estate business
Architects have been invited to sead
in plans for preparing that part to be
used for banking purposes and these will
be examined tomorrow and one selected.
The real estate firm will put in fixtures
to harmonic with those of the bank
Bids have been asked for safes, vaults
and deposit boxes, and no time will be
lost in getting the place in order, SO that
the new trust company will open It's
books for business before October 1.
The temporary offices will be hand
somely finished with oak and the fittings
will be BRASS As soon as the trust COM
pany is fairly under way the directors
will look about for a permanent home
and they intend to build structure
worthy of the city
ORGANIZED IN JULY.
organized in July last by electing the fol-
lowing directors s:-Aaron S. Baldwin, 7
John f. Boyle, George r. Beach Albert
I. Drayton, James T. Fielder, Willard
G. Fisk, George D. Finlay, James A.
Gordon, Oscar L. Gubelman, Thomas c. /
Kinkead, David w. Lawrence, George
F. Lahey, James H. O'Neil, Carl HI.
Ruempler, Henry r. Reinhardt, Robert
S. Ross, Herbert Stratford, Vincent. r.
Schenck, John j. Voorhees,, George w.
Young, John R. Hennesey.
These elected as officers:-David w.
Lawrence, President; A. s. Baldwin and
Oscar L. Gubelman, Vice Presidents,
and George R. Percy, Secretary and
Treasurer well known gentlemen in
the city, who will undoubtedly make the