The Birmingham age-herald., 1910-09-22
SKYSCRAPER SOLD
 TO FIRST NATIONAL
Important Changes Will Be
 Made By Bank
THE PRICE WAS $1,OOO, ,0OO
Board of Directors Puts Institution on 12 Per Cent Dividend Basis. Office of Auditor Is
 Created

The board of directors of the First National bank of Birmingham, at a fully attended meeting yesterday after noon, ratified the negotiations for the purchase of the First National bank building from w. H. Woodward for the sum of $1,000,0O0. The negotiations in behalf of the bank had been con- ducted by President w. P. G. Harding and as they had been pending for some time and had been discussed by individ- ual members of the board the action at the meeting was mere formality. There was not a dissenting vote. MT Woodward, the seller, is a director in the bank, but he was excused from vot- ing.
 As this is the largest sale of business property yet made in Birmingham it naturally excites interest in real estate circles. The trade is\ spoken of among business men as a good thing for the bank, and as MT. Woodward receives what he considers a reasonable price ing congratulated on the consummation of the deal.
 The site of the building embraces 140O0 square feet-140 feet on Twen- tieth street and 100 on Second avenue. The building Is 10 stories high above the basement and cost, with fixtures and improvements, about $635,o00 And a very moderate appraisement for the ground, would be, it Is said, 5000 a front foot on Twentieth street, making the value of the lot s420,O00. Gen Louis V. Clark recently paid at the rate of s3700 a front foot for the build ing across the street, which was oc- cupied by the Merchants and Mechanics bank. Five years ago the building at | the corner of First avenue and Twen- tieth street, owned and occupied by the First National, covering $500 square feet, sold for $172,500. That was re- garded as a high record sale at the time. MT. Woodward's sale yesterday was at about the same ratio, square feet | considered.
 Important improvements will be made | in the First National Bank building in 
 make it second to none as an office build ing in the south. Designs have been drawn for changes in the bank. The mezzanine floor where the bookkeepers' desks now are will be taken out and that section of the clerical force which does not come in contact with the public will | be located on the second floor There | will be an opening in the ceiling between | the main floor of the bank and the sec ond floor These changes will not only result in more light. but will add great | ly to the lobby space and enhance the already artistic appearance of the bank | The bank is to have, under the rear engagement, $500 square feet of lobby, and this will make the largest bank lobby in the United States with three exceptions one in New York and two in Chicago.
 There is now an entrance to the First National on Second avenue near the cor ner, but the new plans provide for an additional entrance on the avenue. These changes will not be made for some months owing to office leases on the sec | ond floor
 | President Harding said last night that | Eugene l.. Brown would continue to be the rental agent of the First National Bank building.
 | At the meeting of the directors yester- day the dividend rate was placed on 1i per cent per annum basis. The board declared a quarterly dividend of per cent payable October l. The bank had been paying 21a per cent quarterly. The board created the office of auditor and elected J. H. Wetmore, one of the oldest members of the clerical staff, to the posi- | tnon. Mir Wetmore has been performing | the duties of auditor all along but | the title was created and the office made elective, it was stated, in order that the bank might show its appreciation of his faithful and efficient services.