New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1919-02-01
Royal Bank Of +
Canada BUYS
n. Y. Home
Paws More Than ST, 100000
for Office Building al
William and Cedar Streets
Old Casualty Co. Property
Failed Institutions Creditors
May Profit by Deal; Oper-
ators Active Everywhere

Purchase yesterday by the Royal
Bank of aCnada of the fifteen story of
flee building at 6S William Street,
northeast corner OF Cedar Street, in
which it has beer tenant for several
years. marked the latest development
in the contest for business space that
has been going on in teh financial dis
trict during the last half year. me l,a
able to obtain by lease space which it
desired to accommodate its expanding
business, has been compelled to make
ar investment of $1,01Q,oo0 and to be-
come the owner of big building.
William A White & Sons negotiated
the sale of the property, which has an
interesting history, the outstanding
feature of which is its former owner
lea which failed some time ago. 1t IS
to be expected that as q result Of this
sale the creditors of the defunct com
pany may expect some sort of return,
though that is matter of which the
State Banking Department, which Is IN
control of the company's affairs, has
said nothing as yet.
The building is one OF the type OF
office structures erected in the financial
zone a score of years ago. We'll bullt
in the first place and modernized some
years ago, it still is splendid structure
and houses some OF the we'll known
concerns of the lower part of the city.
With the Bishop Building it occupies
the block front on the east side of
William Street, between Cedar Street
and Maiden Lane. In the rear to the
east is the tall building to the fire com
panies at so Maiden Lane, extending
through to Cedar Street. The Royal
Bank Building fronts 54.5 feet on Will
lam Street and 1912 feet on Cedar
Street. The banks New York agency
now occupies the ground floor, second
floor, basement and other space.
Owned Once by Bowling
After its erection by the George
Kemp Estate the building was pur-
chased in 1901 by the operating firm of
Albert Flake and Robert E. Bowling.
Later it passed to the United States
Realty and Improvement Company, and
the City Investing Company. who sub
sequently sold it to the Casualty Com
pany of America in 1914 in whose name
the property now stands. 1t always
has been considered a splendid paying
PlOpSliS anu tiiS Pi I'VE az ViilNi ~ oO4N
is considered very fair valuation.
In making the deal the White CON
Germ, brokers. dealt with the Superin
tendent of Banks as the owner. who, to
consummate the transaction, asked per-
mission of the Supreme Court yester
day to sell the property Frederick T.
Walker, representing the Royal Bank,
took part in the negotiations for the
institution
Purchase of the building was made
necessary by recent growth in the bust
ness of the agency which has demanded
larger Office facilities and by the pros
rect of future needs resultant from the
hanks expanding activities in the Yves.
Indies, Central and South America anc
other foreign countries.
The rapid development of The
agency's business is. 1dicated by its
growth since opening for bushes.
July 5, 1899, in a small office not OK
ceeding 500 square feet OF space, at c
Exchange Place, with force consisting
OF the agent, three clerks and a stenog-
rapher to its present Office require
ments.
The expansion OF the foreign bust
Iess of the bank, which has been the
outstanding feature of its history, was
marked during the past year by an in
erase in the number OF its branches
rom 432 in March, 1918, to 543 al
present