Jasper County Democrat, Volume 19, Number 35, Rensselaer, Jasper County, 29 July 1916 — BANK BUILDINGS CHANGE HANDS [ARTICLE]

BANK BUILDINGS CHANGE HANDS

Trust & Savings Building Bought by State Bank and Building Occupied by Latter Goes to T. & S. James H. Chapman, who recently, purchased the ground and building where the Trust & Savings bank located has transferred same to tfie' State Bank of Rensselaer. The con si deration in the deed being SB,OOO, SSOO more than the price stated in the dehd from John Moore to Mr. Chapman when the latter bought the property June 12. V A few days ago C. G. Spitler, presi den: of the Trust & Savings bank, purchased the building and ground occupied by the State bank, which has a frontage of 31% feet on Washington by 66 feet on Van Rensselaer street and takes in the rooms occupied by the Thompson and Wayrnire restuarant as well as the bank rooms proper. Mr. Spitler bought this property, it is understood, for the Trust & Savings bank, or that it will he occupied by the latter on the expiration of their lease for their present quarters in October, 1917. President John Eger of the State bank informs The Democrat that his hank has purchased the Moore property for a permanent home and will probably move into same on the expiration of the Trust & Savings lease The State bank is occupying its present quarters on a hold-over fiveyear lease, and should it insist on the full term of hold-over it is understood it could retain the building until 1919. However, it is probable the change will‘be made to suit the convenience of both banks, and it may be made before the expiration of either lease.

Both transactions came about, it is understood, through the owners o' the State bank corner, Messrs. Delos Thompson, cashier of the State bank, and H. R. Kurrie, president of the Monon, wanting to improve the building by adding a third story and enlarging and modernizing the bank ing room and thereby boosting the rent considerably over the rate the bank is now paying. Other officers of the bank opposed the proposition, and Mr.. Thompson informed them that the owners could secure more rental from other parties and that he trusted there would he no ill feeling if they rented the hank room to some one else. He was informed that there would he no clash whatever over this, and in the meantime Mr. Chapman stepped in and bought the building occupied by the Trust & Savings bank, paying $7,500 for same.

After this was done Mr. Spitler bought the State bank corner from Thompson-aiid Kurrie, paying $28,000 for same, which is a new highwater mark for Rensselaer business property and is SB,OOO more than this property sold for some 10 years ago by Mr. Chapman as trustee in bankruptcy for the A. McCoy & Co bank. The purchasers of the building at that time spent about SI,OOO soon after they secured the property in having the exterior walls stuccoed. It is very probable that the first floor of the building will be thoroughly remodeled . when the Trust & Savings bank is moved thereto.

This has always been considered the best business corner in Rensselaer and has been occupied by a bank ever since Rensselaer was a babe, and is no doubt well worth the price paid, although $13.50 per square foot for business ground in Rensselaer may strike some people as being a pretty high figure. However, Rensselaer is not the Rensselaer of 10 years ago or even of five years ago, and property values should not be so judged. The Democrat is informed that no part of the Trust & Savings bank capital will be put into this prop erty but that it will be taken over by parties individually.