The newly completed Bank of Commerce building towered over the New York Clearing House to the left. Real Estate Record & Guide, June 25, 1898 (copyright expired)
Established on January 1, 1839, the Bank of Commerce was the largest bank in the country by 1863. On January 27, 1894, the Record & Guide reported that the bank had purchased the Holland Trust Company's property at 33 Nassau Street. It abutted the Bank of Commerce's marble-faced, Italianate structure at the northwest corner of Nassau and Cedar Streets. The bank's president, W. W. Sherman told the Record & Guide, "the bank would certainly not build this year, but would, doubtless, soon thereafter." The article said, "He thought that when they did build, it would be in harmony with the style of the projected Clearing House building."
When this photograph was taken, the bank's handsome 1855 Italianate structure was soon to go. King's Views of New York, 1893 (copyright expired)
On May 1, 1896, the New-York Tribune reported, "The old National Bank of Commerce Building, at Cedar and Nassau sts., is to be torn down at once for the erection of a tall office and bank building." The article mentioned, "In consequence, tenants who have had quarters there for many years will have to move." The bank leased temporary space in the Syndicate Building at Nassau and Liberty Streets.
James B. Baker was hired to design the 18-story bank and office building. His Renaissance Revival, tripartite design included a limestone clad, four-story-and-basement base. The double-height Nassau Street arched entrance was flanked with intricately carved pilasters. The brick-faced midsection was distinguished with grouped openings within 11-story arches. The top section was clad in limestone, the grouped windows of the 16th and 17th floors separated by paired columns.
Karl Bitter sculpted the allegorical figures Commerce and Mercury in the spandrels above the entrance. When they were installed in the spring of 1897, they "attracted a great deal of attention," according to The Sun on May 18. In fact, it was only one of "heroic figures" that sparked controversy. The Sun said the male example was "the classical Mercury with the winged cap." The figure of Commerce, however, which was "very slightly clothed," was "subjected to criticism unfavorable to its anatomical correctness." The Sun said, "Both figures were almost immediately veiled."
For the next two weeks, passersby heard "the sound of chipping marble behind the screen." Underneath the draping, Bitter was "flattening some of the contours of the female figure."
Bitter made his Commerce less sensuous. American Architect and Building News, May 14, 1898 (copyright expired)
The New-York Tribune came to Bitter's defense, saying on May 23, "the much-talked-about spandrels which Mr. Baker introduced over the entrance to the Bank of Commerce Building are not only artistic in themselves but of the utmost importance to the general effect of the Nassau-st. front."
Less controversial was the ceiling painting by Charles Yardley Turner in the entrance hall, Commerce Presiding Over an Exchange of the Products of Wealth and Industry. This Commerce was fully clothed, described by The New York Times on November 7, 1897 as "Madonnalike." The critic summarized his lengthy article saying, "As an example of purely decorative composition and delicate color Mr. Turner has surpassed himself in this ceiling."
As the building neared completion, the massive banking vault was scheduled to be delivered. Unfortunately, Cedar Street had been excavated to lay pipes and, according to The Sun, "The men who did the work left the street in bad shape for eighteen-ton loads." On April 17, 1897, the truck carrying the steel frame for the vault door "blocked up Cedar street in front of the Clearing House building" the entire day. One of the rear wheels had sunk into the roadway to the hub.
On April 19, The New York Times reported, "After remaining nearly forty-eight hours mired in the mud on Cedar Street...the seven-and-a-half-ton truck, loaded with a twenty-two ton steel door frame for the Bank of Commerce Building, was moved yesterday morning at 9 o'clock." Two 20-ton hydraulic jacks had raised the truck and four horses had pulled the truck on heavy skids to the rear entrance of the Bank of Commerce Building.
There was one more hurdle in the building's completion. An Italian-born marble polisher arrived to work in April with "an eruption on his face." The worker had smallpox and on May 1 John G. Vaughan, a carpenter, was diagnosed with the disease. Two days later, William H. Lemon, an engine oiler, was removed from his home by the Brooklyn Board of Health. He, too, had contracted smallpox. The Sun reported on May 4, "It is not known what became of the Italian who is suspected of having been suffering from the disease. He must be well or dead by this time."
The Bank of Commerce moved in on April 1, occupying the lower floors. The upper floor offices were rented to real estate agents, attorneys, bankers and brokers. A particularly notable tenant was financier and railroad mogul, Russell Sage. On April 3, 1897, The Sun reported that he had moved his office into the building. Karl Bitter's contentious sculptures were still in the forefront. In reporting on the banker's move, The Sun titled the article, "Russell Sage Moves To-Day / Going Up Above the Bank of Commerce's Colossal Statues."
In 1900, the bank merged with the National Union Bank and three years later the Western National Bank was absorbed.
Baker carried the Italian Renaissance motif into the interior. photographs by Byron Company, from the collection of the Museum of the City of New York
A high profile tenant moved into the building in February 1906. Joseph P. Day was one of the foremost real estate appraisers and auctioneers in the city. Also here were the offices of the Rhinelander Real Estate Co.
Russell Sage died on July 22, 1906 at the age of 90. On November 2, the New-York Tribune reported that his will directed that his employees, "are to receive double the amount of salary paid them in Mr. Sage's lifetime."
On March 30, 1912, The Sun reported, "The buildings along Nassau street are to be shaved of all encroachments on the public way." Included was the framework of the National Bank of Commerce entrance. The article said, "it is not known whether the two nude figures over the doorway, which caused comment at the time of the erection of the building, will be allowed to remain or not." (It appears they were not.)
The 1922 book National Bank of Commerce in New York remarked on the growth and stability of the institution, saying that its "present figure [is] $25,000,000." Converted to 2025 terms, the amount would equal $454 million. Seven years later the bank merged with Guaranty Trust Company of New York. In 1959, Guaranty Trust merged with J.P. Morgan & Co.
On November 2, 1964, The New York Times reported, "A group headed by Harry B. Helmsley" had obtained funds "to erect a 49-story office building," adding, "The square-block site, bounded by Broadway and Liberty, Nassau and Cedar Streets, is being cleared." Included in the block, of course, was the Bank of Commerce Building.