Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1873-01-11

NETTING OF THE MEMBERS To CONSIDER A
PROPOSED cuANGE IN the oRGANizA-
TioN THE PLAS OF A STOCK COMPANY
APPROVED.
In response to n call quite large meet
Ing Of members Of the Wilmington Insti-
.ute was held last evening.
The PRECEDENT Of the Institute, George
ii. Bates, Esq, called the meeting To
order, and briefly explained the object ~
calling q. after which the Secretary, Mr..
Joacph A. Richardson, read The report OF
the cummittee. which had been approved
hy the Executive Committee and referred
il this needing for consideration.
The plan was one, the details Of which
We're furnished ny ulmhcr OF tie Iusti
tute, who is also a member Of the Board
OF Directors of the Mcrchantlc Library
Company Of Philadelphia, aud Il was III.
one ite rd0nt.on of which had 90 GREATS
Increased THE growth and usefulness OF
the laa. named Institution. The plan wa.
iwrly 10 merge On whole property Of Oh,
iusu.ut. lut0 "a common fcId, estmat,
It's value, ana divide and distribute 10 az
stock amongst the members.
tn. Institute has property as follows'-
Real Estate. 53,Gu0'Ol
Books and Fixtures, $4,000 W
Total, 50.5Oo.o,
Deduct Debt (norgages and
n0tes.J 2i,5OO.O O,
Net value, 5000 M
This divided amongst The tive hundiet
members would give each vnlue OF 60
ior which 10 is ptopo. ed 10 iss0e 10 eacl
member IFS shares worth SO each, making
in all 5000 shores. An annual tax OF
each share would make the yearly incom,
from this source $4,000 year instead o
$4,000 rs az present 1t is supposed thes,
shares Can b, sol0 or given away at first
and that persons receiving them having
thus tangible evidence of ownership il
the Institute, as well as the right to The
privileges II Offers, will willingly PAL
! thoir yearly tax. Such shares as are no
disposed Of will be issued TO members il
tue form of scrip, aud lie dormant III
their transfer or till the member choosel
to call second or third one of them int,
activity by paying dues on it. If the plai
is adopted and il results Ia such an in
crease Of the membership and revenue al
is hoped for, il is proposed to largely in
crease the number Of books, and 1t Is alsl
proposed to add to the library reading
lhhlu anu newspaper lhNlNs
The plan is more fully set forth in a cir
eular sent 10 each Of the members.
was carefully and fully explained b,
Anthony Higgins Esq, in behalf Of TIL
Beard after which, S. A. McAlllster ESQ.
offered the following resolution.
Resoir,d that the plan proposed by IN,
Executive Committee 90 Increase the use
Wlness OF the Institute has the approval %
this meeting and that the Committee b.
authorized 10 take such measures a. shal
carry the plan into execution.
Col. A. II. Grimshaw made speed
riIicuiiug the plan proposed, and he oilcrel
AN amendment providing for an election
by ballot to decide the question.
After further discussion In which tn,
objection was urged to Col. G.'s motioi
that vote by ballot would he cast b.
those nothing like so well Informed con
corning the plan as those present who hal
listened TO or participated in lis considcra
ton and discussion the amendment wa
voted down.
Previous to a vote being taken on It Col
Grimshaw's right to ouer II was called II
question, as it was shown that he ha
allowed his membership to lapse, an
though he lad within a day or SO hougl
a Ticket, had not vet been elected as
NEW member. The Coloncl claimed TN
Two smics he had hept paid up in Il
name OF The members Of his family shoul
Lave been IN lis own name. Withol
deciding the go stion the Chair Tut Il
motion Oh the Amendment, and the Colon
Withdrew before vote was taken.
The vote was Lcxt taken on the resoll
lion offered 10y Mr. McAlNstcr, AVID IL WI
adopted with hut one or two dissenth
Hg..l. ssa.