The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1878-12-14

CATHOLIC INSTITUTE.
How the Building May he Save

How the Building May he saved
The Catholic Institute Building is to be sold at
nubic auction on the 14th OF January next 10
nrevent this beautiful edifce from going out OF
the hands of the Catholics, some OF the most
nrominent stockholders have issued circular lay
ing out the means by which the ihs'ltulion eau
be saved. From the paper we take the 1oloW'
ing: ,.uu :. I, wound foure.
5000 900 There are il the hands OF the assgnees
ovnr s10 600 in cash and the judgment against
Gibbons SGfl is good for say $1,000 making the assets
ontSide Of he building $27, 900; subtracting this
amount from the Indebtedness there remains
net indebtedness Of sSSt or 10 a9w s9H oO tSr COLI
The Catholic Institute properly is vaiuaDe
enough TO sustain a mortgage indebtedness OF
Sl25 900 or Sl35 900, and at meeung ol tne cfeut
ors helc shortly after the assignment, tney were
willing tn take bonds secured by mortgage for tins
amouut of their claims, provided the balance were
paid in cash. ,., -, .oa,
Now, let paper be circulated among me creal- IL
tors for the signatures of those who are Wiling 10
tskr the proposed mortgage bonds, when SNAIL
bear per cent. interest payable seml-i'nnualIy,
and be redeemable at the pleasure Oh the oa'nonc
Institute after two years from their uate ana pe
navohle in twenty Years after date lit be found
that there are creditors enough (or otnefS Wiinng
to take these bonds to the amount OF siooooo tneh
let there be organized new oI3Gh H3l M Mis
the Institute building from the assignees, paying
them for the creditors the balance over the
amount subscribed fur the new Donus'
II is proposed to pay the stockholders IN the new
Company 7 per cent. on their stock semi annual ~
and if $50 900 of stock be subscribed tor II VIII re-
0uire Sl25 900 in bonds in addition 70 pay the IN
debtednesS in full. ,. -, . o+ l.,
In these hard times the Institute has net IN,
come latter paving taxes, Insurance. salaries ana
ali other xpenses) of $l4,O 900 per ahnuin' aIa II
is believed that when times get better thls VIII oe
largely increased; so it can pay : per cent NJ on on
SIPS 900 bonds-S7, ,500-and per cent on Soo'oot
stock-S3, ,5O0-total, $1l ,0OO-and have balance o.
5000 to 60 toward paying off the bonded haept
edncSS. .,. -. ~. -
The object of buying the building from the as
signees is to cut off III the old stockholders 81
that they may have no legal claim against tn.
new Company; but in order to give those VINO oWl M
stock in the old Company chance to save Ihei
stock it is proposed also that if persons VINO nav
the old stock take stock in the new Company Una
that the old stock of such persons shall be declare
common stock OF the new Company, ana that
ter the bonded indebtedness shall have been n
duced to 500 900 the Directors OF the new Comp
. nv may declare an annual dividend OF 3 per cen
on this old stock and when the entire bonded Il
oebteGness shall have been paid, then the saa y
rectors may pay all annual dividend OF = per cen
on said old stock.
A meeting of the creditors will be held tomo
row at o'clock p. m, i'll the library ROOM