, 1881-08-31
II we'll known. the plan Of tho Ilonrd's building
Rna owning tho property. 1'hia IL tho substance

II we'll known, the plan Of Tho Isonrds building
nna owning tho property. 1I,!a is tho substance
"The majnftty OF. tho 1soar.l of D,rcc,ora fully
rccngnizc The fRot TINT tho plan OF bl,iltling W
atook uE company Involves !ess or care and ro-
ssct q ~ o e @ e.
5 !ssp IL %s e ;* INV y ~ ss ,:s'f
building enternr!sn uf this tnagtit'ttIU cHn ty
more economically CARRIED out nfti niarn viaur.
dirrs. ai srsonai 'sa'al%l iHtnfest III il. ~ 70. "
ss!ts t'n,i " sa q y r. nft "rga.
oeF y ssatc s Sy ID t ctq Il se e.
!,anciy that Gnil,ltt1g rom.!os, Y, few Il n.I,.
for this important. trltst. oallt,ot 10 fnlttltl
II o'tr !arge md tntnltiRvnt membership
eleSts G "o lsehars ' ss tG,s @ ss
npo illon: w further Slal,i Tint the trl'a II.
cot'lmltteo tllreety rcnresonftaR tito tncn,l'cr.
ship teAn l,y ut,s whnsH i,nplIaes waud nrcus.
less Hprrlitntiva rnterGrlst. which would 10 H.
tn rs that 10 opportunity would 10 rlvnu IN ibis
memory of tIlose Into whos., han,s 4 uay. ho
xLsen n.',ro eirlirinE Than tho rnpln ac,tl!al;,
pursuit Of nl'rely nerson'!l nlattrra 4 is nlstt
satl thnt funds I'm by The ,',!,re roa:ll1S pu-
s'r Tor ho tE o the t!!lls "
aui tnnt ~, t,iem .,r - nt, ,,.,3h nitt"rt
s rer!1FnaatM ~ 10 tho sensa Of ao,t,t tlnancIal
hurting no 'xr!t dividends should ho lnorn road
.sSs sS rate ,,, # t0,;' sxeoP 'at S nvs:s ,ts
Il t,ra,sncct nr 'saotini'y rr", vdend. n ~
why ot interest that tha i,t,,ids wou yletti. ii
@ I'M sa ~ 'cvp Il r. w n ecsv III VII s,'M ~ ;n
Tint BtiAt lm1.at should in,.rc TO The Iionrtl of
ratt,n,. than ~ tho hnt1nr. ~ ~ .t.ni, .xh
nay, a,,J ii ii! probaSiiity would IL tIa 1'rar
" ha rs hnsy"ss v 1To t o tSn os cT2
mr" cer|y nf 2pM1" that ns scouGy tho
rsi.,r im,nti h1scJ ,ipo" thn ah.nl,ttH sen,,risw
3 sse sts'!s!l a,s b,'''d!nF 'S s. sa!i5es sl,s stsk
~, icnsri nrn,.sna. 1Ao '@''A' '"t'"s '''.@'a
on '...esu s..,s. nsuana. -, ,r,, ,>,.,,,
VIC nrc ontlrcly unable to 1tscern the difference
to the members ut+ tho lizard ,yhuthar tue
nonsy 'avcstci In ihclr bai'dins Is represented
W. eai,not overlook the coti.menlahlo and o!t-
expressed Icslre pf many tnenbera or the
its own nuartc,s. md 6e .lh,o 10 fuiiy controi
tacln. roup!ng any. advantages that always have
aaa EYER WII res.ilt 70 AZ Sronerty I os'pIcs
lied by tho stock khulnr. On shn n1an NJ bulll-
ina In tho noar.ls avn nan1e, with bontls issunl
i,,ro M 10 10 sio i onr isolf WIN M wod contre liz
gallons 10 ttY CTGhlt1rS anti its uO1Itfy 10 Ito this
promptly anu without Its petnE burden OH the
| inctnburthip. We think ndm!ts Of no doubt.
, WS e, w pt % = 05 hd fsm r + d esFa1S taS
%na re ,,,snasan,c,,t ot ,ss ron! estate should ~
available limo B now alIilccntly absorbed by tho
duties INCIDENT to thoir uilcB as now established;
| but rathor lint u 8mall body or not
more than i've ui seven bp clgctGtl by tho mem-
bers OF tho hoard ut lnrgo for tho speoiNl duty,
ilrat Uf constructing building, and thereafter
| ut managing 10 much Of tho property As tho
tlOMrlt ucs IlDt nccd fur Its OWL plrposes. Our
| frlolMls or tho New York rrodlico ,Exchangu,
after years OF reflection on tho subject, hnvc,
us We think wisely, adopted tho pinn of erecting
II building for themselves, investing IL tho eti-
| yctitently spared for the purpose. and for tho
lntance of money needed 10 complete 1t Issuing
| bnnds to the extont Of $t.0W,tWJ bnsed on their
property decdg In truHt us security for the pny-
| i.icnt Of ths principal mud interest Of those
| bnrtis We lecm II enltnentiy desirable that
tho board Of Trnlfu should, 1t pusstblc, adopt
| Bi.nllar COURSE.
| Tho board Of Directors are advised by usn!-
nent legal counsel tllAt tho Board OF Trade CHI
| proceed to build In its own nRme, without tll.
turrinK my riak Ia consequence Of TINT ulattso
III tts uhnrtor which l1inIts tho value Of tho pr,.
erty It nlny ho! to tss0U.000, by expendinE, say,
HtrucHOn ut d building OIL Its realty, which Inns
cost $40 09y, und Issuing Its boitda ftpr an Rddj-
| tonn aiuuunt 10 uutnplctO It; these bonds to 10
| secured by Il decd OF the property to trustee,
who would hold tho tlti6 ns security for tho pay
rtent ut tho prtELGtpu aud nteroat Of the boills:
tho tltlo tuefuWhjIn tIciuN thus vested In III,
tr,iatoe, tho NoarI OF Trade w0ulu hold tMly lilo