Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-12-20
THE LIBRARY PROPERTY.

The publication yesterday of the fact
that controlling interest in the stock of
the Mercantile Library Hall Company had
been acquired by the managers of the Bijou
Theater was interesting matter of local in
formation. The inference that the manage
ment of the building will be in the interests
of the theater was taken by good many
people to carry with it the abandonment of
the purposes for which the building was put
up. But that opinion, in view of the con-
ditions and obligations of the charter of the
Library Hall Company, is premature, to say
the least.
The Mercantile Library Hall Company
was chartered to build the building in ques-
ton for the purpose of furnishing a home
for the library now occupying that build
ing. Further than that, its purpose was,
when it had repaid to the subscribers their
subscriptions to the stock, that the building
should become the property and endowment
of the library. Those purposes were clearly
set forth in the charter, and are as binding
now as in the first year of the company.
Through the depression which followed the
completion OF the building, and from the
fact that the building was on such a scale
as to burden it with large mortgage. the
building was for many years unremunera-
tive, being sometimes unable to meet all the
interest on its mortgages. More recently its
revenues have improved, and the floating
debt has been paid off, The effort of year
ago to prevent sheriff's sale was based on
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and should not therefore be sold out at
forced sale. The fact that since then the
debt has been refunded, and is now being
steadily reduced under the conditions of the
refunding, is the best evidence that this
claim was correct.
With regard to the present departure it is
no doubt correct that it is not in accordance
with the private view entertained by many
that Library Hall should be used solely as
a lecture and concert hall. But this de-
parture was made years ago, as matter
of stern necessity, in order to keep up the
revenues of the company. At present, the
view that the hall ought not to be used as
theater is evidently not shared by the ma
jority of the shareholders who sold out their
stock to the theater management But as
concerns the new proprietorship OF the
stock, it does not divest the corporation of
its charter obligations. 1t has simply ac-
quired a control subject to the conditions
imposed on the company by its incorpora-
tion, and which can only be avoided in the
method provided by the charter.
Under these circumstances it is to be pre-
sumed that the new owners of the controll-
ing interest in the Library Hall Company
will conduct that corporation so as to make
it yield the best revenue and preserve the
property in its best shape. As theater man
ayers they have made the record of conduct
ing the most successful and profitable thea
ter yet known in Pittsburg. 1t will be no
more than natural to expect that they will
extend the same record of profit and success
to the Library Hall Company's property.
With all incentives leading them to show
the same increase in the profits of the cor
poration that they have done in the profits
of the theater. it is possible that the new
control may hasten the day when the prop
erty will actually yield revenue to the
public and educational purposes for which
1t was founded.