Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-03-03
WILL NOT BE SOLD.
No Necessity Now for the Sheriff's
Flag Over Library Hall.
NEW SETTLEMENT OF ITS AFFAIRS.
Consolidated Mortgage Secured to Cover
All Indebtedness.
HOW THE MATTER WAS PROVIDED FOB

Library Hall will not be sold. The sale
of the property, which was set for to-day,
has been STAYED of, and the company will
continue to do business at the old place.
This good news will be welcome to the
friends of the Mercantile Library, a great
many OF whom thought the latter would be
driven out of the building and left without
home.
The Board of Directors of the Library
Hall Company have negotiated a new con-
solidated mortgage loan on the property, by
which they will be enabled to meet all the
present claims against them.
This arrangement was consummated on
Saturday by the payment of the amounts
taken of the new loan to the Union Transfer
and Trust Company and the taking up by
the trust company of the judgments on
which foreclosure was ordered. 1t will be
remembered that the old debt was S199, 900,
consisting of a purchase money mortgage of
$4,000, second mortgage of 100000, held
by the West Penn Hospital. and third
mortgage of S69, 900, which included the &C.
crued interest and costs of judgment, on
which the property was in the hands of the
Sheriff.
HOW AFFAIRS STAND.
In refunding the purchase money, the
mortgage of $780, 900 is left as it is, in order
to keep it in the form of a comparative
short time loan. On the third mortgage the
Library Hall Company paid SIS, 900, reduc-
ing the third mortgage judgment TO $50, ,O00
This latter mortgage was consolidated with
the old second mortgage into a new mort
gage loan of 20 years, with interest at the
rate of per cent. The West Penn Hos
pltal converted its old mortgage of 100000
into this consolidated mortgage, and OF the
remaining $50 600 the Western University
took $1,000, D. Lee Wilson $4,000, the
Union Transfer and Trust Company SIS, 900,
aud the Library Association S., 900. o the
latter amount S., 900 was an investment of
its own out OF the Thaw bequest, and the re-
manning s., 900 was out OF the subscriptian
raised last fall. Altogether, $4,000 had
been sub -cribed by friends OF the institu-
tion, and it was not necessary to call on the
subscribers for the remaining $1,000.
The total debt of the Library Hall Com
pany is now but $3.50, 900, having been re-
duced S19, 900 by the transaction. BY the
terms OF the mortgage consolidation the Lii
brary Hall Company agrees to put the sur
plus revenues into a sinking fund for the
reduction of the debt, until it is reduced to
a total of $50, 600.
THE MONEY PAID OVER.
The Union Transfer and Trust Company
is trustee of the consolidated mortgage, and
the money was handed over on Saturday.
The company took up the judgment. which
has been in the hands of the Sheriff since
last August. This precludes all possibility
oI tho prnnartu rnyu uninu uuder tho ham
mer.
Under the charter, when the property has
paid the stockholders the amount of their
original investment, the hall becomes the
property Of the library. In the meantime, a
large number of ockholders have signifed
a willingness to give their stock to the Ii
brary. The amount of stock given out to
date is 800 shares, worth $4,000 par value.
A number of the stockholders said they
would give their stock when the refunding
scheme closed up the breach. The library
expects to get this now, ana hopes to get a
considerable interest.
In the meantime the library will go on as
it is. 1t will be improved until the Carnegie
Library is built. Whatever value or income
is realized out Of its interest in the building
will De applied to some public purpose akin
to the library or the enlargement of the Car
negie institution.
The members of the library are highly
gratIied at the result of the meeting.
HONOR TO WHOM DUE
One of the directors said in connection
with the matter, that an exceedingly graft
flying feature of the settlement was the fact
that the old friends of the library, who had
seemed by previous circumstances to be put
in an unfriendly attitude to the institution,
have given efficient al in securing the set
tlement.
81 wish to saw said this gentleman,
"that while previous complications have
led to feeling which produced sharp criti-
cisms, the library recognizes the aid that
has been given it from gentlemen whose
course appeared at the start to be inimical.
Everyone comedies that Mr.. Brunot, the
father and founder of Library Hall, has
shown great forbearance in permitting his
loan to stand so long without any interest,
and in twice permitting the sale to be ad-
journed. 1t is one of the gratifying features
OF the settlement that after this long forbear-
ance Mr.. Brunot is repaid with interest, and
the entire obligations of the hall company
are placed on the basis of a sound invest
ment.
ALSO TRUE FRIEND.
sit is also the fact that Mr. Charles j.
Clarke, whose original attitude in the mat
ter was the subject Of criticism, gave efficient
aid to the refunding scheme. The library
directors feel that the success OF the effort to
refund the debt, is largely due 10 Mr..
Clarke's aid and influence Other promi-
nent gentlemen also aided the negotiation,
but as Mr.. Clarke's position has been the
subject of misconstruction it is no more than
justice to publicly recognize that his infiu-
ence secured the last adjournment OF the
sale and largely aided the negotiation of the
consolidated mortgage. For this aid the
thanks of the library are as much due to
Mr.. Clarke as for his long services as pres-
dent OF the Library Hall Company in sus-
tanning the company when the revenues of