The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1893-06-13

The stockholders OF the Wilmin q ton
Institute met last night and unani-
monsiy decided to accept the conds-
lions as amendment to the charter by
the legislature for the establishing
OF free library here. There was n large
presided and Il. p. Robinson was sec
rotary.
The acts passed by the Legislature
were then read and the following
resolutions were presented by Isaac L.
johnson:
Resolved, That the amendments
to the charter of the Wilmington Iusti-
tute embodied in an act passed ut
Dover. April "a, 1888, and entitled a
further supplement TO the act entitled.
An actto Incorporate the Young Mems
Association for Mutual Improvement
OF the city OF Wilmington are hereby
accepted.
"Resolved, That the secretary is d.
rected to endorse on the certified COPY
OF tho act, the acceptance of the
amendment under the seal OF the COR
poratlon ana to have the above.men-
toned supplement recorded In the
recorder OF deeds of New Castle coun-
ty:
Resolved, That the executive COM
mittee is hereby directed to hold at
such time or times as 1t may desig-
nate al. election for ten persons to be
members OF the board of managers
under tho amended charter"
The resolutions were adopted by a
unanimous vote.
In presenting the resolutions Isaac
I. Johnson stated that in arranging
for the free library the payment OF the
debt Of the Institute had been provid-
ed for.
William p. Bancroft corrected this
statement. He said the provision al
luded towns not for the payment of
the debt, but to relieve the managers
from tho payment of the interest.
The letter written by Mr.. Bancroft
was asked to be read which was done.
The letter stated that he thought 1t
| would facilitate matters to have a
| OF the Institute. He would guarantee
that from the time the library was
made free the interest would be paid
from contributions, or from other
| sources.
In explaining this statement Mr..
Bancroft said that at the time the let
ter had been written, guarantee of
tho interest seemed to he the most
feasible method of securing free
library. Since then the plans have
changed. IN the working out of the
!
desirable to have the owners of the
stock OF the Institute assign their
shares to the trustees. The PROPOSE
ton now is to buy mortgages and to
put them in tho hands OF tie trustees
with authority to collect tho interest
and pay the money to the managers.
Mayor Wiley spoke of the active
part taken by Mr.. Bancroft In estab
fishing the FREQ library. The library
will be open not later than January /,
1894.
10 accomplish this all stockholders
would be asked to sign articles Of
agreement transferring their stock tc
the trustees In preparing these ar
ticles care should be taken to fully
protect the interests OF the stockhold
ers.
1t will be necessary fo- all members
to pay dues as usual during the nexi
half year, because the money to bt
contributed to the library funds woult
not be available until January l
Stock transferred to the trustees will
not be subject to assessment for due
after January l. and all STOCK no
transferred will be subject to assess
ments for dues and also to forfeitur
to the Institute for payment O
dues, as provided in the rules now II
force.