The morning call., 1894-01-10
THE MERCANTILE.
President Tauszky Has
=. His Say.
HIS REPLY TO MR.. PAYOT
he Is Opposed TO the Proposed
-. Changes.
=: If1E LLBRARY'S FINANCES.
1t Is Argued That Consolidation
Would Result in an Over
wheln1ing Disaster.

defeat the proposition which LOOKS tOWaIO
the association losing its identity. either
by: consolidation with the Mechanics H.
.stitu'e or by any other method which may
-. be suggested.
:. In an interview Yesterday Mr.. Tauszky
stated his objections to the proposed
changes. and gave some OF his reasons Tor
" believing as be does.
%: "Mr. PayOt is reported in The CALL of
70 the 18th inst" said Mr. Tauszky, las hav-
ing said that we shall nominate set Of
. officers on the platform Of consolidation
with the Mechanics Institute. This is our
slogan Plainly put. the PROPOSE
ton is this: We offer to the Mechanics
InS ,i;ute $4,000 worth Of property which
it's amply able to buy and take care of at
so. cents on the dollar. II the
= movement toward consolidation fail, we
shall insist upon an Immediate sale of the
building. We have a private offer of
. sum which will leave US about $50 900 over
and above the mortgage. We will then
=. seek rented quarters downtown.
Then we have another offer for the building
from gentleman who will give us a long
term lease for the premises at low rent.
: We could put the surplus OF $4,000 Il give
the approximate figures ont at interest
and accumulate handsome fund" This
MT. Pay0t calls dollar and cents basis.
Now let US see what il really is.
"Our let cost $4,000 and The building
.S105, coo. making q total cost of SI75, O00
The building Is about two years old, We
owe 500 600, secured by mortgage. The
lot has certainly increased in value since
: we purchased 1t 20 an extent equal TO the
depreciatio of the value of the building
Our shelving. fixtures and furniture cost
at.least $1,000 additional, Our books, the
accumulation of fOrty-one years, cost up-
ward of 600. | doubt whether they
could be replaced for that sum to-day
,: I'VE therefore have a property worth
: certainly $3.50 600, with a debt Of SOS. OOO
1t is proposed 10 give this property TO the
Mechanics Institute to get rid of this
SIS, 900 debt, or, in default of this, to sell
the lot and building for a sum which will
leave US about $4,000 over and above the
mortgage, and to rent quarters downtown
q sale that leaves Us $4,000 over and
above tue mortgage means that we are to
receive in round figures $4,000 fora prop
erty that cost S175. coo two years ago. In
addition to this loss of S55 600 we would
=. lose the cost Of fitting up our present quar-
ters. and would be put to the expense Of
moving and fixing up new ones.
81. Our building contains fifty rooms not
. used by the library, with a rental value of
about 500 a month. Until recently TWEEN
ty rooms have been rented and have
brought US an income of S275 a month. In
entirely occupied. By selling and moving
We lose this income and Will be obliged to
payment.
The first floor of the new PARROT build
ing, at Pos. and Powell streets, has been
offered US al 500 a month. We could NOT
get any suitable and adequate quarters
downtown at less than $500 or $500 a
month, and to meet this rent alone would
require 1900 members at 80 cents a month
Our surplus of $4,000 would not remain
intact very long, and tile interest that we
would receive on this sum would not 90
very far toward paying our rent.
sWith our present membership of about
500, and when the dues were 50 per annum.
or 81 30 a quarter. we were forced to limit
Our expenditures for books to 500 a month
and some months TO So
ITO properly conduct the library we will
need at least 5000 mem bers at S. per an
NUN, not counting teachers, who pay only
IS er annum.
THE third proposition, to sell and take
lease Of cur present quarters al a low rent,
would be equally disastrous. 1t is queer
dollar and cents proposition to sell prOp-
get rid Of $4,000 debt. II means the loss
9t our property, the loss of our income
from rents and an outlay of rent each
month Of Z least $500 TO $500.
If we add to the rem We will be obliged
10 pay the rent which we will lose. the re-
e
the interest which we are now paying on
our debts. 10 any aspect the plan of the
Deane-PayOt contingent means the absolute
extinction of the association.
- propose to adopt any available means
20 avert this catastrophe. do not confine
myself to one plan, but will adopt any that
might bring about that result, and shall
act only on sound financial basis.
The first plan suggested by me is that
the board Of trustees authorize the issue of
bonds to the amount OF S1O00OO, to be
secured by mortgage on our lot and build-
: Ing, and we will in the first instance offer
for sale only SIS, 600 worth Of bonds. leaving
$4,000 in the treasury in reserve. With
the $4,000 we can pay our debt of S69, 900
and the expense of the bona issue and buy
much-needed books. | would make the
bonds payable say in twenty years. and
shave them bear low rate of interest, say
4 or 8 per cent, payable semi-annuallY
II confidently believe that these bonds
can be sold in this community. They
Will constitute safe and fairly remunera-
. tive Investment, and we can appeal to the
friends of the association for subscriptjons
both on business and philanihropic
grounds. II the plan proves a success the
association VIII have new lease of life
for twenty years.
o.. I'm The meantime every effort can be
made to popuIarize the library and add TO
its income The interest 10 be met will be
met out of our increased rents and dues
which are bound 10 come. Should we meet
with any temporary mbarrassments in
the payment Of interest we can draw on
cur reserve bonds 10 the extent of So, 900.
Before the bonds mature our property
will have more than doubled in value and
our income increased 80 as to enable US TO
provide sinking fund for the redemption
of The bonds, and we can also hope that IN
the meantime some of our wealthy and
generously disposed citizens will remenl-
Der " in their wills.
. SHOULD the bond plan fail it will be
time enough 10 consider what other plans
are feasible. 1t seems to me clear that be-
fore the extinction of the association by
any methods whatever is at all seriously
considered, all practical means that can
be suggested should be resorted to and
fully tried.
~"If the members have the in terest of the
association at heart and desire 10 see it
con tinue its existence they will by their
votes defeat the ticket teaded by DR..
Deane."
WILL RUN TWO TICKETS.