Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1894-04-24
ASSURED.
Only Question Of Few Months khen There
will be 4 Masonic Temple.

The mass meeting of Masons t, hear the
repo,t of the committee on the project of
a new Masonic temple in this city, held in
Masonic hall, Monday evening, was largely
attended, and great enthusiasm in the under
taking was manifested.
F.W. Plaissed presided. Hon. John F.
Hill. president Of tde executive committee.
and who has been very active in the work
of putting the project on a sound financial
tasis, made report and called upon Hon.
II. NJ. Heath, who is acting as the legal
adviser of the county. Mr.. Heath
briefly outlined the features Of
the company and answered any
questions concerning them.
The company, which will be organized
under the general corporation laws Of the
State, will be known as the Masonic Build
ing Company. The amount of stock is
fixed at $4,000 ard no debt beyond that
amount is to be incurred. This money is
to be raised by the issue of two classes of
stock. The first class is the preferred
stock, which is fixed at s25 900, and is to
bear 1.2 per cent. interest, payable semi
annually. This is to be secured by deed
Of trust. The remaining $4,000 is the
amount of common stock, which is to bear
per cent. interest, payable semi-annually,
secured by like deed of trust equivalent
to second mortgage. Any sur
plus accruing after paying the gen.
eral expenses is to be used in
calling in the stock. First to be
called in will be the common stock, the
shares being drawn by lot. Next to be
called in will be the preferred stock, 80
that the title in the property ultimately
goes to the Masonic bodies. The interest
on the common stock is to be cumulative.
That is, whatever amount it may fall short
Of six per cent. one year shall be made up
another year, being credited to the share.
II two years, beginning March, 1895, runs
by without the common stock earning five
per cent. year, the trustees may fOrclose.
The par value of the shares is fixed at $40,
so that every Mason may own in the building
and it is desired that all Masons shall own
share if no more. Until the completion
of construction the common stockholders
are to have the direction of affairs. After
the completion of the building the manage
ment of the building shall be vested in
seven trustees, three being elected by the
common stockholders and four by the
Masonic bodies, one from each body. The
board of trustees are to fill any vacancy,
the vacancy being filed from the body in
which it occurs.
The absolute safety as well as adyan-
tages of the investment was apparent. One
Mason has offered to take $4,000 of the
stock, another said he would take $4,000 in
preferred or common. 1t was noticeable
that shrewd investors were willing and glad
to take large amounts of the stock and in a
little while $33,G20 of the $4,000
hal been subscribed. One Of the
Masons then said that he would
take all the rest. But it is
desired that all Masons shall own
at least one share. For this purpose it was
decided that subscription papers shall be
placed in the Augusta savings bank ard the
Granite national bank for the remainder
of the week. Until Thursday night only
Masons will be allowed to subscribe for
stock. and after that it will be thrown open
to the public, if not all taken.