The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-06-23
The New Policy Adopted by the Man
ayers of the Churches.

New York Sun.
The big real estate speculation in
which the American Tract Society has
rlsked its solyency. has been initiated by
the Presbyterian boards OF home and for
eign missions They are erecting a great
building In Fifth avenue, chiefly with
borrowed money on the speculative the
or.v that thes will make "A large profit
from It's rents. 'nasmuch as for their
own uses they viii require only small
part OF the structure.
In the old days these missionary boards
were housed In a modest brick building AT
the corner Of Centre and Reade streets.
Their accommodate there proving IN
sufficient for the machinery OF admins
tration as II had been enlarged. they
sold the property for $4,000 ana purchaser
the old I.enox homestead At the corner
OF Twelfth street and Fifth avenue. They
got n from the heirs OF Mr. IenoX Tor
ss50 90. or much less than its market
value. because they were Presbyterian
,9rieffrs and the remainder OF the pur-
chase money was. provided by Gltts ana
from nermanent funds or the TWO hodFuS-
erboir expenses Of administra tfon contin-
,,tnp To increase with the augmentation
- 49, ro,efots and their force of mis-
gt,raries they decided 20 20 into heavy
ra,l estate specula ton In the nope OF
,.,li,,e- c,t OF IL enough money 70 pay
,bosa exnenses They were stimulated 70
An thfg by the receipt Of a legacy % hi"it
man si5000o from Mrs Robert l. stuart
a good Presbyterian woman. IN 80 80
,,,rrbasea a new site at the corner OF
issf,b Avenue and twentieth street,
+,,,tr,v ss-n 30 far IT, or this sum SiHh -
- from Mrs. Stuart's legacy, the
,es ~ the money for the iahd an t"o
money for the erection OF the qua
thex. obtained bv borrowing. MT - :,
t-a,.o.s,- lent them $4,000, 70 he Fepa'd
1
e- ~ Twelfth street. and the\ nor
...,,5 ssso 90 on first nioftgaEe from
e-.~ccn'e Savings bank. with the PRIV
80. ~ increasing the loan 10 ei.'+7''
-. A.. Der cent until ne counpte'io" ~
-, hoilding aud thereafter ~ l't ''i''-
Already they have eNs'thNe" ~ '.'' 80,
-, ahovt 81 n0oo. OF Whirh h'd.i9
- - ~. ts harrow "a money. The strike
M, h,tidinr trade last winter inter
:" ten the proCreas q the constFu'-
,t0o and II IS not Vet '"thi''ttsN 80
,~t,,.ins- in any revenues hHt '"t ""
,.,arls hone that eventually the u. ,'i,e
$50, rents viii be enough 10 psN All '-''..
expenses Of adminis'r a'lon-
IN. ,,nt of course. that IS WrFF -
- T,,a only certainty about u IS
-, ,hc,. yin have % paw the interest on
80 ,,,ifflou-dcIiar worte3Ee To t'it go
80 savings hank or lose their prop
ertv by foreclosure.
Moreover. the Pres oyteFiah '''d''s -
"a themselves omen - FhaFSe ol "s
Ssifb IN disNosiug of the mouse "V,S
49, .,, Ienox heirs brought by Miss
p.-T.l E,fnnettv who IS one ot tfFhl. i't
- ,rrafrod that property below JUS ar
.,..i ,.aiae on the ground that II MS -"
t,r e., I've u~el hy them as a nome. Nf-
.r,....,.s Afa,p5uEail a PRESBYTERIAN law
-. =, cincinnati prominent IN TOE SCUM
"a. ~ che denomination, has also wflt''n
-,,,.,t1et charging them with rad pAs'
- judgement I'm going into sDcn ft.i
.,s,a,a speeulAtfon II a private ih1tN''-
,..1 t,,,k a risk like that. putting an us
- i, one basket. unQuesttonaois Pa"
80 - r,-arlF8 as foolhartS. More
- a. ne said ~ fHe similar sff~ li1-
-. - ~, American Tract ScrseiH- u y
-. COR fh., trustees - religious iUiiH7
= .,s,l.-e in any kind 81 speculation on
.hsir oWn Judgment ~ the fhatot>' .'''F
-, ~, iufo all kinds that Seem 70 mem
- risks. they can speculate III ""h
49, - ga are Prodsee Exchange or
,,se-rver else they thinN ihtS Gao "'tN'
- Instead o. rels.ue for revenue
me- .,.-svtalnty OF pious contributions,
- .,, take the greater risA OF Sif7 re
-. AMI n they thes Eamh5e fer i"'tF
-. thoV ought not q ask or tNf''-
..s-.fs,, fherat3tN 90 continue to E9"N t4e
=. -, far Thorn "a put up as uaf%th
- sr,ss-,4latiye ventures . he CON
~ 1...t.,,,s obtained frona the chuTthes oF
:. s.,.,,-ti,nffv NJ clerical Sol1citlh@
t"S 49, made f6r religious purposes
49,, 81 prss sle faads &C. be uHf3 80
81 ,..s.,,1att0n Mrs stuart irET hcF
80 9..-a.y 10 Support ntSsfouAf'es AoF
- s.sss-,{nation ~ TIRE 1o>pci am -"
s.s.,rlues 81 Presoy terlAn!siia' A9t = *