The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-06-29
RELIGIOUS FTNANcIERINa.
The Presbyterian Missionary Boards
Real Estate speculation.
New York Sun.

New York Sun.
When the Presbyterian Missionary
Boards and the American Tract Society
went into heavy real estate speculations.
the one at the corner OF Twentieth street
and Fifth avenue and the other st the
corner OF Spruce and Nassau streets. they
were properly criticised for subjecting the
contributions OF the pious to such risks
Fortunately. however. Il seems that tho
lofty building erected by the Tract Society
with the assistance Of a large mortgage,
promises 10 turn out 10 be a fair invest
ment, the demand for It's offices being very
encouraging. The new PRESBYTERIAN build
ing in the Fifth avenue cost 81, $1,000. all
of which, except $780, COO was borrowed
money. By selling other property, tho
Missionary Boards expect TO reduce this
Indebtedness 20 mortgage OF $500 900. So
far, the income received from the build
ing Is considerably less than the sum Of
the taxes. Interest on mortgage and cost
OF maintenance, but II eventually Il Yields
its fun estimated rental value Il will
pay about 4 per cent. net on the invest
ment
In both cases. Of course. the experiments
were risky, and no sufficient apology can
be made for the societies which went
into them: but practically the growth in
the value Of New York real estate Is like
" TO bring them out whole. or at least to
make the investments fairly proftables
Such societies have usually little fear
about mourning financial obligations. and
in thus mortgaging the future. II seems
20 be their general policy 70 run into
debt, with the assurance that the sorsr
their straits become the moro successful
viii be their appeals TO the faithful 10 get
them oct % the scrape The Presbyterian
church. Tor instance. contains n larga
body OF men OF great wealth. who are not
likely 20 allow their UNCONVENTIONAL 90
cieties 20 fan into bankruptcy when .ha.
catastrophe stares thsrn n the face Last
year the Presbyterian Missionary boards
were behihdhand by more than hair a
million dollars. and they had borrowea
al the money they could raise on {hss-
securities II they had been merely h,,st-
ness concerns they would have had 20 60
into LIQUIDATION. but a. great an ezrerrer,fsv
incite2 a corresponding effort 70 "a 4sn tfarn
up by collecting fund Of a raflilon anI-
lars FOR their benefit. and already roo-.
Than one-thrd OF thss SIN has hem 90
tanned Their policy 90 running into debt
WORKED successfully. IL brought cut
larger contributions az tine when - ~
feTlnEa % IRE pious were showing an
alarming tendency 20 fail OF. Long sxna-
risnoe, probably. has taught than SOW
far they car safely Ee IN u,ortraEinx Pres
bytevan lihsraHty.
We fra IN ne Tribune CT yesterday q
very Interesting table prepared Tor SUBJ
fH&s+ah o. fhe general assembly. which
useeis a. Saratoga today showing the in
cyease - tae Presbyterian caurcs during
ms century n TIE number % St. cosyszauy-
acaDts and lhe s1souat ~ rs Benevolent
contributions It's membership aax - ss3
IN i~n, ans Sac sf 81 tS@s In tha first year
the contributions we're only s. 500. sr re
34si year they we're - ~ -: vet n both
3S@ and lSe feey wee 3esS than a each
% Sae years from 1879 20 lisa lncig~.v~ tas
decrease AvSTsge1Hg more thar hale q rail-
iscn ds'slavs annually. r was thss falling
CT wAaes urset tbe calculations 81 -
A'szsonaFy Boards a2d rnzAe ne--ssxa- "
tae supreme efgarr 20 ra1se the -ngllon-
aela fnus SO Sspfiy the aeaesenev.
EHf Fre@oEifrlar ch8rch snuurs SFgns 81
fsllaR lnso theological Bankruptcy. az
- far. = can tsnises sauHa nnannaggy. TsAe
FrsSssF tfr'4sss NAV ass getting poor IN gasth
eai they remain rlca n pockes.