New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-04-14
FUNDS NOT MISUSED.
THE TRACT SOCIETY AND BOARD OFFICERS
REPLY TO AsPERsIONs CONCERN
ING INVESTMENTS

pamphlet published by Alexander Jay Bruen,
lawyer at No. Al Park Row. entitled Our Charities
and How They Are Managed" has caused some
comment because Of the criticism Of the
management of several charities In this city. In
the first part Of the pamphlet. Mr. Bruen takes to
task the Foreign and Home Missionary Boards Of
the Presbyterian Church and the American Tract
Society because they have seen fit to erect such
large and expensive buildings. The Presbyterian
building is Fifth-ave. and Twentieth-s, and the
big building Of the American Tract Society is at
Spruce and Nassau SITS. He says:
Most charitable societies treat the money they
In so-called safe investments or used In erecting
Building This IS not a the Society its
property for million to assist in raising funds for
property ny entering :' the arena 0 Of Speculation
This is notably the case with the American Tract
Missions Of the Presbyterian Church. Each of these
soSIeties has mortgagsd its property for over
given them for far different purpose TO the haz-
Because eI they e easily acquire money from the
BENEVOLENT they seem to think 1t makes tte
money was given for a specific purpose and that the
officers Of the society are mere trustees. agents Of
for which they were given 1t is high time that the
with trust funds and misusers of official position.
Robert E. Speer, the secretary Of the Board Of
Foreign Missions Of the Presbyterian Church.
seen In regard to the matter by Tribune reporter
yesterday afternoon. He said: ANY man who says
that any funds given for other purposes used
or diverted in erecting this building is mistaken
that is all. The cry has gone up before 1t
went up when moved into first building at
No % Centre-st At that time the building
considered fine this is The cry
raised again when we went into building at
No SO Fifth-ave.. and now hear 1t about this
building. All Of the money that used by in
the erection of this building was given to us for
that very purpose. will show you the report Of the
Building Committee. which was submitted April g."
The report showed that the net cost Of the lots at
Fifth-ave. and Twentieth-et, which the building
stands s657.412 &C. The cost of the building,
including the commission Of the contractor Charles
T. Wills. Of $4,000 for his personal services and
supervision Of the work, 1882 722 49. Other ex-
penses bring the total net cost OF lots and build
ngs. as on July J. 1885, up to S.757500 49, In order
10 provide this money, a mortgage OF 100000
secured from the Seamen's Bank for Savings; $780,
600 was borrowed temporarily on the buildings and
lots at No. 50 Fifhave, to be paid when that prop
erty sold: gifts to the Boards specially designated
amounted to about $4,000 and $67500 10 secured
for that purpose from the will Of Mrs r. l.. Stuart
The report then goes to say: From this state
ment 1t will be seen that the oft-repeated asser-
lions. made. believe in cases honestly
though gnoranty. that the Boards using funds
which had been given or beQueathed 10 them for
their current work, and that their diversion TO pay
the cost Of the lots and building the cause of
their financial embarrassments and OF the accumu-