New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-05-29
TRACT SOCIETY BUILDING PAYS WELL
THE REV pR. sHEARER THINKS THE NE"
STRUCTURE At SPRUCE ANp NASSAU SIS
4 GOOD INVESTMENT

THE REV Or. sHEARER THINKS THE NEW
STRUCTURE At SPRUCE ANp NASSAU SITS.
4 GOOD INVESTMENT
The discussion at Saratoga as TO the advisaolty
OF tho continued Use % the new Presbyterian build
INK by tho Presbyterian Boards Of Missions mas
again stirred up some comment IN REGARD 10 the
American Tract Soccty's new building a. Spruce
and Nassau sis The Rev. Dr. George Shearer the
financial secretary ~ the society. was seen by
Tribune reporter yesterday afternoon at tho offices
o, the society 40 10 Eas, Twenty third-st lie
said: "Th, society and the building are getting
along all right. originally there were tract socie
tics in nearly ali Of the large cities OF the country
In 1894 these various societies were smalgamated
into what a. now the American Tract Society. The
money given f,r the home OF tho society was nearly
all Of II given by New Workers. and the headquar-
tors was therefore made In New-York city. More
over this money was given so thar It could he USED
10 erect n house for manufacturing and 10 anori
home for all the various departments OF the soci-
etv's operations. including tho bookstore.
The conditions OF the original gift show that
the Use or income Of the building specified In
perpefuity by the donors AMI hence that the princ
pal could not rightly be expended: that It was vr-
tually a trust for specific purposes building was
erected, and at first a part OF II was rented 10
others. an income being thus derived In 1887 the
society directed that the Tract House shall. when
ever an opportunity offers which comments Itself to
the Executive Committee, be disposed of by SALE
exchange or lease that the Society may occupy less
expensive quarters.
zone reason why this was done because the
land on which the Old building stood had so In
creased In value that the society paying too
much for It's quarters In taxes loss OF income. etc.
No such opportunity 10 sell lease offered. and in
the early part OF January. 1894. the society unani-
mously approved the erection OF a building on
the old site.
AT that time the property was comparatively
unproductive and too valuable to be economically
used for the direct of the society Moreover.
the location was too far from the centre OF the
book business to be convenient for the society s
friends and patrons. Suitable premises, advan-
tageousy situated, available n reasona BILE
rental. The old site was believed to be safe and
remunerative investment, and valuable that by
a loan upon the land building could be erected
which would pay the rental of other and more de-
sirable quarters. provide a sinking fund to ex-
tinguish the mortgage. and eventually leave the
institution with fixed income. after fulfilling the
specific purposes OF the donors. sufficient render
substantial aid in furtherng the general objects Of
the society
THE annual rental Of the building at present is
about $4,000. which Is between $4,000 and $40 400
above the amount OF the taxes. interest the
mortgage and operating expenses When all OF The
space in the building has been rented IL IL proba BILE
that there will BE- surplus OF about 100000 over
and above tho taxes. interest on the mortgage and
the operating expenses. With this sinking fund
will eventually provide not only for the OF the
promises occupied by the society for It's opera
tons specified in the original gift but will also
afford cons. derable help In supporting the general
operations OF the society. Most certainly think
that 1t good investment. and the members
Of