The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1898-07-12
TO EXCHANGE BUILDINGS
p. III. FITZGERALD ASKS BOARD OF
TRADE FOR S2OO,OOO "TO BOOT,
Steps to Prosecute Express Companies
in Federal Court for Violating
Revenue Tax Law.

f. II. Fitzgerald last night submitted
proposition to the Board of Trade govern
ors to trade the Fitzgerald building (oId
journal building) on the northeast corner
or Market street and Monument place for
the Board of Trade building, at the corner
OF Maryland street and Capitol avenue. In
his proposition Mr.. FitzgeraId fixes the
price OF his building at $25O,00O and of the
Board of Trade building at $4,000. He pro-
poses that the Board of Trade shall assume
mortgage of $4,000 on the Fitzgerald
building, pay $4,000 cash and 5000 a wear.
with interest at per cent on the deferred
payments as well as on the mortgage as
Sumed.
President Martindae presented the com
munication. He said that it was made as a
result of conferences he had with Mr.. Fitz
gerald, but was somewhat different. as he
had talked on the basis of $4,000 for the
Board of Trade property. Adding the
difference of $4,000 to the price offered and
taking into account $35, 900 assets the Board
of Trade could convert into cash and apply
to the building, there would be left to be
paid $4,000 aside from the mortgage as
sumed, in sixteen annual payments of So 900
each. The annual payments and interest,
MT. Martindale said, would amount to $13-
WV, NAilC Tire present rental income of the
fitzgerald building is $4,000. which he
thought could be increased s., 600 to $4,000 a
year The expenses of the building are
So'CoO year. Mr.. Martindale said the price
asked by Mr.. Fitzgerald was long" but
That he would consider it a good investment
II an equally long price, $4,000 could be
obtained for the Board of Trade buiIding
inasmuch as he believed the rentals of the
fitzgerald building would pay out the pur
chase price. He said that the MORTGAGE n
be assumed could be renewed for TWENTY
nVe years at per cent. if it were consid-
cred desirable. President Martindale an
pointed the following committee to consider
the proposition, on which there is an on
ton to July 20: John W. Murphy, d. p.
Erwin, -. M. Parry, V. *. Hendricks
James A Wildman, r. o. Hawkins and /
S. Gordon
EXPRESS PACKAGE TAX.
The governors decided not to co-operate
With the Merchants Association of New
York in testing the right of express COM
panies to require the shippers to pay the
internal revenue tax on bills of lading The
New York association sent a communica-
ton saying this question was to be tested
IN the United States courts and it proposed
TO pay % per cent. of the cost. The com
mittee TO which it was referred last night
recommended that the Board of Trade CO.
operate, paying Per cent Of the cost To
this there was objection. r. o. Hawkins
said, as he understood from the press. the
commissioner had ruled that the companies
must pay the charge. He said that there
was heavy penalty for the refusal of COM
panies to comply with the law, that might
be enforced by the United States Court. He
suggested that the committee be directed
TO consult with District Attorney Wishard
with reference to prosecuting the express
companies every time they refused TO obey
tne law. ms would be a more direct Way
VI ledchlng the situation, he thought than
Joining with the New York association.
ms motion prevailed and the entire sub
Ject was sent 10 the law and shipping com
mlttees. Albert Baker, chairman of the law
S ;ea asked 10 De excused from serv-
ms as ne represents an express company.
II. T. Kinney thought that the law was
not SO clear as IL might be with regard to
the flght or telegraph companies to redlire
patrons to stamp messages submitted IN
them for transmission and suggested thar
TINS subject also be investigated by the
committees. Mr.. Hawkins aid not believe
the telegraph companies We're in the same
boat as the express companies as the com
missioner, he understood. had ruled that
the sender must buy the stamp. The COM
mlttees viii consult Immediately with Dis
trlct Attorney Wishard on both subjects.
The special committee appointed 10 solicit
SoA1t members OF the Board
of Trade for the entertainment of the hi
ennial encampment of the Uniform Rank
X. of p next month reported that S224 had
been collected. This was ordered turned
over to the X. of p, executive committee.
The Board of Trade decided to Join with
the Commercial Club in hearing and en-
tcrtaining Osborne Howes, of Boston who
is to address the two bodies and the pub
lie at large on the subject of Trade Rela-
tions Between the United States and Cam
ada at the Commercial Club rooms next
Monday night, July Is.
A dividend of so cents on each share of
stock was declared. An assessment was or
dered on account OF the death of Jacob s
Hildebrand and John X. Leonard w w
Keen, William N. Gates. Charles W. Wills
and p. Nj. Hildebrand were elected to mem
bership.