The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-07-28
II IS DEEPLY IN DEBT
LIBRARY hoard ESTIMATES ITS
OUTSTANDING LIABILITIES
AT SCI 900
NET ANNUAL INCOME. $s,oo5
On This Basis the Board Figures
1t Will Be a Long Time
Getting Out of the
Water.

At the adjourned meeting Of the Public
Library board, held last evening at the
public library rooms, the following re-
port was made by the committee on
buildings and grounds:
The committee on buildings and
grounds, making their report in compli-
ance with the resolution adopted by the
board July 13, $780, are obliged TO in
form the board that absolute accuracy
of statement is Impossible, because the
investigation has been made without the
aid of books of account The report
which the committee makes Is the best
information which it has or is now able
to obtain upon the subject.
1t is not improbable that some Of the
outstanding Indebtedness growing out
of the erection and construction Of the
library building may not be included.
From such data as we have obtained it
appears that:
The building and fixtures COST. $50, S15
There have been paid upon same.... 1885
Leaving unpaid upon building and
Other items Of indebtedness
Expense accounts unpaid. ...... $500
Gas and electric light and power
UNPAID 1909
Advances made by Individual mem
bers Of the retiring board. 5000
Total unpaid indebtedness So. $50
We estimate receipts from rentals
OF the library building, including
rents accrued and unpaid from
the present time to Jan. l. 1901 :. 81. $50
We estimate the expense of the
building for the same period $500 6. SEQ
Leaving to be applied upon the in
debtednesS, Jan. l, 1901. .......... 81 $50
There are certain unpaid subscrfp-
u0ns, amounting to about $3.50, the liza
putty for some of which is disputed by
the subscribers.
There is now in the city treasury to
the credit of the library board $67774
In arriving at this result, 1t is esti-
mated mated tnat there will be removal of
one OF the leases which, by it's terms,
expires before Jan. l, 1901. 1t is not I'M
nkely that better terms may be secured
upon the renewal Of the lease, but this
The probable yearly income from
rents is estimated at ......... sic, S05 90
Inc expenses per annum ........ 1900 90
Leaving a probable net yearly
income OF INSTRUMENTATION. $9, 005 90
Some of the rentals have been paid in
advance, and it is for this reason that
the total estimate from annual rents is
The tenant paying the largest rental
mas pald $6,5uO in advance for lease of
nVe years and. as a consequence, there
has been deducted from the face or
gross amount of the rents 81 300 for each
year of the term.
The net yearly income estimated at
$9,0O5 is based upon a continuance of the
leases at the present rates. 1t may be
that higher rentals will be obtained upon
the renewal, but in arriving at this sum
OF $9,C05, the probable yearly. income, the
committee has not taken into account
any insurance charge for writing ifsur-
ance upon the building
At the time when certain of the con-
. tracts for the construction of the build
ing were made, 1t was agreed by some of
the creditors furnishing labor or mate
rial that payment might be deferred-in
some cases for one and two years, and In
other cases for two and three years; but
that there was no agreement for any
extended credit, and many Of the per
sons who furnished labor and material
are pressing their claims, 3 ss4
The item of insurance relates only to
insurance upon the buildings and rents,
and does not relate to insurance upon
the books. There are, therefore, I'M
paid premiums upon policies written upon
the library building, $4,A0.
The attention of the board IS directed
to the fact that insurance upon the build
charge upon It, and should be paid as
soon as arrangements can be made to do
so, to avoid the cancellation Of the poll
cies and to secure to the city the indem-
nifty which, 1t Is probable, 1t is its first
duty to secure and protect.
The attention of the board Is also call
ed to the fact that electric light and
power bills in future, and the fuel bills
building, should be paid promptly out
of the income. A failure to paw future
bills for fuel or for electric light. heat
and power, would probably result in
refusal to furnish either fuel or electric
light and power, all of which Is neces-
sary to enable the board to keep its con
tracts with its tenants.
There are certain unadjusted claims
with the tenants of the building, which
must be the subject of future negotia-
ton:
All of which Is respectfully submitted.
Dated July q, 1900
M. v. Seymour.
e. A. Young,
IF. A. Fogg,
Committee.
All the members were present except