Evening journal., 1900-05-14

ments to the board and A. s. Reed 4
Bro, who could also give a second
mortgage to the board or it's trustee for
one hundred and fifty thousand dollars
3. A. S. Reed & Bro. Company Will
complete the building if the board
gives them a deed although their
president Archie Reed, told the re-
porter he would prefer that the board
deed II to a bank corporation.
A. Lewis G. Vandegrift, Esq, au-
thorizes me TO send to him any person
who wants TO lend one hundred thou
sand dollars on a FIRST mortgage OF
100000, sixty thousand dollars on
a valuable lot. plus a one hundred and
thirty thousand dollar building thereon,
and guarantee forty thousand dollars
more when the building is completed
at q total cost Of property Of two hun
dered and fifty thousand dollars. He
Will fix the whole business.
To the lender q first mortgage Will
be given on the property entirely en-
closed clear of mechanic liens and all
encumbrance. and Is a total cash in
vestmcnt to-day OF about one hundred
and fifty thousand dollars which in
cludes lot and contractors investment.
Since the contract and inception of the
work, building materials have 50 adj
vanced In price that IL would take two
hundred thousand dollars to put the
same property to-day. For example,
the iron in the building that cost eigh-
teen thousand dollars would cost about
tifty-f0ur thousand dollars to-day.
Hence the sub-contractors are all held
10 their contracts made before the rise
OF prices, including certain mechanical
trades for labor. An additional fifty
thousand dollars viii be saved to the
people II the board after lapsing their
contract two months will not break
Il by any further delay
The writer. by permission. he
secured, will give the board and
capitalists the names OF number OF
Wilmington's ablest lawyers who will
tell them that they positively can on
the only one way in which they can
give security, get the money or have
IL gotten so that the building can be
Immediately completed and occu-
pied The board can give a deed
on which as collateral security the
money can be raised the board by re-
ciprocal instruments being made abso-
lutely safe, including the redeliyery OF
deeds and title.
\ Only sixty thousand dollars Is wanted
up to the completion OF the building,
then forty thousand. The board cannot
give either a mortgage or promissory
note. Mr.. Vandegrlft, and other law
yers say the board can give a deed az
collateral security and take areciproca-
tory instrument of protection. Also.
that the assignment of a mechanics
!, lien on that class OF property would
not be legal security for a loan Hence
a second knockout OF the rumored
b Atty thousand dollar BLUM
Reed a Brother Company has thirty
thousand dollars invested in the build
ing and Is most directly interested In
, the success OF the whole business. The
! two hundred and fifty thousand dollar
postonice, United States government
- and private concerns have trusted them
in contracts for several OF the costliest
y buildings In the city. Their heavy bond
: to complete the High School building
makes its completion sure and safe Ia
the mortgagee and all parties.
Bankers have been talked tired
! and should not be spoken to except on
= business prepared and ready on bank
ing principles and conditions. Tn,
money can be located as soon as thl
board decides to give a deed for shor
time holding as collateral security.
Lot us do our duty to the peoples
! children.
. JOHN G.. HARKNEsS.