El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-08-08
What Has Been Done With the
Money That Has Been Paid
In BY Members.
FORECAST FOR FUTURE
What the Chamber Can Do and What
1t Ought To Do, If the Members
Exert Themselves As They
Should and Increase Its FlndH-
Clal Resources.

Following is the conclusion of the
excellent report of Secretary Russell
OF the cham ber of commerce., begun in
ye=ter6ay's HERALD:
One of the most important questions
before the Board of Directors after the
organization of the Chamber was the
selection OF permanent quarters. When
1t was decided to main tain q large free
exhibit, the question of location be-
came of prime concern. half the value
of an exhibit depends upon its Access
sibility. When the time came to sell
cot q location there was no place to be
had In central location for less than
500 to $3.50 per month. The Board,
ther efore, after careful deliberation,
leased piece of ground for three years
and erected the building now occupied
by the Chamber. The building be-
comes the property of the lessor
In payment for the use of the grounds
for three years. Including the first
cost, interest, and other expenses
incident to the carrying out of the
plan. the use Of the building will cost
the chant Der less than $50 per month.
The lease, moreover, is so drawn that
at any time 1t is deemed of advantage
to the Chamber to remove to other
quarters, the Chamber can sublet
the building or assign the lease. The
mem bers Of the ChBmb Der, almost if not
entirely without exception, are now
convinced that in carrying through
this plan the Board of Directors and
the members of the Chamber who CO.
operated With them by loaning the
best interests of the Chamber and the
city.
The money for the erection of the
building was secured by loans from
mem bers of the chamber. Sixteen
such loans of 800 each were obtained
from the following individuals and
firms: Prudential, J A Merrill,
Calisher, First National Bank, State
National Bank, Lowdon NationalBank,
House, w C Walz, o G Section,
Csples Lumber Co., ] j Mundy, Fench-
Ter Bros., Browne & Msuzanares Co.,
McCutcheon, Payne & Co., Payne
Badger Coal Co., A. Courchesne, Fe-
lix Martin ez, Ell Paso Ice & Refriger-
ator Co.
The loans are secured by notes OF the
Chamber, payable on or before July
1st 1902, with interest at per cent.
The loans will be paid at the rate of
$50 or more per month, as the financial
condition of the Chamb Der warrants.
The total cost of the building was
Sl133 80, which was made up by the
sixteen loans of 800 each and the
transfer of the balance from the Cen
eral Fund. To reimburse the Cen
ersl Fund, the Board OF Directors will
refrain from beginning payment of the
notes for three months.
The fact that the Chamber could
borrow the necessary funds aud erect
building on these terms Is the best
possible proof of the confidence of the
business com muni ~ In the permapepce
and value of the organization.
FINANCIAL STATEMENT
Following Is a statement of the re-
ceipss and expenditures of the Cham
Der to date:
GENERAL FUND.
Cssh received from member
ship fees and dues, ...... Sl963 90
Cash paid for general
expenses. .$l21O.O7
Cash ansferred to
Building Fund. -. 1873 80 1403. 81