El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-02-10
Successfully Negotiated BY
The Masonic Com
mittee
A Sign OF THE TIMES
That Opens a New Vista Of
Hope For EI Paso And a
New Field For Loan
Companies

| Yesterday afternoon President A. M.
Sweeney, of the Indiana State Life
Insurance company, ,snd James L. Allen,
deputy auditor of insurance for the
state of Indiana, had conference with
the committee of the Masonic lodge in
reference to the loan offered by the cotc-
pany for the erection of new Masonic
block in this city. 1
| The loan was successfully negotiated
aud carried out just as foretold. Noth-
ing occurred to mar the proceedings
aud the deal was carried out without
the slightest hitch. I;
| The amount of the loau is $40, 900,
stated before. The interest will bd
payable semi-annual!y at 6 per cent
and Will run fifteen years. One es(
pecially desirable feature is the proA
viso that at any interest, paying period
the lodge may pay such portion OF the
principal as they may have the funds
to meet, instead OF waiting for the ex-
piration of the entire fifteen years.
This will enable the lodge to consider
ably reduce the amount of interest to
be paid and obviate the necessity tor a
sinking fund. The loan will be secured
by q mortgage on the property and
Improvements.
A member of the committee said
this morning: "We will build. four
story building. That Is our Intention
now. 1t is not true that the commit
tee had any intention of asking for
$50, 900 or for any more tha n the S40,-
600, that was originally proposed -
The site of the proposed building is
at the corner OF Mesa Avenue an d San
Antonio street and is owned by the
local Masonic lodge. 1t Is in the heart
of the business portion of the city and
is certain to be a paying investment
from the start. At present it is covered
with two story block and small one
story buildings which are renting at
high rates. The erection of such q
handsome block as proposed by the
Masons can not fail to yield good re-
turns and enable them to quickly re-
pay the loan.
There were those who feared that
the proposed new tax law with its tax
on mortgages night result in the with
drawal of the compapy's offer but this
question was not even mentioned.
Mr.. Sweeney expressed himself as
being highly pleased with Ell Paso
which he believes has great future
before it. Mr.. Allen has made q great
many friends during his shor. stay in
this city. Mr.. Allen, in addition to
his position as deputy auditor of insur-
ance, is president of the Indiana inssi-
tuition for the education of the blind,
and u delegate to the republican ma
tional convention from indiana
ltis understood that negotiations
are now in progress for the losning
by the same company of at Ieast $50, 900
more on real estate in this city, at six
per cent interest. The money will be
used for business blocks, and will be
distributed among several properties.
The State Life Insurance company
will thus have S1O0, 900 invested here.
1t is hopeful sign of the times
this coming in of six per cent money
from the east. Even the banks realize
The more six per cent money that
comes in, the more new buildings
erected, the more new Industries
established, the more business there is
doing-the more money the banks will
loan at ten per cent. The banks can.
not loan on real estate anyhow, and
the field is rich one for real estate
loans.
Other insurance companies are likely
to follow suit, and money on mortgages
WILL be easier. But the proposed tax
on mortgages should be disposed of.
Metal Market.
NEW YORK. Feb lO-CODner 164.