The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1902-10-14
Second Mortage Bonds Being
Sold Fast.
Deed 10 Ball Properly Transferred Yesterday.
a Complete Prespec US Has Been
issue d.

Mr.. John c.. Drewry, of the Committee
on Masonic Temple of the Grand Lodge,
said yesterday that everything was pro
crossing as favorably as could be ex-
pected with this Undertaking that means
so much for Raleigh.
The deed to the Ball property, next to
the Raleigh Savings Bank, was trans
ferred yesterday and Will be duly re-
corded tomorrow.
Col. A. B. Andrews has taken $500
worth of the second mortgage bonds and
three other Raleigh citizens are contem-
plating taking $500 or 81, 600 each. Be
sides these. others in the city are taking
the bonds, thereby showing the good
faith of citizens in the enterprise.
A list will be given out before long of
all Who have subscribed.
A complete prospectus of the purposes
Of the Construction Company has been
issued by the committee. 1t describes
the Temple as follows:
'Includingn the basement the building
will be seven stories high. 1t is the in
tention to utilize the first floor for stores
and a modern banking house. All of the
! stores can readily be leased for a long
term Of years at satisfactory prices.
The next two floors will be used for bus
| mess offices. A number of these offices
nave already been spoken for, and all of
them can be readily rented. The re-
| naming floors will be used for business
Offices and the Grand Lodge rooms, and
for the Blue Lodges, the Chapter and
Commandery. The building will be en-
tirely modern, equipped with elevator,
steam heated, and lighted with both cleo
tricity and gas"
The financial plan has already been
printed, but the following from the pros
| pectus explains it SO clearly that it is
given herewith:
"A Construction Company has been
authorized witt, an authorized capital
| stock of $40, OCO which will be controlled
by the Grand Lodge. This company will
purchase the property and issue two Sc
ries of bonds secured by first and second
mortgage on the property. The first is
sue of the bonds Will be $50, 900 and draw
5 per cent. interest. All of these bonds
| have been sold to the Raleigh Savings
| Bank at par. The second series Of bonds
will be for $50, 900 and will be issued in
denominations to suit purchasers, $40,
S25, $50, $l0O and $500 and will draw 4
per cent. interest, all of these bonds be-
ing coupon bonds. More than half of
this issue of bonds has been taken, all
al pa". It is necessary to sell the re-
mainder of them, 1t is expected that the
| Masons throughout North Carolina and
the subordinate lodges, as lodges, Will
purchase the remainder Of these bonds.
The lodge should subscribe for some of
the bonds as q lodge and then the indi-
! Vidual members of the lodge should also
, take some of these bonds as an invest.
ment, and at the same time to assist ia
this glorious cause of building a Masonic
Temple in North Carolina. If the temple
is a financial success, as similar under
takings have been in other cities the
size Of Raleigh, these bonds will be "a
good fair investment. 1t is the purpose
of the Grand Lodge to pay them off and
mature them as rapidly as possible in
order to relieve the temple OF the inter
est charges which they bear"
The prospectus says in another place:
IF the temple is a financial success,
which its promoters believe it will be.
the subordinate lodgeD purchasing these
bonds will always have a fund accruing
from the interest OH them with which to
pay their Grand Lodge dues. These
bonds will be in the nature of an endow-
ment fund owned by your lodge, anG will
b. a nucleus around which you can build
Up a nice little investment for your
lodge. Some member of your lodge
may be willing to subscribe fer some of
these bonds and donate them to this
lodge. This will help the Grand Lodge
and his own lodge at the same time.
Sine it has been deemed wise to build
this temple and our purpose made known
to the public, we concluded the time for
dallying and doubling was passed and
| that we should strike while the iron was
! hot and know no such word as fail. ;"
Mr.. DreWry says that a man Will be
sent on the road during the next week
or so to follow up the prospectus and
sell the second mortgage bonds.