The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-10-14
THE MASONIC TEMPLE
Second Mortage Bonds Being
SOLD Fast.
Detd 10 Ball Properly Transferred Y ST rdaY.
A Con pIste Pr SPEC US Has Been
ISsun d
ISSu,d.

Mr.. John G. 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 win 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 $1,000 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 number of these offices
have 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 with an authorized capital
stock of $4,000 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 200 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 100000 and will be issued in
denomination to suit purchasers, $40,
| $25. $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
at par. 1t 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 lodges should subscribe for some of
the bonds as a 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 in
this glorious cause of building Masonic
Temple in North Carolina. If the temple
is a financial success, as similar under
t2lings 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 it's promoters believe it will be.
the subordinate lodges purchasing these
bonds will always have a fund accruing
from the interest on them with which to
pay their Grand Lodge dues. These