The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-01-27
ASSESSMENT FOR c. OF G,
Explanation of Levy of 5000 on
Each Membership Is Made
by Ciruclar.

The financial condition of the Mime
apol1s Chamber Of Commences which made
necessary the levying of a $500 assessment
was made public this morning in the fol-
lowing circular issued to members:
"Gentlemen-Your board LOT directors
having found it necessary I'd recommend
that you authorize an assess ment Of 5000
upon each membership to complete the
new Chamber Of Commerce., feel that you
are entitled to a full statement of the
causes that have forced this situation
upon us. ~ ~..:.%. -'a. .-.'5-'
when the aplansefor the building were
drawn they were for a nine-s story struc-
ture, at a cost Of 100000. The building
was begun and the contracts for the foun-
dat1ons and superstructure were let, with
In the. original estimates. Then applica-
lions Of members for space came in much
IN excess of the capacity of the building
to supply. Your board was urged to have
another story added to meet, in measure,
that demand. Inquiry was started by the
f1nance committee, who found that the
money could be secured at reasonable
rates to pay, the added cost Of another
story. and that the rentals therefrom
would take care Of the interest and supply
a sinking fund to take care Of the princi-
pal, on the basis of architects and build
ers' estimates. The added story was then
ordered by the board =. -
1.-The value Of memberships has largely
increased from the commencement of the
structure to that time. having risen from
about $500 to $4,000. Members then urged
a better finished building than had been
intended. In the meantime the cost Of
material Of all sorts had increased greatly,
and many kinds were very slow to pro-
cure, which, with strikes, delayed prog
ress Of the work to the extent that the
building, when begun, that was to be fin
1910 E~{. -. 4
1908. This delay entailed interest charges
on loans before the property was earning
anything to meet it, so that the accruing
interest had to be paid from money bor-
rowed. s. a.. -. Il, s~s.. 81. si.,t n D.. =
"a second loan Of 5000, 900 was provided
| for in May, 1902. which was largely taken
by members and which the building COM
m1ttee thought would be enough to COM
plete the work. That Is practically ex-
hausted, and your board now finds an in
debtedness through Increased cost above
that estimated when the loan Of $500, o0o
was made made, amounting to $4,000,
covering the new building and improve
nents on the old building. There are also
100000 Of the $500, 900 bond issue that ma
lures Feb. 1, 1903, and $4,000 interest on
said bond issue that falls due at the same
| time. - o. s-.- 81 =
Amount Of all contracts on old and
new buildings .$675, 162. AZ
R"Au VI edMe OSZ, 100. "a
balance due .....: 81, 996. SO
| BONDS and interest due Feb 1, 1903 20, 00O. 90
Estimated annual income of associa-
ton from all sources ;.......:.... 1es, 7so. 40
| Estimated annual expenditures Of az T. -
! ISOLATION for all purposes ........ 144 500. So
Estimated annual surplus for sinking
| fund after paying off $780, 900 bonds r.. =. :
each year and interest on same. 1896. 81
| when the buildings are completed and
fully occupied the income will exceed the
amount stated. =. 49,.
'By order of the board of directors
| James Marshall, President.
&c. D. Rogers, Secretary"