HISTORY OF THE MORTGAGES.
The church that was on this corner, and destroyed by the fire of 1877 was free from debt, the mortgage and floating liability having been paid in 1873. The present Church and Parsonage were built in 1877-78, and cost complete, furnished, about $46,000.
The first mortgage put on the property was for $2,500, on the parsonage only. It was dated December 4th, 1878, and given by the Trustees to Mary K. Carey, wife of Rev. G. M. W. Carey, then Pastor of the Church. It was for five years, at a rate of interest of seven per cent, per annum, but in March, 1881 a little over two years after it was cancelled, and another one for the same amount, at six per cent, rate of interest, was given to Sophia Isabella Bliss Robinson, of Fredericton. In 1878 a mortgage for $9,000 was put on the Church, particulars of which is given below. On November 24th, 1884, a mortgage for $2,100, also at six per cent, interest, was given to the Executors of the will of the late James H. Moran. This was paid on August 30th, 1893, as follows:
$1,100 from Estate of the late Deacon Dyall.
$500 from Sinking Fund in Savings Bank.
$500 donation from the Executors of the Estate of late James H. Moran. Mr. Moran had subscribed and paid $1,000 towards the new Church before his death.
In regard to the mortgage for $9,000 mentioned above. This was given on February 8th, 1878, to George Thomas, Executor of the Estate of Thomas Gass, Ship Builder, in this city. It was for a period of five years, at six per cent, rate of interest. On June 1st, 1881 a little over three years after, it was assigned to George Wright Gass, of Liverpool, Eng., and on September 30th of the same year Mr. Gass assigned it to Lucy A. Gregory, Widow, of Fredericton, when a new mortgage was made out between the Trustees of this Church and Lucy A. Gregory. This new mortgage was dated October 5th, 1881, and in December, 1884, part of it was transferred to T. W. Daniel, John Boyd and H. W. Frith of this City, Trustees of the Estate of John Gillis; and five years later, January, 1889, $5,000 was assigned to J. Colebrook Carter, of England. On March 7th, 1896, $2,300 was paid on this $9,000 mortgage, reducing it to $6,700, and the rate of interest was reduced to five per cent. After these transfers had been made, the interest on the total amount was paid by the Church to Mr. H. Lawrance Sturdee for Lucy A. Gregory and others. This was done up to 1901 when Mr. Sturdee was paid interest at five per cent, on $1,700 only, and Messrs. G. C. & C. J. Coster, acting for Mr. J. Colebrook Carter, of England, received the interest at five per cent, on $5,000, but in the year 1902, the $9,000 mortgage which had become somewhat mixed up by transfers, etc., was cancelled, and a new mortgage of $8,000 was placed on the Church property, everything being straightened out to the satisfaction of the Trustees and their Solicitor.
From the estate of our late beloved Brother and Sister Dyall, the Trustees were enabled to pay off the mortgage for
$2,500 held by Sophia Isabella Bliss Robinson,
$1,100 on the mortgage held by J. H. Moran s Executors,
$2,300 on the Lucy A. Gregory mortgage, making a total paid on mortgages from this Estate of $5,900. This is in addition to $2,000 given by Brother and Sister Dyall during their lifetime.
You will notice that there were mortgages on this property amounting to $13,600, all at the rate of interest of six per cent, or an annual interest charge on mortgages alone of $870.00. In addition to these mortgages, the Trustees were carrying a heavy liability on notes and unpaid bills. At one time there were $3,770 running in notes, and $2,465 of unpaid bills.
$2,465 of unpaid bills. In 1879 the debt was reduced $4,000, but from the year 1879 to 1902 twenty-three years in all the Church did practically nothing to reduce the mortgages, except the raising of about $600.00 through the Sinking Fund.
In regard to the last mortgage that has just been paid. In 1902 eight years ago the balance due on the $9,000 mortgage was $6,700, at five per cent, rate of interest, and owing to heavy expenditures on the south wall of the Church which was practically rebuilt, and other necessary repairs, and to wipe out some notes then running, the Trustees borrowed from the late William L. Waring and Addie M. McLean, Guardians of Hugh McLean s Infants, $8,000 at four and one-half per cent, rate of interest. This enabled the Trustees to pay off the $6,700 mortgage and all other liabilities of the Church. This mortgage was drawn giving the Trustees the privilege of reducing it $1,000 every two years, and at its expiration in May, 1907, they could pay as much as they wished.
A few months before this mortgage was given, it was decided at one of our business meetings to take a Thanksgiving Offering each year, on the Sunday preceding Thanksgiving, and raise at least $500.00 towards the Mortgage. The result of the appeals each year was beyond our expectations, following amounts being received:
1902 ............... $608.00
1903 ................. 627.00
1904 ................. 686.00
1905 ................. 596.00
1906 ................. 905.00
1907 ................. 646.00
1908 .............. 1,128.00
1909 .............. 1,075.00
1910 .............. 2,516.00
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Total . . . $8,787.0
The people took hold of the idea with great interest and enthusiasm.
In eight years we have received sufficient money to entirely wipe out the mortgage and partly pay for the improvements recently put on the lower flat of parsonage and Church parlors, and tonight I am glad to report that there is no mortgage on this dear old Germain Street Baptist Church, now one hundred years old. It has been paid in full—cancelled at the Registry Office—and in a few moments we will see it go up in smoke.
During the eight years we have been working to reduce this mortgage nearly all of our people have helped in its reduction, and tonight as we burn it, no one can say that it was paid by only a few, but all have come to our help. Many have had this very much at heart, and denied themselves considerably in order to give their assistance in this noble work.
I am also happy to report that in all the pledges of the past eight years of over $8,000, the shrinkage has been less than one per cent., which speaks well for this dear old Church.
Now Brethren, here is the Mortgage. It is signed for the Trustees of the Church by our late beloved Deacon T. S. Simms, Chairman, and G. U. Hay, Secretary, and is marked “Cancelled by Certificate No. 83,348, May 23, 1910. J. V. McLellan, Registrar.”
DONALDSON HUNT,
Treasurer.
May 25. 1910.