The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1894-07-20
MAIN STREET HOTEL.
A PROPOSITION FORMULATED BY
A SPECIAL COMMITTEE.
To Be Presented to Capitalists to In
duce Them to Invest-Some Dis
cussion Regarding the Means
of Interesting Capital.

The regular weekly meeting OF the
Main-street hotel subscribers was held
at the chamber of commerce last night.
Judge John Borden presided and Ozro
W. Ohilds was secretary.
In addition to receiving . report from
the secretary and hearing the PROPOSE
tion by the special committee, O general
discussion took place regarding the beat
means of getting capital interested. The
majority OF those present seemed to
favor sending committee. east.
After few Introductory remarks by
the chair, Secretary Childs read his re.
port. which in substance was as follows:
More than three months have elapsed
since the committee was appointed, ard
had it not been for the untirine efforts
OF few of them, this gigantic enter
prise would still be sleeping. The most
persistent committeeman, after pro-
tracted task in educating the benefited
owners in the vicinity as to their duties
in the matter, and the fact OF their OBJ
tanning lower price on hotel site than
was at first contemplated, have made it
possible for me to make a most encour-
aging report. In looking the field over
am of the opinion that the general
public now believes that there is not
more fitting location for tho enterprise
than the one we now have in hand.
''The option on the north end Of the
block, to be given in the way of an in
ducement to obtain the hotel, was at
first $4,000 net, without donation !;
later on, Mrs. Dsnker and Mrs. Ham
mel generously reduced the price to
100000.
The first option given by Mrs. Childs
for the site and foundation was $45. 900,
with donation from herself and chill
dren of $l2,250, Later on, this dona-
ton was increased to $685.
Thus it will be observed that it has
only been necessary for the committee
to raise a bonus of $4,000 instead of
1000 as first contem plated. As there
is generally some shrinkage in subscrip.
ton lists, it was thought best TO raise a
sum OF $50, 900 and, il all that has been
promised, be subscribed, the lists may
yet show that amount, but as the lists
now stand, the donation is $77, 915 or in
other words, surplus of $3,9l5. The
lists are considered unusually good and
it is believed that every dollar could be
collected. if due today.
IA committee was appointed to 60
east to interest capital in the enter
prise, but owing to recent labor troubles
they have not yet gone. In the mean
time the chamber of commerce, bv a
resolution, has unanimously endorsed
the proposition, and capitalists here are
becoming much interested in the enter
prise. The options and subscription
lists ere limited as to time, and, for this
reason, it will be necessary to hasten
matters with view of introducing the
proposition to capitalists"
A communication from J. B. Lanker-
shin was read. He stated that it was
most liberal offer, and predicted success.
The meeting was addressed by Gen.
John r. Mathews, during which he
stated that he thought that the cham
Der of commerce had made O mistake in
taking all of the locations offered into
consideration. He thought the cham.
Der should have selected what it consid.
cred the best ono. He said that if the
committee should be sent east, it should
be with perfect credentials, and be able
to set forth to the people there what
they were Offering here. The speaker
was Of the opinion that capital could
not be interested just yet, as the furry
had not stopped, He was in favor OF
this hotel being built by Los Angeles
capital. If possible. After this, i, was
voted to read the proposition formulated
by the special committee, to be made to
capitalists who would invest money in
the erection OF the proposed hotel.
The proposition, as presented by the
committee, consisting OF NJ. M. Morrison
VIM. r. Buck and frank S. Hicks, was
in brief as follows:
The original plan contemplated the
expenditure of $500, 900 az follows: The
site 300x327 feet with two additional
lots, sizs 1O0xl50 feet, on opposite side
OF street was then valued at $3.50 900.
The foundation and basement covered
by first floor. was at that time construct
ed, covering the entire cite, built OF the
best OF material, composed of stone,
brick, cement. iron and wood, and is
considered by experts to be more sub
stantial today than at the time, and in
volved a cash expenditure of over $780,
600. The original building as designed.
covered this basement, consisted mainly
of the same material, four stories in
height, containing 500 rooms, and if
completed at that time, would have in.
volved an additional outlay OF $500, 900.
We now propose to donate as a bonus
the original site and basement, together
with all the land in the same block,
containing about six acres of lapd alto
gether, on the south end of which the
foundation now rests, located in the
heart of the city of Los Angeles, the
chief frontage being ON Main street, our
leading thoroughfare. We Offer this
free to an Acceptable party or syndicate
who will complete according to original
plans, or build upon this block bet
ter one.
We want an enterprising capitalist
who will purchase this on or before
October 1, 1894, at our option price,
SIS. 1000, 900, and il they will complete
said hotel on or before one year there
after, subscription list for said amount
already subscribed to by benefited
properly owners. becomes due and pay
able to the order of the purchaser. In
substance this is our proposition, but
minor changes may be agreed upon.
q. j. Griffith etatod that while he