The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-08-21
07HE Scranton hoard of trade will
have building Of its own.
eight or ten stories high. located
iii ir,ln.a nrnr,nlihn Hh1.

have building or It's own,
eight or ten stories high. located
u on Linden street opposite the
court house.
At special meeting called last even
ing for the purpose of considering the
proposition the board unanimously de-
cidsd to adopt the report of its special
board OF trade building committee,
which was appointed ABOUT one year
ago, but until very recently had not
seen the opportunity for performing
the purpose for when it WAS ap-
pointed.
The proposition comes practically
from the following ten gentlemen who
last week purchased for $40, 900 the
plot of ground with Is foot frontage
on Linden street and extending 120 feet
along Dix alley: DR.. ID. B. Hand, Al
fred Harvey, A. D. Dean, DR.. l.. NJ.
Gates, GsorgA r. Clark, j. w. Guern.
sey, S N. Calendar. j w Peck, j. D.
Williams and g, P Davidson. Through
Mr.. Davidson the proposition was made
20 the board to erect an eight or
10,story building to cost from $125, 600
10 $50 coo, and to be known as "The
Board of Trade Building" The money
is to be raised by subscriptions to the
extent OF 500. 900 capital stock, 5 per
cent. loan effected on the balance and
in five years. or sooner if desired. the
board is to be given the option to pur-
chase the stock with interest at G per
cent. in five years or 10 in four years
or sooner.
NOT DONE FOR PROFIT.
Mr.. Davidson's statement that there
was absolutely no profit included in
the proposal to himself or colleagues
was substantiated by A. w. Dickson,
chairman OF the special building com
mittee A statement made by William
Connell that the proposal was not
made solely through public spirit, but
that its acceptance would enhance
values in the vicinity in which the
gentlemen were interested was not
| denied.
Following is the report of the COM
mittee. which was adopted with slight
notifications, after discussion lasting
nearly two hours:
| 1t is proposed to form a stock company
for the purpose of buying plot Of ground
| on Linden street, Court House square, 75
feet on Linden street and 100 feet deep to
an alley feet wide in the rear, along Dix
alley which is % feet wide.
This plot can he bought for S45, 900. 1t
is proposed to erect a fireproof Office and
business block eight to ten stories high,
with view to sell the same to the Scran,
ton board of trade. The land can be
bought by paying Sl5 900 cash and the bal
ancO in five years. with the option to pay
as much sooner as desired. As soon as the
building is erected per cent. loan can
be effected to meet any debts unpaid by
the stock subscription. The building will
cost from 100000 to Sl25,00O.
AMOUNT OF CAPITAL STOCK.
1t is proposed to make the capital stock
of said company 500, 600, and as soon as
Sl5 900 is paiu Ill to secure the title to the
| lots. 1t is proposed that A. d. Dean shall
act as temporary treasurer until perma-
nent treasurer is elected by the stockhold.
ers, and that he shall be authorized to pur-
chase the plot of ground as trustee for the
stockholders rs soon as sufficient subscrip-
tions are obtained and assessments paid in.
To carry out the general features of the
plan above outlined the undersigned here.
by subscribe flor the amount of stock set
opposite our names and agree TO pay in
our subscriptions upon the call Of the
treasurer as hereafter set forth.
All subscriptions are made subject to
the following provisions:
First Said building shall be known and
plainly marked in stone or iron letters
prominently located 1.-THE Board of Trade
Building or words to that effect.
Second-The plans therefore shall be ap-
proved by the building committee of the
board OF trade before any contracts are
made or instruments collected on the
stock, except first payment Of 10 per cent.
Third-For five years from completion
no portion of the building shall be rented
to tenants except by approval of the said
committee or majority of them.
Fourth-The two upper stories are to be
reserved for the exclusive use of the board
at an annual rental until option to pur-
chase to purchase stock be exercisedl to be
agreed upon by the building committee of
the board and the president of the corpora.
tion to be organized.
Fifth-Calls shall not be made faster
than 10 per cent. per month Interest at G
per cent. to b. allowed on all advances
faster than 10 per cent. per monthly
SiXth-Within one year from the com
|
ing, the stock may be purchased by the
board of trade for its own purposes and
control for the amount actually paid in
with interest thereupon Mt per cent,
and at any time within four years there
after live years from the completion OF
general occupation) for Ito (either
amount in CASH, and upon said purchase
Tor in case Of tender of cost and refusal OF
failure to transfer the stock the title shall
be transferred to the properly constituted
officers of said board subject to any bonded
or other Indebtedness that may be there
on. A clause to the above eifaCt shall be
inserted in all stock receipts and certifi.
Gates.
Seventh-No subscription hereto IL
binding until 100000 in bonafide sub
scriptions be secured.
MIR CoNNELL's AMENDMENT.
Before the report was adopted Clause
was changed upon Mr.. Connel's
amendment to bind the board to occupy
only such space of the two upper floors
as they decide upon, the rent to be- 30
per cent less than similar space il
other portions of the building.
Although the thirty-hys mem bers
present had been notified OF the pur-
poses of the meeting, none had sup
posed that that the object Of dozel
or more years was really within theil
grasp, which feeling probably account,
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