San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1897-02-21
THE BIG HOTEL.
The Plan Devised For Raising The
Money.

Inc ran DeNlSeu rOI IdlSlHS liC
Money.
The hotel finance committee of the
Business Mems club met yesterday at
10 a. m. The work of subdividing the
territory to be canvassed and deciding
on a form of subscription was taken
up at length. The following divisions
of the work resulted. Special sub
scription committee for amounts Of
81, 900 and over and for the railways,
Chas. Hugo, chairman, Ernest Stoves,
John Frazer P. H. Swearingen, Otto
Wahrmund, Frank Arnold. Commerce
street and Main and Military plazas,
Albert Stoves, chairman, F. A. Piper,
L. P. Peck, B. F. McNulty. Houston
street and Alamo plaza, Axel Nicer
scheidt, chairman, Chas. Moser, H. o..
Skinner, L. c. Irvine.
Other territory-S. B. Weller, chair
man, c. C. Janin, Marshall Hicks, G..
Peterson, L. c. Irvine.
Each chairman has been furnished
subscription blanks and the chairmen
OF each committee will call his assist
ants together to suit his convenience.
1t is proposed after the fund reQuir-
ed is subscribed to organize corpora
ton which will have $500, 1000 authorized
capital stock, over half of which or
$3.50, 900 shall be paid up stock.
Each subscriber to the hotel fund
will receive his full paid up stock at
the rate Of two for one, when he pays
his subscription to the fund 1t is pro-
posed to organize the company on such
a basis as to leave absolutely the con-
troll of the stock in the hands of San
Antonio people.
The form of subscription adopted is
as follows:
HOTEL FUND SUBSCRIPTION.
We, the subscribers hereto, hereby
agree to pay the sums set opposite our
names below for the purpose of Great
ing a fund OF seventy-seven thousand
five hundred Cs77,5O0) dollars with
which to organize and maintain hotel
corporation to purchase and own the
property known as the Maverick home
stead embracing 90 feet on Houston
street by 40 feet on Avenue D, by
about 100 feet on an alley.
These subscriptions shall be due and
payable on call of an executive board
created by vote of the subscribers as
hereinafter provided, which call can
only be made upon the fulfillment OF
the following conditions:
First: After the full amount shall
have been subscribed, an executive
board of eleven shall be selected by
vote OF the subscribers from among
their number. 1t shall be the duty
Of said board, under the limitations
that shall be made by vote OF the sub
scribers, to conduct to a successful
close, II possible, the pending negotia-
tons for the erection OF a hotel in San
Antonio.
Second: After organizing, said board
shall proceed to select plans and speci-
fications upon which bids may be ia
ken for construction.
Third: They shall then proceed to
let to the lowest responsible bidder,
the contract for furnishing all materi-
ais and erecting said hotel complete;
the contractor binding himself to re-
ceive therefor bonds and stock of the
corporation in lieu Of cash, and guar
anteeing the fulfllment of his con-
tract by a solvent and sufficient bond
in the judgment Of said executive
board.
upon the lullllIlleuI .Ol the dDONe con-
ditions the following subscriptions are
due and payable to the treasurer OF
the executive board.
1t is hereby expressly provided that
after the proposed hotel corporation
shall be formed, and at least half of
the stock shall be subscribed for and
fully paid up, each subscriber hereto
shall receive, as a second purchaser,
paid up stock in said corporation at
the rate of 80 per cent Of par value, for
the amount herein subscribed by him.
There will be a general meeting Of
the members and friends Of the Bust
ness Mems club on the night Of Feb.
26 at some central hall where address
ses will be made and interesting dis
cussion held relative to the hotel pro-
jects and its advantages to southwest
Texas. Due notice will be given of
the place. and every member is urged
70 be present and bring his friends
with him.