El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-01-18
PLENTY OF CAPITAL
Available And a Committee
Appointed With Full
Power To Act In
the Matter.

The offer of the State Life Insurance
Company of Indianapolis, to loan the
Masonic lodge of this city money with
which to erect block On their San
Antonio street site was submitted to
the lodge at its regular meeting last
night. The first offer received from
the company by wire " as for SAC, 900 at
6 per cent. This was the sum the lodge
contemplated borrowing when the new
building was first talked of two years
ago. It was the original intention to
erect q three-story building on the
portion of the site not now occupied by
the present Masonic temple and add o
third story to the present building, to
make uniform block three stories in
height. Since that time, however, the
growth of Ell Paso has changed condi-
tions materially. There is at present
q demand for large Office building, at
least five stories in height. The value
of the land upon which the new block
is to be erected is at least $40, 600 and a
$40, 900 building upon such valuable
property Sc ems out of proportion.
Since the receipt of the offer of the
insurance company which came last
week there has been considerable talk
among the members OF the lodge and
the general opinion is that larger
building should be erected
The offer of the insurance company,
as presented last night, was amended
from the original offer of SAC, 900 to any
sum the lodge might want to invest in
a building to correspond in size and
value to the amount loaued, at 6 per
cent.
The value of the site now owned by
the lodge is at least $40, 900 aud is un-
incumbered. With this as security
almost any sum could be borro we'd
with which to erect suitable build
ing.
1t was definitely decided by the
lodge to accept the Offer of the insur-
ance company and committee. con-
sisting of John B. Watson, J. 2.
Dieter, W. S. McCutcheon, A. Cour-
chesne and G.. w. Newell was appoint
ed as building committee with full
power to act.
The committee will meet late this
afternoon to discuss the proposition.
John B. Watson, who Is chairman of
the committee and worshipful master
of the lodge, said this morning that no
action will be taken hurriedly. The
first thing to be done will be to obtain
plans and specifications for buildings
0fx opf0
five stories, with the cost of each.
Local and outside architects will be
asked to prepare and submit plans.
Probably nothing definite will be done
until theee plans are received.
The Indianapolis company was no.
titled today of the acceptance of It's
offer. The president of the company
and the state auditor of Indiana, whose
is required by law to any loan
made by insurance companies in that
state, will come to Ell Paso at once to
look over the ground and formally ap-
prove the loan. They are expected
within the next ten days.
A five story building in San Antonio
street, between Mesa avenue and
Stanton street, will addsgreatly to the !
value Of the surrounding property and |
Il has been suggested that at, least |!
BIO, 900 or S15, 900 should be obtained !
rom surrounding property owners for |
;he new building.
The project of fve-story building |
meets with the approval of every public !
pirited citizen of Ell Paso. 1t would :,
'e an tmmense advantage to the city.
The sooner propertyowners stop erect
ng two and three-story buildings and
'ut up five and six story structures the
Ooner Ell Paso will look like city.
Che large buildings are not needed
merely as an ornament. They are a
necessity to the business growth of the
,ity.
There is demand for Offices larger
han can be supplied now and within
Two or three years Office room will be