The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1900-03-07
INDIANA HOTEL COMPANY
WILL ERECT A SPLENDID NEW Ho-
TEL ON BATES HOUSE SITE.
The Company Il Incorporated with
Large Capital-Parties Interested
Talk of the Prospect.

The many rumors which have been afioat
for years of prospects of new fireproof
hotel in Indianapolis have at last taken
definite shape by the organization of the
Indiana Hotel Company. which yesterday
made the State of Indiana richer by pay
ing fee of $3.50 for the filing of Its arti-
cleS of incorporation.
The articles set out that the purposes
of the organization are to erect and oper-
ate a hotel in the city of Indianapolis,
which is to occupy the site of the present
Bates House.
The capital or common stock is fixed
at s2sO.OOO. and authority given to issue
5000 Of preferred stock.
The following well-known citizens are
the incorporators of the company: Henry
w. Lawrence, Medford B. Wilson. A. A.
Barnes, Joseph c. Schaf, Alfred +. Potts.
Frank Maus Fauvre, george ]. Marott,
Charles E. Coffin. Franklin w. Hays. Au-
gust NJ. Kuhn, Delavan Smith, Henry ].
Milligan, Frank M. Andrews. William F.
Churchman. w. j. Richards, Henry
SEVERN, Harry S. New, Charles d. Pear
son, W. X. Bells. Jay G. voss. d. NJ. Far
ry. Samuel E. Morss, Charles c. Perry.
L. G. Deschler. John b. Cockrum. James
e. Roberts, John r. Pearson. John S.
Lazarus. Henry c. Adams. Albert Lieber.
l. 8. Gordon, George A. Gay, James r.
Henry.
The board of directors named in the
articles of association is as follows: Hen
ry w. Lawrence, Medford B. Wilson, A. A.
Barnes, Charles e. Coffin, Henry SEVERN,
POTTS, Joseph c. schaf, F. w. Hays Frank
Maus Fauvre, Albert Lieber, II. ]. MILL
gan, Frank NJ. Andrews, George j. Marott.
AT q meeting of the board of directors.
ficers were elected as follows: President.
Henry w. Lawrence; first vice president,
Charles Z. Coffin. secon0 vice president,
A seeaeisry srsd b.
One Of the directors. in speaking Of the
matter. said: I'VE are laying the plans for
one of the finest hotels in the country.
which will represent an actual cash outlay
of S75O.OOO The money is raised as follows:
Mr.. Claypool has agreed to make a ninety
nine-year lease and to buy 100000 of bonds
on the property at par, on which he has
suspended payment for thirty years, so
that the company will have ample means
for redeeming its preferred stock out Of
the profits of the first years. The company
will issue $35o.oo0 Of preferred stock, bear
ing guaranteed per cent dividend, thus
making total Of $4,000 for investment in
the building and equipment. AS the estab-
lished revenue from the property will yield
charges, the company will be able to re-
deem all Its preferred stock within ten
years. This preferred stock is nonassessa-
bic and nortaxable, and thus equal to an
ordinary per cent. investment.
I'm less than one week we have placed
nearly 100000 of this preferred stock
among the men who Incorporated the COM
pany. and before any prospectus has been
placed through the Central Trust Compa-
ny, and ii is our desire to place ii I'm small
blocks. SO as to interest a great many peo-
pie in the enterprise, and thus make the
new hotel the center Of the social and COM
mercial life of the city,.
Mr.. Frank NJ. Andrews, who is to be the
architect, speaking of the building enter
prise. said: 1.-The men who have gone on
this board have shown a commendable
spirit in their manner of taking up this en-
terprise. They seem to fully realize not
only that it is a good investment for their
money, but they have caught the popular
feeling of prospective pride in a magnifi-
cent hotel They are making up a party
with Mr.. Z. +. Claypool Mr.. Lawrence
and myself to make tour of the country.
at their own expense, between here and
Boston to inspect all the latest and best
hotels. so that We may all come back with
the most practical and attractive ideas to
will probably be made within two weeks,
and on my return / will at once resume
work on the plans and push them to COM
pletion."
Mr.. Henry w. Lawrence, president of the
new company, present proprietor of the
Bates House, said: 1.-The current business
Of my hotel is so steady that have insist
ed that there should be as little Interrupt
ton as possible by our new enterprise, and
We shall arrange with all contractors for
| much of the structural and other work to
be prepared. ready for use before we be-
gin to demolish the old hotel. Business
will not have to be suspended before late
in the summer. / have never been able to
do more than take care of my established
commercial trade in the present hotel, and
have had to decline all conventions and as
semblages for lack Of accommodations Our
new building. three times the capacity OF
the old, is to have a large and handsome
assembly hail. with committee rooms at
tached, and this will do much to make In
dianapolis a still more popular center for
such gatherings"