The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1902-04-19

Plans are on foo { 90 revive the
movement started just "a year ago 70
erect a chamber ~ commerce build
Ing on Leased ground BY Joint stock
company u business men.
For the past two weeks James u.
Msikis. secretary Of the chamber.
Who vas one Of the prime movers In
the scheme when e wRa first pro-
posed. and several other prominent
members 81 the organization, have
been quietly looking over the Ground
and have come 10 the conclusion that
the building plan e. a better proposl-
ton than Il wAs - months ago.
Secretary Msik s's opisisn
Il am satisfied. said Mr.. Molkie,
this morning. that thu building
would Ray at least rs per cent t~of
annum en- the Investment q ts9'o9o.
after paying ground rent taxes and
al other expenses Good buHines
property Is now practically out q
the market for purchasers. but thcre
10 no falling on In the demand for
store and ofica room. especially on
Upper FIRST avenue. where the cham.
her Of commerce. building was 10 be
erected
" AAAtW y AEA VIVIAN hINh - ~ 90 y =
obtained subscriptions 10 $4,000 Of
stock IN the building company, al
though wa then talked 81 an incoEue
Of bat 10 per cent. on the Investment
I am certain that within 10 days
could get $50 e01 q this stock re-
subscribed. and " some investor car
BE- found who win take $4,000 more
or procure the subscription 81 that
Al
60 ahead with the work %
The plan to build "a home for ihs
chamber uf commerce was given the
enthusiastic support ~ the entire
business community when Il WA
suggested year ago, but wac, after
a period 81 several months. allowed
To lapse into a state Of suspended
animation, owing TO the lack of toins
recognized promoter 20 keep ths
stock subscriptions growing.
Everybody Friendly
Practically every member Of ths
chamber was. and Stiil IN. liA friend
bat since there was no financial In.
ducement TO any one 20 give his Owl
time 10 the carrying out Of the plan
IL was neglected for the private bust.
ness ~ the various members Of tbs
chamber Interested in a.
During the short time that IN,
building plan was aRitatod. however
much was done Tho assurance OF d
b0-year lease on n los 90 by III feet
IN size. az the northwest CORNER ri
First avenue and Spring street, wa
secured from the Puget Mnl Co. and
a building company organized and
incorporated BY &. J. Smith. j. IS
Mac DouRall and James IL. Meikle
The capital stock 81 the corporation
was fixed at So. 90 In shares OF 500
each, and the following officers elect.
ed. President. ]. W. elise. vice pres
ident. G. J. smith. secretary Jnmei
-. Meikle. treasurer, Jacob Furth
executive committee. a. -. Stewart
J. u. MacDouEali. G. J. smith; audit
INK committee ]. A. Moore c. J..
Denny and Jacob Furth. trustees, ]
W. elise. G. j. Smith. Jacob Furth
J. A. Moore J. -. MacDougnn. a. u
Stewart and g. L. Denny.
TIE Ground Secured
The Puget Mill co. offered 10 leaH,
the ground mentioned for an nnnua
rental equal 10 per cent. of th,
value Of the lot. which for the frs
10 years was agreed 20 be $50. 600
After the expiration OF that period
a reappraisement was TO made eacl
10 years during the life Of the lease
The company agreed, I'm addition [,
paying the rental, TO pay an taxci
and assessments levied against tn,
land, and to erect building 10 cos
at least $4,000 which was 10 beoom,
the property of the lessons at the ex
piratlon Of the 80 years.
The company then issued a pros
pectus, In which Il declared its In,
tention to erect building ak stor
les high on First avenue and Eight
on Post street, In the rear; 10 b,
known aa the. Chamber OF Commerce,
buildings suitable quarters TO b,
provided therein for the chamber
ana the remainder of the space [,
be used for stores and Offices PLAN
Tor such "A building were drafted b,
Boone a Corner, architects.
Incorporated IN the prospectus wa
q report made by the building com
mlttee Of the chamber Of commerce
which was TO the effect that. ostim
ating the probable rentals at 30 pcl
cent, less than the rates charged n
the downtown buildings, the RroF,
annual income from the proposa,
building would be $3.50 a month, OF
SIS, 600 n year. W
The gross annual expenditures. IN,
committee estimated at 10000. In
Guiding $1,000 for ground rent ane
$1,000 for taxes. etc.
Neat Profit
This would leave, the commltte,
showed, after doduoting / per osnt