The Indianapolis journal., 1903-01-22


ought TO support such things as are for
the public good; because L believe the COLI
scum will be a good thing for the COM
tionately TO all things that help the COM
munity even when there is no return for
me- as there is not in this, but where
there is direct help to others"
The joint meetings of the coliseum ex-
ecutive and ways and means committees
are the clearing house for heart-to-heart
talks on coliseum finances. The commit
tees talk freely of their work, the argu-
ments they have to meet, the objections
they have to surmount, the questions they
have to answer. They spoke yesterday of
the prevalent belief that subscriptions TO
the coliseum stock are gifts.
Coliseum stock will be a sure dividend
payer" said Hugh ]. MCGOWAN. II have
made estimates as to its income and profit
and 1 would be willing to underwrite its
paying fixed dividend"
"It ought to be easily per cent. divi-
dend paying investment" said Chairman
McCulloch.
"That is a good point" said William
Scott. manager of the Daniel Stewart COM
pany. "Our contribution was charged to
expense. it being our idea that the subscrip-
tion was gift, in large way"
(Which makes it more appreciated" said
Mr.. MCGOWAN.
IL myself believe that money invested in
coliseum stock will be a dividend payer,
and 1 would like to figure out just what
rate of dividend may be expected
Here is a letter. said Frank NJ. Muir
ply. which just received from ]. o. Hey
worth. of Chicago. He was the who
built the Sixty-third-street coliseum in Chi
cago. This building is 3OOx7OO feet. much
larger than the one here is projected. Mr..
Heyworth writes that coliseums are divi-
dend payers, and that the first year after
the completion of the Sixty-third-street
coliseum it paid 20 per cent. net on a capi-
talization of $4,000. That building cost
$45O,OOO."
THAT is enlightening" said Mr.. Scott
MCGOWAN is SURE.
Here is another illustration" said Mr..
MCGOWAN. 1--WE have 100000 people in In
dianapolis. If one-fourth of the population
comes to the entertainments which the
coliseum company will give every year at
| 25 cents admission that will be 81, 500, which
is the sum required to pay per cent. divi-
| dends on the capital stock of 1000, ieav-
| ing all the rest of the income for the main
| tepance of the building. These entertain
ments would be popular In their character
| one time. The coliseum company has the
| opportunity to give most of the entertain
ments and TO make the money. Take the
horse show, for instance. AS much as $50
for season for a box has been paid in
Chicago and 81 for single box seats for one
performance There is abundant opportu-
| nifty, accompanied by what l regard as un-
questioned certainty to results, for the
coliseum TO earn per cent. dividends and
| still leave 1t available for its many public
uses"
The copopoittaa discuSsad otber features
of income and also the estimated cost of
maintenance, and all the discussion re-
solved itself in favor of the Investment as a a
| the practical and business result of the
| coliseum was all that was needed to stimu-
| late liberality on the part of some sub
| scribers.
| The committees reports yesterday dem
onstrated great progress. Much of the
work is preparatory, but the reports sus-
tained the enthusiasm which has been
| shown from the start. Two new subscrip-
| tions of $1,000 each were reported "A. A.
/ Barnes, proprietor of the Udell ladder
| the subscribers. Mr.. Barnes is interested
in several enterprises which have promised
liberal subscriptions. so that his subscrip-
| ton personally is received by the commit
| tee as wholly from civic pride.
| The committee will meet again Tomorrow
| to receive reports from the subcommittee
and additional subscriptions.
| THE COLISEUM BILL.
L
tive committee, of which E. B. Martindale
| is chairman, was introduced in the Senate
yesterday by Senator Thompson. 1t is as
| follows:
| Section l. Be IL enacted by the General
| Assembly of the State of Indiana, That any
| number of persons, not less than fifteen,
1 may voluntarily associate themselves by
| written articles of association, signed and
| acknowledged by each person who may
| wish to join in said articles of incorporation
| for the purpose of purchasing and
owning ground and constituents tharea MAIN enI
| scum building. in which TO hold ma
| tional. political and other conventions and
shows cattle shows and all other exhibit
| tions of agriculture. horticulture. foricul-
| ture, mercantile and manufacturing dis
| plays and for military and uniformed So
| ciety drills gymnasium. ball and bowling
| contests. musical and theatrical entertain
ments. athletic games, sports and contests
and all other purposes for which said col
| iseum building can be used. And the same
| may be so used by the company construct
/ ing and owning said coliseum or by other
persons or associations to whom said CON-
| pany may rent the same.
| Sec 2 That said articles of associa ton
| shall specify the corporate name of said as
| sociation the amount of capital of the
| same. not exceeding $1.0O0.0O0 and the num-
ber and amount of said shares, which shall
| not exceed so; that the object of the asso-
| citation shall be that contained in the first
| residence of each signer to said articles of
| Incorporation; the principal place of busi-
ness of the association and the term of the
| existence of said association, which shall
| not exceed 100 years; the description of the
| corporate seal.
| ''Sec. g. That said association shall elect
| fifteen of its stockholders as directors of the
| same, each shareholder in all elections and
| votes shall be entitled to one vote for each
| share of stock held by him. and said di-
| rectors shall elect a president, three vice
| presidents. a secretary and treasurer The
| said president and vice presidents shall be
| elected from members of the directory, and
| the offices of secretary and treasurer may
| be filled by one person and may be elected
| from persons not directors; that said direc-
| tors shall manage the business and pruden-
| tial affairs of said company for one year
| and until their successors are elected and
| qualified that the duties and compensa-
| tion of the secretary and treasurer shall be
| prescribed by the board of directors. and
| amount of the bond to be given by the Sec
| retary and treasurer shall be prescribed by
the directors. and their bonds shall be ap-
| proved by the board of directors.
Sec 4. That said board of directors may
submit TO a vote of the stockholders of said
| company the question as to whether they
may issue and sell bonds secured by mort.
gage on said companys property, and ir
case a ajority of the shares OF stock voted
at such election cast I'm favor of giving
such authority TO the board of directors
they may then issue such bonds and secure
the same by mortgage OF the property oi
said company in amount not TO exceed y
| cents on the dollar of the cash value of tn,
| property mortgaged, which value shall b,