Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-05-12
NEARLY COMPLETED
Plans for Incorporating Au-
ditorium Association.
STOCK SUBSCRIPTIONS
CAPITAL TO BE FIXED AT ONE
MILLION DOLLARS.
Plans of Treasurer Glover to Prevent
Loss to Stockholders-Comm
Meeting Tomorrow.
STOCK SUBSCRIPTIONS


want to get in on the ground floor of the
proposed national auditorium association.
Only one day remains in which the good
people of the District of Columbia may
signify their desire TO be charter members
and incorporators of this great municipal
enterprise by subscribing to the stock,
which has been placed at so per share
Monday the auditorium committee will
meet and Incorporation will be effected as
soon thereafter as possible. OF course, the
stock will be on the market for some time,
but only those who get In with their sub
scriptions today and tomorrow will go
down in history as one. of the original
incorpora tors. Reports today from Mr..
Charles c. Glover; the treasurerto-be Of
the association-to-be, show that nearly
S97 600 has been subscribed. The associa-
ton will incorporate for s1,OO0OO0, and then
the real work of selling the stock will be
begun.
This scheme. so auspiciousiy; started. is
without doubt the greatest mun!cipal I'M
dertaking ever attempted by the citizens
of Washington, and from the opinions OF
leading financers, men whose success has
been due to conservatism and careful cal
culation it cannot result in failure. 1t Is
mercial and not philanthropic-is a pur-
chase of stock and not a contribution to
a public cause from which no return may
be expected-a great many persons will
subscribe who could not afford to make
donation outright. So far the subscriptions
have been for amounts obove 500, but
the greatest revenue is anticipated from
those who will purchase one, two or three
shares. contributing so, $40 or $50, as the
case may be.
Guarding Against Loss.
Treasurer Glover is taking every possible
precaution to prevent loss to stockholders,
and has arranged to put all money paid for
stock into the four leading trust compan-
les of the District SO that it may draw in
terest from the moment it is received by
him. Mr.. Glover also intends to make sure
of the success of the enterprise before he
spends a cent of the money paid for stock.
This is made possible by the action of the
Inaugural committee of 1905. which, at its
meeting at the New Willard yesterday, APP
propriated the balance of the inaugural
fund-approximately SoO00-to the audi
forum fund. This money will be expended
by the directors of the auditorium associa-
ton in exploiting the scheme, and pac-
ing its virtues and advantages and merits
before the general public In other words
much the same any other commercial
proposition If by any mischance the
scheme fails, one buying stock will lose
a penny. The only loss will be the sums
expended from the money appropria ted by
the old inaugural committee.
Successful Elsewhere.
The friends OF the movement not per-
hitting themselves to think of failure for
a moment. and this argument is put forth
by them only for the purpose of convincing
those with money to spare that there is no
chance for loss.
The idea has worked successfully in Kan
sas City, where a convention hall, during
the year ending May l. had an income of
81 ,461.97 in excess of all expenditures, ace
cording to the report of Louis w. Shouse,
secretary. The total receipts were s3S,,-
1877 .06, received from the following sources:
Rents, $40. 2o4.S1; skating rink, $12, 1873; sal
wage, $51.90; interest, s41,35; vote contest,
Sc.
There was paid out during the year 800
2O0.72. in the following amounts and for
the following purposes: Skating rink. s.
GIL GA; watchmen. janitors and laborers,
So, SD3. 40; salary, $3,1S5; insurance $2,SSS.02;
expense, $2,o61.73; taxes, $1,72s.75; building.
81 ,357. 76; furniture and fixtures, 81 1871;
lighting, 81. l04.76; rink equipment, $1,000;
office force, usherS and doorkeeperS, S526. 10.
fuel si9139; repairs. $41S.5S; printing and
stationery $20S.39; interest. S1S9S.
>
treasury May i, 1904. and this added to
the receipts for the year ending May l,
1903, gave the hall company total for the
past year of $40. 760.41. Deducting the
years expenditures from this amount gives
$40 80, the amount that the hall COM
pany has in the treasury at the present
time. The policy of conducting the hall on
purely business basis, without calling
upon the public for any financial or ma
terial assistance, has been followed.
The Largest Subscription.
The largest subscriber to the stock of the
Washington Auditorium Association to date
is the Capital Traction Company.
President Dunlop has informed Treasurer
Glover that it Will take $4,000 worth Of
stock, which makes 900 shares. A number
of others have taken 5000 worth of stock
and many more 81 900 There has been no
canvass for the fund, although Mr.. Glover
and others have suggested to a few bust
ness men that contributions would be ac-
ceptable.
According to the act of Congress- the
option of accepting free the steel in the
government building at st. Louis Is ex-
tended no longer than June f. 1t was re-
Gently ascertaned that the stock must be
subscribed and 10 per cent of 1t paid in
cach N tho traa S,Irer before the associate