The San Francisco call., 1905-03-24
ORIENTAL CITY
FOR BAY SHORE
Substantial Step in Scheme
for the Removal of China
town Taken by Promoters
DOCTORS IN PROJECT
Corporation Provides for
Bond Issue and Will Ask
Deeds From Realty Owners

The actual work. of securing the
agreements of two-thirds or more of
the property of Chinatown to
conditionally deed their property for
the purpose OF carrying out the am
bilious project of reclaiming that dis
trict and establishing an Oriental city
on the bay shore will be commenced
next week.
On Wednesday there was fled with
the County Recorder a resolution
passed by the board of directors of
the corporation having the project in
hand authorizing a bond issue Of
$7,50e,OO0. This corporation is the
United States Improvement and In
vestment Company, which has fitted
up a whole floor at 53S California
street as Offices. Its president is
George E. Ames. John Partridge is
its first vice president; DR.. c. G. Ken
yon, second vice president; Charles E.
Moody, general manager, and Horatio
Beveridge, secretary. The directors
are George E. Ames. ID. b. Moody, Ed
ward +. Delger, DR.. John n. WiHiam-
son. DR.. C. G. Kenyon. Charles E.
Moody John Partridge. DR.. w. B.
Levitt and DR.. A. Miles Taylor. The
advisory board consists of Captain
Charles Nelson George u. Hind, II.
w. Postlethwaite, DR.. John Gallwey,
DR.. Gerald @. Fitzgibbons, Dr. w. B.
Coffey, DIR. William E. Hopkins, DIR.
Vincent Buckley, Stanley Forbes, r.
l.. Rigdon, L. II. Bonestell, o. w.
Nordwell and DR.. George Chismore.
Though the project is being carried
on by a private corporation with the
object of profit, there is sentimental
and artistic side to it. Several lead
ing physicians are on the list of Of
ficers and directors. Nearly every one
of these has at some time or another
had something to do with the purifica-
ton of Chinatown and they probably
look on the present project as solu-
ton of the problem that health bodies
have always found confronting them.
The success of the scheme rests on
the securing of pledgesAof two-thirds
of the property in the district. The
corporation figures that with this
amount it can handle the rest. Each
property-owner Will be asked to sign
an agreement and deed, which will
be placed in escrow with the Mercan-
tile Trust company, which Is trustee
for the bonds. For each deed there
will also be placed in escrow GER
tificate of class A stock, representing
the face value of the property to-day
and attached to this will be a bond,
which will be security for the face
value of the stock. The property
owner will get a certificate of stock as
security for what he owns and the
stock will participate in one-third of
all the profits of the corporation He
will also acquire in proportion TO the
stock he owns. one-third interest in
the new Chinese city. The agreements
with the property-owners will become
effective only when two-thirds of the
holdings are represented.
There are $50 owners of Chinatown
property" said Manager Moody yes
terday, '.thirty-thr being Chinese.
The exclusion act has reduced the
population of the quarter from 10000
to 10000, but this lesser number oc-
cupies twice the area that the 10000
occupied. The revenue from the porp-
erty, with a few exceptions, has de-
creased from so to 80 per cent"
The sixteen blocks of Chinatown are
assessed at 100000 and the corpora
ton estimates their value at $4,000. 900
under the present conditions. 1t is
alleged that the land alone will be
worth s25.000.009 with the buildings
removed.