The San Francisco call., 1906-09-22
BANKERS To BUILD
s2,00Q,0lD HOTEL.
Financiers of Oakland Join
in Project to Erect a
Structure Near the Lake
COMPANY ORGANIZED


OAKLAND, sept a1,-Bankers and
capitalists of this city have concluded
the negotiations for the erection OF
great hotel, to cost upward OF $l.26o,-
zoe, on the block bounded by Thir-
teenth, Fourteenth, Harrison and Alice
streets, the closing deal on the prop
erty having been made today. Includ-
ms the land the hotel will cost more
than $4,000, 600.
articles of Incorporation were filed
today by the Oakland Hotel Company,
capitalized at sa,225.ooo. with the fol-
lowing directors. w. G Henshaw of
the Union Savings Bank, w. w. Garth
waite OF the Oakland Bank Of Savin gs,
r 10. Bowles of the First National
Bank, w. g. Palmanteer of the Central
Bank, d. Edward Collins Of the Califor-
MA Bank, J.. G. McMullen OF the State
Savings Bank. II. C. Capwen of the
Security Bank and Trust Company, and
Thomas Prather f~the Union National
Bank
The capital stock is divided into ga
500 shares, of which 1900 shares are to
be preferred and $4,000 common stock.
ali OF Sie0 share par value.
SIX per cent bonds to the amount of
S75o,ooo have already been subscribed
and $26o,6e0 Of preferred stock was
taken before the project was publicly
lAuHched To-Day through the oakland
Clearing House
1t is understood that the. Realty Syn
dicate is heavy investor in the hotel
project The bankers are represented
by subscriptions from $4,000 to $780,
900.
The Bankers Trust Company OF Oak
land will act for holders of the bonds
and the common stock. corporation,
the Harrison Realty Company. has been
formed to handle neighboring real es-
tate, which in view Of the selection of
the site Will Increase rapidly In value.
Fronts accruing therefrom will be paid
pro rata to holders of preferred stock.
The bankers who are behind the pro-
ject announce their belief that the In
vestment Will pay not less than IL per
cent. In the plan OF handling the en-
terprise the promoters have decided not
to sell the common stock, but two
shares of common stock will accom-
pany each share of the prefer. ed stock
purchased. and it is provided that the
common stock shall draw no dividends
In excess of 2h per cent until the
| S760,oo0 in bonds shall have been paid
The intention of the bankers is to
erect an edi1ce that shall rank among
the famous caravansaries OF the coun-
| try. Details as to style OF architecture
size of building and the general char
J.
taken up at once The site is at the
edge Of the Lakeside District, near tc
Lake Merritt, and also within easy dis
tance of the shopping center, the the
aters and cafes. 1t includes the prop
erty upon which St Paurs Episcopal
Church stands, and with Fourteenth
street extended offers square block
as the ground for the structure.
McNEAR TO BUILD HOTEL.
OAKLAND. Sept. 2l.-The Arcade
Realty Company, of which George W
McNear is president. has contracted
with George E. Monatt for the erection
of a four-story hotel building on the
ground bounded by San Pablo avenue
! Grove and Twenty-first streets The
/ building, to cost s109.200, will be con
structed of reinforced concrete The
architect is ]. c. Newsom. Filed with
i the contract was a mortgage from
! the company to the Oakland Bank Of
| Savings on the site for S120.000