The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-03-17
Active Work in Raising The
$350,000 Necessary Is
Commenced. s
TWENTY-FIVE OF
MEMBERS PRESEl
Sub Committees of Two A )
to Be Named and TIL Z
Will Be Allotted a Certs
Number of Persons to Call
Upon in the Interest of Sc
curing Subscriptions.

Twenty-Five of the thirty-two mem
'bers of the Chamber of Commerce
special committee, appointed to So
licit subscriptions for the proposed
$3.50, 900 hotel under the lease prop
osition made by Chas. b. Hervey of
Mobile, gathered at the initial meet
ing of the committee yesterday after
noon in the Chamber of Commerce
and made considerable progress by
action on the preliminary work al
ready done by members OF the first
committee named under original in
structions of the Chamber of Com
merce directory. A form of subscrip-
ton was adopted, together with the
form of note to be signed by sub
scribers. Chairmna Stillman, as result
of the meeting wrote last night to
Mr.. Hervey, asking him to state his
proposition in A manner that would
be more binding that his offer of
net percentage on the cost of the pro-
posed hotel and site, and steps were
taken to divide the subscription COM
mite into subcommittee of two,
the telephone and directory list OF
eligibles to be divided among these
sixteen committees of two each for
the detailed soliciting.
Form of Subscription.
The subscription form reported by
Mr.. w. A BIount. who had collabo-
rated with Mr.. Stillman, was adopted
as follows:
Pensacola. Fla. March-.19ne
Eve, and each of us, the one in con-
sideration of the promise of the
others, do hereby subscribe the
amounts set opposite our respective
names for the stock of corporation
to be formed to purchase a site and
erect thereon a hotel in the city of
Pensacola. Florida. This subscription
is conditional upon the obtaining of
like subscriptions in the aggregate
amounting to not less than $3.50, 900
or more than 100000, and upon the
obtaining before six months of a
mortgage loan by. the said corpora
ton. when formed. of sum which
added to the stock subscribed, shall
equal $350.000, or more. These sub
scriptiOns are payable ten per cent
in cash. five percent each month at
one. two and three months, and
twenty-five per cent. each quarter at
six months, nine months and twelve
months after this date.
IF the loan above mentioned be
not obtained within the time stated,
payments 0ess the costs OF organic
ing the said company Heretofore
made. shall be returned to the sub
scriber making such payments, and
his note shall be cancelled and sur
rendered to him.
AT any meeting OF the subscribers
at which any of us is not personally
present, the persons named below az
ter our signatures shall be authorized
to represent such absent one as If he
were present, except that the proxy
shall have no authority to change any
of the conditions herein"
Form of Note.
The form of note reported and
adopted is as follows:
Pensacola. Fla. March. 1903.
Upon the conditions set forth in
my written subscription Of even date
herewith toward the purchase OF a
site and the building OF hotel there
on in the city of Pensacola, | promise
TO pay to the order of p K Yonge,
trustee, ..... after date the sum
of ........ dollars without interest"
tSeal)
1t was explained that Mr.. Yongs
was selected as trustee. pending or
ganizatiOn Of the corporation. because
he was president Of the Chamber of
Commerce, which had the project in
charge, and il was not considered ad-
visable to organize the organization
until all the subscribers cOnld vote
on the election OF the eleven direc-
tors, who are 10 be chosen to serve
without remuneration.
Will Fill Vacancies.
Secretary Waterman was directed
to ascertain at once If any Of the alb
sent appointees on the subscription
committee WaS uDahla OP Yyp u,jI1fYU