Arizona republican., 1910-05-22
Papers of Incorporation
 Drawn and Accepted QUARTER OF \ MILLION CO.
Stock Subscription List Will Be Passed Monday.
 Report of the Organizing Committee is Accepted. Vote Stood Many Ayes"


 men of the city held yesterday after noon al the board of trade rooms the report submitted by the committee ap- ,.ofuted for the purpose of planning a hotel corporation was adopted by those present. The report consisted chiefly of tbe articles of incorporation drawn Ip bv Judge C. F. Ainsworth and Roy Goodrich. These papers of incorpGra- tfon provide for a company organized for the purpose of erecting and con ducting a hotel. The capitalization IS sa50 GOO divided into shares of S1OO each The company is to be known as the Hotel Adams company When The vote on the report of the commit tee was called for there was but one dissenting vote. pr Ancil Martih voted No"
 Dr. Martins No" was quite omphatlc and created small sensation. There was q moment of silence when all faces were turned toward him. An eXplana- ton was desired. for he had been one of those who subscribed 5000 toward
 
 Martin finally arose and said. 'I don't exactly approve Of the terms ot this organization and I wish to withdraw mv subscription" He was then asked his reasons for withdrawing-wh it were on account of the size of the corporation? etc. Dr. Martin replied that his dollar would not be worth as much as MT. Adams dollar in the en- terprise, and that he did not care to take stock in it
 A rapid fire discussion of the propo- sition followed participated in by Eugene Brady O'Neill. Roy Goodrich, George M. Hahn and others. Then J. (. Adams. in order to make plain his proposition to the business men ot Phoenix. took the floor. He stated that they could accept either one Of the propositions that he had set before them. II have offered you the lease of lot 15O by 137lA on an eighty five-year lease without revalUation for s6 900 annual rental. If you decide to build a hotel to cost, including the fur nishings. not more than S25O,o0O l am willing to take s75O00 worth of that stock Nothing has been said about my holding the majority of the stock The amount that I am willing to sub scribe to is a little over One-third or the whole And when I put up $500" I am putting mp every dollar ' have in the world.
 ..I have no objection to your build ing a quarter of a million or half million dollar hotel on this site; but fl you do do not care to be a stockholder. You have disagreed about the prospec- tive. size of this hotel Some of you want one with 300 rooms. Last night I took the pains to send telegrams to many of the principal hotels in this part of the country. l asked them how many rooms they had for rental in their hotels These are the answers.
 MT Adams then displayed and read a number of telegrams. They were from the Knutsford, at salt Lake, with l9O rooms: the Angelus Los Angeles. with 225 rooms; the Alexandria, Los Angeles. with 300 rooms; the Port land. with 25S rooms; the Golden Eagle. Sacramento. with 100 rooms.
 .'I am not asking you for anything" Mir. Adams continued; T already have your sympathy. Phoenix requires good hotel and I believe it can be built TOT S-VN.NbN ana lOA FD's''' more. In such an investment I will place every dollar I have.
 Tn the Hotel Adams last year an average of sixty rooms out of ninety eight were occupied the year round. With a steam heating plant and some what better accommodations about double that numbers of rooms would be occupied as a yearly average. Hotel men usually figure a profit of one dol lar a day per room occupied. This will give you SS.60O profit each month. or a gross profit of $57,200 yearly. After deducting the insurance, taxes, depre- citation. etc, estimated at $25.000 you will have left a net profit of s32,200.
 If you placed the Auditorium Annex on the site of the Hotel Adams tomOr- row it would not increase your tourist trade 90 per cent Why? Because you still have dirt roads and barb wire fences and no parks or boulevards. We don't want to go broke attempting to crowd the game.
 The U. s. Grant hotel of San Diego has been held up as an example to us. That hotel has already financially busted U. g. Grant and is a white ele- phant on the town. It has been a detriment to San Diego. Gentlemen, you do not have to accept my proposi-