The Birmingham age-herald., 1914-02-21
McDavid Believes Work on
Structure Will Be Resumed
During the Summer
HAVE NO IDEA OF
SELLING THE STEEL
Plans Have Been Modified and Less
Sum viii Be Required
Than at First
Estimated

The Roden hotel in the construction
of which only tho steel frame has been
erected, will not be foreclosed by the
Roden estate. holders of the first mort
gage, for at least six months. Despite
reports the frame as II now stands will
not be taken over by the Steel corpo-
ration or the American Steel and Wire
company, and finished for an office
building.
1t WAS stated yesterday by Robert p.
McDavid that at no time had It been
considered that the Roden hotel be sold
To any interest.
Foreclosure has been threatening for
some weeks. However, the officers
have planned a reorganization which is
being rapidly worked out which. when
completed. will give the Roden hotel a
six months lease of life. during which
time the small amount of money re-
naming to be secured may be found.
IL Is planned to have all stockholders
waive their right of two-year redemp-
| ton under foreclosure proceeding and
give that TO the Roden interests, hold
ers OF the first mortgage bonds, for n
six months extension of uninterrupted
effort to get the remainder of the money
necessary to erect the structure.
Plan Being Worked Out
The plan is being rapidly worked TO a
successful conclusion. and it may be
saserted according to Mr.. McDavid. that
the Roden hotel win be built as a ho-
tel and will be completed during the
next IL months. In fact, he said yes
.erday that the work on the building
before the summer has passed. 1t is
the desire of the officers to spare Bir-
mingham the unpleasantness OF having
an uncompleted hotel standing. In ad
dition IL Is desired to finish the place
for the monetary interest of those in
volved.
In the reorganization everyone con-
nected with the old hotel will be elimi-
mated. That will include architects,
builders the lessee, contractors, sub
contractors and everyone Interested.
The stock will be pooled with two
trustees waving the redemption and
this will save two years time pro-
vided every contract holder and share
holder submits to the plan of reorHani-
zation.
1t Is stated In connection with the
completion OF the Roden that the orig
inal plants have been redrafted and that
the hotel can be finished without spend
ing the large amount of money at first
contemplated. II is the opinion of those
Interested in the completion of the R0-
den that with subscriptions already
made and paid In. and some additional
help that is expected, the hotel will
be COmpleted to the satisfaction of all
concerned.
Intend to Complete II
I'VE intend to compile this hotel"
said Mr.. McDavid. II believe every
shareholder and every man holding a
contract under the old plan will agree
to the reorganization. | fully believe
that the Roden estate win give us ad-
ditional time allowing us six months
to get a little more money.
Il do not believe all that time will
be required for I think the money il
in sight. There is too much at stake
for it to be sacrificed without a strug-
gle, and L believe that struggle will
end successfully for the owners OF the
hotel We are striving in every possi-
BILE way to get this hotel completed. as
a hotel, and 1t may be said that II
will be finished as such. The frame
now standing will not be sold to anyone
as 1t now stands. 1t Is absurd to say
that II will sold for an office building,
as 1t would be impossible to utilize
the frame 1t would not stand under
an office building weight. The Roden
hotel Is going to come through under
the reorganization. and we want to get
II done as quickly as possible. be-
lieve that before October 1 the hotel
will be nearing completion as hotel.
but under Modified plan of finish
| Ing"