The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-12-15

The Plan In Detail.
Minutes Of meeting Of Hotel COM
mittee OF Kiwnnis club held at the
offices OF George Rosiington, Dec. IA,
1920. Those present we're: Louis IL
field. chairman; George Rosllngton.
secretary: Fred Fisher, Wallace Hes
selden, a, l.. Martin, DR.. NJ. X. Wyl-
der and Ed, Cox.
The following resolutions were
moved, seconded and unanimously
carried:
BE IT RESOLVED, that this COM
mittee having power to act In the
premises:
DO IMMEDIATELY TAKE the
necessary steps to incorporate a COM
rRny known as the Albuquerque Hoo
tel company. all OF the members OF
this committee being the original in
corporators.
THE OBJECT OF THE COMPANY
TO BE-The building of com
morcial hotel In the business district
Of Albuquerque. New Mexico, with
power to either operate or lease the
said hotel, furnished or unfurnished.
and other powers customary to such
corporations.
THAT THE SAID COMPANY is to
have an authorized capital stock Of
100000 divided into 100000 shares
OF the par value of Sl.00 each. 800,
000 nf said shares to be 4 per cent
cumulative. preferred stock, and
100000 shares to be common stock,
TT WAS FURTHER RESOLVED:
That the company when organized
shall request the mombers Of the XII
wants club to conduct "A drive for
the purpose OF cfectlng in Albu-
qucrquc ana elsewhere, the sale OF as
much OF the stock both preferred and
common, of the company as can be
sold without cost to the company;
and that other Albuquerque civic or
ganizations be asked to join IN the
work Provided that not In excess OF
TWO shares OF preferred stock he sold
for each share of common stock that
is sold. to the end that the preferred
stockholders will have n security OF
at least $500 for every Si.OO that
they may invest; In addition TO the
guarantee fund hereinafter referred
to.
1T WAS FURTHER RESOLVED:
That owners of real estate In the city
of Albuquerque be invited to submit
offers In writing OF sites for hotel
purposes, specifying all inducements
that they have to Offer for the pur-
offer he considered or made public
until after the Kiwanls club have
completed the sale of all OF the cap
ital stock of the company that can
be sold, and thereupon n meeting OF
the common and preferred stockhold-
ers shall be held, who shall vote as
to which site IL to be purchased; each
stockholder having one vote for each
share OF stock purchased by him.
IT WAS FURTHER RESOLVED;
That prior to the purchase of the said
site a guarantee fund shall be raised
not to exceed $20,000.0O from per-
sons and corporations who will dl-
rcctly benefit from the building of
the hotel on any particular site or
otherwise, and that this fund shall
be maintained as n trust for the pur-
poses of enabling the company to
guarantee the payment OF dividends
to the preferred stockholders during
the building of the said hotel, and
for 10 years thereafter.
IT WAS FURTHER RESOLVED:
That upon the conclusion of the ef-
forts of tho Kiwanis club and allied
organizations to dispose OF the stock
OF the company, that the directors of
the company shall pledge themselves
to Immediately proceed with tho erec-
tion of n modern commercial hotel,
OF as large "A size as the financial re-
sources of the company will permit.
IT WAS FURTHER RESOLVED:
That all members Of this committee
pledge themselves to serve In any
and all manners possible, without
compensation, to help achieve the
objects for which the committee IN
appointed.
1T WAS FURTHER RESOLVED:
That WIN Keleher be appointed at
torney for the committee.
1T WAS FURTHER RESOLVED:
That George Roslington be appointed
secretary OF the committee.
TT WAS FURTHER RESOLVED:
That the chairman appoint Il com
mittec of three, OF which he should
be u member and chairman, for the
purposes of carrying out the above
resolutions. Chairman then appoint
ed committee; Louis llfcld, George
Roslington and Fred Fisher.
1T WAS FURTHER RESOLVED:
That whereas the members OF this
committee are to he the original in
corpora tors OF the hotel company that
each member of the committee do
hereby pledge thcselves to subscribe
for 100000 of the stock OF the COM
pany on the original articles OF in
corporation, making u total of $4,000
Provided that II any member of the
committee shall fail or refuse to
make sucn subscription that the re-
naming members shall increase their
subscription according.
The incorporation papers have been
prepared, the initial capital subscribe
cd by members of the committee, as
indicated In the statement, and the
papers will go TO Santa Fe for re-
cording tonight.
I'VE are going to go through with
hotel construction plan In Albu'
querque," said George Roslington
secretary OF the committee this after
noon. I'VE do not know how big Il
will be; that will depend upon the
support given the undertaking by the
community as n whole. But there
win be new hotel built without fur
ther delay. We hope TO get our or
gnniEation into shape so that the
campaign for stock subscriptions may
begin Immediately after New Years
I,cech Speaks ON Banking.
The principal address at todays
Kiwanis club luncheon was an ad'
dress by James w. Leech, cashier oi
the citizens National Bank. on Mod
ern Banking.
si.,. ra,s,a 49, - ra ,As, affarad