The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-07-16
Topeka Hotel Company Selects
Seventh and jackson.
Value of Location Given as
Fifty Thousand Dollars.
ONLY ONE met REQUIREMENTS
Bid Was Accepted by Unani-
nous Vote of Directors.
Proposition Carries Agreement
to Buy $1SO,OOO in Stock.

Only one bid, of five submitted to
the directors of the Topeka Hotel COM
pany Friday night. complied with the
conditions which had been stated by
the directors in advance. Consequent
ly that bid, from the Seventh and
Jackson street interests, was unani-
mously accepted by the directors and
the decision of the board is to secure
the location at the southeast corner
of the intersection of those streets. The
site offered has a frontage of $50 feet
on Seventh street and 105 feet on
jackson street.
Its proponents were the Central
Trust company, the Crosby Brothers
company. represented by ]. R. Burrow,
president, and E. H. Crosby, secretary
and treasurer, respectively.
Will Buy $1SO,OO0 Common.
The proposition carries with it an
agreement to purchase $3.50, 900 worth
of common stock in the hotel COM
pany. The value of the site offered
is given as $4,000. Before the trans
action is closed this valuation must be
approved by the trustees of the COM
pany-F. c. Beck, E. H. Lupton and
E. C. Arnold.
Other bids were from the hackers
of the Ninth and Kansas avenue site;
the iTrefry Motor company, and the
Kansas Land & Development COM
pany. The hackers of the Fifth street.
and Kansas avenue site made no bid
A letter from W. o. Rigby. their
chairman, said: Owing to the alb
sence from the city at the present time
of four of our largest subscribers to
the Fifth and Kansas avenue site, it
will be impossible for US to make
proposition to your company at the
present time"
The Kansas Hotel company, the
Ninth street interests, asked that the
provision requiring them to guarantee
the purchase of rs per cent as much
preferred stock as they would pur-
chase common stock, in the event their
local ton was not chosen, be waived
They offered the Ninth street site for
$4,000.
A letter signed by F. P. MacLennan.
president, and David G. Page, vice
president, pointed out that the in
Vestors in the Kansas Hotel company
had already invested $1S5,0Oo in the
site.
'The good faith of the Kansas Hotel
company was established when it gave
over $15O,000 in cash to start hotel
in Topeka. That good faith was again
shown when it's stockholders sub
scribed $4,000 more in the recent
campaign" said the statement from
the Kansas Hotel company.
Offer Two More Sites.
In case of a deadlock on site. or If
the sites offered were found unavail-
able for any reason, w. H. Trefry
informed the directors of the company
that the lots he owns at the southwest
corner of Ninth and Quincy streets,
were available. In his letter he enum-
Grated several advantages for that site.
The Kansas Land and Development
company offered the site at the north
east corner of Seventh and Quincy
,os,- 1.14f nov rrfn M 6afi.
mite guarantee of the purchase of
stock.
There was discussion of the differ
ent propositions, among the directors
themselves, and other business men
who had gathered for the meeting.
Selection Was Unanimous
After each proposition had been
thoroIy canvassed, it was moved by
J. R. Burrow, Jr., and seconded by
E. H. Crosby, that the subscription of
the Central Trust company and the
Crosby Brothers company and asso-
ciates be accepted subject to the val
uation of the site by the trustees, and
provided that the board of directors
of the Topeka Hotel company are as
sured that the rights and security of
the preferred stockholders are ade-
quately protected in accordance with
the statements heretofore made by
the Topeka Hotel company on re-
turn of per cent on their investment.
The motion was carried unanimous
ly. and Topekas new hotel location
was chosen.
A total of s1S0OOO in stock remains
to be sold. OF this amount, $4,000
is preferred stock and $4,000 is COM
mon stock.
The next step in the hotel proce-
dure. o. B. Cutler, chairman of the
board of directors stated today, Will
be the closing of the offer with the
Central Trust company and the
Crosby Brothers company
The proponents Of the site will be
asked to give the assurances required
in the resolution passed by the direc-
tors relative to the guaranteeing OF
the value of the preferred stock, to
the satisfaction of the directors.
Then the $4,000 valuation of the
site will have to be approved by the
trustees-Beck. Arnold and Lupton.
To Use Same Selling Force.
With these preliminaries out of the
way the same selling organization
which placed 100000 of preferred
stock during a three day drive, will
again be mobilized to dispose of the
$4,000 of preferred stock and the
$4,000 in common stock remaining.
Cutler believes that the stock SELL
ing to the public will probably not be
resumed before September. In his
Judgment the present time is not the
best for the work, because many of the
business men are out of the city on
their vacations. "and those of US who
are left haven't much pep during the
hot weather"
The late of the campaign. however,
will be fixed by the directors after the
preliminaries with regard to the site
are settled.