The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1921-08-25
STOCK SALE is ON
Renker Hotel People Begin
Canvass of the City.
Subscriptions TOtaling $4,000
Reported This Morning.
THEY PLAN TO RAISE $3.50, 600
Declare $4,000 of Amount AL
ready Is in Sight.
The Promoters Will Hold An
other Meeting Tonight.
THEY PLAN TO RAISE $3.50, 900

scriptions for the Hotel Renker were
reported at noon today. by the Greater
Topeka association which is fostering
the project This is the result of the
activities since the meeting Tuesday
night, and is in addition to the stock
pledged at that time.
The stock campaign is in charge of
H. S. Putney and Harry lines. Only
a few statesmen are at work today but
following a meeting tonight they ex-
pect to have a full crew of at least
twenty men on the streets Friday
morning. At the meeting tonight the
city will be divided into districts and
teams appointed for each.
It is explained that the $4,000 OBJ
tanned today is in small subscriptions
and that no effort has yet been made
to list some of the larger amounts
which have been tentatively promised
The goal is stock sales totaling $1oO'-
600 and approximately one-third OF
this amount was in sight at the meet
ing held earlier in the week. There
will be another meeting of the Greater
Topeka association at the lines motor
company building next Tuesday night
and ii is expected that greater part
of the S15O,000 stock will have been
sold by that time.
The stock now being sold is cumu-
lative preferred, bearing seven per cent
interest and has a par value OF $lOO
per share. With each share of pre-
ferred stock the subscriber receives an
additional share of common stock.
The Company's Plans
The plans of the Renker Realty &
Hotel company and its affiliated Chi
cago interests for constructing the
Hotel Renker, at the corner of Tenth
and Kansas avenues, are given In the
report of the committee OF seven men
consisting of w. H. lines, G. j. Peter
son. George p. Still, S. F. Jones. w. e.
Glover, G. L. Bybee and II. S. Putnam
and adopted by the Greater topeka
association.
The association is now permanent
organization and has as its object the
double building program OF the zEo-
room hotel at the Tenth avenue cor
ner. and also a new ten or twelve story
office building at the corner OF Nihth
street and Kansas avenue.
That the hotel will consist OF ZZo
rooms, but that the plans and spec11lca-
tions provide for an east wing SO that
200 additional rooms can be addeo at
a later date at a minimum cost OIL con-
struction, finally resulting in a 4Zs
room hotel, and that W. B. smith AZ
present manager of the Sheridan
Plaza hotel, Chicago, will probably pc
come manager of the new hotel mere,
as we'll as other details. are included
in the report, which in part, follows;
To Cost $S50,OOO.
The committee finds that the hotel
is to be a modern, up-to-date ten story
structure, built of reinforced concrete
ana steel and TO, be similarly con-
strdcted to the new Sherloan , FIaHa
hotel on Sheridan Road at Wilson
avenue, Chicago? Ill. The contracts
specify that the hotel is to cost ap-
prox. nately s850.O00, including the
site on which it is to be built
The capitalization of the Renker
- +nT M K
shares of preferred stock. par value
500 per share. and 1900 shares of
no par value common stock Each
share of preferred stock has one vote
and each share of common has one
vote.
The Financial Plan.
The financial plan for the construc-
ton of the hotel is as follows: The
American Bond & Mortgage company
has offered to underwrite and sell a
bond issue of S425, 900, said bonds to
bear per cent interest.
The Walter w. Ahlschlager corpor-
alton. architects. have entered into a
contract agreeing to supervise the
construction of said hotel.
The Building Securities corporation
of Chicago, controlled by the Walter
a. .AhIschlager interests. nave made
a contract by which they agree to be-
gin active building operations when
$3.50, 600 has been deposited in bank
or trust company in Topeka by the
Renker Realty q Hotel company. sub
Jec to a satisfactory contract being
drawn and executed assuring compile
ton of hotel in satisfactory manner
to the stockholders, and a contract en-
tered into with the bonding company
for the sale of S425,OOO first mortgage
The contract entered into with the
Building Securities corporation speci-
fipG that fhfe xurin 4 a
the finance and credit required in ad-
dition to the $150.0O0 to be deposited
in a Topeka bank, and the $425,00O
bond issue.
Stock in Part Payment.
This committee finds that the
parties furnishing said hotel. and the
builders and contractors will accept
stock of the Renker Realty & Hotel
company in part payment, in lieu of
cash, and that the additional finances
and credits required will be largely
paid with the balance of the preferred
stock in the treasury of the company.
The Building Securities corporation
agrees to complete, furnish and fl
nance the hotel ready for operation
when $150.000 has been deposited in
the bank and the bond issue arranged
for.
The specifications and plans provide
for an east wing to the hotel so that,
in addition to the 22s rooms. 200
rooms may be added at a minimum
cost of construction, thus providing for
n 42S-room hotel. The plans provide
for a spacious -mezzanine floor and
lobby similar to that of the Sheridan
Plaza hotel at Chicago.
The committee finds that the
American Bond & Mortgage company
is one Of the largest financial institu-
tions of its kind in the United States
and is informed that they carry an
average cash balance of 100000 in
their bank.
Financial Standing.
The committee finds that the Wal
ter w. Ahlschlager. Inc, and affili-
sted interests are a firm of architects, |
builders and construction financiers. |
and that they have constructed and |
operated some of the largest and best
hotels in Chicago and are financially |
capable of carrying out their con- |
tracts
This committee finds that this firm |
has designed and constructed. among |