The diamond drill., 1922-03-03
HOTEL MEET POSTPONED
Owing 20 the Big Storm Majority Of
Stock Was Not Present ut Friday
Night Meeting.

rhe stockholders OF the Crystal Falls
Hotel Co. who met last Friday night
in the city hall to elect directors and
officers voted to adjourn the meeting
until Thursday night. March 2. when
IL is certain that sufficient shares viii
be represented to proceed with the or
ganization OF the company I'm legal
way.
The direct cause OF the postpone
ment OF the meeting was the big storm
which tied mp all the mail The mails
contained proxies from all OF the min
ing companies and the big land owners
who have subscribed for the stock
The local stockholders who had as
sembled In large number thought IL
only courtesy 10 the outsiders 10 await
the arrival OF the proxies. March I.
Is the last date TO which the meeting
could be adjourned without again go
ing before the state securities commits
sion
Leigh Caswell, the legal represen-
tative of the steering committee. ex-
planned the legal phases OF the matter
in a very satisfactory way. Mr.. Cas-
well has done a LOT % work for the
company and, along with the members
OF the original committee. IS entitled to
a whole lot or credit
The committee announced TO the as
sembled stockholders the names and
the amounts OF stock taken by the out
side land owners Only one whole
sale concern has taken any stock. and
that is Julius Andrea a Co. OF Milwau-
kee
Among the concerns doing business
in our city who have refused 10 take
stock I'm the hotel are the Standard
Oil Co the DUPONT Powder Co, the A.
a. p. Co. Henry Ford Is about the
only big land owner who has not taken
stock and most people believe that the
reason Mr.. Ford has not taken his al
lottment IA that the matter has never
got by the Inferior officers. Mr. Ford
is heavily interested in Crystal Falls.
owning the fee OF two mines and a
very large tract of the finest of the
timber standing on the Michigan Iron
& Land Co.'S holdings.
The amount OF money necessary to
be raised locally has all been subscrib
ed and all but couple OF thousand
dollars collected and In the bank.
Among the two thousand remaining
are two big subscriptions. amounting
to 81 500 for which checks are un-
doubtedly in the delayed mail.
In addition TO having the amount
subscribed and collected there Is
guarantee fund OF about $4,000, which
local business men have subscribed
to make up any deficiency that may
arise from the nonpayment OF SUBJ
scriptions This fund will not have
To be used and viii be paid back TO
those guaranteeing II.
The title 90 the lot has been secured
and as soon as the organization Is
perfected. the property will be decided
over TO the hotel company by the men
who put up the money TO purchase II.
No plans have yet been accepted or
lOI ANaA Fi'"'hA'N+ AFN'N''f
architects are busy getting sketches
ready to submit 10 the directors but
nothing can be done or will be done
until the directors are elected. The
first act OF the directors will be TO
issue the stock and the second one
will be TO call for architect sketches.
The men who are chosen directors
will have one OF the hardest Jobs that
has been thrust upon any OF our men
in public way They will be as
signed trust which can be easily
ruined by inattention or inability 70
live up to the demands OF the position
Everyone Is pulling for 4 board OF dir
ectors that will be hard boiled
that will hue right TO the line and
spread every penny over the biggest
surface.