Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1859-05-20
For the Journal.
To the Subscribers to the Wilmington Hotel

l
and the Citizens of Wilmington generally:
The undersigned, elected Directors of the Whining
ton Hotel Company, take this method of reporting to
the stockholders, and to their feIow-citizens
We have selected location for the proposed Ho-
tel, the lot on the North West corner Of Front and
Chestnut Streets known as the Rivera lot being, in
opinion the most eligible and desirable site that could
be obtained any price within reach of the at
our disposal We have also considered, and partially
adopted plan for the building which appears to to
be well adapted to the site selected and fully adequate
to meet the requirements of our community in this
spect for many years to come.
A fair and candid examination of the present position
of the Company reveals the following facts, which we
submit for the consideration of tine community:
TO pay for the lot and build the Hotel on a scale adj
equate to the wants Of the travelling public, and com
mensurate with the present and growing Importance of
the town of Wilmington will require amount OF
about sixty thousand dollars.
TO meet this expenditure, we have a subscription of
some forty thousand dollars, all told of which at least
eight thousand dollars conditional. 1t will, there
FORE require about twenty-five thousand dollars more to
defray the entire cost.
1t would in our opinion, be unwse and inexpedient
to commence the erection of building with so great
deficiency, entaEg, as it must do, an onerous debt
Even if we could obtain credit for large amount,
we would hesitate to recommend resort to such a
course, as in opinion, it would tend seriously to
leopard the interests of subscribers to the stock We
therefore, do not feel justified in entering upon any
contracts until material increase be made to the sub
scription.
1t is not object to hold out any deusve prospects
to make any inflated promises with the view of indu
cling persons to subscribe From careful examination
of the whole matter it appears to US that the enterprise
if fairly carried out, and properly sustained, WILL direct
iy afford fair investment paying at least legal inter
est while, indirectly it must to the benefit Of all
interested in the prosperity of the town. whether me-
chancs traders owners of real estate We think it
hardly necessary to refer to the good and reputa
ton of the town of Wilmington, town widely known
for its energy and enterprise in other respects yet uni
versaly, and, we must say, justly censured might
add rdiculed-or its deficiency in this respect 1t would
not be going farther think than enlightened pub
lie opinion would bear out in, to assert that
sufficient Hotel accommodations are the want of the
day in Wilmington.
We have used every effort in power to carry ont
the object for which selected, and feel no
cause for sefreproach. 1t now remains for the COM
munity of Wimington-those able to assist us-to say
whether they will continue to stand by alphabetically
and let the project fail, whether they will awake to
their true inerests-to the welfare and good name
of town and, by coming forward in spirit of ber-
atty with view alike to individual and general well
fare the successful accomplishment of this desira-
BILE enterprise.