The Portland daily press., 1864-05-20


ing raised, and consequently the project was
abandoned.
Believing not only that such hotel was
wanted, but that it would pay, at once COM
menced the erection OF the building situated
on Middle street, and which in its present
condition is so prominent discredit to the
enterprise of Portland.
When that building reached its present
stage, became pecuniarily embarrassed and
had to suspend further operations, not, how
ever, before had made an urgent appeal to
the wealthy citizens of Portland to loan me
the amount required to complete the struc-
ture, viz, Sl5O,O0O.
A committee of gentlemen was formed to
procure the loan but failed to enlist interest
to any considerable extent, and were obliged
TO relinquish the task" in disgust" as one
of the parties informed me. Notwithstand-
ing this, there have been frequent expressions
of surprise on the part OF citizens of Port
land and the thousands who, during the sum-
mer travel east that a city such ours
should still be without first-class hotel, and
that the one in question should be permitted
TO remain unfinished.
must, however, in justice to myself state
that you are the first person possessing any
considerable amount of pecuniary means and
influence, who has evinced disposition to
aid me in completing the hotel. L therefore
take great pleasure in giving you the iniorma-
ton you desire as TO how much require to
produce that result
There has been already expended on the
building not less than Sl50,000 My original
estimate land see no reason for altering my
conclusions) was, that 100000 would cover
the entire cost, including that of furnishing
and everything else necessary to enable me
] TO throw open its doors to the public. From
this you will perceive that require to bor-
row $4,000, which loan / wish to effect on
/ Al. e. x.-.sI
the privilege, however, of paying any time
\ after the expiration Of two years and before
the expiration of the five. Should this loan
be made, l will, within sixty days, free the ho-
| tel from all present membranes, and give a
mortgage on the whole of the property as it
will stand upon completion, together with its
furniture and all other appurtenances con-
nected with it, thus giving an expenditure OF
| 100000 as security for a loan of $4,000. i
may here be permitted to say that there has
been no time within the past five years, when
/ would not have accepted aid under these
conditions; but as no such offer has been
made, | have refrsined from intruding my pri-
vate affairs upon public notice, feeling satisfied
that could bear as long and as well as 9TH
ers, discredit which has been so widely re-
| Elected on our city. In peeuniary point of
view the matter is, Of course, wholly differ
ent, as the direct loss falls upon me alone.
| would express the hope that should the
| building referred TO 10 this communication be
| deemed unsatisfactory, or the terms upon
which propose to receive aid for its compile
ton Objectionable, that you will not abandon
| your efforts 10 secure the desired result
| That there is abundance of wealth in Port
land to erect building in all respects credit
able to the place, cannot be a matter of doubt,
and should an enterprise of this nature be
taken up, /, as a citizen of Portland. will re-
joice at its success, whatever may be its effects
upon my own expenditure.
beg to say in conclusion that it Is source
Of much qualification to me, feeling as / do
an interest in the welfare of our beautiful city,
TO know that the "Bolrd of Trade with its
active and energetic President, have taken
up, with a determination to carry through
this important matter of local accommoda-
ton. Yours, respectfully,
tsigned,) JOHN M. wooD.
| 1t seems this letter secured in an interview
between Mr.. Wood and the Board of Trade,
or committee from that body, which re-
suited in calling out from Mr.. w. more spe-
cinc statement, of which the following is a
copy:
Boston, APRIL 26th, 1864.
t. c. HERsRY, Esq, Prest. Board
of Trade, Portland Me.
DEAR SIR:-During my interview with the
| Committee of the Board OF Trade, in relation
TO the Hotel in Middle street, was request
ed to state in detail the manner In which /
proposed to receive and expend the funds ac-
cruing from the Board. In compliance with
that request beg TO submit the following
J In mY former communication 1 called for a
| loan OF 100000, onerIng seccuTfty, d mort
| gage upon thu whole of the property including
furniture, &c. The expenditure will run
through whole year, and my proposition is
to have the payments made by those loaning
the money,in sums say from $4,000 to SIS 900
at a time, as the work progresses, and upon
certificates from the architect that the amount
called for has been expended on work, materi-
| ais, furniture &c.
The subscribers TO the loan, should they
deem it prudent, can have an agent TO act in
conjunction with the architect in certify ing
as to expenditure &c.
The whole matter OF the loan is very sim
! pie one, and il seems to me the manner in
which the subscription opens, will test and
solve the question as to whether the capital
lists Of Portland are ready to encourage an en-
tefprise, obviously beneficial II not necessary,
to the city's progress, by loaning their money
| at per cent interest, TO further the project.
| On Tuesday Of next week intend 10 have
the architect in Portland for the purpose Of
examining the building preparatory to COM
mencing work upon the same. The commit
tee can have conference with the architect
while he is there, should they think proper TO
| do so.
Mortgage notes payable to bearer, drawing
interest semi-annually, coupons attached)
may be issued in sums of $500 and $1,000 each,
to represent the loans and as a convenience to
those in interest, for purposes of negotiation.
Yours Respectfully,
j. M. WooD.
Time having elapsed, and no definite results
having been reached, Mr.. Wood invited the
citizens to meet him at the City Hall on We'd
nesday last, at which time he made
PROPOSITION FOR Stock COMPANY.
Having read the two foregoing communica-
tions, Mr.. Wood said:
No definite result having thus far grown out
OF these proceedings, and there being no sat
islactory evidence that the loan will be taken
up, am now prepared to make another prop
osition which trust will be deemed satisfac-
tory.
propose that Stock Company be formed
with capital Of $500, 900, in shares of $50 or
| 500 each, and that said Company purchase