The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-09-17

SALE OF THE SPLENDID MERCHANTS EXCHANGE
BUILDING AT ST. LoUIs-wHERE HAS THE
MONEY GOMEZ
fst Louis Chronicle.1
An unpretending advertisement In one OF
the morning papers conveys remarkaoie
niece OF intelligence. The magnificent
structure known as the Merchants Ex-
change. or Chamber OF Commerce, is for
sale at Gan immense sacrifice" One hun.
dred and forty thousand dollars is named
as the price, good, clear title to be gwen
subject to q first mortgage amounting 10
$3.50, 1000, bearing 8 per cent. interest. Ac'
cording to the architecps ngurcs, the
building cost, in round numbers. S1,250.'
600, and the ground 1851, ZOO, thus making
total cost OF s1,s17.000. 1t will be evi-
dent at q glance, from this showing,
That there Is discrepancy OF nearly
81 ZOO. 900 between the cost price OF the
building and for what IL is now offered for
sale, with no buyers. Mr.. Rufus j. Lack
Iaud, president Of the Chamber OF Com
snierce Association, accounts for the dlscre-
.pancy on the ground that the structure wss
contracted for in dush times, when every
thing was high. As consequence. the
ground, which was probably only really
worth 100000, cost $660,000. The build
eorrespondingly high figures. The building
was undertaken, explains another gentle
nan, to be constructed without regard TO
cost, and through unnecessary extravaganza
has cost from S400, 900 to $500, 900 more than
il ought to. The plan was not only the most
expensive that could have been adopted,
but it was carried out with the most
lavish extravaganza, The pillars and
front stone. work, instead Of being in solid
blocks, would have been Just as durable and
handsome IL made Of rough-hewn blocks
faced with finely dressed stone. In this
manner some OF the finest buildings in the
United States have been built. Here alone
a large sum, enough to more than put the
property out Of debt, might have been saved.
The gentlemen who overlooked and con-
trolIed the work were conscientious, but
they made grave mistakes, and the result Is
1 hat the building has to be sold to pay the
cost OF the extravaganza. Every dollar OF
the stock subscribed has been sunk, leaving
heavy mortgage and large floating debt.
With more careful management the building
could have been erected for the amount OF
stock subscribed and that borrowed on first
mortgage. There were some criticisms OF
the plan upon which it was constructed,
but this was mainly on the score OF want OF
economy.
Not the least interesting and instructive
feature 10 the history OF this magnificent
structure il where the two millions OF mo-
ney came from. The SS35,000 Of stock was
subscribed mainly by tue businessmen OF
the city in amounts ranging from 81 600 to
425. 600, though it is TO be regretted that
many persons unable to lose subscribed a
large sum in the aggregate. There are
about two hundred and fiity stockholders,
sone OF whom took small amounts, from
800 10. $500. Nearly half Of the names on
the stock-iist are down for $4,000 Among
the subscribers are a number OF ladies, and
iu several instances persons subscribed Tor
their children In the belief That they
were msking a sure and profitable iu-
yestment for them. The second mort
gage bonds, worth, II The plans OF the
Association can be carried out, about 20
cents on the dollar, are said to be neld
mostly by the principal promoters OF the
building. OF these there are $22O,O 900 out
standing, and which may be added to ibe
amounts contributed BY the list of stock.
holders given below. There is debt OF
aiOO. 900 when stands somewhat In the re-
iatlou Of a third mortgage. This amount
was due in judgments and building liens,
and nine gentlemen generously endorsed
notes 10 relieve the building OF this debt,
the ultimate cost TO each one being Sl1.ll1.
These nire gentlemen were II. j. Lakeland,
Charles l.. Hunt, B. w. Alexander, Adolf
pbus Meier, Charles Green, j. ii. Beach.
Web N. Samuel, DIR. X. Rowland, and
George Knapp, every ore OF whom had
already contributed largely TO The building
find