The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-04-20

|
tions.
| A large and harmonious meeting OF our
best business and professional men was
held at Mozait Hall last evening, when q
plan for the formation Of a hotel company
was adopted and stirring speeches made In
support and furtherancc OF the scheme.
Mr.. X. + BaDkinship, in the absence OF
the chairman, General Joseph X. Anderson,
called the meeting to order, and upon his
motion l.. r. Page, Esq, was made
chairman, and the members Of tbe city
press present requested to act as secre-
tlries.
Mr.. Page said that Richmond was in need
OF first-class hotel; that 1t would induce
many visitors from the North who were seek.
! ing TO escape from the rigOrs Of a northern
climate il tbev could find proper accommo-
dltions. At Fortress Monroe there are now
six or seven hundred visitors, and portion
OF that number would now be here IL we
could accommodate them.
Msior f. X. Scott read the report Of the
SUB committee, as follows:
REPORT OF THE COMMITTEE.
The committee appointed at an informal
meeting IL gentlemen interested in the
establishment OF first class hote in Rich
mond beg leave to report that they have
conferred with rs many OF the citizens as
could be reached by pers Dnal interview in
the short time allowed, and find a universal
sentiment In favor OF the movement aud a
general belief that the necessary amount OF
money cln be raised for that purpose il a
practicable plan be proposed.
| The advantages to the city and State OF a
| hotel of sufficient capacity and character to
accommodate a large number Of guests in
elegance and comfort need scarcely be
stated.
The prospects Of the success OF such an
investment as a financial enterprise are
most encouraging. Richmond occupies a
middle ground between the North and the
South. and the Increasing number OF yi,-
itOrs from toe North TO Florida and the
Gulf during the fall and winter months
who would stop here going and returning
make it certain that such a hotel would
have large and profitable patronage from
that source alone.
The large number OF capitalists and busi-
nesS-men from the North and from foreign
countries who have within the last few
years become interested in the railroad and
mineral and agricultural and manuiaclu-
ring wealth OF the State further encourage
the idea that The proposed hotel will be well
supported in Richmond, and will attract 10
the State and city men Of capital, business
experience, and practical knowledge Of
affairs. who are 30 necessary to the success
full development Of our resources.
NATURAL ADVANTAGES.
The hellthfulness and mildncss OF the
climate Of Richmond, its admirable natural
"A ha Ittx ri nf I.a
table which our markets supply in such
prOfusiOn, at a less cost than elsewhere per-
bapS in The world, have made this the most
agreeable spot on the continent for those
who have fortune and leisure, and the only
attraction needed Is hotel supplied with
the comforts aud conveniences TO be found
IN those Of all the other large cities 10 the
country.
The social advantages to the city in hav-
ing aS guests the large number OF visitors
who would fiji our new hotel, il in stua-
iiOn convenient aud accessible to the fami-
le> OF our people, would be no small con-
sidcrItion.
The practical question for this meeting is
whether the money can be raised; and
while your committee are not able TO report
as definitely as they would desire as 10 the
q
hotel as they recommend can be built TO
cost, including lot and all proper appoint
ments, except furniture, about 100000,
and that upon It's completion there will be
no difficulty in securing experienced hotel
managers with sufficient capital to furnish
it, who will lease it on terms TO pay a satis-
factory return on the cost.
The committee have endeavored to point
out in this report the advantages to the gen.
era interests Of the city and State in having
tirst-c'ass hotel, and TO show that all
branches Of industry would share in IFS
benefits; but it is rot 10 be understood that
these indirect effects would be the only re-
turn to be expected. Ii is q common opinion
that the building Of hotels is not profitable
employment for money. On the contrary,
the committee are assured, and believe, that
as general rule, hotels well situated and
well planned are very profitable, and The
committee have 10 hesitation In promising
that those who invest in this enterprise will
be rewarded Dy satisfactory annual returns
on their expenditures.
THE SCHEME.
The committee therefore recommend that
a company be incorporated TO have mini
mum capital OF $4,000, to be divided into
shares OF 500 each, and that a mortgage be
executed on the property for the amount Of
subscription, to bear low rate OF interest
(,ay 4 per cent and TO each subscriber
thereto there shall be given bonus of an
equal amount OF stock, the bonds and stock
both 20 have equal voting power, the stock
to he entitled to dividends out Of all profits
realized after paying interest on the bonds.
The committee in considering the ques-
ton Of how 10 raise the money suggest
that
10 subscriptions OF $4,000 each.........S 10000
25 subscriptions Of $4,000 each......... 81 500
40 subscriptions Cf $1,000 each........ 10000 |
80 suhscrip ions Of 5000 each. ..... 10000 |
500 subscriptions Of 800 each........... 10000
s227.5OO |
eaving a margin OF S11,j00 on the mini