The Daily times. [volume] (Richmond, Va.) 1886-1889, 1888-12-06
THE NEW HOTEL BOOM.
Meeting Of Citizens and
Capitalists at Cham
Der of Commerce.
THE C0sT OF THE PROPOSED ENTER
PRISE DISCUSSED.
Liberal Subscription List startei.

The committee appointed at meeting OF
gentlemen interested in the new Uptown
Hotel scheme, which was held at Major
Ginters house last week, met In The
Chamber Of Commerce al a called meet
ing Of that body last evening at $50
0 clock, and were In session for about sn
hour There were present quite large
number OF business men.
Major Norman Randolph called The
meeting 20 order
The following was presented By the
committee.
HOTEL IS RICHMOND, "a PROPOSED RI
SANCfiL SCHEME.
The cost of the land and hotel building
complete is limited 10 sou, 900, the sub
scripiOn to cover this amount. and no
subscription biadiDg until 100000 has
been subscribed On the completion of
the building bonds TO be issued To the
amount OF 100000 bearing five (Jl per
cent. interest, secured by a FIRST and only
mortgage on the entire propeIly; stock
10 be issued to each subscriber for the
full amount of his subscription Exam
pie
\ subscriber 10 one thousand dollars
to receive ten l0l shares OF stock al the
par value Of one hundred dollars and
a first mortgage bond of the par value OF
eight hundred dollars.
Five per cent. interest on the 500, 900
bond. say 100000, together with the
taxes and Insurance, will be the only
il,ed charge against The property.
1. lalfavaE flaf tho hotel W on
finished, can be readily leased for $50 600
to S50000 per annum or II the company
decide 10 run the hotel in connection
with an accomplished h0tel-kecper who
would put In the furnishing Of the hotel
as against the (companY's property, a
much larger revenue can be obtained }
An income from the property OF 100000
only will enable the company 10 pay the
interest on the bonds and insurance and
tarcs-say Ia all $4,000, leaving q
balance that would pay siX 0J per cent
on the stock a. a dividend Every sub
scriber by this arrangement would have
a bond secured on the real estate Of
eighty 500 per cent Of bis subscription
and In addition, would have the com
panys stock for the full amount snb-
sclibed
General Joseph r. Anderson gave a
resume of the efforts which had been
made The railway lines, the steamship
lines and the telegraph lies had been
written 10, and hope was that they would
follow the example OF the Chesapeake x
Ohio In subscribing $4,000, but they
had not been heard from
We have, in writing, continued the
General, subscriptions 10 the amount Of
s0j 900. and from my knowledge and
communication with sundry gentlemen,
will increase that amount 10 about Sl3j,-
coo
lie stalled that Major Gnter. one Of
our best business men, had investigated
the hotel business in various cities and
thought this scheme one OF The best for
the city possible The plan shows for
itself and explains how no siockholder
can be a loser, While at the same time the
city's interest w0LM be greatly benefited
Above all We want a hotel up town.
Business men from the North and Wis
itors passing through the city finding
splendid Accommodations will either stop
longer than ordinary or make II point
10 view our sights for the establishment
of manufactures and spend their money
here in them.
What would a man IN Chicago, il
Minneapolis, in Boston think If he were
here TO day In handsome hotel, enjO Oy
Ing the salubrious weather which IL is
our fortune to-day to enjoy, The city's
historic position Is enough to make a
hotel She will be for ages the centre OF
tourists, and will come all the more so as
she improves in beautiful buildings as
now.
We sdO not want a great big hotel
In the beginning: re want 10 start d
handsome edidce Of architecture which
while beautiful, will allow additions 10
be made Ia handsome harmony A hOtel
which will not be crowded and will not
allow guests 10 20 home aud say that
there were unoccupied rooms but rather
that the seekers for rooms had to be
turned away. .,
Mr.. Ginter's idea Is that the hotel could
when built, be rented 10 live party fol
$50, ,00Jl per year Every stockholder i.
TO understand that no attempt to select
q site will be thought OF unit! 500 OOJ oil
stock has been subscribed.
Mr.. John Dunlop was the next speaker
He had gotten charter sometime ago
for hotel, and the town was drummeC
and subscriptions 10 the amount o
$4,000 raised That fell through. Ther
Mr Pace got up scheme Tor an up
town hotel, and 10 build II on the AleI
property, corner of Main and Fiji
streets To that scheme Sl45 600 wa
subscribed. That, like, the other, lei
through because many of The Subscribers
different from Major Gintcr, did no
come TO time.
There was nothing ID important, sal
Mr. Dunlop. as Il good hotel. lie hal
had conversation with Northern men
men of means. One OF them voiced III
sentiment of Others We want 10 take
holiday in winter and seek Southern
cline. At The same time We want 10 b
within hailing distance OF home, an
Richmond is Just the place il you CIV
us the uptown hote. you are speaking ol
Another asked me why he had to 90 L
the Hvgiea instead Of 10 a city. a cit
furnishes uhNH IloiN aNtAeNt 49, $1,000
seaside resort. Mr Dunlop further sat
that Mr. Phoebus, when alive, had sut
scrIbed 10 Richmond hotel 10 iarg
amount and had said that II more Ner
needed he would be ready TO supply !
. and later on Mr.. Randolph said that NJ
= Pboebus had stated that If he could VIII
i, draw his investments from Old Point !
. would make Richmond his hotel cenIr
! cause he could get better servant
have better markets. rs good II not beI''
climate, and make more money.
He referred TO the fact that second
third rate hotel in Boston, naming it,ren
ed for $4,000 per annum, while TINS one
$4,000 per year would be SP'enq
paving investment.
II was to be understood that the cor
- pany were to be rptrammelled. The on
hing decided on was the iasi lhat l
size shonld he on Shockoe Hill. The 81
corner OF Second and Franklin, was
cbanee,y but could be bought, but
pln was that each subscriber sbo1u
vote TO the question OF deciding whe
> the site should be.
= Major Norman Randolph stated III
!, he vss sufficiently assured that with |
% subscriptions OF Major Gnler there "
& a 50na fde subscription list Of sl2a,q
...l q hat In NIL