Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-10-26
NEGOTIATING FOR TIE EXCHANGE
This Hotel Property WIN Probably Pass
Into the Hands of Mr.. Shepherd.


This Hotel Property win Probably Pass
Into the Hands of Mr.. Shepherd.
The Exchange Hotel will probably
pass into new hands IN the near future
probably the lst of November.
MIR. w. Scott Darlington, who sue
ceeded his uncle, the late j. l.. Caring
ton. as proprietor of the hotel, has a
lease on the building which expires the
LIST Of June next
For some days past negotiations have
been in progress between the present
lessee, the owners of the building, and
MIR. C. w. Shepherd, late OF the Ire
mont House, Boston, looking TO trans
fer Of the entire property to the man
agement of the latter.
THE OWNERS,
The Exchange Hotel is owned by
Messrs. w. A. Stewart, of Ssltvilie, Va,
and F.. O. Noting, president OF the Ma
tional Bank of Virginia, OF this city.
The Ballard House, across Franklin
street from the Exchange, with which 1T
is connected by n bridge, is 10 Litigation
and is now in the hands Of Mr.. Lewis =.
Winston, TO whom it was committed as
Sheriff and receiver. 1t is the property
of the Universal Life-Insurance Com
pany.
The furniture and entire equipments
of the two houses belong to the estate
of the late Joseph l.. Darlington. repre-
sented by w. Scott Darlington, lessee,
and James II. Dooley, executor.
/. 4 hat rAnTTlfl
have to no looked after and numerous
people consulted before anything caa be
done.
nAs AN OPTION.
Mr.. Shepherd has looked thoroughly
into the equipment and workings of the
hotel and seems well pleased with them.
| MIR. Carrington has made him an oher
| to take certain amount for the uneX-
pired lease and entire outfit. This Dir.
| Shepherd has under sdvisement and
Mr.. Darlington has given him until No
vember 21st to decide.
The next thing to be done was to see
what arrangements could be made for
leasing the building after the expiration
| of the present term. Mr.. Stewart came
I'D from Saltville to look after this mat
ter in person. After conference he
gave Mr.. Shepherd an option until No
yember DIST. His offer is 10 rent the
Exchange Hotel building proper mot
| including the stores and Offices IN the
basement and on Fourteenth street, Tor
a term Of five years from June LIST next
at &c, 900 per annum.
The leasing Of the Ballard House has
vet to be arranged. This being IN tho
hands of a receiver requires only the per-
mission Of the Court. 1t is understood
that it can be had for $1,000 per annum.
WILL PROBABLY AGREE.
While no definite decision has yet
been reached it is thought by those who
are in a position to know that the trans
fer will be copsummated. The Exchange
has reputation that is enviable, to say
| the least. 1t has been the stopping
place of nearly every notable who has
visited Richmond for half a century.
1t is valuable property and is now pay
ing handsomely. The probabilities are
that Mr. Shepherd will close the trans
action long before the options he holds
expire. Mr.. Shepherd will have to re-
turn home before he can decide the mat,
ter. he has looked into every detail and
has expressed himself as pleased.
WHEN BUILT.
The Exchange was built about the
year 1885. Before that the site was oc-
eupied by q tobacco warehouse. IL IS
stated by one of the old historians that
during a certain freshet IN the latter
part Of the last century the water rose
SO high as to come within the building.
The same writer goes on 10 state that
this food so changed the face OF the
county as to make recurrence impos-
sible.
In 1863 the property was bought BY a
joint stock company, composee OF MI
Noting and three others. III Is the IN
serest Of these latter that is now held by
MIR. Stewart.
Mr.. Shepherd is one of the 6est-known
hotel-men in the country, and II ne de-
cides to take hold of the Exchange there
need be no tear that its good name VIII
suffer.