Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-07-08
CHAMBER COMMERCE
THEIR PLAN TO ERECT A BUILDING
or THEIR OWN.
A schemc that VIII Display tho Enter
prise OF the City and Be Good
Invcstmcnf.

=
rectors Of the Chamber of Commerce was
hcld at the rooms of the Chamber at 1890
o'clock yesterday afternoon for the pur-
pose Of receiving the report of a special
committee appointed % consider and make
recommendstions in regard to securing n
Chamber OF Commerce building. There
were present Colonel John b. Purcell
fnresidont). s. NJ. Hawcs (irst vicc-presi-
cent. and Mcssrs John Il. Cary, Arthur B.
Clarke, John X. Cooke, James Is. Elan. J..
M Griffin, Henry T.. Holmes, A. ID. Lander
I'm. n. Mallerstoln, TazeWeli Elicit,
George 4. Smith, L. d. Taylor, and H. A.
Tabb. Valid excuses were made for the
absence of Messrs. Quarlcs. Taliaferro,
Travcrs Crump. and Cbesterman.
Mr. T. Archibald Cary, on behalf Of his
committee, presented prospectus whic n
was unanimously endorsed and adopted by
the board and ordered 10 be mailed TO
every member OF the Chamber with sub
fcrpti0n blanks, which they are requested
90 fll up with the number Of shares they
desire 90 take in the enterprise. II was
thought from the estimates IN this pros
pectus that tho stock would be readily
taken hy the members Of the Chamber.
The following new members were elect
ed: Mcssrs. VI. Byron, Frazier 4 Tomp-
Rins. ID. R. Nidyette. Ouarlee McCurdy,
Scott a Scott. 4. j. Smither. c f. Sauer q
Co. J. 4. Vaughan, and J. NJ. Whitlock.
There being 30 further business the
meeting then adjourned.
PROSPECTUS FOR A CHAMBER OF COMMERCE
RJuprSG AT RICHMOND, "a.
The imperative need ~ building with snlta-
lie ana accessible rooms for tbs accommodation
OF tue Richmond Chamber OF Commerce, other
organizations. and the business public general
w. induced tho Board Of Directors OF the Cham
raj nffn o.. M
tue feasibility OF securing GD ohgiole site ana
promoting tho erection OF hannsoine shuc-
tgrc. win AL the modern improvements ana
cluvenlences provided ia such buildings al
Ia pursuapce Of this idea they procured at the
is.t session Of tho Legislature the passage oi an
a.. authorizing them for this purpose % receive
INSCRIPTIONS % stock, issue bOnd= ETC., and
Dave since then. through a special committee
r1..i-fing 81 T. Archibald Cary, John :. Ehet.
nrI d.. %. Witty. appointed 70 proceed IN tue
matter. secured options on the two los nearest
Nnfh street on tho southwest corner OF Main
snI Niuih streets. and what BE- equivalent they
think 70 an option on tho third lot from said
corner. The total cost Of these promises. front.
irg .s a feet and running back between parallel
Unos towards Cary 10 feet 70 an alley - ieet
Wide VIII De $4,000.
None Of these lots wore upon the market ana
the owners Of tbs Two nearest Ninth street have
heretofore declined 90 entertain offers. bat have
been prevailed on 70 give options TO the Chsm,
Ter a. Commerce. These figures are considered
reasonable iu view Of the following facts-to Wit:
There is little. any, properly 20 ne hao on
Main sueoi between Ninth and Twelfth streets
Land on this, mo principal business street, ls
prOpOrtiOnately lower than on Broad or me qe-
sIrable streets for residences. or than similarly
located buiding-sros 90 other ciiles smaller
thsn Richmond. This site IS az tho Junction ot
Main ana tho most important cross street OF tho
city, and the junction Of the halu-sreet, the
Broad-stroet, aud The Manchester street rail-
ways, aui within nfty yards ot iho inon-I as
fengsr Street railway, besides being within Two
hundred or less yRrds Of n0arly all TIE banks,
railr1ad-ofiiceH. poatohice, &C.
To ascertain The approximate financial results
OF 40 Investment oi TINS character the special
committee referred 90 above has correspondei
with a number of the trade organizations IN
cities about the size of Richmond, occupying
buildings % a character rimilarto iho one pro
pnaed In many instances these organizations
were 90 well quarferod 10 buildings erected a3
a. investment that there was no occasion 10 nave
one erected especially for their accommodation;
fuauumher OF cases they were contemplating
the erection Of buildings similar 10 the one pro-
posed here, aud IN eight cities, with an average
population Of nhout 1919, with buildings ave
raging cos, Of sl5S0i2 II was found hat tho
average net revenue on he cost ot the lots ana
buildings, after paying ali liked end car
rent expenses. Was about bclJu per ctuL
Tho population Of Richmond Is prohab4y
not more than 5000, but with tho suburban
inhabitants who ehould be IN the corporate lln1-
if. ana Manchester. which for business pur-
posse Is tho same city. this may bo considered a
community of I2s,O00. and will no doubt very
shortly reach the average population OF the
tIcht cities referred 60 above. IL should also DO
emrercI hat our need for such building
f. far greater than that Of most cities of equal
Ftfa Tor she reason th9t W. have absolutely DO
building in the city thoroughly adapted 90 such
purposes, or with oil the modern conyenienceS,
eurh A elevators. thorough ventilation, steam
heat electric lights, etc; and it Is believed. with
the convenicnces. attractions. and comforts
which could be offered iu the one proposed, tho
rooms would bo readily taken al remuneraiiye
Tbe present plan IA u erect building six or
seven stories hieh. with a ahglf-basement al The
location mentioned, and sesiies the improve
mouts stated 10 have IL as nearly nre-prooi as
possible. and the following estimate ot cost,
gross receipts, Gxei xpensos, curront expenses,
aud net revenue Is believed 20 be conservative
aud as correct A. practicable at this stage ot tho
movement; -
Cost OF 0t ssl. by no feet. .........s COOOO 90
Cost Of building, sl2i,O0J to........... l41'OO %
Total maximum cost, estimated. s20o,OJ0 %
ESTIMATED GROSS EECEuTs.
ono half basement al conner lOi by 21's
feot...-... .-...-........t 4,EIU
One bslf basement opposite sldo OF hall. 80
10y a.. leNi........ .-.-...-.-.-. oJJ
One half FIRST ioov al corner, loi by sj'@ ..
feet ..-...-.. -......--- ....s... %i'JV
7Si tyg g5,. ieet.....................,... - 1850
Auditorium. board roou, and secretarys
room Wccoud loorl .............-......... l,WO
ASli,a'sE5 a. sS sV6rass 9 S1s5 of 'o' o oo 1900
AsIsa''as ai aSsrsss % Of isio si5s'o 'OY' @ @ 1000
ar average Of sii5......' - $500
AZ i'ors average of si55 90 .....' , .' 5000
Gss'po. az average e' of sis''. iN' 'V'' @ @ g,5Oo
Equivalent ~ 80 single rooms, seventh
floor, at average Of sl0O.................. 2oJJ
Amount carried forward rd...............f2 800
The above estimate makes allowance OF OK
peuse f1r halls elevators, stalr-casos, wires for
ugbt, aud yenNlnii1n, g..
TsIpUirUD rXrTNsrs.
~ fdldleud estimated on 10000 stock
90 lrr cent di'Hu W
Interest oa 5i 00 bonds At per cent 700 %
All So Yer cent ....4.-........... 1884 %
Insurance On building $4,000 with lot
ness. al Z, per cent. ............. COO 90
q sis,59i 90
Coal for steam heat and eleva-
tors .................... ..fE'VD VO
luuulnhNon. n...-...-. ...-.sss''-. ~ v
Water rent. .................. $50 %
Two nremen, go each Per
Ti.oe elevator toys-ivo ir5m
% A. NJ. 90 T. NJ. ard ore
from e 6, ga. NJ. aud =. u.
toI1r. Ma ti5 per month. $50 %
Tlroe ganitrrs ht . Yer month goo %
kopaifs ESTIMATED. ........... sO1 10
$3.50 90
To,al.............................,..si9I44 90
ESTIMATED annual surplus would appear
q. DO .S-.lob W
Primarily fae object % The BOARD is 20 secure
f.IfaoIa 4-d comfortable quarters Tor the
Crnulrf, Had as tho promoters OF he enter
prise t.-y w1ud expect thAt association, or
lru 1el for ilc p blc good. 90 bs literally dealt
Win ry 500 sto'khoilcrs: but apart from this
Con-ifr. alton, flo erection Of such building
vouI le a Dcw departure for Richmond,
rlciii f1 ihc cty, enl 70 is thought directly and
INDIRECTLY % would be productive o. great good
O. tar nOm nuniy.
As 10 is dea r,1 q make this essentially
Cfamber Ci Commerce enterprise. enn II pOssi-
o. hereafter io have tb0 Cnamber own tne
buI Aug. th9 siOck wll % az nfst exclusively
oI"roi to members % tho Chamber and made
irfmano by tas board. bat unul 40 re-
rrer.rl IT'S Yurr0scl that the stOckhoil lers shall
tceifr. iu addition 20 the per cent dividend,
estimated in the nlgu nal statement Tor couYo-