The times. [volume] (Richmond, Va.) 1890-1903, 1891-01-14
TIE NEW HOTEL PROJECT.
MR. BROWN GIVES HIS VIEWS
ABOUT 1T.
Plan Formulated for Raising the Ses"s"
FUND. By Issuing Bonds Sc.-'h' Va"
ensir. House Lot Regarded ne The Best

Plan Formulated for Raising the Setdsa
Fu.d. BY Issuing Bonds, Se.-Ihs Val
,.,,.. House Lot Regarded AZ the Best
site.
Considerable interest is manifested W
present among the prominent business men
OF this city with reference to the proJec' y,
erecting first.class hotel at the corner .,
Ninth and Capitol streets, the site OF Tue o'u
Valentine House. A reporter oil HE iiAh'
called on MIR. Philip +. Brown last night,
the chief mover in the new scheme, to OBJ
tain his views on the matter, and ascertain
AS far as possible what had been done oy
him and his associate, Mr. Charles IT, re'-
| tilt. ,ho 81
Mr.. Brown, who is stopping at tne -.
Claire Hotel, stated that he had To some en-
toni canyassed the business part OF the city
TO see If. at the present time, the proposes
erection Of first-class hotel in some sulla-
| bic spot of the city would met
with more favorable consideration
than on former occasions. MI. brown
| seemed 10 be well pleased with the results
which he has already obtained. Not"Itn-
standing the unfayOrable season Oh tue eel
| for new enterprise OF that nature, Nc na'
succeeded in securing some handsome SUI SUI
scriptions, while other ntlemen nave piV'
missed 10 consider the matter, and have lnll-
mated that their financial assistance might
he relied upon. In one instance Mr.. Brown
obtained large subscription from pubic
spirited citizen with the promise 10 nave
| the amount doubled II necessary.
THE PRAN PROPOSED.
| ,,Iap 10 pYDlalupd DY
Mr.. Brown, provides for an hotel SIX slOrles
high. with every modern appliance ana con-
yenience that can contribute TO the comfort
| ~ its natrous. In order to carry out tnls
object il is proposed 10 offer to the citlzens
| ot Rchmsnd second mortgage bonds 10 Tue
amount of $50 600. bearing interest from the
| Isl OF January. 1892, in semi-annual install
ments. at the rate Of six per cent per an,
mum. the bonds to run Tor fifteen years anu
10 be Of the following denominations; iWen-
| ~ bonds of 81, 900 each, $4,000; htty Donds
Of $500 each. $4,000; three hundred bonds OIL
500 each. $4,000. Total, $4,000.
There Is 20 be upon that property ilrst
class mortgage for s4j,OOv the purcha
nrice thereof. upon which legal interest is
nayable quarterly and the first instalment
| of the principal payable in five years, 10
wit. $4,000. and the balance IN yearly IN
stalments Of $1,000
The furniture aud equipment OF the nOtel,
which il is estimated will cost at least
sos 600. wall be paid for by Mr.. Brown and
! his associate i'm the business out OF their
own means. The security offered for these
| bonds is a second mortgage on the hotel a.
a completed structure, and first loan upon
its furniture and equipment, and as addi-
tional security building fund shall be pro-
yided Tor sy deposits OF $500 per annum
10 be made by the managers after the hrst
years active operation, viii n deposits are
TO be applied to the payment of said bonds
at their maturity.
MONTHLY INsTALMENTS.
The subscriptions have to bepaid in month
| ly instruments of 10 per cent. each as soon
as the amount Of $4,000 has been secured.
A a further irducement for the citizens
| of Richmond TO subscribe TO these bonds,
any original subscriber will be allowed 10
apply 80 per cent OF his board bill at the
| hotel towards the payment Of his bond.
In tue opinion of Mr.. Brown the only site
for a iirst-class hotel is that Of the old VAL
entine House. and for the first two or three
years he thinks the corner lot would afford
"A sufficient area. Later on II might be adj
yisable to extend the hotel over the whole
square. by taking in the adjoining houses,
| the ground floors Of which could be utilized
| TOR stores. IL is the idea Of Mr.. Brown that
the selection OF the site should be left to
those who intend to run the hotel. To make
the enterprise a paving one ali the year
| around, its location should be In the centre
OF the city and not amOnk the fashionable
residences Of the West-End.