The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-09-21
MAYORS OFFICE TONIGHT
The Trade" Building Proposition to
be Discussed.
COST So, OoOANDls OFFERED FOR sl2. 900
Strong Opposition to !! on Account Of Its Lcca-
ton and Because the Price at Which
It's Offered is Considered
Too High.

Auditorium Fund is called for tonight
in the mayors office for the purpose
of selecting a site for the proposed
building.
The meeting promises to be quite
warm, as there appears to be more
than the usual two sides to the cues
ton, and on all of them there are adj
vocates with decisive opinions and
reasons to back them up.
10 Upwards of a dozen sites are pro-
posed and available, and all have adj
Vbcatess Which one will be chosen
no man can say.
Just now the contest is the field
against the Prairie building.
The Prairie building, as is well
known, is located on Wilmington
street. 1t was erected some forty
years ago of refuse and broken brick
rejected by the builders of the present
market house, and was first owned 10y
% man named Prairie" hence it's
name.
Though the broken brick were plas-
tered over with cement so as to pre-
sent a not unpleasant exterior, and
Though its foundation is a good one
and the brick in the first story sound,
hstill bad luck seemed ever to hang
over the place, and the investment was
never a profitable one to its owners.
I'm 1889 the Legislature incorporat-
cd a company to be known as the Raj
aeigh Real Estate. Trnst and Insurance
Company, in which some twenty or
thirty of Raleigh's leading citizcrs
were stockholders. This company
bought, among other property, the
Prairie binding, paying for it '$4,-
600. and. endeavored to change the
luck Of. the place by calling it the
sFsratie bnildiig. Some improvements
were made in the property. The value
of these improvements is not general
" known. being variouslyy stated at
from 50. 900 to $4,000. ~
I One OF, the ineorporators of the com
rany last night gave these figures,
which ere correct:
Cost of building and land. 49,. $4,000
Cost of repairs made. 1850
Option on entrance from Will
mington street. ......-.... 800
/, Option on entrance, from Har-
gett street. :. ....... 800
Total $3.50
The property now pays in rents, he
adds, amounting to $10O.50 per month,
rooms that would pay $40 a month.
4 prominent banker in the city
thinks the bonds can be foated at
par, others express some doubt on the
subject. Directors in the company
think they will not be able to get
more than $4,000 for them.
Now the proposition made by these
gentlemen-most of whom are also
subscribers to the Auditorium Fund
is to sell the building and the land
back of it to the Auditorium Com
pany for $4,000, taking payment in
q per cent ten year mortgage bonds
The lot on which the TRADE build
ing stands has a front of 81 feet on
Wilmington street, and includes on the
South 10 foot space, belonging TO
the Tucker property. The lot runs
back 30 feet, and includes on the
South a 10 foot street to within 80
feet of the southeast corner of the lot,
where it widens into 80 feet for dis
tance of 30 feet
The building already built has
depth of so feet, thus having space
91x15O for the Auditorium itself. The
entrance will be made on Wilmington
street and for this purpose one of the
stores in the building already up will
be used. This will give space for
lobby 16x1S feet.
The Committee on Selection of a
Site, of which Mr.. c. NJ. Busbee is
chairman, further explained the plans
proposed, as follows:
''rhe purpose is also to use the
money already subscribed n the con-
struction of the building. 1t is to be
in the rear of the Trade building.
This will save the expense of costly
front 1t is calculated that a build
I. ing suitable for the purpose desired
and commodious enough for the State
conventions and any large gatherings
-chrysanthemum shows, balls. and
things of a similar nature-can be
erected for less than the $1,000 sub
scribed. All the money raised, how
ever is to be put into the Auditorium.
"The committee considered it I'M
practicable to combine a building
that could be used for an Auditorium
and theatre combined, consequently,
they advised that the building be
erected solely with a view to its pur-
noses as AN auditorium. On the space
15Ox91, there can be put up building
that will seat from $500 to 1000 peo-
pie. The purpose is to erect build
ing that is bets suited to the purpose.
HInterest on the mortgage would
amount to $3.50, while the building
now rents for $1,000. though there
are several vacant rooms. store on
the first floor will have to be used as
an entrance. but the additional rent
secured will more than compensate.
.sThis is the only site offered the
committees that could be paid Tor
without cash. The bonds of the audi
torium company are not negotiable
at par, but the company from whom
the purchase is to be made will ac-
cept $4,000 in bonds"
A very storm of objections to this
has been raised and will no doubt