The Providence news. (Providence [R.I.]) 1891-1906, 1901-01-26
SkYSCRAPER
PLANNED
FOR CITY.
Goodwin Land Co. Proposes to
Build a l5-StoTy Building for
Theatre and OffiCoPuTposes

II the stupendous scheme just launched
by what is called the Goodwin Land COM
pany OF this city is carried TO fruition.
Providence will i'm September next have
another beautiful playhouse in addition
TO the five in which it's citizens now find
entertainment. 1t will also be able to
boast of one OF the tallest buildings ia
portions IS stories.
According TO the circular gotten out by
the company, together with the state
ments it's protector is quoted as making
the building is TO cost something like
S6O0000 or 100000; and out of this an
amount said TO be S225. 90. Is 10 be paid TO
Benno Wolf, owner OF the 60x26o foot es-
tate on the northwest corner of Walker
and Westminster streets. where the
structure is TO be built.
Mr.. Wolfe is to get his money In pay
ments OF s50.o0o each at intervals of ten
days, beginning somewhere about the
middle of February: and then the new Of
nee building and theatre are to be rushed
up In time 10 occupancy by Labor day.
There will be some 300 offices and several
stores on the Westminster street front,
and this theatre will cover an area of
60x146, with seats for about 260o persons.
thus making II one OF the biggest in the
country. The prices of seats Will vary
from Is cents TO sl.5o. IL is said.
The company figures out It's income and
expenses with a very handsome balance
on the right side. SO that II guarantees
to its stockholders. it Is asserted, an an
nual l5-per cont dividend on $500
which would amount 20 ss7.50o. and then
shows an annual surplus OF SO, 200. which
II is assumed might be used to cancel
notes.
All this, OF course, presumes that the
300 offices and various stores would COM
mand immediate and steady rental, in
the face OF the existence OF several other
large buildings devoted 10 similar pur-
poses. of which the new building OF the
Union Trust company at the corner Of
Dorrance and Westminster streets Is an
important one.
1t further presunes on annual profits
OF 81. 200 from the theatre, which is TO be
run without closing. SO weeks, with
bigh-class stock company, the other pro-
fits amounting TO only $4,000 per year.
All this is ingeniously figured out In the
little circular.
1t ia evident that much the biggest part
of the profits must be yielded by the
theatrical end OF the business, which per-
haps, may not be the most stable, IL
others engaged in IL are capable or
forming an opinion: and right here comes
tiles that puts o new aspect upon the
scheme.
The circula- referred 20 places the
weekly expenses OF the theatre at si400.
which theatrical men say is less by $1,000
than would be the case. The receipts are
put at $1,000. which makes II evident that
the profits would be harder to see than
the building. to state IL mildly. More
over. the $4,000 weekly receipts are figured
for only 40 weeks of the year. while for
the other IL weeks they are placed at only
$1,000; and IL thus looks as IT, instead OF
the receipts and expenditures simply ball
ancfng each other, the operation of the
theatre would actually cause an annual
loss OF $4,000. Figuring on these
lines, the big profit of $1,000 annually
from the theat would disappear. and in
its place would be a net loss OF $1,000.
and, continuing the computation on this
line. instead Of being able TO pay guar
anteed annual dividend of 10 per cent. on
$3.50 900 the company would have but $4,000
for this purpose. which would fall S6350o
short of the required amount, while the
keenest eve could discover no remaining
surplus with which to take UP the COM
panys notes.
Very little seems TO he known OF the
company, which il Is said so far includes
only three gentlemen. one OF whom. from
whom the corporation gains it's title, IL
named Goodwin and was formerly en-
ployed as an officer I'm the gallery at the
Keith Theatre I'm Boston, and about a
wear ago figured as the manager OF n
stock company bearing his name at the
Talma Theatre on South Main street, I'm
this city,