Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-06-01
Of CHAMBER OF COMMERCE
Project to Be Regarded Solely as an
Investment.
VIEWS OF PRESIDENT HARPER
Judgment and Experience Of Compe-
tent Architect to Be Taken Into
ACCOMPLISHMENTS Remarks,

mittee OF the Chamber of Commerce was
effected at a meeting called by Chairman
Charles j. Bell yesterday, in Guides Hall,
1214 street northwest. The project to
which the committees energies are bound.
the construction of permanent home for
the Chamber Of Commerce, was discussed
at considerable length The committee lis
tened to special report by President Rob
ert N. Harper, and substantial progress
toward the beginning Of active work was
accomplished. About 20 of the 100 mem
bers of the committee were present at
the meeting. E. C. Graham was elected
vice chairman and Monroe Luchs secretary.
A brief statement Of the object of the
committee was made by Chairman Bell as
he called the meeting to order. The COM
mittee received instructions from the Cham
Der of Commerce to take up the work and
prosecute 1t to completion, he said, and 1t
is proposed to provide a permanent home
for the chamber in the shortest possible
space of time Mr.. Bell stated the pro-
jected raising of funds would partake in
not the slightest degree of the nature of
donation, but 1t was intended to place the
matter before the members Of the chamber
and before the public solely invest
ment. He expressed the belief that Cham
Der of Commerce building would pay liberal
interest upon the amount invested in it's
construction.
President Harper's General Plan.
Responding to the chairman's call for a
special report and general plan. which he
had worked out for providing funds for the
enterprise, r. n. Harper, president of the
Chamber of Commerce, repeated Mr.. Bells
assertion that the chamber, from the very
beginning, had considered the erection of
the building solely in the light of paying
investment for the stockholders. Subscrip-
ton to the building fund will not be a
CHARITY, he said will if call
sort of sacrifice from the chamber from
the community toward the upbuilding of
Greater Washington.
The building which it is proposed to
erect, Mr.. Harper declared. will afford suit
able quarters for the Chamber of Com
merce, and there will be ample floor space,
office space and store space to lease and
to pay interest upon the money invested.
Office buildings of the same general char
acter as the one proposed by the Chamber
of Commerce have been constructed by
private firms and corporations and by in
dividuals to yield good revenue, he added,
and there is no reason why d similar en-
terprise could not be carried to successful
completion by stock company with 100
to 800 stockholders.
Amount Of Money Required.
Mr.. Harper stated that the amount of
money required to buy site and erect the
structure would depend upon certain condi-
tons regarding location, the size Of the
edifce. and the judgment of the committee
in charge of the project. Mr.. Harper
thought the building ought to stand upon
one OF the principal streets in the business
center of the city, where the opportunities
of revenue would be greatest and where .
they would be permanent for a long period
OF time That fact alone he said, would in
crease considerably the cost of the site
Contending that the production of revenue
was TO be one of the principal objects
sought, Mr.. Harper expressed the belief
n mr. mo If
petent architect should be taken into ac-
count, both as to the size and general ar
rangement of the building, SO that every
available foot of space might be utilized
to best advantage. Attractive rooms on the
ground floor, it was thought, should be pro-
vided for stores some business enterprise,
with several stories of office rooms above.
Description of Building.
In Mr.. Harper's tentative plan the top
floor of the Chamber of Commerce building
would be reserved for the headquarters of
the chamber itself There should be pro-
vided dining room, a club room, private
rooms two or three in number, and an as
sembly hall for the meetings of the cham
Der. He suggested that the dining room
and assembly hall might be separated by a
movable partition, SO that the two rooms
could be made into one on occasions when
large gatherings were in attendance. Mr..
Harper also described a method of conduct
ing the club and dining room features by
a special committee of the chamber, which
would act in the capacity of a board of gov
ernors.
Mr.. Harper suggested a general plan for
financing the enterprise, as follows: Pro-
cure $4,000 by the sale of bonds; Dor
row 100000 to be secured by first trust
upon the property: The site purchased
would then have title in the Chamber of
Commerce He thought a part of the pur-
chase price of the site would be taken in
bonds To erect the building. Mr.. Harper
said would be necessary to raise about
S2:54 900 in bonds, to be issued and sold in
the open market These bonds he said
would have a ; per cent guaranteed divi-
dend, secured by second trust upon the
property. The building once erected, the
surplus of its revenue would be devoted to
paying off the first trust, which would be
liquidated within few years.
Raising of Funds.
Mr.. Harper suggested a plan for raising
the money needed to finance the project
that twenty persons should purchase $1,000
in bonds each, making 100000; twenty
more should take $1,000 in bonds each,
making $4,000; forty should take $1,000
in bonds each, making $4,000; fifty persons
should buy $500 in bonds each making $25,-
900, and 100 persons should take $500 each
making 100000. and 80 should tai Ike 500 in
bonds making SJO,OW. This would create
a fund of s2S5,00o, which. with the 100000
borrowed. would make $3.50 $50 enough to
finance the entire enterprise.
Mr.. Harper suggested a plan for dues
to the club privileges for persons who
We're not stockholders, and went into COM
paratiVe details of the cost of the proposed
building with the Willard Hotel. the Ouray
building, the Colorado building and the pro-
posed Randolph Hotel, to show that the in
come from the Chamber of Commerce would
justify the outlay, in the case of the
buildings mentioned.
In another statement Mr. Harper showed
how, on a liberal scale of expenditure the
gross income from the building would be
$4,000 annually. and the expenses 500. O4O,
leaving a surplus income of S1O4G an
nually in excess of ) per cent of the cost.
Approval of the Project.
At the conclusion of Mr., Harper's report
c. J. Bell. A. Lisner and Mr.. Harper stated
they were ready to subscribe 5000 each
toward the enterprise. and hearty applause
greeted the announcement. General appro-
baton of the project was voiced by Mr.
Bell. Mr.. Harper, ]. II. Magruder, Joseph
Strasburger, John l.. Weaver Thomas
Hume and Thomas c. Neyes in the course
of informal discussion which followed:
1t was determined that a committee of
seven be appointed to consider the plan
proposed by Mr.. Harper and others that
may be presented, and report at a meet