The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1908-03-19
More I IN ss5,ooo.oo Has
Already Zen Promised by
Prom sccnt Men.
= o.
This Amount Subscribed Al.
though Soliciting Has
Not Commenced
WATERMAN IS
VERY SANGUINE
He Says That No Trouble
Will Be Experienced in
Raising the Amount Need
ed Before the Expiration
of the Time Limit of lam
uary 1, 1909.

How about the hotel?" a Journal
man asked Secretary Waterman, of
the Chamber of Commerce, last eve,
ming, just after the adjournment of a
long meeting of the subscription
committee.
Now, everybody that knows the
secretary knows that he's not given
to the sporty forms of slang, so it Ia
with surprise that the scribe heard his
answer-at least, the form of answer
-"Skinch! It's a bigger 'odds-on'
chance than a track-burner would
have in a bunch OF 'dogs!' And
then, recovering the kings English,
he said
Accepts Suggestions
"Mr- Hervey has accepted the sug-
gestiOns made by the local committee
that he allow them latitude in secur-
ing a site other than those first sug-
gested by Mr.. Hervey. provided the
site selected meet with his approval
as the lessee and tenant of the new
hotel. Nothing now remains to do ex-
cept to get the necessary stock sub
scription of from $150,0O0 to $500, 600"
The newspaper man suggested that
sums like that did not grow on trees.
That's all right" replied Mr., Wa
terman. Wen get it long before the
time limit Of Jan. /, 1909. The sub
scription blanks. with M Hervey's
letter. printed on the backs of the
subscription blanks, and the blank
notes for payments. will be ready for
distribution tomorrow night, and the
solicitors will get busy in earnest on
Friday. We haven't begun to solicit
yet, for we waited on Mr.. Hervey's re-
ply to<the suggestions made by the
r.
we already have promises of more
than S35. 900, in sums ranging as high
as $4,000. There is absolutely no
doubt that all the money needed and
probably more, will be signed for long
before the time limit expires. and
there is no room TO doubt that con-
struction will be under way inside of
this year, and probably within six
months
The Agreement.
'"The meeting Wednesday requested
hat Chairman SdlIman and Mr..
Blount, who is giving his legal SER
rices, prepare a formal agreement, TO
De formally signed by the hotel COM
nittee and Mr.. Hervey, but this has
lot been done for the reason that un-
IL the hotel corporation Is formed,
10 one has the right to sign for 1t,
md therefore Mr.. Hervey's signature
% such an agreement would not be
my more binding on him that his let
err"
Mr. Waterman was asked if he had
heard any talk of bonuses, or dona-
ions, to Mr.. Hervey to induce him
o build hotel here
Hervey Not Building.
"Hervey is not going to build the
lotel' replied the secretary. He is
,oing to lease it. He has promised to
10 what he can to assist in floating
he bonds, and thinks he can be OF
assistance in that way. bat the plan
f action suggested by him and adopt
d by us is to raise all the money
eeded for stock in the corporation In
his city from either residents here or
eople who own local interests. The
ompany will be capitalized at the &C
ual face value of the stock subscribed
1T in shares of 500 par value. We
ill raise from $50. 900 to 100000. BY
for stock. and the rest
the $3.50. 900 will he raised by q
onded mortgage loan. Hervey VITA
ay in rent s per cent on the full
mount of s358,00o, besides paying
axes and insurance. and all the 8
er cent. for rent will go to the hold
RS Of the 100000 or less OF stock.
IF we get subscriptions for $3.50, geo
( stock. it will be a $150, 900 corpora
on with a $3.50. 900 hotel and $780,
% mortgage. II we raise S175,00O
d stock. we will capitalize at 175,-
DO and have a $3.50 900 hotel with a
LIS, 600 mortgage. In any event, Her
ey will pay taxes and insurance on
lie best of both the hotel site and
uilding. and per cent. on the aggre-
ate cost for rental. That s21 900 rent
pes to the company. and a part OF
will be used. OF course, 10 pay ip-
rest on the bonds at 6 per cent. the
srnings for the stockholders depend
g upon what portion of the $35e,00D
raised by subscriptions for stock
par and what portion is raised by
bond issue. The more we raise by
for stock the more OF
lie $21 geo year rental for Is years