Evening star. [volume] (Washington, D.C.) 1854-1972, 1909-11-06
FINANCIAL PLAN IS EXPLAINED
NEW SOUTHERN COMMERCIAL
CONGRESS BUILDING.
Chamber Of Commerce Appoints
subcommittee to Further Ex-
anime Promoters Proposition.

The Chamber Of Commerce was busy
yesterday, two committees meeting and a
third committee giving notice of an i'm
portant report to be made at the regu-
lar meeting of the entire chamber next
Tuesday.
The building committee listened to
two members of the Southern CONNER
cial Congress in regard to the proposed
office building at 18th and III streets. and.
after discussing the matter. it was de-
cided to study a subcommittee Of
seven to study the financial plan set
forth by the promoters Of the building
and to make a report later to be acted
upon by the general committee.
The Southern Commercial Congress has
found II advisable to turn the building
proposition over ITO a company known
as the Southern Building Corporation. 1t
is estimated that a million and half
will be necessary to see the building put
up. one-third of that sum being paid
for the site. Washington has been Of
fered the chance Of subscribing to $3.50
600 of stock and the part the Chamber
of Commerce has been asked to play Is
to look into the proposition thoroughly
and advise investors concerning it.
Prospective Rental List.
There will be nine floors above the
ground floor, figured at $1.259 a month
per floor IL all offices are rented. On
the main or ground floor will be a bank
room. storeroom and several Office
rooms. bringing in $4,000 a year, if
all are rented Should the proposed
tower be erected and all offices i'm 1t
rented. a rental. of $4,000 a year will be
derived from all the offices. according to
the prospectus.
A total rental of S176,572 is mentioned,
from which Is deducted $4,000 for taxes,
vacancies and other operating expenses;
$4,000 for interest on a nine-hundred-
thousand-dollar mortgage and $4,000 as
a per cent dividend on 100000 OF pre-
ferred stock. leaving surplus of $65, or.
A portion Of this surplus can be set aside
for liquidating the mortgage and common
stock dividends can be paid from II, ac-
cording to the plans of the company.
The feeling OF the committee was yes
terday that II should proceed thoroughly
further study Of the plans was re-
solved upon.
The committee in. charge of the recep-
ton to Maj. Richard Sylvester set for
December II met yesterday. reporting
that the arrangements have been COM
pleted. The evening will be in recogni-
ton OF Maj. Sylvester's eleventh cleo
ton as president Of the International
Association of Police Chiefs. Members
of the District committees of the House
The committee Of arrangements is COM
posed OF Joseph Strasburger, Allen d.
Albert, jr.. Isaac Cans. r. p. Andrews
II. c. c. Styles. E. Fl. Droop and william
r. GUIDE.
Changes in Constitution.
The committee I'm charge of the pro-
posed changes in the constitution Of the
Chamber of Commerce is expected to SUBJ
NIT it's report next Tuesday evening.
Copies Of the proposed changes have been
sent to all members, and two-thirds
vote Ii necessary to make the amend
ments effective. II ig proposed to create
the ONCE OF general counsel. to which all
legal questions shall be referred. The
eligibility OF members to take part in
elections, nominations of officers. pay
ment OF dues and the duties OF the treas
urer are AL affected by the proposed
changes.
Another important matter affected In
the proposition to bring before the entire
chamber all questions affecting the policy
of the chamber. At present the board of
directors are empowered to decide GER
tain questions Of this character.