The Birmingham age-herald., 1909-01-17
Prospectus Issued Giving Basis of Plan for Financing
 Big Hotel
COOPERATION OF LOCAL
 CITIZENS TO BE SOUGHT
Hotel Can Be Leased for $6o,ooo a Year Net, Which, After Deduct
 ing Interest, Will Leave
 $12,ooo Surplus Yearly.

The prospectus has been issued for the new Hotel Mortimer, which is to be erected at the corner of Fifth avenue and Twentieth street. In this prospectus is given the basis of the plan upon which it is proposed to finance the structure, and those behind the movement express confidence that the citizens of Birming- ham will do their part in making the big hotel a success.
 The prospectus is as follows:
 It is proposed to erect on the corner of Fifth avenue and Twentieth street on lot 100 by 40 feet, a modern, steel frame, hreproof hotel, F stories in height. The cost of the lot and building will be approximately sSOO,0oO; lot. s16o0oo. and building. $64O,0OO.
 It is proposed to finance the hotel con- struction by issuing securities as follows: First mortgage, per cent 20-year bonds ............................ $500 GOO Second mortgage. per cent 10-year
 pohus .......................... 100000 Preferred stock, per cent cumula-
 tiVe .......'................... 100000 $500, 900
 
 | common stock will be given as a bonus and $100,OOo of common stock will be held in the treasury, with the understanding that 1t can be given as bonus to an operating company who will provide $150,- OOO in furnishing the hotel
 Estimate of Earnings and Expenses.
 The hotel can be leased for $60,0Oo a year net, the lessee paying all cost of insurance, taxes and maintenance. h. terest on bonds and preferred stock amounts to s4S,OOO, leaving a surplus of S12,OOO, which will be used in retiring the bonds.
 | We desire to call the attention of the public to the great need of a first-class. modern, fireproof hotel in Birmingham, There is no agency so effective in adver- | Using a city or in bringing 1t to the favorable attention of the outside world. Birmingham is at present behind all of the progressive southern cities in it's hotel accommodations. Savannah, Atlanta. Chattanooga, Nashville, Memphis, Mont gomery, Mobile New Orleans and Dallas all have modern hotel facilities while Birmingham, in many respects better To- cated than any of them for a convention city, has been compelled time and again to relinquish large gatherings which would have come here. because of inadequate hotel accommodations. Hotel patrons de- mand freproof construction.
 We already have hotels that are con- ducted in accordance with modern ideas, and whose service and accommodation as far as they go are equal to those of any city in the country, but we have a l lack of hotel room, and cannot say to 1 the travelling public that we have a fire l proof hotel.
 Birmingham has never entertained con- ventions like the American Bankers as- sociation, which has within the last 10 years met at Chattanooga, Atlanta and l New Orleans, with an average attend ance of 5000; the National Hardware Deal CTS association and many others. Con- ventions of this kind would bring money to this community. In addition to this they would open the eyes of those att tending to the wonderful resources and great possibilities of this district.
 The modern hotels that nave been in recent years erected in various southern cities have been financed almost ex- | clusively in their home cities. It is de-
  should be distinctly a home enterprise, and that the money invested should be money of our own people, so that the | dividends and interest can remain at | home
 i Recognizing that hotel of this char l acter in Birmingham is a public neees- sity, we appeal to the public spirited citizens of Birmingham for subscriptions to the preferred stock, feeling sure that | they will make an absolutely safe and 1 profitable investment, which will benefit | the subscribers in many ways besides the actual amount received as direct in- come. There is not piece of real estate 1 in Birmingham which will not be indi- /, rectly benefited by the erection of this l hotel.
 There is no stock-jobbng in this propo- i sition; every dollar subscribed will be ex- i pended as outlined above, and no cash commission or bonus will be paid to any ! one.
 l We have been instrumental in securing for Birmingham several important office buildings and have never asked the sub 1 scription of a dollar from the public. | These buildings have been successful and we state with confidence that no one of them is upon a safer, fairer or more businesslike basis than Is the one now presented.
 Oliver -Levert Realty company Is asso- l ciated with us in this undertaking.
 BROWN BROS. & co.
 RK EugH EB A0