The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-12-02
Accepts Offer Made by
Syndicate, Which Will
Erect Skyscraper.
RAILROADS AND
BANK TO BUILD
Present Structure and Site Ac-
quircd for $23o, o,ooo-Final APP
proval by Stockholders and
Members Opens Way for
Permanent Home for
ca o. and Others.

Stockholders and members OF the
Chamber OF Commerce agreed yester-
day by unanimous vote TO Ssell the
building and the ground on which II
stands for $4,000, offered Jointly by
the Ciiesapcake and Ohio Railway, the
Richmord, fredericksburg and Poto-
mac Railroad and the First National
Bank. According 10 tho resolution. the
purchasers are 10 assume the pay
Inent OF the principal and accrued in
tersst of the three mortgages now ex-
istinS on the property out of the pur-
chase money and to account to the
chamber for the remainder, The pur-
chasers arc allowed until March /. 1911.
10 accept or reject the proposition.
Means New Building.
Though no members of the corpora
tons who are expected to make the
purchase were present at the meeting
yesterday, II was said by members of
the chamber that the proposition would
be satisfactory and that the final arr
Jansements for tho purchase would be
completed before the time limit cx-
pired The matter viii be placed in
the hands Of a subcommittee, which
VIII negotiate the sale and report as
soon as the details are completed.
In answer 10 questions propounded
by several stockholders. 1t was said
that though the Chamber of Commerce
building had never proved a paying
investment. those who put up their
money for 1t would receive dollar for
dollar on their investment by the sale.
Aside .rom the railroad offices and
quarters for the First National Bank.
space will be reserved for the Cham
Der OF commerce headquarters, for
which rent VIII be paid. us heretofore.
First Discussed In spring.
The matter of selling the property
WAS first taken up by the Chamber OF
Commerce corporation at meeting OF
she active members on May last,
when ii was resolved that the best
interests OF the chamber would be SUD
served BY the sale. The stockholders
approved this action at meeting held
ON May 2s Both OF these bodies re-
ferred the disposition of the property
10 the committees OH finance, building
and tho executive committee. with
power to act. but with direction 10 re-
port to the higher branches. These
committees in turn referred the sale
10 a subcommittee. which drafted the
resolutions which were passed yester-
day, after having been adopted BY the
executive finance and building COM
mittees.
The membership meeting was pre-
sided over by Second Vice President W.
r Reed. In tho absence OF PRESIDENT
rington. The resolution was placed
before the meeting by James r. Cor
don. chairman OF the subcommittee.
Got Top price.
John c. Freeman wanted to Know
how the subcommittee got at the price,
His question was answered by l. u.
Morris. who explained that the sub
committee had looked over the ground
Very carefully, and thought that the
offer OF s230,oo0 net was the best that
could be done Then Mr. Freeman
asked what the chamber as an organi-
cation would do--if 1t would again be-
come an Ishmaelite and look out Tor
him by showing that provision had
been made for the organization In the
new building. Mr.. Freeman. was salts
fed, and the vote was taken before
the meeting had been consumed
1t took the stockholders less than
fifteen minutes to pass iavorably upon
the resolution There were only one
or two questions for information. and
Charles T.. Wingo made the motion.
which was unanimously carried. rhe
meeting was adjourned to December H..
Brings Deal to Close
Though the bidders on the property
are allowed until March to close the
by the chamber yesterday practically
brought the negotiations to an end.
and that the whole thing probably
would be closed UP before that time.
are also connected with the railroads
and the bank. the proposed purchasers
OF the property were not repre- sented
AS it was nothing was said about their
building. The general scheme. how
ever as explained in The Times-Dls-
patch yesterday. is to erect on the
chamber site IA aflreproof skyscraper OF
twenty stories.
not less than fifteen and not more than
(