The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-05-03
QUESTION OF SALE
NOT YET DECIDED
Members, Who Are stockhold-
ers, to Vote on Matter, Gen
eral Idea Being to Erect Sky
scraper for Chamber and
Railroads-Plans Quite
Ambitious.

estate circles yesterday. the Chamber
Of Commerce will receive s234,000 for
Its home and site at Ninth and Main
Streets If 1t decides to sell to a syn
dica.e which will erect a big Office
building on that corner. This price
would be on basis of $4,000 a. front
foot. the frontage being seventy-eight
feet.
While the plans of the chamber and
its stockholders have not been an
nounced. the general understanding Is
that in the event of a sale, struc-
ture, to be known as the Chamber OF
Commerce Building. will rise fourteen
or more stories. and that the syndicate
will endeavor to make contracts to
provide general offices for the Chesa-
peake and Ohio Railway and possibly
the Richmond, fredericksburg and Po-
tomac Railroad Company and the vir.
sinia Railway and Power Company
| Chamber Quarters First.
| Quarters for the chamber will be
reserved on the upper floors. along
with a big assembly hall and Offices
for it's staff workers and directors. In
addition, there will be office space for
rent the idea being to build and equip
structure which Will be in keeping
with others of the kind or Main Street
and which will command good prices
from permanent tenants.
There has been no secret about the
fact that the Chesapeake and Ohio
Railway, which is now bigger cor
poration than formerly, needs a new
home. Although officers of the conf
pany have persistently declined to dis
cuss its plans and needs. real estate
men say that options have been Sc
cured heretofore on one property or
another. and that the company will
soon be forced to seek new quarters,
having practically outgrown its old.
Moreover, there is no betrayal OF
confidence in the statement that the
Richmond, fredericksburg and Poto-
mac people would like to get out Of
/ the smoke, the cramped Offices and the
confusion around Byrd street. Officers
OF the Virginia Railway and Power
Company have been called upon time
and again to deny rumors that 1T
would build on Broad or other streets,
due possibly to the belief that the
company requires more space than Is
afforded in its building at Seventh and
Main. So while the plans, aims. hopes
and ambitions OF these corporations
have not been given to the public.
members of the chamber and builders
believe that the proposition to group
them in the very heart of the banking
and business district would. have the
most careful consideration and
thought.
When the present Chamber building
was erected years ago it was believed
that it would answer all conditions
for many years. Lately. however, new
structures have sprung UP in its
nelghborhood. Competition has been
sharp.
Members to Vote ON 1t.
In pursuance, therefore, of a reso-
luton adopted by the board of direc-
tors, a general meeting of the active
resident members and officers and d.
rectors will be held on Thursday at
ternoon at S o'clock to consider the
advisability of selling the building and
the ground upon which 1t is located. IL
this meeting recommends a sale to the
stockholders, the action must be rati-
fled by the stockholders before the
sale can be legal and binding The
property is owned by members of the
Chamber. who are its stockholders.
The building represents a money value
of s220.20o. OF that amount, Sl63,0o0
is in bonds and $4,000 in stock.
Should i be sold on the basis of $4,000
a front foot, there would be bonus
of sl1.soo to be distributed in the
shape of '.divdends."
An exact valuation has not been
placed on the property by experts, al
though many dealers said yesterday
that S234.000 would be u good price,
while others contended that it was
worth good deal more than that. In
any event, there would be no sale un-
less the stockholders could receive
top value.
Hard to Find Sites.
1t could not be learned yesterday
whether or not any Syndicate" had
made a bona fide offer for the build
ing. The proposition to sell originated
with the~Chamber itself, that plan be-
ing regarded by many members as
wise in view of the comparative
scarcity of valuable skyscraper sites.
Since then the idea of giving the
Chesapeake and Ohio Railway Com
pany first call for general Offices has
met with popular favor, others hav-
ing suggested that the Richmond,
fredericksburg and Potomac and the
Virginia Railway and Power Company
might be secured as desirable tenants.
Practically all negotiations, however,
will be in allegiance until the Cham
her has decided on the question of
sale.
Should the Chesapeake and Ohio go
into the new building II Would put an
end TO this constant Cincinnati talk
OF moving headquarters there.
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