Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1911-12-07
.MR.DAUM TELLS
Of HIS HOTEL
PROPOSITION
Originator Of Plan for New
Hostelry Answers "Un-
fair and Unjust Criti-
cisms" Made. @n = 49,

Answering what he terms Is unfair
and unjust criticism" of his proposi-
ton for a new hotel building for Ot-
tumwa, w. r. Daum has submitted the
following article for publication in the
Courier: ..y
Referring to the hotel proposition
now before the people Of OttumWa, !
wish to say supposed was submit
ting a proposition that would meet
with practically unanimous approval,
except from my nearest friends, who
have not hesitated to say that l am
Offering to do much more than
should, or than should be asked or ex-
pected of any one citizen. The very
arguments made as to why I should
make further concessions are, in
themselves, strong reasons why l
should entirely abandon the whole
project, which l should certain
ly have done if 1 felt there
was the remotest probability that
the calamity would occur, against
which was asked to make further
safeguards. But having gone thus far
l made the further concessions asked,
as did not want to appear obstinate
when it was thought that my refusal
might be misconstrued and have
tendency to hinder the success of the
project. l write this now because find
that in some quarters am still be un-
fairly and unjustly criticised ~
"On one point, namely, the price I
am to receive for my property, wish
to say that on the sixty-six feet Main
street front next to Jefferson street |
now have double two story brick
building and two story frame build
ing These buildings could not be re-
placed today for less than $4,000 to
$4,000, and from them l am receiving
rentals that net me six per cent on
$4,000, after paying taxes and insur-
ance. This income Is to be sacrificed
as the buildings are to be destroyed II
the hotel is built. East OF these build.
fngs there lis q frontage 6f sixtysseven
feet on Main street, that is included in
the proposed site, now vacant, but
from which I recently wrecked and
moved two small frame buildings that
paid me an annual rental of $50 per
month, which netted me six per cent
on $4,000 after paying taxes and in
surance, and they only occupied about
one-half of the frontage now vacant.
ing to pay for the new Main street
paving recently completed and to con-
vey valuable concessions, all Of which
are included with the site, for the con-
sideration of $4,000. .,.-
II want to say now that without any
question I could take the $4,000 cash
that also propose to invest in the
common stock Of the hotel company
and with it erect q brick business
block, which, together with the build
ings already on my property would
pay me much better net income than
l can ever hope, under the most fav-
orable circumstances, to receive from
my hctel investment if made. .r"
Il will rereat here what l have
said many times before If any other
man or set OF men will build a hotel
elsewhere l will checrfully give way
to them. II the people OF OttumWa
feel that We do not need new hCtel,
CT that they can get one On more fav-
o1aEle terms aid conditions. SIN
cerely hore they will reject my
prop sition. Lave gone as lar With
my proposition as | ain allie, and il it
is not :.o.d me fer Ottumwa q from
a business point OF view do not ex-
pect it to he accepted and carried out.
I ask nothing from sympathy, friend
ship CT charity, but ask that all will
Lick upon The proposition entirely
from a business pcint Of view, con-
si6er the eject of its success on the
future welfare of the city, and act
accordingly.
81 supposed was taking decidedly
the least desirable end OF the PROPOSE
ton, and to any who think otherwise
will gladly allow them to take the
$4,000 comm-n stock that was to
have teen left in the treasury under
the present nian, and if that is not
enough to ,atisfy the demand tor
common stock am perfectly will Eg
to increase tie amount CT common
stock and decrease the amount of pre-
ferred stock to be sold. 81.
"W r Danln -