Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1914-02-06
PLAN sEvEN.sToRY FIRE PROOF
BUILDING ON PRESENT
HOTEL SITE. ,t'
MARshALLroWN CLUB
IS ASKED TO ASSIST
Owners Of Going Business Would Put
In Present Plant and Business at
$4,000. Borrow $4,000, and Raise
$4,000 on Second Mortgage Notes
Would Mean $4,000 Investment.

Marehalltown is to W a new $780,
900 fire proof hotel II the Stoddart
brothers and their mother are TO have
their way about it. Messrs. E. A. and
H. D. Stoddart appeared before the
board of directors OF the Marshalltown
Club Thursday evening. presenting an
architects water color drawing OF a
magnificent seven-story fire proof hotel
which they propose to erect upon the
Stoddart Hotel corner at Third avenue
and Main street.
The Messrs. Stoddart propose to in
corporate the Stoddart Hotel company
and turn in their present real estate
9Ox1S0, with the present 5G-room hotel
and going hotel business at s4o.o 900.
They then plan to borrow $4,000 upon
a long time real estate mortgage if the
citizens of Marshalltown will raise for
them $4,000 and accept as security
second mortgage notes running eight
years at 6 per cent and payable s~erially
to the extent Of $4,000 per year.
Plans For Building.
They have been assured by an ex-
perienced hotel architect that they can
erect in front Of their present hotel
building a new modern and fire proof
hotel with ninety feet of frontage on
Main street and forty feet on Third
avenue. sever stories high. for 100000
new money. fully equipped. This will
give them seventy-two new rooms, a
lobby. cafe and one store room on the
ground floor, barbershop, billiard room.
and travelling mems sample rooms in
the basement.
1t is planned at first to erect this
new hotel 4oxe0 in front of the present
building joining the old building to 1t
in the rear. giving a total OF III rooms.
with the expectation Of eventually re-
placing the old building with a ne"
fire proof IL" forty fee deep. and oc-
cupying the remaining frontage on
Third avenue, which in the ultimate
plan would provide for an Il" shaped
building. occupying the entire 'front.'
age on both streets. and involving an
Investment Of $500 900 for a 20o-room
fire proof hotel.
Club Refers 70 Ways and Means.
The Messrs. Stoddart presented TO
the board Of directors OF the Marshall
town Club a prospectus in which they
estimate that they can pay s per cent
interest on all OF the borrowed money
paw operating expenses based upon
their own hotel experience. and pay
$1,000 per year on the principal Win
not less than $4,000 per year to be r
ried to surplus and to be used either
for retiring bonds before due. or fnanc-
ing future extension of the building If
II should become necessary. They ask
that the MarshalItown Club sell $40
600 Of second mortgage s per cent
securities along with which they Will
place their present property. and upon
the two investments they will borrow
100000 and invest the 800 900 Of new
money in the building and its furnish
ings.
The board took no definite action up
on the proposition except to refer It 10
the ways and means committee which
is composed Of the following moe
of the club: F. NJ. Wilbur. chairman;
F r. Benedict George H. Beeoe, Il. q
Beatty, A. P. Bratt, 3. F. Cummings
NJ. L. Chesire. W. l. Church, W. A
Davis c. A. Durham. l. S. Finkle, Z
NJ. Forney, George Gregory, W. l.
castor. E. D. Hamilton, o. L. 1ngledue'
Ralph E. Keyeer, G.. W. Lawrence, L
Lennox. W. c. McCarten. c. ]. Nc
Combs, Peter Mayer, H. Pappe, F. n
Pepper. T. J. Shoemaker. L. r. Willard
r 1. Williams, and E. R. Lay.