Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1915-06-03
ENTHUSIASTIC
FOR NEW H0TE:|(
Nearly $4,000 Is Raised
By Citizens at Big u
Public Session \
WILL BEGIN WORK
FOR REST OF AMOUNT
Committees Named to Ga
About Securing Funds
for the Building
NUMBER 12A

OttumWa needs new hotel Nr,v.$
mat was the predominating thnurhfS
at pubic meeting held Tnesd.va
evening In the rooms of the Commess
clal association to consider the hntS3E
proposition. That Ottumwa ma.y ysS
business In the matter was evidor ~
Dy the fact that nearly s5O wSSS
subscribed In actual bone fide amount ~
at that one session. This mornirs;a "A
the hotel committee OF which "a
Sax Is chairman, met t. orgar,.
WORKING groups and to man ont PA
course to be followed in securing tkS
balance of the stock.
AS stated in the subscription con-
tract the amount to be raised In stncts
snall be from $125,OO0 to 5000 .0OlIl
ms subscription shall only be bind.
ing II the $125,000 capital stock MI
subscribed for and the hotel COM
pany organized within one year ana
provided that a responsible tenant
can be secured who will pay rentsis
which will insure the subscriber divls2
dend OF not less than five per cent
ABOVE all charges including taxes. The
stock is to commence earning diviN
dends when the hotel opens for busi-M
ness and is to be paid annually. Thus
as was explained at the meeting
Tuesday evening, the matter is not AZ
donation or charity affair but M
straight, clear cut business proposi.A
ton; one in which money is inyesteiis
and earnings are cleaned from that
investment. A
Sax outIipsss 5Atan. 81
t4 Il a oho oirS,t
porary committee, which has beenSs
working up the matter for the past
thirty days, was called upon and ha&
explained very clearly the proposisz
ton. He mentioned the fact that the
session was called primarily to seri.A
ously consider ways and means to-:
ward building hotel. He stated that
Tuesdays meeting was the culminas@
tion of dozen or more gatheringD4 4
held during the past thirty days look.
ing toward the erection of new ho-M
tel in Ottumwa. He said that the first
committee consisted of seven or eight
and that this was then increased to
twenty; that they had been busy In
collecting data and that every member
of the committee felt that If the people
of Ottumwa wanted new hotel and
signified their intention Of wanting III,
then it was the belief of the commit
tee that enough capital could be Sc.
cured right in the city to build and
finance structure that Ottumwa
might well be proud Of He stated
that 1t was not the plan to employ
outside promoters who would ask
twenty or more per cent as their prof
its but to have the proposition man
aged and carried out entirely by local
men. The committee, he said, feels
sure that no difficulty will be expert
enced in getting a tenant to rent the
building at a fair rental. The site,
as yet, is an unknown quantity al
though it is to be In the district
bounded by Green, Court, Main and
Second streets.
Waterman Called Upon.
When called upon II. l.. Waterman
aid special stress upon the fact that
the contract was not binding unless
s125,000 was subscribed or unless a
tenant was secured who could insure
five per cent dividends from the
amount invested. He said that he be-
lieved every property interest in the
city would be benefited by such a
building and said that If the matter
was not pushed through at this time
It was hard for him to conceive time i
when circumstances would be more
opportune.
Mayor Pledges Support.
Mayor Fred H. Carter attended the
meeting and pledged his support to
he movement. NJ B. Hutchison en-
phasized the fact that the hotel ques-
lion was being undertaken In an en-
tirely different manner than hereto
'ore in the city Of Ottumwa. He stat
ed that the proposition was not
charity matter; that the investor does
not put his money into it and lose 1t. &
1T is true" said Mr.. Hutchison, that
here may be small donation You
might be able to get six per cent for
your money elsewhere and here 1t Is
fye, so you may look at 1t that you
are losing the difference between
those two per cents but am conf
dent that If this matter is. taken up
and carried through the result will
be that sinking fund will soon be
established to wipe out any lien and
will not only make the stock bear 100 I
per cent but will even be way above
par. 1t is plainly straight business
Property Values Low.
John X. Mahon outlined some COM
parisons which he has been making
between the property valuations and
rental values in Ottumwa and In other