Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1915-06-11

entrance 70 GAe wonderful undsrwatee
| palace, Subsidiary company mlgh1
possibly b formed 70 erect 0a11-
moth hotel In connection. ssg
Thomas ]. NsylsF, heading Q comnnat.
tee Of three, called on Walhngfocd
within one hour after the publication
Of that literary naastsrpiecs and vas
most cordial. sour friendly little syn.
dictate had contemplated building .
small but exclusive hotol on that alta.
and do not ses why We should not
plan to do so.' he said.
'.That ID, II We can come to sat3s.
factory terms" smiled Wallingford.
"How large Z company do you propose
to formY
"Half Z million dollars. fully paid
tn," replied Mr.. Nayler with quiet and
entirely unassumed nonchalance.
wallingford nodded with equal mon
chalance. "You may have to increase
your capitalization before you are
through he suggested. ''but, for that
matter. the Neptune Sun Bath compa-
ny win probably have to do likewise.
It, however. owns its own ground.
which Is unencumbered. and can ofef
you ninety-nine year lease"
ION what terms?" inquired Mr.. Nay
Ter, smiling encouragingly at the thin
nosed man on his left and at the angu-
lar jawed man on his right
'I,l give you the same terms I would
have proposed to q company Of my
own raising" returned Walhnsford.
First you VIII agree to deposit $780,
600 in trust a. guarantees that you
will build hotel on this site to cost
not less than S250,O00"
Mr.. Nayler looked at his two asso-
ciates obviously. what about that.
Poynter?" he asked of the thin nosed
man.
"Well." considered Mr.. POINTER. his
much wrfnkled eyes twinkling. III
ncrhins else. the provision proves to
me that Mr.. Wallingford il Z goel man
Of business.
"Move we table the provision until
we hear the rest Of It" recommended
the man with the angular jaw.
Second" went on Wallingford, ac-
cepting that thoughtful suggestion
without q comment, I'VE shall require
the hotel company to Incorporate in
its building a spacious entrance, with
cloakrooms, a. an adjunct to tho bath
company's tunnel, the bath companys
construction expense to begin At tho
front line Of the building"
mo argument on that. What's next?
inquired the angular Jawed man. edg-
ing his chair forward
"Next" continued Wallingford. we
would prefer to have the hotel COM
pany take up an approximate one
third. or. say. 1900 shares ont Of 5000.
Of the bath company's stock IN ex-
change for a Ike valuation Of the hotel
company's stock"
ed at one another speculatively.
well, Hittamr Queried the chair
man.
We'll take that up later" decided
the angular jawed man.
That's about al" conciuded Wal
lingford- These tentative conditions
discussed and disposed Of. the bath
company would offer tho hotel COM
pany . ninsty-n1ne year slsass at 9 Per
cent Of the present valuation q the
unimproved property.
Mr.. Hittam hitched his chair straight
into the center Of tho group. "Now
we're getting to tangible bash" be de-
clared with the eager interest OF q
connoisseur. That 9 per cent sounds
harmless. but what Is the present valu-
alton Of the sitter
Two hundred thousand dollars =
stated wallingford with calm satsfac-
tion and glanced over to the corner of
the room where tall. thin gentleman
and stubby one with thick spsctacles
sat in temporary oblivion. the short
one eating tafty.
II thought So" commented Mr.. Hit
tam, glorying % much in his penetua-
ton that he almost seemed glad OF the
price. II knew that there was q
switchback clause in 1t somewhere.
Yesterday morning that property could
have been bought for $4,000 or $780,
CO.,"
.Quite so.' agreed Wallingford Il
paid $57.5o0 for It myself. but last
night made 4 bona ode sale Of 1t 90
the Neptune Sum Bath co'rpany ct
100000"
@In stock OF the companyT guessed
Mr.. Hittam, whose own stock was
now soaring.
"In stock Of the company" repeated
Wallingford. '.The appreciation in
value Is only normal and reasonable.
in view OF the immediate use to which
the property Il to b turned"
What's the capitalization Of your
companyT' inquired Mr.. Hittam, hold
ing up cross examining fore6ngef.
1.-THE same 40 yours" returned Wal
lingforl. HALF 4 million-only 80 Per
cent paid in. however,
/ FIFTY per cent" figured Hittam.
"and 100000 Of your $4,000 = rep.
resented BY the property. That leaves
you only $4,000 cash"
ITS in Tie t1sasury." Wallingford
informed him with smile. while
the Neptune Sun Bath company - still
waiting for IT. charter from the state,
It Il neveftheless fully Organised and
ready for businesaS
Hittam turned to h1s fellow commit
tsemea. "A hundred and ferry thou.
sand watef In two hundred and afD
thousand paid u valuation"
by no means" protested Wallfng-
ford. II won't stand Tor that The