Imperial Valley press., 1919-05-06
VALLEYS FATHER
EXPLAINS HOTEL
PURCHASE DEAL

ing letter anent the recent sale of the
Barbara Worth hotel, from w. F.
Holt, Father of the Valley:
"Van Nuys, Cal, May 5, 1919
Imperial Valley Press, Ell Centre, Cal
ifornia: Dear Sirs: Noticing the
statement in the Ell Centre papers in
regard to the sale of the Barbara
Worth Hotel property, and feeling
that it is due all parties concerned,
and especially the Imperial Valley
| people, that the facts in regard to
! this matter should be known, | am
writing you this letter, that you may
| be able to give these facts to the
public.
Evidently someone has msin-
/ formed the papers in regard to some
| of these facts, as the statement Is
made that the property was sold for
100000. when the facts are | sold
the property to Mr.. Vaughn for just
half of this amount, 100000, and this
| included the vacant lot adjoining the
| hotel on the west, as well as all of
the hotel property. The statement is
also made that this hotel was built
by local capital. This also is a mis-
take. There were 212 stockholders
in the building company. Of these,
only 104 of them resided in or did
business in the Imperial Valley, the
other 10S of these stockholders being
outside people, living and doing bus
mess in other parts of California. and
of the total cost of nearly 100000
of the property, less Than one-fourth
of this was put un by Imperial Val
| ley people, tthe other three-fourths
of the capital coming from entirely
outside sources, consisting of the
loans on the property, money paid by
the outside stockholders, and put. in
by outside creditors.
"All of the above facts can be cas-
| lily verified by anyone who wishes to
do so from the company's books and
records.
at may be of interest to know the
facts in regard to my personal con-
nection with this matter.
81 did not take this property over
because l wished to do so, or because
of the deal. There were two reasons
why l took this property over. One
was, on account of my having en-
dorsed the note of the company, ii
was necessary for me to take the
| pIOpSIGy over lOS' d ldlSe
ticnal amount, in addition to what
had already put into the company.
endeavored to arrange to lose what
| bad put into the company and drop
the matter without taking the prop
erty over. but was not able to get
anyone who would pay enough for
! the property to clear the endorsers on
| the note, therefore was compelled to
| take the property over or lose a con-
siderable additional. amount. The 9TH
er reason which influenced me to take
! the property over was because | knew
that it was important that someone
own the property during tis pioneer
stages that would not look upon it as
a money-making proposition, but
would see that the property was kept
running in way that would be a
help to Ell Centre and the Imperial
Valley, regardless of whether or not
they got any rent out of it, and, as |
did not know who might buy the prop
erty in, or what the buyers policies
might be in this regard, and feeling
the great Importance that the proper
ty be properly handled for the best
interests of the town and valley,
felt that | would take the risk of
taking the property and carrying it
through its pioneer stages, which
did, and also because | knew that it
was necessary for whoever took the
property over to spend large amount
on the property, in order to put it in
proper condition, and after taking the
property over l eXended about S15,-
600 in putting in the heating plant
and other improvements, and also
have always managed to carry it Sc
that Mr.. Richmond could run a good
hotel, regardless of whether or not
the business was such that he could
pay all of the rent, and Mr.. Richmond
believe, will bear me out in the fact
that | have always dealt very liberal
| ly with him in this regard, and | fee
that he could not have afforded to
have kept the property open and con-
Quoted it as we'll as he has, if it had
not been for the fact that | have tried
to deal fairly and literally with him
in this matter.
"One or two other matters which
lbelieve will be of interest are: The
facts that after the earthquake the
company was not in position to oper
up the property and run it, and We
were not able at that time to get
anyone else to do so, and in order to
have the property opened up anc
run as first class hotel, | paid the
bills myself, as | was not able to get
anyone else to help me anv in this
matter. and | lost nearly $4,000 OF
account of having to put up the mon;
ey to pay the expenses in operating
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