The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1927-11-18
PUBLISHED EVERY FRIDAY.


about 80 per cent completed and
within a very short time will be
ready for occupancy. Contractors
Rasmussen and Forestal expect to
rush the work of finishing the inside
as rapidly as possible. Some delay
was caused by the non-arrival OF
the material from the factory. The
material arrived this week and crews
are at present busy on the finishing
which is expected to take about a
month to complete.
The twenty year old dream OF
progressive citizens is about to be
realized. To the Hotel Committee
which has been on the job constantly
for the past six months, is the major
part of the credit due. To those
committees who labored so valiently
to sell stock and to those who pur-
chased the certificates is also a large
measure of the credit due for the
successful fruition of the dream.
Not only will the new building be
a valuable addition to the metropol-
itan appearance of our handsome
city but the hotel will fill a want
which has been felt since the de-
struction of the Vail Hotel by fire
over twenty years ago and the alb
solute necessity since the destructlo
of the Exchange several months ago.
With the construction of the new
building, not only the wants of Ely
for a modern hotel will be met but
all the real estate within its confines
will take on added value. Every inl-
provement for the city and its people
will enchance the value of the city
in which we make our home.
The report of the treasurer at the
meeting of stockholders on Monday
evening was an eye-opener for those
present. The report showed that 50
far, $66,S59 has been secured from
the sale of stock and other sources
and of which $65,288.87 had been
disbursed to contractors and others
who have undertaken the financing
by the sale of bonds. The report
also showed that only $4,000 of local
stock sales are required to put the
affair over the top after which the
matter will have smooth shedding
and all necessary cash for the COM
pletion of the building will be at
hand. $4S,662.59 are due the con-
tractors, c. A. Rasmussen & Co., for
tie construction; E. l.. Rautio, for
TIE plumbing and heating; Vermil-
hon Electric Co., for the electrical
equipment and Arthur Hanford as
architect.
The reports made by the officers
If the Hotel Association show that
leases and rentals entered into with
me lessees of the hotel, stores, bill
ord parlor, bowling alleys and barb
er shop will pay off the first mort
gage bonds each year and leave a
surplus of $1,000 in the treasury
each year. This is a remarkable
statement and shows that the officers
have exhibited keen business sense
IN their dealings, not only with the
contractors but with the bonding
company as well as the lessae.s 1t
also shows that the stock in the ent-
erprise is an investment: ard stock
holders will be compensated in due
time with dividends on their invest
ment. The stockholders who have
stood by the committee with cash and
assistance are n 1t in the least con-
cerned with the outcome of their IT,
vestment. There are some, however,
among our really good citizens, who
have dismally failed to rally around
the flag and refused to help in the
upbuilding of our community. Some,