Jasper County Democrat, Volume 22, Number 44, Rensselaer, Jasper County, 30 August 1919 — NEW HOTEL PROJECT REVIVED [ARTICLE]

NEW HOTEL PROJECT REVIVED

Probability That Active Work Will Be Started Soon. The proposition of building a modern 50-room hotel in Rensselaer on the old B. S. Fendlg poultry house corner has been revived, and an enthusiastic meeting was held Tuesday evening at the office of Attorney E. P. Honan to discuss the proposition of Mr. C. P. Moody, who owns the ground and had called the meeting. This meeting wak attended by perhaps 20 or 25 businessmen of the city and Mr. Moody stated his proposition to them. He wants the moral backing of the ipeople here in his undertaking and proposes to organize a corporation with a capital stock of J 60.000, $40,000 preferred stock and $20,000 common. On the preferred stock he guarantees to pay an annual interest of 6% and to retire same within five years from date of issue. The $20,000 in common stock he will take himself. In other. wards, he simply asks the people of Rensselaer and vicinity to loan him $40,000, to put with his $20,000, for five years at a good rate of interest and an non-taxable stock, the corporation paying the taxes out of the gross earnings. The stock will be issued in shares of SIOO each. He proposes to build a hotel of three stories and basement, according to the plans stated in The Democrat of several months ago when the proposition was being considered, but it was decided then to postpone the matter until n6xt spring in the hope that building material would be down somewhat in price. This hope was a vain one, apparently, as the price has advanced instead and promises to be even higher next year. Therefore, Mr. Moody has decided to go ahead with the project if the 'people here are willing to lend him a helping hand. Jt was the unanimous sentiment at this imeeting that Rensselaer needed another hotel to take care of the transient trade and that, Mr. Moody’s proposition was one that we could not afford to turn down. It was decided to hold another meeting in the west court room last evening at which time It was expected that many more people would be present and definite action taken on the proposition. Mr. Moody’s architect, Mr. Zink, of Lafayette, was present at Tuesday night’s meeting and had the tentative plans of the building with him. He stated that he thought the building could be completed and ready for occupancy by the latter part of February if work was started soon.