13, 1924. lit? ¢ we Mio Rrowning, Heublein Hotel, Hartford, Gonn. Dear Daddvs I finally He went am enclosing the plan which Marriner Eccles has worked out in connection with the hotel proposition. to Chicago to the Ranker's GSonvention, and improved the opportunity to visit a number of cities where commune ity hotels were in operation and also to confer with op= erating companies. He found that there were companies that would have considered it on somewhat easier terms but for the fact that it was so far away from their base of operations. | Marriner, as you know, operates three hotels hie self, anc therefore knows something of the business. He has devised the plan outlined in the enclosure, with the view of bringing the cost of the hotel and the fixed charges down to a point that would, in his estimation, make it a profitable enterprise. He of course always has in mind the indirect profit which would accrue to us by reason of benstits that would accrue to our bank and appreciation of real estate in which we are interested. Marriner Frowning is in Rock Springs for two or three days and was not present when Marriner went: over this plan with me today. We have been together about three hours and have considered all the pros and cons we could think of. His scheme is to get, if possible, at least $260,000 of the present subscriptions to agree to the new plan. The subscriptions, as vou know, were made on the promise of a 7% preferred stock, and it would be necessary to get subscribers to agree tO take in lieu of that stock bonds OaFing a mininun of 4% interest. In addition to the 4%, there is a possibility of additional interest from hotel operations, in case the enterprise is successful. If a large proportion of the subscribers will agree to the ev plan, he then proposes to go ahead as outlined. The common stock will of course exercise control. It will elect the directorate, anc eventually, if the bonds are retired, will own the property. Marriner has such confidence in the ability of his present hotel organization to operate this hotel successfully that he will take, if necessary, up to $50,000 would of course lixs us possible and hones also small amount. He would worth of the common stock. to take as much of the to get the Dee Gompany like to have the three He balance as to take a companies ~