[Newspaper]
Publication: The Trenton Times
Trenton, NJ, United States
vol. 21, p. 1, col. 6
DUGGAN'S HOTEL PLAN COMPLETED
At a meeting of the Monmouth Hotel Association of Spring Lake, held in the Casino at that place lasts night it was positively decided to build at Spring Lake a mammoth hotel to cost $250,000, outside of the real estate and furnishings.
This decision was the result of the agreement of Frederic A. Duggan, the local porcelain manufacturer, to finance the project. Previously numerous attempts were made to interest New York and Philadelphia capital in the proposition, but they were unavailing.
DUGGAN FLOATED PLAN.
Mr. Duggan became interested in the matter and offered to take a first mortgage on the property to secure an issue of gold bonds amounting to $125,000 if the remaining $125,000 was raised by the stockholders. This offer was promptly accepted and the stockholders proceeded to subscribe the additional amount.
The hotel will be one of the finest on the New Jersey Coast, and as Spring Lake is a most attractive resort, patronized by wealthy people of New York and Philadelphia, it is anticipated that the venture will be a paying proposition from the outset.