The Newtown bee., 1891-02-20
Reorpanizing the Rubber Company.

Reorganizing the Rubber Company.
 Records of the largest and most i'm
 portant real estate transaction that las
 ever occurred in NewtoWn have just been
 received for record at the office of the
 town clerk. They are very voluminous
 and are from the law office of Evarts,
 Choate & Beaman, g Wall street, New
 York. It will be remembered that three
 young lawyers from this firm, Mes SITS
 Shearman, Tracy and Woodruff, spent
 many weeks here, last year, boring over
 the volumes of land records, ancient and
 modern, of the town and searching titles
 with great thoroughness. These young
 men, it appears, were working for the
 New York belting and packing company and for it's great allies, the New York
 belting and packing company annex Of
 Passaic, N. J. and the New York belting
 and packing company limited of Great Britain. Notwithstanding the million dollars and more in the capital stock of these firms, it was deemed advisable to
 make a change, to transfer and concen- trate the property and effect a re-capital- ization, by which more stock could be issued, while at the same time the inter- ests of the former stockholders would be preserved, in so far as they were given the preference over outsiders at the issu- ance of new stock. In accordance with this view, the following vote was passed at a meeting of the company, held No vember 10, 1890:
 to the New York belting and packing compa- ny annex, of the State of New Jersey, all the real estate, water privileges, powers tMat faeto, in the State of Connecticut, for the sum of $SO0.000, to be paid and satisfied by two notes given by the said company, being dated on the 10th of November, 1890; one being for the sum of $200, GOO, to be due and payable In 3U days from the time hereof, with interest at the rate Of per cent per annum, the other to become due and payable on. the lst day Of January, 1918, or at the option of the holder on any earlier day of January or July, with interest at the rate of per cent per annun, the said interest to be paid semi-annually In the months ot June and December and the lat ter secured by purchase money, first mort gage.
 Resolved, turthe CT, that John H. Cheever, the treasurer of this company, is hereby appoint ed agent of this company to make convey ance of said property under the corporate seal of this company.
 This Mir Cheever did and the transfer of the property at Sandy Hook is told in another bulky legal document, which sets forth that the NeWtown belting and packing company does give, grant, sell, etc., to the New York belting and pack ing company annex of Passaic, N. J., for the consideration of $S00,O00, all tracts, pieces or parcels of land, with all of the dams, factories, machine shops, gas works, buildings and of every kind thereon sit uate in the town of Newtown, and then goes on to describe at length (about a dozen closely written pages of legal cap) the limits and boundary of said property. The company was represented here, as by John H. Cheever, the treas urer and agent of the company and the late is New York, November 10, 1890. As only $200,000 of the purchase price of $500, ,000 was paid down, the property 1t Sandy Hook was mortgaged by the )00. But on January 6, 1891, another meeting was held, at which the follow ng vote was passed:
 Resolved, that this company sell assign and transfer to the New York belting and pack ng company limited the note tor S60O,000, bearing date of November b. 1890, made by he New York belting and packing company lnnex. payable to this company or order and he mortgage on property in the State of Con. lecticut, made by the New York belting and packing company annex to this company to secure payment ot said note. And John H. Uncover, the treasurer of this company, is hereby appointed the agent of this company O make the assignment of mortgage on the part ot this company and to transfer the said lote.
 The terms of this resolution were like wise carried out by MT Cheever and the leal between these great companies was Ill but consummated. One thing re- nained to be done, howeverand this was o lease the property here to the New fork belting and packing company lim- ted, which has been done, under date of January 6, 1891. The New York belting md packing company annex leases tn he New York belting and packing com ,any limited all property of whatsoever lind it holds in NeWtOwu. for a term of 0 years, at an annual rental of BIO. This low yer is on condition that the lessee the limited company) pay the interest n the mortgage of S600,000 as fast as it 'ecomes due, with all taxes and assess lents. At the expiration of the 30 year ease, it may be renewed for a second erm of 30 years, upon the same condi- ions.
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