The Providence news. (Providence [R.I.]) 1891-1906, 1892-07-27
THE LEASE CANCELLED.
At a Meeting Of the industrial Trust
Company To-Day.
THE TERMS WERE TOO MUCH.
Providencs Athletic Association Could
Not Anerd to Pay Increased sums
and 50 win Have to Seek New Quar-
ters-The Association Released.

For nearly month negotiations have
been going on between the Industrial
Trust Company and the PROVIDENCE
Athletic Association that the Trust Com
pany might release the Athletic Assocla-
tion from It's contract in leasing a portion
OF the building now in process Of con-
struction on the corner of Westminster
and Exchange streets.
The Athletic Association has nearly
1000 members, and there are many more
who had the intention of joining when
the Industrial Trust Company5s new
building was completed.
The tidings of the breaking Of agreement
will be received with genuine disappoint-
ment by these and many Others but IL
was necessita atsd and was done with the
best Of feeling on both sides, on the part
OF the association and on the part OF the
Trust Company.
The Athletic Association originally
leased quarters In the Industrial Trust
Company building on au estimate OF con-
struction. After investigation IL was
found necessary to increase the estimate
which would also make necessary an in
crease of rental which would mako the
annual assessment on the part Of the As
sociation much larger.
This brought about the present situa-
tion.
The outlay essential for the Trust Com
pany to make il 30 large that the asso-
citation thinks that, while it is able to
rent them now, 1t may not be able to
rent them In the future
At present the feeling Is that the asso-
citation could pay the increased terms, be-
cause Of the outlay projected. but that IL
might not be able to do so in the future.
At noon today meeting or the direc-
tors of the Industrial Trust Company was
held and the following agreement was
affirmed TO:
WHEREAS. II has been found that the construc-
tion Of a building appropriate 10 the needs OF an
athletic association. on the corner Of Exchange
nstins up Of the same Tor athlete uses viii 'i, be
create than was Contemplated, and
Ta; The
whereas In the opinion OF the governing commltte,
q the are Asaiea 1 s re-, q the
complying with the terms Of the lease. and whereas
n ns SSss nSs S
that they shall fuf the contract they have entered
Of the cost exceedins what was coniempiated m the
governors of the association do not think Il udent
Now THEREYoRE, il Is mutually agreed between
the parties that the sad lease be cancelled and the
Athlete sSs m is e anS
which said association deposited with the Trust
terms and conditions of the said lease.
WITNESS our hands and seals at PROVIDENCE. this
twenty-seventh day OF July, A. d. 1902.
INDUSTRIAL TRUST Co..
Samuel Il. Colt, President
PROVIDENCE ATHLETIC ASSOCIATION,
George l.. shepley, President.
The agreement and check for $25, 900,
which the Association had deposited with
the Industrial Trust Company, were pre-
sented to President Shepley this after
noon.
Before the regular negotiations had
been begun plans had been drawn for a
building to be devoted to office and bank
ing purposes. Work will be Continued
on that basis.
The Athletic Association Is hunting for
new quarters. Plans are in hand which
will be made public within few days.