The Providence news. (Providence [R.I.]) 1891-1906, 1897-11-27

The forerunner of the subsequent ex
tensive building and renl estate transac-
tions was during the existence of the old
firm of l.. A. Iillinghast q Co., when
Mr.. Flagg was partner. 1t developed
OH the advent of the new company. Tney
built the structure now controlled 10y the
H. ii. ,Gladding company dry goods store
and the Iro3adero, at cost of over
SlI5 600 1t was not paid for at once, but
was bonded for the sum of SS5 coo. The
terms required that the sum OF s5OOo
should be uad each six months in the
months Of February and August The
bond that came due last February could
not be paid and to prevent foreclosure it
was necessary to accept an offer for the
prouerty and the lease OF the land that
was made by the Dry goods firm. The
terms were such, II is said, that the I'll
linghast COMPANY lost money. 1t was the
erection of this building that necessitated
the borrowing of the money from the
bank.
The Savoy also was built by Messrs.
Tillinghast and Flagg They erected tho
building at cost OF $40, 900 and mort
gage uf half that amount was placed on
ii 1t was eventually turned over TO the
company.
The real estate transactions of Mr.. Til
linghast himself have been of consider
able magnitude. He built the Iilling-
hast building at the corner OF Matthew
son street ana Westminster and after
ward turned 1T over to Robert McCardeil.
Another piece of property that he leased
and that finally passed into the hands OF
MIR. McCardell was the estate on the
corner of Meybosset and snow streets,
where MIR. McCardell Is at present put
ting up hotel.
His lease Of the Butts estate, next to
the city hall. and his plans for the ercc-
tion of fine hotel there have been re-
ll.a.if IN, min ~ oil IL N pf
the lease because tho conditions had bean
broken. In tine same way the lense OF a
large piece of property on Westminster
street. near franklin street, was sur
rendered not many months ago.
The B. Fav Mills proDerty at Pawtuxet
was another investment, and Mr.. TilliDg
hast is concerned somewhat in the new
Alice building of which he is alleged to
b. lessee.
The present company was Incorporated
Oct. /, 1891 with n capital OF $500, O0O, of
which amount s23 nOO was paid in;
$50 600 worth of this stock is now In the
treasury of the company, 81, 600 is held
ny various tegsons and the balance by
Mr.. Tiilinghast For nearly Is years pre-
ylous To the INCORPORATION Mr.. Tillingbast
had been "a the catering business with a
restaurant about in the position of che
present stora on Westminster street., and
from the first he appeared 70 bu prosper
Gus. lie commanded the best work IN tho
business ard enjoyed fame for catering
which sproad beyond local limits. success
encouraged him TO seek new fields and
PASTURES in the money making world, but
ann bition seems to have had fall.
In talking with other directors Of the
o,muany IL was ascertained that whi q
the stock was somewhat inflated the com
pany was not considered IN precarious
condition, as il could pay all its debts i he
catering business was profitable TO the
extent uf about $iS, COO u year and MIR.
Tillinghast recsived $1,000 year salary
for managing It,
Bad credit was the cause OF not being