The Republican journal., 1904-03-17
SALE OF THE DANA BUILDING.
The Belfast Industrial Real Estate Ca
Sells to the Duplex Roller Bushing Co.

---S A'SAA"sS AHu usIr1AI Real Estate Co.
Sells to the Duplex Roller Bushing Co.
A special meeting of the stock holders of
the Belfast Industrial Real Estate Co. was
held in the banking rooms of the Belfast
National Bank, March 14th, for the follow
ing purposes:
l. To see what action the stockholders
will take in relation to selling the COM
pany's real estate diana property, so-call-
ed to the Duplex Roller Bushing Com
pany.
2. To transact any other business that
may legally come before said meeting.
After the usual preliminaries James H.
Howes, President of the Belfast Industrial
Real Estate Co., read the propositions of
the Duplex Roller Bushing Co. One was
to pay $500 for full possession of the
building and another to pay $1,000 for the
building, with possession of the first two
floors by May 1st In either case the sum
named was to in clude all the property of
the real estate company. The creamery,
occupying the basement, and the Foster Es-
tabrooks Co. occupying the upper floors,
hold leases which have four years to run,
with an agreement as to the creamery that
if the building is sold it shall be provided
with equal facilities elsewhere. Under the
second offer the creamery must be provided
for, while the Foster Estabrooks Go. could
continue as at present.
The proposal from the Roller Bushing
Co. defined the bounds of the real estate,
and n. F. Houston raised the point that if a
deed was made in conformity thereto the
real estate company might bet selling what
it did not own. The question at issue was
as to the centre of Fish street, which was dis
continued many years ago. Mr.. Houston,
who represents the D. Lane estate havin G
property adjoining, thought an agreement
might be reached as to this point, and if not
he would be willing to leave it to the judg-
ment of competent men.
A report of the financial condition of the
real estate company was read, from which
it appears that the three local banks hold
$11,sOO in bonds secured by mortgage on
the property, and as the stockholders have
not complied with their agreements the
banks could foreclose. In that case they
! would have to sell the property subject to
the right of redemption in one year, and it
is not thought that the Roller Bushing Co.
would buy under these conditions 1t is
not possible for the stockholder to realize
anything under either proposition; but if
the sale is made they will be re-
lleved from further payments, and the
banks are willing ON their part to accept
pro rata on the bonds held by them and dis
charge the mortgage, so that clear title
could be given to the property.
After some discussion Mr.. R. F. Dunton
moved that the offer of $1,000 be accepted
subject to the rights of the creamery and
Foster Estabrooks Co. and the motion was
seconded and carried.
The meeting adjourned to Wednesday at 9
| a. M, when the committee to solicit subscrip-
tions to provide for the creamery for the
four years remaining under their lease re-
ported, having met with good success. A
vote was then passed to sell the proper
ty of the Industrial Real Estate Co. to the
Duplex Roller Bushng Co. for $1,000, sub
| ject to the lease of the Foster Estabrooks
Co. 1t was voted to relieve stockholders
who have paid their subscriptions in full
{, from all further liabilities The Duplex
| Roller Bushing.Co. is to have thirty days in
| which to examine titles, etc, and to be
given possession May 1st. The stockhold-
ers' meeting was then adjourned to April
18th at 3 p. m.