Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1906-04-25
BAR HARBOR.


ROdIck Realty Co., controhlhs VAST
amount of real estate on Mt. Desert Island
comprising shore front and mountain
tops, wood land and rent land, business
blocks and dwellings, has become live
business corporation, with vast problems
before it affecting the interests OF Bar
Harbor and vicinity, bat with the BUSH
ness machinery so adjusted that these
problems will be solved to conserve the
best interests of all.
Nearly year ago mortgage of almost
100000 on the undivided half interest OF
of the late Serenus III. Rodick was fore
closed by John A. Peters and j. Frank
Whitaker, who had held the mortgage
for many years. Last fall attachments
were made covering not only the interest
of Se-enus H. Rodick, but also that of
Fountain Rodiek and F. & S. II. Rodiek as
well Added to this large indebtedness
was an indie btedness of some $4,000, held
by unsecured creditors of the estate OF 5.
H. Rodick.
With the mortgage being foreclosed on
the one hand and the attachments made
on the other, there seemed to be but small
chance for the unsecured creditors t get
their pay, although it was believed that II
q large enough amount of money could be
secured in q block to finance the whole
indebtedness, there was probably enough
to pay the de BITS Of all and leave hand
some margin for Fountain Rodick, the
principal person in interest, outside OF
these creditors.
One of the large unsecured creditors
was Harry C Hodgkins, of the firm of Asa
Hodgkins & Sons. He employed to look
after his interest and the interests of some
others of the unsecured creditors, George
I'll. Morse, of Pittsfield, and to his
untiring energy, his refusal TO get dis
couraged by all sorts and kinds OF dis
appointments that have arisen during the
progress of the financing Of the scheme,
the largest credit is due for the present
satisfactory combination.
Mr.. Morse employed to look up the
titles of the various properties A. K. But
Ter, of Skowhegan, who is an expert in
this line of business. Mr.. Butler, after
his work, was q valuable assistant to Mr.. |
Morse in bringing about the present ad- |
justment. The names of many other men |
might be mentioned who have contributed |
to the successful outcome.
Mr.. Morse tried at frst to arrange for |
the money for the entire Indebtedness |
with first mortgage bonds issued to cover |
it. Failing in this, he had recourse to an |
other scheme whereby first mortgage |
bonds were to be issued for quite q large |
amount of Indebtedness and second mort
gage bonds for the balance, but sufficient |
money could not be raised for this pur
pose, and the final plan adopted was to
issue first mortgage bonds for s26o, 1000, and
for the unsecured creditors to advance
cash equal to the amount of the claim
proved, taking second mortgage bonds to
cover both the claim and the cash advance.
A few people periodically subscribed to
the second mortgage bonds in order to /
prevent the failure of the undertaking. |
The Rodick Realty Co., therefore, starts |
its actual life with a first mortgage |
bond indebtedness of $3.50, 900 and second |
mortgage bond Indebtedness of 100000,
covering property that was appraised by /
the court appraisers as having a value of /
approximately $4,000 and a present in
come estimated at about go, 600, an income /
WIitH ~ - bctiSNtu NC kTtAtiy
creased in the near future.
The board of directors of the new cor
poration are chosen, two by Fountain Ro-
dick, who owns all of the stock of the /
corporation, two by the second mortgage
bond holders, and one by the first mort
gage bond holders. Directors have already
been chosen consisting of Fountain Ro-
dick, Charles Fl. Wood, Judge John A.
Peters, Thomas SearIs, cashier OF the First
national bank and Vernon G. Wasgatt,
assistant treasurer of the Bar Harbor
Banking & Trust Co. treasurer or
manager Of the property will at once be
chosen to carry out the wishes OF the
directors.
1t is already well understood that the
Rodick house, so long unoccupied and SO
long regarded as menace to the
safery of the town with reference to fire,
will be sold to the highest bidder, who
will purchase it for the value of the lum-
Der of which it is built and remove it as
soon as possible. There are large tracts of
land that have valuable lumber standing
that will probably be sold from time to
time. Various other lots, which at the
present time are valuable, but not yield
ing any profit, will, without doubt, be
placed upon the market.
The tenants Of the property, especially
those who have erected buildings on land
leased of the Rodicks, are anxiously
awaiting the decision of the board Of di-
rectors as to the rents that they must pay.
The directors have very nice question of
Judgment before them. They will doubt
less feel that it is incumbent upon them
SO to arrange the rent roll that the taxes,
insurance, cost and maintenance, and
other expenses can be met, and that the
interest of the first and second mortgage
bonds can be paid.
The trustee for the mortgage securing the
first mortgage bonds is the United States
Trust Co., of Portland, and for the sec
I