The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1911-05-07
To Vote on Giving Option on
o4S of 1000 Shares of Stock
in |. O. O. F. Block at Ear
ly Date.
MINORITY STOCK
HOLDERS OPPOSEDi
Likely New Office Building
Will BE Erected Prospec-
tive Purchasers Name Is
Withheld.

Tentative optional agreement for
the sale of the stock OF Whitewater
lodge of Odd Fellows in the loca. or
der's business block on the Southwest
corner of Eigth and Main streets. but
without binding at present either Of
the contracting parties. was on Satur-
day afternoon. drawn up. by represen-
tatives of the lodge and the prospec-
tive purchaser, in the office Of attor.
ney John l. Rupe. who is said to rep
resent the prospective buyers
Indications are that the building
may be disposed OF. or at least that
portion of the. stock held by Whitewa-
ter lodge. which consists OF 94S shares
of the existing sixteen hundred. The
purchase price Of the holdings OF
Whitewater lodge. it is understood win
be $56.sSO and, In case Herman, Wood
ard and Richmond lodges Of Odd Eel.
lows are inclined to sell their interests
within the next year, the purchase
price will be nearly hunred thous-
and dollars.
May BE Torn Down.
Upon the expiration or leases aA
present held by occupants OF business
rooms in the block. three years hence,
It is understood the building will be
remodeled Ii not torn down entirely
and = modern four story structure er.
ected in its place. The identity OF the
purchaser as yet is kept q secret, al
though reports have had several IN.
huential business men connected with
the deal
Not until after next Friday night.
when Whitewater lodge will meet
again, will proposed optional agree
ment be considered between the con-
tracing parties. That drawn up Sat.
urday was for the purpose OF acquaint-
ing the members of the lodge with the
terms of the sale Of stock With the
exception of the proposed selling price
the question of most vital Importance
to the members Is the section In which
the lodge will agree not to be party
to the sale unless the other three lodg-
es have the same opportunity to dis
pose of their stock within the ensuing
year. after the option for Whitewater's
stock is disposed Of. So far Herman,
Richmond and Woodward lodges have
opposed the sale and. 1t is said, will
not agree to dispose OF their respec-
tive holdings. Members OF Whitewa-
ter lodge who are urging the sale OF
the property believe that the other
lodges will be influenced to change
their attitude in regard the sale.
Building IN Old One.
1t is said that Whitewater lodge
would not agree to sell its interests
in case the building association will
agree to spend several thousand dol.
lars In remodeling the building. In
1867 the building was constructed.
Since then only few repairs, such as
roof patching, have been made, and
while not allowed to run down and de-
preciate in value to any extent, yet
the building is far from being In good
state OF repairs and In modern condi-
tion. improvements to store rooms
have been made by the occupants
themselves.
The debt on the building will be
wiped out in few months The build
ing is not paying the revenue it might
and will not unless remode1ed. The
lodge disposed to sell says 1t Is .
business proposition and and sees )
better way to invest it's holdings and
what it would acquire for its stock
than by retaining q large portion of
the investment In the old business
block.
A member Of Whitewater lodge 0j
Odd Fellows said last night that while
it was true that the prospective pur.
chasers OF the stock or Whitewater
lodge have submitted terms OF m Op
tion to the officers and trustees, that
such terms had by no means beer
agreed to and that there would be no
agreement reached until the lodge IT
self had been given every detail there
OF for its consideration. We have
not even been informed rs to who the
prospective purchasers are said the
lodge member talked to. We dC
know, however. that the prop0sitfos
comes from source that lis reliable
and that il all that Is necessary It thik
stage Stories told that Whitewatef
lodge Is endeav0rfng to force other
lodges to sell are. without Foundation
The proposition to buy came unsolict
ted on Whitewater's part. II the lodge
feels that to sell would be ~ bgt
policy it has the right to Dispose n
its stock but II simply has made the
stipulation to the would-be purchaseTs
that II the event Of = sale ~ White
waters st0ck the other hodges musf