Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1911-08-16
Realty Company TO Be Or
ganized TO Boom City,
About $4,000 viii Eventually
Be Invested Locally.
Petition OF |. NJ. cobe In Famous
Road Case Is Granted.

Belfast. Me. Aug. 15.-(SpeciaD.-
The committee appointed al the last
regular meeting of the Belfast Board
of Trade 10 look into the matter Of
organizing realty company TO in
vest in real estate in this city, to pro-
vide for the increase which is expect
ed in population. caused by the new
industries, reported last night
1t recommended that a company be
organized at once to invest some $780,
600 in the project. William II. Quinn
by, president of the Waldo Trust Co.
and Dr. w. L. West of the West
Realty CO., were appointed a commit
tee. with authority to choose a third
member, to solicit subscriptions tC
stock amounting to $4,000. If this is
done the organization will be incor-
porated and land will be bought and
building operations will begin at once.
The plan as outlined by the com
mittee Is az follows: Stock amount
ing to $4,000. paying per cent will
be subscribed to at once and bonds
amounting to $4,000 will be sold. also
paying 4 per cent. 1t is believed that
the houses built will retire the bonds
in II years and no difficulty is expect
ed in getting the local banks. waldo
Trust Co., City National and Belfast
Savings Bank to take care of the
bonds The scheme as outlined looks
very good to the board and it is ex-
pected that within a few days the nee
essary $4,000 will be subscribed.
The committee reported that a 80
DAYS option is held on 10 acres of land
centrally located, which can be pur-
chased at very reasonable figure
and which with small expense can be
Dental park. Options on several other
parcels of land in various parts of the
city are also held and the figures
named are less than the committee at
first feared would be asked.
II the necessary $4,000 is subscribed
within few days the company will be
incorporated and operations will be-
gin at once. The land will be pur-
chased, laid out and building will
doubtlessly be commenced this fall SO
that the new houses will be ready for
occupancy in the early spring.
Another matter reported last night
was that in regard TO the lease from
the Maine Central to the Lnbec Sar
dine Co of property south OF the low
er bridge on which the latter has built
a sardine factory The committee was
appointed to examine the lease and If
found satisfactory to recommend 10
Pike Bros. owners of the new plant,
that they sign il. The committee re-
ported that the lease was found sat
jsfactory end that they had duly rec
commended TO Messrs. Pike that it be
signed This will doubtlessly be done
within a few days.
The county commissioners went in
to session this morning and in short
time announced their decision in the
cobe road petition. The commission
ers granted the petition of Charles o.
Dickey and others asking that the
highway which divides the summer
property in Northport of Ira Nj. CODE,
a wealthy Chicago man, be changed
slightly SO as to skirt the property Mr..
CODE asked this same favor year
ago but his petition was denied. That
IL has been granted at last is very
gratifying to a large number of cot
tage and property owners In North
port and the campground. Mr.. CODE
has agreed to pay all the expenses
connected with the change. to build
and maintain for 10 years macadam
road over the highway changed.