The Republican journal., 1911-03-23
The Belfast Board of Trade.

| ~
oOO In Ten Years, and the Subscriber.
or Stockholders Will Own the Plant Al
the End of That Time.
The Belfast Board of Trade met in the rooms
on Phoenix Row last Monday evening, Presi.
Gent Frost presiding. The secretary was nm.
able to be present and C. W. Wescott was
elected secretary pro TEN. After the renort
OF the treasurer had been read and accented
the president called on Selwyn Thomnson
chairman OF the committee on manufacturing
who submitted the following report:
10 the Belfast Board of Trade:
| Report of Committee on Manufactpr;no r.lo
i've to procuring new contract with Leonard r
BarroWs. *
| Your committee has had several conferences
with Leonard & Barrows in pursuance of What
they understood to be their duty, and beg to
report as follows:
Leonard q Barrows agree to remain in Bel
iast Tor ten years and maintain paw roll of at
least Two hundred thousand dollars 1920 0Ool
per year on condition that they be provided
with additional space and exempted from nav
ment of rent and taxes.
Inc space they require can be provided by
peilding e tnree story extension from the side
OF thelr factory over Pleasant street one hun
dred and ten feet long by forty feet wide, the
nrst noor of the extension being on a level
with the first floor of the factory, thus permit.
ting free passage for teams on Pleasant street
uhder the extension and giving basement for
storage on the other side of Pleasant street.
After this method of providing space was
approved by Leonard & Barrows an architect
was procured to come to Belfast and examine
the proposed location and make plans and esti-
mates OF cost. According to his estimates the
cost would not exceed eight thousand dollars
(SS,OOO).
permit from the municipal officers is nee
essary to authorize this extension over Pleas
ant street, and in order to enable them to
grant the permit they must have authority
from the legislature. Accordingly a bill was
prepared and is now on its way to enactment
with no probability that anything will occur to
prevent Its final passage, probably this week
AS soon as this enabling act is passed Pc
tltlon will be presented to the municipal Of
hcers asking for permission to build the ex-
tension, bridging Pleasant street, and there is
no doubt that the petition will be granted
The next step will be to provide funds for
financing the proposition if approved by the
Board of Trade.
Heretofore we have been unable to contract
with Leonard 4 Barrows for longer term
than five years, and in addition to exemption
from rent and taxes, cash bonus of one thou
sand dollars (Sl000) per year has been paid.
Hence it is readily seen that the proposed con-
tract is much more favorable to Belfast than
any previous one.
We are now paying an annual rental to the
Real Estate Manufacturing Company of two
thousand dollars (S2.000) per year for the fac
tory and one thousand dollars 10000 per year
to Leonard l. Barrows, making total of three
thousand dollars (s3,000) per year, besides ex-
emption from taxes.
We have interviewed Mr. Quimby who rep
resents the Industrial Real Estate Company
and learn that he will lease the factory for ten
years at annual rental of two thousand dol
lars (S2000) and permit the building of an ad-
dition thereto, but on condition that at the end
of the ten years the addition becomes the prop
erty OF the Industrial Real Estate Company
Or he will sell the factory for fifteen thousand
dollars ($l5,000) cash This latter proposition
seemed so much better than the former that
the committee procured an option for pur-
chase of the factory at fifteen thousand dol
lars (Sl5,000) and have proceeded on the as
sumption that the citizens would prefer to buy
the factory, build the addition and own all the
buildings at the expiration of the ten years
rather than pay out larger sum and own
nothing at the expiration of the ten years.
We submit however, the two plans, with es-
Inmates of disbursements, for your considera-
ton:
Under plan l, we buy the factory and build
the extension.
Under plan 2, we lease the factory and build
the extension, which is to belong to the owners
" eii Aoo'oty a. Viz e>piiotioii VI 'eii
years.
If Plan is adopted the expense would be as
follows:
Cost OF building S15, 900
Estimated cost of addition on.......... 5000
Estimated interest for 10 years............ 6,325
Total s29, 1926
To adopt this plan it will be necessary for us
to hire $4,000 at the start. We could offer as
security for this. first mortgage bonds against
the property, underWritten by citizens agree
ment to pay annually not less than So ,000 By
this method we could retire one tenth Of the
bonds each year. At the end of ten years
those contributing would own the property, pro
rata, in accordance with their contributions.
Plan 2:
Rent of Building for 10 years at 81 O00, $40, GOO
Estimated cost of addition, ,............... 5000
Estimated interest. ........................ 22OC
Total, ,.............. $50, ,20C
According to the estimates, it would cost us
SS75 more under this plan than it would under
Plan l. and at the end of ten years we would
not own any part of the property.
Hence your committee would respectfully
recommend Plan ! for your favorable consd-
Grafton.
SELwYN THOMPSON,
JAMES H. HowEs, Committee
JOHN R. DUNToN, on
BEN ID. FIELD. Manufacturing
The president complimented the committee
on their report, as did several of the members
Hon. R. F. Dunton heartily endorsed the COM
mittee's recommendation of plan No. l. Under
the existing agreement Leonard & Rarrows
had only obligated themselves to maintain a
pay roll of $4,000 per annum. but last year it
had reached a total of $4,000, ard with the
additional room they asked for would exceed
5000, 900, and they would agree to remain here
for ten years, which they had not before been
willing to do. The cash payment of 81, 600 is
also eliminated and we are called upon to paw
but little more than under the agreement
which expires by limitation next year, and at
the end of the ten years the plant WILDE owned
outright by those who furnish the money. The
matter of raising the money and other phases
of the proposition were discussed and it was
finally decided that the committee, with such
assistance from members as they needed.
should at once canvass the city and report at
an adjourned meeting to be held next Monday
evening. The intention is to call on the pres
ent subscribers to ascertain if they will con
tinue or increase their subscriptions, and secure
other financial support if possible. The nature
of their report will determine the further action
of the board.