The Republican journal. [volume] (Belfast, Me.) 1829-current, 1911-08-17
BOARD OF TRADE MEETING.
Plan Proposed for Buildings to Meet the
Demand for Rents.

Plan Proposed for Buildings to Meet the
Demand for Rents.
A meeting of the Belfast Board of Trade
was held at their rooms on Phoenix row last
Monday evening. The President said he had
examined the lease of the Maine Central for
ten years, at rental of $50 year, of the land
occupied by the Lubec Canning Co.. and had
turned it over to the latter company. By a
previous vote the board had agreed to pay
this rental. and the treasurer was instructed to
send to the canning company a check for
s25, to reimburse them for the six months
rental they had paid.
The secretary read letter from the Simon
Mfg. Co. of Boston, who are thinking of NOV
ing from that city with view to enlarging
their business and who ask what the facilities
are here. The company manufactures corduroy
and fur lined coats and duck suits and en-
ploys about 60 hands. They have been in busi-
ness for II years and are commercially rated
at $4,000 to $4,000. 1t was thought that they
could be accommodated here and could be
assured of exemption from taxes. The mat
Ter was TeIeTTeu u lLe COIIlIllltlec Ou ucW III
dustries.
In this connection something was said as to
the difficulty of getting help here, and it was
stated that two of our clothing manufacturers
could not get the girls they needed. Mr.. Frost
said that SO far as this Boston firm was con-
cerned he thought men would be employed;
that when similar work was done here men
were brought from away to do it. He thought
there would be no difficulty in getting all the
help needed. People were looking to Belfast
and were moving in here. Mr.. Pike of the Luz
bee canning company had told him that he had
no difficulty in securing all the help needed.
Mr.. Ed. F. Littlefeld, a foreman at the Leon
ard & Barrows' shoe factory, said he was con-
stantly having applications for employment.
1t was the general sentiment that if employ
ment is offered here there will be no difficulty
in securing all the help needed
At the meeting of the board August 7th
Messrs. John R. Dunton, William H. Quimby
and W. L. West were appointed committee
to take steps for forming realty company for
building, buying, selling or leasing property to
care for the prospective increase in popula-
tion, and this committee was called upon for a
report. Mr.. Quimby, for the committee, pre-
sented carefully prepared report providing
for the erection of ten detached houses at a
cost of 81. 500 each, to rent for $3.50 a month;
of five houses at a cost of 50 900 each, to rent
at SIS month"; and of three apartment houses
at cost Of $4,000 each, to rent at 500 month.
To carry out this undertaking a stock COM
pany capitalized at $4,000 could be formed
and bonds issued to the amount of $4,000.
Mr.. Quimby showed that the rental, after
meeting all expenses for insurance, taxes, ETC.,
would pay per cent on the stock and per
cent on the bonds, with $500 per annum avail
able for sinking fund to retire the bonds. With
the estimates he had made on most conserva-
tive basis, the bonds would all be retired in
Is years, and the stockholders, who had mean
while been receiving per cent, would come
into possession of the property, which would
then pay them ten per cent. DR.. West of the
committee thought Mr.. Quimby's estimates of
expenses too high and the returns from rents
too low. Mr.. Quimby said that this was
straight business proposition and only needed
subscriptions to the stock of $4,000 to carry
it through. He would subscribe individ-
ually and the Waldo Trust would subscribe,
and if the local banks would not help on the
bond issue he would see that it was taken up
by Others Dr. West said that he had an option
on ten acres of land in a desirable location at
$1,000, and there were other properties avail
able Mr.. Frost said he knew of contractors
who would be ready to do the building and
thought the houses should be up and shut in
before cold weather. Mr.. Quimby said that
Mr. Bowditch of Boston, the architect of the
new theatre, would be here in the course of
week or ten days and he would take him to the
property in view and have him look it over
before deciding upon plans for the houses, W.
H. Quimby and w. l.. West were appointed
committee to solicit subscriptions to the stock
of the proposed realty company and were au-
thorized to select third member.
There was some discussion of plans for en-
larging the membership of the board, which it
was thought should include every business
man in the city. Adjourned subject to the
call of the secretary.