Jasper County Democrat, Volume 12, Number 1, Rensselaer, Jasper County, 3 April 1909 — K. P. BUILDING DISPOSED OF. [ARTICLE]

K. P. BUILDING DISPOSED OF.

Dickinson Trust Co. Trade It To H. F.‘ Meyers. HAS HAD CHECKERED HISTORY And Over $20,000 Have Been Sunk In the Building By the K. of P. Lodge and Citizens of Rensselaer, Who Bought Stock and Loaned t Money on Mortgage—ls. Now Quite a Valuable Property Owing to Poetoffice Being Located Therein.

The K. of P. building, ’on the corner of Washington and Front streets, has been disposed of by the Dickinson Trust Co., of Richmond, Ind., who came into possession of the building a few years ago through the foreclosure of their mortgage on same. The new owner is Henry F. Meyer of Chicago, and the consideration stated in the deed is s7,t>Vu and “other property.” This block, one of the costliest business blocks in Rensselaer, has had a checkered career. The local K. of P. lodge lost some $3,500 which they put into the block when it was first built by them a few years ago. About $14,000 in stock was also issued and disposed of to K. of P. members and business men, and John Eger loaned seme $5,000 on second mortgage, all of which was lost. The building cost about $32,000, and sl2,ooo*was borrowed on first mortgage from the Dickinson Trust Co., and when they foreclosed their mortgage they had some delinquent taxes to pay, about SI,OOO to Warner Bros, on a lein on ttfe building for plumbing work, and the costs of foreclosure, so that they must have had in the neighborhood ,of $15,000 in it. -v;; ; Owing to its location the lower floors have remained vacant most of the time since it was built, but the stroke of policy in getting the postofflce moved into the corner room recently on a ten year lease has had the effect of filling up every room in the building and has made it quite a valuable property. The Trust company probably came out all right on the property at last, as the consideration stated in the deed is $7,b00 in addition to some other property taken in the deal. They offered the building tor SIO,OOO oqly about a year ago, but found no takers.