Bend Company is Name of New Organization which Will Control Townsite Holdings, and Power and Water Systems.
The Bend Townsite and its subsidiary holdings has changed hands. An agreement him been entered into, and a partial payment made, whereby the townsite, mill, power dam and electric equipment, and the water system pass to the control of the Bend Company. A. M. Drake,and Frank Robertson, Vice President and President, respectively, of the present Bend Townsite Co., are entirely eliminated.
Below is the text of a message just received from J.M. Lawrence:
Agreement for the sale of all interests at Bend of A. M. Drake and Frank Robertson has been signed, and partial payment has been made. It was found to be impracticable to handle these interests separately, so Robertson’s contingent fifth interest of the Bend Townsite Company and half interest of the Water Company are taken and will be consolidated with the Drake holdings in a new consolidation to be known as the Bend Company.
Neither Drake or Robertson will have any share in the new company. The purchase of the entire holdings required material modifications of the plan contemplated when negotiations were entered upon two months ago, but speedy completion of the detail is nowlargely a matter of routine.
A. O. Hunter and Clyde McKay have gone cast to close matters there, and I will push the work here at this end. (Signed) J.M. LAWRENCE.
It is understood, though as yet not officially announced, that among the stockholders of the new company are, the D.E. Hunter realty Co. of Dayton, Ohio, which already has extensive holdings in Bend, the Brooks-Scanlon Lumber Co. of St. Paul Minnesota, the Mueller Lumber Co. of Davenport, Iowa, J.M. Lawrence and a number of Portland and other capitalists. Both the above named lumber companies have heavy timber holdings near Bend. Milling of their holdings naturally may be expected to follow their newly acquired realty interests.
Drake, who through nominally was not the head of the present townsite company, it is understood controlled by far the major part of the stock. For more than a month he has been in Portland fro his winter home in Pasadena, California, conferring with the other parties in the deal. Lawrence has been working on the proposition for several months, as has A.O. Hunter, and others.
Sam Brooks of the Brooks-Scanlon Co., together with Clyde McKay was in Bend in the latter part of January with A.O. Hunter, making a careful examination of the town and the property in which his company proposed to interest itself.
The present townsite the company acquired its holdings early in the spring of 1910. A.M. Drake turning over the management of affairs to Frank Robertson. It is understood the holdings affected by the present transfer include all the unsold portions of the Bend Townsite, Center, Park, Lava Road, and North Additions and some 400 acres adjacent; in the neighborhood of 5000 acres of timber; the old Pilot Butte Development Co. lumber mill; and the properties of the Bend Water, Light & Power Co., including Bend’s water and light system, the power dam on the Deschutes, water rights, etc.
A.M. Drake came to Bend in 1900, the next year commencing the irrigation work, which in 1903 was taken over by the D. I. & P. Co. Much of the townsite property was acquired through the application of script.
Mr. and Mrs. Frank Robertson arrive in Bend tomorrow night. It is understood they will leave, after about a week, for Europe.
Source: Bend Bulletin