Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1898-11-03

son, the real estate agent who has con-
Quoted the negotiations; Mr.. Fairfax
Christian, one of the promoters, and MI
Fred r. Scott. were also present.
APPROVED BY COMMISSIONERS.
Judge Leake. on behalf of himself and
the other commissioners, strongly recon-
mended the sale of the property to the
syndicate. The decree ordering the sale
had been entered early in 1894. The pro-
perty had been advertised very extern
sively, at q cost of $500, but no offer was
received. Again, in May, 1885, an effort
was made to dispose of the mill, and since
that time there had been almost endless
negotiations with private persons bLt
no satisfactory offer had ever been
made. These costs. together with
insurance fees, taxes, etc, had
amounted, in ALL TO $4,000, and
that independent OF the ground rent.
The principal invested amounts to $4,000,
and with five years and four months in
terest on the property, 1t appears that no
one has any interest in the property e1-
cept the bondholders
At "a meeting OF the bondholders held
on Monday, said Judge Leake, all were
represented except one. Mr.. Valentine
submitted an offer of $135OOO, to be paid
as follows: Ten thousand dollars in cash,
and the balance i'm three equal install
ments at CD, 80, and 120 days, from the
confirmation of the sale. The interest Of
the Scott estate an ounted to $i6277; all
the other bondholders endorsed the pro-
position submitted by MIR Valentine, and
the holders of supply liens, without cX-
ception, were unequivocally in favor of it.
FOR THE SCOTT INTEREST.
Major Stringfellow, on behalf OF Mr..
Scott, argued that the material creditors
were In no way concerned, the only par
ties interested being the bondholders.
The property should be made TO bring
as much as possible. The meeting of the
bondholders had been held October 3lst,
but meeting had been held prior to
that. when Mr.. Valentine offered check
for 5000 for a sixty-days' option, fixing
the price he was willing TO pay at $780, OO
Then Mn l.. a Catlin. representing other
Richmond gentlemen, offered $1,000 for
sixty-days option at the same figure
Mr.. Todd. on behalf of the General Elec-
trio Company. one of the richest syndi-
Gates in the country, also wanted the
site for developing the water-power. He
made no definite offer. but said his COM
pany wanted the mills, but he would
have TO await Instructions In view of
these facts. Mr.. Scott, representing his
fathers estate. believed that If the pro-
perty were put up at auction it would
bring far more than the sum offered TO
the court.
Mr.. Christian, who is also commits
sioner for the estate, addressed the court
and Spoke Of their futile efforts 10 dis
pose of the property publicly or privately,
or to receive bid that they were willing
10 report TO the Chancery Court. He Went
at length into the origin OF the present
movement, and the different meetings
that had been held. Several months ago
Mr.. Valentine made an offer of $500 for
an option on the property Tor five months.
The offer was referred TO committee OF
bondholders, but they would not recon-
mend its acceptance. though they said
II he could make a better offer they
would be prepared to submit 1t 10 meet
ing OF the bondholders.
MANY PROPOSITIONS MADE.
A meeting was subsequently called to
consider second bid, and also one from
MIR. Catlin. Mr.. Ca,lin offered $500 for a
fifteen days option and $500 for a fur
Their option OF seventy-iive days, but his
plan proposed that the bondholders
should take bonds in the new company
In place OF their present bonds. MIR. Todd
then came to the front and submitted a
proposition TO give $500 Tor an option
TO buy the property for $4,000 In thirty
udyS. lHlt AIttluS was liaStANeiAs Ga
auction sale, the bondholders asking first
one and then the other what each would
give, until finally MIR. Todd withdrew and
said he could make no proposition until
next Monday.
Then Mr.. Valentine offered 5000 for the
option. and MI. Catlin offered $4,000 and
afterwards 5000. The bondhoiders adj
Journed 20 see what Mr.. Todd would do.
When they adjourned they thought they
had two offers. Mr.. Valentine did put
his check up for 5000. When they met
last Monday they learned that Mr.. Catlin |
had not posted his check. He was called,
and said one OF the principals he repre- |
scented had misunderstood the arrange
ments. MIR. CatEn thought that only |
$i.ooo was 10 be put up.
Mr.. Todd offered Sl20 000--Si0,000 to be |
paid in cash and the balance as desired. |
The bondholders had 10 act at O'clock. |
AT ESQ o'clock they sent for Mr. Catlin, |
and he then put up check for $1,000. |
There appeared 10 have been a good deal !
OF Misunderstanding. Mr.. Todd said he |
could not wait more than thirty days. |
and the commitfeo thought II best to ac- |
cept Mr.. Valentines OFFER than TO wait |
for the 1900 posted by Mr. catlin, with |
possibility OF the property not being |
purchased. IN which case at least AGO !
OF that sum would be spent In meeting |
me expenses OF advertising the property