Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1899-07-21
SHOE FACTORY SOLD.
William II. Lee Of Boston, the Pur-
chaser for $685..
will Not Conduct a Shoe Factory But Has
Other Plans.

the sum of $780, This seems an in.
significant sum compared to what the
plant is really worth, the cost having
been $4,000. but it is better in the
hands of Mr.. Lee with the possibility OF
introducing an industry, than laying
idle on the hands of the assignees
The Augusta banks will be quite heavy
losers on the transaction. but on the
whole they are not wholly displeased
with the results of Thursdays auction
Besides the amount realized from the
sale of the factory there is more to fol-
low. as the land on the west side of the
street opposite the shoe factory was
reserved. On this land is an unfinished
house. Then the property in the office
was reserved. and when the reserved
be realized. it is thought.
Quite party Of the Augusta bust
ness men We're on hand at the factory
to witness the sale, and the banks We're
each represented with a possible view
of purchasing in case the bids did not
run high enough. Besides the Augusta
gentlemen were William II. Lee, the
treasurer of the United States Sole
Leather Company of Boston, Mr.
Nichols. Brockton shoe manufac-
turer, ]. S. Holt. Boston machinery
dealer. besides other gentlemen.
Il. w. Soule of Augusta, officiated as
auctioneer. When the sale began at a
little before II o'clock, II. NJ. Heath for
the assignees made a few statements.
He stated the reservations that had
been decided upon. and he also pointed
out the fact that the Maine Central
property comes within a few feet Of
the building on the east side, and the
railroad owns the land on which the
boiler house sits. He said. however,
that this had been covered by lease
for % years. at the rental of 81 a year,
and there had been a clause inserted in
additional term of % years in case the
shoe factory company so desired. He
also pointed out the fact that the lease
had been agreed to by both the direc-
tors of the railroad and the company.
but when the shoe factory company
had sent the lease to the railroad
company it had been lost in the rail-
road office, and in consequence it has
never been duly executed.
He stated that there were II pieces
of leased machinery in the building
The terms of the sale were cash, and
the assignees reserved the right to re-
iect all bids in case they saw fit. The
taxes on the building, he said, have
been assessed on $4,000. this being the
agreement Of the city government, to
be in effect for 10 years.
Mr. Lee started the bidding at $500
and II ran I'D by s25 and $50 bids to the
figure for which it sold. The bidding
was done by Mr.. Nichols of Brockton'
Oscar Holway of Augusta, and ). ;.
Holt of Boston. besides Mr.. Lee.
Mr.. Lee was seen by the journal
after the sale, and he said he did not
care 70 say anything about the future
of the building. He said he certainly
did not purchase it to have II laying
idle and he had one or two industries
in view for the plant. He did not care
to say what they were, as it might IN
;ure his chances of securing the IN
dustries. He said the factory would
not be used as a shoe factory. Inc
purchase was made on his own per-
sonal responsibility. and he hoped 70
eet one of the two Industries in the
building in which he is interested. In
case he cannot, he intends 10 ihahe
some disposition so that there Will be
another sort of an industry, so the
future Of the building looks as though
if might yet be of some use to Augusta.
Mr. Holt. the machinery man, went
| +hrough the building in the afternoon
with a stenographer and took account
| of the machinery, which, it is UNDER
stood. will be moved from the building
Augusta citizens will look forward
with interest to the time when the an
rouncement is made regarding the
future of the building. Mr.. Lee has TWO
Industries in operation in other sections
Of the state, and there is strong nope
thai he can arrange to have one OIL
| them come to the Capital city.
This factory that sold for the snaii
s,m of money, was built in the fall OF
1897 by the Boyd & Corey Shoe Com
many. This company was composed or
Augusta capitalists and Brockton ma
cbinery. The capital stock of the COM
nanv was 500, 900, of which the Augusta
naople held a little over $4,000 of stock
that was paid in in cash. The Brock
ton shoe manufacturers held the con-
trolling interest and furnished the ma
chinery. Through acknowledgement and
Il .ho auu t;neS in the shoe world, the