Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-05
CALICO MILLS SOLD.
BOUGHT IN BY MIR. BOWIE FOR
BONDHOLDERS.
The PRICE IS QUITE SMALL.
Highest Bid of 100000 But Half
Whnt the Property stood the Last
Interest.
Interest.

The Gallego Mills were sold at auction
yesterday. and purchased, subject to the
confirmation Of the court for $i05.0J) BY
Mr.. n. w. Bowe, for a majority in inter
est of the bondholders under the original
mortgage on the property.
The four-story brick storehouse ada
cent to the Galleeo Mills was purchased
BY Mr.. Thomas j. Todd for himself and
others for $500.
Those most nearly interested in the sale
think the mills should have brought about
$4,000 more than they did, while the price
paid for the storehouse far Exceeded the
general expectation The trustees-Messrs.
#. II. Elicit and John Pickerell-will make
a report 10 the Judge of the Chancery
Court early next week, and it IS believed
that the sale will be confirmed, unless an
upset bid is put in, which is not consider
ed at all likely.
THIRD SALE BY AUCTION.
The property was sold in execution Of a
mortgage deed of trust, made February
j. 1895 II IS the third time that it has
been brought under the hammer, and the
price realized yesterday was far below
figures OF the two other sales. In 1858 the
property brought $1,000 900. and at the last
sale Mr.. Charles l.. Todd and his assoc
ciates bought the mills for $4,000. Since
that time $4,000 has been spent for inn
proved machinery. while a part of the
property was bought by the James-Riyer
Fails Paper and Pulp-Mins Company for
So, 0O0 leaving the total cost 10 the last
owners of $4,000.
Since the destruction Of the calvert un-
derneath the mill, that part of the build
ing. which sinks 10 depth of % feet be-
low the surface. has been repaired at a
cost of nearly 10000, and is now in better
condition than ever 1t was.
Considerable water. power rights so Will
the mill, under perpetual grants-one-hali
Of il upon a rental of S2,4lO per year ana
the other half absolutely free Of any
charge whatever. The estimated water
power rights OF the mill is 500-horse
ROVER. but this fact is traditional, and
not the result OF latest developments. The
trustees would not guarantee this power,
though IL was stated at the sale that II
had always been found sufficient 10 ope-
rate the mills, even when running at their
full capacity The taxes on the property
amount 10 $500 a year. and hitherto the
building has carried $4,000 insurance.
THE SUITS NOT INVOLVED.
The proceeds, or rather the expected
proceeds OF the suit against the city for
damages by reason OF the collapse OF
the old stone sewer, were excluded from
the sale yesterday by a decree OF the
court
The sale was made for the trustees Icy
the real estate firms OF J. b. Elan &
Co. Pollard & Bagby, and j. Thompson
Brown q Co. AT the request Of his coll
leagues, Mr.. j. Thompson Brown cried
the mill. while Mr.. j. b. Elan sold the
warehouse
The first bid for tho mills was made by
Major James ID. Patton; the amount $780,
600. 1t was a long time before any ad,
vance WAS made. and the next offer was
$1,000 by MIR. Nirginius Newton. The
price advanced 5000 a time. Major Pat
Ton Mr.. Newton and Mr.. n. w. Bowe
being the principal bidders. until tie
building was declared sold 10 Mr.. Bowe
at the figure stated above.
FIGHT FOR THE WAREHOUSE.
The warehouse was started at q 800, and
the price advanced 800 a bid. until 81 800
was reached. The next bid was 81 900. and
from the point II rose erratcally. Mcssrs
r. W. Wood, Harry Denoon. and Thomas
j. Todd wer0 the bidders until $500 mark
was passed. when II settled down 10 a
contest between Mr.. Todd and Mr. De
noon. Mr. Todd only advanced The price
$40 time. while Mr. Denoon raised aim
$50. and sometimes 500. Mr.. Demons last
bid mas 5000 and the property was