The times. [volume] (Richmond, Va.) 1890-1903, 1901-10-06
DEVELOPMENT OF BELLE ISLE.

The approach of the Carnival has had a
somewhat disturbing effect upon the con-
ditions to be met with in the world or
real estate. as has been the case IN other
spheres of business activity. Many pro-
jects and schemes which have been some
what talked of have been deferred until
the season of hilaritys and festiyitE is
past. Operators generally are sanguiEe,
however. as to u healthy condition of the
market after the city's holidays.
The two most notable movements IN
the world of real estate within the past
few weeks have been the purchase BY
the Williams syndicate of the Belle Isle
property and the organization of a group
of capitalists for the purpose OF buying
up a large section of the valley of shoe
soe Creek.
The Old Dominion Iron and Nail Works
property on Belle Isle is one of the mos.
Interesting and valuable of the manu-
featuring industries of the community.
II has had a historic association with
Richmond in times of war and peace.
Before the time of the Civil War 1t was
d progressive and successful enterprise
During that period il rendered valuable
service TO the Confederacy in providing
the material siuews of war, Of which
the South stood in great need from the
small number of iron industries in that
secllon at that time. The island. well,
furnished an excellent prison ground.
upon which d large number of Northern
prisoners We're confined.
y PROSPEROUS INDUSTRY.
Since the days of the war the iron ana
nail industry located upon the island has
prospered, and during the recent boom
in the iron trade has been much taxed
to meet the demands upon its resources
and facilities. The purchase of The island
carries with it valuable riparian rights,
which Will be of value TO the new pur-
chasers in connection with their present
and future schemes for the development
of the water-power OF the James. 1t Is
proposed to spend Sl0G.r1 in the develop
ment and enlargement of the plant. ana
10 make the enterprise one of the fore
most industries of the character in the
country.
The. scheme for the reclamation and
development of the valley of ShocIzoe
Creek contenplates the confinement OF
that tortuous stream within the limits
OF heavily constructed stone walls. From
the point where Bacon's Quarter Branch
crosses Shoc,soe Creek to the intersection
of the latter by Marshall Street is dis
lance of q mile. Throughout this low
lying valley the winding creek not only
by reason of its turns and bends takes
up Il vastly larger area than IS necessary,
but the valley, or a portion OF 1t. IS at
this time subject to overflow from the
creek by reason of heavy rain, or OF
back water from the river in Il time of
flood. The confinement of the creek with
in walls along a straight course will rem
der suitable for manufacturing purposes
q large area which is at this time con-
stantly subject to the depredations or
the creek. The cutting of the new chan
mel and the construction OF suitable wall
will cost quite a sum of money. but the
capitalists interested believe that this
I., Ij-ho in Ha fIItY
if the city will do it's part with a gem
erous appropriation.
LAST WEEKS BUSINESS
although the week closing yesterday in
the real estate world has been rather
uneventful one. many small sales were
made among the brokers. For the most
Part, however q feeling next to apathy
is apparent. The causes are chiefly the
coming Carnival, which has been a dis
turbing element, especially the last week.
and the further fact that the scarcity of
houses is temporarily operating against
sales.
II you find a purchaser. the chances are
that Immediate possession cannot be
given. and the fact of there being scarcely
no houses to rent is increasing the de-
mand, but interfering with the sales.
This condition, however. cannot be but
temporary, and the outlook for a splen-
did fall business is good. There is moth
ing in the present outlook to induce a
feeling Of discoura cement. nevertheless.
Causes easily discernihie account Cor the
quiet in the market, and their character
is not such as to make their permanence
possible. Among the sales reported to
this Office for the week are the follow
ing:
By n. W. Bowe. al auction eight pieces
of property of the Undertake estate,
highest piece selling for $3.50
By Pollard & Bagby several small
pieces at auction. but nothing of any I'M
portance.
BY z. a. Catlin, sales in the city for
the week aggregated about sl2 500