The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-01
OFFER 100000
FOR CITY DOCK
Special Committee of Council
Make This Proposition to
Bondholders.
PAYMENT IN CITY BONDS
Representatives OF the Owners
Arc Willing to Accept
the Terms.

Acquisition of the city dock from
Seventeenth Street to Twenty ninth
Street. including all water rights. by
the city of Richmond at an agreed
price of $4,000, was recommended 10
the Council last night by a special
committee. which has been negotiating
with the bondholders OF tho VILLA M
r. Trigg Company, who hold title to
the property. tie only proviso beng
that the owners will accept payment
in Richmond city per cent. bonds. Il
provision which has been accepted oy
L. L. Bemiss and Eppa Hunton. repre-
senting the owners.
Some time ago u special committee
OF the Council was named, with II. r.
Pollard. Jr.. chairman of the Council
Finance. Committee, as its chairman,
to consider the ACCESSIBILITY and prob :
able cost of acquiring and improving
the dock property, and negotiations
were opened with the local represent :
tivcs of the bondholders, who now own
the property.
Bemiss Reduces Price.
Mr. Bcmlss quoted to the commission
through real estate agents a price of
S125,00O for the entire property. or
100000 for tho navigable section ca st
of Seventeenth Street, the portion from
Fourteenth to Seventeenth Street hay
ing been practically closed by various
constructions. railway trestles aad
bridges, SO as to render 1t yaluele 50
for the purposes OF Il dock, though 1t
Is said to have some property and
water power rights. and the legality
of It's having been closed to traffic Is
seriously questioned.
At q recent meeting this committee
directed its chairman. Mr.. Pollard, tc
enter into confidential negotiations tc
find the real rock bottom price al
which the city could acquire the dock
1t being suggested that he offer sS7,500
AS a result of these negotiations a
letter was presented to tho COMMITTEES
last night from Z. l., Bennss on behalf
Of the bondholders' committee, offer.
ing the property for 100000. and Mr.
Pollard stated that he had been In.
formed that the owners would accep,
payment in bonds.
Cost Many Times Price Quoted.
The dock was erected many years
ago as the Eastern terminus and con
nection with navieable water of the
James River and Kanawha Canal, and
in its original construction cost many
times which it is now priced to the
city for selling purposes. Owned fol-
many years By the Chesapeake and
Ohio Railway Company. 1t passed by
safe TO the Within IL. ITlGS Snlp-
building Company. and when the re.
ceivership forced that enterprise to
tho wall. the holders OF certain issues
of bonds, to secure their interest. seiz.
ed upon tho dock. The agreed price
represents only small part of the
face value of the bonds, the holders
losing like others in the failure of the
ship building venture.
For some years there has been Z
perpetual agitation to have the city
acquire and operate tho dock Its
operation by its present owners was
at loss, and no improvements of any
kind have been made In years. Eff
forts OF the owners to cIose 1t to nnvi.
CATION, fill 1T in and sell II for build.
Ing lots, were successfully resisted BY
the city in the courts, and tho owners
ordered TO keep tho property open.
An appeal from that decision Is now
pending. Were 1t closed either by Its
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