The herald., 1893-10-05
THE ELECTRIC ROADS BIG BUY
The Cable System of Los An
geles Finally Sold.
Knocked Down for a Million and a
Third Dollars.
Consolidation IL Assured-Onl One BID
der Matorfaiizes- All Day Job
for Heavy Capltaiists-De-
tails OF the Sale.

The sale OF the cable street railroad
system of Los Angeles, under foreclosure
judgment, took place yesterday.
AS was expected. the Consolidated
Electric Street Railroad company was
the only bidder, and the property was
knocked down to them, their bid cover.
ing the bonded interest held by them.
The sale was conducted in accordance
with the advertisement heretofore pub
lished, and occupied the greater part oi
the day.
The sale brought together quite a
number of capitalists and attorneys from
San Francisco and Chicago, and Mr..
Francis Thomas, the commissioner for
the sale, led them quite merry dance
before the final elimination of the day g
proceedings in front OF the court house.
A four-horse rig carried nearly all the
party, and they followed Mr.. Thomas,
who drove in buggy.
The party included E. P. CLARK, vice.
president of the Electric company, Mr..
Alvord and Mr.. Brown OF San Francisco,
Edwin Burritt Smith OF Chicago, Judge
Silent, Judge Pope, General Sherman,
Thomas Mckee OF San Franci.co, Lowell
White OF San Francisco, Mr.. Burke OF
San Francisco, Judge Allen of San Fran
cisco, j. M. G. Marble and Superintend-
ent Akin of the cable road.
According to the order of sale there
was considerable personal property, con-
eisting of horses, mules, wagons, ETC. 8,
which necessitated visit to numerous
places. The party drove to the Wash
ington street depot, Ninth street depot,
Twelfth street barn and car chops,
Grand avenue power house, Boyle
Heights power house, Kurtz street de-
pot, Downey avenue depot, power house
and yards.
The bidding on the personal property
was done by Mr.. Clark, and it aggre-
gated 81, ,476 80. The property was
that not appurtenant TO the premises.
At o'clock the party arrived at the
west door of the court house. and there
at 8 80 the sale was made of all other
property of the Pacific company. 1t en-
bodied real estate and franchises.
Commissioner Thomas read the va
rious property in detail and received
bids in that manner. The bidding was
done by Mr.. Clark for the Electric COM
pany, and the sale Of nearly million
and half dollars worth OF property
occupied about Is minutes.
The com missioner announced before
receiving bids that the sale was made
subject to receivers certificates amount
ing to SOL ,90l.98, which if declared valid
must be paid in accordance with the
terms of the decree within 20 days from
tho tiu,a tbau doolo rod valid
The following Was the property sold in
detail, and the amount ofMr. Clark's
bids:
Lots ], y and 3, block d, Park tract. $500
Lot 70, block 2, virgins subdivision SOC
Lots !. and 9, block A, Shater tract. 5000
Lots 2and IL and 81 lot IL. block
Lois Il. is, il, 20. SO and 81, vii. ~'00'
Lot A'S. ". 50 feet lots 20 ii and aa So'
black O. Bonnie Brae tract. ...... 1000
2475 shares Z and W los Angeles
street Railway company. !. ......... 10000
247zH sf1ares CITY railroad -...... $4,000
2477 shares Central Railway COM
pany...... ....-.-.... ...............,...... $4,000
Total. $l95. 800
All the franchises of the company and
any property not included in the above
enumeration were then put up for bids,
and Mr.. CLARK bid for the same $1,l3I,-
244.18. and there being no further bids
it was accepted.
This makes the total amount for the
property 81, S44. .S20. .48, the result OF the
sale.
There seemed to be feeling OF general
relief among the principal actors in the
proceedings when the commissioner had
rolled the big figures around his tongue
for the last time, and there was a gem
eral movement toward the teams. An
invitation to the gentlemen to 90 up
Professor loves mountain railway had
been accepted, and they were enter
tanned there last night.
b General Sherman, president OF the
electric road, was asked about the plans
OF the company with reference to con-
solidation, and said that the sale was
made in the interest of that plan. The
company had not yet reached the details
Of the consolidation, and no definite in
formation on the subject could yet be
given.