The morning call., 1893-02-25

EESE--~ terday morning for $780,
TSD'-ssa.llfr>9 500 to a syndicate. OF
gS!MIIl So VI Which sidney d r1 '; Smith 55a
SE~NM ithe chief movers
~S1s NZ-& The Superior Court of
Marin County, at San
Rafael where the sale took place, presented
a lively appearance. Every chair IN the
large room was occupied by capitalists,
LAWYERS and business men, all much inter-
ested in the transfer Of the personal prop
erfv If the estate Of James N. Donahue,
deceased,
The officers of the road were on hand.
headed by President J. +. Burgin and
General Passenger and Ticket Agent Peter
j. McGlynn, both Of whom are also the eN-
ecutors Of the estate. Charles +. Hanlon
appeared as attorney for Mr.. Burgln ahd u.
r. B. Hayes for Mr.. McGlynn.
J. & W. Seigman Of New \ ork and
their associates LOdenburg, Ihalmann d
Co., who had already put in bid OF S420.-
600, we're represented by Phlllp lAhenthal
of the Anglo Californian Bank. M; IL
hecht, John R0senfeld and Attorney Rus
sell J. Wilson.
a syndicate had been formed Of wealthy
men few DAYS ago 10 purchase the road,
and they were present In full force. rom
inent among them was Attorney L. r.
Preston, who. according to report, was tIe
president Of the syndicate, and Chafles r.
HaDlOp. who was, up to the opening oil the
court, the attorney OF one Of lhe executors,
and who was instrumental in forming the
syndicate.
Among the most noticeable capitalists and
business men present were A. Z. Davis, ex-
Judge Evans J. T. Fleming, j. Is; Mariyne.
II. Williams. Colonel Stinton, Henry I.
Sonntag and Thomas j. Carter.
AS Judge Angelotti took his seat he said,
Gentlemen, are you ready to proceed with
this matter ??
Mr. Hanlon rose to his feet after few
minutes silence and asked that ne be al
lowed q question Of bar prerogatiYe de
then read statement setting forth that he
had, with the consent OF the executors OF
the viii of the late james NJ. Donahue and
the legateeS. associated himself with other
persons in the formation OF a syndicate.
with the purpose Of bidding for the road.
He asked the court TO appoint some other
attorney to represent Nr. Burgin, the exc
eutor, in the pending proceedings.
Mr.. Burgin rose and stated that he you'd
be satisfied with the appointment OF an
other attorney and bis Honor named Hep
burn Wilkins.
Attorney r. B. Hayes read affidavits set
ting forth that due notice had been given In
the matter of the sale and that the law had
been complied with in every particular.
Executors MCGiynn and Burgln were
then called to the stand and testified that
only one bid had so far been received. 1t
was that of the SeligmanS and was an offer
of $40 r share for the $1,000 shares.
The court was then ready 20 receive bids,
but before a1y were offered Russell J. Viii
son raised an unlOoked-f0r objection by
asking that the bid Of the Sellgmans. whom
he represented, be confirmed. He said that
there was no evidence 10 show that thelr
bid was disproportlonate to the value Oh me ,
property. Their bid had been accepted by
the executors and there was no evidence
that there were any other purchasers
The court was not of the same opinion as
Mr. Wilson, and bids were asked for
Your Honor" said /. r. Preston, rising
10 his feet, y offer bid of S11 share fCT
the a, 600 shares. or total OF S462 600. and
IdelOSit my certified check IN per cent Of
the amount offered"
There was silence for a few moments,
and il seemed as If there were 10 be no more
bids when Sydney Y. Smith quietly rose
and SAID: 'On behalf Of myself and A. w.
Foster, who IS associated with me, offer
SIl % a share, or SAP. 500 IN all.
Mr.. Preston quickly followed with a bid
Of SI1 80 a share.
This brought NJ. II. Hecht 10 his feet and
be offered So share.
Thirteen dollars share" said Mr.. Pres
ton. LET US talk in dollars"
"All right" replied Mr.. Smith; 81 bid
SIS Is a share, or S640,000 all told. "
A. L. Davis. whs was at one time presi-
o.
hand in the bidding and offered So 90
ppm through now" said Mr.. Preston /;
''you can have the road"
al bid SIS 70" said Mr.. Smith.
81 bid S16." responded Mr.. Davis, after
sixteen and a quarter" replied Mr..
Sixteen fifty" said Mr.. Davis.
81 will 60 Sl7 a share, or a total Of S714.-
000'' said Mr.. Smith, as soon as he could
catch his breath.
The two men kept on bidding. raising each
other % cents a share, until Mr.. Smith
reached the SO limit. Then Mr.. Davis
jumped a dollar, and fairly astOnished the
court by Offering $50 a share, or total Of
$50, 600. just twice the amount the Selig-
mans originally offered.
At this point there was a pause and some
pretty tall and rapid figuring was done.
Mr.. Smith held a whipeTed conversation
with his associate. Mr.. Foster, and Banker
Lilienthal.
Turning TO his Honor he offered $50 % a
share and then the bidding stopped.
Some Of the defeated bidders asked that
the continuation of the sale be delayed for
few days on the excuse that they wanted
further tine 10 consider the matter and see
If they could raise Mr.. Smiths last bid.
Il have reason to believe" said Mr. Will
son. that a considerable advance will be
offered if a little delay is allowed. / there
fore ask that the last bid be accepted con-
ditionally, but that the sale to the bidder be
not finally confirmed till Monday"
Judge Angel0tti declined to grant the mo-
ton, holding that it would be unjust 10 do
so. The necessary formalities TO the con-
flrmatiOn of the sale OF the ~ 600 shares Of
stock in the San Francisco and North Pa
cific Railroad to Sydney Y. Smith and A
w. Foster for S650,500 were duly gone
through with.
Sydney Y. Smith and a. W. Foster are
both residents of SAP Rafael and they said
that they purchased the road for themselves
and not for any corporation.
MI Smith is an attorney of San Fran
cisco and Mr.. Foster is well-known stock
broker with Offices on Pine street. Both
gentlemen are possessed of considera bic
capital and are considered frst-class busl-
MOI