The morning call., 1894-04-10
THE DEAL is OFF.
The Union Mills Not to Be
Sold.
MONEY WAS TOO SCARCE.
SO the Union Navigation COM
pany Is All Right.
MILLS ARE RUNNING AGAIN.
A Certain Cash Transaction That
Never Took Place and Saved
the Flour Market.
MILLS ARE RUNNING AGAIN.

The Sperry combination will not BUY
the Union tiour-mills at Stockton, ana
none OF the stock of the Union Iranspor-
tation Company will change hands.
a big deal was nearly perfected which
would have created a corner in -four and
perhaps have ended in the withdrawal OF
the rival line of steamers to Stockton and
surrender of all river transportation
facilities to the opposition line.
To-day the steamer Dauntless will go
back on the Union Company route. and
work has been resumed at the Union mills.
The announcement Of the foregoing
news was hailed with delight in business
circles, for it was feared when the news
was first made public concerning the pur-
chase of the Union mills. that McNear'
dea. at Port Costa and the corrallng OF
big flour-mil would injure the farmers OF
the State because of the blow that compe-
titiou must suffer as consequence.
Stockholders Of the Union Transporta-
tion Company declared that they would
OF give up their interests In the steamer
of the concern. but 1t was generally con-
ceded that they would be eventually
frozen ont.
The original agreement for the sale OF
the Union mills was that on stated day
part payment was TO be made Tor the I'M
mense plant In cash.
The day arrived, but money was scarce
and the amount demanded large. The
purchasers could not get the coin and the
forfeit money was lost.
INQUIRY was made at Clay street
wharf as 10 whether the sale had collapsed
or not, and an affirmative answer was OBJ
tained 1t was then learned that the
Dauntless would go on to augment the ser
vice of the Captain Weber.
No ons knows the exact terms Of the
proposed sale of the mills, but 1t Is sup
posed that the sum named for their trans
fer was well up In the nunQT6os OF
thousands.
The sale was to include certain amount
OF the stock of the Union Transpor laiion
Company, and as the intending purchasers
are owners of the California Navigation
and Improvement Company. 1t is thought
that the steamer Captain Weber would
have been put on with the Walker and
Peters, while the Union line would nave
been withdrawn altogether.
In that case the freight and fares TO
Stockton would have advanced perhaps a
hundred per cent Fares would have ad-
vanced At any rate.
Leaving the question Of riyer-boats out
as a secondary consideration, IN the event
of the big deal mentioned the Sperrys ct
al. would have acquired an immense pras-
lige in the flour market.
One nnauthentlcatad reason given for
the withdra wal OF the offer for the Union
mill property Is that certain Eastern in
vestors who were desrous OF securing a
commercial foothold here changed their
minds and drew out their cash from the
vebture.
Quite a number Of other reasons were
given, but it is stated that the stringency
In the local money market caused the col
lapse or the transaction.
When speaking of the resumption of
work at the Union mills and the return of
the Dauntless to her regular run, a skipper
said yesterday:
''That is good news for the San Joaquin
Valley farmers. The deal might have
done them an injury and also have hurt
the city Of Stockton"