The morning call., 1894-03-22
SPIRITED COURT SCENE.
The Montgomery Block Is Sold
to l.. V. Merle.
REPRESENTS THE ITALIAN BANK
How the Probate Judge Beat Auc-
tioneer Ludington by Nearly
$4,000.

Judge COffey held levee of distin-
guished capitalists in his courtroom yes
terdsy, and a most successful auction sale
was the result.
The property on sale was the Montgom-
cry block, on Montgomery street. between
Clay and Washington. Originally the
block belonged to General Halleck, who
died in 1871. His widow inherited and by
her subsequent marriage with George w.
CullOm the property became part OF the
extensive Cullom estate.
On Ralleek's death the Montgomery
block was appraised al SOC, 600; on the
death of General Cullom its value was
found TO have dropped to $4,000. and
when the estate was being wound up the
block, by direction of the executor, George
W. Grannis. was disposed of at auction
only the other day 10 Hugh Diamond for
the sum OF $4,000. The proceedings held
in the Probate Court yesterday were for
the purpose of obtaining confirmation of
the sale from Judge Coffey.
The Judge is learned in auctioneerlng
matters. He said at first he would like to
know some thing about the real value of
the property before confirming the sale.
So he called up G. o. LudingtoD. the auc-
tiOneer. to testify.
Mr.. LudiDgton said he had conducted
the sale To the best of his ability and had
given il wide publicity.
What is the value of the property ?"
asked the Judge.
Well. the price realized. $4,000 is
liberal enough"
Was the same property not appraised
at 5000. 600 after General Halleck's death p"
Yes; but at thai time the site occupied
RarH q HaA Nnrr.r II A.
best In the city. Ii is not so now. The
property has deprecated considerably"
well. now, when this block was again
appraised in 1888 as part of the Cullom
estate, was II not valued at S16O,00o?"
Yes; but II has since then steadily de-
precisted. There is no prospect of re-
vIval, and there is no bargain in conDec-
ton with the property"
Judge Cotfey calico attention to the fact
that several new buildings had been re.
Gently erected on Montgomery street at
no great distance from the property in
question, and said he would like to invite
bids of a rate at least 10 per cent higher
than the sum realized at the auction SALE
Adolph Sutro, multi-millionaire aud pos
SCISSOR Of an office in the block, was in
court. Would not he bid?
Several Interested parties were present
in addition to Adolph Sutro. who had
Wendell Easton TO represent his interests.
Joseph SchOenfeld. Thomas Magee and
Joseph Naphtaly were there, while George
r. B. Hayes represented Hugh Diamond,
the purchaser, and l.. V. Merle the ItaI-
ian syndicate that wanted the property
for site for the Italian Bank.
Finally SehoeDfed started the bidding
at Sl09 900. but Hayes. acting for Diamond.
raised the hid $500. Merle stepped IN with
$4,000; Hayes went $1,000 better; Merle
saw that and $1,000 more, aud Hayes again
raised. this time only $500. Merle jun ped
TO Sly, 900; Hayes showed signs of weak
ness by raising only $3.50. and dropped out
of the fight at Sl17,500.
The properly was about TO be knocked
down to the Italian syndicate a. the latter
figure when Adolph Sutro lifted up his
voice and spake by his proxy. Wendell
Easton. He offered S11S.OOO. Merle went