The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1895-01-24
MRS. SULLIVAN'S BID.
She Gets Valuable Property
Very Cheap
AL NEARLY HALF A MILLION.
The Corner Of Market and Stockton
Streets Sold.
INTEREST In THE RIVER AUCTION.
Claus Spreckels and William Eide Rivals
for the Corner of Third and
Market Streets.
INTEREST IN TIE RYER AUCTION.

Millions of money were represented at
the auction sale of Market-stree real estate
held yesterday by G. H. Uumsen & Co., ID
Montgomery. The property offered was
tempting bait fer moneyed men, yet CAPT
tai was little backward when the auction
eer struggled to bring bids up to old valua-
tons.
The property offered for sale belonged to
the Ryer estate. One piece is situated at
the southwest corner of Third and Market
streets with frontage of Is feet on the
main thoroughfare and 20 feet on Third
street. AT present there is a substantial if
old-fashioned four-story building on this
lot. The basement is rented as beer hall,
the first floor is taken UP with stores, and
overhead is a clearinghouse.
The other piece is the northeast corner of
Stockton and Market streets, an irregularly
shaped lot fronting 70 feet on Market, 113
feet on Stockton and 1897 feet on Ellis
street, the latter front being practically a
continuation of the main facade, though at
slight angle from it. Improvements
upon the lot consist of an old building,
with stores that pay handsome rents on
the ground floor and offices and rooms
overhead.
The highest bid for the Third-street cor
ner was $306, 900, made by Claus Spreekels
and declined by the executors. James D.
Phelan's agent took in the Stockton and
Market street property for $451, 900, which,
however, is subject to confirmation by the
Probate Court.
Quite large number of real estate men,
investors and capitalists were present at
the auction, but bidding was confined to
few persons.
Indeed, no bids were made except by
Claus Spreckels, J. D. Spreckels, Frank j.
Sullivan, ]. D. Sullivan, William EIDE and
Mr.. McElroy.
G. H Umbsen announced terms on
which the sale would be held reading an
order of court empowering the executors
of the .Ryer estate to sell at public auction
the property previously described to pay
off debt on the estate.
Gentlemen" said he, "these are among
the choicest properties ever offered at auc-
ton in this city, and I don't think any
such offer will be made soon again. When
once acquired, property of this kind is sell
dom sold. The opportunity is made posi-
BILE now by the fact that many requests
are to be paid and the administration of
DIR. Ryer's estate must be brought to an
early settlement
e0n Kearny street and elsewhere rents
have reduced. Stocks, bonds and other Sc
curities have deprecated all over the coun-
we see real estate that has not only held
its own but actually improved in value.
This property and Market and Stockton
streets is now paying a third more than
when DIR. Ryer was offered $1,000 for it six
years ago. A wholesale clothing firm has
made US an offer to take the whole first floor
for a retail clothing-store at high rent.
month. For the Third and Market corner
$550,000 was offered some time ago. It
pays net income of AZ per cent on this
valuation"
Then the auction began. The auctioneer
asked for a bid of 100000 to start with on
the Stockton and Market property. ]. D.
Sullivan, acting for James D. Phelan, bid
joining property, bid $350,000 and the
bids raised rapidly. Claus Spreckels prot
fered $3.50, 900, which was raised by Phe-
lan's agent to $390000, whereupon Mr.
Spreckels bid $500, 600. Robert McElroy bid
$410,0 900 for Mary Phelan Sullivan. L. Liebes
bid $420 900 and Mr.. Spreckels followed with
$4,000. McElroy went $4,000 higher, and
from this on bids were raised $1,000 between
Mr.. Spreckels and Mr.. McElroy until the
latter went to $451 900, at which price the
property was knocked down, subject to
confirmation by the court.
J. d. Spreckels started bidding on the |
Third-street corner at $250,000. William
Ede raised IL TO $zoO, ana plds jumped
upward in sums of $4,000 till 100000 was
reached. Only these two bidders were in
the contest.
Mr.. EIDE bid $3O5, 900, and Mr.. Spreckels
said he would go 1906, 900. This was the
highest bid. It was declined by the |
executors, who think the property ought |
to bring more. In consequence of this it |
will soon be offered again on private sale |
In connection with the auction sale Mr. |
Umbsen presented the following inter-
esting table of recent sales of downtown |
property:
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