The herald., 1895-08-18
THE ELECTRIC ROAD SOLD
A Million and a Half Dollars
Paid for the Property
CAPT. PAYSON PURCHASER
Bought in for the Use and Benefit
of the Bondh0lders
action Was Concluded According to Proc
gramme-The Certified Check

The sale OF the Los Angeles Consoli-
dated electric railroad was finally made
yesterday. at the Broadway entrance of
the court house, and was knocked down
20 Captain A. M. Payson, manager Of the
Pacific rolling mills, as the representative
OF the bondholdeis. for 81. 500. 900, or one
halt Of the face value of the bond issue.
There were but two bids, and as Captain
Payson was on hand with certified
check for $3.50, 900 on the Bank of Califor-
mia, to make the first payment. it is only
fair to assume that the programme as
originally laid out. and which was inter-
rupted by the Brearly episode, finally
worked itself out to a successful conclu-
sion. There was some interest felt dur
ing the morning, as it was thought that
there might be another attempt 10 stop
the sale. but the ten Brearly oonds had
evidently been taken care of, and there
was no hitch in the grand finale.
Shortly after IL o. clock the crowd began
to collect about the main entrance on
Broadway. Prominent among those pres
ent were the San Francisco capitalists :,
ths parties most directly interested. Hon.
+. B. Pond was on hand. suave and smil-
ing as usual. the Messrs. Dorm we're
laughing about and trying to keep cool,
while energetic Captain Payson hustled
about and mopped the preparation from
his face, st"pping at intervals to ex-
change few words with his associates.
Messrs. Thomas Brown, Lowell White,
Campbell and others OF the Sa1 Francisco
contingent occupied seats on the stone
OH nd od al thu M of har nd
kindred subjects. A Lumber of local at
torneys were also present. including Mr..
Trask and Judge r. H. F. Variel, while
circulating among the crowd was the tai
form Of D. r Brearly, the man who with
his little ten bonds had postponed the
biz sale for two whole days. Mr.. Brearly
had a self-satisfed air and wore pleas
ant smile, from which it was inferre
that he had either been taken into the
fold or that mis- bonds had been taken off
his hands ct figure satisfactory to him
self and his attorney, George H. Smith,
who, by the way was conspicuous by mis-
absence. General M. H. Sherman, the
bogie man OF Fridays legal contest, va s
in attendance with his attorney, Judge
J.. D.. Bicnkell bu. with characteristic
modesty remained in the background.
Thomas b. Clark tooKihi position on the
| top step of the court house entrance. and
pegan the reading OF the three-column
| notice Of the sale. as was published in
the Herald for the uast seven weeks.
There was no attempt at oratory on the
| part of Mr.. Clark, who seemed moved by
| laudable mbItion to get through witt
his part of the business as soon as posi-
| BILE. The reading OF the advertisement
consumed twenty minutes, and immedi-
ately on the conclusion OF the same The
auctioneer announced the terms of thu
the hammer and the balance on the de-
livery of the deed. Then, slightly rails
| "Nvw. then. gentlemen. you have
heard what there is here offered for sale.
What am I offered for it?"
There was a slight pause us the auc
tioneer looked over the upturned faces
and then Judge R. H. F. Variel, stepping
forward, said:
.Mr. Clark, Just to start interest in
this matter, 1 will bid a million;" add
ing, ~ make this bid in the name OF W.
IL. Workman"
"Onc million-a million-one million. ,
called out the auctioneer. Who'll raise
it; who'll make il million and halI?'
"I'll raise that to million and I
| half" called out Captain A. NJ. PAyson
who was standing back in the crowd. a
| the same time coming forward.
million and half am offered. called
out the auctioneer. Anybody want tt
raise it? Do you wish to raise it. Mr.
Variel?
] "No, thanks" replied Mr.. Variel. "a
million and a half is beyond my limit. ,
| Auctioneer Clark continued to shout
"million and a half" several times, ask I'M
if anyone wanted to raise it. There wa
no respa nse from the crowd, and after
calling out "going. going, for the thirt
time going-gone." the auctioneer de-
for 81, 800. 900.
The purchaser promptly stepped for
ward and handed to the auctioneer Ger