The San Francisco call., 1901-12-25
SALE
IS At LAST
CONCLUDED
Eastern Capitalists Now
Own the San Fran
cisco Lines.
Many Changes Will Be Made
in the Present List of
Officials.
Vining, Burke and Herrin Will Be
Asked to Resign and Local
Directors Will Be
Chosen.


practically changed hands yesterday.
The Baltimore syndicate paid a small
fortune to I. w. Hellman Jr. as
the first installment on the pur-
chase price. The payment was made
in United States gold coin, which
was handed over the counter Of the Union
Trust Company's Bank shortly before the
closing hour yesterday afternoon. The
three months option secured by the Bal
timore syndicate has been ended by the
Eastern capitalists buying the system
The matter was brought to this abrupt
conclusion by the report of the Eastern
bookkeepers and accountants, who on
their return to Baltimore recently stated
that the books of the Market Street road
were perfect in every detail and that the
Market Street Company was making all
the profits claimed. Following this re-
port G. r. Webb of the Baltimore syndi-
cate telegraphed Hon. TREY L. Ford,
who is the legal representative Of the
Eastern capitalists in this city, and asked
him If the requisite amount Of stock was
on hand. Attorney Ford telegraphed
back that 80 per cent Of the stock was in
escrow and properly tndorsed, it being
in the hands of 1. w. Hellman Jr. at the
Union Trust COmpany's Bank c. r.
Webb then notified Attorney Ford to close
the deal, which was done yesterday.
Due to Hanford's Negotiations.
The change of ownership of the Market
Street Railway system has brought hard
work to many in the last few months.
Prominent among those who have shown
great skill and zeal in bringing about the
consummation of this great deal is r c.
Hanford of San Francisco. Mr.. Hanford
first came into prominence in arranging
the sale of the San Mateo Electric road
to the Baltimore syndicate. This deal he
accomplished with great credit to him
self. He followed this by negotiating the
sale of the Sutter-street road, which deal
was eventually cOnsummated.
Mr.. Hanford then wrote to G.. r. Webb
of Baltimore and asked him to come to
the coast and inspect the Market Street
Railway with view toward purchasing
it. Mr. Webb represents the wealthy
capitalists of Baltimore and upon Mr..
Hanford's earnest solicitations came to
San Francisco. He spent several weeks
here and thoroughly inspected the Market
Street system. At the conclusion of Mr..
Webb's inspection he called on H. Z.
Huntington and 1. w. Hellman and stated
that he was anxious to purchase the road.
He stated that he was willing to place on
deposit forfeit. but before he would pur-
chase the road certain representations
which Messrs. Huntington and Hellman
had made must be verified. Experts came
out from the East and for weeks pored
over the books. They found that all
Messrs. Huntington and Hellman had said
was true. The experts returned East and
informed Mr.. Webb of the condition OF
the system and he lost no time in teIs-
graphing Attorney Ford, asking him IL
certain stock was in escrow Mr.. Ford
replied that the stock was all lying,
properly indorsed, at the bank. The
money was sent on and the deal was
closed yesterday.
Will Select Local Directors.
The Baltimore syndicate now controls
50 per cent of the entire stock Of the Mar
ket Street Railroad Company. H. E
Huntington will no longer be president
and I. w. Hellman will cease to be iden-
titled with the street car corporation. The
Baltimore syndicate already owns many
street car systems in Eastern cities ard
wherever it has obtained control it has
at once become popular. Its policy is to
! place local men of high standing and
popularity on the board Of directors. The
directors are in touch with the people
and all complaints and petitions for i'm
provements are thoughtfully considered.
| Under the new management the first
changes will be made in the list of ofa-
cials. The Baltimore syndicate will form
its own law department and William F.
Herrin will no longer be associated with
the corporation as leading attorney. E.
| p Vining will also be supplanted Who
his successor will be is not at present
! known, but it is an assured fact that the
! Baltimore syndicate will select in his
place a man thoroughly up-to-date. This
course has characterized its actions in the
| past
/ Jere 7. Burke's services will also be dis
pensed with as soon as the Baltimore syn
dicate takes charge. 1t is known that the
new owners are not in favor of having
/ such an expensive and unnecessary ad-
! junct on their payroll. Under their sys-
tenn of conducting business they will not
need any one to watch and attempt to
! establish himself on a familiar footing
| rr-4....I - D.. D.