Evening journal., 1914-02-10
STEEL PLANT
GOES ON BID
OF $2O0,OOO
Confirmation OfDiamond State
Sale Now Up to Chan
Gerry Court
BUYER SAYS HE
WILL OPERATE MILL

Daniel J. Driscoll Of Aubone, Pa. to.
day purchased the plant Of the Diamond
state Steel Company in this city, paying
Ssos,oo0 for the property. This figure
was reached following decidedly brisk
bidding ON the part OF a combination Of
buyers. who ran up the last five lots Of
iered until the price exceeded by S2S 900
the bids oi Alr. Driscoll for the land and
buildings in two lots. The sale was made
by George $. Capelle and John Richard.
son, trustees OF the Diamond State Steel
Company under an order Of the court OF
Chancery The sale must be confirmed
by the court. The return viii be made
80 Chancellor Curtis on next Monday.
When Stidham and Son, auctioneers,
started the sale there Were fully 200
persons present from Philadelphia, Har-
rsburg, New York and other cities The
property sold consists of $3.50 acres,
more or less. OF land with wharves on
tide~water and directly connected with
tracks OF the Pennsylvania Railroad,
Baltimore and Ohio Railroad and Phil
adelpha and Reading Railroad upon
which are erected buildings and struc-
lures for a modern iron and steel plant
that consists of FIVE 50-ton open hearth
furnaces. 34-nch blooming mill with
complete equipment finishing mills con-
sisting of seven trains of rolls running
in sizes from eight inches TO eighteen
inches in diameter with a full equip
ment OF rolls to roll standard and many
special sizes Of steel and iron bars, to-
gether with an assortment OF angles,
tees, channels. etc. Puddle furnaces and
mills, spike department, rivet depart
ment. machine, bolt and nut department.
forge department. foundry department,
galvanizing department, horseshoe de
partment, machine shop well equipped
and an electric generating plant, also
other necessary minor departments.
AZ first the property was sold in one
ot. the lot consisting OF the entire plant.
including real estate and buildings, ma
chinery thereon, and was sold 10 Mr..
Driscoll for $50 600.
Then the buildings and machinery
were sold in one lot for Sl25,O00 TO the
same purchaser.
Lot consisted Of the 55.S5 acres OF
ground, without buildings. and was sold
20 Mr. Driscoll for 100000 Auctioneer
Stidham next put up the several build
ings and pieces Of real estate. Ihen
total was about SlOs.500.
Real Bidding Begins.
Robert H.. Richards. representing the
trustees, announced that he did not be
leve Chancellor Curtis would receive a
hid before next Monday, when the trus
tees make the return Of the sal.
Mr. Richards said the sale wac a
pub'ic one and the bidding natu
rallv would be expected at the sale Five
or six of the bidders sor the small lots
e-1 their heads together for a confer
snce. Lot No. 10 was then sold to Mr.
Oriscon for $4,000. The combination
tarted lot No. ]. at S35. 600, and 4
vent bounding until the a--tioneer tol'
he same buyer TO step up and put dowI
bis deposit
Lot II. being the property a
Lobdell and Heald streets, was Of
fered and sold TO Mr.. Driscoh 10
$40 600
Two more lots remained, and th'
aggregate was now s135 600. Then 10
Is was bid up TO s65.00O Mr.. Driscol
taking H.
The last lot was sold at $4,000.
Bid Delivered.
G. Stevenson. of Stevenson a 60
Philadelphia. then announced Il
would give 5000 600 for the propert
in its cntire.y. Mr. Richards told Nj
Stevenson that the sale was ovei
Stevenson then drew a paper frof
his pocket and asked the trustees
they would accept a deposit. Mr.
Richards declined to entertain tn
offer. MIR. Stevenson said he is no'
building an aDartment house
Broad and Columbia Avenue. an
that he had the money TO buy I'll
plant and would operate II as
going concern. When asked what h
rendered as deposit he refused {
say. but added that he viii consul
an attorney this afternoon and pet
ton the Court of Chancery TO accer
his bid and not that Of the purchase
II the sale today.
Bidders TO whom parts of the prop
erty we're knocked down at th
p'ece meal sale were; Iheodor
Friedeberg. Of the Manhattan Me
chinery Company. New York: Henr
A. Hitner Son Company, Philadel
phia. H. Sofranscy, Allentown; Mey
er Pollock. Pottstown; 9. Micklovit'
Harrisburg; and z. r. Leaf Compan,
HARRISBURG
The reason the property was sol
In piecemeal was TO ascertain II NOR
could be obtained for it in that wa
than when sold In one lot.
Mr.. Driscoll at one time was
member OF the syndicate Of bond
bolders who had the property SOLE
lie said today no syndicate had any