Evening journal., 1914-02-16
TO CONFIRM
SALE OF The
STEEL PLANT
Court, However, Will Allow
Purchaser More Time in
Which to Make Payment
STEVENSON BID
Is NOT CONSIDERED

Chancellor Charles NJ. Curtis, in
the Court OF Chancery this morning,
practically confirmed the sale OF the
Diamond State Steel Company, Tor
$20S 900 to Daniel J. Driscoll, of Au-
burn, Pa, following a hearing in
which opposition TO the confirmation
was made by John b. Stevenson, Jr..
of Philadelphia, who had made bid
of S2O9,O00 for the steel plant after
announcement had been made that
the property had been sold TO Mr.
Driscoll for s2OS,OOO.
Mr.. Stevenson, who entered his OBJ
jections in person, stated that he be-
lieyed the entire transaction was a
business affair, and as a business
man he wished to oppose the confir-
nation OF the sale. inasmuch as he
believed the trustees wished 10 OBJ
tain as much money as possible for
the plant.
Mr.. Stevenson explained that he
had been misled by the terms of the
sale as prepared. as they We're diff
ficUlt to interpret, and declared that
there were other bidders who would
be willing to pay more for the plant
II they could have had extended the
time of making payment He said
his impression had been that the en-
tire sum would have had to been
paid today, the date the sale was
confirmed. Mr.. Stevenson declared
that It was not his intention to dis
mantle the plant, and he requested
the chancellor to extend for 80 days
the time in which bidders may be Al
lowed to put their bids in the chan
celior's hands. He concluded by say
ing that he was the president of a
railroad company in the west and also
owned a trolley and gas company in
the central west
After hearing Mr.. Stevenson's OBJ
jections Chancellor Curtis annOunc-
ed that he would consider Mr.. Dris-
coll the successful highest bidder.
The Chancellor said he understood
Mr.. Stevenson's explanation quite as
well as if he had been a lawyer. Mr.
Stevenson had prefaced his remarks
by stating that he was not a lawyer
but just a plain business man.
The Chancellor also said that at g
o'clock this afternoon he would pass
upon an application that had been
filed requesting the extension OF the
time Of the confirmation of the sale
TO Mr.. Driscoll and postponing the
time when final payment must be
made on his bid.
Chancellor Curtis, at the conclu-
sion OF the hearing. stated that nc
formal protest of the confirmation OF
the sale 70 Mr.. Driscoll had been
died. and that IN the absence Of such
opposition there was nothing left foi
him to do but confirm the sale. The
return of the sale was read by Rob.
ert II. Richards, counsel for John
Richardson, Jr., and George. S. Ca
peile. the trustees, after which an ap
plicatlOn was presented to the Chan.
cellor by John +. Neary, counsel FOL
Mr.. Driscoll. in which he petitioneC
That the date of confirmation of tn,
sale be extended thirty days. or tha
he sale be confirmed at the present
time and the date of making hna
ayment on the property be extended
-Or thirty days. In the application
hf. Neary explained that should tn,
court confirm the sale at once an(
eXtend the time for final payment
The payment could be secured by tn,
trustees retaining title Of the prop
trty until the payment is made. Mr.
p.iscOll. who was present, informed
fie Chancellor that he had paid ovei
% the trustees $25,300 on the day o.
ne sale, but had been unable to rails,
t1e remainder Of the $2OS.O00 with
.ut having TO pay heavy charges 70,
lhe loan. He explained that his ef