Every evening, Wilmington daily commercial., 1920-03-29
INTEREST CLAIMED
BY WALLACE ESTATE
IN PROFITS OF SALE
Diamond State Steel Co. Transac-
ton to be Aired in Court in
Two Suits.
RILS FILED AT READING

That a profit of between 500, 900 and
ssoo 600 was made in the deal In the
old Diamond State Steel Companys
nlant. at Third and Church streets, IN
tho early part of the war is disclosed by
eo,,tv suits Just filed in the Berks County
Court at Reading.
The suits further disclose that two 9th
ers now claim the right TO share IN TINS
hinge profit with the estate OF Daniel j.
Driscoll, of Reading.
News of the suits caused surprise IN
some quarters here, particularly the one
brought on behalf of the Delaware trust
Company and j. Ernest Smith, as ad-
ministrators OF the estate OF Howard l.;
Wallace, of Wilmington: Mr.. Driscoii
was recognized by some here as the oniy
one in the purchase and resale oil the Ola
steel plant Driscoll and Wallace, were
intimate friends for many years ana were
also equal partners in the Delaware Seam
less T,be Company, operating a large
foundry in Reading Both MIR. Driscoh
and Mr.. Wallace are now dead and their
est ates have come TO legal blows Tor the
nrofts of the Diamond Steel realty deal.
ASSISTED FINANCING CLAIM.
The administrators of the Wallace
estate filed their bill through }. Nictor
Grim, Reading attorney his ciaim is
based upon terms that ailcgc assist ancc IN
the financing of the purchase of the steel
nlant by Driscoll Several loans were
negotiated ON Driscoll's behalf. the WI
minctou Trust Company, making one OF
them for S12O,00o
The other claim was filed on behalf OF
one Milton J. Person, who IS virtually IN
known here Person Is SAID to he a
Reading promoter He claims 10 have
hcen in equal partnership with Drlscoll
IN the realty transaction and therefore
claims an equal part OF the proht Ac-
cording to the bill, the late MIR. Drlscol
maid the trustees Of the Diam ond State
Steel Company, George ; Capelie ano
John Richardson, Jr., S2OS. 900 Tor the
propcrtv and sold 4 for S9oO,0Uo ! nc
understanding in some financial quarters
hcrr has ALWAYS been that the price Drls-
coll got was around SlOuuoOu' nc MIG
vale Steel and Ordnance Company bought
tho nrnperty from him and still holds II
without anv definite plans for IFS future
"a far as could be learned here today. lhC
CIV of Wilmington bought a small part
~ the tract from DriscoH, paying ior y
S5O, 900 The remainder was taken ny tn
Midvalc Company -
AZ the office % the Delaware Trus
Company and also a. the office OF Attcrne'
I Ernest Smith It was stated that there
was nothing to say for publication abou
the suit
Not long before his death Mr.. Wallace
sold his interest in the tube company e
his friend and partner, Mr.. Drscoll. Mi
Wallace was head of the Diamond stat
Steel Company, but just how this tgure'
in the financing of the DrIscoh purchase
if at all, il not disclosed. Mrs. Laura NJ
Driscoll, executrix of the DrlscoIl estate
Is the defendant In both suits.
BILL. FILED BY PERSON.
Milton ]. Person in his bill AYERS ths
prior to February 10, 1914, he and DrIs
coli entered into an agreement as partner
To purchase the Diamond State Stc'
propertv. then in the receivers hand:
Ii was further agreed, he alleges, that IN
plant was not TO be operated, but 70 2
held for speculation. For convenience
the compliant states, tho title to every
thing was taken IN the name oil DANE
! Driscoll alone Person alleges he pal
half of the 10 per cent Of the purchas
price required at once. He rccltes tina
for this purpose he gave Drscoil sl0,S5
and 81 800 When the court cnnhrme
the sale, Person says he gave -Drlscoli a
additional s13, 600 as his half OF the pul
chas, price then required to be paid an
that he then received from )riscoH
receipt in writing declaring hum 10 be
partner in the enterprise.
Person further claims that all the loar
to Driscoll were repaid May Is, 1916
right after the sale to the WllmIngto
Steel Company. now defunct, then stand
ing for the Mdvalc Company. Perso
saws he then claimed an edul share Of tn
profits 1891. 625 and that Drlscoll tol
him he could not pay him until after
certain claim fled in Philadelphia by or
jeremiah Sullivan, was disposed Of. Sull
van claimed commission on the sal
This action was non-sulted and Perso
then asked again for his share. AccordT
to his bill, he was then told he woul
have to wait SIN more months to 81
whether Sullivan proceeded any turthe
After waiting siX more months Person
AYERS he renewed his claim IN DrlscOll
Reading office and that he was the
promised his share after January ], l9l
Before that time Driscoll became Ill ar
the complainant rectes that he was III
able to reach a settlement with Drlsco
The latter died March IS. 1919. Mr.
Driscoll is asked for a detailed acccuntn
of the transaction, and the court IS ask
to enjoin her from disposing Of any Of Il
estate in pending the suits.
Driscoll purchased the steel plant ne
early in 1914 and sold the last Of II
May, 1916