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THE YAQUINA RAILROAD 243

Hadley voiced the general dissatisfaction with the $200,000 bid, in a statement published in The Oregonian December 25,

1893. He said that the bid was absurd, that the property as a railroad was worth $3,500,000 and as "scraps," $400,000. Rather than confirm the sale, Hadley urged that the road be turned over to employes and material men "as the creditors most at interest, to be by them torn up and sold, as they might deem best." His appraisal of "scraps" was as follows:

13,300 tons rails at $15 $200,000

14 locomotives at $2,000 28,000

2 locomotives at $500 1,000

Passenger coaches 8,000

258 box cars at $150 12,000

Other freight equipment 1,400

50,000 new ties at lOc 5,000

Supplies in storehouse 10,000

Steamship Willamette Valley 40,000

Tug Resolute 5,000

Tools in machine shop 10,000

3 river steamboats at $2000 6,000

Land and buildings 10,000

Water tanks, switches, etc 3,000

Incidentals 10,000

$400,000

Charles Clark, who succeeded Hadley as receiver Jan. 4,

1894, was unable to check the growing" deficit. In the course of this year it became manifest that the only remedy was to sell the property for what it would bring. The Court had vainly fixed a minimum price of $1,000,000 and then of $1,250,- 000 in 1892-93. By December, 1894, the accumulated claims were more than $1,166,000: Hogg certificates $800,000; Had- ley certificates, $81,000; labor and material $225,000; taxes and court costs $60,000. (Oregonian, December 26, 1894.) On July 23, 1894, the sheriff again offered the property but received no bid. His final offer, on December 22, 1894, brought a bid of $100,000 from Hammond and Bonner. The State Circuit Court confirmed the sale January 19, 1895, and