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
