The Portland daily press., 1879-07-09

for the sale OF the city's interest in the Port
land & Rochester Railroad in accordance with
the order passed by the City Council June 49,
1879. AT 10 o'clock the Mayors office was
crowded with citizens, as was the clerks office
adjoining, and portion of the corridor. AS
consequence, therefore, of the interest mani
tested in the proceedings by our citizens the
Mayor adjourned the sale to the Council
Chamber which was quickly packed to reple-
ton. The audience consisted of prominent
lawyers, bank officers, merchants and many
others not 50 well known to the community,
who filled the seats and occupied the standing
room outside of the railing. The seats of the
Aldermen and Councilmen presented the
faces of-for the most part our heaviest
moneyed men, or their representatives. Mayor
Walker presided.
Mr.. f. o. Bailey, the auctioneer first read
the advertisement of the conditions of the sale.
AS soon as he had concluded Mr.. Nathan
Webb read the contract of the city with the
seven per cent bondholders, dated October -,
1870, as printed on the back of those bonds and
stated that these bondholders claim and will
claim equality with the purchaser of the road.
Mr.. Bailey then said 1--WE will offer the city's
interest in the Portland & Rochester Railroad
according to the order of June %, 1879. The
finance committee claim the right to postpone
the sale, if they see fit, for good reasons, to
some future time. No bid less than 100000
will be received. Now gentlemen what am 1
offered for this road?"
Almost Immediately Mr.. w. G. Davis bid
S201 900, which bid was quickly followed by
one of 100000 from Mr.. Woodbury., of the
banking firm of Woodbury. & Moulton Mr..
Davis sat on the left of the auc-
tioneer, the handle of his umbrella at his
mouth, his gaze fixed steadily on the wall in
front Of him except when, a slight inclination
OF the neck towards Mr.. Bailey indicated a
bid. Just in front of Mr.. Davis sat Mr.. Fur
Der of the Boston & Maine road with Mr. T.
l. Snow by his side, the former equally inn
passive with Mr.. Davis except when, after a
long suspense, a bid would be made, and then
Mr. Furber would softly spin his straw hat
around in his hands. Mr.. Snow on the con-
trary, was alert as a fox, his eyes glancing
towards every quarter in order to see what
competitors were in the field. On the inside
OF the desks, little beyond the gentlemen
named, sat Mr. Wescott on stool, facing the
above named gentlemen, and occasionally
making calculations on piece of paper at the
same time that his restless glance allowed
nothing to escape him. The attitude of all
four men reminded one strongly of the
players in that little American game that
Minister Schenck made made so popular with
the English nation. Negigently leaning
against the wall, at the rear of the chamber,
stood Mr.. Moulton, his countenance little
paler than usual, and his eyes rivetted upon
the auctioneer Moving hither and thither
about the further side of the room with
peculiar stride was Mr.. Fred Fox, who
represented the seven per cent bondholders,
his head thrown back, occasionally stopping
to speak to one friend then to another. The
audience was as quiet as if in church meeting
assembled, paying the closest attention to all
that was going on, some of the less pecunious
with heads thrust forward and mouths slight
ly open, as if thesound of so many hundred
thousands took away their breath-for rail-
roads are not sold every day in Portland-and
the Weather portion following the eye of Mr..
Bailey as if they were automatons in hand
organ in order that no point in the game
should escape them.
The bidding proceeded by a thousand at
bid until 100000 was reached. Then Mr.
Moulton offered $209, 800. "Oh! don't offer
any five hundreds said Mr.. Bailey, 1--WE are
nowhere near that position yet hope" But
there was slight halt of a minute when $210,-
900 was offered and then the bidding proceeded
by the addition of five hundreds at a bid until
the sale was completed.
When $233,0 was asked for by MI. Bailey
and the sale hung that gentleman INDUCED in
all his we'll known 'quips and cranks' to draw
the bid. Come gentlemen, he said, "brace
up now and take a fresh start. We have only
begun on this thing. misunderstanding to
Mr. Davis-I'm Offering this for the third and
last time. Don't let bargain escape you.
There's millions in It'll millions!'' The audi
ence were breathless. That historical pin
could have been heard to drop, and as the
words came 81 am offered S233,O00, give me
half, round of applause shook the ROOM
On the bid of 1926, 900 a like pause and APP
plause followed, and finally, when the last bid
of S236,5 was in the balance, and every effort
had been made by the auctioneer by confden-
tial cajolery and fiattery to induce Mr.. Davis
'to raise it'-Stating, as an extra pc rsuasion
that the Mayor announced the sale would be
positive and fnal-the descending hand of Mr.
Bailey and his announcement ''sold to George
P. Wescott for 1926, 500'' was again received by
the audience with the liveliest manifestations
OF excitement and approval. Men rushed for
ward to shake the purchaser by the hand and,
for few moments the room resembed the
NnIv Vorlr ero11 in,
Mr.. Wescott then proceeded to the Mayors
office where he signed the auctioneer's book,
paid over check for $4,000 on the Casco
Bank to clinch the purchase in accordance
with the terms of the sale, and received bill
of sale from the Finance Committee. Mr.
WeScott states he buys the road for himself,
personally.
Mr.. Furbers highest bid was $230,00O. Mr.
Davis $236,000. Mr.. Fred Fox's $20S, 600
Messrs Woodbury. & Moultons $209,5OO. 1t
is stated there will be no change in the control
of the road 1t will be seen that the price OBJ
tanned for the road is S11 500 above the highest
price suggested as possible to realize. Mr..
Wescott advanced SCI 800, and Mr.. Davis $780,
600 beyond their original offer for the property
Mr. Woodbury. states that his bid was in the
interest of Boston gentlemen. Mr.. Davis, we
are told, was not in behalf of the Maine Cen
tral as generally supposed. 1t is reported his
bid was in behalf of some fifty wealthy gentle
men who saw chance for a good speculation.
Mr.. Fox's was for the seven per cent bond
holders.
BY this sale the city will realize from $780,
900 to 100000, which sum includes the price
paid by Mr. Wescott, the sinking fund of some
1851 900, and the interest at six per cent. The
city's entire investment in the road amounts to
$1,500,00O. Of this amount, the company, be-
fore its failure, paid into the sinking fund $751;
000 The city secures by the sale yesterday
$23G,500 more, recovering in all $317 800 with
out counting the interest, and losing 1892 800
This is the loss on the principal of the loan, to
which must be added about S250,O0O of interest
paid since the failure of the road The aggre-
gate loss to the city, therefore, has been about
81, 100000, and will be increased by the inter
est hereafter on the balance of 1882, 800 not
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