The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1894-12-07
SHOULD BE CONFIRMED.

Positive assurance is had that at leas
one bidder will be on hand at the coming
Oregon Pacific sale. This is certainly
encouraging news. For three years the
people have been anxiously waiting fol
successful sale of the properties. Tha
this will be such an one, is the earnes
wish of every one who has the state:
welfare at heart. Prior to Mr.. Clark:
management, and after the road went
into the hands of the court, an indebted
ness of million and a quarter was In
Cured. A considerable portion of this
is owing for labor and material to men
who can lily afford to wait. Yet they
have waited in the vain hope that the road
would sell for enough to liquidate their
claims. Time after time, the properties
have been offered by the sheriff, but on
two occasions only have bids been made.
The first one for some cause or other was
never completed, while the last one the
court considered toe. small, and on that
account refused to confirm the sale.
Creditors, who have entertained hopes
that they would eventually get relief
from sale of the road, are beginning to
see that these hopes were false ones.
That railroad buyers fare not jumping
over each other in their eagerness to
purchase the property, and that in any
event there is little likelihood of fancy
price being paid. Although, under the
present economical mauag ement, the
road is paying expenses, it is furnishing
no revenue for interest on the investment.
Had it done so, the road would never
have been in the hands of a receiver
Men will not put their capital into rail-
road schemes, unless they believe there
will be soRe return ON the investment
They are now confronted with cold
stubborn facts. The road will not pay
interest until it is extended. To extend
it to an eastern connection will necesi
tate the outlay of vast sum of money,
and under suchscircumstances it is unfair
to presume that the I42 ..miles of road
now operated will sell for anything like
its cost.
"Wait' till the o. P pays up" has be-
come common expression all along the
line. Time was when creditors might
have expected payment in full of their
claims, but such happy termination of
affairs is now among the improbabilities.
To continue the suspense by refusing to
confirm anything like reasonable bid
will only prolong the agony. Better far
for all concerned that the road sell for
small sum to parties who will place it ON
firm basis, and extend it to an eastern
connection, than allow the present and
otherwise interrninable litigation to con-
tinue. Experience has proved conclu-
sive1y that inso1vent estates should be
settled with dispatch; that failure to do
this, results In a loss, because whatever
increase in price is had by waiting, is
usually exhausted in defraying expenses
consequent upon the delay Receiver
Clark has demonstrated that the road
will only pay .expenses, and keep the
line In repair. That 1t will not earn
profit on the investment, has been proved
TO the satisfaction of all.
These are plain truths, and it is need
less to longer disguise them. Intending
purchasers are business men, and at
tempts to delude them into the belief
that the property is worth four or five
million dollars are useless. They will
bid what they think the property is
worth to them, and no..more. A horse
may be led to water, but can't be made
to drink The same Is true of intending
purchasers of the Oregon Pacific. It can
be offered forssale, but no power on earth
can force bidders to pay for it, more than
they consider it worth. If any reason
able bidsis..made,. at the coming sale, it
should be confirmed. & Failure to do so
will be "a serious blow.to the! road, the
creditors and to the state.