The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-03-18
STATEMENT OF J. C. DREWRY.
He Replies to Alderman Mcdonald and Dis
closes Some Interesting Facts.

To the Editor: AS matter of selfdetence
respectfully request you to publish the following:
1t was my purpose not to have anything to say
about the sale of the market house, but since !
have been called out by name in Mr.. Mcdonald S
article, l feel that l should state the whole
truth in regard to his statements. He sd, S
sometime ago "Mr Drewry discovered that the
city owned 487 shares of Raleigh and Augusta
Railroad stock which was sold for $1,000, where
as it is now worth $4,000 more, ETC." The
stock considered worthless and had never
drawn a dividend Very few people in Raleigh
knew that the city owned it until Mayoc Russ
found it among some cast away old papers. The
title to the stock cloudy and the city au-
thorities had never considered it of any value,
Even had the title to the stock been clear there
market for it. The Street Committee
OF which l was chairman, recommended that the
, stock be sold if reasonable price could be OBJ
tanned Mr.. Mcdonald was a member OF the
Board and voted for the recommendation, as the
action of the Board unanimous The Finance
committee, of which Mr. Mcdonald was mem
her, took the matter up and / remember Mr..
Mcdonald very active in his efforts to sell
the stock. / was also member OF the Finance
cor nitec and Mr.. j. d. Boushall was its chair
T'ei. ]; was some time before we got bid, as
ti,crH was 70 demand for the stock whatever and
80 : pr share was considered a big price for it
on the New York and Baltimore stock markets.
Mr.. B. S. Jerman, in behalf of Baltimore syn
dictate finally offered So. so per share. 1t was
some time before we got a bid, price at that
time, and the Finance Committee, of which Mr..
Mcdonald was a member, decided unanimously
10 sell at that price 1t seems unfair under these
circumstances, for Mr.. Mcdonald to attempt to
place all of the blame for selling this stock upon
my shoulders. No could look into the future
at that time and see in advance the consolda-
tion of the Greater Seaboard Air Line Railroad,
and the adoption of a progressive policy b.
that road which caused the stock to advance.
1t was one of those chances which every bust
ness man has to take in his own private as well
as public affairs.
Mr.. Mcdonald states that / am president of
the company that bid $4,000 for the market
house. That statement is true, but l do not be-
lieve any right-t thinking will contend that
because | hold stock in corporation it should
rot enter into open and fair competition with
others in bidding on property to be sold in the
city of Raleigh at public auction.
In regard to the proposition in general to sell
the old city market house in order to get bet
ter one and build an auditorium, / wish to state
that it has not been my purpose to do anything
contrary to the wishes of the people. / think
the Board OF Aldermen has demonstrated this fact
very clearly in deciding to have the whole matter
settled by vote of the people. If the people
vote against the sale, that ends the matter. II
they vote to sell, the Board of Aldermen in ac-
oordance with its action, will proceed to select
a suitable site for another market, or two SITES
PROBABLY, one for a market in the northern part
CT the city and one in the southern part-but
II these matters will be left 10 the people as
the sentiment can be obtained before any
action is taken by the Board to sell the present
market house. The Board Of Aldermen is repre-
senting the people and our desire is TO protect
the interest Of the city and register the VIII OF
the majority.
Believing honestly as do that the time has
come in the history of our city when the needs
OF the people demand larger and a better mar