While I was in San Francisco last week, I attended the auctioning of the Yosemite Valley Railroad at 10 a.m., Friday September 7, on the steps of the Custom House, San Francisco. The road and all its properties, cash on hand and so forth were sold for the sum of $585,000 to a representative of the bondholders who hold 96 per cent of the bonds of the company. It was reported that there are bonds outstanding in the amount of approximately $2,225,000.

        It is stated that because of the purchasing bondholders’ large ownership the purchase represented only an outlay of approximately $30,000 cash.

        After the road was sold, the representative of the new owners announced that they would be in the hotel and ready to receive offers for the purchase of the road from anyone who was concerned.

        It is unofficially reported to Mr. Stewart, representative and attorney for Merced Chamber of Commerce on this project, That Mr. McFadden had previously offered $400,000 while Mr. Friedenberg refused to accept less than $450,000.

        It remains to be seen, now that the title is cleared and no complications are expected from stockholders, whether anyone will care to buy and operate the railroad or whether it is to be removed as junk.