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Mainspring in the promotion of Narragansett was a onetime Rhode Island mill operator named Walter E. O'Hara, a fast-witted, hot-tempered Irishman with enterprise and gall. He and some friends, including Providence's Judge James E. Dooley, onetime president of the Canadian-American Hockey League, bought the 130 acres on which the track is built from an oldtime Woonsocket saloonkeeper named John F. Letendre for $150,000. Promoter O'Hara gets $75,000 a year as managing director of the track, holds 142,000 of the 350,000 shares of common stock which are its only outstanding obligations. Two years ago, the original 28 stockholders put up $450,000 for Narragansett bonds which have since been repaid out of profits.
Last week they were busy cashing in on their profits. Each member agreed to sell 40% of his common stock holdings. If the whole 140,000 shares are sold, the members will divide $980,000 and still have 210,000 shares, for which the offering price is $8.75 per share. Appropriately, the stock was being sold last week by August Belmont & Co., founded in 1837 by the same precocious young German who became President of The Jockey Club, gave his name to New York's Belmont Park.