The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-10-11

Recent adviees from MASSACHUSETTS ana

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Portland and Rochester hnsifo""'
Recent advices from Massachusetts ana
New Hampshire render certain the early COM
nlet;on of tbe link of railroad between Roch-
ester and Nashua. The action OF the Dlrec-
tors of the Providence and Worcester Rail-
road Company, in recommending subscrp-
ton of one hundred thousand dollars to this
enterprise, is sure to be followed by similar
action on the part Of the Worcester and Nor
wch Railroad Company, which viii complete
the amount that was expected to be raised
west of Nashua, ard ensures the one million
of dollars, on which the commencement OF
this road was promised. The movement on
foot among the stockholders of the r. &c II.
II. r. Company, to increase the number OF
Directors to fifteen, SO as to bring more init
mately into the direction of the Company,
men of influence and wealth from Massachu-
sets and Rhode Island, who have looked up-
on this enterprise as an important one is also
very significant. This road will open direct
route from Portland 10 Nashua, Worcester
and Springfield, the great railroad centres of
New England, which cities by the completion
OF this new route will be almost along on an
air line from the city of Portland in south
westerly course. Directness and other mate
rial advantages are so safely secured that the
business of this new route can never be SUBJ
jected to the risks of a successful competition.
When the Hoosac Tunnel is finished, passen-
gers from the east can be transferred at Gro
ton ktlpetl,a 70 tba Hesnpni and Afas -, J.
seLis Rsiigoad aaa We ias ohzsi Che d.
aao alraateges & ms CREST casiay 70 save
sis ace, as Il t6e money lad Seen raised
anu eApenueu 10. u4o DeneliU o, Portland.
By the completion of this route Portland is
enabled to reach many of the important rail-
road centers of New England, which are now
only reached by going through Boston. We
now are obliged to travel over the two legs of
a right angle triangle to reach important
places in New Hampshire, Vermont and Mas
sachusetts, which places we shall reach by
this new route, by running over one. All of
the great railroads of New England, which
come from the north and northwest, COM
pleted at cost of million of dollars, are
crossed at right angles by this exterior road
thus it secures to the city of Portland Won
derful advantage; not only taking from these
feeders the legitimate business which belongs
to US, but it also furnishes better facilities and
new inducements for an increasing business.
This route will provide the best means of con-
veyance for the travelling public going South
and West, and through its connections must
be the road to do very large freight business.
From whatever point the matter is examined
it creates a universal expression of opinion
that there is great merit in this enterprise,
and that our city and State will reap an adj
vantage which no other road can bring.
In order to speedily complete the road to
Rochester, it becomes necessary for the city
of Portland to SO change the tenor of the
mortgage which it holds as TO permit the COM
pany to make another mortgage, in order to
issue bonds for $350,000, that will have as
good footing as those which the city has
endorsed. In other words, the city must re-
move such disabilities and restrictions as will
let the holders of the bonds to be issued feel
that they hold security on such terms, as if
there was but one first mortgage of 81 100000.
The action of the Board of A ldermen last
evening commends itself to the hearty en-
dorsement of the Taxpayers of Portland, and
will be sustained by them all with correspond
ing unanimity. In virtue of this action, if it
meets with the concurrent vote of the other
board, of which there can be no doubt, the
Company will be enabled TO complete and
equip the road without embarrassment. The
security which will be offered will be consid-
cred first-cass, and will ootain good price
and ready sale in our market. The amount
over the amount that would accrue from the
sale OF second mortgage bonds is estimated at
$4,000; which sum will give to the road
larger means to do business, and thereby en-
nance its value and increase the security.
The complete proceeds of the sale of these
bonds will enter into the farther construction
and secure the final completion of the road,
and will add that much to its present value.
The proceeds from the City bonds, now more
than doubly secured by mortgage as well as
by sinking fund, by which 100000 was
raised, less discounts and brokerage, has gone
entirely and economically into the construc-
ton of the road beyond Saco river. 1t is an
important consideration that the completion of
the road to Rochester, by express agreement,
is the only way to realize subscriptions to the
stock of the road from the towns of Rochester
and Alfred, also, from the citizens of Spring
vale, all of which amount to 100000. These
subscriptions when collected and duly eX-
AL l,,1 A. Al,
gage held by the ely of Portland. The con-
current vote of the City Council will secure
100000 to the road and add an equal amount
to the city security. The amount which is
now to be raised will all be accounted for by
the further and complete construction of the
road to Rochester, N. II.
This leaves that portion ofthe road between
the city of Portland and Saco River as the rep
resentative value with which to pay portion
of the Indebtedness of the road, provided the
road from Saco River to Rochester should fail
to be worth what it costa consideration
which time will show will never happen. The
road could not now be built from Portland to
Saco River for $780, 00-an ample security on
which to rest mortgage of 100000, when
the 100000 enters into and goes to enhance
the same security to the full amount of: that
sum. We hail the action Of the City Govern
ment as entirely removing the retarding caus-
es which might otherwise have checked the
speedy completion of the Portland and Roch
ester railroad. The road cannot fail in its
turn to fulfill the most sanguine expectations
of its friends and bring back heavy returns to
the material prosperity of the city of Port
land.
Political Notes.
The New York Nation makes enc OF the
most effective political hits Of the season, in
saying that in their platform ":he Democrats
desire the establishment of republic for Ile-
land on the model of that of New York city,