The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-01-17
1414 Clio $2O62. 81
$425S.O5


As some comments have been made upon the
action OF the City Government in granting a
right of way to this road over West Commercial
and Commercial Streets with the right to the
Boston and Maine Railroad to enjoy the same
upon certain conditions, it is proper that Won
should be informed of the reasons for asking
this privilege of the city. We were dependent
for depot accommodations upon the kindness
and sufferance of another corporation in the
permanency of which accommodation. we
could have no assurance, the union of the bust
ness OF the Maine Central and the Portland &
Kennebec railroads requiring all the room in
the buildings and yard belonging to them.
1t was also very desirable that your road
trail part of the city. To obtain this, except by
the proposed route through the street, would in
volve very large expenditure. In this connec-
ton, 1t is proper to state that your directors
have had several conferences with the Directors
OF the Boston q Maine railroad; that the rela-
tons between the two roads are of the most
friendly and harmonious character, and the as
surance has been given that when the depot of
the Boston q Maine railroad is erected, as con-
templated, within very short distance from
the geographical centre of the city, as well as
from the centre of its business and population,
ample accommodation will be granted this road
on just and equitable terms.
And thirdly, it was absolutely necessary that
our freight should be relieved from, part. at
least, of the tax we were paying, for transfer
ring our cars to and fromCo Commercial street and
the wharves, amounting. for three months end
ing November 30th to over a thousand dollars.
And now, in reference to the further prosecu-
ton of this work. The cars have been running
to North Conway (sixty miles from Portland),
since the 10th of August. The receipts have
averaged $11 800 month since that time This
amount represents the business that existed be-
fore the building of the road, with the slight &C.
cession that could be effected in the few months
of its operation.
Already we know of preparations for large
increase. The paper mill at Little Falls, and
the revival OF powder manufacture at Gambo,
the pulp paper mill at Madison s, the new stone
dam and mill at Sheppard's river (Brownfield),
the new machinery about being put up in the
towns of Fryeburg and Lowell, estimated at
S100 900 in value, for the production of slaves,
spools and other manufactures of wood to-
gether with the improvements and additions to
the mills already in operation, afford an earn
est OF the business now being built up along the
line. SO that we may safely assert that the
success of the road, so far as built, is now an
assured fact, resting upon its own intrinsic
value as an Independent link in the great chain
But promising as this appears it is confidently
believed by building twelve miles further, the
receipts could be doubled. For besides the i'm
mense pleasure travel, where would be no rival
ry, we there plunge into the basin to which flow
the product of hundred thousand acres of the
best timber lands of New England consisting
of magnificent pine, spruce, hemlock, oak and
other hard woods, aHording at once a business,
certain, almost unlimited in extent and dura-
ton, and so remunerative that of itself it must
yield good income, beyond all expenses, upon
the investment required to reach it.
A thorough locating survey of this twelve
miles having been completed, and careful es-
innate of the cost made, including land dam
ages, grading, masonry, bridges, track, fencing
and stations, your Directors believe that this
section can be finished at an average cost of
twenty-five thousand dollars per mile. reouir-
ing no additional equipment for the successful
working of the same beyond that heretofore
used in construction.
Impressed with the importance of an early
completion of this division of the road, your
Directors asked and obtained authority from
you at your last meeting to issue bonds secured
by mortgage of the road, from which to OBJ
tain the requisite means for the accomplish
ment of this object. This has been done, but
finding that the bonds could not be sold except
at such discount as would prevent the realiza-
ton OF means sufficient to carry the construc-
ton OF the road to the Connecticut river-there-
by also adding so much to its nominal cost and
fixing upon it such an amount of indebtedness,
on which interest would be payable, as might
destroy all value in the original Subscription
your Directors have not felt authorized to dis
pose of any of that ISSUE believing that the in
terest of the stockholders and the road itself
would be sacrificed in SO doing. And they
would recommend that this issue of bonds
should not be used, except as collateral for tenn
porary accommodation, until, in some way,
can be afforded by a lien upon the road
Believing, as we do, that the future of Port
land depends more upon the success of this en-
terprise than upon all other present influences
combined, your Directors feel that the time has
come when they would be justly held false to
the trusts reposed in them, did they not take
this opportunity of urging upon you as stock
holders, the importance of thorough investi-
CATION of all the advantages to be derived from
completion OF this undertaking, and upon the
Portland IJx <b< ,o.x~
stakeholder, the necessity of corporate assist
ance in some form, in order successfully and
with the shortest practicable time to secure this
result, so vital to the business interests of the
city.
A bold, progressive policy, adopted by the
stockholders of this road, the citizens of Port
land in their corporate capacity, can alone real
ize the anticipations of the commercial and
manufacturing interests OF the city. And your
Directors feel bound to present to you the re-
suit of their careful consideration of this mat
ter which is, that either the progress of the !
work will be SO much delayed as to run the haz-
ard of losing your connection with the Vermont
line and the west, or some material aid must be
obtained, beyond and outside of the present re-
sources of the road; that in order to secure the
full benefit resulting from the completion of
this work, the city of Portland should retain
control of the same; and that this can be done
with no danger of ultimate loss, by such action
on the part of the city as shall enable the road
to realize the full value of its bonds, the issue
of which has been authorized by vote of the
stockholders at their last meeting.
The progress of the work on the "Western
Division, in Vermont has been most satisfac-
tory. Thirty-six miles of the road have been
opened for traffic and eight miles more east of
St Johnsbury viii be ironed this winter, leav-
ing but about ten miles to be graded between |
that point and the Connecticut river, while the |
wnole OF tne line west of Hardwick the pres
ent western terminus, is in an advanced state
the part between Sheldon and Swanton being
about completed, fully warranting the assertion
that their part of this great work will be done
before you will be able to reach the point of
-
1t only remains for the people of Portland to
determine whether they will reach out and
grasp the fruits of this labor, and forever annex
the territory drained by this line to their own
city or allow the current of its tide to be divert
I'd from its natural outlet, and permit 9 belt of