The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-11-27
The Ogdensburg and the Eastern.
THE CONTRACT BETWEEN THE TWO.

The st. Adams, (Vt.) Messenger of Monday,
states, that on Saturday last, representatives of
the Eastern Railroad, of the two divisions of
the Ogdensburg Railroad, and Of the projected
line from Montreal to junction with the Og-
densburg road at Sheldon, near St. Adams, met
in Boston, and contract between them was
fully entered into, signed and delivered. The
Messenger gives the following abstract of the
agreement: r>e--tr-rtI srtssi
Thirty per cent, of the gross income from all
business passing over the Eastern from the
Portland and Ogdensburg, and the same as to
the return business, is to be set aside by the
Eastern. and applied in paying the interest on
the Portland and Ogdensburg bonds; thirty per
cent. of the gross income of all through bust
ness over the line, iu the proportion that the
mileage Of the Portland and Ogdensburg bears
to the whole mileage, is also to be set aside for
the same purpose. In consideration or this,and
the guaranty by the Portland and Ogdensburg
roads not to divert their Boston bound BIT siness
over other lines, the Eastern Company guaran-
tee the Portland and Ogdensburg bonds; en-
dorsing each one, and thereby making them as
secure as though they were issued by them
selves. They also coz tract not to charge the
Portland and Ogdensburg line anything for
terminal facilities in Boston, unless the new line
shall in some case carry for less than a stipu-
lated price, in which event, from the fact that
be less than usual, terminal charges will be
made
The Messenger gives the following expana-
ton of the motives of the parties to the agree
ment
THE Portlanders have entered into the con-
tract because they realize that it will be the
means of speedily completing the Portland &
Ogdensburg road and they have no fear that it
will result in diverting to Boston any traffic
which naturally seeks Portland orits unrivallsd
harbor They are looking forward to the not
distant day when Chicago, Milwaukee, Detroit
and Cleveland shall import directly from Eu-
rope, the same as our seaport CT ties do to-day
and then, by their direct route, their shorter
distance and their better harbor, they expect to
secure that trade. The Bostonions have en-
braced the scheme partly because they saw it
would add an important feeder to the great line
in which SO many of them are interested, and
partly because, since one of the Northern
routes has been pirated in the interest of
New Workers, the commercial interests OF the
Hub demanded another spoke. The Vermont
ers have gone into it for every reason-for it
VIII develop their resources, carry them to
both Boston and Portland bring from. either
city whatever they want, secure new Mon
treal line which will have various local advan-
tages. and great through line which will en-
nance the value of their investment. The d.
rectors OF the LamOille road, and all who went
to their aid in a recent trying emergency, are
deserving of the congratulations and thanks of
the many to whom this long and toilsome en-
terprise will carry the blessings of convenience
and prosperity
The Eastern Railroad, which now effects a
junction with the Portland &c Ogdensburg at
North Conway, N. H., has agreed to guarantee
to the latter road certain fixed proportion of
the gross receipts en- all business over the entire
line, an arrangement which is to go into effect
at once, and to continue permanently. The Port
land & Ogdensburg road ,on its part has secured
all the necessary charters and franchises for
the extension of its line from Sheldon, VT, by
a new and easy route, ouly sixty miles in
length, to Montreal, and from Swanton, VT, to
Ottawa, the Dominion capital. The greater
portion of the BostonMontrea line is already
completed and in operation, and under the re
cent arrangements the remainder will be con.
structed at once and the whole line completed
and working within the next year.
The new route passes from Montreal through
Chambly, crossing the Rchelieu River at the
latter point, and enters the States in the town
Of franklin, vt. From Montreal to Portland
9he distance will thus be reduced nearly thirty
miles; between Ottawa and Portland and Hal
flax the reduction will be very much greater.
The negotiations which have thus been COM
pleted do not involve the absorption or CONSOLE
dation In any sense of the Portland & Ogdens-
burg by the Eastern; on the contrary, the form
and its operation, together with all affairs be-
longing to it. The Eastern Railroad Company
is tc set aside 80 Fer cent, of the gross income
from all business passing over its road from the
Portland & Qgdensburg, and the same as to
the return business. to be applied in paying the
interest on the Portland s. Ogdensbprg bonds;
and also thirty per cent OF the gross income of
all through business over the line, in the pro
portion that the mileage OF the Portland and
Ogdensburg bears to the whole mileage. The
aggregate captaly by which the new line is sus-
tanned will exceed $20,000,000. Work on the
unfinished sections of the Portland & Ogdens-
burg Railroad Chat in New Hampshire pass
ing through the White Mountains and in Yer
laborers being employed. No suspension of
work or default of interest has been permitted
during or iu consequence of the financial panic,
By the terms of this contract, which is onlya
preliminary Que, and which does not arrange de-
tails, no traffic is diverted from Portland
Freight bound for Boston will get there by some
route, and the new arrangement simply exacts
toll for passage through gate that Is already
open. Did not the traffic pass off by the East
ern, it would by some other Boston connecting
road The Ogdensburg but yields to the nevi-
table, aud makes the best terms possible. The
contract gives the Eastern no control over
through freight, that matter being regulated
by previous contracts with the Vermont and
Montreal roads, and all matters of tariff. etc.,
being arranged by the committee of four, two
of whom are named by the Portland division
of the Ogdensburg.