The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-02-13
PORTLAND 81 OGDENsBURG.
President Anderson Makes a Statement
Annual Election Officers.

The adjourned meeting of the stockholders
OF the Portland & Ogdensburg Railroad Com
pany was held at the Office of the company yes
terday morning, Mayor Francis FesSenden pre-.
siding. When the meeting had been called to
order, President Anderson said he should like
to make brief statement. He wished to call
attention to some matters of record of the
company, in view of the recent report of a
commission appointed by the city. While
there is, in that report, nothing which the
directors complain Of it is proper to show tina.
what the directors have done, has been done in
accordance with the direct advice of the city
corporation, acting through its properly con-
stituted representatives. He then read from
the PRESS the following extract from the report
of the commission:
The complaint on the part of the city, from
its standpoint of view, is not a want of fidelity
to the interests of the road by its managers,
but rather the reverse; that in their zeal and
earnestness to carry the road through, they
have been less regardful than they ought of the
interests of the city, to whose lberality the road
is so much indebted, and in looking at the in
cidenttl advantages they have lost sight of the
overbalancing disadvantages to the city, in the
detrimental its prosperity arising from an
enormous debt and burdensome taxation.
The report goes on to state that the manag-
ers of the road secured the legislative act of
1872, allowing the city to grant further aid to
the road, and that in the month of September,
1873, in consequence of the collapse of the
Northern Pacific and Jay Cooke, it must have
become clear that the bonds of the Ogdens-
burg could not be negotiated, and at Upper
Bartlett the construction of the road should
then have stopped.
Mr.. Anderson said the directors, being SIM
ply the agents of the stockholders, were bound
to obey all votes of the stockholders, and if the
city, being the principal stakeholder, took part
in the meetings the directors should not We
considered responsible for such acts as were
ordered by the city in its capacity of stock
holder. In all matters of moment the Mayor
and Aldermen have been called in for consulta-
ton with theidrectors, even at times when it
was not possible to call stockholders meet
ing. Their wishes have always been consider
ed binding on the directors. This is shown by
the records, and also that when the directors
went over the road for examination the City
Council was always invited to acco mpany
Them
On the 2lst of October 1870, the city was rep
resented at the meeting by the Mayor. who was
authorized to act for it. At that time the vote
was passed to issue the $500, 900 of bonds On
October %. 1871, the Mayor being present, a
vote was passed authorizing the issue of the
$500, 900 of bonds. March 16, 1875, the May
or representing the city moved a vote by which
the last consolidated bonds were ordered Each
issue of bonds was by direction of the stock
holders, the city either moving or authorizing
it. The additional aid from the city, said to
have been procured by the managers of the
road, YVES the result of motion proposed by
Hon. Benjamin Kingsbury, Jr., then Mayor.
At his suggestion it was voted that bill be
prepared and presented to the Legislature au-
lhorizlng the city to grant aid to the Portland
& Ogdensburg railroad; this vote was passed
July "a, 1872. At stockholders meeting held
January 16, 1872, the city being represented, it
was moved by Mr. Dana that the directors be
requested to press forward with all speed and
connect the Portland division with the Yer
mont line, as the stockholders and citizens
would heartily cooperate to that end. On the
22d of September 1879, when the commissioners
think the road should have stopped, the city
government had made detailed examination
of the road, and after their return, on the goth
OF September, it was voted that the Mayor no.
tify the directors that the progress on the road
had not been satisfactory and that the city
would urge more activity, especially in the
Notch.
If the road has failed to do what was ex-
pected of it, 1t has been owing in great meas
ure to the depressed state of railroad business
all over the country, and not to the manage
ment. Mr. Anderson was glad to say that the
business of the road was looking up. With
reference 10 the interest that has been paid the
road, Mr.. Anderson supposed that included all
coupons on the bonds that had been paid out
since the Inception of the enterprise. The
commissioners should have stated, in that con
nection, the amount paid in to the road as we'll
as that paid out.
Mayor Fessenden said he thought there was
difference of opinion as to whether the city
authorities had approved the action of the
board of directors in applying for the act au-
thortzlng the city to make second loan. A
Mayor had no right without instructions from
the City Council, to bind the city for the second
loan, and he understood the city records would
show that the resolution to permit the citizens
to vote on the question Of granting aid to the
amount of $4,000, 900 to the Ogdensburg rail-
road was refused passage,or laid on the table
showing that the city government did not ap
prove of it. The resolution was offered in the
Board of Aldermen Feb. 5, 1872 refused pas
sage, sent down, and died.
Gen. Anderson thought the directors were
bound by the vote Of the stockholders and il
the Mayor, representing the city, moved such a
vote, the directors must obey it.
Messrs. Webb, Putnam and Miliken, were
appointed a committee to receive aad count
votes for ten directors. They reported as fol
| lows: