The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-02-26

To the Editor ofth Press
deem the proposition to sell the city's in
terest in the Portland & Ogdensburg r. r.
most unwise at the present time for many rea-
sons which might be adduced The most prom
inent of these are:
First, the unfortunate condition of the couu-
try financially, depressing rail- oad stock on ev
cry road in the country far below their Intrinsic
value. What road in New England would at
this moment sell for more than half its value
excepting the Boston & Providence, Boston 81
Albany, Hartford & New Haven? For out
side of these roads not one in New England is
earning legitimately six per cent dividends
But who will dare assume that many of these
roads are not good six per cent. investments
when the business of the country improves to an
average or moderate extent 1 NAV own
real estate in this city, which cost me $4,000,
and for which purchaser could not be had to-
day at more than $5,000 Yet it does not fol-
low, from this, that any investment will not
eventually prove good when business improves
Let us, for example, look at the Illinois Central
with all its magnificent land grants, immense
business, good management whose stock is
worth to-day bus $52 per share par value S1O6.
This road has always paid to 10 per cent
dividends, and would holders of this stock be
wise to sell it now?
The second reason against selling the city's
interest now is it would not bring anything.
As proof of this, note what Mr.. Stanton offers,
S250000, which would be considered an insult
under ordinary circumstances.
Third. The sale would afford no relief at
any price that could be realized now.
Fourth. Give the road fair trial Busi-
ness will improve and with it the business of
the road must vastly increase. Last year was
very unfortunate for this road in having the
Centennial Exhibition draw many tourists away
from the Mountains, who will undoubtedly
pass over the road the coming season. Moth
ing more beautiful or romantic can be found in
this country than the ride through the Notch.
Fifth. No capitalists having made an in
vestment in stocks bonds, mortgages or real
estate would make sale of them when the mar
ket Is at the very lowest ebb. when the finan-
ces and business Of the country are in such a
state, when values are depressed far below
their average in ordinary tmes, and when any
change that came would be an improvement.
Sixth. The road can never bs worth less
and the stock may be OF much greater value.
Seventh. By making sale this road may be
operated against the interests of this city and
greatly So Mr.. Stanton to the contrary notwith-
standing. True Mr.. Stanton says he will not
do so, but who believes he will not be gov
erned by his own interests IN the matter? Let
Boston capitalists offer him $500, 900 for his
purchase. and how long would be think of
PortlaDds interests? Mr.. Stanton expresses
much sympathy for the employees of the road
but should Portland sacrifice her large interest
in this road to enable this gentleman to pay
them?
On the completion of the Atlantic s. St.
Lawrence road would Portland have sold out
the control of this road to Boston? By no
means The business of the road was nothing
stock worthless, but there was no complaint,
it was one grand enterprise consummated by the
indomitabs will and energy OF Portland against
the financial world. Portland people would
have sunk bonds, stocks and all pertaining to
the road before they would have cold out a con-
trolling interest in the same.
But will go no farther but close with say
ing that voted against city aid for the road
and did all possible in opposition to the same
until the last time have paid the road $4,000
to $4,000 freight money. Have never had o
pass over it and none Of its directors or uficers
are my intimate friends. | voted against city
aid believing that no city should embarrass its
fnances aud tax its inhabitants for anything
but for municipal purposes. Ii city aid were
granted to corporations individuals might ask
IOr Tue Sam6 10 prOuOte prlVaJ6 INTERESTS. DuI
L would suggest that the city make no sale at
present, that the affairs of the road be conduct
ed with the utmost economy, that the salaries
of the officials be reduced TO the very lowest
point possible, and further that the system of
deadheadDg be completely discarded.
L do not believe in the wrong doing as
charged against the directors, aud think they
have done well with the heavy load they had to
carry. They have often had TO make bricks
| financially without straw. The Construction
and com pletion of this road during the panic
| and the following years speaks well tor the en-
terprise and energy OF Portland. Before the
commencement of the road when it and
the Rutland were contemplated L. was IN
New York, and in conversation with some
gentlemen who alluded to these roads the ques-
ton was asked me- whether the Portland &
Ogdensburg would be built; also in regard to
| the Rutland. l Immediately replied, "most
| certainly; if our people undertake they will
build both roads" and in confirmation of this
| gave some history of the Atlantic & st. Law
| renee.
Let the people of Portland be patient and
| wait for the problem to be solved in regard to
| this road and not have the time come when the
| men who urged its sale will be cursed for their
| impetlous haste. The money is not lost by the
1 construction of this road, the country is en-
| riched for more than the loss of every dollar of
| the city's investment, giving it more wealth
| further am assured by merchants here that
trade is daily flowing over the Portland 81
| Ogdensburg to this city that never would have
| been diverted here but for the construction of
this road. This Investment is an unfortunate
| one for the city at the moment; but let us be
| wise and not throw it entirely away. H.
Portland, Feb "A, 1877.