The Portland daily press., 1879-06-20

1177-7s.. 136,755.13 1o9677.oo 27,o7s13
*The road was opened through the 22d of
November, 1874.
Hon. John B. Brown said he had been
absent from the city SO long a time during the
initial steps in this matter that he had not
been able to bestow upon it the attention it
perhaps deserved. He had doubts in his mind
as to the propriety of the receiver of the road
becoming bidder for the property. He did
not understand that Mr.. Wescott, in his bid,
represented the seven per cent bondholders.
In his opinion the city would never ratify any
one of the three bids already made. This
would not be dshonorable on the part of the
City Council, because, in the advertisement,
they expressly reserved the right to reject any
and all bids. To show the value of the road
Mr.. Brown stated that taking the $175, 900 bid
for basis, and including the $4,000 already
in the sinking fund, and the value of other
property, it was made evident the road was
worth at least 100000. He believed if the
city offered the road, or rather the city's
interest at auction, with the understanding
that no bid should be received under $500, 900
that bid of $4,000 additional would i'm
mediately be made. and before the property
was knocked down, at least $25, 900 additional,
be offered.
prominent gentleman said it was his
belief and that of some others, the bid of $175,-
900 was in the interest of the Grand Trunk
railroad. Ever since Vanderbilt had euchred
the Grand Trunk, and even prior to that
time, the desire of that road had been to get
through line of its own to Boston. If the
Grand Trunk can buy the Portland &
Rochester for reasonable price it will find no
difficulty in securing the Rochester & Nashua,
link the Worcester & Nashua will be glad to
part with.ss The Boston & Lowell, built on
gold basis, and formerly one of the best paying
roads in New England, has been so built
around by the Boston & Maine, that its stock
is almost rag-paper, and could also be pur-
chased for reasonable amount. The Grand
Trunk then would have clear way to
Boston. The Portland & Rochester has
already, said he, deserted its old depot on the
north side, and instead of putting up hand
some station there, or at the foot of Preble
street, laid in with the Grand Trunk, built
around the Marginal way, and took up their
quarters in the Grand Trunk station, while
Trunk building at the head of Atlantic
Wharf.
Mr.. w. L. Putnam said as he might, at
some time, be requested to give his opinions as
counsel, he did not like to say much about the
matter. He wished it understood that both
Mr.. w. w. Thomas and himself, belonging to
the Railroad Commission, had always thought
the estimate OF value set on the Rochester road
as too low.
Mr. T. T. Snow said as his clients, Mr.. Fur
ber's, bid was now virtually out of the market
he thought he had nothing to offer.
Mr. Wescott stated that he did not represent
all OF the seven per cent. bondholders. 1t was
impossible to find them all. His bid repre-
sented part of these bondholders, but there
were some associated with him who did not
own any of the bonds. He moreover said that
In case his bid was accepted, the seven per
cent. bondholders would be admitted pro rata
in the new company. The holders of the float
ing debt would also be protected The earn
ings OF the road for the past few years have
averaged S21 900, which would be fair re-
turn from the investment of the new company.
One hundred and seventy thousand five hum
dred dollars is fair price for the city's inter-
est In the reorganization the seven per cent.
bonds would be entitled to one-third of
the new stock. Mr.. Wescott stated he should
probably remain in the new direction
Mr.. VIM. G. Davis was called upon. but de-
clined to talk much about the matter, but
stated that he would like to have the property
put up at public auction.
Mr.. S. E. Spring very decidedly expressed
himself in denunciation of the proposition to
again open the matter, saying that in private
business man who should be guilty of such
dealing would be considered a trickster. He
thought it would be a dishonorable thing for
the city government to do in this instance
what they would not do in awarding contract
for building sewer or paving a street. He
would have the city government accept the
Wescott bid and be honorable about it. If the
bids were to be rejected the proper time to do
it was when they were first opened