The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-06-17

0h0iioah otIeet. IaSSeu ana cOncurred IN by
lower board
Charles E. Chase requested victualler's
license. Granted.
Joseph Brooks petitioned for leave to build a
dwelling-house on the corner of Atlantic and
Monument streets. Referred
A petition from VIM. G. Davis for sewer
on Bradford street was received and referred
The bond of c. R. Fletcher in the sum Of
$500 was approved.
PORTLAND & ROCHESTER, RAILROAD.
Both boards went into joint convention to
hear the report of the committee OF finance on
the propositions they had received for the
purchase of the city's interest in the Portland
& Rochester railroad. The Chairman read the
following propositions
Boston, June IA, 1879
To the Committee on Finance of the City O,
Portland.
Gentlemen-I hand you the following pro.
posals for the purchase of the city's interest in
the stock, bonds and mortgages of the Portland
q Rochester Railroad Company I will give for
all stocks, bonds and mortgages of the Portland
q Rochester Railroad Company now held nv
the city of Portland the sum of 1926, 900, S5O00
OF winch Will be paid as soon as am informed
X
piration of two months and the balance at the
expiration of four months without interest.
You say in your advertisements "railroad beino
523 miles long, extending from Portland, Me-
to Rochester, N. H., by which presume Won
mean from the Grand Trunk junction in Port
land to the junction of the Nashua Railroad in
Rochester, n: H., including the property of
the Portland & Rochester at each junction.
JAMES 7. FURBER
The payment of the $4,000 will be made as
soon as am notifie of the acceptance of my
bid, ample security given for the payment Of
advises me of the execution of the proper
papers for the deliverance of the property to
me.
PORTLAND June IA, 1879.
10 the Committee on Finance of the City of
Portland:
conference.-the undersigned hereby agrees
to purchase the city's interest in the Portland
q Rochester Railroad Company, as per your
advertisement of May II, 1879, and to nav
therefor the sum of STE, 800, terms of payment
to be made satisfactory to the committee.
GEO. T. WESCoTT.
PORTLAND, June 16, 1879.
10 the Committee on Finance of the City of
Portland:
The undersigned for himself and associates
will pay for the interest of the city of Portland,
In accordance with the advertisement, S155-
OOO, cash in so days or at option of the city IN
equal annual payments, with interest at 6 per
cent. per annum, it being understood the ad-
which the city will acquire by the payment
after this time of any bonds or coupons issued
in aid of P. & R. r. R. Co. ANY informality
in this bid will be amended on request.
VIM G. DAVIS.
If the city's interest is acquired as above the
purchasers will pay twenty cents on the dollar
on all the bonds (known as the seven per cent
bonds offered them within 80 days from the
time the contract of purchase is complete,
the same to be in full for bonds and ali over
due coupons appertaining to them.
WIN. G. DAVIS.
There were a considerable number of promi-
nent citizens assembled, including Hon. Geo. P.
Wescott, Hon. William L. Putnam and Lewis
Pierce, Esq, and it was moved after the propo-
sitions were read that they be allowed to take
part in the discussion and express their views.
Councilman Fisk thought as this meeting
had not been publicly advertised there were
many who would like to speak on the question
not present, and therefore it would be better to
confine the discussion at this meeting to mem
bers of the Council and call public meeting
at which outsiders should be allowed to express
their views.
The Council overruled Mr.. Fisk's obiec-
ton.
Mr.. Putnam was called upon by the Mayor
to give his views of the propositions submitted
He declined to give any advice, however, as
he was professionally connected with one of
the bidders. He expressed some general views
about the road, among others that as local
road it might be made to pay. In his opinion
the road was worth from $35O,OOO to $500, 900.
Alderman Small introduced the following
order:
Ordered, That the City of Portland SELL as
sign and transfer all and singular the city's
interest in the stocks, bonds and mortgages of
the Portland q Rochester Railroad Company,
exclusive OF the accumulated sinking fund, to
George P. Wescott for the sum of one hundred
and seventy-fve thousand five hundred dol
lars, according to his bid therefor, which is
hereby accepted, payment for the same to be
made in cash on or before October LIST, 1879.
The City Solicitor is hereby instructed to pre-
pare the proper instruments of conveyance to
carry into effect this order, the same to be ex-
ecuted in the name and in behalf of the city
by the Mayor and City Treasurer, and they
are hereby authorized and directed to execute
and deliver the same to the purchaser on his
complying with the above terms of the SALE
The City Treasurer is hereby directed, upon
the execution of the aforesaid conveyance and
payment therefor, to deliver to the purchaser
all certificates of stock, bonds, mortgages or
other evidence of title to the property con-
veyed, now in the possession of the city, with
the exceptions aforesaid, such SALE transfer
and assignment to be subject to the con-
tract and agreement of the city made
and executed on the twelfth day of October,
A. d., 1870, in pursuance of the vote and order
approved on the eleventh day of October, A.
T., 1870, which contract is recorded in the
cumberland Registry of Deeds, Book 3S1, page
347, whereby the said city contracted and
agreed to admit to equal security with the city
bonds to the amount of $35O,OOO, to be nego-
tlated for loan to be expended in completing
SAID railroad and upon the faith of which said
contract the bonds known as seven per cent
bonds to said amount were negotiated and are
Outstanding, the said purchaser by accepting
such sale, assignment and transfer covenant
ing well and truly to carry out and perform the
SAID contract and agreement of the city accord
ing to Its true interest and spirit and to ratify
and confirm the same as fully and completely
as II full legislative authority to make and en-
ter into the same contract had been granted
city council.
Lewis Pierce, Esq, being called upon said
he had always been of the opinion that the city
would get more out of the road if the sale was
postponed until after the rights of the seven
per cent. bondholders were settled. 1t was a
gu estion whetheri if the sale was made now the
seven per cent bondholders might not claim
a third of the proceeds of the citys interest.
Unless these bondholders agreed to the sale
very likely a law suit would result.
The Mayor said that this same point had
been troubling him. He had received, how
ever, from the Hon. Nathan Webb, attorney
for the seven per cent. bondholders, note
which he interpreted to mean that if Mr.. Wes-
colts bid was accepted the seven per cent
bondholders became parties to the sale and
were therefore precluded from claiming any
share in the proceeds of it, and asked, Mr..
Wescott if this was correct.
Mr.. Wescott stated that it was; that if his
proposition was accepted the seven per cent.
bondholdere would make no claim to any part
of the $175,50O.
Alderman Andrews made some inquiries
which resulted in restatement of the points
made by Mr.. Pierce and the Mayor.
Councilman Marks thought the city in adj
Veftislng and selling its interest in the road
tnrew all the responsibility connected with
that interest on the purchaser. The buyer
bought the city's interest and everything at
tachng to it, responsibility and ALL
An informal and general discussion followed
III regard to What action should be TAKEN some
members wishing to accept one of the bids at
once and others desiring a postponement for
further consideration.
Alderman A owl NJ