The Portland daily press., 1879-05-14
Portland and Rochester.
MEETING OF THE SEVEN PER CENT.
BONDHOLDERS.
A Committee Appointed to Confer with
the. City.

A meeting of the seven per cent. bondholders
of the Portland and Rochester Railroad was
held at the Common Council room, City build
ing, at 8 p. IN. yesterday. Among the gentle
men present were Frederick Fox, Esq, Fred
erick ROBBIE of Gorham, Samuel Role, James
Bailey, Joseph Walker, r. o. Conant, j. f.
Waterhouse, Judge Fox, Mayor Walker, w.
r. Wood, Senator Halves of Deering, Edwin
Warren, Mr.. Humphreys of Yarmouth, DR..
Bates of Yarmouth, Hon. Leander Valentine
of Westbrook, S. r. Lyman, H. M. Payson, S.
r. Small, and others. About thirty gentlemen
were present.
The meeting was called to order by Frederick
Fox, ESQ.,, and Frederick Robbie was elected
chairman, and Frederick Fox secretary. The
call for the meeting was then read.
Mr.. Fox rehearsed the special act of the Leg
islature giving the per cent. bondholders
right to purchase the road He stated that he
had heard from $25O,O0O worth of bondholders
A large number desire to purchase the city's
interest in the road He said that Wednesday
the adjourned citizens meeting would be held,
and he would like some expression of opinion
from the bondholders present to offer to that
meeting.
Mr.. ROBBIE thought the immediate object of
the meeting was to see what steps, if any,
should be taken towards the purchase of the
road.
Judge Fox thought the affairs of the road
were not in good condition. The citizens
meeting of last week seemed to think the city's
init uortt, T111n o141 ryoh
small bondholder, would willingly sell his
interest in an equal ratio to that price. If the
feeling of the city is that the sum of $500 900,
Notwithstanding the $4,000 in the sinking
fund,-is the best trade they will offer, he, the
Judge, should prefer to let things remain in
their present condition. He thought it was
we'll to know exactly what the act of the Leg
islature was that had been referred to. In
regard to a conference of the per cent. bond
holders with the city, he didn't see how Gf
committee from the former should be appoint
ed) they were to offer any $500, 900 for the road
He didn't believe the road worth that sum to-
day. AS one of the bondholders, he was will
ing to help make up fair amount to put the
road in the hands of the per cent. bondhold-
ers, but 100000 he considered largely in ex-
cess of its value, and he would not help to raise
such an amount.
Mr.. Frederick Fox then read the gst of the
act.
Mr.. James Bailey referred to the citizens
meeting and what had been done there-pub-
lished in the PRESS at the time. He saw no
object in the per cent bondholders meeting
the citizens Wednesday, at the adjourned citi-
zens' meeting-as the city had not yet adver-
tised for proposals for the road-unless they
had some sum to offer for the road. Mr.. Bailey
thought perhaps committee should be APP
pointed to decide what had better be done,
after the citizens hold their Wednesday meet
ing, and be prepared to make an offer. This
meeting should decide what the road is worth
to the bondholders.
Judge Fox wanted to know who was going
to back up the committee in any offer they
might make. If all the bondholders are will
ing to decide on any sum and appoint COM
mittee to make an offer why then all is right
but otherwise he didn't see how committee
could bind the bondholders. Suppose $780,
600 worth of bondholders are present at this
meeting and $25O,0OO worth unrepresented,
the smaller number could not bind the larger
He thought the meeting should ascertain the
price the city would take for its interest
Mr.. Bailey said the city didn't propose to fix
any price. He thought committee could be
raised to see whether 100000 or $4,000
could be paid, and whether the road could be
made to pay on such an investment Then
the committee could call meeting and obtain
authority to make an offer. This is not the
only set of people who desire to buy the road
There is another anxious to obtain it, it is said
The city is not imperative as to the amount to
be paid for its interest but it does not propose
to underrate its property, and ifthe bond
holders wish the road they have to decide on a
to offer it.
Mr.. Robbie said the proper question is whether
there is large enough interest of the per
cent bondholders present to call meet
ing of 100000 worth of bondholders to take
into con- Iteration purchase of the road. He
suggest ID that motion should be made to
ascertain whether a meeting should be legally
called where the question of the purchase of
the road under the act of the Legislature
could re considered.
Ju &c Fox made a motion but withdrew it
IN Ia II OF n similar resolution offered by MI.
Free rick Fox which was passed:
I I'd, That committee of three of the
largest per cent bondholders be appointed to
confer with the City Government or any COM
mittee thereof in relation to the purchase of
the interest of the city in the Portland &
Rochester Railroad and, if they deem it adj
visable, to call meeting under the law of
1879
Foted That the committee be appointed by
the chair and secretary.
Messrs. H. M. Payson and w. r. Wood of
Portland and S. H. Chandler of New Glouces-
ter were appointed.
Messrs. Chandler and Payson declined, the
latter as chairman of committee only. Mr..
Conant moved that Mr.. Frederick Fox be ap-
pointed chairman in place of Mr. Payson and
the motion was carried.
Adjourned to await call of committee.