The Portland daily press., 1881-01-20
PORTLAND g. ROCHESTER,.
A New Chapter in it's History.

lduu q hOcneSt6r RAILROAD anu udineu LILO
list of incorporators. AS this proceeding may
have proven surprise to many of our readers
we will give new chapter in the history of
the road.
The exhaustive report of the special COM
mission on the Portland 81 Rochester and
Portland & Ogdensburg roads-appointed by
the city-published on Thursday, February s,
1877, gave complete history of the Portland
& Rochester from its first beginnings under
the name of the York & Cumberland down to
that time, together with the money invested,
amounting in the whole to $2,a3,5 62.S6. OF
this sum $700,0 were first mortgage bonds
issued to the Portland &c Rochester by the
city; $350,000 was the per cent loan which
was voted by the City Council of Nov t. 1870,
'co-equal and concurrent" with the city's first
mortgage, in all respects as if the two had
been executed contemporaneously $4,000
was the third mortgage of Nov. 80, 1871;
making a total of S1,500,000. Then there
was a sinking fund of $53,2l8.91.
The stockholders of the road also repre-
sented large interest; if we are not mistaken
some $650,O00.
The city sold its rights in the road in 1879 to
George P. Wescott for some 1926, 900, or there
abouts. The seven per cent. bondholders have
always felt that they had, by the city vote,
equal rights in the road with the purchasers
of the city's interest They kept quiet for a
long time, but about month ago, desiring to
cut eff the rights, or claims, Of all other
parties-except the purchasers OF the city's
rights-in-so-far as they might take pre-
cedence of theirs (the Z per cent bondholders'
rights they foreclosed their mortgage in New
Hampshire, where three miles of the road are
laid, having previously done SO in Maine.
This foreclosure in New Hampshire was &C.
complished by means of bill in equity and
the judge issued decree in their favor.
The first of this month meeting was called
in this city at Messrs. Webb & Haskell's office.
of Mr.. Wescott, the purchaser of the road, the
z per cent. bondholders, the holders of the
floating debt, and the old stockholders 1t was
there proposed to form new corporation, the
purchaser and per cent bondholders inviting
the stockholders and floating debt holders to
participate. Messrs. r. NJ. Payson, Samuel
Rolfe, W. r. Wood, r. o. Conant and Samuel
M. Came were appointed committee to pro-
pose plan for basis of consolidation of in
terests. On January 4th they presented the
following plan:
We, the undersigned, holders of the per
cent. mortgage bonds of the portland & Roch-
ester Railroad Company hereby agree to sur
render and exchange our said bonds for stock
OF new railroad corporation, to be called the
Portland q Rochester railroad, with $500 600
capital stock, divided into shares of 500 each,
upon the terms hereunder written:
Provided said new corporation shall acquire
nrOnarkV nri md fro,
chises OF the Portland & Rochester Railroad
Company.
For every 5000 bond, with coupons attached,
that fell due April l, 1876, and since that date
we agree to receive one share of said capital
stock, and at the same rate to exchange our
said bonds OF larger denomination, and request
that charter be granted said new corporation
accordingly.
We, the undersigned, a committee of said
bondholders, appointed for the purpose, recon-
mend the above proposition be adopted.
IL. M. PAYsoN,
SAMUEL RoLFE,
W. r. WooD, Committee.
r. o. CoNANT,
SAMUEL M. GAME,
Portland, Jan. 4, 1881.
Messrs Webb & Haskell drew the bill for
the incorporation of the new road, and there
will be hearing upon it at Augusta Tuesday
next. We understand that good many of the
old stockholders have sold their stock at
mere per eentage of its original value, dis
gusted with their experience with the road
The subioined from the Boston Post of yesterss
day may prove interesting
We learn on reliable authority that appllca-
ton is about to be made to the Maine Legisla-
ture for charter authorizing a new company
for the Portland & Rochester Railroad The
plan contemplates the recognition of all classes
OF interest in the existing corporation, bond
holders, old stockholders and holders of the
floating debt. This will open a new chapter in
the history OF that road. If the country OF
world were to be explored. it would be mpos-
sible to find an enterprise thar has SO
utterly disappointed the expectations of its
friends. or proved such a signal failure as this
The amount of money it has sunk out of sight
is enormous The number and names of those
who have been victimized, and the extent of
their losses would make a very readable ex-
hlbit The name of the York & Cumberland
or Portland q Rochester, has become nauseat-
ing to them, and perhaps they ought to be
spared any such infiction. The inception of
It's construction was attended with sharp and
ruinolS lawsuits.
When the title to it was determined, the
winning side undertook to utilize it with
special reference to Portland interests. Strong
appeals were made to her citizens to help it
forward on that ground. Several reconstruc-
tons of the company have followed each other
AhoSo AOPteCu W uo tLo UcSL uuduCl6TS III LQaU
city were put in charge. Portland in her cor
pofate capacity then undertook to push the en-
terprise, made big hit, financially, but is now
sitting on the stool of repentance. When the
road reached Saco River, it did not carry to
Portland a very considerable amount of bust
ness. When the city aid was obtained, it was
to consummate the idea of an inland and
sspeedier route to New York, avoiding Boston
The further the road was constructed the
worse it was for Portland. Instead of being
benefited by her supposed liberality the verv
aid which she contributed operated suicidally
saying nothing of the groans of private losers
and OF whole community of tax payers.
AS the Maine Historiacal Society is now To-
Gated in that city, and many connected with it
are interested in perpetuating important facts,
1t could hardly enter upon more inviting
field than to have prepared a true history Of
this enterprise, and If confined to the truth,
and justice were done to all connected with it,
there would be several chapters, both anus
ing and instructive, and that would afford
some compensation to the great army of mar
tyrs to that great Portland enterprise.