The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-10-03
PORTLAND AND oGDENsBURG.
Meeting of the Special Committee of the
City Council.

The-meetiDg of the sspe cial committee of the
City Council to receive and consider PROPOSE
tions for the lease or sale of the city's interest
10 the Portland and Ogdensburg Railroad, was
held yesterday morning in the Aldermen's
room. Mayor DeeriDg called the meeting to
order and requested Mr.. Putnam to address
the committee and make known to them the
object for which they had been called together.
Mr.. Putnam said that the officers OF the
Canadian Pacific Railroad are ready to come
to Portland to make known their proposition
for the purchase or lease of the cty's interest
in the road. Mr.. Stephens, the president of
the road, Mr.. McIntire, the financial mana
ger, and Mr.. Abbott the attorney of the road,
will come before the committee and submit
their proposition at date to be agreed upon
Mr. Putnam said that he had complied with
the instructions of the Canadian Pacific. He
had obtained the option of frontage of half a
mile for wharves and the option of 5000 600 If
the bonds. His instructions, however said the
option of all the bonds and he did not know
that his clients would be satisfied with mar
tial option. He presumed that they would be
ready to meet the committee under the present
state of negotiations.
Mr. Putnam spoke OF their being several
competitors in the field for the purchase of the
Ogdensburg. He thought that the Canadian
Pacific would not be treated fairly if thew
made their proposition and then the other
parties came in subsequently with their offers.
He wanted every proposition TO state the real
parties in interest so that the citizens can
judge Of the true merits of the offer in all its
bearings. The Canadian Pacific have been
obliged to show their entire hand from the be.
ginning and he thought the other parties
should be required to do the same. He de-
sired that all the propositions for the property
be made simultaneously. The Canadian Pa
chc, he said, will not bid at auction for the
road. They have their own idea of what the
property is worth. Mr.. Putnam said that the
Canadian Pacific officials will be ready to meet
the committee on Friday of this week or Tues
day of next week.
Mayor Deering said that there are now
three distinct parties in the field who desire
the road He had received from New York
parties from whom the same inquiries were re-
ceived some time ago, distinct proposition,
offering certain sum for the city's interest in
the road. He declined to make public the
sum offered He said that il would be fair to
wait until the Canadian Pacific and the par
ties represented by Messrs. n. & al. B. Cleayes
had submitted their propositions The two
latter parties had not shown their hands and
the Now York bidders should be informed of
the existing state of affairs before their bid is
published.
A disouSeiOp aueuad To hacf g.
meeting the gentlemen of the Canadian Pa
ciic Some were willing TO hear their propo-
sition Immediately and then consider at their
leisure. Others wanted to postpone the meet
ing with these gentlemen in order to have
further time TO think the matter over
Mr.. Noyes moved that the Mayor. one AL
derman and one Common Councilman be an
pointed to confer with Mr.. Putnam anG the
gentlemen of the Canadian Pacific as to what
time would be most convenient for them to
meet the committee with their proposition and
to fix the date of such meeting.
The Mayor, Alderman Tukesbury and Coun-
Gilman Noyes were appointed on this commit
tee.
President Kelsey, of the Common Council,
addressed the committee at some length,
speaking of the importance of the question
and the necessity of losing sight of private
interests in the negotiation and keeping in
view the welfare of the city. He counseled
caution and thought that the committee ought
TO proceed first to the question as to whether it
was desirable to sell the city's interest in the
Ogdenshurg or not.
At this point the committee adjourned until
7.30 O'Clock
The Mayor on calling the meeting to order
said that Mr.. Putnam had heard from the au-
thorities Of the Canadian Pacific, and he called
upon that gentleman to communicate to the
committee.
Mr.. Putnam said that Mr.. Abbott had tele-
graphed in reply to his despatch that the offic-
ials Of the road would be able to be here and
meet the committee next Tuesday afternoon.
Ii it would be convenient for the committee to
meet these gentlemen then he trusted they
would feel inclined to do So He would urge
again upon the committee that every person
who bids for this property should make known
frankly and freely who they represent, and
that the bids may be Simultaneous
Mr.. Mari asked if it was practicable to get in
all the other offers by next Tuesday
The Mayor stated his inability to answer the
question. He could not see any idea or sense
in delaying
Mr.. Mari explained that the reason for his
motion was to enable other parties in pursu-
ance to The wish of Mr.. Putnam to come in
here and present their bids.
Mr.. Noyes moved the passage of the follow
ing order:
Ordered, That the Mayor be requested to
give notice that the committee will receive
proposals for the sale or lease of the city's in
terest in the Portland and Ogdensburg road on
tuesday next, at 3 O'Clock; and it is requested
that all persons making bids shall be prepared
at that time to inform the committee what in
terests they represent.
Mr.. Noyes, in explanation of his order, said
said the majority of railroad interests centre
in one or two cities. He cited the great roads
centeIing in New York and Boston, and
showed how quickly this proposal for bids If
sent out by the Associated Press would reach
the offices of the great trunk lines. In his
opinion this would be amply sufficient.
Mr.. McAleney was in favor of longer ex-
tension of time in which to receive bids. Such
short notice would not be sufficient for the
railroads of the country to investigate the mat
ter.
At this jancture Mr.. Putnam said he wished
to be understood in his position. He was not
prepared to say but that they would be
willing to put in a proposition and allow any
one to put in another at future time, but his
impression was they would wish others to
make offers at the same time.
Mr. Fogg asked if any time had been fixed
by the Canadian Pacific beyond which they
did not care to prolong this negotiation.
Mr.. Putnam said "No; he was in favor of
the fullest freedom in the bids. His clients
had one plan in this matter; the matter of
the options in stocks and bonds and terminal |
facilities went along with the purchase of the |
road. These other parties had had this subject |