The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1884-03-21
The Portland and ogdensburg.

The action of the trustees of the second
mortgsg e bondbolders in petitioning the
court to give them possession of the Port
land and Ogdensburg Railroad, appears to
be regarded as right and judicious. The
reasons for the action are set forth so fully
and so clearly in the bill of the petitioners
published in the PRESS yesterday that the
motive of the course cannot be mistaken.
1t is apparent enough that.th holders OF the
mortgage bonds, although the road has been
in default to them have had no disposition
to press foreclosure; but now the emeig-
ency has arisen when the road can no long
er maintain itself in operating condition
without a change. 1t is in arrears not only
to the mortgages, but to its employees; and
the property itself. notwithstanding the lib
eral expenditure for repairs, is in such
condition that large expenditures must be
at once incurred for preserving it in a con-
dition to be used as a highway of trade.
There appeared to be no otLer way of saving
the property and the interests of the friends
of the rotd than the way to which resort has
been had.
The trustees in this matter represent not
only the parties who have the largest pecun-
larry interest in the development OF the road,
but, as 1t happens, the best interests of the
whole community for whose benefit the en-
terprise was originally undertaken, and
whose prosperity will be fostered by sound
and capable management of its affairs. The
step is not antagonstic to, but conservative
of, the public concern in the road In other
words, it is the act OF the friends, and not of
the enemies, of the enterprise, and its pur-
pose is to save the interests of the people of
Portland and not to injure them, or suffer
them to be injured, II the court grants
what is asked for, the road will come into
the possession and control of those who
have credit and who will be able to raise the
money necessary to put it in condition of
efficiency, and enable it TO accomplish the
ends for which it was built, so far as may
be practicable.
II is admitted that those who have had
the direction and management of the road
hitherto have done their duty in a manner
Va WbiSh hO complaint 10 W NC lDC
conditions which have arisen are not owing
TO any fault on their part, but to circum-
stances which they were as poweIless to
prevent as to overcome. If the road has not
yet realized all The expectations of its enthu-
siastic projectors, the reasons OF the failure
do lot impeach The wisdom of its manage
ment since it was CONSTRUCTED. II was an
enterprise of hopefulness and courage aud
sacrifices, looking 10 ultimate benefits, which
1t would be foolish now to weakly despair
of, and still more foolish to surrender the
power to take advantage of any favorable
conditions which may arise. One thing is
certain, the business of the road is not de-
creasiDg but increasing. 1t is not one of
those properties the usefulness of which has
culmiHated, d, which must be expected
to gradually decay in worthlessness. The
statistics of its business for FIVE years past,
which are given 10 another place, are en-
couraging rather than otherwise. 1t must
be borne in mind that the road has never
yet been completed in way to enable it to
develop fully its possibilities either for local
or for trunk-ine business. And the first
requirement of the situation is that it
shall be placed in condition that will
enable 1t TO take advantage of auy favorable
circumstances that may occur The action
OF the trustees of the second mortgage
appears TO have that purpose Immediately
in view, and must therefore be regarded as
not only proper but wise and necessary in
consideration of the interests of all who are
chiefly concerned.