The Portland daily press., 1885-07-03
PORTLAND & ocDENsBURc.
The Debate Before the New Hamp-
shire Railroad Committee.

mlItee OF the New Hampshire legislature on
the bill providing for the reorganization of
the Portland and Ogdensburg railroad com
pany under the foreclosure recently decreed
by the United States circuit court. The de-
tailed particulars of the hearing have come
to hand. From them we learn that Mr.. Put
nam read draft Of the bill similar in most
respects to that published by US, and which
was granted by the Maine legislature last
winter. Mr.. Putnam then made review of
the history of the road down to the present
which is familiar to all our readers-and
assured the committee that the sole purpose
Of the bill was to enable the trustees, when
they got the title to the property, to turn it
over to the real owners who are the bond
holders and owners of the coupons and to
get the New Hampshire legislature to con-
firm in regard to that part of the line lying
in New Hampshire, what Maine legislators
had done in Maine. The proposition he said
was simply that this property instead of re-
naming in the hands of these trustees, to be
operated for the benefit of the bondholders,
may be turned over by them to corporation
composed of the bondholders, so that the
owners of this property may manage it them
selves.
The bill as you see said Mr.. Putnam, per
haps unnecessarily (but in these cases it is
well to be safe and have things plain, reit-
crates the proposition that the new corpora
tion shall have the right to build the unfn-
ished part of the road and shall have the
rights of connection, leasing, ETC., etc, which
the present corporation has, and also the
right to mortgage for the purpose of paying
off prior membranes and completing its
road. All those rights were possessed by
the old corporation and we simply ask that
they shall be transferred to the new corpora
ton; they probably pass under the mortgage
to the trustees, but it is well and safe to have
the thing complete. So far as the rights to
build the unfinished portion of this road
were concerned, these rights undoubtedly
passed to the trustees and its rights were
every one of them secured by fair arrange
ments with the Boston, Concord and Mon
treal railroad. There is not a right today,
whichshe Portland and Ogdensburg railroad
has to cOntruct these unfinished portions of
its line, that was not conceded to it, with the
assent-deliberat assent-and upon fair
trade and arrangements with the Boston,
Concord and Montreal railroad
Solar as the rights of connection are con-
cerned, those perhaps are not of so much
value, but they always have been part of this
system, by which this road was authorized
to connect with lines extending to the west
ward, for the purpose of forming through
line from Portland to the west. Those rights
we have always had, and those rights, our
people justly desire to preserve. The icon
troll of the corporation has always been with
the city of Portland, the city owning a ma
jority Of the stock, and today it holds ma
jority of these bonds so the control will re-
main where it always has remained, with
the city.
These are matters about which there is no
| difference of opinion among the different
| classes of holders of security, nor in our
| own city, and as to (which no person who
| has any interest whatever in this property,
| makes any question. The only party, so far
| as | know, who opposes this proposition, APP
| pears from despatch to General Anderson,
| of which the following is the substance: |:
assent 20 your bill in its present shape the
| Boston and Lowell railroad cannot accede
| to- and asking for hearing on Tuesday, the
| Both OF June.
| Inasmuch as the Boston and Lowell has
| no interest, am curious to hear what they
have got to say in opposition to this bill.
Mr.. Burns-What do you understand to be
| the rights of the Portland and Ogdensburg
| railroad, so far as building extension is con-
| cerned?
| Mr. Putnam-That they have until 1890 to
| build the link from the Fabyan House to
| Scott's Mills upon the location to which we
| were restricted by our arrangements with the
| Boston, Concord q Montreal Railroad. We
| should have been glad to have got larger
| rights, say to Littleton, for example, than we
were allowed to do
Mr. Burns-Did it ever have the right to go
| to Littleton ID
| Mr. Putnani-Yes, sir. 1t lost that right
by legislation under the act, think, of 1871.
Mr. Burns-And it is apparently the pur-
| pose of this bill to restore that right?
Mr.. Putnanl-Not at all. This bill asks for
nothing which does not exist today.
Mr.. Burns-But whether or not Gin your
| opinion there was any right or privilege to
| run to Littleton?
Mr.. Putnam think not at present Gen.
| Anderson is here, and he can answer defn-
| itely.
Gen. Anderson-No right to go to Littleton.
| The location is by the way of Whitefeld and
| Dalton.
Mr. Putnam suppose, perhaps, we can
| go there under the general law in some way,
| but no charter right. | can give the chairman
| DUN of every statute under which we can
| have any right. The first act is the act of
| July Z, 1869; the act of July IA, 1871; the act
| Of June 26, 1877 the act of July 10, 1877 and
| The act of July 10, 1878, restricted us to
| the present line from the Fabyan House to
| Dalton.
Mr.. Barnard-We are not prepared today
| to close this hearing, but | can indicate to
| you some questions which arise and which
| we wish time to investigate and present be-
| fore you. The original bill granted to the
| Portland Il Ogdensburg Railroad is one of
| extraordinary powers, and If you will eX-
anime. you will find it to be different from
| any bill ever passed insthis State.It was pc
| culiar one, but it was seen fit at one lime to
| enact it, thus making them Maine corpora
| ton, and corporation in this State, while
they are in no sense corporation in this
| State, no annual meeting being ever held q
| believe L am correct in that and no board of
| directors in this State.
| Mr.. Putnam-We are like the Boston and
| Lowell in that respect.
| Mr.. Barnard-The Boston & Lowell Rail-
road is not a corporation in this State by
| legislation that | am aware of, and
| think | am within the bounds of the fact
| when l say there is no such legislation in
| the State.
| Gen. Anderson-This was copied from the
rights of the Atlantic & st. Lawrence Rail
| road.
| Mr.. Barnard-Now the Portland and Og-
| densburg Railroad got charter and built up
through the Notch, and they expended a
large amount of money, suppose something
| like $4,000, 900; and we shall want to show
| you that from the report the road has been
| an utter failure. Tie stock has been sunk
| out of sight, large share of the bonds have
| gone down where there is no resurrection
and it is only SO far as it has been connected
i Will tuc DOSbOll, OOuCOIu anu OI
now, with the Boston and Lowell Railroad
that it has been able to demand of them
special privileges and special rights by
| reason of the legislation which they have
heretofore had and the result has been that
they have compelled the Boston, Concord
and Montreal Railroad for many years tC
carry their business at mere nominal rate
say about 81, 900 month, from Fabyan's tC
| Scott's Mills; then twas cut down to $50(
| month, and a large amount has never beer
paid, as | am informed, and is still due
from that corporation. They have com,
PEELED the Boston, Concord and Montreal
Railroad to carry their business from Fa
byan's to SCOTS Mills for nominal rate
and they never agreed to pay, because they
could not pay, and now, in the light of ter
years experience of the past, this petition
comes in here for us to re-enact again Law
of the State of Maine, to put the bOnd-hold
ers and coupon-holders into new corpora
tion, to go over again, as we understand
for the next ten years, and do with us, fol
the next ten years, precisely what they have
done for the past; that is, with the legisa.
tion which this bill asks for, to enable then
to say to the Boston and Lowell Railroad
you must take our business at such rates as
we dictate to you, or we will raise some
money by the bonds authorized, to extend
the road from Fabyan's to Scott's Mill.
| Now, gentlemen, what we have to say is
that in view of the extraordinary character
| of the legislation, we want time to examine
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