The Portland daily press., 1885-10-01
The Portland & ogdensburg Railroad


Whenever the Portland & Ogdensburg Railroad
Company affairs are brought before our people
there springs up number of small souls who be-
lieve that everyone else is controlled by the same
base and double motives as themselves 1t would
be useless to attempt to convince such persons
that there are business men and lawyers in and
about the city of Portland who appreciate what
is due to condolences bestowed upon them, or who
can have more than one friend or interest without
being false to any, wish to spend no time over
such persons; but / respectfully suggest to the
PRESS itself that its columns today presented
more the appearance of a raid than of candid
effort to enlighten the public upon this matter.
NO scheme OF reorganization of which / am
aware, has been asked for or furnished. except in
the interests of the holders of all the bonds of
which the city of Portland owns the majority and
under one scheme, as much as under the other,
the city runs some hazard of losing the control OF
the property in the event an attempt should be
made to complete it, ncumbering it for that pur-
pose. If preferred stock is issued, which may be
to the extent of 81 500 900, the citys proportion
Of it would be over 5000 shares, at least 1000
and deducting say from $4,000 to 500, 900, for
liqudatng the floating Indebtedness, would still
leave the city as sure control Of the corporation
as 1t would have of a corporation organized ac-
cording to strict law.
AS to the criticisms upon the Mayor, presume
he is capable OF taking care of himself. 1t seems
to me, however, that he did only his plain duty
when he called the attention of the City Council
to the fact that under the law the present bonds
stock, which might be entirely wiped out by fu-
ture attempts to extend the line, and suggested
the enquiry whether some plan might not be de-
vsed by which the city in any contingency should
be sure OF realizing something from its invest
ments. Evidently the City Council considered
that he was doing but his duty, as by unanimous
action they referred his suggestions to the proper
committee.
The proposition is not new one; nor does il
seem to me to involve the matters discussed al
| the public meetings last winter, as the PRESS
seems to understand. The suggestion was made
as long since as the mayoralties of Mayor Fessen
den and Mayor Butler, when the requisite legisla
tion for working it out was obtained; but it has
always been found impracticable, by reason OF
the impOSSibllity of obtaining the assent of all
the security holders upon reasonable terms, and
| for aught know, may now be equally impractica-
BILE for the same reason. The discussions at the
public meetings last winter were as to the power
to be given the city of selling or leasing its in
terests and probably few if any, of those present
considered whether the city interests under the
| REORGANIZATION would be wholly stock or partly
bonds.
1ne letter which sent the Mayor, and which
some persons who have presented themselves
through the public prints, cannot have read very
carefully was approved by all the trustees and
~ e boarG did ~ not nire and III do an,
| know what are just now the personal views of the
trustees; nor do understand that the personal
views of either them or myself upon this question,
| which is a mere question of policy, are of any
special value.
and their counsel are willing and anxious to civ
citizens and bondholders any information within
| their possession; but presume their opinions
| fuctuate as well may those of other persons who
| have given the matter thought. Looking from the
| conservative side. and from the view of making
sure that the city is to receive something for its
Investments voluntary reorganization may well
be preferred but when regarded from the side OF
the road, looking to its future extension and the
| development Of the. line. as originally con
templated, the law gives the better, because il
gives the stronger corporation with greater credit
Wheh eandidly examined it seems to me the
whole question resolves itself into the aiternativ,
stated IN my last sentence, and all others win bt
touha IN me main to be purely irrelevant or in
may be discussed candidly and fairly without am
| rear of tricks or double dealing
September 80, 1885.