The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1885-09-30
TAE PORTLAND AND oGDENssURc
AGAIN.

Last winter a bill was passed by the Maine
legislature providing method of reorganiz-
ing the Portland & Ogdensburg Company
after the road should come into the possess
sion of the second mortgage bondholders by
reason of the foreclosure proceedings then
pending in New Hampshire That bill was
fully discussed. A meeting of the citizens
of Portland was held at which it was thor
oughly considered, and its provisions fully
explained by Judge Webb, one of the trus-
tees of the second mortgage. The opin-
ion expressed by that meeting was that the
reorganization features of the measure were
perfectly satisfactory. Objection was made
to the provision for the sale of the road.
and this was subsequently changed to
meet the views of Portland merchants,
but against the reorganization features
there was not one word of complaint
Nobody suggested any other plan, or hint
ed that in any other way the interests
Of the city could be 50 well, or better secured
The Mayor was there. but he preached no
other scheme. Subsequently bill substan
TALLY similar to that adopted in Maine passed
the New Hampshire legislature The fore
closure proceedings were pressed to favor
able termination and everything was going
along smoothly under plan that had been
thoroughly discussed and had received the
approval of the trustees of the second mort
gage bonds, and been ratified by the mer-
chants of Portland after a full and free
discussion, and with a full understanding of
its provisions
Precisely when or how or by whom it was
discovered that there might be better way
to reorganize the road we cannot saw.
But the first public intimation of it
came from the Mayor last Saturday
night in the shape Of letter to the Hon.
William L. Putnam. 1t is little peculiar
to say the least, that after the merchants
of Portland had expressly given their sane
ton to the plan enacted last winter, and had
sent committee of their own number to
Augusta to secure its passage, the Mayor,
who has always professed great Difference to
the opinion of the merchants, should at this
late day be found broaehing new scheme
which proposes to throw overheard the plan
sanctioned by them 1t is also peculiar that
in his letter to MI Putnam the Mayor avoids
asking the latters opinion as to the rela
tive merits of the foreclosure plan and the
mutual agreement plan as regards the
security of the city's interests. Last spring
the Mayor was so fearful lest the city might
lose the road that he advocated an amend
ment to the bill then pendingi before the
legislature, forbidding a sale except by a
two-thirds vote of the people. But strangely
enough, in his letter to Mr.. Putnam he neg
lects to ask the question that should have
hposa il, Il ind
of the two schemes will in your opinion best
secure the control of the city in the road?
There is another feature in this matter
which should not be overlooked, and that is
the neglect of the Mayor to call upon the
city solicitor for his opinion in regard to this
new scheme Mr.. Putnam, as attorney for
the second mortgage bondholders, represents
not only the city, but other holders of those
bonds, whose interests may not be identical
with the city'S. In that position Mr. Put
nam might feel some hesitation to give
advice solely in the interest of the city.
But the City Solicitor is the legal advisor of
the city, and hence would have regarded the
city's interest alone in this matter A favor
able opinion from Judge Symonds would
have greatly assisted the mutual agree
ment' plan. Why did not the Mayor ask for
his views?
1t seems little strange also that Mr..
Deering should forget to ask the opinion of
the trustees of the second mortgage as well
as the trustees attorney. Judge Webb and
the Hon c. f. Libby are lawyers of high
standing, and an opinion from them that
the mutual agreement was better than the
foreclosure plan would have doomed the for
mer immensely. An endorsement from Mr.
US. Kicker is valuable no doubt for he
is an able and honorable man, but he is
human and therefore liable to be BIASED by
his interest in other enterprises which are
popularity supposed to be antagonistic to the
city's control of the Portland & Ogdensburg
Railroad.
1t seems to us exceedingly unfortunate if
the Mayor has discovered better plan of Sc
curing the interest of the city in the Portland
& Ogdensburg than that endorsed by the
trustees of the second mortgage. the mer-
chants of Portland and two State legislatures,
that he should have neglected to take these.
the most natural steps in the world, to con-
vince the public of its superiority. 1t is not
too late, however, to take them now