The Portland daily press., 1885-02-23
CITIZENS MEETING
Held mt Reception BalI 10 Consider the
Portland and Ogdensburg Bill.

The informal meeting to consider the Port
laud and Ogdensburg bill now pending before
the Legislature was held at Reception Hall
Saturday evening. The attendance OF leading
business men was very large. His Honor,
Mayor King, called the meeting to order and
said that inasmuch as a legal town meeting
under the city charter required seven days
notice he had cllled this informal meeting.
On motion Of Charles j. Chapman, His
Honor the Mayor was chosen to preside, ana
George FL. Townshend, Esq, was chosen Sec
retary. Hon. Nathan Webb then took the
floor and addressed the meeting as follows:
JUDGE wKBB's REMARKS.
Judge Webb said: / do not know as it ia
necessary to wait for any formal declaration of
the purpose of this meeting for saw it in the
morning papers and like others / have heard
constant statements of the subject of it, Now
it happens that [ occupy the position, un-
sought, of one OF the trustees of the second
mortgage of the Portland and Ogdensburg
Railroad Company. That is the mortgage
under which the city has very large inter-
est. AS there seems to be current in the COM
munity impressions, suspicious perhaps may
say, that there is some improper action contem.
plated, have deemed it proper before the
discussion proceeds at all upon auy particular
to appear here before my fellow-citizens and
render an account of my Stewardship. / wish
them to know just what as one of the origi-
nal trustees down to the present moment have
done in their interest and in the discharge of
the duty which rests upon me. I regret the
position in which am placed as a trustee
holding as do public position which casts
upon me delicate duties and fozbids my engag-
ing in general discussion OF affairs as is free
to other citizens. Not long after the execution
nf the mr. TOO hod fha a. ho
ed By Judge Clifford a trustee to fill vacan-
cy. 1t was not at that time supposed that
there was much of anything for the trustees to-
do, but in the course of time disaster and fail
ure attended some OF the enterprises and dissp-
pointed the hopes of the projectors
OF the scheme. They were unable
to pay the interest on the second mortgage
bonds. The provision Of the statutes of the
State did not seem to require the trustees to
act unless they were called upon by some nor
tion OF the bondholdefs or other parties inter-
ested. And the trustees in conference among
themselves and with business men in whom
they had confidence were of the opinion that
they were not called upon to take any steps
which would interfere with the management
OF the corporation by its own proper officers
until they were called upon or until some ad.
ditional exigency arose.
Matters went on in that way. The officers OF
the corporation were in constant conference
with the trustees who were well-informed and
they went along. l happened also TO be- couu-
sci for the corpof alton, being then at the bar
engaged in the practice of my profession. After
while corporation in New York who had
become owners of ab5ut $4,000 of bonds So
cured by this mortgage which l understand
they had taken in payment of debt from
some OF the contractors, seemed determined TO
force some movement for their ADVANTAGE in
utter disregard of the advantage OF the great
6ody OF the bondholders of whom this city of
POp flAnA tpo hNy for ffur 1C1
commenced proceedings by bill in equity in the
United States CircutCoutt for the State ef New
Hampshire in which they substantially asked
TOR foreclosure of that part OF the railroad
lying vii hin the State of New Hampshire and
not covered by the first morteage and they
asked for decree of the court for its sale.
This at once preser ted to US dangerous
condition of things If the court should de-
cree sale OF that portion of the road, much
OF the most Important part of the property
would % taken entirely away from the pro-
lection OF the bondholders 1t was necessary
to resist that movement and the first step was
to object to the procseding in the court upon
the ground that all parties interested had not
been made parties to the bill and that the
trustees had a right to become parties to tboss
proceedings. Inc court sustained that objac-
tion and authorized the parties to amend tneir
proceedings and make the trustees parties de-
feDdaDt, which was done.
The bill was served upon the trustees with
in this State aud they filed their answers snd
resisted by every means in their power all at
tempts to sunder the road aud dispose of it by
piecemeal. They endeavored to pr 5tect the
Interests of the citizens of Portland against the
Injury that would arise by the sale OF piece
OF the road placing it in the hands of persons
that would have no interest for Portland aud
no regard for its welfare.
Then there came to our knowledge, wholly
uuantcipated, the fact of the sudden failure OF
the track of the road which made it sbso-
lutely essential that some means should be
provided whereby the track could be relsid
and the necessary equipment of the road
should be acquired. WHAT was to be dont?
The stockholders could not be asked to put
any more money into the corporation; what
they had put in as stockholders was already
lest. The bondholders could not be expected
to put in any, for the city who owned more
than one half Of all the bonds had no author
fty and nc disposition to invest any more
money In it. The trustees had no authority
and no credit by which they could act and in
that state of the case the trustees looked about
them to see in whose hands as counsel they
should place the interests of the CITY, repre-
serted by themselves as trustees, who would
vigilantly look after everything. / myself had
left the bar; my partner, who had for a while
taken my place, had left the bar. On account
OF his pe rsoDal character, his high professional
attainments and his familiarity with the
whole history OF this road we selected Hon.
William L. Putnam of this city as counsel for
The trustees. We said to him this is the con.
dition Of affairs. possess yourself of all the in
formation in regard to the road, its financial
condition and in our name take all steps
before any and all courts necessary TO protect
this property especially for the city OF PORT
and which has the largest interest. There-
upon when we learned the real condition of
things in detail which we had before known in
general, it was decided that the only proper
course to pursne was to apply to the Supreme
court in this State in conjunction with the Cir
cult court of New Hampshire to have receiv-
or appointed, who should, under the authority
OF tho court and by the credit he ~oa6 thence
derive, obtain the necessary funds to protect
the property from absolute destruction and an
nthilatien, and that was dene, In that pro-