The Portland daily press., 1885-10-09
ocDENssURo REORGANIZATION.
Meeting Of Citizens Called for Next
Tuesday Evening.
What Hon. c. p. Wescott Thinks of
the Reorganization.
statement fron, Mr.. Edward A.
Noyes.

The following correspondence fully explains
itself: 8
PORTLAND, Oct. s, 1886.
Hon. J, ". Sgnoads, city Solicitor:
Dear Sif,-rhe undersigned, business men and
citizens q Ps diid, laVng deep interest in the
prosperity \ tie cry. aud desiring to consult
VITA yca IN regard to tile. preservation of the
city ) Interest ia tie Portland and Ogdensburg h.
H., respectfully invite you to meet with them ut
| public meeting to be held at Reception Hall on
Tuesday evening, Oct 18Th, at 7.3O o'clock, and
10 state to them yr opinion as to the best meth
eds to be adopted to retain the eys interest and
control in said road;
Chas. Mclaughlin & Co., Chas j. Chapman
George w. True & Co., Dana & Co.,
s. A. 4 j. HI. True, KenSell a Tabor.
Geo. s. Hunt s. Co., Fletcher & Co.,
Il. Corey 4 Co., I'll. s. Melcher 4 Co.,
): W. Larrabee, 5. w. Thaxter s. Co.,
Mari Littlefeld, Thomas IL. Weston,
Francis Fessenden, Swan & Barrett,
j. S. Wiusow & Co., Twitchell Champln&Co
Woodbury. & Latham, Cousens & Tomlinson,
uoMes, Hilton & Harris, L. A. Waldron & Son,
d. W. True & Co., Brown & Josselyn
Shaw, Hammond Carney.
PORTLAND, Oct. 8, 1885.
Messrs. Charles Mclaughlin Dc Co. and Others
Portland.
Gentlemen-In reply to the letter which have
had the honor to receive from you today, let me
say that shall be glad to be present at the meet
ing of the business men and citizens of Portland
at the time and place designated in your letter,
and as a citizen to state to them my opinion, and
to confer with them, upon the best method to be
adopted to retain the cityS interest and control in
the Portland and 0gdensburg Railroad.
Ireman, very truly your obedient servant
j. w. SYMoNDs.
MIR. wEscoTT THINKs THE FIRST MORTGAGE
BONDHoLDERs SHOULD CHIP IN.
A reporter of the PRESS, in conversation with
ex-Mayor Wescott ELECTED his opinion yesterday
as follows:
If L understand the order of the court correctly
in regard to the issue of the S2O0,oOO receivers
certificates, it is that the original order provided
for the issue of $2oo,000, one hundred on the
Portland division, and one hundred the noun
tain division: Since then the $4,000 balance of
certificates has been issued ostensibly for the
purpose of paying the coupons of the first mort
gage. The charge then would be S150,000 to the
Portland and 100000 to the mountain division.
mttee relating TO the Dalton extension loan of
$4,000, and the liens of the Portland Company
and M the the Wason e Company on cars, for S2s,oo0,
for the coupons due July, 80, and January, S6 on
the first mortgage, which should be a charge
against the Portland division. The coupons on
the receivers certificates due November 1st
1885, stated at 81 700, should be divided, 50 800
for the mountain division, and the balance on the
motive round-house and fitting up the car shops
in this city, amounting to $4,000, this is proper
charge on the Portland division. The constrgc-
committee, $4,000 on the mountain division and
$4,000 on the Portland division. The mortgage
for offices and car shops in this city, amounting to
$13, 800, is charge on the Portland division. The
aggregate of these items is S243 400 for the Port
land and $117 800 for the mountain division.
There will be credit for earnings of $50 900 for
the whole road to January 1st, 1856, and
$25 900 for iron rails on hand, making total Of
$4,000. Giving the Portland division the full
credit for these items, leaves balance of $685.
400, which would take precedence in payment
over the first mortgage, if the road was divided
1 fail to see any reason why the second mort
gage bondholders should be compelled to assume
and pay this sum without aid from the first mort
gage bondholders either by direct contribution or
by scaling of its interest. If the whole income of
the road was applied to the payment of the re-
celyers certificates, (f the report OF the commit
a q
road would in about three years pay off the re-
cevers certificates and floating debt, and enable
the stockholders to take possession of the road,
free of the encumbrance of receivers liabilities
and floating debt.
If an agreement should be reached at this time
by the second mortgage bond-holders as to the
amount Of the bonds which they desire to place
on the mountain division after the foreclosure of
November 18th, shall be completed, an act Of the
the amount agreed upon. In the meantime the
road will be operated by the Receiver, protecting
the interests of ALL In case the foreclosure shall
be completed, November 18th, the city will still
retain the right Of redemption in the Portland di.
vision, which right have been informed, would
continue for three years after the foreclosure shall
have been commenced by the first mortgage bond
holders. / believe in a mutual reorganization,
paying each one his proportional part, but believe
made party. The plan of the committee Is TO
expressly exempt the first mortgage from particl-
that the largest portion fully one-half OF the re-
ceiver's liabilities, and debts of the company
should be paid by the first mortgage bondholders.
A STATEMENT FROM MR. MOVES
PORTLAND, October 8th, 1885.
To the Editor of the Press:
desire to occupy space in your columns, for
my first and last personal explanation upon the
Portland and Og1ensburg question
find that in some way or other an impression
seems TO prevail, that an attempt is being made
by some parties Ito the public unknown) to get
possession OF the road but any candid observer
who studies the situation must realize that what
is attempted is simply an adjustment of the in
debtedness of the company among the creditors
according to the respective holding of each credi-
tor, and that no plan suggested by the committee
deprives the city of its majority holding, both of
bonds and preferred stock
The discussion of the advisability of scaling
down the amount of the second mortgage indebf.
edness is no new subject to me, as l have heard
the subject discussed more or less for the past
ten years.
Recognizing the jealous distrust with which
persons unfamiliar with readjustments Of this