The Portland daily press., 1886-11-30

into management that has the means to
make controlling alliances with connecting
roads across the continent that win bring
business to the city of Portland of vast
magnitude.
GEN. C. p. MATTocKs.
Gen. c. p Mattocks was found very busy
at his office, and, when questioned relative
TO the adyisability of making the proposed
lease, SAID that he had given the subject no
tnougnI, ana was unprepared to express any
opinion concerning IT,
J. w. FLETCHER
of Fletcher q Co., would not lease the line to
any corporation at any price. tits the only out
let, except the Grand Trunk, we have, and If
the Boston and Maine get this road, why the
Grand Trunk will also sit down on us.
SYLVESTER MARI.
Mr.. Sylvester Mari, of the firm of Mari &
Littlefeld, after reading the proposition,
said: 'WelI, shouldn't lease it. That's
all I've got to say about it."
NON. GEORGE p. wEscoTT.
Hon. George P. Wescott said he did not
think the Maine Central's offer so favorable
to the city's interest as ought to have been
expected.
OTHER OPINIONS.
A gentleman who does not wish his name
given, but who is in position to know, says
that the city's interest is first mortgage
on that part of the road west
of the Bartlett line, called
the Notch part, and second mortgage on
the part from Portland to Conway. about 60
miles. The Notch part of the road is report.
ed to be in good condition on both track,
road bed and bridges. while the Portland
end is not in equally good condition. it being
estimated that at least $4,000 would be re-
quired to construct the bridges across the
Presumpscot river at Cumberland Mills;
and that there are other bridges on the same
part of the road which require renewal. 1t
is to Offset this large coming expenditure
that the Maine Central have changed the
terms Of their offer. The road having been
recognized by the formation of corpora
ton by the bondholders who hold the mort
gage, (the second mortgage on the Portland
end and the first ON the Notch end,) those
bondholders have absolute ownership of the
Notch part, but only right of redemption
in the Portland end. The city is the princi-
pie factor in this new corporation. The effect
of the change of Maine Centraps offer from 3
to 2fper cent? is to leave the city to bear the
portion OF the largest proportion of the ex-
pense OF the repairs on the Portland end, by
ltdSUu VI Tie ItuuCtlOu WHICH The Maine
Central has made in its offer of rental. This
would accrue to the benefit of the first mort
gage bondholders the first mortgage on the
Portland end when in equity as operated by
a receiver they would be obliged to make
their own renewals After these renewals
have been made, there is no doubt the city
can hen obtain for its rental much better
offer than the Maine Central now makes.
Another gentleman, who is thoroughly
conversant with railroad affairs, thought that
the proposition of the Maine Central ought
not to be entertained for moment. In the
first place the rental offered was too low
The Ogdensburg, he sale, is now in the best
condition 1t ever was in. Iron rails have
been replaced with steel, wooden bridges
with iron, the road bed is well ballasted, and
the whole property is now in position to
become profitable to the city. Its earnings
are increasing, and no doubt the Maine Cen
trial expected to make good profit ON its in
vestment, even throwing aside all other
considerations. The idea that city could
not with profit own portion of a railroad
he thought wholly false. 1t might put the
road into the hands of proper officers, and
then participate in the profits accruing to its
stock just as any other stockholders might.
The opinion that appeared to be gaining
ground too that the road should be taken
out of the hands of the receiver in order that
it might be mangaed better was equally un-
worthy of adoption. The receiver can man
age the road just as well now as he could
Whtu ue WdS pI6Slu6ut. besides, the CITY
has 1t In its power at any time by slight eff
fort to pay the receivers certificates and
manage the road with usual board of officers.
Then there was another consideration.
The Eastern railroad owns a majority
of the Maine Central stock and the
its lease. In other words, the Maine Cen
tral is thoroughly in the hands of the Boston
Il Maine, The lease of the 0gdensburg to
the Maine Central means really a lease to
the Boston d Maine. Everybody knew, the
gentleman said, that the Boston & Maine
cared nothing for the interests of Portland.
How had it been in the case of the RocheS-
ter road? In that line Portland had a COM
peting route to the West. The Boston q
Maine got hold Of it, and now the Rochester
was merely local road. Before the people
of Portland thought of letting the Ogdens-
burg go into the clutches of the Boston Il
Maine, they should ponder we'll their former
experiences with that corporation. The Og-
densburg now enjoys, he said. a good sum
mer traffic to the White Mountains. 1t pen
etrates region that the Eastern's Conway
branch cannot reach. But let the Boston q
Maine once get control of the Ogdensburg
and the travel now coming to Portland
would be switched off at Conway for Boston
Then there was another very important con-
sideration. The only hope of Portland and
the Ogdensburg was to make the road part
Of a through line to the West. Would an
alliance with the Boston q Maine do that?
certainly NOT. Inc Boston " Maine was not
through road. 1t would never have any
connection with the Canadian Pacific, the
great through route with which
Portland ought to have untrammeled
connection. And if the Boston &
Maine should get control of the Ogdensburg
the hope of this through line for Portland
would be shut out. There was a road, how
ever, whose relations with the Canadian
Pacific would probably be intimate. That
road was the Boston & Lowell. 1t was al
ready stated that the Canadian Pacific had
made traffic contract with the Boston 81
Lowell. Already the Boston & Lowell fur
nishes link of road for the 0gdensburg,
and the destinies of the two roads are some
what similar, the one being prospective
outlet for the Canadian Pacific to Boston,
the other to Portland. The Boston &
Lowell has Western connections which
makes its prospect of becoming part of
through route very bright. 1t would be bet
ter for the people of Portland, before giving
serious thought to the Maine Central's offers
to see what the Boston q Lowell, or some
other road, would do. At any rate the city
could better afford to keep its property than
let it to the Maine Central at the figures
offered. Part of the road belonged absolute
ly to the city, and on the other part there
was the Insignificant mortgage of 100000.
such property as this" said the gentle
man, sit would be the heigth of folly to
give up to the Boston & Maine for 1 per
cent for three years, and 2 per cent. ever
afterwards"