The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1888-07-20

Portland, Portland is the terminus of the
road, the only large place along its line.
So then as surety that the Maine Gen.
trail will not discriminate against Portland
the lessor has the guarantee of the lessee's
promise and the guarantee of the lessees
own self-interest But 1t is urged that if the
Maine Central should ever consolidate with
the Boston g. Maine the Ogdensburg under
this lease would pass into the hands of
corporation popularity supposed to be hostile
to Portland's interests. Now whether or not
the Boston & Maine does harbor such evil de-
signs against Portland as it gets credit for it
is not necessary to discuss. At the present
time the Boston tSMaine holds all the western
connections of the 0gdensburg. That road
can neveribe more at.the mercy of the Boston
& Maine than it Is to-day. The Ogdens-
burg road will be in no worse predicament
therefore as regards the Boston & Maine
when it is leased to the Maine Central and
that in turn is consolidated with the Boston
& Maine, If that should ever come, than it is
now and is likely to continue to be as long
as 1t retains its present status. Indeed it
will be in better position, for then it will
be practically the Boston & Names prop
erty and there will exist the motive of self
interest to develop it and that can be done
by the Boston & Maine no more successfully
by policy inimical to Portland, than by the
Maine Central. Doubtless it is a fact,
largely due to the prejudice which exists
against the Boston Il Maine, that the own
ers of the Portland & Ogdensburg- is
the citizens of Portland-would prefer that
the provision of the lease which in case of
consolidation on the part of the Maine Cen
trail road with some other road passes the
lease of the Ogdensburg to that other
road be stricken out But does this
provision so seriously jeopardize the full
fllment of the terms on which the
Maine Central leases the road as to
justify from the standpoint of self-interest
the rejection OF this lease? In asking for
the omission of this clause the Ogdensburg
would practically be asking that for 500
years the Maine Central submit entirely to
its dictation in matter perhaps vitality af-
fecting its own interests. 1t is not to be ex-
pected that the Ogdensburg will ever get
such concession as that from any corpora
ton or individual
Is the money rental secure9 The lessee
promises to pay it, and failure to do
so is ground of forfeiture. The guaran-
tee of this promise is the ability and
good faith Of the Maine Central corporation.
That 1T Is prosperous corporation to-day,
amply able to pay all liabilities it assumes,
is not to be doubted. That its prosperity
VIII continue there is every reason to be-
lieve. OF its good faith there is no question.
Indeed 1t is under the strongest kind of
bond to keep faith with the people of Maine
and the lessons in this case are some forty
thousand of that people-for 1t Ia from
them it draws all Its rights and privileges.
But 1t is urged if this lease should be turned
over to another corporation by consolida-
ton the Maine Central might be relieved
from its obligation to pay the rental. Any
such danger, If any exists. could be effectu-
ally guarded against in the enabling act of
the Maine Legislature, which must be passed
before any consolidation is possible. But
the fact that the Maine Central covenants
for its successors or assigns would seem to be
ample guarantee for the payment of rent in
case of consolidation.
Objection Is made to the terms of the
mortgage which the lease allows the
Maine Central to put upon the road.
If, however, the proceeds are devoted
to the purposes specified in the lease
payment Of the first mortgage bonds,
payment of the receivers certificates
and new construction, 1t is difficult to
see Low the city could suffer event if the
road were thrown back upon its hands with
obligation to take care of the bonds under
this mortgage. OF course the lessons would
prefer that no new mortgage should be
placedupon the road. They would prefer that
the Maine Central should take the money
needed for the payment of existing encum-
brances and for the extension of the road out
of its own treasury, so If the road came back
to them 1t would be clear. But they can hard
ly expect to find lessee so obliging as that.
II the lessee agrees to deliver to the lessor
In case of forfeiture the property in as good
condition as regards encumbrances as lie took
it 1t is all the lessor can reasonably ask for.
This the Maine Central apparently agrees
to do.