The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-08-05

Annual Meeting.

The annual meeting of the stockholders of
the Atlantic & St. Lawrence Railroad was
held at the old City Hall yesterday, st. John
Smith, Esq, President of the corporation, pre-
siding
The annual reports of the Directors, Treas
urer and Commissioner Of the Sinking Fund,
were presented. We quote from the report of
the Directors:
The Lessees, are putting into the track, a
large amount of new rails, and sleepers this
season.
The bridges upon the line are believed to be
in good order.
Under the authority of the vote of the Stock
holders at their last annual meeting, your Di-
rectors have entered into supplemental con-
contract with the Lessees OF the road, by
which for the term of ten years, the rent upon
the share capital, is reduced to four per cent.
per annum. They have also provided in the
same contract, for the liquidation for the ar
rears of rent.
An article has been inserted in the warrant,
calling the annual meeting, and that they may
act Understandings, the articles in the agree
ment bearing upon the subject are inserted,
and are as follows, being the third and fourth
articles. of the Contract
ARTICLE 3-That for all arrears of rent on the
said share capital which shall be due up to, and upon
the 3ls day of December 1862, tbeing "A years. the
said Grand Trunk Railway Company Will issue to the
respective holders of the shares its certificates of in
debtedness to an amount equal to such arrears re-
spectively and bearing interest at the rate of four
per cent per annum from the 3ist day of December,
1862 for the period OF ten years. with hali-yeary
coupons attached for the payment of such interest
and the sums payable in respect thereof, shall be pro-
vded by the Lessee Company in addition to the sums
herein before mentioned but if, by the redemption
of any portion of the City of Portland mortgage
hands N n
the amount of annual interest these bonds shall
be reduced, the amount of such reduction after pro-
yidDg for the increased rate of interest on the ster
ling bonds, anG rent the shares, shall be applied
toward increasing the interest on such certificates of
indebtedness, up to six per cent. per annum
ARTICLE 4.-If at the expiration of such period
of ten years the Lessor Company shall have obtain
ed power to create and issue the requisite amount OF
additional stock, the certificates of indebtedness
shall be exchanged for stock OF the Lessor Company
of the like amount, bearing the rate of interest
the other ordinary stock, otherwise, the certf-
tifcates bearing interest in perpetuity, until
verted into stock at the rate of six per cent per
mum, and the interest, payable on such additional
stock or renewed certificates, shall also be provided
by the Lessee Company. But inasmuch IS questions
have arisen respecting the authority of the Directors
of the Atlantic and ST Lawrence Railroad Company
under the resolution OF their stockholders adopted
August 5, 1862, to agree to the foregoing arrange
mens for the liquidation and conversion of the ar
of rent upon shares in the manner herein pro-
yided il is agreed that the present and next proceed
ing clause OF this instrument, being the third and
fourth clauses not to be carrird into ELECT until
the same submitted TO the Stockholders OF said
| Company at legal meeting. and duly confirmed by
| them.
The first halEyearly payment of the fonr
| per cent. per annum dividend or rent, will be
made early in August.
The interest upon the city loans to this COM
pany. and upon the mortgage bonds has been
| provided, and paid as due and called for.
We are happy TO state that the lessee have
resumed payment to the sinking funds, having
paid six months instalment, and given us as
| surance that all future payments shall he
| promptly met.
The report on the Sinking Fund we gave in
our account of the proceedings Of the City
Council published yesterday:
| A ballot was then taken for nine Directors
for the ensuing year, and the following gentle
men were elected, receiving the whole number
Of votes thrown, 1850, viz: st. John Smith
John B. Brown, Phinehas Barnes, Charles K
Barrett, George F. Shepley, Harrison J. Lib.
by, james L. Farmer, Byron Greenough, AL.
exander L. Gait.
The following resolution was adopted by a
stock vote of yeas 9,796, nays /.
Resokced, That the stockholders do now ratify and
confirm the 3D. and 4h clauses of the agreement foI
modification of the lease of August 1853, which wa.
entered into in March last by the Directors of thi.
/ Company with the Grand Trunk Railway Company;
and that authority be given 10 the Directors to apply
for such increase of capital stock of this Company
rs may at any time become necessary TO carry into
effect the conversion of the certificates of indebted
| mess into stock contemplated and proposed in
and by the 4th clause of the agreement aforesaid.
The meeting then adjourned sine die.