The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1863-07-11
Audro.coxe,u Railroad Company

holders in this corporation was neluin TINS
city on the Sth inst, which was well attended.
1t is generally known that near the close Of
last year, the trustees under the three mort
cages, took possession of that part of said
road and its equipments, which lies between
Leeds Junction and Pennington, for breach
of the condition of said mortgages. They
thereupon entered into an agreement with the
Directors of the corporation, by which they
leased the corporation all the property des-
cribed in said mortgages for the term oil three
years, from Dec. |, 1862. The Directors by
the contract were to continue to run and man
age the whole road from Brunswick to Far
mington and after deducting the running ex-
penses, and certain sum for the use of roll
ing stock, they were to pay monthly to the
saidtrustees one half of the net earnings
This agreement has been promptly carried in
to effect, and the road run successfully to the
present time. The length of the road from
Brunswick to Pennington, is seventy-five
miles, the old part and the extension being
nearly equal.
The trustees under the several mortgages,
hoFt aStcu toSttutf 81 "a ttc COuitUOU lIi-
terest is concerned, and they submitted TO the
the different classes of bondholders Joint re-
port relating to that portion of the road which
their mortgages cover. They say, "The traf-
fc of the road for the six months ending May
81, 1868, amounts in gross earnings to S44,
s25. The corresponding months last year
showed the gross earnings to be s33,70l, be-
ing an increase for the present year of 81 1923.
The net earnings for the six months, ending
May 81, as reported by the Treasurer, are
s25,260, against ,677, last year. After max
ing deduction for certain payments from this
fund, the amount paid over to the trustees for
six months has been sS,23S. This has been
apportioned as follows, 2037th parts to the
trustees under the first and second mortgages,
and 17-37th to the trustees under the third
mortgage.
The first and second mortgages were made
in 1851 and 1853 aud cover only twenty miles
of the road, from Leeds Junction to Liver
more Falls. The third mortgage, made in
1856, extends over the remaining seventeen
miles to Pennington, as well as over the first
kHChtl Ahhcs. AhS APp'tiobusHt VI tuc caiii-
ings was made TO conform to this division of
interest.
After deducting various expenses of litiga-
ton, managing the trust, &C., there remains in
the hands of the trustees under the first and
second mortgages, the sum of 81, 42477, and
in the hands of the trustees under the third
mortgage, the sum of s2,646.O5; this latter
sum is required to meet claims and expendi-
lures upon the seventeen miles OF road be-
tween Leeds Junction and Pennington as
must also future earnings-so that no dividend
may be expected by the holders Of bonds I'M
der the third mortgage for some time to come.
But if the business OF the road continues TO
be favorable, as there can be no reasonable
doubt that it will be, dividends must certainly
be paid at proper time; and the bonds will
come to have marketable value, as they now
have real value, being based upon security,
not perhaps sufficient TO insure full payment
Of the bonds, but yet handsome percentage.
The very full report of Jabez c. Woodman,
Treasurer under the first and second mortga-
ges, states the encumbrances by these mortga-
ges as follows:
1st mort bonds, principal, So, 500
Interest to July l, 1868. 26,620
-sl24, 10
ID mort. bonds. principal. 1850
Interest to July J. 1868. 1928
Making an aggregate Indebtedness on the
first two mortgages of 1924 $50, being but &C.
$50 a mile on a substantial well-made road. in
successful operation, and which is worth $780,
600 mile. The third class of bondholders
may therefore take courage and not sacrifice
their bonds at an unreasonable discount.
The money In the hands Of the Treasurer Of
the trustees Of the first and second bondhold-
ers was appropriated, by vote of the bond
holders, as follows, viz: thirty dollars on ev-
cry thousand dollars of the bonds secured by
the first mortgage and the came rate ON the
smaller bonds, to be endorsed on each bond
for six months interest from and after April /,
1861, that being the time when said bonds fell
due; the remaining funds TO be applied to the
payment Of coupons which fell due prior to
April /, 1860, with the interest thereon, the
first payments to be made to those earliest
due. The regular payment Of coupons was
suspended by the corporation April l, 1850,
but there are many coupons outstand-
ing OF prior date. which were withheld
fIom payment, by agreement with the Direc-
tors. These are to be paid with interest ac-
cording TO their order of Indebtedness, from
surplus funds, after paying regular interest on
the bonds.
On the whole, we may congratulate the
holders of bonds in this corporation that their
affairs are now under systematic and pru-
dent management, which will apply the pro-
ceeds of the property to liquidation of the
debts In the order of their contraction, and
that this excellent and useful public work will
continue to render to the commerce, the ag-
riculture and manufactures of our State the
large aud liberal accommodation which il was
designed to do, and has thus far accomplished
and that the rich and fertile country TO
which it pcnetrates, and the towns to which
its arms extend, win, by their mutual ex-
ample benefits to which their large expendi-
lures in the cause entite them. Success to
this and all other honorable enterprises among
us. 1t is most gratifying to be able to say thai
every Railroad Corporation in our State i:
! now doing remuneratve business. w.
Maine Camp Hospital Association
To The people Of Maine: