The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-06-21
Meeting Of the Bondholdsrs Of the York &
49, Cumberland Railroad

~eN~Af
Ameeting Of the Bondholders Of the York
d Cumberland Railroad Company, was held
yesterday afternoon at the Board OF Trade
rooms, for the purposes specified in the call,
as published in the Press.
The meeting was called to- order BY Hon.
George Evans, aid was organized by the
choice of Hon. William Willis as Chairman,
and Lewis Pierce, Esq, as Secretary. fgSi
A committee consisting OF Messrs. A. K.
ShurtIef, George Warren of Saccarappa, and
G. e. B. jackson, was appointed to ascertain
and report the aggregate amount OF bonds
represented at the meeting.ia &c
Subsequently, the committee reported the
aggregate amount Of bonds represented at this
meeting to be SIT 400. A larger amount
was represented, but the owners did not have
their bonds or scrip at hand SO as to give the
amounts. A majority Of the bonds issued
was represented at the meeting. baDsml4E
Hon. George Evans presented the state
ment of the Trustees, which was in printed
form, and was distributed among the bond
holders. ass wsa aiQaaE1 "a taN8 b 81
In presenting the report Mr.. Evans re-
marked that he presumed the object of the
meeting was well understood by all present.
The road is now in such an cxigency as to call
for the immediate action of the bondholders.
There were now outstanding bonds to the
amount Of $4,000, part of which were the SC
called "Herrick bonds,' which had been de-
cided by the Court to be valid. BsM z. d
In December 1859, a bill in equity was fled
by the holders Of these bonds to enforce their
payment by sale of the road, and other property
embraced in the mortgage. ID March 1860,
Hon. ]. G, Noyes was appointed Receiver,
who remsined in possession until 1862, when
an interlocutory decree was Issued confirm
ing the appointment of Messrs. Churchill,
Woodbury. and Evans as Trustees, who then
took possession. Hon.. Seth May was ap-,
pointed Master. His report was presented in
1894. Hisreport was objected to by Hon. r.
o. J. Smith, and the matter was carried up to
the full bench, who sustained the report.
The bondholders are to decide, whether
they will suffer q decree to be issued for the
road to be sold to satisfy these bonds, amount
ing with interest to about $4,000. In ad-
dition to this amount, there are also other
outstanding claims for land damages, &C.,
amounting to about $23, 0OO--which must be
assumed by the bondholders.sa4 The whole
amount is about $4,000 When these claims
are extinguishsd, the title to the road will be
This must be done By an assessment on the
bondholders, and it would amount to about
fifteen and one half per cent. Ii the bond
holders vote to redeem the road, the statute
provides for an assessment. If any bondhoId.
er refuses to pay his assessment, the law pro-
vides that any other boadholder may supply
bis place, pay the assessment and secure to
himself all the rights Of him who refuses, sub
jeet,i however, to redemption by the bond
holder within one year, by his paying an inter
est of II per cent. y s-As fSAAa
When the Trustees took possession of the
road in 1852, 1t was In terrible bad order, and
unsafe for travel. It was placed under the
SUPPLEMENTARY ofHon. N. L. Woodbury., un,
6e sgcd R R9sf s sSS IT.
creasing. x~s+~,, .sS-.-- :.
Mr. Evans read reports from various Der.
sons connected with the road, showing thai
the road-bed, track and rolling stock were in
better condition than they had been for a lon .
tune. n .sf...', 4. n - Z :
As to the expediency Of redeeming the road
the stockholders must be the judges. For
himself he would say that ii, the road was re-
deemed, Ia order to make it a paying road. it
must be constructed according to its original
design, and made a through road 10 Boston
Unless this was done, the coupons on the
bonds would ne yer be paid.u The bondholders
must decide this question.
Hon. William Willis offered the following
for the consideration Of the meeting. ~
Whereas, The York & Gumberlaud Railroad 10
on the 9th of February 1854. mortgaged To- John a
N.Y. their road, its franchise, rolling stock. and All
mortgage raid Myers subsequently ass;gnsd ana ,.,s
"a % ne Trust Of said corporation under the
Sanudry LIST 81 to secure certain bonds, com
AAouy oa.eo cue con -0lidated bonds,
Aud, Whereas, said Trustees on the 18th dav AZ An,
s s uno z decree Of the Supreme Court Of Maine
ty emb- ced In said ayers mortRare r bresch ~ ~
condition thereof and to foreciose the same which nos
On ana Teclosure will become absolute on the 18th
And, w reas, there are rights and claims ,,pon said
nSvag priority over the Myers orgage to the
amount OF $40 0b063 including interest 10 ,JuIv
lSo0 according 70 the report OF said Trusfe,s. ksh
must De reno led before the CONSOLIDATED bondha,drs
can acqnirs an ndeieasabe title to said road is ran
~ n 1'ner property, and which 1t is for the iuter-
est OF SAID 6ondhoidera to Remove II = = '1Sf.S.s
M, nMereas the said mortgaged property, at
ing at the rats of OO0a mils ~ De-
Now, therefore Il Is. u -1fi'4D s5sa awons
Eotsd Thatt q the sense ofthe bondholders here a.
aforesaid existing or 10 the Myers iudpmsnt y
% assumed and paid BY the holders Of IN consodtJ
Do ana tnas an assessment for that purpose Be laid
Voted That the Trustees be- and ,bev hereby a.. ,n
70 TAKE all legal and necessary measures to per
ders and DEGREES Of Court as nav be M s
Re. ana they are hereby further iustructad n rsa
ary lst l5 far hras orecose the rgage of Janu
kosea, That said conso dated bondholders WIN sop
@ so oones INTO shares ofthe corporation when
essi ne nrss foreclosure shall be completed and viii
pay their several proportions Of the annpt necesrs "a
az .Hssa y PAY the outstanding pr claims and en-
ouDoIances upon said road and property, S 579ssZT
HoteG That committee of five be chosen To tale in
y consideration the several subjects herein and
prepare plan for carrying into effect the redemption Of
ment o. this meeting. ssaas4ra ~ nh3 Z S71-44
Col. clapp spoke strongly in favor Of
through -oad as a matter OF vital importance
70 the interests Of Portland, and that IL should
De held by the people Of Portland, He had no
1ouos that, eventually the road would be
ou''t 10 connect with the Nashua & Worces-
ser road, thus shortening the distance,to New
.o,n sO51e thirty miles, and avoiding the
=, a''.,s imposed in Boston by coach hire, &C.,
ID Oe'ng transferred from one denot % an.
osner' ne stated thathe had had offers from
Various parties for his interest Il, mo Rad hit
uau uscit1so y sen a. be did not wish to have
the control Of the road taken from Portland.
After some remarks by Messrs. Georoe
Evans, William Willis, G. r. Ensry. q. q
Clapp and others. the report Of the Trustees
and the votes offered by Mr.. Willis, were re-.
Tered to committee, consisting Of Messrs
Wm. Willis, J. B. Carroll, q. NJ. Payson, VIM
w. WOOdburY and A. K ShnrtlefE.=said o..