The Portland daily press., 1865-06-26
Bondholders' Meeting.

Bondholdsrs' Meeting. .sl,sd-
An adjourned meeting of the bondholders
OF the York and Cumberland Railroad Com
pany, was held at the Board of Trade Rooms
Saturday afternoon. Hon. William Willis
presided. Lewis Pierce, Esq, acted as clerk.
Mr. Willis, from the committee TO whom was
referred the report Of the Trustees, and the
votes offered at the last meeting, made re-
port. as follows; ak .sbs
The committee whom was referred the state
ment of the Trustees Of the condition of the
York and Cumberland Railroad Company. and
tine votes offered at the meeting of the Com
snlidated Bondholders, have considered those
subjects, and herewith submit their report. &
1t Is of the first Importance for the bond
holders to know what property they have,
what is its value, and what are the future pros.
poets and advantages OF the road, and the
hopes of the corporation. = All4
From careful estimate Of the road. its
equipment, the amount paid for land damages,
and for work already done beyond Saco river,
we cannot value the property and privileges,
at less sum than $4,000. 1t is not TOO
much to say that they cost considerably more
than double thatsum. And when it is eonsid.
cred that their franchise authorizes an exten-
- "
the New Hampshire line, distance Of over
fifty miles from Portland, through rich coun
try hlled with enterprising people, thus open
log new and important avenue for traffic
with this city, it must be pronounced an i'm
portant and useful ally of the mutual prosper.
itv Of the city and of the country through
which it passes, and into which it penetrates
The whole of this large and prospectiyely pro
ductlve property belongs to the consolidated
h.sr. a ho1f4 -
the amount OF less than $1,000.
FROM the quarrels and Encouragement In
this unfortunate corporation during its early
days, great losses have been incurred BY ali
persons connected with it, and serious pref
udice created against it, by which its real and
substantial advantages and prospects, as val
liable public line OF intercommunication, has
bean essentially obscured. We believe the
time has now come when these oyershadow-
. srs1s wa i g fsgsrded and made valuable
public Improvement, as well as a remunerat
ing private investment. When it will no
longer be limited by the Saco river, which il
has not yet been able to cross over. but will
be pushed on, not only to the New Hampshire
line, but will there be Joined by lines OF road
already existing, running South and West and
North, and thus open to this point of our coast
q vast and productive interior, reaching Cam
ada on one side, the great lakes. the West and
the Southwest on the Others Under able and
competent management we cannot doubt that
this enterprise will accomplish all and much
more than It's most sanguine friends originally
expected and desired 1t to do. ifss
10 effect this grand object, the property,
ought to be in the hands of the Consolidated
bondAolders; 1t ought to be York and Cum
berland interest, an enterprise to promote the
mutual benefits Of this lsrge section of coun-
try, embracing population OF more than 1OO,
600 souls, of industrious habits, enterprisipe
character and solid capital. This road shouId
be owned and managed by this people, and be
made grand artery to conduct the productive
Industry Of the large interior In mutual ex
changes to and from our warehouses and our
wharyes, thus creating . lively traffic, bene6-
cial to all parties engaged ia it, and to the road.
the medium of this commerce.
We are therefore of opinion that the consol-
idated bondholders should, without delay. take.
measures to perfect their title to this property,
work
There are two modes Of doing this One by
sale under an order of court and purchase
by The bondholders. The other by paving the
amount secured by the Myers mor gage
Either would accomplish the object, but a sale
woule open competition which might take
the property from the bondhoIders, and would
be attended by more expense, excitement and
delay. We therefore give the preference to a
redemption of the mortgage, and for that pur-,
puse recommend the adoption Of the follow
ing votes:
Voted, That it be cxpedient that the hold
ers of the Bonds issued by the York and Cum
Derland Railroad Company, January 1st, 1857.
commonly called the Consolidated bonds, nav
and redeem the mortgage made by said Com
panv to John g. Myers, bearing date February
o, lS0l. - e. az
Voted. That the Trustees under said mortg-
age OF January l, 1857, Immediately proceed
TO take all due measures, as provided by law,
10 carry the above vote into effect; and levy
upon and collect of said bondholders. sum
sufficient to pay the amount due on said
Myers mortgage, and all other claims having
q priority over the rights and claims of said
bondholders.
Voted, That said Trustees be instructed to
applyto the Supreme Court for such orders
and DEGREES as the case may REQUIRE: and to
do all other matters and things which may be
necessary to perfect the title Of said Consoli
dated bondholders In and to said railroad its
rolling stock and all other property
OF said corporation. II spr '4AlF
Voted. That when the foreclosure OF said
Myers mortgage shall become absolute. and
the property vested In said Consolidated bond
holders, new Company shall be formed and
organized for the management Of said road, In
pursuance fthe laws of the State.
George T. Emery, Esq, moved the adoption
Of the votes suggested by the committee.
After some remarks from Hon. George
Evans, Judge Fox and j. G. Churchill, ESQ,
'ne votes as recommended by the committee
were adopted. The vote was taken by bonds,
a<rfr IN~t-.