The Portland daily press., 1869-02-06
City Affairs,

The adjourned meeting of the Board of Al
dermen was held st their room in City Building
yesterday afternoon at 8 o'clock. ri
The subject of releasing the shares held by
the city iu the Atlantic and st. Lawrence Com
pany to the company was taken up.
Judge Davis was present for short time in
behalf of the city, and Mr.. Barnes in behalf of
the railroad company. Mr.. Barnes said that
fourteen years ago the very state of affairs now
brought forward was provided for in the records
of the company. The words of the records are
that these shares are to be given up when
they are no longer needed for the security of
the city," Mr.. Barnes read from the records
how at that very time they took care to see
that the holders of the second mortgage honds
and the city bonds shall be the first secured
against loss. He'said that, if the company had
chosen, when they found themselves pressed
for means to pay the mortgages, they might
have got further issue of stock from the Leg
islature, which would only have deprecated
the value of the bonds held by the bondhold-
ers. That he was asked what the company
would do with those shares if they were deliv-
cred up to them. That he presumed they would
apply to one of four objects: To pay the debt
of 1851, which Mr.. Rand represented; to pay
the city debt which was taken care of by their
first mortgage on the road; to capitalizing ex-
penditures, which was not needed; and last and
most probable, if any money could be raised
on the shares, to pay the debt now overdue.
Alderman Deering, asked if the sections of
the lease, which referred to the moveable prop
erty being kept up to the standard, were car
ried out at present; whether it was as valuable
| now as then. f
Mr.. Barnes said that the head of the me-
chanical department had lately sent him let
ter, stating that two new engines had been re-
Gently built to replace two that we're worn out,
and Mr.. Charles E. Barrett stated the movea-
| BILE property was fully up to the requirements
OF the lease at the present day.
| Mr.. Carter wished to know what proportion
| of value the equipments of the road bore to
the $4,000, 900 at which price the road was now
| valued.
Mr.. Barrett said $475,O0O and there was 81 )
125,O00 worth of permanent fixtures in the city
of Portland itself, without counting the value
of the ground; and all this was by the lease
within the power eff the Atlantic & St. Law
renee Railroad Company.
The following order was then passed:
Ordered-Upon the representation and re-
| quest of ST. John Smith and others, Directors
| OF the Atlantic & st. Lawrence Railroad Com
pany, for the release of the shares in the capi-
| tai stock of said Company, now held by the city
| under the loan acts of 1848 and 1850, that the
| same be re-conveyed to the Company, and that
the City Treasurer be authorized and directed
| to make the necessary transfer for that pur.
| pose, it being understood that the same are re-
conveyed, with a view to enable the Company
| to carry out. as far as may be practicable
| the objects contemplated and provided for in
| the articles and covenants supplemental to the
/ lease of August 9th, 1853, assented to by the
| Mayor and Aldermen on the 9th day of Decem-
| ber, 1855
| The order passed by vote of six to one
Alderman Fessenden alone dissenting.
In the course of the proceedings the follow
| ing statement was presented OF the bonds is
sued and outstanding under the Company's
| mortgage of April 1st, 1851.
Amount issued 81, 100000
Amount redeemed 1885, 500
| Outstanding, $614,5OO
Amount extended 403,500
Jan. 1st, 1869, due and outstanding $211,OOO
The Committee on Streets and Bridges was
authorized to contract with the Richardson
Wharf Company to build wall to prevent the
earth on Fore Street caving in on their land,
for $500.
An order was passed to offer reward of $500
for the detection of the incendiaries who set
fire tO the HiUh Straat Cburoh