The Portland daily press., 1869-09-03
Atlantic and st. Lawrence Railroad Ca

Atlantic and 81. Lawrence Railroad Co.
We have lust received the annual report of
the Directors to the stockholders of the A. &
st. l.. railroad Co. From this report we learn
that within the past year large part of the
track has been reaid with new iron and
sleepers, and the work is still going on. The
efficiency of the Portland Rolling Mills, and
superior quality of rail furnished by that es-
tabhshment, have contributed very materially
to this result. 1t speaks of the snow storms on
the line of road the past winter, far beyond the
average in severity-nothing like it having
been known since 1853-but they were
overcome by the persistent efforts Of the
managers of the road, and the track
is SO much improved the encour-
agement for success, in future operations, is
veIy great. Progress has been made in the
equity suit brought by the Trustees under the
companys mortgage of 1851 though not yet
determined. Interest on the outstanding
bonds under that mortgage has been regular
ly paid. The commissioners of the sinking
fund make report as to the steps taken in
regard to the first loan Of the credit of the city
of Portland, in aid of the road, which began
to mature in December last f.
With regard to the balances of instalments,
not satisfied out of the sinking fund.- satsfac-
tory arrangements have been completed, under
the Legislative Act of March, 1868, by which
the city issues new bonds on its own account,
to supply the deficiency, retaining, of course,
all the essential securities which it had for the
whole original debt, with the additional pro-
vision of a new sinking fund, ad usted at such
rates and time of accumulation, that it will
| discharge the entire debt at maturity, if no
losses occur-these arrangements being also
SO formed, that they will apply in the same
manner, and to similar result with the sec
ond city loan, which natures in February,
1871.
The treasurer states that the capital stock is
81, 494 900 divided into 4S3 shares in federal
currency at $1O0 each; 5063 shares in stirling
currency at e1OO or $4S4 each; 3S fractional
share rights of SIG each. The $1,000 shares,
held by the city of Portland as collateral,
have been surrendered to the company the
past year and are now unissued capital. Two
dividends of 50. per share have been paid on
the federal shares in Portland, and the divi-
dend ON the sterling shares in London. The
debt of the company has been reduced the
past year $159, 200 by payments to that amount
upon the company's obligations to the city of
Portland. The total debt is now SO, ,324 800
consisting of obligations to the city of Portland
| for the first and second loans of their bonds
The Lessees have provided for payment of
| dividends, interest on debt, and contributions
to sinking funds. They have assumed and
| paid the excise tax of five per cent. on the
| companys mortgage bonds, giving the bolders
their full per cent interest. The commits
sioners of the sinking fund speak: 5.
L. OF the fund established by the Act Of
| Aug. 1, 1S4S for the reimbursement of the city
loan of $1,0OO,OOO.
| This debt began to mature in 1S6S-$200,000
coming due on the first day of December IN
| that year, and 100000 on the first day of May
| following. The loan having been placed on
shorter time than was sufficient for the accu-
mutation of the fund beyond about one half of
the debt, as explained in the commissioners
report for 1867, and no provision existing in
the Loan Act for making partial payments out
of the fund, the commissioners made applca-
tions to the Supreme Court in November last
for authority and instruction as to the dis
charge of their trust in this contingen cy-
Upon hearing, after notice to the city and
the railroad company, decree was made, en-
powering and instructing the commissioners,
in substance, to apply from the sinking fund,
towards the discharge of any instalment of
debta sum corresponding as nearly as practical
BILE to the proportion which the whole fund
should bear to the then subsisting amount Of
debt.
Upon the making up of the accounts of the
fund to December 1, 1868, it was ascertained
that the proportion at that time was AGA
1OOOths; and accordingly the sum of S92. .s0(
was applied from the fund towards the install.
ment of 100000, then maturing. On the first
of May last, the proportion was 4SO-1OOOths
and $4S,O0O was applied towards the install
ment of 100000 due at that date.
The Commissioners directed these proportions
| to be appied .severally, on every city bond pre-
| sented for uayment and endorsement was made
on each one accordingly-the balances due tc
the holders being provided by arrangements
between the City and the Railroad Com,
pany under authority of the legislative Act OF
March 8, 1868.
A further instalment of $100 600 will become
due on the first of August The proporuoh
| applicable from the fund at that time VIII DC
one-half. If the City Loan had been placed on
time some seven or eight years longer the
| fnnd would have discharged the whole debt.
The fund has increased from $4,000 in 1916
IN S25s 556 in 1869. Adding this amount to the
interest S2323l7.S3 we get $49O, 1888 from
which deducting $14O, 10000, paid out at the
maturing of the debt in Dec. 1868 and May
j loco 1oo,os gosn a99 70 inraSted n City Rnnds