The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-06-07


The thirtieth annual meeting of the stock.
holders of the p. S. & p. railroad was held al
Kittery yesterday morning. From the annual
report of the Directors we learn that the in
come of the company for the year ending May
31st, 1870, $617 134 80 against $575, 036.1O. The
expenditures for the past year, $456,682 lin.
Guiding the renewal account of 100000 against
S4O9,449 % for the previous year, including
also the renewal account, leaving a net income
this year, SLIGO, 452 80, and leaving q surplus
over improvements, taxes, interest and divi.
dend of $62 22O 20, making the present surplus
on profit and loss account of 1929, 292 49,
Should the dividends due in December and
june, 1869, be charged off, and also the divi-
dend for June, 1870, the amount standing to
the credit Of profit and loss would be reduced
about $3l goo from the amount stated above by
the premium on gold.
BY the B. & M. and E. railroad companies
paying to this road $1S0,000. ard agreeing to
pay in coin all semi-annual dividends on and
after June, 1869, the gold question has been
compromised and the directors think more
money realized than would have resulted
from litigation. There was good deal of dis
satisfaction because the managers of those
roads did not pay the dividends according to
the text of the contract in coin, they arguing
that greenbacks had been made legal tender
By taking payment for their dividends in cur
reucy under protest the stockholders left the
matter open and obtained the advantage of the
decision CT the U. S. Supreme Court. The
$1S0,O00 was decided by the judges OF the Su-
preme Court of Maine should be paid to those
stockholders who were holders of stock at the
time the extra dividend was declared, on the
ground that the property could not vest in the
individual stockholders until the declaration Of
dividend, and that money paid, or debts
owed to the corporation before such declara-
ton is the property OF the corporation, not oil
the stockholders. The money has been dis
trbuted in accordance with this decision less
the government tax.
The report also says many of the stock hold
ers are DESTROYS of terminating the contract
roads. That contract requires notice OF 1SC
days, of our determination so to do. From the
best estimate we can make, it will require in
order to pay the penalty together with the
compensation for Improvements under the con-
tract, also to supply the road with sufficient
rolling stock and to build new depot at Port.
land, an increased capital OF $3.50, 900 If the
business of the road should continue to be
equal to its average net earnings for the past
years, it would pay nearly or quite eight per
cent. OH its increased capital and may we
not reasonably expect an increase rather than
decrease of incomeo
The meeting was called to order by the Pres
ident, Gov. Goodwin, and the first business of
the meeting was the election of the directors,
the old board of last year being recalled with
the substitution of Hon. Azael HUI tington of
Salem, Mass, vice e. A. Rollins, Esq, of Phil
adelphia, resigned, there being but one ticket
presented. The next proposition was to con-
slider the propriety of annulling the contract OF
April LIST, 1847 between the Boston and Maine,
Eastern, and P. S. & p. railroads. After much
debate, and several propositions offered, it was
voted that the existing contract between the
three roads be annulled and the directors be
authorized to give the necessary legal notice
as specified in the original contract, and to take
such other steps as in their judgment are
deemed necessary to carry out the intention OF
this vote" About 5000 shares are represented
of which 5000 voted in the affirmative. The
meeting then adjourned. At the close of the
meeting about thirty OF the friends of Gov.
Goodwin were invited by him to dine at the
Rearsarge House. A special train for stock
holders left for Boston at 41-2 p. NJ. The
meeting was very courteous and although the
debate was very spirited on the vote to annul
the contract between the roads, yet everything
passed off pleasantly