The Portland daily press., 1870-05-26

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excused
| Henry A. Jones then addressed the meeting
lie severely denounced monopolies and thought
the ultimate purpose in this case was to create
one. The statement of Mr.. Jose that the
Grand Trunk brings not so much business tt
Portland rs small railroads of not more thar
forty miles in extent, he thought was untrue
On the Kennebec road twenty four cars go to
Boston while three stop here. 1t had been
said by Judge Davis that the change of gauge
on railroads in this State was 10 new thing
But the only instance was in the case of the
Androscoggin, and this had been done between
Saturday night and Monday morning, when
an unserved injunction was hanging over the
company. He said the citizens were sure now
to see that the injunction was in season.
Messrs. c. j. Morris and C. p. Kimbal were
called upon but declined to speak,
| Geo. F. Emery then took the floor and made
a lengthy anti-consolidation speecn. An at
tempt had been made by the parties interested
to obtain from the Legislature permission to
consolidate. Ii the companies had right to
| do this on their own account, why had they
applied to the Legislature? The Kennebec
road had been, he thought, a road operated in
the interest of Boston ever since its incorpora-
ton, and he believed it was so at the present
time. Judge Rice had got control of the road
and by associating with himself such men as
John b. Brown and III. N. Jose, he was at
tempting to create monopoly which would
work to the prejudice of the interests of the
public Mr.. Jose said we had not settled the
gauge question. He thought three men were
trying to settle it. He was opposed to all acts
whereby competing railroads should be consol-
idated to the prejudice of the interests of the
public.
Ex-Mayor Putnam stated that the Kennehsc
road, though originally built as Boston road ,
latterly had done much for the business of the
city of Portland, both in the way of bringing
freight and passengers.
Several other gentlemen were called upon,
bnt on motion of Mr. Farmer, owing to the
hour, the meeting adjourned to this morning.
Portland and Kennebec laflrOa.
Meeting.
A meeting Of the stockholders of the Portland
and Kcnnebec Railroad Company was held at the
kennebec station this afternoon for the purpose
of acting upon the contract entered into between
the directors of the Maine Central and Kennebec
Companies, with view to consolidating these
lines. Judge Rice, the President, called the
meeting to order and the Secretary read the call.
In explanation of the first question, the accep-
tance of the act of 1856, the President read that
portion which relates to the Kennebec road, and
the vote stood unanimously in favor of its ac-
ceptance.
Mr.. Patten Of Bath then read the contract and
on motion of Mr. Whitmore it was decided to
take stock vote on the question of its ratifi-
cation. Messrs. Pattcn, Whitmore and Pierce
were chosen q committee to receive, sort aud
count the votes, and reported the
whole number of persons voting
81: whole number of shares represented 5000:
whole number of legal ballots, no person being
allowed by law to cast more than so votes,
1l47-all, yea. So the contract was unanimous
ly ratified
On motion of Mr.. Sewall the meeting then
adjourned.
CONTRACT BETWEEN THE MAINE CENTRAL
RAILROAD COMPANY AND THE PORTLAND
AND KENNEBEC RAILROAD COMPANY.
ART. l. The Portland and Kenpebec Railroad
Company agee to let and lease its railroad depots
depot-grounds, and lands appertainlng thereto and
connected herewith, its franchise, locomotives
OF property of every description and Kind, and do
hereby let and lease the same unto the Maine Cen
tral Railroad Company their and assigns
for the term of nine hundred and ninety-nine wears
from the first day of June 1870 to have and to hold
the same for and during the said term to have and
TO exercise all the rights and powers conferred up-
en- the said Portland and Kennebec Railroad Com
pany by its charter and by the laws of the State,
not hereinafter reserved. And the said Portland
and Kennebe, Railroad Company agrees to assign
and transfer, and does hereby assign and transfer
to the said Maine Central Railroad Company, the |
made and N frcf Iavv ofI Io,,,,
1864, which they have of the Somerset and Kenne.
bee Railroad, its franchise and property of every |
description, and which said lease was on the 29th
day of March extended by the said Somerset and |
kennebec Raih oad Company for the term of nine |
M nenared and nlnetyonlne years from the lst day
said Maine Central Railroad Campany in as full |
and ample manner as the said PortIand5and Ken
neoec Railroad Company could do under and by
virtue of said lease, during the whole term thereof
and subject to all and singular the terms and con
dltions In sad lease contained and provided.
ART. 2. Prior to the time this lease shall take
effect, and be in force, and part of the cons,d-
Grafton thereof the party Of the first part shal is
sue to the party of the second part for distribution
among its stockholders, pra rata according to the
number of shares of capital stock of the party of
may be entitled, seventeen thousand one hundred
and siXty-six shares in the capital stock of the
party of the first part, and until said stock shall
have been actually distributed among said stock
holders, said party of the second part shall be en-
titled to vote thereon, or any part thereof not thus
distributed, at all meetings OF the stockholders of
the party of the first part by such persons as il
may appoint for the purpose.
ART. g. The party OF the second part, covenant
and agree, on behalf of said Corporation and that
the Somerset and Kennebcc Railroad Company
shall on behalf OF that Corporation, do and per-
the legal organization of hcIr respective corpora
tiOns as contemplated in their charters, and from
time to time pass all votes necessary to enable the
lessees to carry out the purposes of this lease;
and the said party of the second part further cove
nants and agree that will its part, and that the
Somerset and Kennebec Railroad Company shall
and execute such mortgages and bonds to be Sc
cured thereby as may be necessary to extend
new any outstanding obligation OF either the Port
land and Kennebec Railroad Company, or the Son.
erset and Kennebec Railroad Company maturing
during the continuance OF this lease, provided that
said Maine Central Railroad Company in extending
renewIn. any obligation outstanding against
tL r.. e cortland and Kennebec Railroad Company or
in creating any new obligation may issue its own
bonds, and secure the same by mortgage of its in
terest In the property and rights of property re-
quired under this lease. Ana any one or more of
the corporations hereinbefore named may join in
the mortgage Of any part the whole of the joint
or separate leasehold estate, estate in fee,
any other estate in the separate JOINT property to
secure the payments of any bonds other form of
Indebtedness created by the Maine Central Rail
road Company for the common benefit of all the |
corporations embodied in this contract. The neces
said companies not exceeding in all one thousand |
dollars for each year shall be paid by the Maine
Central Railroad Company and charged as part of |
the expenses Of operating said Railroads.
ART. 4. The Maine Central Railroad Company
agrees to operate and maintain the Railroads OF the
Portland and Kennebec, and Somerset and lAenne-
bee Railroad Companies, let and leased to them as
aforesaid, under and according to their respective
charters and to law OF the State appertanng to
them and to each OF them during said term. and to
fulfil the public all the duties required of each of
said last named Companies; to assume all the lia-
bilites and fulfill and perform all the obligations
resting upon them respectively at and from the time
when this lease shall take effect; and make all re-
pairs, improvements, renewals and additions neces-
sarv to keep said roads, with their buildings and
rolling stock, in safe and servceable condition, to
transact the business upon them. And the essees
further agree to make no discrimination in the main
lenance OF said roads under their charge, their
buildings and equipments, or in the manner OF run
ming trains upon said roads, but all of such roads
shall be operated as to promote the business up
on them. They shareceive all sums OF money de-
rived from transportation uron said roads, and all
derived from the properties of the comp let and
Leased to them as well as from their own road; and
keep accurate accounts thereof They also agree to
loc1te and build a railroad under their Charter as
now extended from some point on their line in Dam
vile to point Of junction with said Portland and
Kennebec Railroad, and mortgage the scme 10 trus-
tees TO secure the payment OF bonds to be created
by them to an amount not exceeding million OF
dollars he tiJe sayd road sha0 hp c0m