The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-08-26
Annual Report of the Atlantic & 81
Lawrence Railroad COnnany


Annual Report of the Atlantic 4 St
Lawrence Railroad Company.
The report of the Directors, Treasurer and
| Commissioners of the Atlantic & ST. Lawrence
Railroad has just been issued. We give below
very fully the report of the President, ST. John
Smith, on behalf of the Directors, and compre-
hensve abstracts of those of the other officers.
The principal change in the stock accounts
within the year, has consisted in the issue of
$4,000 shares to represent expenditure on capital
| account as contemplated and preliminary
| agreed to be done, by the contract between the
lessor and the lessee Companies, in February,
| 1888. The agreements then entered into were
the result of most careful deliberation by the
experienced and skillfu Directors of the Comma
ny of that day and the actual issue was definitely
authorized and confirmed, by large vote, at a
| SPECIAL meeting of the stockholders, holden on
| the ga day OF January last.
Thorough and exten ed improvements on the
| line and works have been actively prosecuted by
, the iessees. within the past year. Means having
neen provided early in the year, by the negoti-
| tion OF mortgage bonds heretofore created Tor
| this purpose, the unextended bonds of the Com
pany, OF the issue of April /, 1851, were nearly
all paid off during the last fall and winter. In
| consequence of this reduction OF the Geo', ana
| the satisfactory provision made to discharge the
| very small number of bonds outstanding, when-
| two suits, which had been pending in the names
of the Trustees under the mortgage of 1851, were
| settled and withdrawn in March last.
| With pect to the balance of the loans in aid
| of the Company, made by the City of Portland
under the Acts of 1913 and 1870, and not satisfied
by the Sinking Funds established under those
Acts, every thing now indicates that the arrange
mems authorized by the Act of March 3, 1863,
aad afterwards expressly determined by the
action of the City Council, will be carried out
with successful effect.
TREAsURERs REpokT.
The report of the Treasurer, Chas. L. Barrett,
gives the following financial exhibit:
The amount of Capital Stock is now S3,99I,-
9OO, an increase since the last annual report of
81, o00,0 600, which has been issued at par to the
Grand Trunk Railway Company of Canada, the
Lessees of the road, to capitalize SO much of
their expenditures upon the line, heretofore
made, which were properly a charge to Capital
account. This has been done in accordance
with the provisions of the contract, supplemental
to the lease, dated February 10, 1853. The
shares have been heretofore held by the City of
Portland, as collateral, to he used if necessary
for their security, and could not be applied. as
contemplated under the contract, till released by
the city.
The Stock is divided into shores as follows:
Ills shares in Federal Currency of 800
each $l1l 800
so22 shares in Sterling Currency of fiOo,
or $4S4, .-Iag 3,SS2,6iS
Al fractional share rights of SIG, 1872
$s,ss4s,oo
During the year ending June 30, 1870, the debt
of the Company mas been further reduced to the
amount of $780,, 500, by payments from tine sink
ing fund upon the Company's obligations to the
City of Portland, for the first loan of their
Bonds. On the LIST of July, the further sum of
$l0S,000, was paid from the same fund in reduc-
ton of the same obligations.
The debt of the Company is now s3,1a5,l4O
Less amount paid July Isl, 108,GG0
SO OF, 14O
And consists,
LIST, of obligations to the City of Portland
Bonds, s1,oss, 700
2d, Company's mortgage bonds OF 1851. 4os,toO
Sd, Company's Sterling bonds of Nov. |,
1858, on twenty five years, 100000, or 4SI 900
4th, Company's mortgage sterling bonds
of Oct. /, 1854, bows, f226, 400, or 1,095, 776
9TH, amount due on exchange of bonds, 264
$3,O47,l40
COMMISSIONERS REPORT.
The Commissioners of the Railroad Sinking
Funds, Phnehas Barnes and Chas. Z. Barrett
submit the following report:
Fund established by the Act of August l, 1913
for the reimbursement of the City Loan
900. Within the last year, all the INSTALL
ments of this loan, which came to maturity at
that time, have been met-abont one half the
amount having been applied for that purpose
from this Sinking Fund, in accordance with tee
rules and limitations adopted for the payments
of the previous year, as explained in the last
icport.
Total fund to July 81, 1870, s54,02o,34
to July l, 1870, t1.sGO.o 90
Balance July 81, 1870, 72,720.34
The investments of tits fund, at this time, are
as follows:
City of Portland Bonds sIsCOOO0
Mortgages Of Real Estate 900
Loaned on Public Securities 10000
Cash 29473 n
SS4,473.2.
Credit balance of Premium account 1l,752 SO
s72,72o4
Total amount of Fund established by the
Act of July ~, 1850, for the reimburse
ment of the City Loan of $500 600 ma
turing Feb. l, 1871, July 81, 1870 $2l3, 1903
The investments of this fund, at this time. are
as follows:
City of Portland Bonds $50 100 |
MOI teages of Real Estate 40, $50 so |
Loaned on pledge of Bank Stock $4,000 |
Eastern Rail road Stock at par 100000 |
Cash 1885, SO |
$25O,s.3.79 |
Credit balance Premium account 7,G5326 |
$2l3, 1903 |
luc qucstlou Vi Roiu payments, WHICH arose |
in February last affected he condition of these |
Funds, IN only limited degree; since, as re-
spects mortgage securities, only very few we're |
then remaining among the investments, of an |
earlier origin than 1862
From the nature of the CASE the investments |
of Sinking Fund being subject to constant |
change, the cash in hand, at any period, must |
usually be in such currency, as is then under |
stood to be law I'll and available. 1t has neces- |
sarily resulted, that in applying the cash |
means of the Fund of 1918 towards the re-
demption of such installments of the City |
Loan of that year as have fallen due |
since February, 1870, the currency adj |
vaneed by the Commissioners has been such as
then belonged to the Fund-but with this i'm
portant qualification, that large amount of the
investments of the Fund being in the identical
bonds of the City Loan, these have redeemed
themselves, without regard to any actual or
nominal differences in currency.
The fund established under the Ac: of March
3, 1868, to provide for the redemption of that
part Of the City Loans of 1878 and 1850 not paid
from the former Funds now amounts to S3,-
572.8l; of which SO 500 is invested in Portland
Bonds, and $4,000 in mortgages