The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-03-20

In accordance with tue call of the Directors.
Especial and important meeting of this COR
poration was held in the hall Of the COMPANY
at Kirtery on Saturday last. The venerable
and excellent ex-Gov. Goodwin, the P. esdent,
occupied he chair. In opening be stated that
the object of the meeting was to consider GER
tain propositions that had been made to this
corporation for a lease oil the road and to ask
Tor the instruction of the stockholders there
on. He recounted the circumstances which
led to the termination of the lease with the
Eastern and Boston & Maine Railroads and
the payment Of the penalty of 100000. This
was done with a view to receive more lust re-
nuneration for the actual earnings OF the road.
dehsd desired to renew the contract with the
same roads equally, with the simply addition
OF from two to four pee cent additional per an
1nm as rental; thus receiving eight or ten
per cent instead of SIX annually as formerly.
This course he thought was actually the best
fol- the true interests of the three roads. espe;-
tally as matters now stand But 1t has been
found that no such arrangement could be
made. The Eastern, the Boston 8 Maine and
the Maine Central Railroads hs We each made a
specific proposal for the exclusive use of this
road; but neither make a united proposal. The
proposition of the Eastern and Maine Cen.
sral Companies are both very liberal, but he
would prefer to take a less per centage of rem
tai If all three interests could thereby be unit
ed aud ruinous competition avoided He
spoke of the charter for the extension of the
Boston & Maine road from South Berwick to
Portland as being unparalleled; in that a for
eign corporation is allowed to come into the
State of Maine and build u line of road which
ia not needed and to compete With, and per-
haps ruin the stock of this road, which is held
largely as trust funds for minors and other per-
sons whose interests need especial care. We
should have been glad to ran the road on our
owe account, and we thr k that since the 16 b
Of January last, when we began to operate for
ourselves that the public have bad no reason
TO complain, but rather to think that the facil-
tiles for travelling have been at least as good
as they ever were.
Ane otter of the Eastern Railroad Co. was
,aen feaa, as follows, vlz:-That the Eastern |
-s."osu TO- will take d PERPETUAL lease of or |
o"'el iu'o contract with the Portland Saco |
" portsmouth Railroad Co n nou Co.. NOV
cent' semi annually on the canital s,,o1r ~ ,ho
iatter company as rental; and 70 ro,;ua,:ot ~
CLAIMS for penalty, bettermen,s -. :. sn al
ments under the contract of Apr; / 1aa7 piose ,
to assume and pay all legal claim. 80 . ., ana
ton q Maine Railroad on said p 8 3, u
Il. for penalty. betrerments or improvsmon..
unaer SAID contract, subject to the ratifcat;on
OF the stockholders of both companies.
Inc proposition of the Maine Central Con-
. haliroad Co. was read as foIlows:-
To lease the P. s. & P. r. Il. 500 years 49,,
tain its repairs, receive its income and 49,
therefor ten per cent. on its capital stool, q,
$150,0O0 annually. And to pay the accruinn
interest on any bonds or other obligations is.
sued to discharge its liabilities, or for ,ba
Aak'ns OF Improvements upon the 70 id when.
.,.a .nes shall be required; to allow the ces-
TO-, 80 - Tue Eastern road of the use and con-
sop. ~ qua. portion of the road lying between
that road pavi avn Junction I'M and Portsmouth, and
:" equitable amount there