The Portland daily press., 1871-04-07
Leeas & Farmina,en RaiIroad.

A special meeting of the stockholders OF this
corporation was held atlthe Office of IL. NJ
Payson yesterday afternoon, the President, b.
M. Payson, ESQ.,, in the chair.
The report of the Treasurer, Mr.. ID. w.
l Clark, was read, from which we learn that
i since the meeting of the stockholders in July
! the semi-annual payment on the lease to the
i Androscoggin Railroad Co. of $4,000 was duly
l paid Dec. 5, 1870. The number OF shares is
1888, and the capital stock is now $685. 300 with
| liability of being increased to something over
| 1867 600 if all the bonds are brought In for
l Communication. There are now outstanding
l twenty-one bonds of the value of $4,000. The
subject of converting the stock of the road
into bonds has been agitated for some time.
1 The committee to whom the subject was re-
ferred petitioned the State Legislature for a
special act to authorize the change of the STOCK
into coupon bonds. The stockholders were
therefore called together yesterday to decide II
they would authorize the Directors to proceed
under that act and according to the terms
thereof issue to each stock holder coupon bonds
to the amount of their stock. The act is as
follows:
an act to authorize the Leeds C Termination
Railroad Company to issue its bonds to stock
holders:
Be it enacted, by the Senate and House of
Representatives in Legislature assembled.
as follows:
SECT. 1.-The Leeds s. Pennington Railroad
Company is hereby authorized to issue its
ponds to the stockholders of said Company to
an amount equal to their stock therein upon
such conditions as the Directors of said Com
pany shall prescribe, to be secured as herein
after provided.
SECT 0-Tha cold bonds shall ba nouohJa 10
bearer, in twenty-five years from the date
thereof, with interest coupons attached, paya-
bic semi.annually at the rate of six per cent,
and shall be secured by an assignment of the
lease OF said Company Of their railroad to the
Androscoggin Railroad Company, and of all
their interest therein, and mortgage of the
railroad and other corporate property of said
Company, to three trustees, who shall have
power to fill vacancies in their board, for the
use of the holders of said bonds, said assign
ment and mortgage to be executed by the
President and Treasurer in behalf OF said
Company.
SECT. 3-Each stakeholder, upon the receipt
of such bonds to the amount OF his stock as
aforesaid, shall surrender his certificate of said
stock to the Treasurer of said Company, to be
deposited in the Office of said Company, and
no certificate of said stock shall thereafter
wards be issued to any person until the mort
gage aforesaid shall be discharged, unless by
vote of three. fourths of the stockholders; but
all subsequent transfers of such stock may be
entered upon the records OF the corporation as
heretofore.
SECT A. This act shall take effect when ap-
proved.
Therefore, continues the Treasurer, should
you vote to issue bonds under mortgage for
the amount of the capital stock, now 1868 900,
it will require $33,798 to pay the coupons. The
rent due from the Androscoggin Railroad
Company is $4,000. There appears to be no
difficulty therefore in providing for the pay
ment of the coupons for the term of five
years; after that, for the next five years, rent
due $4,000, there will be surplus of $4,000
per annum and for the next ten years sur
plus of $4,000 per annum, and for the last five
years the bonds will have to run surplus of
$4,000 per annum. These sums may be set
apart as a sinking fund for the security of the
bonds and should make the bonds of the Leeds
Sc Pennington Railroad first class invest
ment.
The report was ordered to be placed on file
The next business before the meeting was to
see if the stockholders would vote to issue
mortgage bonds on their road under the au-
thority Of the act of the Legislature of Maine.
approved Feb. 10, 1871.
Rensselaer, Cram hereupor offered the fol-
lowing resolution:
Voted, That the Directors are hereby author
lied to issue the bonds of the Company to an
amount equal to the capital stock thereof upon
such conditions as they may approve, accord
ing to the provisions of the act of the Legisla-
ture approved Feb. 10, 1871.
After debate on the resolution it was car
ried by unanimous vote.
The vote to see if the stockholders would /
vote to sell the road with its franchise, rolling
stock, &C., to the Androscoggin Railroad Co. |
was superseded by the above resolution.
The meeting was a very full one and 5O24 |
shares of stock were represented. Adjourned. |