The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-08-07

Railroad Company were lssutu ny LUG pf'pter,
Stephen Berry, on Saturday. The substance
of the report of the President, Hon. Phinehas
Barnes, is as follows:
The total of share capital has not been chang
ed during the year, and the balance of the
company's mortgage bonds ofo1851 has been
provided for and replaced by the issue of Ster-
ling bonds. With regard to the balance of the
city of Portland loans in aid of the company
the arrangements contemplated by the act of
March 3, 1868, have been carried out. That
portion of those loans, not satisfied out of their
sinking funds, has been provided for by the
city, by the issue of new bonds on its own &C.
cOunt-the city retaining the mortgage securi-
ty which 1t had for the whole original debt. In
addition, new sinking fund has been estab
lished, payments to which are so adjusted as
that, with the accumulation of interest, the
whole debt will be provided for at maturity by
this fund, if no losses occur.
The lessees have continued their improve
ments on the line and works within the past
year, and the track aud rolling stock are in
good condition.
The following are the important portions Of
the report Of the Treasurer, Charles E. Bar
rett: ..4;
The share capital is the same as at the date
OF the last annual repOrt-$3 994 900; land is
divided as follows:
hoo shares in Federal currency of 100 dol.
1923 shares in Sterling currency, OF e1OO or
Al fractional hare ri hts of $16 each. -. 7O8
....s 1884,, 800
During the past year the debt of the cempa-
ny has been reduced by additional payments
from the sinking funds of 1848 and 1850, in the
sum OF $N1, 700 in part OF the several obliga-
tions Of the company to the city Of Portland
Tor the loan OF their bonds, Hnder the acts of
August l. 1S48, and July a. 1850, for 81 100000,
leaving balance due on those obligations in
the aggregate of $787, 00O The operation of
those sinking funds has now ceased; and the
payment of the balance due the city IS provid-
ed for by new sinking fund established under
the act of March 3, 1863 in accordance with an
agreement made with the city authorities, the
city retaining the same mortgage security
originally given.
BY authority of the stock holders, given at a
special meeting held March q, 1871, the Treas
urer was authorized to issue to the Grand
Trunk Railway Company of Canada, in ac-
cordance with the agreement with that COM
pany, new series of mortgage bonds to the
amount of $713 600, or its equivalent in Ster-
ling currency, In renewal or substitution OF the
amount of Indebtedness, which the sinking
fund had paid. These bonds have been pre-
pared in Sterling currency, payable in London.
but have not as yet l'een delivered. At the
present time, therefore, the Indebtedness OF the
company appears diminished; but on delivery
OF the new bonds will be increased to the orig
iDal amOnnt.
That portion Of the bonds of the company,
issued in 1851, which was extended in 1866 for
five years, matured April 1, 1871, and was pro.
vided for by the Grand Trunk Railway Com
pany. They have been paid, with the excep.
tlon OF small amount not yet presented. The
money for this amount being at the control of
the treasurer, the balance of the mortgage
bonds of October 1, 1854, has been delivered to
the Grand Trunk Company
The funded debt of the company is now 49,.
I'll 900, and consists Of:
1. Balance of obligations to the city of
2. Company's sterling bonds of Nov 1,
1858, on % years, 900, or. $4,000. $4,000
3. Compan g mortgage bonds Of October l.,
1864. 800 Sterling $500 800, or. ,499, 9t6
4. Small amount due on exchange OF cur
rency into Sterling to balance. ....... 81
-,. s.. ta.r.a. tlas. $2,771, 900
The Grand Trunk Company, the lessees has
continued to pay the dividends at the rate Of 8
per cent. per annum.
The report of the commissioners of the rail
road sinking funts, Messrs. Phinehas Barnes
and Charles E. Bartlett, gives the following ex-
l: Funds established by the act of August 1.
80, 100000.
During tie past year the remaining install
ments Of this loan have all matured, the last
balance OF the fund has been applied towards
their payment.
Total fund January, 1871. $53f 400 90
Paid out tos redemption from Dec. i, 1858,
10 NOV. ], 1870. ACKNOWLEDGEMENTS. 486, 800 90
II. Fund established by the act of july 27,
1850, for the reimbursement of the CITY loan Of
$5OO,OOO, maturing Feb. /, 1871
Total fund Feb. 1, 1871. -. .S26I o41 AZ
The balance Of the loan of 184y
due Jan. 1, was. ............$ 50.O
The am ,unt of the loan Of 1850,
due Feb. l, was. 500, 900
The balance of the fund of 1s4s ~'''''''
on hand Jan. l. was. ......$ $4,000 90
Tne amount OF the fund OF
1850, on hand Feb. I, was :. 264 SAL 40
Less amount of gold premium
on the two funds .........$ 82541 43
Leaving amount applicable to .i.lf
the further reduction Of the
Two '0ans' $22e,7Oo
Balance of the two instruments
due Jan. l, and Feb. l, 1871,
not provided for By the sink
NJ ing fund, $s2s, 800
by the fund on previous in gFt
stalments OF the loan of 1913, 463 700
Amount OF the two loans un- s..
paid, which is provided for
by a new sinking fund estab-
lished under the act OF Mar.
8, 1858, = ~ 2. fgg $7s7, 900
The investment of SINKING fund being sub
usually in the currency which is understood
and admitted to be the lawful currency of the
country; and such were the investments of the
two funds of 1848 and 1850. The question of
gold payments, under the decision OF the Su-
pIeme Court of the United States, arose in
February, 1870; and in consequence of that
decision the aggregate reduction of the two
loans has been diminished by the amount of
premium paid for the conversion of currency
into gold. But this elimination was not effect
ell by any act of tho commissioners, as they
had no power or discretion TO make any such
arrangements. 1t was the result of agreements
between the city and the railroad company.
SO far, however, as the investments consisted
OF the bonds to be redeemed, there was no loss
as they have redeemed themselves.
Ill. Fund established by the act of March 3,
1868, for the reimbursement of the balance of
the obligation of the Atlantic & st. Lawrence
railroad company to the city CT Portland.
Total fund July 81, 1871. $I64I2 %
The investments Of the funds are as follows:
Mortgages OF real estate. ..........$ 41 941 40
C1ty OF Portland bonds Observation-Disclosures. $500 90
Casn. ACKNOWLEDGEMENTS. 1853 80
:. $50. FL .s4-of Sass sac, 500 70
Less credit balance of premium account, 147 so
$46,452 %