The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-03-17

h81lfO0G 10
A special meeting Of this corporation "A'
held at the City Hall in Lawrence Ses.s,u.
There was large attendance OF s'oo
and considerable interest was ma
Hon. Francis Coggswell. the freS'uen. VI 'no
Company presided, and hrst gave lu" s'a'e-
mant of the old contract Win Tue fortiano,
CO. &, Portsmouth Railroad in conjunction
18th the Eastern r abroad, aud then mentioned
tbe efforts that had been made to renew the
contract. He said that two propositions had
been made the Boston g. Maine Railroad Co.
one being to unite with the Eastern road in
renewal OF the contract with the P. S. SIP.
road at the rate of eight per cent, payable
seml-annnaly to the former; and the other
proposition was to lease the p s. & P. road
Tor term of years and equalize the earnings
OF each corporation, thus paying the stock
holders of the p. S. & P road ten per cent. on
their stock or whatever both roads united
might earn. These propositions were both de-
clinel. The Maine Central Railroad also gave
a notice that proposition had been made that
if they should obtain lease of the P. S. & T.
| road as asked for they would make favorable
| and equal arrangement with the Eastern and
| Boston & Maine roads, and that meeting of
| the p S. & P. Railroad would be held on Sat-
| urday next at Kittery to act upon this propo-
| sitiou. Finding these arrangements failed, a
| charter had been asked for of the Maine Leg
islature to extend the 3. s. M. Railroad from
South Berwick Junction through York, Wells,
| Kennebunk, Kennebunkport, BddefOrd, Saco
and Scarboro to Portland, and that such a
charter was granted Feb. II, 1871, in which it
| was obligatory on this road to make a survey
and sanction within one year and build the
road within three years; and AN issue of stock
was allowed to the amount OF $4,000. 600 for the
purpose of building this extension. --
Upon the motion of Judge Bourne, of Ken
nebunk, viva voce vote was then taken on
the question of accepting this charter and it
| was unanimous for acceptance, excepting one
person. ,rs
Charles f. Choate, Esq of Cambridge, SO.
licitor of the B. & M. r. r., offered three res.
olutious, declaring that it was expedient FOL
the Directors Of the Boston & Maine Railroad
to proceed to locate and build this extension
forthwith
Voted That the stockholders hereby accept
the "act for the extension of the Boston &
Mai9e FRab e. d1S7f ''"""N' h ''
Voted, That it IS expedient for this corpora.
tion to proceed forthwith to the construction
of said extenson to Portland, in accordance
| with the provisions OF said act
Voted, That the Directors are hereby author
lied to construct said extension at the earliest
date consistent with economy, and that 10 de
| fray the expense thereof they are hereby au
thOrized 10 raise the necessary funds by thu
issue of stock uuder the provisions OF said &C
| or by the issue of bonds as in their judgmen
may be most expedlent.
in odu nf fbaca ocs
lions, said that the construction of the exten
sion would not be much greater than that o
the p S. & p. road which cost $4,000 mile
But adding fifty per cent. for the increased ex
pense of building road at present, the who'll
expense would not exceed 81 100000.
Peter c. Homer, Esq, thought that it nigh
be better to issue bonds alone for this expense
and not to issue new stock.
A motion TO this effect was was offered, ant
upon discussion it was not adopted. ..-5.
A stock vote was called for upon these reso
lutions, and after an hour and a half the com
mittee reported that the whole number Q
votes was 1854; yeas 10 .405, nays 49,
A vote was passed that the stock holders Q
the P. S. s. P. corporation might have fire.
! passage over this road IN order to attend th
meetings of the former corporation.
There seemed to be very decided feeling il
regard to bailding the exte sion. as it was tel
that all negotiations for favorable reunio,
with the Eastern and P. S. & P. Railroad ha,
| failed.
In conversation with very prominent mem
Der OF the P. S. & P. Railroad Co. who wa
present, we were informed that the pos ton q
that road is this:-That while they decline
proposition to lease their road to any singl
corporation, they would lease to both the Bos
ton s. Maine ond Eastern roads their road on
justly increased rental from that of the OH
lease.
The special meeting of the P.S. & p roa
| will decide the question on Saturday next.