The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1874-10-08

articles OF agreement betareep the City of
Portland and the Portland and Rochester
Railroad Company.
These Articles OF Agreement in and between
the City of Portland, party of the first part,
and the Portland and Rochester Railroad,
party OF the second part, entered into this
eleventh day of September, A. D. eighteen
hundred and seventy four.
Witness:
First That the party of the second part
agrees to provide equipment for the Portland
and Rochester Railroad required by the con-
tract with the Nashua and Rochester Rail-
road: to pay the interest on the three hun
bred and fifty thousand dollars loan, and the
interest on all bonds issued by the city, to
meet the interest on its two loans to the road,
and to pay when due said bonds for interest,
which are to be six years, six per cent. coupon
bonds.
Second, That the party of the second part
agrees to keep up the present rolling stock by
suitable repairs and replacement, and main
tain it and the road bed of said railroad in at
least as good order and condition as they
now are, and to make all repairs and i'm
provements which may be needed for any in
crease of business.
Third, That the party of the second part
agree to pay over to the party of the first
part, all Tic ueI earnings VI lie Ioau WHICH
remain after the performance of the forego-
ing stipulations, to be applied to the payment
of the interest on the city loans.
Fourth, That the party of the second part
agrees to submit to the board of Mayor and
Aldermen from time to time, or to any per-
son or persons they may appoint, all books,
records papers and vouchers necessary to
full understanding of the company's expendi-
lures, receipts and accounts, and conditions
financially or otherwise.
Fifth, That the party of the second part
agrees to perform all the foregoing stipula-
tons to the satisfaction of the Mayor and
Aldermen of the City of Portland.
Si1th, That the party of the frstp part agrees
to allow the party of the second part to re-
main in possession of the road, and to man.
age the same for three years from July LIST,
1874; provided, however, that if the party of
the second part shall at any time fail to per-
form all or any of the above stipulations to
the satisfaction of the Mayor and Aldermen,
whose Judgment thereon is hereby made final
and conclusive on said Company, then this
contract and especially this sixth article
shall be wholly void. And in such case moth
ing herein shall be construed as an extension
of time on any mortgage to the city, nor pre-
vent said city from thereupon taking immedi-
ate possession of said road by itself or
through the trustees of the four hundred and
fifty thousand dollars mortgage.
In witness whereof, the said city of Port
land has caused these presents to be subscribe
ed by George P. Wescott, the Mayor of said
city, and the seal Of said city to be affixed,
and the said Portland and Rochester Rail
road Company have caused these presents to
be signed by John Lynch, its president, and
its corporate seal to be affixed, the day and
year first above written.
Il. S. GEORGE P. WEscoTT, Mayor.
PORTLAND AND ROCHESTER RAILROAD Co.,
By JOHN LYNCH, President.
Witness to J. Lynch,
WIN. III. CoNANT. -
This arrangement with the city relieves the
company from its financial embarrassments,
and, will, we believe, enable it to meet all flu
ture obligations as they mature.
The report closes with President Lynch's
| letter already published.
The vote for directors stood as follows: Whole
number of votes thrown, 1906. Necessary for
| choice, 1853. j. Lynch, f. Robe, Fl. j.
Libby, j. S. Kicker, r. E. Wood W. G. Ray,
E. G.. Wallace, A. x. Shurtleff, G. E. B. jack
son, G. P. Wescott, and Charles Mccarthy had
| 1885, and were elected.
The agreement of the road with the City of
Portland was accepted.
| COL Robbie then called attention to the fact
| that according to the agreement with the city
| the road agrees to furnish its own equipment.
| This could be done, he thought, by buying it
| outside, or by means of a rolling stock COM
| pany, composed of the directors of the road
and others. He thought the latter plan would
| be the cheapest. The new rolling stock COM
pany had expended about $4,000, and he
| much more. $4,000 of this sum has been SUBJ
scribed, and he recommended that the stock
holders subscribe the remainder.
| One Of the stockholders asked the president
| if the road had as yet secured an eastern or
western connection. President Lynch referred
| the questioner to his letter published in the
PRESS, Sept. Sth.
The same gentlemen asked why the directors
| had not named in their contract with the
| Nashua & Worcester road date when tine con-
| nection should take place. He thought that
matters could run on for twenty years, and if
the Nashua company then make this connec.
ton they would be fulfilling their contract
| The president replied by ex planning how hard
| it was to get the Nashua company to make any
contract at all, and stated that if they had in
| sisted upon stated time there would have
| been no contract made. He explained that
while they were trying to make a contract the
| Eastern and Boston & Maine roads, two pow.
| erful corporations, were trying to do the same
thing, and that they had done the best they
| could. The line was nearly finished, and the
connection would be made in December.
| The meeting then adjourned.