The Portland daily press., 1875-06-26
The European and North American
Railway.
Meeting of Creditors at Bangor.
ITO the Associated Press,l

Meeting of Creditors at Bangor.
To the Associated Press.l
BANGOR, June 25.-There was a very full
European & North American Railway Com
pany this morning. prominent gentlemen from
Boston, st. John, Portland and other. places in
this state being present. Hon. J. G. Wheel
wright of Bangor was chosen chairman, and
w. S. Crosby, esq.,. Secretary of the meeting.
Hon. Noah Woods, Treasurer, presented a re-
port of the financial condition of the company
showing the funded debt to be $4,765,O and
all other indebtuess ST. ,46l.74 The assets are
two hundred and six miles of railway in good
condition; equipments, costing $66S,216; real
estate in Bangor and st. John, $215, S97 grant
of about 600, 900 acres of land from the State of
Maine; other assets, $4,000. The Piscata.
quis branch is not included in this statement.
The superintendent and roadmaster reported
the road and rolling stock in good condition.
Hon. S, III. Blake, chairman of the Board of
Railroad Commissioners, made highly fav-
orable report of recent examination of the
AihO, IhO uhiuSCSj tlaChy GU, utluS Ill SOUu COIL"
ditiOn.
On motion of James Cummings, esq.,, of
Boston, the following committee were appoint
ed to investigate the condition of affairs and
report thereon: Thomas N, Egery, Geo. Stet-
son, Bangor; Asa Faunce, Belfast; A. P.
Gould, Thomaston; John /. Berry, Rockland:
Isaac Benson, st. John; G. E. B. jackson,
Portland; John Woodbridge, Boston.
The committee were authorized to fill vacan-
cies and to report a plan for the action of the
creditors
The best of feeling was manifested st the
meeting, and the exhibit of the companys
affairs was regarded as much more favorable
than was anticipated. The general feeling
seemed to be that of confidence in satisfacto-
ry adjustment of the difficulties, by which the
ultimate discharge of all liabilities may be as
sumed.
Among the prominent parties present were
j, Woodbridge and G.. f. Hatch of the East
ern Railroad, John Cummings, Boston, j. T.
Reuel, g. f. Harding, st. John, Maine Savings
Bank of Portland, represented by w. G. Cros-
by; Belfast Savings Bank, by Asa Fauncs;
Bangor Savings Bank, Able TT Holton; 1st Ma
tlonal, George and Isaiah Stetson; ID Nation
al, N. c. Aver, j. S. Wheewright, Kendus,
keag, W. b. Hayford; Hinckley & E gerry lion
Company by 7. N. Egery and F. f. French;
Portland Rolling Mills by G. E. b. jackson;
A. P. Gould, Thomaston; f. W. Hill, Exeter;
5. Ii. Blake, State Railroad Commissioner; the
officers of the European & North American
Company and other capitalists and railroad men
OF this city and abroad. There are unsold
S250,O0O fist mortgage bonds of the western
extension, and $1,000 900 bonds of the CONSOLE
dated company unsold and pledged for security
OF the floating debt. The company has also
assumed the purchase of the Piscataquis branch,
about 60 miles, conditional on certain payments
Liabilities on account of branch are $S14,O
bonds issued and note of city of Bangor $685.
900, on twenty years. There are 5000, 900 second
mortgage Piscataquis bonds unsold. The treas
urer stated that the floating debt had increased
$S5,OOO since January l, 1875, and that the re-
ceipts of the business for eighteen months had
only lacked that much of paying all expenses
and interest on the whole debt. Said bills due
the road would meet dues to'employes, etc,
not now on the books. The gross earnings of
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$724.0O0. OF the floating debt $3.50, O30'is held
in England, and various amoults held by banks
or individuals in Bangor, Thomaston and vicin-
ity, Belfast, Portland Waterville and st. John.
These loans are PRINCIPALLY secured by collateral
bonds and by the personal endorsements of
prominent members of the company and 9TH
ers. The city of Bangor holds first mortgage
for 100000 on the line between here and
Mattawamkeag. The second mortgage is on
the whole line in Maine and granted lines, and
there is also first mortgage on the line in
New Brunswick. These mortgages are all ac-
counted for in the statement for bonded debt.
The highly favorable report of Commissioner
Blake on the condition of the road and bridges
and the exhibit of the business of the line
seemed to make good impression, and there
was no disposition to reflect in any way upon
the officers of the company. Mr.. Cummings
of Boston, addressed the meeting in conserv-
alive and cheerful manner, saying that roads
much worse involved had been carried to
prosperous condition, and urging that wise ac-
tion be taken to avoid any sacrifice of this VAL
liable property There was general express
sion of sympathy for the enterprising men who
have risked so much upon the success of the
road, and so far as could be learned the dispo-
sition was unanimous to afford every reasona-
BILE facility for an adjustment that will enable
them to lift their burdens. The committee ap-
pointed is regarded as very strong one, and
its recommendations after careful examina-
ton OF affairs will carry great weight. Anoth-
er meeting of creditors will be called as soon as
the committee shall be ready to report.
Augusta school Exhibition.
AUGUSTA, June ga satisfactory examin-
alton of High and Grammar schools was had
yesterday and to-day The exercises of the
class graduating from the High School took
place at Meonion Hall this evening The parts
have vacation of 10 weeks.
U. .. District Court.
BANGOR, June 25.-The June term of the U.
S. District Court, which began in this city
Tuesday, Hon. Edward Fox, Judge presiding,
closed to day. The following.cases were tried:
Casco National Bank, petitioners in bankrupt
cy, VS.. w. N. Goold, private banker under the
style of the Bank of Portland, the allegations
of fraud were Withdrawn and defendant adj
judged bankrupt upon default.
The United States VS.. James Robertson snd
David McLead, action to recover statute penal
ty for selling scrap iron alleged to have been
imported at Eastport. In this
case the jury brought verdict contrary to the
Judges charge, and he discharged them. A
new jury was empanneled and the following
cases tried before it: Jeremiah Foster ct al as
signees of E. Longfew & Son, bankrupts, vs..
George w. Smith ct al. Verdict for defendant.
$747.S7.
The United States VS.. David McLead was the
next case, being similar one against same
parties, for whom the discharged jury brought
in a wrong verdict and were discharged. The
new jury disagreed and the court then adjourn