St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1875-03-19

he fulloNlnH extracts are from {.
Portland httcl in Tuesdays Boston
.jo"rno!. and very fully state facts and
conditions III which oar people are 81
much Interested
TiiF CONSOLIDATED LOAN.
The early completion at the whole
loan j. al the greatest imp"lt.Imcr. and
ton >nnr >iN months past negotiations
have been in prngirs>. l"nkim" to the
placing of the bonds "i the two div Is
ions in Lumion thus im>urimc the
prompt and satisfactory completion of
the road. The fact ot separate curIpnr-
atl"m> and bonds. complicated and
rendered them objectionable. The
London bankers were much pleased
with the line. lis Objects and enuIcm-
plated connections. and lhcE proposed.
~ II remedy. Il joint mont gage and the
consolidation OF The whole line under
one infringement. and the issue of Il
new joint loan. the present separates to
he retired if desired. The details of
the plan were oml ' completed Il short
time since. and the managers of the
Vermont division laid tlc matter he
fore THEN Stockholders at meetings last
month. and the proposition wa> unani-
mnu>lN adopted. The charters of the
several corporations composing the line
contain authority for Joint mortgage
and consolidation 81 fan a> they are
concerned. but NOT H. regards the Mon
trral. ClamhlN and Sorrl Road. and
therefore the necessary authority had
to hc obtained from the Vermont and
Maine Legislatures. which has been
secured At their present winter sessions.
THE rKOro>ITIoN
Is 10 place il joint mortgage of SS.WW.-
600 on the entire line. OF which $1,000
600 will he reserved in the hands of the
trustees I" take care of the entire in
dchtcduc>S of the road. The balance.
S3,OOO.OOO. will Ice USED in retiring. il
desired by the holders. the present
bonds of the two divisions. and in com
plotting the construction Of the several
links between Portland, Swanton and
Montreal. equippng the same and fur
nIshing ample terminal facilities. which
will he done ut once. The eXiS. ing
hoads will thereby Ice rendered stronger
and more valuable. us the whole line
will he running. aud doing large
through as we'll as local business. and
the recci pts and profits will be greatcI
Each portion of the road " i'll take care
of whatever bonds it USES. aud pay the
interest on the >;Ime. As the new bonds
will cover the entire line the security
of each division is strengthened
THE CONSOLIDATED MANAGEMENT
Is simply for the transaction of bust
Ial.t- and Ia,
to the several roads the surplus profits
pro rata. The present mortgage bonds
OF the Montreal. Chamhly and Sorcl
Railroad, if the proposed arrangement
is carried out, will he turned over to
the Vermont division and placed us
collateral in the hands of the English
bankers in charge of the Joint mortgage
and loan on a basis of Sd, 900 per mile.
Under the proposed arrangement the
expense of management will he one
fourth less than if separate.
There are express conditions that the
majority (probablv five out of ninc) of
the Managers shall he chosen by the
Directors from the Board of Directors
of the Portland division, thus giving
Portland the control of the line, with
the headquarters and offices here also
that the city of Portland shall not he
called upon for the balance of the
bonds. authorized by the voters. be
yond the II $50, 900 issued and to be
issued in accordance with the agree
ment of the Directors.
Parties i'll New York have offered to
iron the Vermont division, taking the
new joint bonds i'll payment. The joint
mort gage PROPOSED is on Il basis of not
exceeding Sl0,0 per mile
1t is one of the most important rail /,
road movements that has been present |
ed in New England for some years, and |
il il ctn he arranged, as it undoubted- |
" will be, 10 the entire satisfaction of |
the city of Portland, lie Portland and
Montreal line will be completed by an
other year and in successful operation. /
>rw BRIDGE ACROSS ST. LAWRENCE |
EVER.
In this connection the proposed new |
bridge across the st. Lawrence river, |
near Montreal, will be Of great mpor- /
-auc., and value. The plan is to con-
,truct the bridge at or near St. Helen's !