The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-12-15
r. ,. & r. RAILROAD.
Special Meeting at Fort smOuth.
The Directors Authorized to Modify the
Existing Contract with the Eastern,

PORTSMOUTH, n. H., Dec. IA An adjourned
meeting of the stockholders of the Portland.
Saco and Portsmouth Railroad was held today.
John l. Thorndke presiding. By vote of the
meeting the contract between the Portland,
Saco and Portsmouth and the Eastern Railroad
was read.
After the reading of the contract the report
of the committee appointed at the previou.
meeting was read by Charles Levi Woobury of
Boston. The report after giving an abstract
of the contract and sketch of the connection
between the two roads, declares that the com.
mlttee was unanimous in the belief that some
relief should be given the Eastern R iilroai but
concerning the extent of the relief there was a
difference of opinion.
Mr.. Woodbury., in submitting the report, said
it was clear that the Eastern Railroad could
pay fifty cents on the dollar whenever her &C.
counts are closed up. and probably if she con-
tinues to run will pay more After making
this contract with you for the first year the
road earned12 per cent with your road and
paid you 10 per cent. Now she claims to earn
put SIX, and OF course cannot pay you that. To
make anything out of your road you must re-
tain the connections, for you would starve if
dependent on the local business, because it is
through business that will benefit you. All
know that The Eastern is ia a peculiar posi-
tion and mu;h depends on some legislation
on which It can revive its condition. Now your
road is run by the Eastern, and if she goes into
bankruptcy some of her branches might be cat
on. You have got to take care of your out.
standing notes and be in such a condition tina,
IT the Eastern does go into ban kruptcy YOU can
get settlement and through traffic You have
agreed TO lend the Eastern $4,000 if she can
snow proof that she has improved the road
They have only called for $25O,OOO, and claim
to have spent enough in improve ments TO meet
the whole 100000. Now you want to modify
the contrac1so that yoa will not have to nav
more than the S250,0O0, with the matter settled
SO that they shall pay the taxes SO you can DEFY
any storm that may blow over the Eastern. and
be able to carry on your own road With throuph
travel The Easterns affairs did look dark
about month ago. but if she gets relief from
the Legislature and is not hampered by our
claim she will be able to devote all the property
IN payment OF her debts. The giving up of the
nominal per cent, when you know you can't
= ~SSPssa6 eaO u pei Ctul3 Will LC du
encouragement OF their well doing and secure
US 10 measure for the future.
Inc committee reported three resolves. The
majority resolve provided for the acceptance
oi .nree dollars per share semi.anpua,lv in
part payment of thu sum of five dollars ner
Snat7, anu 'nas the time for pay me ut Of the re.
mainoer snal be extended five years.
1ne minority resolve authorized the directors
W INJURY the contract SO that the four diyi-
aends next to he paid be reduced to three dol
lars share, Oh Condition that the Eastern
railroad sha pay the taxes, and that the issna
OF notes III the credit of the Portland, Saco b
portland road shall not exceed $3.50 600. An.
o'ner resolve, which was reported unsni mously
provided that the accounts of the Portland.
Saco q Portsmouth railroad should be kept sep
arate as trust