Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-06-26
BANGOR.
The European l. North American
Railway.
MEETING OF THE CREDITORS.
The Condition of Afaits More Favorable
than Anticipated.

Bangor, June %. There was very full repre-
sentation of creditors of the Consolidated Euro
pean & North American Railway Company, this
morning, prominent gentlemen from Boston, st.
John, Portland and other places being present.
Hon. J. S. Whcewright, of Bangor, was chosen
chairman, and w. c.. Crosby, ESQ.,, Secretary of
the meeting. Hon. Noah Woods, Treasurer. pre-
sented report of the financial condition of the
Company, showing the funded debt to be S4,76j,-
600, and all other Indebtedness 81 ,46l ,749. The
assets are, 206 miles Of railway in good condition,
equipments costing $66S PIG; real estate in Ban
gor and St. John, $2l5.s97; grant Of about 6oo.-
600 acres Of land faom the State Of Name other
assets, Sl23,0OO.
The Piscataqus branch is not included in this
statement.
The Superinte ndent and Road Master reported
the road and rolling stock in good condition. Hon.
S. II. Blake, chairman of the board Of Railroad
Commissioners, made highly favorable report of
q recent examination Of the line the bridges,
track, etc, being in good condition.
On motion Of John Cummings, Esq, of Boston,
the following committee were appointed to inves-
tgate the condition of affairs and report thereon :
Geo. Stetson. Bangor; Asa Faunce, Belfast; A.
p. Gould, Thomaston; John J. Berry, Rockland;
Isaac Benson. St. John; G. f. B. Jackson, Port
land John Woodbridge, Boston.
The committee were authorized to fill vacancies
and to report plan for the action Of the creditors
The best of feeling was manifested at the meet
ing and the exhibit of the Company's affairs was
regarded as much more favorable than was antic-
ipated.
The general feeling seems to be that of conf
dence in a satisfactory adjustment of the difficult
ties by which the ultimate discharge Of all labili-
ties may be assumed. The meeting adjourned to
meet at the call of the committee.
Among the prominent parties present were j..
Woodbridge and c. F. Hatch, of the Eastern
Railroad; John Cummings, Boston, j. II. Ruel
and G. +. Hardin, ST. John; Maine Savings Bank
of Portland, represented by w. C. Crosby; Belfast
Savings Bank. Asa Faunce; Bangor 0Savings
Bank, Albert Holton; lst Nationa. Bank, George
and Isaiah Stetson; I'd National Bank, n. c. Aver
and j. $. Wheelright; Kenduskeag Bank, w. B..
Hayford Hinckley Egery Iron Company, by
T. n. Egery and F. F. French; Portland Rolling
Mill, by G. Z. B. jackson; A. P. Gould, Thomas
ton; F. w. Hill, Exeter, and s. II. Blake, State
Railroad Commissioner; the officers Of the E. &
N. A. Co. and other capitalists and Railroad men
of this city and abroad.
There are unsold $3.50 900 first mortgage bonds
of the Western Extension, and 100000 bonds
of the Consolidated Company unsold and pledged
for the security of the floating debt.
The Company has also assumed the purchase Of
the Piscataquis branch, of about sixty miles, con-
ditional on certain payments. The liabilities on
| &c Al in hon dc ia
sued, and note to the city Of Bangor for $685.
900 on twenty years. There are $780, second
mortgage Piscataquis bonds unsold
The Treasurer stated that the floating debt had
increased SIS, 600 since January l, 1875, and that
the receipts Of the business for eighteen months
had only lacked that much of paying all expenses
and interest on the whole debt. He said the bills
due the road would meet the dues to employees,
etc., not now on the books.
The gross earnings Of the road and Piscataquis