Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-12-21
EASTERN RAILROAD.

MEETING OF STOCKHOLDERS N BOSTON sATUR-
DAY.
\ large meeting of the bondholders and credit
ors OF the Eastern Railroad was held Saturday
forenoon to take Into consideration the present
condition of tie road and to see what would be
best for all concerned. The President Of the East
ern road and most of the directors were in attend
ance, and the interests of the bondholders were
fully represented.
Mr.. Ward, representing Barring Brothers, said a
plan for reorganization of the road had been drawn
up, which would no doubt, ifadopted, be concurred
in by the Barngs and their clients.
Mr.. Morrison read the plan, which in brief pro-
vdes for mortgaging of the road for Sl4 900, 600
and the issuing of bonds to that amount, % per
cent. of which will be guaranteed, or in the shape
of preferred stock, and 50 per cent. of which
will come in secondary stock, and which may
never possibly be paid The plan also provides for
the appointment of trustees to manage the road
and giving creditors vote to their election for ey-
cry 500 Of their Indebtedness.
In case the trust is not managed in the way in
dictated, the mortgage has the right to foreclose.
In view of the time which must elapse to obtain
the necessary legislative sanction to the scheme,
the advsability Of appointing receiver, so as to
prevent any attachments being put upon the road,
suggested in the plan Of Reorganization as one
worthy of consideration.
Mr.. Welsh, of Sohier & Welsh, explained the
main features of the plan, and urged its adoption.
Hon. Charles Levi Woodbury. objected to 1t be-
all classes of liabilities were not represented
For instance, the Portsmouth, Saco and Portland
would be left out in the cold, and their liabilities,
which were contingent on the sums due them by
the Eastern, would be unprovided for.
Hon. VIM. G. Russell, representing the road, ar
gued that the Legislature would not sanction such
a proposal. He said the plan proposed would
strangle the Eastern railroad in eighteen months.
He suggested that committee of conference be
appointed by the bondholdeIs to meet thendirec-
tors and stockholders and see what could be done.
The question of attachments had been considered,
and he was not prepared to say how loag the road
would be free from such annoyances.
Hon. Chas Levi Woodbury. spoke against the
road going into bankruptcy, and said all should be
in favor of making the best they could out of the
matter and assist lii doing what was the best for
all concerned
4 motion that steps be taken to appoint re-
ceiver was voted down, and committee of three
on the part of the bondholders was subsequently,
appointed to meet and confer with the directors in
reference to the plan submitted and any counter
plan which might be agreed upon and to report at
an adjourned meeting. The committee consists of
Lemuel Shaw, Charles j, Morrill, and Dwight
Foster.
SENTENCE or TIE BORDEN KU7E
NEERS COMMITTED.
Dispatches from Washington staoe that Pres;-
dent Grant has committed the death sentences OF
the jefferson Borden mntineers-Georgc Miller
and Ephraim CLARK, alias Ephraim Smith. 1t has
been well known that the Rev. Mr.. Wilson, pastor
of the Seanan's (tather Taylor s. Bethel, lnau-
gurated the movement for the exercise of Execu-
tive elemency, and that his efforts have been see
onded by Numerous seafaring men, who became
acquainted with facts in the case which could not
be brought out on the trial. The petition which
Mr.. Wilson circulated received the signatures of
hundreds of sea captains, mates, sailors and MGR
chants, and this petition was supplemented by one
started at Rockland, Maine, where Clark and his
family well known. Besides Hon. Nathan
Farwell of Roekand became personally interest
ed in the case and with the sister of Mr.. Wilson
visited Washington to see the President Mr..
Farwell and the sister Of Clark called on L. S.
Marshal Usher, and with him went to the Suffolk
county Jail and communicated with the pris
oners, who were made exceedingly glad by the
news. 1t has been reported in the prints that Mil
Ter was in 1870 sentenced to years service in
the House of Correction for stabbing a mate,
which story is incorrect, as has just been proved
by the records Of the Suffolk county jail and House
oil Correction.