Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-10-06
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Daily Aenne')ee journal.
BANGOR.
Meeting OF the Creditors of the Console
dated T.. Il N. A. Railway.


dated Il. Il N. A. Railway.
Bangor, October 5-3 P. NJ. The creditors Of
the consolidated European & North American r.
r. Co., met at the depot m this city, at o'clock
this afternoon. The attendance was large when
the meeting opened. G. f. 3. Jackson, Esq,
presided. In substance is the following report Of
the Committee: The committee report total in
debtedness of the consolidated E. & N. A. Rail-
way, including Piscatsqus branch, 81 ,372, 704.95,
being an average of S2s,0 93 per mile; and the
net earnings for 1874 were 1884 $50, sum suff-
cient TO pay four aud half per cent. per annum.
They estimate from lands and other property, not
needed for railway purposes, 100000 may be
realized to reduce Indebtedness They have OBJ
tanned an agreement from the stockholders that
10000 shares, being olling in the railway
shall be transferred to the holders of the floating
debt, upon certain conditions, and with shat as
basis they propose that the creditors shall or
sanizc and take control Of the road devote the net
: .inlngs CT the road for three years to the pay
ment o? such interest on the funded debt as is no,
extended, repairs and improvements of the road,
and the payne mt of such debts as is necessary to
prevent the sacrifice of property, after which
time the balance of the net earnings, if any, may
be des otcd to the paymcn of the interest on the
floating debt, but not to exceed the rate of inter-
est per annUm aid on funded debt until the pay
mcnt Of fun interest on the latter shall have been
resumed; and to extend pay ment Of the principal
Of the floating debt for six years, and interest for
the same time, or except as before provided. They
propose to holders Of the funded debt to fund
one-half their coupons to take certificates of iu-
debtedne>S Tor these coupons, payable in seven
years, with interest semi-annualy, coupons to be
held by the trustees and cancelled where the GER
titicatos are fully raid OF in case they are net,
then to be returned to the holders of bonds and
attached to the bonds in case of foreclosure of
martgagc by which they are scared. The report
was accepted.
The following resolution presented in the
report Of the committee of creditors Of the L. 4
N. \. Railroad, and adopted. The fist PROPOSE
ton in the repoi. accepted by the credi
tors. The seconlEwas referred to the same com
mittee.
Resolved, That II the International Railway
Construction and Transportation Company will
convey to three or five trustees one Of whom may
be selected by said International Railway and
Transportation Company and o hers, by creditors
hereinafter named, holding floating debts of
consolidated T. 4 n. \. Railroad. twenty thou
sand shares Of capital stock OF said last me ntioned
corporation, which is to be held, used and voted
by said trustees for the benefits of such holders
of said floating debt as shall agree to accept said
stock under the terms of this resolution for q
time not exceeding four years; said trustees to
execute an agreement in writing to reconvey
said stock to said International Railway Con-
strlction and Transportation Company at the ter
fore that time said consolidated E. & n. A. Rail
road Co. shall have paid or provided for payment
of certain debts of said l. r. c. & I. Co.. amount
ing to about sixty thousand dollars and inter-
est thereon, which debts or liabilities have been
assumed by said consolidated T. < y. A. Railroad
Company.
1t was further resolved that said consolidated
Z. 4 \. y. Railroad Co., under the management
Of stock so conveyed, shall be authorized to pay
said sixty-one thousand dollars and interest
thereon as claim preferred to all other floating
debts. except such it is necessary to pay to
prevent a sacrifice or loss of property; and il
said sixty. one thousand dollars shall be paid
rovided for as to release said l. r. c. & T. Co. at
the expiration of said period, or at any time
prior thereto, then said twenty thousand shares
Of stock shall become and be the absolute proper
ty of said creditors and shall be conveyed by said
trustees to them severally. in proportion to their
respective claims against said consolidated E. &
N. A. Railroad Co., and the creditors afore
promise to use their bes. endcavors to obtain an
extension Of payment of said sixty-one thousand
dollars in similar manner to the other floating
debts. This was agreed to by the committee OF
Gre ditors by committee of I. r. C. & I. Co., and
by trustees Of said company.
The meeting adjourned, subject to printed call
A meeting of bond. holders will be called for Oc-
tobor 49,
Suicide.
John Connolly, an Irishman residing in Brew
er, committed suicide by banging himself to a
beam. late yesterday afternoon. Cause, insanity.
He leaves wife and fou. children.