The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-10-06
BY. TELEGRAPH.
MATTERS in MAINE.
European & North American Bail
way.
Meeting of the Creditors at Ban
gOr.

BANGOR, Oct 5.-The creditors OF conSoil.
dated European & North American Railway
Company met at the depot in this city at Q
o'clock this afternoon. The attendance was
large. When the meeting opened G. E. B.
jackson, esq presented, in substance, the fol-
lowing report of the committee:
The committee report total indeDtness of the
European & North American railway, includ-
ing the Piscataquis branch 1882, 704.95, being
an average of $2S,033 per mile, and the net
earnings for 1874 were 1894 $50, sum sufficient
to pay A per cent per annum on the entire in
debtedness They estimate from lands and
other property not needed for railway purpos-
es 100000 may be realized. To reduce the in
debtedness they have obtained an agreement
from the stockholders that 10000 shares, being
the controlling interest in the railway shall be
transferred to holders of the floating debt upon
certain conditions, and with that as basis
they propose that creditors shall organize and
take control of the road, devote the net earn
ings of the road for three years to the payment
of such interest on the funded debt as is not
expended for repairs and improvement of road,
and payment of such debts as is necessary to
prevent sacrifice of property. After which
Tic FATALITY VI buc Lieu CdkuluSe, IL any,
may be devoted to the payment of interest on
the floating debt but not to exceed the rate of
interest per annum paid on funded debt, until
the payment of full interest on the latter shall
have been resumed, and to extend the payment
of the principal of the floating debt for six
years AMI interest for the same time, except as
before provided. They propose to 1.-THE holders
Of the funded debt to fund one-half their cou-
pons, and to take certificates of indebtness for
these coupons, payable in seven years with in
terest semi-annually, the coupons to be held
by trustee and cancelled when certificates are
fully paid, or in case they are not, then to be
returned to holders of bonds, and attached to the
bonds in case of foreclosure of the mortgage,by
which they are secured.
The report was accepted
The following resolution was presented in the
report of the committee of creditors and adopt
ed. The first proposition in the report sent
was accepted by the creditors; the second was
referred to the same committee:
Resolved, That if the International Railway
Construction & Transportation Company will
convey to three or five trustees, one of whom
may be selected by said l. r; G. & 7. Co.; and
the others by creditors hereafter named hold
ing floating debts of consolidated E. & N. A.
Railway, 10000 shares of capital stock of said
last mentioned corporation which is to be held,
used and devoted by said trustees for the bene-
fit of such holders of said floating debt as shall
agree to accept said stock under the terms of
this resolution for time not exceeding four
years; said trustees to execute an agreement in
writing to reconvey said stock to said Interna-
tional Railway Construction & Transportation
Company at the termination of said period of
four years unless before that time said CONSOLE
dated E. & N. A. Railway Company shall have
paid or provided for the payment of certain
debts Of said L r. @. b 7. Co., amounting to
or liabilities have been assumed by said cohsol-
idated E. & N. A. Railway Company.
1t was further resolved that said consolidated
E. & N. A. Railway Company under the man
agement of stock so conveyed shall be authoriz-
ed to pay said $6l 900 and interest thereon as a
claim preferred to all other floating debts ex-
cept such as it is necessary to pay to prevent
q sacrifice or loss of property, and if said $751;
900 shall be paid or provided for as to release
said L R. q. & Transportation Company at the
expiration of said period or at any time prior
thereto, then said 20, 900 shares of stock shall
become and be the absolute property of said
creditors, and shall be conveyed by said trustees
to them severally in proportion to their respec-
tive claims against said consolidated European
S5North American Railway Company; and
the creditors aforesaid promise to use their
best endeavors to obtain an extension of the
payment of the said 200 in similar man
to the other floating debts.
This was agreed to by the committee of cred.
itors, by the committee of of the l. R. G. g. T.
Co., ard by the trustees of said company.
The meeting adjourned subject to the print
ed call. A meeting of bondholders will be
ballad for Ocfohar 9th