The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-08-06
Portland & Ogdensburg.
A Petition Filled by the Trustees feR the
Appointmenf of a Receiver.

Saturday morning s. E. Spring.. W. f. Mil
likeD, and P. 81. Brown, trustees of the Port
land & Ogdensburg railroad, and Nathan
Webb, solicitor for the complainants, filed q
bill in equity for the appointments of three re-
ceivers of the road. The points made in the
bill have already been.given il. these columns
through communication from one of the
trustees, but we allude to them again briefly a.
1t is a matter of considerable interest The
document fills Sc pages of printed matter and
commences with recital of the conditions of
the charter of the road, and the powers granted
to it, both in Maine and New Hampshire, and
further states that in pursuance of the author
ity and power SO conferred, the company To-
Gated and constructed their road to Bartlett,
N. a., from Portland, and on the first day of
November, 1870, under vote of the stockhold-
ers, conveyed in trust, and in mortgage. to the
orators, Samuel E, Spring, Weston f. Milliken
and Woodbury. Davis, all of this city, their
survivors and successors, all that part of the
company's road extending from Portland to
Bartl, tt and its equipment. Mr.. Woodbury.
Davis died, and Mr.. Philip Henry Brown was
appointed by Judge Nathan Clifford as trustee
in his place.
The trustees show that the road issued
its boc ds, described in the convey ance, in
trust and mortgage, with che interest coupons
attached, for $SOO,OOO, all of which bonds are
outstanding against the company, and No part
of the principal paid or secured except by the
aforesaid conveyance. On the 81 of Janu ary,
1877, the trustees presented semi-annual inter-
est coupons to the amount of $24, 900, which
were due and payable, but the company made
default in respect to them aud refused pay
ment then and more than 30 days before the
filing of this bill.
The trustees state further that on Nov. 1,
1871, in accordance with vote of the stock
holders and for the security of the payment of
the compaDy's bonds. to an amount not ex-
ceeding $3,OO0,O00, with semi annual interest,"
the company conveyed to 8. e. Spring, w. +.
Milliken and Geo. f. Emery, all the compsny's
road, located and to be located from Portland
to its termination at the western boundary line
of New Hampshire with all its equipments,
including al the property, rights and franch-
iSes already conveyed to the trustees under
date of Nov. 1, 1870, and making no exception
in favor of the superior right created by the
last mentioned deed, nor any provision for the
extingushment of said rights, other than pro-
vlding that said trustees should reserve and
hold of the bonds to be secured by said last
executed deed, SS00000, which should only be
issued in substitution for the same amount of
bonds issued under and secured by SAID frs
named conveyance. Mr.. George f. Emery has
removed from the state, but the vacancy has
not been filled.
1t Is shown that s., ,OO00 900 of bonds, secured
by deed of November 1, 1871, have been sold
and deposited as collateral by the company, all
of which are still outstanding in force against
said company, a large amount of which are
held and owned by the Portland Rolling Mills,
aud are also held as collateral; also that on
January l, 1875, the links of various roads,
forming the Vermont division and the Portland
division, by deed of indenture, made and exc
cuted joint consolidated mortgage of the rail-
roads, s,franchises and property of said respective
companies to Luke 2. Poland of St. Johnsbury.
Vermont, and Israel Washburn, Jr., and Philip
Henry Brown of Portland, as trustees upon
the several trusts and for security of bonds as
therein described; and the trustees show that
the said Philip Henry Brown il one OF the ora
tors. The orators also show that under said
joint consolidated mortgage bonds for $4,000
have been negotiated and sold and ara now
outstanding and in full force against the several
railroads aforesaid, and constitute lien upon
the railroads and other property of said compa-
nes, subject to prior end superior liens that
may exist upon the same.
This bill of complaint is brought at the re-
quest of the bondholders under the mortgage
OF Nov. l, 1870, aud in so doing the trustees OF
necessity refer the representation and protec-
tion OF the interests and rights of all persons
under SAID deeds respectively to the cest.us que
trustent, of and under said deed OF Nov l,
1871, all whose interests are Identical IN law
with those of the Portland Rolling Mills and
may be fully and equitably represented and
protected by said corporation; and to Israel
Washburn, Jr., and Luke 2. Poland, the CO.