The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-11-17
RAILWAY NOTES.
Grand Trunk.

1t is well known when the Atlantic and st.
Lawrence Railroad was built from Portland to
Island Pond, the city issued scrip IN aid of the
same, to the amount of 81 ,500, 900, but in 1868
it was found that the sinking fund would not
be sufficient to meet the outstanding indebted
ness when it should fall due, and an extension
OF eighteen years was granted by the city till
1888 and 1889, the railroad company mean
while to pay into the sinking fund semi-annu-
ally, $4,000, with interest. On account of
the legislative limitation for the investment
OF the sinking fund, it is found that the rail-
road annually loses about 2 per cent. on the
money paid into the sinking fund, and to ov-
ercome this disability the railroad has
asked the city to allow it to waive the provis-
l ies. ssS@s-i.aF ~ . Pe5 anoupL into
| the sinking fund, and to allow it to invest the
| money in such a way as will enable it to OBJ
| tain an amount Of interest equal to that paid
| on the city's scrip. In case the city grants
| this, the railroad will deposit as security for
| the amounts due the sinking fund, the five
per cent. bonds of the Grand Trunk and Chi
csgo Railroad. When this matter was first
presented to the city, the opinion of the City
Solicitor was asked, and it is understood that
his decision is adverse to the proposition-that
The sinking fund and its investments were
| provided by legislative enactments, and the
| city has no right to waive the provisions of
that act. The question does not turn upon any
fear of breach of faith on the part of the rail-
road, but upon the simple legal right OF the
city 10 allow legislative act to be superseded
by mutual agreement between the city and
the railroad.
Worcester, Nashua a. Rochester.
& The first meeting of the Worcester, Nashua
and Rochester Railroad Company will be held
in Horticultural Hall, Worcester, Saturday.
December 1, at 11.3O AM. to elect officers and
adopt b. laws under the acts of the Legsla-
| lures of Massachusetts and New Hampshire.
providing for the consolidation of the Worces-
ter and Nashua and Nashua and Rochester
Railroads, whenever majority in interest Of
the stockholders of each corporation give their
written assent, or vote so to do. The written
assent of nine-tenths Of the stockholders of the
Nashua and Rochester corporation and over
two-thirds of those of the Worcester and
Nashua has already been obtained, SO that the
consolidation is practically effected, and a
meeting for organization is now in order. 1t
is intended to have fifteen directors, the limit
under the law. Mr.. Charles S. Turner is to be
President and General Manager of the CONSOLE
dated road. Mr.. T. W. Hammond, CLERK and
Treasurer, and Mr. George W. HurIburt, Su-
perintend dent. Mr.. +. FL. Kinnicutt is now
president of the Nashua and Rochester, Geo.
| A. f. Stevens, Clerk. These offices will be
discontinued. In the consolidation the stock
OF both corporations sis placed on an equality,
share and share alike, and the new corporation
assumes all the obligations, debts and liabili-
ties Of the old corporations. As the bonds Of
both bt ar five per cent. interest, there will be
no jar in this respect. Thepolicy of the man
agement will remain unchanged.
Miner Notes.
The conference between the committee of
the Boston and Lowell Directors and the Gen.
tral Vermont and Grand Trunk authorities
was resumed Thursday The result has not
been divulged. Mr.. Hickson, OF the Grand
Trunk, returned to Montreal yesterday morn
ing.
1t is thought that the Railroad Commission
ers will decide against the proposed railroad to
New Portland from point on the Sandy River
Road, on the ground that it will interfere with