The Portland daily press., 1884-03-20
PORTLAND & oGDENsBURG.
IMPORTANT STEPS TAKEN BY
THE TRUSTEES OF THE ROAD.
They Apply for Possession u nd the An
pointnaent of n Receiver-The Motion is
Made Returnable March 24th,

fleets on the management of the road; that this
movement should not cause any security holder to
part with his securities at any diminished price;
that the emergency calling for this action has come
on very suddenly; and that when the motion is had
for the appointment of receiver, he believes, IL
will be conceded by all, that the course which the
trustees have taken is prudent.
The following is the full text of the bill:
To the Honorable Justices Of the Supreme Judicial
Court Of Maine.
Weston f. Miken, Nathan Webb and Samuel
E. Surng, all of Portland. in the County of Cum
6erland and State Of Maine, bring this bill against
the Portland giensburg Railroad Company. a
corporation created by the sta utes of the state
Maine, and having its established and principal
place of business at Portland, in said County If
9 ; m" citing at said Portland, and fhilip Henry
Brown 4 said city OF Portland, and Luke P. Pol
ard of st. Jobnsbury, in the State OF Vermont.
And thereupon imbly complaining showeth un-
to Your honors. that eaid Portland Ogdensburg
Railroad Comp any by various statutes of the State
OF Maine, passed before the giving of the mortga
hereinafter set out. was incorporated for building
and authorized to build line If railway with lis
appurte ances from Portland aforesaid to the East
ern bouniafy of the State of Vermont said line of
railway and its appurtenances to be a part of a
through line from said Portland the vest it was
further authorized t. lease purchase and contract
for the opera ion of other railw VS. in the State of
Vermont and elsewhere, as part OF said through
line from P0r land to the west. and to make other
contracts for the purpose of orig mating ahd main
tanning through business from said city of Port
land 20 the west as Aforesaid that afterW
surance If the authority aforesaid and for he pur-
pose among other things, of establishing through
lines az aforesaid, said Portland 6 Ogdensburg
Railroad Company constr ucted portions Of / 8 line
from Portland to The east line OF the state Of Yer
mont as follows, 10 wit: From Portland TO the
eastery line of the town of Bartlett in the state of
New Hampshire, distance of sixty one and forty
four hundrsdi hs miles, which portion Of said road
was substantially completed and equipped bef,re
after ns and # to herein s
Is within the State of Maine and the remainder
within the State of rew Hampshire, and after
wards; from the proceeds of the bonds secured by
the mortgage to your orators hereinafter set out
and from other moneys constructed in continuation
OF the line aforesaid and from said Bartlett to the
taoyan House or Fabyan Place in the State of New
miles, and afterwards from Scott's Mills in the
town OF Dalton in said State of New Hampshire to
tne eastern line OF the State of Vermont distance
OF two and thirty two hundred hs miles being in
the whole distance of ninely one and twenty six
one hundredths miles; that between said Fabyan
Place and Scott's Mills there sti Exists gap In
the line of said railroad company as located. the
precise length of which is not known to your ora
RS and which by an arrangement between said
corporation aud the Boston, concord & Montreal
hailIoad Company Is operated over thar portion OF
tne hne M OF said Boston, Concord 4 Montreal Rail
road Company, which extends from said Fabyan
Place to aid Scotts Mills so that at the present
time by virtu of said contract and connection with
said Boston, Concord & Montreal Railroad Compa-
ny, said Portland & Ogdensburg Railroad Company
Is now operating continu line from said Port
land to the eastern line of the State of Vermont,
WARD, by means OF whicl said Por tland & Ogden
burg Rrailroad Company s enat led to transact and
does transact in connection aforesaid with other
corporations continuous business ON said Port
land into the State ut Vermont aud to Cana a ard
the west, which continuous business was The princi
pa ln'iucemen to the construction OF said railroad
ana It's main enance and is ssentia Ito the profitable
operation thereof and the interests of ali persons
ami corporations no ding stock bonds and other se
curities of all kinds of said p rGland & Ogdensburg
Railroad Company, 50 that the breaging up of said
continuous through business or of said line owned
ana and operated Dy said Portland 'gdensbarg Rail-
rosa company, would be great injury
and detrment to each and every cass
OF 'ndholders and other creditors of
said Portland Il Ogdensburg Raj road Company as
well as to the stockholders thereof ane would ma
terlaly mpair the value of the property and fran
SondSoeas u aaa company upon which said
tacton OF their respective c tims portions
Of said Portland & ogdensburg Railroad Company
were 80 TAR completed a. to be in operation and,
were all In operat on in the year A. D. 1877, and
have been operated BY sail Portland L. Odgensburg
Railroad Company from said year A. d. 1877 to
tue present time; that the first day of November
A. ID. 1870, said Portland IL Ogdensburg Railroad
company issued its bonds to the amount of eight
hundred thousand dollars, and tecured tho same by
NOR gage, bearing that date, of so much of It's
line as extends from Portland to the town of Ba t.
lett aforesaid and Of he franchises equipment and
other appurtenances thereof a COPY of which mort
gage is hereto attach and made part of this bill
as though set out therein and which mortgage was
originally made to Woodbury. Davis, said S muel
E. Spring ana said Weston F. Milliken that there
after wards said Woodbury. Davis, deceased, and
Hdlu FnlDp Ii. BrOWI .OrdalcH with the
of said mortgage and was duly constituted aud at-
pointed his successor as trustee under said
mortgage and thereafterwards proper deeds
to the said Brown were duly executed TO constitute
him such successor in said trust.
Aud thereafrerwards, on the first day of Novem-
per, IN the year OF our Lord 1871, said Portland
aud Ogdensourg Railroad Company executed the
mortgage to said Weston F. Mlliken said Samuel
f. Spring and one George F. Emery, a copy of
which mortgage is here to attached and made part
of this bill as though out therein full which
&c ,rge F. Emery afterwards resigned the trust
under said mortgage, and said Nathan Webb was
thereupon duly appointed his successor in said
trust, and accepted said appointment, copy of
which appointment is hereto att .ched and made a
part Of this bill though ther in set out in full
And your orators fu1 ther 9 mplaining shoWetb
unto your honors, that by sundry statutes If th
state of New Hampshire the extension and con
struction of the railway of said Portland and Og-
densburg Raj road Company into and through the
State of New Hampshire was duly authorized and
ratified, ana the mortgages aforesaid, and all bonds
issued under the same, were also duly aul horized
and ratified and said Portland and Ogdensburg
railroad Co npany was further duly authorized, SO
far AS concerned the State of New Haml shire 10
range for and maintain all hrough lines and through
business aforesaid; and all the purposes for which
was chartered and nstruc ed in accordance
with the statutes aforesaid of the state OF Maize
we're fully authorized and confirmed, so far a.
concerned the State of New Hampshire by the stat
utes of said State of New Hampshire aforesaid and
all the doings aforesai of said Portland g. Ogdens-
burg 1iroad Company and of Your orators aud
the rights OF your orators under the mortgage
aforesaid, have been and fully authorized rat-
lied and established by the said statutes of the
state of New Hampshire; but the said corporation
nevertheless is ami always has been, under and by
virtue of the statutes of New Hampshire q corpo-
ration domciied in the state of Maine authO rized
10 perform its functions within said State of New
Hampshire, has never become a COZ poraton domi-
ciled in said >tate OF New Hampshire, nor in auy
way, far relates to its line OF railway and ap-
purtenances within the State of New Hampshire er
so far as concerns its Duties rights and obligations
within the Sta e of New Hampshire, been seere-
gated from its corporate existence der the laws
OF the State of Maiue, and has always held enjoyed
Qnd nll 3 fhA
original charters granted by the Stale of Maine
but by comfy, license and authorization of and
from the statutes aforesaid of the State of New
Hampshire SO that the courts of the State of
Mai g. so far a. concerns said Portland and Og-
'nsburg Railroad Company have full and entire
juri.dic ion over tue whole railway of the and
all its appurtenances whether in Maine or New
Hampshire.
And your orators further complaining shovetb
unto your honors that in pursuance of the mort
gage Aforesaid bearing date The said first of Noven
Der, A. ID. 1871, said corporation issued its
negotiable bonds according to the terms of said
mortgage with coupons attached to each of said
bonds, providing for the payment of interest semi
annually IRON and after sal first day of Novem-
Der at the rate Of six per per annum; tha the
principal amount of the bouds go issued were twen-
ty-iye hundred thousand dollars, or nearly that
amount; that of such bonds he CITY OF Portland
acqured for full value and sill retains the err
ship OF bonds to the amount Of thirteen hundred
and fifty thousand dollars of principal; that the
remainder of said twenty-five hundred thousand
dollars of said bonds, nearly the remainder
taerof, have been sold and issued by said corpora
u0n At yarIOus11IneS 10 sundry persons for a tull
and va liable consideration in accordance with the
terms of said mortgage. and are now owned by sun
dry personssmany of whom are to your orators un-
KNOWN being and residing In the States of Maine
and New York and other States your orators uu-
Known; that all or nearly all said bonds so issued
as aforesaid outstanding, are obligatory
against said corporation and were properly Issued
IN accordance with the Terms of said mortgage ami
that lid mortgage is held by your
ty for said outstanding bonds and coupons attached
thereto that the said corporation paid or
otherwise took up all the coupons at ached
o said bonds to and until the first day of Noyem-
ber in the year of our Lord 576. That since said
first day of November, A. ID. 1876 said corporation
has been unable to pay the coupons al tached to said
bonds and is in default of the payment
thereof and all or nearly all the same rem .in uu-
paid and dishonored; tnat said corporation has paid
and discharged all coupons and other sums secured
by said mur gage dated The frs day of November.
A. ID. 1870, heretofore coming due and is in mo-
wise in default unuer said last named mo- tgsge.
And your orators further complaining showeth
unto your honors that by the terms of said mort
ber A. d. 1871, syour orators by reason of the de-
fault aforesaid were entitled to take possessi of
ali the railway, franchises and other property Gov
cred by said mortgage, and operate the same until
III defaults were made good bS said Portland and
Ogdensburg Railroad Company.
Aud your orators say that heretofore your ora ors
have not desired to take possession of and operate
said line Of railway and appurtenances because
your orators upon enquiry aseertainad that he said
line of railway was being honestly and ,onomical-
Iy operated by said Portland q Ogdensburq Railroad
mpany and all the earnings of said railway
which were not required for operating and main