The Portland daily press., 1884-11-21

leasej provided that said new mortgage indebted
ness shall in no case be greater than that secured by
the mortgage now existing.
VI.
Leases and contracts of the lessor for the opera
ton 81 other railroads. terminating during the term
OF ths lease, shall be renewed by the lessor upon
the most favorable terms practicable, and being so
renewed, shall be subject TO all the provisions of
this lease as effsctualy as if existing and
termination of this lease, shall be reassigned to
ana enure to the benefit of the lessor
VII.
Inc lessee shall have the right of voting all
STOCK owned by the lessor in other railroads
porations, which stock shall not be sold or other
wise disposed Of except with the assent of the les
zee, and The dividends which shall be treated as
part OF the gross earnings under this lease provd-
su hewever, that nothing herein shall require the
lessor to pay to the lessee any dividend it's exist
ing stock in the Portsmouth, Great Falls and Con-
way Railroad, or in the Wolfborough Railroad.
VIII.
The existing traffic contract dated Dec 2S 1874
betsee the lessee and the Maine Central Railroad
Company shall net be abregrated or changed except
Win the assent of the directors of the lessor the
directors of the lessee. the directors of said
Maine Central Railroad Company. and of three.
fourths of the stock of said Maine Central Railroad
company given at a meeting Of stockholders spec
Ialy called for the purpose.
TX.
Should it be found for the interest of either party
hereto to construct lease purchase lines of in
terest IN railIosds not embraced in existing sys-
tein sucn construction, lease or purchase may De
authorized by the boards of directors of both the
pares subject to the approval of the stockholders
OF both corporations.
Article 10 makes the usual .provision relative OF
the use of the railroads and properties of the cor
porauon accordance with the charter of the lessor
and The laws OF the several States in which it is To-
Gated the proper insurance of the property the re-
placing of old rolling stock and buildings with the
proceeds derived from the sale thereof; annual
passes to the directors the inspection of the prop
leased. math0dS
against the assignment of the lease; the prelmina-
gies essential to the consummaton of the lease etc.
XII, XII AND XIII.
Articles IL and IL provide for the maintenance of
the corporation and the methods of procedure in
case of violation of the terms of the lease while
article 13-the concluding article makes any dsa-
greement between the parties to the lease to the
true intent and meaning of the terms thereof refer
of Massachusetts, the presidents of the Boston a.
Albany and of the Old Colony railroad.
From the above it will be that the Boston &
Maine Company s still to receive its nine per cent
$630,o0o) first from the aggregate earnings, and
then, instead of gviHg it the additional per cent
$50 O000) nexta under the old lease the 500 900
for the Eastern Company's sinking fund, which was
the stumbling block BEFORE is cared for and then,
thirdly, the $4,000 is divided, after which the
Eastern Company gets 1886, 900 instead Of $780,
900 as before arranged, and then any surplus
above that is to go into permanent improvements.
The provisions for refunding the bonds with refer
ence to getting the bonded debt down to 100000
OOO are also new, and will undoubtedly be received
with favor. Several of the Boston q Maine direc-
tors are, however, reported to be opposed to the
new agreement, and the Maine Central people, as
well as others who opposed the original lease are
already threatening to do the with this, and it
s very probable that applications for injunctions
here, as well as in New Hampshire and Maine, will
be made al an early date.
The matter promises also to be one of the leading
questions in the Maine Legislature this winter.