Daily Kennebec journal., 1884-06-13
RAILROAD MATTERS.
The Proposed Massachusetts, Railroad
Lease.

special meeting of the stockholders of
the Boston & Lowell railroad, TO act upon
the proposed lease of the Lowell corporation
of the Northern railroad of New Hampshire.
the Peterboro Hillsboro, the Concord &
Claremont, and the Boston, Concord & Mon
treal, was held here today. After some pre-
limenary action it was decided TO take full
ballot of the stockholders, the polls to re-
main open until Wednesday next.
The following are the terms proposed by
the Boston Lowell: 1t will pay to the
Northern Railroad SSS, ,S55 in gold quarterly
as rent, the first payment to be made July
LIST, 1854. 1t assumes also all the taxes, as
sessments and charges. 1t will pay the
interest coupons upon tine existing first
mortgage bonds amounting to 100000 and
also the interest coupons upon the first mort
gage bonds of the Peterboro & Hillsboro,
which bonds amount TO over S5OO,0OO, and
also the interest coupons upon the first mort
gage bonds of the Peterboro & Hillsboro,
which bonds amount to 100000, and will
cancel the bonds at maturity upon receiving
therefor new bonds to the same amount at no
higher rate of interest. 1t will at its own
expense maintain all properties in as good
order as they now are and will make no
mortgage without securing the above coDdi-
tions to all parties concerned.
The terms of the lease with the Boston.
Concord & Montreal Railroad are substan-
TALLY as follows: That the Boston Lowell
Co. will at its own cost, maintain, preserve
and keep the property in good condition, that
a sum equal to % per cent. of the gross re-
ceipts of the Northern, Concord Clermont.
n H., Petterboro & Hillsboro. Boston, Con-
cord & Montreal and Pemigewassett valley
railroad, less 500. 900 per annum shall be
set aside for the Boston, Concord and Mon
treal railroad as a rental for its roads and
the Pemigewassett Valley.
The Boston & Lowell in consideration
thereof guarantee to the Boston, Concord Il
Montreal Company that the balance OF the
% per cent. remaining after the deduction OF
500, 900 per annum shall be equal to a sum
sufficient to paw the interest upon all the
Indebtedness OF the lesser company and SIX
per cent. on the outstanding preferred stock
for the first year and five per cent. upon the
same for each succeeding year thereafter
during the continuance of the lease. The
lessee company agrees that it will once in
three months pay to the lessor any difference
between the rental provided for and the
guarantee given. 1t is further understood
that in case the gross receipts of the several
roads exceed in amount in any one year
s.. .OOO. 900, the rental of the lessor shall not
exceed in such event % per cent. of said
s., 900, 900.
PLYMOUTH, n. H., June II.
A special meeting Of the Boston, Concord
& Montreal raiload was held this afternoon
to consider the matter of leasing the road to
the Boston & Lowell.
Hon. S. B. Page of Woodsville moved to
adjourn for two weeks to have the lease
printed and placed in each STOCKHOLDERS
hand.
This course was also advocated by Hon.
Joseph Kidder of Manchester, Hon. S. 7.
Page of Haverhill and others. and opposed
by Hon. Daniel Barnard of Franklin, Hon.
S. n. Bell and others.
The discussion was quite warm, lasting
over an hour. Much feeling was displayed.
The motion was lost.
The clerk moved in substance to approve
the lease and transfer of the property re-
ferred to in the lease, and all hotel, real.
steamboat, machine and other property, and
the president and treasurer be agents to
execute the same; that the directors be au-
thorized to load bonds and refund indebted
ness at a rate of interest not exceeding p
per cent. semi annually into one class of
bonds, and that they appoint trustees for the
same. This was adopted.
The contract leases to the Boston Lowell
for 80 wears from June |, the Boston & Low
ell agreeing to pay 25 per cent. of the gross
earnings, of the Boston, Concord Montreal,
Northern Pemigawasset, Concord & Clare
mont and Peterboro & Hillsboro roads to this
road, guaranteeing that the same shall be
sufficient to pay the interest on the indebted
ness at per cent. the first year to preferred
stockholders and per cent thereafter, and
carry its contract with the Pemigawasset
Valley provided % per cent. does not exceed
the sum of 100000.