The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1885-04-08
supreme CJourt.
MW&S&w1w

BEFORE JUDGE WALTON.
TUEsDAY-I In the afternoon, before Judge Wal
ton, hearing was had upon petition filed by the
compliments in Weston F. Niliken ct al in equity
vs. The Portland and Ogdersbnrg Railroad. Hon.
William L. Putnam appeared for the compliments
Hon. j. W. Symonds, city solicitor for the CITY:
Hon. j. H. Drummond for bondholders and Hon. b.
d. Verrill for the Maine Savings Bank and others
The petition prays in substance that the receiver
may be authorized to pay from any money in his
hands or which may come into his hands the waole
or portions of any principal sums secured by mort
cages on depot grounds offices in Portland grounds
acquired Tor purposes of engine houses machine
shops and car houses far it becomes necessary
in his judgment to make such payments in order to
avoid foreclosure OF any of said mortgages or ex-
pense OF litigation. any expense which may arise
from any attempt to enforce the collection of such
poration for the purpose of obtaining funds to
struct the road from Scott's Mills to the eastern
line of Vermont borrowed upon its notes secured by
. penge OF It's bonds covered by mortgage Of Nov.
l. 1871 to the amount OF S10S 600; that the bal
ance OF said notes remaining unpaid is $26,797.o2
with interest from the 10th of June 1884, that the
bonds securing said notes are of much greater value
than the amount of said notes and interest and
that 1t would be detrimental TO the corporation and
the holders of other bonds secured by the mortgage
OF 1871 to permit the sale of the bonds SO pledged
for the payments of the notes.
The petition also prays that the receiver may be
nuthe lized to pay the coupons past due secured BY
the first mortgage which. including scrip repre-
senting said past due coupons, is S8I ,005.70 and
interest thereon. The net earnings and balances
due the company and which have come into the
hands of the receiver since Jan. l. 1884 were
nearly sufficient have paid all current liabilities
had 1t mol been applied to other purposes; that the
current liabilities ought equtaby and Justly to be
paid from such net earnings. But in pursuance of
the DEGREES entered in this in accordance with
the necessities of the railway in order to make the
same safe and the operation economical, the re.
ceiver has applied large portions of the net earn
1ngs AID accounts collected TO the amount of S46-
600.
That of the issue of $25O.Oo0 of receivers certi-
hcates contemplated by the order appointing the
receiver q sale of certificates the am0unt q
$500, 000 and no moro has been authorized; that
the sale of the remaining $4,000 certificates
ought to be authorized and the proceeds applied to
make good and replace, SO far 1t will 60 The bal
ance of the net earnings and collections which
have been applied as aforesaid by the receiver for
the permanent improvement of the railroad. They,
therefore, pray that The additional $4,000 of certi
ncates may be sold ana the proceeds be applied in
the following order:
1. To the payment of the current liabilities
shown upon schedule b. except as already satisfied
3. To the payment of past due coupons secured
by mortgage of NOV. /, 1870 and of scrip repre-
sentiDg such coupons, and interest said coupons
and scrip in the order 10 which the same due.
And the complainants further pray that the re-
eeiver may be authorized TO apply any net balances
Of earnings and other receipts now. which may
hereafter come into his hands, not required for 9TH
or payments, TO the following purposes, in the fol-
lowing order:
1. 10 the payD' emit of any part of the principal
OF any underlying mortgage herenbefore Set out so
far the receiver may find it necessary to pay the
same to avoid foreclosure expense of tiga tion, or
cost arising from any attempt 10 collect the same
shown upon said schedule B. (which is floating debt
for supplies and repairs incurred just before the
appointment of receiver, and such other current
Liabilities payment of which may be hereafter au-
thorzed
3. To The payment of coupons secured by said
mortgage of Nov. L, 1870 READY in arrears, and
SCRIP representing such coupons in arrears and in
terest on said coupons and scrip, and to the pay
ment OF such coupons hereafter coming due and in
terest thereon in the order in which they become
payable.
4. So far as the Receiver may find it necessary
to make payment in order to prevent the sale of
arising from any attempt to accomplish such sale,
to the payment OF the interest principal of the
notes given for the construction Of the railway from
Scott's Mills TO the east line of Vermont.
Mr.. Putnam opened the case quite fully on the
part of the plaintiffs. He said thai all the interests
were represented by counsel, and that there was
substantially ne objections TO the prayer of the
petition.
Gen Anderson stated in answer to the
court that he had used about $4,000 of the net
earnings of the road for permanent repairs; that
there are $40 600 of Receivers certificates yet UNI
disposed OF; that in all he had expended for the
permanent repair Of the road over $229, 900; that
IL the prayer Of this petition was granted, he had
doubt that by next October, out Of the proceeds
Of sale OF the 500 900 Of remaining certificates the
net earnings Of the road and the sale of old ron he
could clean up all these matters referred to and
have clean balance sheet.
1t was stated that the Maine Savings Bank had
posed Of and that they had objection to the sale
of the remaining $4,000, but in fact had stipuat-
ted when they took the $500, 900 worGh that they
should have the remaining 100000 when issued.
The Court said that If the parties interested were
satisfied and made no objection he would grant the
prayer OF the petition; that if the counsel would
Draw up decree which shall be satisfactory 20 the
trustees of the Maine Savings Bank and the holders
of the past due coupons he would sign it and the
case was thereupcn continued.
The court then adjourned finally.