The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1886-04-21
THE PORTLAND & ocpENsRuRc.
Preliminary Meeting Of the Bond
holders Yesterday.
Action Preparatory to Re-orsaniza-
ton Under the Foreclosure.

SNStiOh EtOP6t&
ton Under the Foreclosure.
In accordance with the call issued by Nathan
Webb, Weston f. Milliken and II. N Jose, trus-
tees, preliminary meeting of the bondholders
under the fOreclosed mortgage of the Portland &
Ogdensburg railroad company, was held at the
company's offices yesterday afternoon. There
were present Judge Webb, Weston F. Millikep,
Mayor Chapman, Mr.. Sawyer, president of the
Board of Aldermen, Mr.. Hobbs, president of the
Common Council City Solicitor Symonds City
Treasurer Hersey Hon. W. L. Putnam, Hon. w.
F. Lunt Hon. G. L. b. Jackson, j. S. Kicker, ESQ.,,
Thomas Shaw, Esq, E. A. Noyes, Esq, Daniel f.
Emery, Esq, General S. j. Anderson, the receiver
of the road, Aretas Shnrtleff, Esq, Treasurer j.
w. Dana. of the Portland Ogdensburg railroad.
The meeting came to order at the call of Mr..
Hobbs, who moved that the Mayor be made the
temporary chairman OF the meeting. The mo-
ton prev allied. Mr.. Dana was elected temporary
clerk and sworn by Judge Symonds.
The Mayor stated that it would be necessary 10
appoint a committee to ascertain the number of
bondholders present and the securities represent
ed by them On motion, the chair appointed as
this committee. E. A. Moves, Geo. E. b. jackson
and Whitman Sawyer. The committee retired and
subsequently reported the amount of bonds rep
resented as S1,757 900. With coupons, allowing
the city the amount claimed by the city treasurer
from Nov. 1, 1871, SO, ,234 ,26o was represented,
or allowing the city coupons as calculated from
Sept. 1, 1875, SO, ,964 ,26o. On acceptance of the
report of this committee, Mr.. Sawyer moved that
the temporary organization of the meeting be
made permanent. This motion prevailed and MIR.
Dana was then sworn as clerk of the meeting.
The clerk read the action taken by the city gov
ernment on the matter at meeting held March
29th, as follows:
Whereas, by virtue of decree of the Circuit
Court of the United States for the District OF New
company vs. the Portland Ogdensburg railroad
company, ct. als which decree was filed on the
18th 18th day Of May, last, and was confirmed by
final decree of foreclosure, filed in said case
on the 18th of December, last, the mortgage of
the Portland and Ogdenseslrg railroad to Samuel
November, 1871, and the other mortgages in said
decree have been finally foreclosed; and.
Whereas, by the laws of this State and of the
State of New Hampshire the foreclosure Of said
mortgages inures to the benefit OF all holders of
bonds, coupons and other claims secured thereby,
and they, their successors and assigns are consti
tuted corporation as of the date Of the fore
closure for all the purposes and with all the
rights, powers, duties and obligations of the
original corporation by its charter; and,
Whereas, the city is a holder of majority OF
the bonds, coupons and other claims secured by
said mortgage; therefore,
is directed to prepare and present to said trustees
full statement of the numbers and denomina-
tions, of the bonds secured by said mortgage
which are held by the city, together with full
statement of the coupons originally attached TO
said bonds, which were overdue at the date OF
such foreclosure, and of all other claims of the
city secured by said mortgage, and that the COM
mittee reduction of the public debt be and
hereby is appointed to, attend any preliminary
meeting of the bendhOlders under said mort
cages which the said trustees may call for the
purpose of adopting measures for calling the first
meeting of said new corporation, and to act in the
city's name and behalf as its agent and repre-
sentative, in reference to all matters which may
arise at the same, and to sign in behalf of the city
as such holder of bonds and coupons, any call for
any meeting of the holders of said bonds and
coupons which may be made under the Revised
Statutes, chapter 81, sections SO and "a, on the
special act relating to the Portland q OgdenSDurg
1856. ''
The call for the meeting was then read by the
clerk as follows
As contemplated by the order Of the City ,Coun.:
e Of Portland ian approved 9 the Lhrteth aay 81
Eighty-Six, the undersigned, trustees under the
mortgage from the Portland& Ogdensburg Rail
in the year of our Lord Eighteen Hundred Seven
ty-One, hereby call preliminary meeting of the
holders of bonds and coupons secured by said
mortgage, for the purpose OF facilitating such
holders in taking such measures as they may
deem proper with relation to organizing the cor
poration Constituted by statute on the completion
teenth day of December last.
Said meeting will be held at the, office of the
Portland, Maine, on Tuesday, the Twentieth
day Of April current, at two O'clock p: M
lSigned) Ii. n. JOSE.
Portland, April It., A. d. 1886.
Mr. Hobbs then presented a paper containing a
preamble and certain votes for the consideration
of the meeting. which were passed on his motion.
The paper cited the action and DEGREES of the
United States Circuit Court for the District of New
Hampshire by which the mortgages were foreclos-
ed, and besides the votes looking to the reorgani-
zation contained the form of notice to be publish
ed to call the first meeting The following are the
votes:
Voted: That the City of Portland acting by
p Hobbs its committee on the reduction of the
city debt. therunto duly authorized by order Of
the city council approved March 80, 1886; Will
bur f. Lunt, Joseph S. Kicker and Daniel f. En-
cry, being severally the holders of bonds secured
by said mortgages, be and hereby are authorized
and requested for and in behalf of the said bond
holders and said new corporation, succeeding
upon the foreclosure of the said mortgages to call
the first meeting OF said 4 new corporation for the
verifying all outstanding bonds and overdue cou-
pons and providing for exchanging the same for
certificates of stock choosing board of directors,
and other officers, adopting code of bylaws and
a name for the new company, obtaining a settle
ment with the trustees and suitable and sufficient
conveyances from them, and for the transaction OF
such other business as may be necessary to per-
feet the organization of said new corporation,
said meeting % to be ne held a Ten dsS ee0k o ae
1886, at the office of the Portland and Ogdensburg
Railroad company.
Dana, Henry w. Hersey, Edward A Noyes and
George +. b. Jackson be and hereby are appoint
ed a committee to obtain and report to the first
meeting of said new corporation full statement
and list of the bonds secured by the mortgage of
November 1St, 1871, which have been issued and
delivered by the Portland s. Ogdensburg Railroad
Company and are now outstanding, and of their
numbers and denominations, and the coupons
thereon or surrendered on registry thereof repre-
Senting interest due, and the names OF the hold
ers thereof; and, if any of said bonds are held
as collateral security only or by less than an
absolute title, to state the amounts for which such
bonds are so held.
Also, to include in their report similar state
ment as to the bonds which are now in the hands
of said railroad company, and the coupons there
on.
There was some discussion as to the second
committee. The Mayor at first appointed Messrs.
Symonds, Dana and Hersey.
Mr. Lunt thought that the committee should
consist of bondholders
The Mayor said that the work of the committee
being intended only for the information of the
bondholders, to report to them the facts, he
thought the committee competent.
Mr.. Putnam said that he thought the only ques-
tion of Importance likely to come before the
committee was that of the citys claim as to its
coupons, whether the amount should be reckoned
from 1871 or 1875. Mr.. Putnam said that the
arrangement by which the coupons were reck-
oned from 1876, in the estimate of the amount
due on the mortgage, was made with the under
standing that the claim of the city in this respect
should not be prejudced. Mr.. Putnam suggested
the addition of some one to the committee who
would represent the minority of the Dondholders
Mr.. Sawyer then moved the addition of two tC
the committee, and Messrs. Noyes and Jackson
were nominated by the chair and were added tC
the committee.
The meeting then adjourned.
Easter Music.