The Portland daily press., 1886-06-09

On motion Of Alderman Sawyer, the tenn
porary organization was made permanent.
The clerk was again sworn.
Alderman Marks read the following,
which was carried:
To the BondhoIders under the Moytgage
from the Portland and Ogdensburg Rail
road Company to Samuel Il. Spring ct ais,
trustees, dated Noc l, 1871.
The City of Portland hereby gives notice
that in computing the amount due upon the
registered bonds which it holds secured by
said mortgage, it claims that interest should
be reckoned from the date of the mortgage,
Nov. /, A. ID. 1871.
1t is understood by the city that its right
to interest upon such bonds prior to May l,
A. d. 1875, is denied by the other bondhold-
erS.
4 In order to avoid any present dispute
which might delay the organization of the
new corporation, and which could not be
finally settled at this meeting, the city pro-
poses to act at this meeting only upon that
portion of its mortgage debt which is con-
ceded to it, and upon the stock to which it is
entitled in exchange therefor. but reserves
without waiver of its claims, to be hereafter
legally determined without prejudice, the
question of its right to full interest on its
bonds from the date Of the original mort
gage, and to stock of an equal amount in
the new corporation in exchange therefor.
And the city Of Portland asks that this
statement Of its claims may be recorded as
part of the proceedings of this meeting.
In witness whereof the city Of Portland
has caused these presents to be subscribed
by its Mayor, aldermen and president of its
Common Council, hereunto duly authorized,
this, the Sth day of june 1886.
CHAs j. CHAPMAN, Mayor.
GEORGE w. BEALE,
VIRGIL G. WILSON,
HORACE I'll KICKER,
THOMAS MCMAHON, Aldermen.
WHITMAN SAWYER,
WILLIAM M. MARKS,
HERBERT G. BRIGGS,
Alderman Wilson then offered the follow
ing votes which were carried:
Voted, That it having been made to APP
pear that the notice of this meeting which
has been read has been duly given and pub
lished daily in the Portland Daily Press and
Daily Eastern Argus, newspapers published
in Portland, in the county of Cumberland
and State of Maine, more than ten days be-
fore the meeting, the bondholders under the
mortgage of the Portland and Ogdensburg
Railroad, dated November l. 1871, proceed to
organize themselves into corporation in
pursuance of said notice and call and in ac-
cordance with the statutes referred to
therein.
Voted, That as provided by law, the capt.
tai stock of this corporation shall be equal
in amount to the amount of the principal of
the bonds issued under the mortgage of Nov.
list, 1871, and now outstanding, and of the
coupons ON said bonds overdue on Dee. Is,
1885, the date of foreclosure of said mort
gage, including coupons surrendered on reg
istry of said bonds and representing interest
due and unpaid
Voted, That said capital stock be divided
into shares of the par value of 800 each,
and that the scrip of the company be issued
for any fractional part of 800 that may be
necessary to complete the aggregate Of said
capital stock.
Voted, that the president and treasurer of
this corporation. when appointed, are here
by authorized and directed to verify all out
standing bonds issued under the mortgage of
Nov. 1st, 1871. and coupons thereon overdue
ON Dec. Is, 1885, when presented Gncluding
coupons surrendered on registry of said
bonds and representing interest due, and to
issue certificates of stock in exchange there
for; the aggregate OF the stock SO issued be-
ing equal in amount to the principal of said
bonds and coupons; and each bondholder
being entitled to a certificate of one share of
stock for every 800 of such bonds and cou-
pons held by him, and to scrip of the c0mpa-
ny, signed by the treasurer, for any amount
less than 500 which may be due on his bonds
and coupons, over and above the shares of
stock which he receives, Whoever becomes
the holder of such scrip to the amount of
800 shall be entitled to a certificate of one
share of stock in exchange therefor
Voted, That the treasurer is hereby au
thorized to procure blank certificates of stock,
and scrip, to carry out the preceding votes,
and also to procure such blank books as may
be necessary to keep the records and ac-
counts of this corporation.
Voted, To pass article three in the call for
this meeting till articles four and five have
been acted upon
Voted, That the name of the corporation
shall be the Portland & Ogdensburg Rail-
way.
Voted, That Messrs. Wilson, Webb and
Jackson be and hereby are appointed COM
mittee to prepare code of bylaws for the
corporation, and report the same for the con-
sideration of this meeting.
Voted, That the directors be and hereby |
are appointed a committee to take into con-
sideration the subject Of obtaining settle |
ment with the trustees under the foreclosed |
mortgages on the Portland & Ogdensburg |
railroad property, and suitable conyeyances
from them of all right, title and interest ac- |
quired by them as trustees by virtue of said |
mortgages and the foreclosure thereof and |
to report all the facts relating, to the same to
the next meeting of this corporation
There was some little discussion over the |
name of the new organization. Judge Webb |
thought better to make the name Portland & |
Ogdensburg Railway, and Mr.. George E. B. |
Jackson moved to so amend and name the |
new corporation and it was so voted
When the article came up relating to estab-
fishing set of bylaws for the new corpor-
alton on motion of Mr.. Wilson the chair ap-
pointed committee consisting of Alderman
Wilson, Judge Webb and Mr. G. e. B. Jack
son for that purpose. They reported the by
avs of the Portland & Ogdensburg Railroad
Company with some notifications adopting
hem so that they would be applicable to
giving the city proper powers in the new
organization.
The Mayor appointed Alderman Sawyer,
" S Dana and Mr. johnson a cnmmittae TO |