The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1886-01-06
RAILWAY MATTERS.
oanrNsnrnG 4 LIKE cnAMrLA1N.

oGDENSBURG LAKE CHAMPLAIN.
James & Herrimen of 0gdensburg, the at
torneys for the plaintiffs in the action of
Robert L. Day against the Ogdensburg &
Lake Champlain Railroad Company and
others involving the rights of the holders of
the income mortgage bonds of the company,
have received the written opinion of Justice
Tappan upon the denial of the motion made
by Messers. Vanderbilt and Depew, as trus-
tees for the bondholders of the. Lamoille Val
ley Extension Railroad Company, and by
the New York Central & Hudson River
Railroad Company, to dissolve the injunction
granted by Justice Landon. A portion OF
the opinion is as follows: Assuming for the
purpose of this motion the validity of the
assignment. am of the opinion that the
plaintiffs establish for themselves and the
older holders of the income bonds of the
0gdensburg s. Lake Champlain railroad
prima facie right to the met income of that
company so far as it is necessary to pay the
interest thereby stipulated to be paid there
on, and to have such net income, II any, as
certained and declared and paid upon such
bonds. The bonds so stipulate, and the
agreement operates as an equitable assign
ment of the net income OF the company as
fast as the same accrueS, to be helq IN trust
by it until ascertained and paid to the income
bondholders, which trust can be enforced
against the company and others who have
notice of this trust"
THE KNOX & LINCOLN.
The adjourned town meeting in Bath, Mon
day evening, to discuss the city, interest and
proposed extension of the Knox Lincoln
roilroad in Rockland, was attended by a still
larger number of citizens than the forenoon
meeting. Mayor Wakefield presided. The
preamble and resolution presented by H. w.
Swanton in the morning meeting, to the eff
feet that the extension would be opposed I'M
less it could be done without any expense to
the railroad company for land damages was
adopted.
Hon. John.H. Kimball presented the fol-
lowing;
Whereas, The Knox & Lincoln Railroad has fail
ed to fulfill the expectations by which this city
was induced IS give aid and credit to its eonstruc-
ton, and,
Whereas, The experience of fourteen years has
demonstrated that the management and opera
ton by municipalities Is not wise and is not ealcu
lated to develop the capacity Of the railroad for
business TO the best advantages, but has proved
to be an utter failure, and,
Whereas, Said railroad has been an onerous
burden to the taxpayers q the city with no ex-
Resolved That it is the sense of the citizens of
Bath, now convened in public town meeting, that
said railroad should be sold to any corporation or
individuals that will pay for the same a fair and
equitable price
said road, we recommend that a corporation COM
posed of the citizens living along the line of the
road be formed for the purpose of purchasing the
same for such price and upon such terms as may
be agreed upon, and that papers be circulated in
the several cities and towns for subscription of
stock thereto
ResoIUed, That committee of seven be appoint
ed to consult with similar committees from other
cities and towns, aud mortgages of the X. & l..
r. R., to decide upon and recommend such course
of action as shall be deemed best for the interest
of all concerned.
RESOLVED. That the directors representing the
city of Bath in the Board of Directors OF the Kuox
g. Lincoln railroad, be and are hereby requested
to use their influence to defer any action by said
Board respecting the proposed extension in Rock
land until the committee appointed under the pre-
ceding resolution shall have had opportunity to
make report upon the matter committed to
them.
1t was voted that the committee consist Of
Hon. F. B. Torrey, Henry W. Swanton, J.
C.. Iedyard j. T. Donnell