The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1886-02-02
CITY covERNM ENT.
Regular Monthly Meeting of the City
Council.
Several important Papers Receive
Conside ration.
The regular monthly meeting of the City
Council was held last evening
In Board Of Mayor and Aldermen.

The regular monthly meeting of the City
Council was held last evening.
In Board Of Mayor and Aldermen.
Absent, Alderman Sawyer.
In the absence of Mayor Deering, the chair
was occupied by Chairman Noyes.
PORTLAND & oGDENsBURG.
The following order was passed:
Whereas, by virtue OF decree of the Circuit
Court of the United States for the District of New
Hampshire, in the case of the Mercantile Trust
Company VS.. the Portland & Ogdensburg Railroad
Company, ct ais, which decree was filed ON the
18th Of May last, and was confirmed by final de-
cree of foreclosure filed in said case on the 18th
of December last, the mortgage from the Port
land & Ogdensburg r.. r. Company to Samuel L.
Spring ct ais, trustees dated the first day of No
vember, 1871, and the other mortgages recited in
said decree, have been finally foreclosed, and
Whereas by the laws of that 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 foreclos
ure for all the purposes and with all the rights,
powers, duties and obligations OF the original cor
pOration by its charter, and
Whereas, the city is the holder and owner Of
majority of the bonds, coupons and other claims
secured by said mortgage, therefore
ordered That the City Treasurer be and here
by is directed to prepare and present to said trus
tees full statement of the numbers and denomi-
nations of the bonds secured by said mortgages
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 mortgages, and that the May
be and are hereby. appointed to attend any pre-
liminary meeting of the bondholders under said
mortgage 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
citys name and behalf as its agent and represent
atye, in reference to all matters which may arise
at a q
such holder of bonds ana coupons, any call for
any meeting of the holders of said bonds and eou-
Chap. 81, secs. 93 and 94 or the special act reat-
ing to the Portland g. Ogdensburg Railroad Com
pany, approved March 5, A. D., 1885.
The Portland & Ogdensburg order having
been returned with a report of non-concur-
renee, it was moved to adhere, and joint
convention was asked.
CITY BUILDING LOAN.
The committee ON Citp Building loan re-
ported as follows:
To the Honorable city Council of Portland
Gentlemen The Commissioners of the City
Building Loan Fund respectfully submit their an
nual report as follows:
Amount of city bonds outstanding at
LnlS QaIe. S3Z0, 10000
Amount due on mort
cages. ...,.............. 65,6O000
Amount due onnotes re-
ceivable. ............... 4.44soo
tate ......e........... 36,19o75
par, ~ . -. - 1s9,5oooo
Interest on mortgages
and due and unpaid =
less coupons, &C., un-
Observation-Disclosures. 1,751.06
S3oS, ,2o5.41
Add excess of discount
on bonds sold and ex-
pense and profit and
loss accounts over and
above interest and pre-
MUM received. #16,794.59
-- 1926, 100000
*The premium on city bonds now held by the
commissioners will nearly if not quite, cover the
above deficiency.
H. N. JOSE, of the
VIM. L. PUTNAM, City Building Fund
Portland, January, 5, 1886.
The report was accepted and sent down