The Republican journal., 1888-02-09
The Railroad Meeting on Eefunding.

REEMAN PARTRIDGE.
The Railroad Meeting on Eefunding.
The stock holders of the Belfast and Mooschcai
Lake railroad met at the Court House in Belfast,
Thursday, to act on the following article i'll the
call "To see If the stockholders of said company
will authorize and instruct the directors To issue
bonds and receive the same hy Il mortgage of the
company property for the purpose of renewing
and refundng the first mortgage bends of the
company maturing in 1890, and to transact any
other business that may be necessary to carry out
the purposes aforesaid
A large number of stockholders were present
and the city stock represented by Alderman
l.. f. Mcdonald. At 10 Il. IN. President IIazeinc
called the meeting to ORDER when the clerk, John
III. Quimby read the call. President Uazcltlne
submitted the following
To the Stockholders of the Belfast and Mooschead
Lake K. Il. Co:
The first mortgage bonds of your company fail
due May Is, 1880, and it becomes the plain duty of
your directors to make provisions Tor this debt be
fore maturity After careful thought, and ac-
cordnS to the suggestion of the supreme judicial
Court of Maine we submit the following PROPOSE
ton to carry out this purpose: We recommend
that the company issue new trust bonds for like
amount of Old mortgage bonds, &l50,00o, running
thirty two years, secured by mortgage of the com
and redemption of the bonds due in 1890, to be
issued no faster than Il like amount of Old bonds
are retired. The new bonds to bear interest at
rate OF i've per cent. perannum from May Is, 1855
to Nov. 10, 1892, and four per thereafter until
May ID, 1920 even date of expiration of Your lex; sc
to the Maine Central Il. r. Company. ON and ar
ter Nov. 10, 1892, the company to pay said trustees
from their rental the annual sum of $4,000 pro
vide for the interest and principal of said new
bonds at maturity. said sum to be used for this
purpose only as hereafter explained. Our plan,
in Short proposes to substantially renew the bond
ed six per cent. debt due in ls90 ut four per
cent. and provide 4 sinking fund after 1892,
almost if not quite sufficient to pay interest
and principal of the new bonds during the life of
your lease. This gives the non-preferred stock in
dividends, $500 per annum more than they now
receive, until 1892, and thereafter the same sum
annually they now enjoy until 1920, leaving your
road clear of debt at that date. We heartily com
mend the above plan for Your endorsement, AS
wise and economical. {. Il. HAZELTINE,
President for the directors.
Belfast, Feb. ,, lSSS
The directors then submitted the following:
To the stockholders of the Belfast ard Moose.
head Lake r. X. Co.
The undersigned, the board of directors of said
company, at whose request this meeting of stock
holders has been called, having taken in consider
specially recommend the passage by the stock
holders of the following votes, viz:
First. Voted that the board of directors be au-
thoriZed and are hereby instructed, for the pur-
pose of raising money for tie payment, OF cN-
change and purchase OF the bonds of said company
maturing May -, y. d. 1890, aHd for no other pl'-
pc Sc, to Issue the bonds OF the company to the
amount of S130,oco payable at the office of the
treasurer of said company i'll the city of Belfast on
the 18th day of May y. d. 1920, with interest there
on, payable semannually, the 18th DAYS of
May and November i'll each year. at said treaSu;-
ers Office, upon presentation and surrender of the
interest coupons to be annexed to each OF said
bonds, at the following rates, to wit: five per
cent. per annum until May 18th, a. ID. l..2, and
four per cent. per annum from May 18th, a. D.,
1892 to May 10 \. d., 1920, rcservins and hold
rI,rlt al II
lse, to pay not less than S3,0t0, more
than $4,000 of said bonds each year, ON each
10Th day, of May, the bonds to be so paid each
year to be drawn by lot by the trustees, to whom
the property of said company shall be conveyed in
mortgage to secure the payment of said bonds and
interest, ON january 18th of each year or us soon
thereafter as may he, and not less than thirty DAYS
notice of the numbers and denominations of the
bonds so drawn shall be given by Them advertising
me same IN one or more newspapers IN said Bel
fast; said bonds to be issued i'll denominations of
5000, and 700 and to be signed by the president
and treasurer of said company and countersigncd
by said trustees, and each of the interest coupons
to be signed by the treasurer Of said company ::
and for the purpose of providing for the payment
of said bonds and for the interest coupons thereon
payable after May IL, A. d., 1892, SAID company
shall annually pay said trustees the of $4,000,
in sem-ann;tl payments of "A 300 each on OF be.
fore the 18th days of May and November, after
May II, A. d., 1892, which said sums is they shall
severaly become due and payable the treasurer Of
said company for the time being hereby authoriz-
Ell and Instructed to pay to said tlus tees, and said
said Belfast and shall pay thercfrom the interest
coupons affixed to said bonds they shall fall
due, and shall use the balance thereof in paving
and retiring said bonds as above stipuated; but
said trustees shall, in no event, call and pay !!
larger amou..t of said bonds than can be paid by
the balance of said yearly payments of $4,000 re
naming i'll their hands after the payment of the
interest coupons rs above provided; and that the
foregoing stipulation for the payment by said
company to said trustees of said sum of $4,000 an
hually for the purposes aforesaid snail be and
constitute IA part of the contract between said
company and the holders of said bonds, and that
such agreement shall be stated i'll each of said
bonds.
Second. Voted that the bonds issued under ami
by virtue Of the foregoing vote shall be known is
the Mortgage Trust Bonds of this company and
shall take precedence of all other bonds which
may be issued under any subsequent vote of the
company.
Third. Voted that the board of director, be au
thorized and instructed to make, execute and de
liver to three persons, residents of the city of Bel
fast, to be by them selected, and to their success
sors, in joint tenancy, conveyance in trust, and
in mortgage, of the railroad of this company from
its terminus in Belfast to its junction with the
railroad of the Maine Central Railroad Company
at Burnhanl, and its appurtenances and franchise,
to secure the payment of the bonds and interest
coupons provided by the foregoing VOTE and the
performance by said company of all other acts
and things provided for and stipulated in said
vote, said conveyance to be under the seal of this
company, to be signed by its president and treas
urer, and to contain all necessary provisions for
the appointment of successors to said trustees and
for the protection of the rights of the Maine Cen
trail railroad company under its lease of the rail
road of this company dated April p, A. d., 1871
Fourth. Voted that the board Of directors are
hereby authorized to exchange said mortgage
Trust Bonds for outstanding bonds of this com
pany, and to cancel the bonds which may be so re-
ceived in exchange; and are hereby further
thorized and instructed to make sale of said mort
gage trust bonds mt such times and to such
amounts as they may deem for the interest of the
company, and with the proceeds of such sales to
purchase bonds of the company now outstanding
and at their maturity to pay such of said out
70 M n nnrn t.,n,,,
main outstanding, and to cancel the bonds so pllr
chased or paid.
G. b. HAZELTINE,
EDWARD SHELLEY,
EDWARD JOHNSON, Directors of the
WIN. z. MARSHALL, Belfast and
GEO. Il. FERGUSON, Mooschead
JOSIAH MITCHELL, Lake Railroad
JOHN u. BROOKS, Company.
WIN. NJ. WOODS,
WIN. NJ. RUST,
On motion it was voted to take up the different
sections of the directors report and vote ON them
a motion was made to adopt section
one by stock vote, when l. Nj. Boar,lnan, one of
the stockholders, submitted an objection in writ
ing. In substance he protested against the COM
panys mortgaging the road for the renewal of the
proposed new bonds. His objection was put on
file. Messrs. William c. Marshall, George b.
Ferguson and Edmund T.. Brown were appoint
ell tellcrs to take the votes. The motion to
adopt section one of the directors report was
and carried. Thirty ballots were
cast, of which $3.50 shares voted in the af
firmatiye and ten shares in the negative. The
second section was then adopted, twenty nine bal
lots being cast, of which 1886 shares were yeas
and 10 shares nay. During the pendcncy to adopt
the third section Mr.. Boartlman again renewed
his objection. The section was adopted, thrty-o
ballots being cast, of which 1901 shares voted yea
and 10 shares nay. Section four was adopted
thirty-o ballots being cast, 5,GoG shares voted
yea and 10 shares voted nay.