The Portland daily press., 1891-04-25
RAILWAY MATTERS.
lsr. Louis and San Ersrc,sco,

Apropos OF the offer made by the Atchison
Company to the Frisco first preferred stock
holders, the following, issued by the Frisco
company In 1885, when under an entirely
diterent management, is worthy of consider
alton at this time:
inquiry has been made regarding the force and
extent OF the preference for dividends pertaining
70 we Io9r ana one,haf million dollars Of the first
PIeieTIe9 sIock OF tnis company, and especially
Wnether II mas such preference over payment of
interest on the company's general mortgage bonds
IN ANS answer s lnat no dividends are payable on
tne nsI preferred stock until after the interest Is
PAID on general mortgage bonds and on all out
STANDING ponds issued by or for which the sompa-
ny or ltS property Is liable.
The terms of the preference Of the first pre-
lows:
"This is first preferred sock and is entitled to a
dividend up to 2 per cent. per annum, derived by
tne company from net revenues from all sources
each current year (remaining after the payment
OF lnlerest upon all nabilties) in preference 10
any dividends upon yother class of stock issued
by the company, and Is entitled to share pro rata
equally with any other class of stock in any ex-
cess OF annual dividends that may be made by the
company upon any class of stock greater than
per cent, ana by resolution OF the company has
priority OF lien net revenues Tor such dividend
over any mortgage bond that may be issued by
stock"
1t will be seen that the first preferred stock is
entitled to dividends only out OF met revenues"
and net revenues are defined 10 pc what remain OF
revenues after ne paymeMn' ~ the +, certS on all ia
ring to 'prority of lien on net revenues for such
dividend over any mortgage bonds, etc., applies
only to bonds generally known as income mort
gage bonds having a special lien on the net reye-
nues of the company. The OBJECT and force of the
clause was to preclude ne company frsm pledging
nues in derogation of the rights of the first pre-.
ferred stockholders to dividends.
The foregoing is in accordance with advice and
mil nfn al
mortgage bonds were lssueu.
the creation of first preferred stock have been
issued for the acquisition or construction of new
or additional properties, and are secured by mort
I. w. LILLE, Treasurer
Knox and Lincoln.
It is reporied on good authority that the
railroad formerly known as the Kpox and
Lincoln, and later as the Penabscot Shore
Line. sold last year by the towns owning It
to a syndicate headed by the late Levi O.
Wade of Boston, is to be transferred at once
to the Maine Central corporation.
Intosthe Garden of Maine.
BANGOR. April 24.-The directors of the
Bangor and Aroostook Railway today voted
to have papers drawn 70 carry out the agree
ment with the county according to the vote
of the people and also to have a working
survey made as soon as possible.
Railroad Notes.
The Coos division of the Maine Central
me- ~ Lo,,a hean opened to traffic ~, Ma al
4th: but the lateness of the season In those
regions will render it necessary to POSTPONE
the 0pening for week or more. The frost
coming out renders it necessary to proceed
SLOWLY in using the new line.
The Grand Trunk road has decided IN tio,n
the hoycott against the Alton SO far as bnsii bl
ness over its line between Chicago and Bnf.
falo Is concerned.
The Concord and Montreal railroad has
leased from the Old Colony for so years the
six mile link between North Acton and Con.
cord junction, Mass, and the former will