The Portland daily press., 1891-01-14

Ane Benefdl expenses were So,Uz0.U, pas
senger transportation S2,955Ol. freight
transportation S2.9O772, motive power S.
564. 30, car maintenance S1,353.l9, mainte-
nance Of way and buildings S12,S2307, total
S33, $50 &C.
Superintendent Lincoln shows that 26, ,474
miles were run last year by passenger, $4,000
by freight. and 1000 by other trains. OF the
10 bridges all but one have been rebuilt with
In six years, and total length reduced from
1896 TO 756 feet. All are In safe condition;
80 tons Of steel rails have been laid, leaving
on main line % miles OF steel and five OF
iron, all but one Of the latter In good condl-
tion. One mile of new fence has been built
and two repaired. There are three lOcOmO-
tiyes, four passenger cars, one combination
car. one freight saloon car, IS box cars, 30
platform cars. two snow plows and IA hand
aud push cars. Twenty additional platform
cars are needed. No accidents have hap
pened the past year and relations with OF. er
roads are friendly.
The reports were all acsepted.
The lease OF the Rumford Falls & Buck
field railroad to the Portland & Rumford Falls
railway is included In the report The usual
Covenants of lease Of this character are
given, and In article three the lessee cove
nants to assume and provide for all tue pres
ent debts Of the lessor and liabilities, and
especially the receivers certificates, amount
lug to S137, 900, provided when all the lessor.
Including the receivers certificates, have
been reduced below $500. 900, the lessee shall
be entitled to the aid of the mortgage and
mortgage bonds Of the lessor as hereinafter
provided. The lessee also agrees TO pay $500
yeaI Tor the compensation of the officers
required to maintain the organization OF the
COMPANY. and to pay annually as rent for the
premises, in addition to the $500 provided in
article i've, 65 cents upC n each share of the
capital stock OF the lessor now outstanding
oeing In an 5000 shares, In semEannual install
ments Of 32a cents for each share, on the first
days OF May and November In each wear. 10
the several persons owners OF such shares
as so appear by the records of the lessor on
the first day Of the preceding month.
No shares Of the capital stock Of the lessor
hereafter created. or issued In excess OF the
said 5000 shares, shall be entitled TO any part
Oh the rental aforesaid, or be regarded in the
payment thereof.
The lessor covenants and agrees with the
lessee, that IL Will, at the request Of the les
see, execute its mortgage Of its now con-
stTueted line from Mechanic Falls aforesaid
to Gilbertsville aforesaid, with the fran
chlses,. rolling stock and appurtenanc
thereof, to secure Its bonds for the amount
to be requested by the lessee. not exceeding
In all S200, 900. at q rate OF Interest { ex-
ceediDg per cent. per annum, and will issue
the bonds secured thereby from time to time
10 the lessee, to such amounts as will leave
all the outstanding liabilities Of the lessor.
including the outstanding receivers cartih-
Gates as aforesaid and all its liabilities
as receiver, not exceeding In the whole the
sum Of two hundred thousand Goo, ,OOO) dol
lars, the purpose thereof being TO make
available to the lessee the bonds OF the les
Sor IOr tins purpose OF extingulshing the
present Indebtedness of the lessor, inelud-
ing SAID receivers certificates, or reimburs-
ing payments made by the lesseq upon such
Indebtedness, including said receivers eeIti-
ncates, or reimburSing payments made Dy
the lessee upon such Indebtedness. Including
said receivers certificates. but In such way
that at no time shall the liabilities of he les
,or, including said cet t'fi st-s and all its liza
ollltes as receiver, exceed the sum OF two
hundred thousand (20O,0 dollars; and fur
ther In such way that, when all funding by
the Lessee Is completed, the interest account
Tor Wnlch lessor shall be liable, including IN
terest upon the outstanding receivers certi-
ticates and Othel liabilities as rec%iver shall
At no time exceed ten thousand 10000 dol
lars per annum.
The lessee agrees with the lessor that Il
will construct and have In operation line
OF railroad OF standard gauge, from iunc-
tl0n with the present railroad Of the lessor,
at some point In the town OF Cant N. ex-
tending along the westerly bank OF the An
town OF Peru, to some point In the town Of
RumfSrd, ut or near Rumf1Td Fails, within
two years from the dats thereof and will
forthwith commence the cOLstru ton OF said
extension, and will proceed with the same
with sufficient diligence to Insure its con-
structiOn and operation within the period
Aforesaid, and that any failure TO perform
the agreements cont aimed in this article shall
DO held TO be breach OF the conditions Of
this lease.
Mr.. Moulton offered the following resolu-
ton:
Resolved, That the lease to the Portland 4
humfOrd Falls Railway, submitted by the pTe-i-
dent De recorded at length, and that the presi-
dent De directed 70 exchange the same with the
Portland Rumford Falls r ,ilway aud the same
% ratlned and accepted as the act OF this corpOr
alton.
On motion Of Mr. Moulton, the foregoing
esIlution was submitted to a stock vote.
The committee reported the whole number
In favor Of the resolution. 4.S53 shares. aud
against 1t none. Thereupon the resolve
was declared by the president to have been
unanimously passed by more than a quorum
Of the stock Of the corporation voting in It's
favor.
There were 4353 shares represented at the
meeting. These directors were chosen: VIM
l.. Putnam, Charles r. Mllliken, VIM. II.
MOulton, K. @. Bradford and Charles S.
FObes OF Portland; Geo. G. Wing. Auburn,
and George ID. Bisbee, Buckfeld Mr..
FOoes takes Mr.. Otis Hayford's place.