The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-12-15

ceedings of the Annual Meeting.
LAWRENCE, Mass, December 14.-The
annual meeting of the Boston & Maine
railroad was held in City Hall this morn.
ing, President Mcleod presiding. The
annual report of fhe directors was ac-
cepted without reading. It,was voted
to increase the number of directors to II.
The only ticket for directors was the
following:
Archibald A. Mcleod, Philadelphia, Pa.
Frank Jones, Portsmouth. N. d.
Samuel G. Lawrence, Medford, Mass.
Geo. M. Pullman, Chicago, Ill.
Joseph S. Kicker, DeerlnS.
Charles 4, Sinclair, Portsmouth, n 81.
VIM. @. Whitney, New York.
Richard Olney, Boston.
Geo. G. Haven, New York.
Alyah w. Sulloway. Franklin. N. Fl.
W, Seward Webb, New York.
Walter Hunnewell, Boston.
VIM. T. Hart Boston.
Joseph H. White, Brookline, Mass.
Arthur Sewall Bath
Henry B. Reed, Boston.
Aretas Blood. Manchester, N. Fl.
All these were elected.
1t was voted to approve the purchase
by the directors of the road, franchise
and property of the Newburyport City
Railroad Company and the Orchard
Beach Railroad Company.
The new men are George M. Pullman,
the palace car Inagnate; Henry r. Reed,
prominent in the sugar business in Bos-
ton; and Hon. Aretas Blood of Manches-
ter, N. H.. locomotive manufacturer.
The retiring members are John w.
Sanborn, who now fills the position of
manager, and David P. Kimball.
Messrs. Webb, White and Hunnewell,
who were
Gazetted to Retire
from the board, remain; Mr.. William T.
Hart, who resigned last month to make
way for President Mcleod, returns
Hon. Arthur Sewall, president of the
Maine Central railroad, and Hon.
Charles "A. Sinclair, president of the
Manchester & Lawrence railroad, both
of whom retired from the boord at tn e
last annual meeting, again resume their
seats around the directors able.
1t is a significant fact that while Presi-
dent Mcleod represents the largest sin
gle holding of the stock of the Boston &
Maine railroad, he has not demanded
representation for the so-called outsi de
element. Criticism has been rife that
Mr.. Mcleod proposed to fill the posi-
tions of the retiring members OF the
board with powerful friends, and the
names Of several of that gentleman 8
warm personal associates and financial
supporters in Philadelphia have been as
sociated with current rumors of late
concerning the complexion of the Bos-
ton & Maine directory.
1t is significant, after reading the list
of gentlemen selected, to find that there
have been but two retirements from the
board as made up during the past year;
that on the contrary, the directory has
been increased by the addition of four
members, and with but one exception
they are New Englanders, largely inter
ested in New England institutions, and
in particular the Boston and Maine rail-
road. In other words, the sole foreign
member to enter the board is Mr.. George
NJ. Pullman, the great palace car king.
W. p Blake, in behalf of himself, W..
G.. Whitney and Eben D. Jordan, appoint
ed to investigate certain leases, includ-
ing leases of the Manchester d Lawrence
and Worcester, Nashua and Rochester
railroads, and the matter OF the deposit
in the Maverick National Bank, reported
that none of the Boston & Maine direct
ors were owners of the Worcester, Nash
ua and Rochester stock when that road
was leased. That matter was investi-
gated. He also reported that no sepa-
the two roads had been kept, but that
the aud tor had made an estimate from
two average months and found the esti-
mated profit for the year ending Decem-
ber 81, 1892, to be 1S2,590.55, which
would be increased this year.
In regard to the Manchester and Law
renee Railroad, he stated that Charles A.
Sinclair owned 10000 shares, part of
which was in Frank Jones's name for
voting purposes, but was not owned by
him. Mr.. Sinclair was paid $200,000 for
this stock. The offer was made neces-
sary to prevent the road passing into the
hands Of the Concord Railroad. The es-
timated profits for the year ending Dec
81, 1891, were S7357.15. Jones bought
100 shares May II, 1888, for 1925, which
was the first stock he owned.
The Knox and Lincoln
is regarded as a valuable and Important
property, showing surplus for the year
ending September 80, 1891, of $2o93'
This will be increased next year to S22,
1854.
The Hereford and Upper Coos roads
have failed to earn operating expenses
and fixed charges for the last two years
and nine months, but the deficit is stead
ily decreasing. These roads give direct
connection with Quebec, and would
have been leased by the Grand Trunk
or Concord roads if the Maine Central
had not obtained them.
The deposit in the Maverick bank,
started June 10, 1890, was unusually
large at the time of the failure, on ac-
count of deposit to meet dividends due
November 15 The directors had no rea-
son to doubt the solvency of the bank rln-
til too late to draw the deposits. The
loss has been reduced to. q very small
amount. g.
The report was unanimously accepted
without discussion.
ItWas voted to change the time OF the
annual meeting from the second Tuesday
in December to the second Wednesday in
October, and to have the annual reports
made up to June 30.
1t was voted to issue 50-year per cent
bonds to an amount not exceeding
90 ao0 onrr for tha .,lrnnSa nf funHinp