Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1892-12-15
BOSTON AND MAINE.

| Annual Meeting-Board of Director
Increased-Purchas of the New.
buryport and Old Orchard Road,
Approved.
LAWRENCE, Dec. 1.-THE annual meet
ing of the Boston and Maine railroad was
held in city hall this morning, President
Mcleod In the chair.
The annual report of the directors was
accepted without reading. It was voted to
increase the number of directors to seven
teen.
The only ticket for directors was tine fol.
lowing: Archibald A. Mcleod, Philadelphia;
Frank Jones, Portsmouth, Nh; Samuel @.
Lawrence, Medford; George N. Pullman,
Chicago; Joseph s. Kicker, Portland, Ne.
Charles A. Sinclair, Portsmouth, H.; VIM.
@. whitney, New York; George G. Haven,
New Yorl; Richard Olney, Boston; Alvah
w. Sulloway, Franklin, N. r.; W. Seward
Webb, New York; Walter Hunnewell, Bos-
ton; Joseph E. White, Brookline; Arthur
Sewell, Bath, Me-; Henry B. Reed, Boston
Aretas Blood Manchester, N. a. All were
elected.
Messrs. Webb. White and Hunnewell,
who were slated by the reports to retire
FROM the board, remain. William T. Hart,
who resigned last month to make room for
President Mcleod, returns, and Arthur
Sewall, president of the Maine Central
road, and Charles A. Sinclair, president of
the Manchester and Lawrence railroad,
both of whom retired from the board at
the last annual meeting, are restored to the
directory.
The new men are George N. Pullman,
the palace car magnate, Henry R. Reed,
prominent in the sugar business In Boston,
and Aretas Blood of Manchester, n. H.,
the locomotive manufacturer.
The retiring members are John w. San
born, who now fills the position of general
manager, and David P. Kimball.
1t was voted to approve the purchase by
the directors of the road, franchise and
property Of the Newburyport city railroad
company and the Old Orchard Beach Rail-
road company.
w. f. Blake, In behalf of himself, W. @.
Whitney and Eben d. Jordan, appointed
to investigate certain leases, including
leases of the Manchester and Lawrence, and
Worcester, Nashua and Rochester rail-
roads, and the matter of the deposit in the
failed Maverick National bank of Boston,
reported that none of the Boston and
Maine directors were owners of the Worces-
ter, Nashua and Rochester stock when that
road was LEASED. He also reported that no
separate account of the earning capacity of
the two roads had been kept, but that the
auditor had made an estimate from two
average months, and found the estimated
profit for the year ending December 81,
1892, to be S1S2. $50, which would be in
creased this year.
In regard to the Manchester and Law
renee railroad, he stated that Charles a.
Sinclair owned forty thousand shares,
part of which was in Frank Jones' name,
for voting purposes, but was not owned
by him. Mr.. Sinclair was paid 5000, 900
for this stock. The offer was made neces-
sary to prevent the road passing into the
mated profits for the year ending December
81, 1891, were 1857. Jones bought
LOO shares May IL, 1888, which was the
first stock he owned.
The Knox and Lincoln is regarded as
valuable and important property.
The Hereford and Uppsr Coos roads
have failed to earn operating expenses and
fixed charges for the last two years and
nine months, but the deficit Is steadily de-
crossing. These reads give direct con-
nection with Quebec and could have been
leased by the Grand Trunk or Concord
road if the Maine Central had not OBJ
talneu tnem. Inc deposit IN tne MAYER
lex bank started June 10, 1890, was I'M
usually large at the time of the failure, on
account of deposits to meet dividends due
November Is. The directors had no reason
to doubt the solvency of the bank until
too late to draw the deposits. The loss
had bsen reduced to very small amount.
The report was unanimously accepted
without discussion.
1t was 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 Sp to June 30.
1t was voted to issue fifty-yesr 4 per
cent bonds to an amount not exceeding
50, 900, 900, for the purpose of funding and
refunding the Indebtedness of the COM
pany falling due January 1, 1892.
Adjourned.
BosroN, Dec. 1.-The new board of
directors Of the Boston and Maine railroad
met at the Boston and Lowell station to-
day and organized by the choice of Archi-
bald A. Mcleod of Philadelphia as presi-
dent and Frank Jones of Portsmouth, N.
H.. as chairman of tine board. They then
adjourned until the next directors meet
ing without choosing committees or ap-
pointing any officers.