Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1909-05-21
RECEIVER ASKED 5
For Wa A VII 8 Fairfield flo
Ry' & Light Company,
Also Restoration Of Control
To Former Stockholders ID
Numerous Unfair Acts Of Trustee
o. Company Alleged.

"A DIlI III equity was hita i'ui.'N~J
with Clerk OF Courts c. w. Jones CT
the kennebec county supreme court,
asking for the restoration to the
stockholders to whom it rightfully be-
longs, of the control, management and
operation of the property of the Water
Vile & Fairfield Railway 4 Light Co.,
and for the appointment of a receiver
to take immediate charge Of the affairs
of the comapny
The complainants are John N. Web
Der Of Waterville, Willis w. Washburn.
Miss F.. M. Brainerd of China; Elwood
II. Jenkins of Augusta and the Uni
versalist Church of Waterville. With
the Waterville q Fairfield Railway 4
Light Co, are joined as defendants, the
Augusta Trust Co, William S. Spaull-
ing of Boston, c. Everett Libby of
Brookline and Arthur P. Libby of Fort
Fairfield, administrators of the estate
of Isaac C. Libby, late Of Waterville;
Matthew Luce Jr., of Boston, adminis-
traitor of the estate of Matthew Luce.
late of Cohasset, Mass; Charles A..
Millken of Augusta and Sarah Basse:t
of Brookline, Mass, administrator "f
the estate of Elias Milliken, late of
Brookline; Harold Goodenough Of
Brighton. administrator of the estate OF
Henry b. Goodenough, late of Brigh-
ton; and Norton E. Hollis of Boston.
The compliments say:
That the Waterville & Fairfield Rail-
way & Light CO., is a public service
corporation with capital stock of $780,
900; and is the owner of the properties.
rights and franchises formerly owned
and held by the Waterville & Fairfield
Railroad Co., the Watervile Electric
Light & Power Co, and the Fairfield
Electric Light Co., together with a
street railway system lying partly in
Fairfield and partly in Waterville, and
of system for the generation and
distribution of electricity throughout
Waterville, Fairfield, Benton and
WinslOW.
BY its consolidated trust mortgage
dated, Nov. q, 1897, and by it's supple
ment thereto dated jan 20, 1898 said
Waterville & Fairfield Railway & Light
Co. conveyed all the property, rights
and franchises then owned or there
after to be acquired to the American
Loan & Trust Co., corporation estab-
lished by law, and having it's place Of
business at Boston in the common
wealth of Massachusetts, for the pur-
pose Of securing the payment of bonds
to the amount of $4,000.
Coincident with the execution and
issue of the mortgage and bonds above
referred to, and as a part Of the
financial reorganization then being
affected by said Waterville & Fairfield
Railway & Light Co., by an instrument
bearing date, July 81. 1897, individual
holders of the capital stock of the
W'terville & Fairfield Railway & Light
Co, holding a majority of the capital
stock of said corporation; Elias Mill
ken of Augusta and Isaac c. Libby OF
Waterville, holding together POS shares,
Edwin c. Swift of Lowell, Mass, 205
shares; Matthew Luce of Cohasset.
Mass, POS shares; Norton E. Hollis of
Braintree, Mass, 205 shares; Henry f.
of Brighton, Mass, 2O5
shares; making in all 1925 shares,
entered into an agreement with the
Augusta Safe Deposit & Trust Co,
whose name has since been changed to
the Augusta Trust Co, named above as
defendant in this suit.
By the terms of said agreement the
said stockholders agreed to transfer
and assign to the Augusta Safe Deposit
& Trust Co, the shares of capital stock
owned and held by them severally in
said Watervile & Fairfield Railway &
Light Co, to the amounts above set
forth, to be held by said Trust Co., in
trust for the term of five years and
thereafter until said Waterville &
Fairfield Railway & Light Co, shall
have developed sufficient business and
its revenue shall have sufficiently in
creased to enable 1t to easily and
promptly pay the coupons upon its
bonds and all its fixed charges, operat-,
ing expenses and other expenses neces-
sary and proper in the management of
the affairs of said company, at which
time. said trust might be terminated
and the control thereby created be ex-
1t was further provided that the
powers and duties of said trustee
should be as follows: .a
TO cast the vote on the stock so as to
be held by it at any meeting of the
stockholders of said Waterville & Fair
field Railway & Light Co, held for the
company required by the by laws to be
chosen by the stockholders, and to vote
Tor a president and treasurer, and lust
enough of the board of directors to con-
stltute majority in accordance with
the written instructions and recon-
mendations from the majority in.
of the holders of the, bonds OF
said company, and to vote for the re-
naming directors in accordance with
the written instructions of a majority
in amount Of the parties, who had
transferred their stock to said trustee
under said agreement
The trust created by said instrument
was accepted by said Augusta Safe
Deposit & Trust Co., which thereupon
proceeded at the next annual meet
ing Of said Waterville & Fairfield
Railway IL Light Co., to elect the Of
ficers of said company as provided in
SAID trust agreement and has con-
tlnued SO to elect said officers until the
present time.
The direction and management of
all tire affairs and operations of said
company have been controlled abso-
lutely in accordance with the terms