Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1915-01-16


powers Of the Portland Union Railway
Station Company which had been passed
by the Legislature Of Maine in that year
took effect Ey its terms the name of
the corporate was changed to the Port
land Terminal Company; the increase OF
capital stock was authorized, and the
corporation was authorized to purcha Sc
the property of the Boston & Maine
Railroad and the Maine Central Railroad
Company in the cities of Portland, South
Portland and Westbrook; and it was
given the general powers Of a railroad
corporation.
June 3orh 1el2.-1'he capital stock of the
Company had been increased to 81 .0oa go
under the authority conferred by the Act
above stated, the bonded debt was I'M
changed, amounting to S3oo,ooo. and there
were outstanding notes payable TO the
amount OF s4.204,9oo.
The Portland Terminal Company pur-
chased as of July LIST. 1911. all the rail-
road property of the. Maine Central
Railroad Company and the Boston &
Maine Railroad in the cities Of Portland,
South Portland and Westbrook, Maine,
consisting OF real estate, railroad tracks.
yards. wharves, shops and other terminal
properties, not including the passenger
terminal station which it already owned.
The price of these properties was deter
mined by a careful appraisal in detail
as 81 ISL $3.50 for the Boston & Maine
property and sl,793, 3o6s for the Maine
Central property.
During the year ending June 30th, 1912,
additional capital stock, authorized as
above set forth, was issued as follows:
October 18th, 1911, $50. 900 in exchange at
par for notes of the corporation for that
amount outstanding at the beginning of
the year. the same day $3Ta@D in part
payment Of the property purchased as
above stated. and April eth, 1872. $500 600
fo- cash making the total capital stock
issued and outstanding 81 0e0 100, for
which the Company received par value
Of 800 per share. During the same year
the Company gave its notes for $3.50. 900
to the Maine Central Railroad Company
for that amount of cash borrowed, and
expended for permanent Improvements,
equipment. betterments of the property
and for working capital.
These properties purchased as above
STAYED at an appraised value Of 81 SO
1855 were paid for by notes of the
Company to the amount OF s4,0o4. 900. en-
changeable for bonds thereafter to be is
sued: by stock of the Company at par,
$40, 900; and by cash s1,1ss5S. making al
together the purchase price OF 81 3,o 19S. IS.
The $50 900 capital stock issued in part
payment Of the real estate above re-
ferred TO- the $50 900 issued TO pay the
~ fCf a S-r1 q
inal!y outstanding, made the capital
stock altoGether $500, 600. Later on. ad-
ditional capltal stock to the amount of
s5oo,oN0 was sold at par. making the to-
tai capital stock $1,000 90 issued and out
standing June Goth. 1912.
The Maine Central Railroad Company
as has heen said above, originally owned
one-haif Of the capital stock Of the
Portland Union Railway Station Com
pany being So Gb, ami held one-half Of
its outstanding notes being $4,000. Ii
took $40 COS of the neW Portland TeTmin-
a. Company stock in exchange for its
notes OF that amount. and took nc-half
o. the $1,000 stock issued in payment
TO- the real estate which made its total
holding OF the Terminal Company stock
st. 600
The Boston & Maine Railroad ha3 a
like holding of $25o,oee. of thes Portland
Terminal Company sleck. which was
afterwards purchased BY the Maine Cen
tral Railroad Company at a premium o.
500 per snare. tile rpremium being
charged to it's contingent fund This
made its total holding $4,000, OF the en-
tire capital stock of the Portland Ter
Il
in estment account at par.
When the stock was again increa sed
by the addition OF $500 90 new stock, the
Maine Central Railroad Company sub
scribed and paid for this whole issue at
par, thereby becoming the owner of the
entire S,en,po stock Of the Terminal
Company and increasing its investment
o. So, 80 held at the beginning OF the
year to tie extent of $3.50 90 al par.
The property OF the Terminal Com
rany then consisted CT the Union Pas
senger Station and appurtenances orig
ln2lly owned by the Portland Union
Railway Station Company and all the
land, buildings. shops, wharves, rights
Of way, tricks and terminal facilities
purchased OF the Boston d Maine and
additions, improvements and betterments
which had been made and the equip
nent which had been added.
The Maine Central Railroad Company
through its ownership Of the entire cap
ital stock OF the Termin4l Company con-
trolls all oi this valuable terminal prop
e-ty subject to the provisions of the
charter Of the Company.
June Both, 49,. the capital stock was
S1.obo0H and the funded debt "a. 500 00t
consisting Of the old bonds s3oOUS and
the new bonds si,5lC,coo.
During the preceding year the property
OF the corporation had been mortga ged
to secure an issue OF $lo,eoo, co0 bonds OF
which s4,500,00h we're issued. and the
balance held by the trustees TO be issued
from time to time for additional perma
nent improvements and extensions made
according to the terms of the mortgage
o. the bonds issued $1,000 900 were ap-
piled 10 the payment of the notes given
for the purchase price of the Boston &
Maine and Maine Central properties as
above stated, and s496.00o We're sold for
the benefit Of the Company The pro-
ceeds of thes last named bonds and the
proceeds of the $500 90 capital stock
last issued were used 10 pay the out
standing notes for $4,000 and the bal
ance for creating a working capital
made necessary by changed conditions