Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1919-02-12

The Boston and Maine Railroad and
its seven so-called leased lines has filed
with the Public Utilities Commission of
Maine a petition. unuer which it seeks
the necessary approval OF the reorean-
ization Of the Boston and Maine Rail-
road Company, provided for in legls-
lation passed by Maine and other states
in 1915.
The petition sets forth that the nee
essary votes of all companies interest
ed have been had. that a re-organiza-
+. ton agreement and plan has been for
mulated and accepted by the several
companies. and that the desire now is
to have the approval BY this Commits
sion of said agreement and plan, and
an authorization Of the issue of certain
securities deemed necessary to perfect
said organization.
The petition a ks authority to issue
stock to the amount OF &S,sl7 800. to be
exchanged share tor share for the stock
of the seven subsidiary companies. IL
also asks authority to issue bonds to an
amount OF $ls.s7y.N0. to take care of
floating indebtedness of the Boston and
Maine Railroad, and certain deSig-
mated Indebtedness of some of the
subsidiary companies. for which the
Boston q Maine Railroad is directly
liable. and payment of all of which is
authorized in the above named legisla-
ton of 1915.
The petition further asks approval III
an issue of new preferred cumulative
six per cent. stock. to the amount of
$4,000, 0O0, such stock to be issued at
any time before January l. 1924, when
tWO-thirds OF the common stock shall
SO vote, and the proceeds to be used in
paying in pro tanto the above bonded
Indebtedness, amounting to $l9,S19,oU.
This sl2, 100000 issue is not provided for
directly in the 1915 law:
The entire issue of SO, $4,000 bonds
above named is to be delivered to the
Federal Director-General of Railroads.
and the Federal government is to adj
vance to the Boston II Maine Railroad
an amount not exceeding S2o,Uu0.U00
The entire detail of said issue and the
purposes for which the proceeds are to
be used are set forth in the petition.
The petitioners ask:
!. That this Commission approve the
agreement of consolidation.
.. That the Commission certify that
the issue of the above named preferred
stock to the amount OF S3s,Sl7,9p is law
full under the 1918 act.
3. That the Commission authorize the
issue of such preferred stock.
4. That the Commission approve and
certify the necessary increase In the
capital stock of the Boston and Maine
Railroad to authorize the issue OF the
above named sl2,oo0coo of first preferre |
stock. and that the proceeds to be used
di. charging $l2WO,V.0 of the bonded in
debtedness above referred to.
5. That the Commission approve the
issue of bonds to the amount of 3d.
COG. 0Oo. payable Jlly !, 1870. for the pur-
nose of raising funds to pay the floating
debt of the Boston and Maine Railroai
to the amount of $l3,3NtOo. and the
floating debt of the Connecticut River
Railroad Company to the amount OF
500 i.utW.
6. That the Commission authorize the
issue of five per cent. bonds IN tne
amount OF 50, 800, 900, payable July l, 1871,
for the purpose of raising funds to take
up six per cent. coupon notes of the
Vermont Valley Railload in the same
:. That the Commission approve the
issue of six per cent. bonds payable
January !. 1924 in the amount or 81 2'5.-
C00, for the purpose OF paying certain
note Indebtedness of the fltchpurS
Railroad Company.
S. That the Commission authorize the
execution and delivery of trust mort :
, gage of all its property to the Cll
Colony Trust Company, to secure the
entire funded Indebtedness OF the con-
sOidated company.
on the foregoing petition it is
That public hearing be held thereon
! at the Common Council Room in the
CITY of Portland. in the state, of Maine,
on the tWenty-trSt day OF FEBRUARY, q.
u. 1919. at 1890 O'Clock in the forenoon;
when and where the Commission Will
hear all persons in.eres ef;tio ~, an "'"'
And it is further ordered that the pc
titioners cause public notice hereof 10
be given by causing certitieu copy
hereof to be published in two consecu-
i've issues each of the Portland Daily
press, Portland Evening Express, Port
land Daily Argus. printed at rortland,
paper. the last Of said publications. to
be at least seven days prior to said Feb
ruary 2lst. :. .,o
Given under the hand and seal OF the
rublic Utilities Commission, at Au-
gusta. this 1lth day of February, A.
ID. 1913.
w. BENZ +. CLEAVES,
WM. b. SKELETON,
HERBERT w. TRAFTON.
Public Utilities Commission of Maine.
(SeaD
\ true copy.
Attest: fo1 r. Lev
febl2-13 ASSISTANT NieiN'