The Portland daily press., 1865-10-04
THE e. an. A. RAILWAY.

THE e. & N. A. RAILWAY.
The Bangor. Wing of Saturday, contains an
article headed ssThe Portland Press and our
Railroad,n 80 much improved in tone over
other articles from the same source rela'ine
to our treatment of this great internallon'A -
terprise, that we are disposed to lay D0'o'e
our readers the facts which it purporIs 10 ue-
tail. sAt-
The principal object oftle article IN cues
tion seems TO be to vindicate the gentlemen
who purchased the franchise of the Penob-
scot and Lincoln roads-hom Bangor to Lin
coln-and have put it into the new corpora
ton for 100000, against the imputation OF
peculating at the expense of the new compa-
ny. If the Whg's statements are correct the
business has been managed with ordinary fair
ness, and should not prejudice any one against
the enterprise. 1t is not our purpose to raise
questions on this point. but to give the state
ments Of the ,IYhig and allow our readers e
derive from them all the information they are
capable Of imparting. It is not needful that we
give the language of the Wing in full, but we
will be faithful to its statement of facts.
The Penobscot railroad line, from Bangor
to Milford7-opposite Oldtown-is IS IL miles.
Prior to October, 1854 1.-THE Fbig says 1854,
but must mean 1854 there was expended on
this line s159,5So 50. Hon. John NJ. Wood
then became contractor, and expended in 1855,
$13s,944. For right Of way the company ex-
pended $4,000, making total expenditure of
over $32S,OO0. The route was hard one, and
required great deal Of masonry &c. All this
masonry remains perfect excepting one pier at
Oldtown swept off with the bridge, In 1885,
The Saltwater bridge 1000 feet in length, is
perfect except the ordinary decay of its timber
In 1855 it was estimated that less than $4,000
would fit the line for the reception of the
rails. The Wig does not give the impress
sion, which Bangor gentlemen have assured
us is correct, that the wood work generally is
worthless, while much ofthe masonry has suf-
fered from the exposure and long neglect to
which il has been exposed. @w z
From Milford to Lincoln is 80 miles. The
right Of way has been secured and from $780,
0CO to $4,000 expended in grading and stone
masonry. ssdx
s-.rhe Penobscot Railroad Co, from Bangor
to Milford, had issued 100000 of mortgage
bonds, which held the propertyot its line
These bonds were purchased by new bonds is
sued of the E. &. N. A. Railway Co, at $SS of
new for 800 Of old bonds.
The following paragraph, particularly the
lastpart, is singdafly obscure to. our mind, and
we doubt if any reader can even guess precise
~ what's intended {: S~sEls ,'sY8sasQisA
Mr.. John M. Wood had issued to him.
about $4,000 of bonds. He subscribed $685.
000to the stock Of the e. & N. A. Railway in
1898, and was holden to pay up his subscrip-
tlon In f1ll. full adjustment was made with
him in February 1864, CT all matters connec
ted with both roads, and he was discharged
from his subscription by the issue of stock
paid up not to him, but for the benefit of the
corporation to the Directors, subject to their
claims for services and expenses. Ugh8
The E. & N. A. Company have issued bonds
to the amount of$2SO,0O0 One hundred
thousand Of this amount was set apart to com
mute or cancel the bonds of the Penobseot
Railroad t$9OO,OOO) and perfect title to the
property The following paragraphs we copy
verbatim:
CORTLAND and Palmer held the franchise Of
the Penobscot Road by sale to them on .execu-
ton, and $4,000 of the Co.'s bonds. The 9TH
er bonds had been pledged by the Company,
York. 49,. ~ +. : ~ - =,
Instead of 100000 of bonds, only s98.5OO
have been issued by the e. On. a. Railway
Company to acquire the title to these lines and
pay on the liens and claims on it, and on the
Il. q n, A. Railway. The title was confirmed
1854. HaW = sssEff73 Z = Fly
The E. 6 N. A. Railway Co.is now in DOS
session Of all these rights, and property, grant
OF lands, DC, acquired by the issue of 800, 900
OF its stock, SOS, 500 of bonds There has been
no speculation in it whatever.
The present cost of the line is put down at
S2O0,OOO-called4work donea--o or, to be exact,
s19s,5Qo, 100000 being for extinguishment of
old bonds, and the sos, 800 being the paid up
stock issued in settlement with Mr.. Wood,
and for some other trifling claims. aap aua9
Referring to the "securities'' for proposed
bonds with which to commence and complete
the work, such asthe state grant Of timber,
the assigned claims against the u. S. Govern
ment, &c, the Wing says: aar
Parties interested in the construction of the
road agree to cash them astI1e money IA want
ed, and as soon as the stock subscription is
made up.
This sstock Subscription" refers So the
$5O0OOO which il isproposed to raise byvolun-
tary subscription, to be paid on the completion
of the road some fifty-five or sixty miles to the
town Of VIM. The Wing further adds:
Capitalist have confidence In the value of
this line, these lands, and of claims on United
States, and will advance money ON bos,dss of
the Company with these securities in the
hands OF the Trustees - v8aeF
20 We are informed that the gentlemen IN
charge Of this enterprise claim that the con-
tractors have private means which thew pro-
pose to use in bui ding the road to VIM, and
will commence as soon as the subscription for
S5OOo00 is made up, looking to that and in
stalments of the contingent grants made
available by the completion of so much Of the
work, for reimbursement. 1sd
" this Is 50, and If capitalists have sufl-
Gent confidence in the Securities" to advance
money on them as needed, then the work will
no doubt be commenced and pushed forward
to completion. We sincerely hope such NAV
prove to be the case. we have no other de-.
SIRE put % see all our great State enterprises
carried Forward to- a successful issue. we
shall await developments with arx;ato.s FIR ,vo
have not forgotten that
AThe best laid scheme o nice Il.
i Gang aft a~glay," 80
s4..