The Portland daily press., 1867-04-18
The Railroad Loan.

To the Editor Of the Press: l 1taU aaH aI Hla-
The question is asked whether tho loan of
100000 will complete the road to Roche ster :?
The Directors believe it will. Such is their
firm conviction based on the most reliable
facts they have obtained. aela ~ 80 r.
The distance between Saco River and Roch-
ester is only % miles, and about 10 miles Of
this distance is nearly graded. The abutments
and piers of the bridge across the Saco are fin
ished and ready for the woodwork, and the
land damages to Alfred have been adjusted
The road runs through highly favorable
country with no bad hills or hard lodges to cut
through, and can be built for $4,000 per mile.
No estimates put it higher than that snm.
In addition to this, the receipts from the
road now are $4,000 per annum; and from
careful examination of the business facilities
and demands beyond the Saco, the Directors
are satisfied that when the road is opened to
Alfred,l which can be done with less than $780,
0OO) the receipts will double. rs t s.
1t is the design to finish the bridge over the
Saco and push the road through Immediately
to Alfred, and to extend the business OF the
road by carrying freight and passengers over
each additional mile as it is finished. .sf
Hence with the amount of work which has
been already done beyond the Saco, the favor
able character Of the country, and with the re-
ceipts and steadily increasing receipts of the
road as opened, and from estimates of compe-
tent and careful engineers and practical men,
the Directors are convinced that 500 900 will
build the road to Rochester. In order, howev-
er, to guard against any miscalculations ON
this point they are ready, as understand, to
give their bond to the city that with this loan
they will finish the road to Rochester. 4el
1t was stated in brief notice under the cap
ton of "the Railroad Loan" in TUESDAYS
Press, that new rails are required on the whole
road between Portland and Saco River. The
writer has unintentionally or wilfully made a
grave mistake, to use the mildest phrase.
New iron rails, or new rolled rails las good as
new) have been placed on every rod of the road
where needed, SO that it is to-day in as good
condition as any railroad running out of Port
land And no road is doing SO large local bust
ness for the distance run. at a ilLv
1t is further stated that several persons have
large amount Of bonds snow worth 12 per
cent? dlges. iT f-a
AAAs St1teinent Is more perNerse 'ii@'A s-,,'.
about the rails" There is not bond oi any
kind against the road. 1t was the owners OF
the consolidated bonds of the York " Cum
berland Railroad, who paid all prior bonds and
MORTGAGES against it, and organized the present
Portland & Rochester Railroad Co., and issu-
ed stock accordingly. hllaa3 Il.- r'g
The consolidated bonds referred to were Civ
en- for 80 per cent. only of the debts and bonds
which existed against the York & Cumber
land, so that nearly every one of the present
stockholders in the Portland & Rochester lost
81 per cent. of their just debts, and in addition
to this were obliged to advance over S6OOoO
more to redeem prior mortgage and claims
before they got possession of the road and or
ganized the present company. So that if the
present shares were worth par instead of $50,
they would come far short of being made
whole. And instead of buying bonds at i9
cents, they have actually paid in principal and
interest more than par. Some of these shares
are held by poor and hard-working women ana
by orphans whose little patrimony would pe
greatly helped by an advance in the shares 10
$50 or $50.
But if the shares advance in consequence