Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-10-11
THE E4STERN RAILROAD.

] The stockholders of the Eastern Railroad have
at last been favored with an official statement OF
| lis condition. 1t is prepared under the order Of
| the Directors and is issued over the signature OF
| the President. Tardy in its coming, and unfavor-
able in its exhibit, it will still be welcome to the
stockholders because it bears the stamp Of author
! i,y. Suspense is harder TO bear than certainty
even if the certainty be disagreeable
% Saturday, Sept 20, we published complete
exhibit of the affairs of the Eastern Railroad The
stock had then been buffeted about for some time
by the ,peculators, and the widest umors were in
circulation. Nothing could be obtained from the
Directors or the Investigating committee" and
in the absence of official statements the article
which we published was prepared with great care
and with the intention of exhibiting the precise
truth. The fgures contained in it told their own
story and carried their own conclusions. No at
tempt was made to controvert the figures or dis
prove the statement, but denias we're made, some
anonymous, some "semi. Official" and the public
was Informed that the statement was exaggerated
and the condition of affairs not nearly as bal as we
represented. It is instructive to put the two state
ments side by side-ou own and that just published
by the Directors-and not the points of CORE
spondence. The statement which We published
il more complete, and much more clear in arrange
ment and suggestive in its correlation Of facts,
but in all essential point. the two ally. For ex-
ample, we stated the total debt, including the
bonds of the Portsmouth, Great Falls and Conway
constitute part of its debt, at SIS 900 600. Ac-
cording to the official statement, the total debt,
including these bonds, is SIS, 64,37367 Certainly
we did not Overstate that point. The Directors
give a statement Of the property held by the road,
in excess of what is required for its business, and
add that 'if this property could be made available
it would reduce the debt OF the corporation to SILL
230,72017" a cursoiy inspection OF the items
shows that there are excellent reasons why the
property cannot be made available. Over 81 000,-
nf, pf hn fOpE nd nf I'm
Portland, Great Falls and Conway Railroad, val
ued at par, and the balance is made up Of shares
in connecting roads valued also at par and real
estate along the line, principally at Charlesown.
However this latter may stand on the assessors
books OF in the statement OF the investigating
committee, it could not be turned into cash except
at heavy sacrifice, and the annual burden for taxes
and interest upon it is very considerable.
This statement of the Directors is more remark
able for what it is not than for what it is. 1t is
not the report of the investigating committee-so
long promised and as long delay ed-but a restate-
ment of some OF its more favorable items. 1t does
not give the earnings Of the road for the year, so
as to show the ability Of the road to pay the inter-
est on its bonds. The are rumors on the street of
large deficiency in this years business; it would
be well to have such rumors set at rest, If they
can be. The statement does not give proper de-
tails Of the dcbt. 1t does not tell whether the
"shares in connecting roads are put at par, or at
market value, which in some cases is not more
hint as to what the Directors propose 10 do On
these points and some others the public wishes
very much to be enlightened. A complete report
from that investigating committee would be in
order.
The facts, even as imperfcctiy presented by the
Directors, sufficient to show that the road has
been unwi,ely and imprudently managed. 1t is
| impossible, on any other theory, to reconcile the
increase in traffic with the incr6 of debt. The
time has come for reform, and the stockholders
are likely 10 demand it with considerable earnest
| ness and pertinacty. The value of the property
| and franchise is so great and the deveiopn cnt Of
business along the route has been so rapid that
under wise and careful management the road
ought yet to be brought back to a condition of
PROSPERITY .-Bosfon Journal. ga, ia iiifsfF
Capt. Webb, the marvellous swimmer who late
ly crossed the English Channel by sheer exer-
else of muscle, has been examined by dstin.
guished surgeon, who reports the results in the
Lancet. The Captain is said to be 5 feet and 8
inches in height; weight, 2o3 pounds; chest
measure Al inches; biceps, l3E inches; forearm.
liz inches Ore remarkable thing about the
Captains physical development is his weight,
which is extraordinary for an athlete. and shows
q the surgeon says, the presence Of considerable
other tissue beside muscle.
In accordance with instructions from the British
War Office the new Martini Henry rife Il to be in
the hands Of all new troops throughout the empire
| by the end Of the financial year.