The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-11-20
RAILROAD NOTES.
The Eastern's Lease.

The Eastern's Lease.
We have mentioned previously that well
known party supposed to control some 2O'ooo
shares or two-fifths of the whole capital STOCK
of Eastern, dissatisfied with the fact that the
| management Of the Eastern had not succeeded
in effecting lease to the Boston & Maine, was
taking the subject in hand, and had issued
circular bearing upon the new move. This
reads as follows:
Stockholders of the Eastern Railroad who
are in favor of lease to the Boston & Maine
Railroad Company upon fair and equitable
basis will please sign the inclosed petition ana
forward it by return mail. Enclosed also please
find blank proxy to be used at the next annual
meeting to elect Board of Directors in favor
of such lease. II you approve, please signs
revoking all previous proxies"
The enclosed petition" is as follows:
ITO the Directors Of the Eastern Railroad
Company: The undersigned shareholders. In
the Eastern Railroad Company. TO the extent
set forth by the figures against on, names, re-
spectively, below, believing that it for our IN
tere at as such stock holders lease the Eastern
Railroad to The Boston & Maine Railroad Com
pany, respectfully request the Board OF Dirsc-
tors of the Eastern Railroad Company to take
immediate steps to consummate and complete
the negotiations and execution OF such lease
iflpracticable, and we hereby promise to vote on
the shares we now hold for its ratification az
such meeting of stock holders in the Eastern
Railroad Company as may be held to pass upon
it,"
The real pnrport of the above circular looks
to a control of the voting power OF the stock at
the annual meeting next month The bond
holders, however, control the majority OF the
Directors until their debt is largely reduced.
The Journal says Judging by the considerable
shrinkage in Eastern stock yesterday, the new
movement hardly meets the approval of this
market"
The Herald says: The Eastern Railroad will
be unfortunate in the loss of its president, ewho
has exerted his utmost to place the property
upon a sound financial basis. but even Mr..
Phillips can see the hopelessness of ever put
ting the stockholders in the position of getting
a dividend, with debt Of $15000,000 on a
road only All miles long, for the New Hamp-
shire state line in the end of the Eastern prop
or. 1t is true the company leases numerous
lines beyond, but any road can do that, and
may or may not be the gamer thereby. The
company owns 1873 miles of branches, some
paying profit others not. 1t is uDquestiona-
bly, the fact that the best paying part of the
road is between here and Salem, and yet con
sderably portion OF that profit IS Jet pardized
by the vain ATTEMPT TO crush competing line,
while the latter thrives even better than ever
under the "cut" IN prices. It is just possible
that President Phillips is seizng good oppor-
tunity to resign when the road may by forced
measures, have reach its maximum of strength
for no one can know better than he must that
the field for an enlargement of business is linn
tied.
Minor Notes.
The Eastern Railroad is testing the Sykes
Electric Switch and Signal System at Salem.
The Journal says 1.-THE report of the Boston
and Maine, showing a surplus of less than &c.,
GOO after payment of dividends, against sur
plus of S56 600 the previous year, don't seem
to afford much margin for the lease of the Eas-
tern With its $10,O0O,OO0 deficit, let alone The
laws OF the States which forbid the proposed
lease"
II is reported that the long eight" of more
than 20 years duration, between the Central
Vermont and The Vt. & Canada railroads is
about to be compromised. 1t is Understood
that the Vermont & Canada stock will be tscal
ed down" from 100000 to 100000 and
made per cent security. 1t is said to- be a
part of the plan for the Central Vermont to
issue 81 900 600 in all of PER cent first mort
gate bonds TO settle outstanding obligations,
and then the Grand Trunk road will take a
lease of the whole property on terms not yet
made public.
The directors of the Ogdensburg arrived
there is NO truth in the report that arrange- |
ments were made at Ottawa to make Portland
the port of the Canadian Pacific. The story
grew out of the fact that the president OF that
road loaned his private car to the managers of
the South Eastern to convey the Portland and
OgdeDsburg guests to Ottawa and the presi- |
dent of the Canadian Pacific went with them
The Classification of Dressed Meats.
The Chicago Committee, composed of the
representatives of the railroads include ia the
Chicago east-bound pool, spent Friday in dis |
cussing the question of classifying dressed fresh
meats. The proposition before it was to trans
for that business from the dead freight to the !
live stock pool. This has been opposed by the
Chicago and Grand Trunk Railroads because
OF its effect in reducing the percentage of the
Chicago east bound shipments that thu Crane
Trunk receives under the pool. The other
roads took the position that the dressed meats
traffic was of the same nature as that of the
live stock business and should be governed by
similar conditions. The new business was q
direct competitor of the live stock interests,
and so far as it affected the roads it displaced
the tonnage of live stock to the extent to which
dressed meats were transported hence it was
urged that the latter traffic should be allotted
between the pool lines on the basis which had
been agreed upon as equitable to each road.
Considered solely with regard to its capacity as
a carrier of cattle, the Grand Trunks represent
atives admitted that their road possessed infe-
rior facilities for transporting live stock, but
claimed that the two classes of business could
not jointly be considered on precisely the same
basis Before conserving to any change in the
present status of the dressed meats traffic they
urged that the Grand Trunk should be allow
cd the privilege of securing a revision of it's
percentage in the respective pools. The other
roads declined to consent to allow any specific
increase to be claimed by the Grand Trunk.
They a lso refused to admit that the Grand
Trunks percentage should be increased at all
should dresseJ meats be included in the live
stock pool j.. It was conceded, however, that
the regulations of that pool permitted any COM
pany 10 demand for REIMBURSEMENT of the pool
allotments. Finally, with this understanding
of the matter the Grand Trunk voted to trans
fer the dressed meats traffic from the dead
freight to the live stock Chicago pool. This
action makes the classification of dressed
fresh meats the same on both the trunk line
system and their Chicago connection. The
committee then adjourned.