The Portland daily press., 1882-09-30
RAILROAD NOTES.
A New Chicago Line.

A new road is now in the course Of construc.
ton by F. E, Hinckley and others, which is to
give the Chicago, Pekin & Southwestern rail-
road an independent outlet into Boston. The
new road is known as the Chicago, st. Louis
& Western railroad. 1t commences at the
present terminus of the Chicago, Pekin &
Southwestern, twelve miles south of Joliet,
and runs in almost an air line to Boston. 1t
crosses the Western Indiana Belt Line, 600
feet north of the Alton crossing, and makes
connection with the Chicago& Grand Trunk
little north of Corwith. By what route it is to
come into the city from that point has not yet
been determined upon The grading is nearly
all done ard much of the iron is already on the
ground The Chicago, Pekin & Southw estern,
for which the new road is to be the Chicago
extension, is at present in the hands of re-
ceiver. Its bonds are principally held by Mr..
f. e. Hinckley, and he expects no doubt to
buy 1t again when it is sold and then CONSOLE
date it with the new road. AT present the
Chicago, Pekin & Southwestern has traftc
arrangement with the Alton, which will no
doubt terminate when the new extension is
completed.
The Northern Pacific Dividend.
A stakeholder differs from President Viii
lard's views on the advisability of paying
dividend at present. He claims the following:
81 think the Northern Pacific road ought not
to begin declaring dividends too soon. The
dividend of Ill per cent. represents the profit
on the $4,5O00OO divided in the construction
of the road thus far. The company claims to
estimate this years earnings at $8,0o0,00O
For the year ending April, 1882, the roads
operating expenses amounted to over 80 per
cent. of the gross earnings, and at that rate the
expenses of this year will amodnt to over 81
100000, which, of course, will be greatly in
ere ised by interest charges of 6 per cent on
the $40, 900, which will bring the total ex-
penses to about 81 200, 900. This will only
leave the preferred stockholders about $1,000
600, while the s per cent. promised by the COM
pany would make the dividend S3.360,000.
These figures, therefore, show that the real
dividend win be a little over per cent
think, too, that the talk about the purchase of
lands swallowing up the preferred stock IS
greatly exaggerated. If / am not mistaken,
there has been only $1,000, 900 worth OF the
stock used up in over seven years"
The e. 81 N. a. Railway.
Hon. Noah Woods, President of the e. & N.
A. Railway, has issued the following circular
to the subordinate officers and employees OF the
European s. North American Railway:
"The railway of this corporation and all its
property has been leased to the Maine Central
Railroad Company, and possession thereof will
be taken by said Company on the first day of
October next Accordingly ON the morning of
that day, the control of the Executive officers
of the e. & N. A. Railway will cease to be re-
placed at once by that Of the Executive officers
of the Maine Central Railroad Company. In
like manner your connection with the e. & N.
A. Railway in all respects will terminate ON
the morning of the first day of October and
the purposes of the NJ. G. r. R. Co., in regard
to continuation of your services under their
administration will doubtless be made known
to you in due time. By consent of President
jackson, all station agents are hereby directed
to make their reports for the month of Septem-
Der, as heretofore, and to close up their ac-
counts with the E. & N. A. Railway returning
to the Treasurer of sail railway all moneys col
lected by them on any account, accruing on or
prior to September Both, inst"
Notes.
At meeting in Chicago the general passen-
ger agents of Eastern trunk lines decided to
issue continuous-trip tickets from differential
points West to differential points East, similar
to those now in use from East to West. These
tickets allow no stop-o and are intended to
put check on scalping.
The Grand Trunk railway company are put
ting up gates at their crossing on Main street
in Yarmouth village. This is safeguard
which has long been needed.
Superintendent Tucker, General Ticket
Agent Boothby, and the heads of the construe-
ton department of the Maine Central went
up the European g. North American Railway
yesterday, in a special train, as far as Vance
boro, for the purpose of giving the road
thorough examination with view to various
projected improvements.