The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1882-08-10
RAILROAD NOTES.
Advanced Rates of the Grand Trunk.

fies connecting lines that on and after Tuesday
Chicago and East St. Louis eastbound rates to
Montreal will be the same as to Philadelphia,
on which Montreal advised divisions will ap-
ply. Philadelphia rates from Chicago and
Montreal advised percentage divisions will APP
ply to other points authorized to quote Chicago
rates on Montreal freight. Chicago rates to
Philadelphia, with Louisville bridge tolls add
ed, will apply on Montreal freight from Louis
vile. This notice does not cancel the advised
minimums on cotton consigned to Montreal
unless it is shipped under ocean bills OF lading.
Any engagement at Baltimore rates will be
carried out, provided the general freight office
is promptly advised, and such has been made
previous to the receipt of this notice; but such
freight must be in transit previous to the 18th
proximo. Toledo and Detroit rates to Phila-
delphia will apply on freight consigned to
Montreal from these places, and from Grand
Trunk Railroad junction stations west of Sar-
MIA authorized to quoteDetroit eastbound rates.
These rates include Montreal charges on
freight under ocean bills of lading (grain ex-
cepted) and must be deducted from the inland
proportion before pro-rating and added to the
Grand Trunk Railway proportion. The same
seaboard elevator charges will be made on
grain shipped via Montreal for export as adj
vised by Commissioner Fink, July "a, 1882.
Heretofore thesrates via the Grand Trunk Rail
way to Montreal were the same as the rates
from Chicago to Baltimore. Making the rates
the same as those to Philadelphia advances
them one cent per 100 pounds all around. 1t
is believed that this advance, although small,
will greatly diminish the Grand Trunk ship
ments to Montreal 1t is not known what
caused the Grand Trunk to take this action,
but it is the opinion that it has been done by
agreement with the other trunk lines, which
seemed to think that the Montreal rates were
too low. The Grand Trunk rates to Quebec
and Portland will continue to be the same as
Boston rates, namely, five cents higher than
the New York rates, which makes the rates to
those points seven cents higher than the rates
to Montreal
The New Railroad Consolidation.
Yesterday we published general statement
in regard to the impending consolidation of
the Maine Central, European & North Ameri-
can, and Canada & New Brunswick roads,
giving many particulars. The conditions OF
the lease, as already practically decided upon,
are these:
The Maine Central road takes the European
and North American as it stands, in perpetu-
ity, including all its property, assuming what
ever floating debts there may be and the en-
tire accounts since April l., 1882
It agrees to pay the annual interest OF $780,
600 due the city of Bangor for 100000 adj
vanced to build the road. and in 1894 provide
for the maturity of this debt, now first mort
gage on the road from Bangor to VIM, fifty
one miles; and further, to pay annually five
per cent on the stock OF $2,5O0Oc0 Provided
the road is not maintained in its present con-
dition, and these obligations not paid, it re-
verts to its stockholders.
The history of the two roads will prove in
teresting at this time.
The European road was opened for traffic in
1872 from Bangor to st. John, N B. In 1875
it failed, and the English bondholders, repre-
senting 100000 advanced obtained the por-
ton in New Brunswick, which they have since
operated as the st. John and Maine. There was
then Bangors first mortgage OF III 100000 on
the line between Bangor and VIM, with
second mortgage on that part and first on the
line between Winn and Vanceboro of 81 $780,
600. In 1877 holders of this latter mortgage
foreclosed, and the road was operated in their
interest by trustee until 1880, when they
formed corporation and took possession.
syndicate of foreign capitalists in the meantime
had purchased at price from thirty to seventy
five cents on the dollar large quantities OF
these bonds, and on the organization were
found to own majority Of the stock. They
are now represented in the directory by Frank
A. Wilson of Bangor, who has been largely
instrumental in bringing about the present
state of things. In the reorganization the un-
paid coupons since 1875 were reckoned in, thus
giving $2500,000 of stock for the 81 100000
second mortgage bonds.
During the years past the road has largely
increased its business, its receipts of $336, 0O0
in 1879 rising to SAT-, 937 in 1881, and estimated
at $3.50, 900 for the current year. During this
time the Bangor interest has been regularly
paid, and the rest of the earnings put into the
road or used to pay off some floating debt. The
effect of this policy is that where in 1877 was
a broken-down road, with everything going to
decay, are now ia miles of excellent track,
IS of steel rail, of which $500 tons were laid
last year. The bridges have nearly all been
rebuilt, stations and wharves thoroughly over
hauled and the track ballasted. The operating
income Of $75, i6S. But 81 these expenses over
$99, 900 were for new rails alone.
The New Brunswick road, oflwhich Samuel
Thorne of New York is president, has recently
leased the Canada & New Brunswick. The
former stretches from Fredericton far up into
the Aroostook country at Presqus Isle, and the
latter runs from Woodstock, n. B., where it
connects with the former, southwark, just the
other side of the border to st. Stephens, con-
Meeting at Vanceboro with the European road.
The new arrangement will tend to develop
very friendly relations between the Maine and
New Brunswick system. The Canadian Paci-
fic is building to the ocean. Its road is already
laid from Sherbrooke, P. G., to the Lake
Megantic, near the northern extremity OF
Franklin county land another year will see 1t at
Moosehead lake. 1t will join the Central sys-
tenn, probably, at Lincoln, and thence make
connection to Halifax.
The Maine Central will now have the only
through line across the State, a double route
from Portland to Waterville, and thence a
single line to Vanceboro. With its connections
it forms the only route between the States and
the maritime provinces, and, as we said yester-
day, already there is in view faster trains and
better service between Portland and Halifax,
which will lessen the time to Liverpool more
than one day.
Grand Trunk and Great Western.
The various stations on the Grand Trunk
road have received circulars announcing that
the Grand Trunk will take possession of the
Great Western road at midnight, Aug. 18th.