The Portland daily press., 1885-03-11
RAILWAY MATTERS.


The Massachusetts Senate yesterday ordered
to third reading the House bill authorizing
the Eastern Railroad company to issue pre-
ferred stock in exchange for certificates Of In
debtedness. The bill provides that dividends
on preferred stock of the Eastern Railroad may
if said company and the Boston & Maine r. r.
shall SO agree, be paid by the latter under its
lease from said Eastern Railroad company, and
during the continuance thereof out OF the
gross earnings as defined in said lease, and as q
charge thereon, having the same priority under
the said lease as the interest upon the certif-
Gates Of indebtedness for which said preferred
stock shall be issued in exchange.
New York 81 New England.
The New York and New England road owes
the State of Connecticut about SIS, 900 and
interest for taxes. A compromise was reached
at Hartford, Conn, yesterday between the
State treasurer and the road which, II the
Legislature sustains it, will result In theroad
paying $3.50, 900, one-half by August 1st, 1885,
and the other half by May 1st 1886.
AtchisOn, Topeka and Santa Fe.
The official statement of the financial con-
dition of the Atchison, Topeka and Santa Fe
Railroad company shows gross earnings Of
SIG, ,285, 500 for 1884, and net earnings OF ST.
36S,S56 The surplus earnings after paying
From the surDlus earnings, dividends amount
ing to IS, ,414, ,736 were paid, leaving, $780, 34S
to be added TO the accrued surplus OF the pre-
vious years, and increasing the surplus to So
80o.006.
Canadian Paeihe.
Up to December 31st last the Canadian
Pacific had expended for construction, ter
minals, improvement and equipment, S72 .552,-
34O to provide guaranteed dividend, SIG 23S,-
H. sv41 - \
grant bonds, S5S2, 1874; total, S92, ,SO1, 1872. The
amount received from the government in cash
and land subsidies and loans ia So, ,532 65f,-
which leaves balance provided by the COM
pany Of S37 26S,711.
1t having been stated that the road can never
pay operating expenses, and will have to be
taken by the government and operated at a
probable loss of $4,000, 600 a year, President
Stephens makes comparisons in the cost Of
construction, operating, ETC., with the North
ern Pacific and the Grand Trunk, and con-
cludes that capacity to make the net earn
iDgs per mile equal to that Of the Northern
Pacific wculd give the Canadian Pacific net
earnings amounting to over S11, 600, 900 annual
lY, and a still larger sum If it should earn as
much per mile as did the Grand Trunk Rail-
way in 1888.
Notes.
The Kennebec Journal says: A new postal
car, designed for the route between Bangor
ana Boston has just been completed at Au-
gusta. 1t is the best car of the kind on the
route. The interior is finished in ash and fitted
with all modern appliances for handling the
mails. The ceiling is painted white, and
bronze lamps of a neat design are hung at in,
tervsls. The car is equipped with the Baker
heater, but few of which are in use on the
road.
Mr. William Hills Jr., OF Boston, says he
owns a controlling interest in the Boston and
Bangor Steamship Company aud he doesn't
know that the Maine Central Railroad Com
pany is negotiating for the boats. 1t is proba-
BILE the Maine Central will add boat line this
summer but no decisive arrangements have
been made.
1t is understood that Henry O. Sherburne,
President OF the Northern Railroad has re-
signed on account of i'll health.