The Portland daily press., 1885-11-10
RAILWAY MATTERS.
nANGoR & PIscATAoUIs.

A dispateh to The Boston Journal from
Bangor saws: The Maine Central Railroad
has made oyertures to the city of Bangor for
the purchase of the Bangor & Piscataquis
Railroad, and the matter has been referred
to committee of the City Council, WIN IN
StructiOnS to examine and report On VIC VIC
same. The city of Bangor owns u, ,ZOO,Vu
of the bonds of the railroad and two-thlIdsi
or 100000 worth, of its stock. For SeveIal
years previous to 1884 the net earnings OF tne
Bangor & Piscataquis paid the city nearly
per cent. on its bonds, but no DIVIDENDS nave
ever been paid on stock, and the road has al
so been unable to take care of about 100000
of coupons that the city has paid. Last year
the railroad was extended from Blanchard 10
the foot of Moosehead Lake, but, contrary 70
expectations, the net earnings were insufii-
cient to pay the city the usual amount OF IN
terest and it is now too early to determine
what will be the result of this years busi-
ness. If the net earnings do not enable the
road to pay the city about per cent upon
its bonds there will doubtless be strong
feeling that the extension OF last year was
not good investment, and that the city had
better dispose of its interest on the most ad-
vantageous terms. To put the road in first
class shape still requires the expenditure OF
a large amount Of money. In attempting 70
secure control of the road the Maine Central
is lookingt to the completion OF the lnteIna- in.-
tional Railroad across the northern portion
of the State to furnish enough through Dusl-
ness to make the Investment profitable one:
A few years ago the city was disposed 10 sen
its interest in the road for S65OO0O AT tne
present time the question that will have the
greatest weight in the consideration OF the
question will be as to what will be Tor the
hest interests of the city. 1t is not expected
the matter will be settled for some time.
WORCESTER NASHUA
The Boston journal learns from the best
of sources that the lease of the Worcester q
Nashua to the Boston & Maine has been exc
cuted, and that the terms, as before statea'
are $3.50, 900 per annum and the taxes. inIs,
lIpon the outstanding stock, would net some
81 per cent. but as there are 4,S05 shares OF
stock in the treasury, this is to be divided
among the stockholders, giving each nolder
of 100 shares IS new ones. WIN tne neW
stock issued, the rental from the Boston q
Maine will be sufficient to pay the stock
holders of the Worcester & Nashua 81 per
cent per annum for the next fifty years from
Jan. 1. This ought to make the stock worth
with the rights on some $50 per share. Inc
stock closed at 134 Friday night.
EASTERN.
Eastern created some excitement Saturday
at the board by selling off / at the first call
to IS, but at the next call some 1000 shares
were dealt in and the price moved up TO o4t,
and then to "a. Dealings in the afternoon
were upon limited scale, but still the stock
advanced to 80 and then closed at 54k, net
gain for the day of IL. 1t is intimated that
the demand for the stock can be traced to
desire to use it in voting upon the Worcester
& Nashua lease. Section y OF the lease OF
the Eastern Railroad to the Boston d Maine
is as follows:
"Should it be found for the interest of either
party hereto to construct lease or purchase lines
Of or interest in railroads not embraced IN us ex-
isting- system, such construction, tease OF pur-
chase NAV be authorized by the Boards OF Dlrec-
tors of both the parties subject to the approval OF
the stockholders Of both corporations"
The Eastern roads net earnings for the
wear ending Sept. 80 were, it is reported,
S325.OOO OF this amount, $135,900 goes into
the sinking fund. Seventeen new iocomo..
tives have been added to the rolling stock OF
the road during the year.
THE CANADIAN PACIFIC.
The last spike of the Canadian Pacific
Railway was driven near Farwell, B. c., at
922 Saturday morning by Hon. Donald
Smith: General Manager Van Horn was
present and the party afterward went
through to the Pacific coast, thus trayersing
for the first time the whole line from ocean
to ocean.
THE MONTREAL, PORTLAND 4 BOSTON. 6
Justice Taschereau in Montreal yesterday
rendered Judgment in the case of Gilmour
VS.. Willett ct al, directors of the Montreal,
Portland & Boston lailroad) ordering the
directors to call and cause to be held meet
ing of the stockholders for the election Of
new directors and the transaction Of the
business of the company. The clerk OF the
Court of Appeals has decided to hold the
meeting in case the directors neglect their
duty.