The Portland daily press., 1885-01-10
RAILWAY MATTERS.


road, and CleaVes q Cleayes for the town Of
| Deering.
| Maine Central.
Until further advised, claims for personal in
juries or damage or any other business that
may require legal advice and attention, will
be referred by the management to the attor-
neys of this company In the order designated
bellows
Hon. Josiah H. Drummond, Portland, will
attend to all such business in the county Of
| Cumberland.
Messrs. Frye, Cotton & White, Lewiston,
| will have charge of legal matters at Lewiston,
and between Lewiston and Danville Junction,
and Pennington and Crowley's function, and
| Brunswick and Monmouth.
Hon. Edmund +. Webb, Waterville, will act
for that part Of the road between Monmouth
and Skowhegan, Cneluding Waterville) and
from Waterville to Belfast.
Messrs. Baker, Baker & Cornish, and g. q.
Vose, Esq, Augusta, will attend to the legal
| and Bath.
Messrs. Wilson & woodard, Bangor, will
give their attention to that part Of the road be-
| tween Burnham Junction and Dexter and
Vanceboro, including the branch to Bncbsport.
+. III. Clergue, Bangor, will attend to the
/ settlement OF legal business between Bangor
and Bar Harbor; he will also be In charge of
/ such business pertaining to the steamboat lines
in which the Maine Central is concerned.
In few days passengers will be taken from
Rocklsnd to Boston, aud Boston to Rockland,
| without change Of cars.
Survey of tine Kcarsarge RaiIroad.
The preliminary survey Of the Mount Kear-
sarge railroad has been completed as far as the
| highest point Of land between Mount Kear-
| sarge and the next mountain. From this
point II is proposed to run the road spirallV 10
| the summit, and probably supplement the
main road By q branch to Chatham, starting
from the aforesaid terminus Of this years sur
| Vey.
The Union Pacine.
The annual report OF the board Of govern
ment directors of the Union Pacific Railroad
Company was submitted to the Secretary Of
| the Interior yesterday. The directors criticise
with considerable severity the former MANAGE
ment OF the road in many particulars. Tho
new ma nagement is credited with making an
honest effort to erAdicate the evils heretofore
| existing" Ehis effort they regard as promis-
ipg substantial and felicitous results if the ex-
eoution OF the recently declared plans and
policies OF administration are not in some way
| interfered with, or prevented. Stress ia laid
| upon the Importance Of placing the RESPONSE
bic executive management Of the road in the
person Of general manager, The govern
ment directors feel confident that the Union
Pacific directors, immersed In private affairs,
have not sufficiently, in q practical manner
acquainted themselves with the interests in
their keeping. The management is At present
4
| in the wsy Of economy. A great reduction
has been made in the number OF passes issued.
The present managers of the road are endea-
voring to remove the feeling Of unpopularity.
The report shows that the great bulk OF the
| stock is held by investors, as out Of 1000
stockholders 5000 or more have from to 10
shares only, showing that the investment de-
mand has largely increased over the last year.
| The Indebtedness of the company to the gov
| ernment is assuming enormous proportions
| Nearly every conceivable question connected
with the transportation problem, so called, is
| coming to be involved in this issue between
| ths company and the government. The ques-
t1ons involved are the extent to which the LA
| bilities and revenues of the company are, and
| will be, affected by competition, whether all
| the several extensions and branch lines are, or
likely to be, profitable or otherwise to the COM
pany; whether their ownership or right to op-
| crate them has been acquired upon equitable
| terms whether any of them have been acquired
| at a cost materially beyond their real or
| fair valuei whether the connections Of
the companys lines with those of other COM
| panies are and will continue to be such as its
| interests and profitable management demand;
whether present and future competition NAV
| or may not eliminate an item OF profit from
| what is known as Through traffic" or has not
| done so; " neither the local traffic can be made
| to stand the strain that will be imposed upon
it In the process OF operating the road so as to
| afford reasonable profit and at the same
time hquidate its Indebtedness especially to
the government whether the country it
traverses will afford resources Commensurate
| or necessary to this and TO what extent the
| solution OF these questions will tend to further
cornplicate the relations between the company
| and the government and jeopardize or retard
payment Of its debt or place the company in
position to pay 1t. Each of these ia serious
question which addresses itself to careful
| legislative consideration.
On June 80, 1884, the floating indebtedness
was SIS, ,110,020, and the assets to meet this
left net debt Of Sc, ,000,177. By operation OF
| the Epolicies inaugurated by the new admin
istrstion this net was reduced up to September
~ TO 90, ,l5I ,OO9. A large proportion Of the
items which serve to swell the aggregate of tha
floating debt was Of expenses incurred in nav
construction and advances On that account
The Union Pacific holds q majority of the
stock and bonds OF nearly all its branch lines
The completion of the Oregon short lima in
noticed and the belief expressed that il win
soon be not only self sustaining but q source
Of income to the Union Pacific. The company
respectfully protests that the investment Of
the sinking fund for the benefit OF the govern
ment or creditors as it has been accumulated ia
unjust to it. The fund is not so in
vested as to earn the full Measure of its
ability as II the property was invested. It
tends therefore In no practical degree to re-
lieve the debt of the staggering proportions 1t
will have assumed when the time arrives for
its payment. The suggestion that seems most
feasible and would settle most speedily and
permanently this whole question aud obviate
lIs
stead OF the present requirement Of the govern
ment OF certain per centage of tn , net earn
ings fixed sum be agreed upon, which the
company would be compelled to pay at inter-
vals towards the interest and principal Of ita
debt to the government. In fixing such A
stated sum the law making power can resolve
upon just and intelligent figure with or With
out consultation with the company keepino in
view the financial condition and abilities Of
the company, and having due regard to the
interest of the community and Of Commerce
that will be affected This plan
must necessarily effect the i'm
immediate and complete suppression
OF all the present controversies and banding
litigation as well as remove any and ali cause
for the same. The directors recommend the
establishment OF q railroad commission for tha
settlement of controversies.
In conclusion the report says: Perhaps
above All things that are to be avoided In legis-
iation Is the contingency of such terms being
imposed upon the company as to render its
STOCK practically and permanently non-diyi-
demo paying, thus giving it an uncertain and
poreiy speculative value. The result of this
would be to utterly discourage all bona fide in
vestors and holders, force the entire volume of
the stock into Wall street and finally into
the hand OF pure speculAtor to whom
control better than ownership,
because cheaper and affording all Ise necesenrx
means to wreck and prey upon the resources Of
the corporation. 1t is difficult to conceive to
what unfortunate end the road would come in
sucn an event. lt would be ruinous to tha
road, and it would be q restriction of tho
claims OF the government upon it. II the gov
ernment would take up the securities Of the
branch lines or require that they be deposited
as securities additional to that Il now has and
fix upon stated amount to be paid At stated
periods, such as would in time liquidate the
debt, but which would not compel the com
pany to impose unjust terms upon its patrons.
and would justify the government in prohibit
ing 1t from doing so, this controversy might be-
regarded as virtually settled.
Minor Notes.
Alfred II. Oliver, recently receiving cashier
OF the Eastern railroad corporation, was ar
raigned in the Municipal Court at Boston, yes-
terday morning, on charge of embezzling the
funds OF the corporation to the amount of
w, 200, but the case, on request of counsel,
was continued one week. 1t is probable that
Oliver will waive examination, and the hear
ing will be carried to higher court.
Kiernan's News Agency says: The Grand
Trunk Railway Company has advised the En-
ropean steamship companies that the emiorant
rate from Montreal to Chicago and the West.
will be based on the rate of 81 to Chicago and
20 per cent commission.
The earnings of the Ogdensburg & Lake
Champlain, gross and net, for eight months
IN