The Portland daily press., 1886-02-05
RAILWAY MATTERS.

THE WORCESTER, NASHUA ROCHESTER,
LEASE.
The railroad committee of the Massachu-
sets Legislature yesterday resumed the
hearing upon the petition Of the Worcester,
Nashua & Rochester railroad for the con-
firmation of its lease to the Boston q Maine,
and that savings banks may be allowed to
invest in its bonds. T. w. Hammond, treas
urer of the Worcester & Nashuafor 81 years,
was called by Mr.. George O. Shattuck He
presented list of the holdings of over 100
shares for Jan. l, 1885, and Jan. 1, 1856 He
said that large blocks of stock were held by
institutions, so that it was impossible to
learn how they had been used for specula-
tive purposes, as they had undoubtedly been.
In 1879, the rate of interest on the bonds was
reduced from and to per cent, owing to
representations that the road was unable to
pay the higher rates The road borrowed
money to buy the Nashua & Rochester road
The passenger business fell off a little in
1884, and the freight business increased so
there was no net loss. The freight increase
was due in part to beer manufactured by
Frank Jones. The chief purchasers of the
obOCh WOlC 4uCoolcs hl1SAetAl, NOOh anu wv
W. Armstrong. Mr.. Sinclair is son-in-law
of Frank Jones. Cook is Sinclair's partner,
and is director in the Boston & Maine road.
All the improvements ON the Worcester 81
Nashua for several years have been charged
to earnings, and not to the construction ac-
count. The New England Mutual Life In
surance Company brought suit to restrain
the issue OF new stock, as it held some OF the
bonds. The suit was never brought to trial.
as the bonds were bought at 120 by Mr. Jas.
p. Cook, Mr.. Jones's partner. They would
naturally have been worth no. They were 8
per cent bonds, but the insurance company
had agreed not to ask for over per cent.
The, bonds had over seven years to run. The
stock was going up all through the year, but
the highest price was in October, when the
parties mentioned above bought most heavi-
ly. He never heard anything about a lease
till October. The lease was dated Oct. 30.
In reply to Colonel Stoddard, Mr.. Ham
mond said that at the annual election in De-
cember, 1884, a change was made in the di-
rection of the road. Large blocks of the
stock were then held in Boston. The hold
ers of these wished for change in the di-
rection. G.. S. Turner was president before
then. Mr.. Sinclair desired to represent the
Boston stock. Mr.. Turner wished young
Stephen Salisbury to take the place held by
his late father on the board of directors.
Turner and Sinclair were formerly towns
men in Bethlehem, N III. ,and Turner objected
to Sinclair Under the new management III
1885, the income of the road materially in
creased. But the business fell off," inter
jected Mr.. Shattuck. Colonel St0ddard read
figures that thefnet business of the road for
1884 was $1S6, 773; for 1885, 1888, ,927. In 1885
IL miles of steel rails were laid, against
eight in 1884 The average Improvements
cost about $4,000 year. The increase in
the business occurred monthly since the new
directors came In gTe sg9 slE Ms r ne q
Boston, Barre and Gardner had to scale also.
At this time the Worcester and Nashua had
to give mortgage on its road, including So ,
curing of the bonds of the Nashua and RocI :
ester; The meeting at Nashua, when thu !
decisions were reached, was very larges L
the vote was almost unanimous. All b6d q
except OF three parties, were brought iiifie y
exchanged. The New England MutH the the y
Insurance Company held 100000 ,oo of .
Worcester and Nashua bonds and SIX 70 toSa Ua L
the Nashua and Rochester. 1t agreehoSaadhse Sahe D
five per cent. as long as it held t'bv this
The roads were consolidated in ] Massas
written consent ms under authorityas feared
that the bonds of the insuraroed tbnss
would be, sold and thl IUgu per cent sn10 Ol
be compelled, to- pay, sardG G was that that
A point made by Colonel. Sthester' 30 eomId mid
the ne iNs1 Worcester Nashua i've been issued
by the Worcester & Nae There VIZ sne
latter was out of exis. Rochester stock /
1906 shares of the NashVos shua paid for at
held by the Worcester nroperty of the ol
S1Oo, 81 which BECAME Rochester, and was
chon9ad for StocI tasos oa latter, being enaliseS
share for share. Tn TRas,,rv ~ nU~ stock That is n
X; comes to have M Hammond said that {
what was divided, .,as ns voted to distribute
~ Noyepea th 10 iast IL shares for every loO'
This took about $50. some fractional i
main in the treaury undlNf ulnsdil narfs Of shares.
certificates werl issued II stock was estimated
In the annual eturnl tslssued of the w. N, 81 q
at $50. Total share * the | q
R. are SC, ,99S. .-ard read the rseo4, showing b
Colonel sGlon Deeenhv0tes was 1l,19o,
ann4fi5 Wnole nqmiaanimous for all OF the \
E,a Eractars sney Weetted-C. Weed S. Turner, Stephen
al;Sbur,. Mr. V. B. Edgerly, MI; oInclall
nd otIers. Mr.. Hammond SAD tnas ating y lh%-
yity were new M members. ,vere ar 10 1e6SS votes
,ast, ali unanimous for Messrs;; Sl1claII;
Jones, Cook. Armstrong, Stoddard anu
,thers. Mt. Turner had sold all ms STOCK
md consequently was not englpte ISgot toi MI lT
Hammond sad that the tax on the Nashua
& Rochester WI be levied this year the nrst I
time. The Worester & Nashua pala lass
year $4,000 In axes and the STOCK Was GG
assessed at $50 per share. OF tins S1,OW,
the local tax was $500. The hearing was
then adjourned to mex Wednesday.
NoTls.
General Manager Tuckr of the Maine Cen
tral. has issued long ordr to trainmen, IN
which he gives complete Instructions, in re-
gard to the handling and care oil the new
"Judkins Railway Train signal with
which nearly all of the passenger trains have |
now been equipped.
The new depot that the Boston and Maine |
are building at Oak Grove VIII be one OF the
finest on the road when 0mpleted. 1t IS ov-
or one hundred feet longand will be nicely
6nished. 1t is few fee north Of the pres
ent depot, but the citizels are SATISFIED Win
the new location. 1t will probably De ready
for occupation in a fewweeks:
It IS said that certaii parties have been
onietly picking up all the Boston, Revere
Beach and Lynn stock that they he could nTvsfe se
Cu,ei s,,rcbase asa Fysctly what it meant has all
ppionp been |6mething of mystery, but with
in a davT two it has leaked out that the
hrvins IN sflas come from those who are friendly
~ {{Ie Boston and Maine Road.