The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-12-10
MAINE CENTRAL'S AFFAIRS.
The Boston d Maine directors De-
eide TO Examine Them.
President Sewall Dropped from
Boston & Maine Directorate.
Relations with Maverick Bank To
Be Looked into.

The annual meeting of the Boston 6 Maina
railroad, held at Lawrence yesterday, has re-
suited In action which cannot but be of consid.
cradle int crest to the Maine Central. The rela.
tons Of these two roads is very intimate. Tho
Boston & Maine, through Its lease Of the Fa,t.
ern, holds possession Of majority Of the stoct
Of the Maine Central. This ownership has been
recognized in the makeup of the directories
Of the two roads. For instance, on the present
list OF directors of the Maine Central are Eve
or perhaps six, men who are what might he
called Boston & Maine men. These men are
Frank Jones Of Portsmouth, William A. French
and Samuel G. Lawrence of Massachusetts
Charles A. Sinclair OF Portsmouth, and Amos
Paul of Newmarket. Mr. j. 8. Kicker of Deer
ing, Is a large owner in Boston & Maine as well
as Maine Central, but probably his larger inter.
est Is In the former road. The other Maine
Central directors. who may be considered as
dstinctively Maine Central men, are Arthur
Sewall of Bath, William G. Davis of Portland
Hora,io n Jose of Portland, John Ware Of
Watervile and Thomas W. Hyde of Bath
The Boston & Maine directorate has included
Messs Jones, Lawrence, Kicker, Sinclair
French, Paul and Sewall of the Maine Central.
1t Il thus evident that the interests OF the two
roads are very close. So the following announce.
ment 10 yesterdays papers is of considerable
interest:
Annual meeting Boston s. Maine Railroad to-
day; VIM. Q. Whitney and George G, Haven
New York, Walter Hunnewell and j. ii. Wbite
Boston, chosen directors In place Messrs. Paul
Sewall and Potter; committee appointed to in.
vesti ate Maine Central affairs and also com.
mittee to see IL directors could not by prudent
management have Withdrawn deposit IRON Nav
erick Bank.
1t removes the Maine Central president from
the Boston g. Maine directorate, and announces
that the Boston s. Maine means to use its ma
jority stock in the Maine Central to Interfere TO
some extent in the management of that road.
Asa T. Potter, who has been dropped is the
president OF the Inflated Maverick Bank, in the
failure of which about $500, 900 of Boston g.
Maine money is involved. Senator Chandler Of
New Hampshire has charged that Messrs. Jones
and Sinclair are seriously to be blamed for the
Maverick Bank affair; and the report from yes
tersay's meeting indicates that the Boston &
Maine stockholders intend to find out about IT.
There is no reason to suppose that the Maine
Central is In anyway involved In the Maverick
business. 1t was impossible to find our last
evening from any Of the local authorities OF the
road the turn the Investigations into Maine
Central affairs would take. The annual report
shows the road TO be in excellent condition, and
Mr.. fuckers policy has been laying plans for
what would seem to promise greater prosperity
The acquisition Of. lines inNorthern New Hamp-
shire and Of the Knox & Lincoln are moves
which greatly enlarge the connections of the
road; but as is inevitable, they are somewhat
costly at first. The net earnings OF the road
were 81 All, 563.40 last year, and 81 42I 500.
Oh this; but the surplus this year is but ST.
69l52, against 800, l26.65 last year. This re-
duction of surplus is due largely TO the acquisi-
ton by lease OF Northern New Hampshire
roads. The lumber and ice business has been
poor this year, so the earnings Of the system
have not been such as to fully make up for
these extra charges. In addition. the Knox &
Lincoln has been leased. although that lease
has not been ratified. or course the leasing of
these lines constitutes an aggressive policy,
with which there may be discomfort in Boston
& Maine quarters.
The stale of Boston & Maine business was
shown at the meeting In Lawrence yesterday as
follows:
The gross receipts of the COM
bined system were .67O. 996 IL
Operating expenses..............1 0,O46,474 81
Net earnings. Sc, 634 ,522.l7
Taxes. 1888, 209.69
Interest on funded
and unfunded DIT, j, 1913. 3Of.27
Rent leased lines, .2,01S, 090.25
- 3,ss4. COL 81
Surplus OF net earnings ......s1. 769. 92O.s6
Sinking fund payments less bond
cancelled. ...................... ts.3sI.o5
Available for dividends
Div'd on preferred
stock. SlS8, oS2.COs
Diy'd on common
L srock...... LAO 048.0Ot
$3.50 329.o3o00
Excess over all Charge Ssza 500 %
of which has been credited
To equipment fund ,S300.0O0.00
To injury fund...... b0,000.Ou
10 profit and loss. 226OOSl