Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-05-25
s4so.ooo 8. I A. BOND.
Mutual Life Insurance Co. Has Bought That
Amount. Brilliant Prospects.

The Mutual Life Insurance Co. on'
of the largest organizations Of IL
class in this country or the world, ;
corporation which compares its solidit,
with that Of the bank of England, ha:
just completed the purchase of SlO0,o0'
more of the bonds Of the Bangor 4
Aroostook railway, more because
that company had already in 1t:
vaults $350000 in bonds of the same
road brought some time ago. Thus tn,
Mutual Life is In possession of a tota
of $3.50 900 in the bonds of Names new
road This Is probably one of the most
remarkable financial steps that has
been taken by an old line, and conser-
vatiye organization for years: the ma
ture of insurance management throws
into il an element which will not allow
even the suggestion of risk on the part
of the policy holders, and the remark
able keenness of competition as we'll as
the immense Importance of insurance
companies as savings institutions pure
and simple. have had much to do with
this influence.
Thus the purchase by the Mutual
Life, one of the greatest companies In
the world, of so large an amount of the
bonds. of a comparatively new road.
is perhaps the very best and nearest
the final test of its wholesome solvency
and the sterling nature of the promises
for its future success. This last lot
OF bonds. 100000 was purchased by
the Mutual Life at price equal to
5000 per thousand, a sharp advance
over the figures paid for the first lot
bought by the company; in fact. since
that first purchase the bonds of the
road have been steadily rising in value.
until they are today at least at the
figure mentioned in connection with
the final purchase, while smaller lots
have sold higher.
Meanwhile the Is. & A.. is booming
as never railroad doomed before in so
short a term of life. To be sure the
potato business failed last year, from
over production or came very near ii,
and transportation of that great item
of produce for Aroostook was conse-
uuently very light. Had that business
been up to the usual mark the road
would have gathered in as receipts
from potato transportation some $40
900 more than it did. all of which has
bad 10 be displaced through the unfor-
tunate condition mentioned.
1t is not TO be supposed. however.
that the u. & 4. has suffered so extern
sivcly this past season as to lose the
sum of $4,000 clear on its transporta-
ton receipts. Such is by no means the
case. Although the potato slump
brought about that amount of reduc-
ton. according to careful figures. it
has been made up to the extent of $685.
900 In receipts from new business, bust
ness that was in no way estimated
upon because it was not expected and
could not be foretold Thus the finan-
cial condition of the road will be seen
to be but little affected by the failure
of the potato market, to temporarily
bring in the usual harvest of dollars.
1t is not to be upon potatoes alone.
however. that the Is. & A is to depend
in the years to come: other and. If
possible. as important products OF that
great country of the north are begin
ming to be brought to the front as fast
as capital and enterprise will force
them into the markets of the world
through the new agency of this great
railway system.
One OF these new sources of wealth
is lumber vast amount of 1t. which
has for years been going down the St
John waters into Canada. and thus
turning profit into our neighboring
Johnny Bulls Golfers to our own dis
tinct loss. The building Of the new
mill at Ashland and the employment
there of a tremendous amount of labor
and capital in the preparation and
shipment of the lumber. which is now
to be turned this way, will give to the
finances of the already successful road
a boost that will forward it at once
into the ranks of important railways of
the eastern United States.
In fact. it may be said that future
numbering operations along the line Of
the road must hereafter be carried on
by rail: owing to the cutting down of
the forests adjacent to the rivers of
Maine. the consequent early disappear
ance of the snow in spring and the re-
sulting fall OF the rivers soon after the
first Of May. have already begun to be
felt. 1t is now the usual thing for logs
to be hung uD on the way to the
booms: the present season, with it's at
tendant driving difficulties in the Pc
nobscot and Kennebec valleys, shows
more plainly than would be possible
any other way the trend of circum-
stances. The day of river driving is
nearing the end; that of rail shipment
is now. through circumstances, to be
forced to the front. The b. & A. and
Bangor are going to profit by the
change.
George W. Bean and James w North
have been drawn for the grand jury
for the United States district court.
which will meet at Bangor, June 2, and
Seth Gay and E. II. i-o7y as petit
jurors. f. D. Lyman. A. w. Brooks
and G. M. Mansell for the superior
June term of Kennebec county to be
held at Waterville.