Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1904-05-17
This Man Says That It Will
Certainly Be Built.
But Doubts If Construction Will Begin
This Year.
Unsettled Condition Of Money Market
Makes 1t Unwise.

tension of the Bangor & AroostoOk
railroad from La Grange to the sen
coast had been given up; that there
was absolutely no possibility of it's ever
being built; that the idea had been to-
tally abandoned by the promoters.
Naturally such rumOr has caused Il
deal of talk not only in the territory
which would be effected by the road,
that is the country between Lagrange
ana Stockton, which will be the coast
terminus, but here in Augusta and
around the State House, for here there
is a strong feeling of friendship for the
big northern Maine road which is gen
orally regarded rs having been the one
instrument which brought Aroostook
its present great prosperity. With
these feelings it is not strange that
many have wondered if the rumor
could be true and if it We're what could
he the cause.
From statements made to it by
man who is i'm a position which puts
him in n position to have knowledge of
railroads, and who was in the Capitol
recently, the Journal is in n position to
state that there is not the slightest
tiit iCpoit. TOi ICa-
sons which are obvious the gentleman's
name cannot be used. OF him this
much can be said: He is in position
to know as much about the affairs IF
New England roads as any man in
Maine and it is part of his duties to
keep informed as to what is going on in
the world of rairoading, which he does
to Il minuteness which would surprise
one who was unacquainted with the
cioseness with which men in certain
lines keep themselves informed as to
the conditions OF all roads in their own
particular sections and in a general
way of those of the entire country.
'Build this road. why certainly they
WILL exclaimed the man when l asked
him about the rumor. why shouldn't
they? Upon it depends the future de-
velopment of AroostOok county. In no
other way, as l look at it, can northern
Maine be developed. A>seaport termi-
nus for the Il. e A.. with steamboat
connections with Boston and New York
and sailing ships for all parts of the
globe means a better means of getting
the products of the big territory tapped
by the road to their natural markets at
moderate cost. Especially is this true
of the lumber products of the county.
Pulp and paper and manufactured lum-
Der. together with spool bars, box
shocks. for the Italian trade, and the
other hard wood products can be more
cheaply sent to market by shipping d.
rect over the Il. & A. to that roads
own seaport terminus and then loaded
upon ships, than it can be by present
means"
Asked if ne road would be built this
year. the gentleman said that he did
not believe that it would and from what
he said it is evident that a peculiar
condition exists in financial and rail-
road circles ut the present time.
In saying that the road would not be
built this year he also added that it
might not be constructed in 1905
either According to him the reason
why the road would not be built this
summer is that the financial conditions
in the country today are such that it
would be unwise to build the road. He
put it in this way:
THE finance market is. today, in the
most remarkable condition that the
country has ever known. You can go
cut any time and borrow 4 trainload of
money-yeS 4 trainlOad--On call at one
half of one per cent, but when you ask
for it for a definite length of time-well,
the rate is eXorbitant, nothing less.
That. and that alone. shows that it
would be exercising poor judgment for
the promoters of the Northern Maine &
ScabOard Railroad to attempt to fl
no hot, a. ~. III.
mind, knowing the financial conditions,
rs do, l believe that while they could
dispose of every one of their bonds, it
would have to be at a figure which
makes it their duty to themselves not
to put them on the market. 1t is this
condition of the money market, and this
alone, which will prevent the building
of the new road this summer. So soon
as the market has come to a normal
condition then you will see the road
pushed through to the sea. YOU mark
my words.
Continuing he said that one had ONLY
to make a careful review of the rail-
reading situation of the entire country
to see the force of this kind of reason
ing. In all parts of the country roads
are makingsonly such improvements as
are necessary, absolutely necessary.
None of them are making plans for great
improvements or new construction. No
great quantities of new rails or bridge
construction are being purchased and
all this is due to the money market.
Another feature of the railroad world
of the present of which the public is
unaware. as rule, remarked he, is that
there is falling off In the business of
the big roads of the country. This has
not reached Maine roads and had hut
slightly touched any road in New Enc
land, though one, the Boston & A,banv.
has begun to prepare for such a denres.
sion. AS a rule the big roads of the
country find that there has been n de-
crease of from Is to 20 per cent. In the
amount Of business in the past year,
while operating expenses have in
creased at about the same ratio Tb;s
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