Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1913-02-19
MAINE CENTRAL.
nav public Gets Benefits of Capital
Investments.

PUBIC oOte .'>--N-~
Investments.
fBoston Netcs Bareau.l
r,s situation with the Maine Central
,-oad the most northerly Of the New
r.-r,ond lines, during its current fiscal
- has contrasted strikingIy with that
',,ha New Haven and Boston a Maine.
u,s,,e the latter two roads, as regards
.sa,r record for efficiency and earnings,
save been very seriously interiered with
through a campaign OF denunciation, both
'arv;ce and income OF Maine Central have
corded notable illustrations OF benefits
,.om the New Ravens control where its
axs,cise is encouraged by the public.
There is possibly an explanation in this
.,wby the governor of Maine has very
,;,tle interest in the call OF the governor
=, Massachusetts, to join In railroad
regulation.
While the expense account OF the more
.outhern New England lines has been
forced vide open, Maine Centraps state
,,snt for six mounths to Dec. 81 tells far
different story. Its labor ia appreciative
a, the treatment accorded it, and while
some wage increases in the not distant
tuture will doubt be sought, these bid
,.ir 10 be Offset by increased freight and
passenger receipts
The pending 100, 000-share stock issue
bv Maine Central will clean up series OF
hond and note maturities the permanent
financing OF which has previously been
postponed. Instead of siso,0Oo year in
interest, a disbursement Of 8 per cent.
in dividends on the new stock will
amount to 100000, or $4,000 a year
above the company's present payments ON
account of So, 0o0, 900 notes which will be
retired March Is.
II the obligations, which will be paid by
the new financing, mad not been out
standing during the first half OF its cur
rent year and, instead, the roads stock
had stood at the proposed s25, 000, 900,
earnings at the, rate OF S.12 per cent.
after the above tsbuiated improvements
10 its leased roads. Although the present
traffic outlook as exceptionally good, it is
to be borne in mind that Maine Central
earnings in the first half OF its fiscal year
have usually run somewhat ahead of
those in the last halt.
When the new shares are issued, there
will be outstanding against this 100 mile
system capital stock averaging only s2l,-
900 per mile and combined funded and
share capitalization Qncluding ALL leased
lnes) OF but 81, 100. Aside from s2,000,-
600 notes which will become payable in
the spring of :eli, and for the meeting of
which funds are now in hand, Maine
Central has less than 5000, 600 of funded
debt maturing during the first quarter of
this century.
Through three successive Subscription
rights" to its shareholders within as many
years, in the form OF aggregate offerings
hiss hnAnced all early requiremsnts for
new money and resolved a large amount
of its fSedeharges to a dividend basis.
UIlsr lie present management Maine
Central has been rounding out and enter
ing upon nzw era OF internal develop
msnt which augurs well for continuance
Of The prosperity hich now .characterizes
is Ierr.tery, Literal outlays OF the kind
tn, r t'uie effic and meet needs OF its
ST rsss e -evu made in recent years,
Il So 90 havis. been spent or planned
nader Presi ent aullen IN the three years
TO lie 3Jiait, as ,',upared with =, 2s9 900
in the prece.ing seven years.
/, service as testified to in the recent
interstate commerce commission investi-
CATION compsis bright operating
record that has satisfied customers, and
h., itse.i IL fiectc tine results of adequate
organization OF the roads working forces
ana OF provision a. nsw equipment, yard
and terminal moderniza.ion and other
comprehensive ot 1t tuieuts.
Tbs road has catiyatcd in a broad way
not only the passenger, tourist and sum
mef hotel feirs, but has recently done q
great deal toward augmenting the output
Of Names soil. Potato shipments alone
over Maine Central have been increased
from 1850 tons in 1909 to 565, 156 tons
last year. or is per cent. Industries have
been generally encouraged by good
service and the offering OF advantageous
side-track privileges.
All these things have not only made the
Mellen management very popular in
Maine, but are now bearing fruit in the
form OF a most decided traffic expansion
accompanying the manufacturing and
agricultural impetus in the roads ter
ritory.