Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1918-05-24
100000 DEBT
Continued from PAGE One)

over 154 miles, the balance being
double trackage and siding. He gave
the total funded debt as $3,65S,500 and
to this he later added a floating debt
of $3.50, 500. Most of the latter was
bank loans with $50, 900 due the York
Power Co. and $500 due the Cum
berland County Light and Power Co.
The consideration for the two later
he said was cash and that ii had
been used to meet operating expenses.
The collateral each of these compan-
les received was 81, 900 each in L. A.
". bond. This, Mr.. Sweeney stated,
included all the company's indebted
ness with the exception of the bills
payable which were slightly over bal
anced by the bills payable He
pany's obligation, soon to mature
could be extended at slightly higher
rate of interest. Att ney General
Sturgis inquired into the statements
exhibited and explained all items
when called upon to do so.
Exhibit No. was a sheet which
showed the condition Of the freight
department, which is evidently in a
healthy condition though it shows
but about Is per cent. of the cash
business that the passenger depart
ment does. Prior to January /, 1915,
the freight business was conducted
by the Atlantic Express. On that
date the L., A. & w. assumed con-
troll of this branch and enlarged it
considerably building several freight
houses and sidings. Asked why in
this time of stress he did not raise
the freight rates, Mr.. Sweeney states
that they We're held where they were
by competition and beside that this
department was on paying basis.
The question of how many workers
engaged in war industries were &C
commodated. Mr.. Sweeney said thar
he was unable TO state but that they
were considerable. as there were The
shipyards at Bath and various IL
dustrias in Lewiston, Gardiner AID
Augusta, Freeport and Bath. ana
/ that the road is carrying q consid 80
able number of them. Attorney Gen
eral Sturgis asked: IF the incrcaSa
in rate is granted how long would
it take to get Your road back into
good working shape"
Answer: From now on a. ling as
open cars can be used / think We can
take care Of all traffic that is offer
ed US and by fall we hope to be in
, such shape q stO be able to give the
public such service as the people
! want and such as we should like 10
give. Our equipment has always he1n
running down and we have had TO
DO with makcshifts and economic
III all possible ways. In 1916 we were
coming back" (and in this year nc
road showed a balance Of s31,593, The
! largest of any year since operating)
. but then the cyclone struck us ami
we again had to economize."
Questioned as to the prospect Ct
getting trucks for the six new pay
as YOU enter cars Mr. Sweeney &c
/ piled that they had some very good
promises.
! Mr.. Sweeney again made it plata
\ that the credit of the company was
/ exhausted and that an increase n
fares was the only way of coming
back. He said that the increase in
wages. interest and dividends u
preferred stockholders must be TAX :
, en- care of before much could be tx
pended for service Improvement.
| Atty. Gen. Sturgis said the public have
! lost confidence in you. DO you feel
that they are going to flock to YOU 1t
seven cents that you may take out these
charges and then make improvements
if YOU have any money Left NO"
said Mr. Sweeney. Their good will
must be won SLOWLY"
II have admitted" said Mr.. Sweeney,
that we have given the public poor
service. and vet aside from last winter
I think we have given them value re-
ceived'
Judge Cleaves made further inquiries
! into the freight service and its increase
and Mr. Sweeney stated that they pro-
posed TO increase rates along with the
steam roads.
The question of transfers and the mat
ter of making some charge for them
was discussed, Mr. Sweeney taking the
position that 1t would not be advisable
on account of the small size OF the cities
served. Mr.. Sweeney then gave state
I
and the number Of car miles operated in
1917-l8 Asked regarding the service to-
day as compared with a year ago he
said that whereas on the Lewiston an
Bath lines cars We're run a year ago
every half hour, now the patrons are
getting one and one-quarter hour ser
vice. On the line from Lewiston to Wa
terville a car every two hours has re
placed hourly service.
Afternoon Session
The afternoon session opened with
Dana 5. Williams making inquiries as
to the Mechanic FG'ls line, the service
rendered, operating expenses and rev
enue. His questions brought out the
fact that workingmen's tickets are is
sued on this line, something done on no
other line. The operation Of this line
showed net profit even under adverse
circumstances. Mr.. Williams question
further showed the doing away with
workingmen tickets and scholars tick
cts in the former case the revenue
from this source would be increased s.
per cent and on children's school tickets
1e3 per cent.
! Inquiry by John +. Nelson. attor-
ney for the road. brought OFT the
fact that the service had already
been much improved and that such
improvements were going along as
fast az possible.