Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1919-06-19

ne Winthrop branch of late On account
Of increased earex, hui me acrua. NUM-
Der n passengers Is decreasing
A. ra1s po,,t Norman I. Sasser-
sald ne would Ike al opportunity II
examine lne books Of me railroad
and see hcw the figures were pu1 II
EsIher. and hen II c-oss-exam-ne
N- Swesney Justice Morrill, -1en
MADE an IMPORTANT staas1nen- rega-o-
ne ne scLrs nR--Er.
Justice Mar-iil's Stasererf
A. mt pair- Justice Nor-rl spoke
Is 1nIipws ! wi say now an6 !
waot al the counsel q understand.
Laa1 -a-s hearing Is lR-Eely tar me
information f ne court ! have mace
= pubic neE,oE because = IS
aE-ls- u great -1ls-ss-- Wnatsve- !
nRg do rs Inc result Of This hearing
% tbs petition. = Is = Is nature
-ECpo-a-v- Later me a2es1on q q
sac : GINNING -. The situation Is
= exists ro6ay VII hare q strong Il
Eaencs VIE ne Is - how Lnis road
Is De sniC As 7 an 1rturneG now.
the present pla- VIII De t3r q fore
cIDEu-s Kinder me lewiston, Augusta
& Watarv--le Street Railway ) per
cent mortgage. winch g i first hen
N Only d part Of his genera! sys
tan. There --sf De q less Il those
ocncaoidcrs. The system does nor
snow al earning capacity Laa. VII
-ahe care Of the running expenses
aoC ne interest On the underlying
securities anG axes toCeIner WITH tie
interest On the f41 amount issued
IF me -at-aC-ng Svss. he Junior Sc
cll:~-les The whole system does nor
snow Eli aa---cg capacI-y Thar vii
take care Of ma. entire interest and
If me ref11C-cE Eves. the Junior
mor-EaEs. There IS apprux.ma-sly
one million and seven hundred thou
sane dr lars " the junior bonds n
ne hands Of private -cvesturs- seat
-e-ed rom the middle states ID The
eastern ps-- II Maine Thsre Is ap-
D-aNmG.alv million and two hun
1-ec thousand dollars nf junior bonds
thai nave been pledged as coliR-e-a-
u organizations -na1 have furnished
money 70 Keep this road going, even
70 me extent Ina. las- season SILKY
thousand dollars. i : -ememoer ne
figure correctly, were pledged 70 me
Emergency Feet Corporation Of ar
C-al mQnsv that went INTO the road
q ecable = - meet The demands Of
ne organization If me Bath branch
= furnish transportation. Now there
VII oe !0ss IN those bonds because
ne oar cannot pay the interest on
-ne-r added - me prior charges.
The question Is coming up.. when
he -oac IS ordered soiG- .1pcn hear
.r- IN ne foreclosure how y shall
ne soic. whether the ouECholuers IN
der tha- mortgage. who have SIMPLY
Z mortgages interest q eaul1y, WI!
ca-e for ms pu-- IF the road don :
SUPPOSE ma. We cRa compel oun&
holders - take a ra.Eca6- They CEN,
= -aev see fit, drop Their security,
aac Il IS eE--e likely that me cues
non VII ccroe u whether a lcca- or-
ca-.zalCn WI be found wnc -an care
for tbs road nr account Of ioca. con-
cti-uns here II THIS Vicinity n buy
me road al the foreclosure sale.
: WI say further thai he C-us-
-ees ne Old Colony Tr2s- c.. The
zee liz
has mad al Indspeu-snt inresrga-lun
MADE u -1ls situation enlreiE NOE
aeacer- If the receivers and laGe-
pendent Of a-y officers II the road,
and ! nave been informed by Their
Representative VINO was present a.
ne hearing n Auburn yesterday laat
as -esul- Of mai independent II
vesu-2l0r -hev had nc objection 70
the e!scnr-ruance o. portions Of r1k'
orsnc. -aey 10 not regard = as Of
any va-ue II he bcndhoids-s under
ma mortgage
New NJ Sweeney as you vii ao-
p-eclace- IS acting as az ofice- IF me
cuu-. and ne IS mere - give the coEr-
sucn Information as ne mas. ! an
impressed WIZ me JdsR INA. ne IS
-.,eE-rr me cnE-t Ea.-tv and I think
-lR. me sxar nation s.1nuid be made
TO-DAY anC c21 De maze reday u such
Al ex-Rr, as VII eloci1a the slc0a-
Ion. Z any par NJ L pc 1a-K cr De
misunderstood nv ne counsel ae-e
d eser- For -t.a- reason ! DC 1c- feel
ma ! CIT defer TINS hearing Z there
e any par IF his estimates ar NJ
stand ! AZ, sure Ne vii ne very GLAD
- explain = fur ler, and as / sa~
= e e1r the 1ltu-DR tlor ~ rhe rour-
ma : nave ordered This hearing ana
requested -ileSe receivers u make
me fullest examination and give ne
cnl.:-t M nene1- IF via. taey though
II ne matter ant VIVA: experience
l-las dictated ana wt,G- ne history
If me road shows. So | do not feei
ma. ] Can dsfe- The sxalGaR-lou. 50
-2- IS ne orcs- ma -7av make or
his present petition. maj Is govern
ec largely by the testimony Hna. has
developed here as n me present cor
dzrlpr IF ne Ines AS ~ - safely ~
operation ! have already authorized
q sUostarlE3 expenditure On portions
Of me Inc thE: are seif-sUppn--ing
Ttls line anc CERTAIN other i,nes nave
not beer included n taa. order for
/ the -eHsun ma doubted whether
II was far - the holders Of securl-
hes On other Ines. including The IN
! deriving mortgages 70 allow earl
j inES II be expended or ms line VI
+ Il It's condition could ne fully IN
derst0oc and ln-esIlEated Now SO
Tar as the receivers are concerned
+ their operation Of :. IS temporary On
( ". There s. no PRAYER here asking
FIR a dlsnRaLliaE Of this line. Tins
Line, as voU a. know under the priu-
Lens belongs first - the prior Ier
holders as I par n their security
and u Is fu- that purpose OF getting
information To guide ne in VIVA. 7
may conclude 20 order as 10 the ex-