Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-02-17
Maine Central
Names Committee
Is to Investigate

Portland, Feb. 16.-Stockholders of
the Maine Central. railroad are look
ing. forward with interest to the an
nual meeting Of the corporation in
April, at which time the committee of
Is. named at the special meeting of
the shareholders on Wednesday. will
make its report and file recommends
lions.
This committee consists Of the fol-
lowing: Robert Braun Of Portland,
H. w. Cushman Of Bangor. w. A.
Danforth Of Bangor. E. E. Gurnsey
of Dover, Percy Hill of Augusta. J..
H. Howes of Belfast, C. P. Merrill of
Skowhegan. ]. S. Maxey of Gardiner,
II. n. McDougal Of Rockland, n. D..
Noble Of Phillips, c. H. Prescott of
Biddeford, Elisha Pratt of Rumford,
w. Is. Shelton of Lewiston. f. w.
Wheeler of Brunswick, and 3. T.
Robinson of Portland.
The powers of this committee are,
in a way. very broad, for it is in
structed to investigate the general
railroad situation, as it pertains to
the welfare of the Maine Central and
to report specifically recommends
tons for bringing about better con-
dition of the road. 1t is also, specifi-
cally, instructed to look into the re-
lations of the Maine Central to the
Sandy River and Rangeley Lakes
railroad, operated by the NJ. c.,
through ownership Of all stock in the
system. The specific call for the spe-
cial meeting held here Wednesday
was to consider this relation, but the
call also carried this provision Ito
transact any other business which
may properly come before the meet
ing"
In the course Of the meeting We'd
nesday Pres. Mcdonald of the Maine
Central gave a brief outline of the
situation with reference to the
Franklin county narrow guage sys-
tenn as the S. +. & r. L., is usually
designated.
He said that these roads were taken
over by the Maine Central in 1911,
when the Maine Central. then con-
trolled by the New York, New Haven
& Hartford through it's control of the
! Boston & Maine. by purchase of the
, $241,000 worth of stock and $4,000
OF per cent. bonds. The stock was
bought at par and the bonds at 90.
! This made atotal Of S547,20O invested,
/ which included a new stock issue
Later the Maine Central paid notes of
| hA -
$4,000. so that 1t now has invested
! in that system S737,200. TO 1916 tho
road paid small dividends. Since then
it has shown a steady deficit. which
! now amounts approximately to $143,-
! 900. The peak business done by TIE
, road was in 1919, when its gross earn
ings were 100000, when it had a de-
felt of $4,000. Since 1919 the business
! has shown a steady decline. While
the general condition of the Maine
Central as whole was not discussed
| to any great extent by the meeting
| Wednesday, there was sentiment
| that possibly some improvements
| could be made and this was the rea-
son the committee was given such
| latitude.
'"This committee" said one stock
holder. ais to find out all 1t can about
the situation. Not only is it to lool;
| into the narrow guage system, but il
| is to find out what we are doing ali
, over our own system. 1t can tel Us
whether salaries are too high and ali
| the other little troubles. if there be
any, The meeting in April ought IL
| be interesting" he concluded.