Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1925-02-18

money, but they have tried to help
Maine and this is what they get.
he said that he might tell the
committee OF a young woman who
Tor two years worked in this State
House at meaSre salary, who had
her in her mothers will. Her par
ents thought she had been provided
for, said he, but when Maine Central
stock went from par down TO 81 that
100000 of real money which those
parents had invested there shrunk
so that she was not cared for.
If, declared Mr.. Pattangall, there
Is stakeholder or a group of stock
holders who are dissatisfied with the
present management of the railroad,
they should evangelize among the
others to secure a change, but they
should not seek to prevent others
from receiving a fair return on their
money.
AS for investigating the railroad,
don't know as anyone will seriously
object to that, if the State has the
money to pay the expense" he con-
tinued, and while we are about it
it might not be a bad idea to inveS-
tigate some other public utilities
1t hight have interesting develop
ments."
Charles n. Bartlett
Charles II. Bartlett. representing
the Bangor Savings Bank, said that
the bank held S15S,000 in bonds of
the Maine Central and allied lines.
These We're paying interest. 1t held
s147,l00 stock in those lines. The
leased lines paid dividends. becase
the rentals had to be paid but in this
amount was $50 shares of NJ. C.
common. His bank owned a total of
Maine steam railroad stocks and
bonds of $530,100 par value, with a
book value of $47S.277.60.
He felt that next to individual
stockholders depositors in banks
holding these securities were the
most interested of all in the welfare
of the railroads.
The Opposition
Frank w. Winter of Auburn, box
manufacturer and former member of
the Legislature, said that as a tax
paying citizen he protested any bill
proposing a change in the railroad
tax law. He believed that the rail-
roads were paying less tax in proper
ton than many industries and citi-
zens were paying. The laws provide
for taxation of property not of earn
loss in my own business and losses
are expected in these days of recon-
struction."
The representatives of the Maine
Central Railroad say nothing of
100000 surplus, nor of 100000 of
net income for 1924" Mr.. Winter
continued. Il believe that Maine
Central stock is actually worth $1.50
per share at the present time and
that we need to have no anxiety as
to the future of the road or the per-
manency of its service"
Representative Body
Rep. Body of Windham served no.
tice on the committee that before he
voted on this matter he wanted to
know the truth; wanted chance to
weigh both sides of the question and
therefore should present an order in
the House requiring that any indi-
vidual or corporation asking for tax
reduction should file complete
statement of it's income, expenses
and detailed statement of the GALAXY
paid each official and each employe
in the year 1924.
Councillor Linne.i of Portland
William S. Linnell of Portland.
member of the executive council from
Cumberland county. said that he ap-
peared as a private citizen. but as
one whose connection with the pres
ent indication gave him some in
formation as to financial condition
OF the State and the probable tax
rate for the next two years.
Mr.. Linnell asserted that he was