Radio Script #584

Little Talks on Common Things

October 6, 1963

It was no small task to finance Maine’s early railroads. In 1850 a man who had total assets of $1,000 was considered comfortably well off, and one who had $10,000 was deemed truly rich. When it was announced that the A & K RR would cost a million dollars, people were astounded to think any group of men could be so foolhardy as to try to raise that amount of money in Maine where most of the people were farmers, eking out a living on soil that was such that Cyrus Hamlin of Paris Hill once said: “In Maine we have to sharpen the sheeps’ noses so they can graze between the rocks.”

Edward Chase, the historian of Maine railroads, tells us that the original estimate of a million dollars was hopelessly low — that when its first train arrived in Waterville in 1849 construction costs had exceeded two million. It became necessary to mortgage the road to pay for rails. So in 1848, a year before the line was completed, the Company floated an issue of mortgage bonds amounting to $200,000. Since several of those cancelled bonds are preserved among the papers found at the Waterville station last spring, let us see how they were worded: “Be it known that William Goodenow, attorney of Portland, having loaned the A & K RR Co. the sum of $1,000, they promise to pay him or bearer said sum in four years from date, and interest according to coupons attached.” The interest was at six per cent and the bonds were convertible into stock at the holder’s option. This particular certificate, dated September 1, 1848, was signed for the RR Co. by Timothy Boutelle, President and Edwin Noyes, Treasurer.

But even that $200,000 was not enough. In 1849 the Company floated an additional issue of convertible bonds for $350,000. To make them more readily saleable, those bonds were issued in units as low as $100, as well as in the more usual $500 and $1.000 sizes.

In May, 1849. when traffic was nearly ready to open between Lewiston and Winthrop, a committee of directors reported as follows on the state of finances: “When we were ready to start construction on the A & K RR. such was the feeling among the stockholders that the directors were compelled to put the whole of the road under construction, instead of building and opening a portion at a time. At a mass meeting held in Waterville in 1847 it was ascertained that the stockholders at the northern end of the road would refuse to pay their subscriptions if the money was to be expended on the southern end. This rendered it necessary to incur at once large liabilities beyond the amount of subscriptions to the capital stock. At a meeting of the directors on March 14. 1848 a loan of $200,000 was resorted to on bonds of the company. At the annual meeting a full report was made. exhibiting the wants of the Company, and the stockholders were called upon to provide means to replenish the treasury. But they refused to act and referred the whole subject to the newly elected Board of Directors. A decision was rendered to issue additional bonds for $300,000. The debt of the Company then amounted to $166.000. and at no time had danger of failure been so imminent. The need was so great that the loan project was placed in one person’s hands. Mr. John Ware agreed to take the responsibility for a commission of eight per cent.”

It can be reported that Mr. Ware was successful, doing a good piece of business for both the railroad and himself.

Among the old railroad papers is one that shows surprisingly that in 1854 the A & K Co. contributed to the cost of a Waterville fire engine. In order to meet certain urban improvements. such as sidewalks and a night watchman. expenses for which the outlying farmers would not vote at town meeting, there had been set up the Ticonic Village Corporation. On March 8. 1854 C.H. Thayer. supervisor of that  corporation. sent to C.H. Morse, Supt. of the Railroad. the following statement: “Whereas the President and Directors of the A & K RR voted to direct their Supt. to pay to the Ticonic Village Corp. the sum of $300 toward the purchase of a fire engine, upon condition that said engine should be kept at some point in the village of Waterville near the depot and buildings of the Railroad, and that no tax should be assessed against the RR Co. on account of the purchase of said engine; in pursuance of the aforesaid vote, and in consideration of the sum of $300 to me paid by C.H. Morse, Supt., I do hereby covenant and agree, in behalf of the Village Corp., that the new Fire Engine called Waterville No.3 shall be stationed and kept in a house to be built for that purpose upon the new schoolhouse lot at the corner of North and Pleasant Streets, or at some other place equably near to the depot, and that no tax shall be assessed on the Railroad Co. for any part of the $1,275 paid for the fire engine and fixtures.”

A wealth of information about early railroading in Waterville is contained in the diary of George Flood, founder of the G.S. Flood Fuel Co. Those diaries, in 21 annual volumes, came into my hands a few years ago, and up to this time I have never used their contents on Little Talks. Later this season I plan to tell you more about these remarkable diaries with their wealth of information about Waterville in the last half of the 19th century. Today I want only to refer to those parts of the diaries that concern the railroads.

George Stickney Flood was born in Clinton in 1836, the son of Sumner Flood, who operated a large farm on the road from Clinton to Hinckley, not far from Morrison’s Corner, and even nearer to the Bellsqueeze Road. George was the only Flood of his generation. to attend college, graduating from Waterville College (later Colby) in 1861, just a few months after the outbreak of the Civil War. While at Colby, Flood became an intimate friend of Boutelle Noyes, son of Edwin Noyes. Supt. of the A & K RR. Flood went to work for the A & K and boarded in the Noyes home.

Remaining unmarried, he continued his residence with the Noyes family until the death of Mr. and Mrs. Noyes. Flood then built a home on Upper Main Street, where he died in 1896. His dairies, with only a few missing years, extend from 1860 until a few weeks before his death, a period of 36 years. During the war Flood was not directly in the railroad employ, but he was close to railroad affairs through his friendship with the Noyes family. He taught school in Clinton, served as enlistment officer for the Union armies, especially to fill the quotas and obtain substitutes for draftees. He went frequently to Waterville, and soon found himself in business supplying wood for the railroad locomotives. On January 9, 1864 he wrote in his diary: “Have been to Hunters Mills twice today to see to loading a car of wood. Sent one car today of seven cords.”

In June, 1864 Flood became more closely involved in railroad affairs through Mr. Noyes. The latter, who had two years earlier lost his position as Superintendent of the newly organized M.C.R.R •• was trying hard to get back into that superintendency. On June 27 Flood’s diary recorded: “Have been getting proxies for Mr. Noyes to use at stockholders’ meeting of M.C.R.R. He hopes to see elected a board of directors favorable to his return to the superintendency.”

A few days later Flood made this entry: “July 7 – Went to Augusta to see how public opinion is regarding Mr. Noyes’ coming back as Supt. of the M.C.R.R. Saw Mr. Pickard. an old man but well posted on railroad affairs. He thinks Mr. Noyes should not come back in full capacity. but should act under one of the directors. I also found in Lewiston much opposition to Mr. Noyes.”

The early railroads had frequent accidents. One such was recorded by George Flood on August 18, 1864: “Went to Augusta. On my return the train broke through a bridge in Vassalboro and smashed two cars, injuring six persons severely and six others badly. I was not hurt. The bridge was not sound.”

In the fall of 1864 Flood was again buying wood for the railroads: “October 17 – Have been to Skowhegan with my team today, to get wood contracts for the Somerset & Kennebec R.R. Engaged 425 cords. I personally surveyed 5~ cords for John Clark, a dealer who will deliver it on the railroad line next Saturday. October 27 – Went to Watervill~ and turned in my bill for contracting wood.”

George Flood got his first direct railroad job early in 1865. His diary entry for January 6 of that year reads: “Have bargained to go to Augusta and keep time for the Portland and Kennebec R.R. I commence next week at $45 per month.”

“Jan. 9 – Went to Augusta today and commenced to keep time for Mr. Noyes in the iron and wood shop. It will take me about half of the time to do the work. Jan. 23 – Came from Clinton to Augusta on the 10:20 train and had my work all done by noon. Feb. 15 – Found my work at Augusta all done, but everybody very cross and short.”

At once George Flood began to save money. On Feb. 8, 1865 he wrote in the diary: “Received $38.40 for last 20 days’ work. Put enough with it to buy a $50 7 3/10 % bond.” That, we must agree, was a mighty good investment, because it was a Government Civil War bond.

In March George Flood took time off to go to Newport, R.I. to see his friend Boutelle Noyes, who was there on a ship during his attendance at the U.S. Naval Academy. Soon Mr. Noyes was assigning Flood to varied tasks for the railroad: “April 6 – I have been on the railroad with an engine, surveying wood. April 19 No work done in the Augusta shops. Everything closed because of President Lincoln’s funeral. A procession a mile and a half long paraded Augusta streets. Oct. 24 – Came to Augusta and have had a very easy time. I have little to do and all of us in the office are idle much of the time. I do not see the need of so many men here.”

Suddenly George Flood was out of a job: “Nov. 13, 1865 – Came to Augusta and found a letter from Judge Rice saying my services after November would not be wanted. Nov. 23 – Went to Portland to see what I should have to do if I went there to work. Found, if I go there, my work will be to keep account of cars. A month ago Mr. Cushing asked me if I would like a job on the Maine Central to look after lost baggage. That job did not come through, but this one looks more promising.”

In December Flood started work, not for the Maine Central but for the Portland & Kennebec, which had not yet merged with the Maine Central: “Dec. 23 – I start for Boston next week to look up cars. Do not wish to go there, but shall be obliged to. Dec. 27 – In Boston. Went to Eastern R.R. freight depot and started a few of our cars. Dec. 28 – Started a few more cars from B & M depot.”

At the end of the year, on Dec. 31, 1865 George Flood confided to the diary: “I have reason to be thankful. I have a good place to earn my bread and can lay aside a little each month. Peace to my soul.”

Next week we will have some more about the old railroads from George Flood’s diary, but for now we must say goodbye for Old Time’s Sake.

Year: 1963