The Portland daily press., 1862-06-26
and Kennebec Railroad
Annual Meeting.
WATERvILLE. june 25, 1862.

WATERvILLE, June 25, 1862.
To He Editor Of the Portland Daily Press
The annual meeting of the stockholders of
the Androscoggin and Kennebec Railroad was
held here to-day. The special train from Port
land and way stations did not bring as many
stockholders as usual, on account of the rain.
The bondholders were invited to attend this
year with the stockholders, to get fuller ex-
preston on the subject of consolidation.
The President, John Ware, presided. The
reports of the Directors and Treasurer were
accepted
The Chairman appointed Messrs. Nathan
Wyman, VIM. Buxton and Joshua Nye, COM
mittee to receive votes for Board of Direct
ors for the ensuing year, and the committee re-
ported whole number of votes 1909, all of
which were for John Ware, Jediah Morrill,, Ira
Crocker, William Goodenow, Franklin Smith,
Samuel p. Benson and Rufus Horton.
The report of the Directors of this Compa-
ny upon the subject of consolidation with the
Penobscot and Kennebec Corporation, under
act of Legislature of 1856; also the terms of
the consolidation, were read to the stockhold-
ers for their consideration, but no vote could
be taken, and if the two corporations do con-
solidate, special meeting of the stockholders
OF each will have to be called. If the two lines
consolidate, the road will take the name of the
Maine Central Railroad,'-but the sum of
$4,000 must be paid to the city of Bangor be-
fore consolidation can take place, and it is pro-
posed to raise this sum by subscription.
After some consideration and debate upon
the subject of consolidation, it was voted that
81 it is for the interest of the Androscoggin and
and Kennebec Railroad, and the subject be left
with the Directors, with full power to act in
the premises"
1t appears from the report Of the Directors
that this road has sensibly felt the depression
of business for the past year; the gross earn
ings of the line having fallen off during the
past year s64 ,2o314 as compared with the year
previous.
The expenses of operating the line during
the past year have been greatly reduced, being
S124y557.62-a reduction of $29,293.92, COM
pared wite the preceding year.
AHO "te Sau iuGc pSioHSiiiS W tuc tOf IuTdtioil,
are S74,105.51, being decrease from last year
ofS10,0S2.41. The net earnings have fallen far
below the sum necessary to pay the interest on
the indebtedness of the Company.
The floating debt of the Company is $751;
1920, and before the consolidation can take
effect the Directors must pay the city of Ban
gor $4,000, the amount they advanced to pay
interest last April, otherwise the city will take
possession of the road under the first mort
gage, which becomes absolute next November
This will make the floating debt of the Com
pany, to wit: the debt which the Directors
carry along s2O6, ,162-sO. 1t appears from the
Superintendent's Report that the number Of
passengers transported on the line the past
year is equal in all to the transportation of
1921 $40 passengers, one mile, which is a loss
from last year of 27,020. Comparing the
gross earnings of the road this year with those
Of last year, and the loss is rising 20 per cent
1t appears that no passenger on the road has
been injured during the past year and but one
workman.
The line Of the road is in good repair and is
perhaps doing as well rs the average of roads
in New England
1t has received but little from the transpor-
tation of United States Troops, from its situa-
ton.