The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-06-03
Portland sncO and Portsmouth, Railroad
Company.

saw sIah"
Company.
The annual meeting of the stockholders of
this corporation was held on Monday at Kit
terry. Only about 2200 shares were represent
ed.
The report of the directors submitted to the
meeting shows the earnings for the year past,
May estimated,) $685. against $529655 the
previous year; expenditures and renewal fund !,
S32S, 525 against 1927 1872 for the year 1867
Add to this the cost of new rolling stock, re-
pairs of hridGes, taxes and dividonds s15e 1G9,
and there remains $31 1856, which is carried to
the surplus fund, now, $33O,155. The number
of passengers carried for the year was 81 ,682
against 1854 PA IL the previous year.
During the past year about 400 tons of re
rolled iron have been laid down and $4,000
sleepers put into the track, the motive power
increased by the addition of two new engines,
and nine freight and express cars added to the
rolling stock.
New and suitable passenger and freight
houses have been built at Oak Hill and the
depot buildings at West Scarboro have been
repaired. The buildings and other improve
ments near the westerly end of the Portland
bridge will, it is believed, be completed the
PlcScHO vi iIle general OF
the road the directors say:
We believe that the general condition of the
road, the track, bridges and rolling stock, will
compare favorably with any other in New
England. Its constantly increasing business,
particularly in the freight department, de-
mands a corresponding outlay. These de-
mands have been promptly met and supplied
10 the past, as they doubtless will continue to
be in the future, until this line of road is ad-
yanced to the highest business capacity OF
which it is capable, and which its advantage
GUS location and important connection, in
sures at no distant day.
The suit between this Company and the
Boston & Maine r. r. Co., to recover $31 500
with interest, is still undecided. In regard to
the claim of this corporation upon the lessees
for the payment of the rent sin gold or silver
coin of the currency of the United States"
according to the stpulations of the lease, the
directors submit the opinion of Messrs. b. r.
Curtis and w. III. Y. Hackett, to the effect
that the United States government by the pas
sage OF the legal tender act making a paper
dollar equivalent to gold dollar in the pay
ment of debt, court of equity is as clearly
bound to consider the paper dollar of the Unit
ed States as a court of law is and they cannot
advise the corporation to stand upon the liter
al terms of the lease in this particular. A
motion was made TO submit the question to ar
bitration, but it was voted down.
The corporation aeceRted, by stock vote of
1895 to 407, the act of the Legislature author
izing 100000 increase Of the capital stock of
the company making total of $1,000, 900; and
it was decided to apply the same to perma-
nent additions and improvements on the road ;
| the stock TO be issued as fast as the work re-
| quIres it.
The following gentlemen were unanimously
chosen directors of the road
Ichabod Goodwin, Portsmouth,; George M.
Browne, Boston; Francis Cogsweil, Amdover
Charles E. Barrett, Portland; George w. Bur-
leigh, Great Falls Stephen I'll. Bulard, Bos.
ton; john b. Brown Portland.