The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-10-06
Annual Meeting of the stock holders of
the Portland and Rochester Railroad
fOmDQuy.

Annual Meeting Of the Stockholders of
Company.
The annual meeting Of this Corporation was
held according to previous notice at the Depot
of the Company yesterday forenoon at 10
o'clock. The following reports were read:
10 TIE Stockholders Of the Portland and Roch
ester Railroad Company:
The directors in submitting their annual re- |
port OF the operation OF your road, during the
past year, are gratiied to note the continued |
increase OF its business, with considerable |
reduction in the running expenses; whiie the |
prospects for future business are most encour-
aging. And although the cash balance IN Inc |
hands of the Treasurer is not large, the road |
has been improved in condition and value, and
the floating liabilities OF the company nearly
extinguished Notwithstanding the prevail
ing drought which has materially lessened
our lumber freights and other business con-
nected Herewith, the increase in our gross re-
ceipts mas been more than 10 per cent. over the
preceding year; showing an increase in gross
receipts since 1858 of more than $50 per cent.
Although the road had been greatly improv.
ca unoer the direction of the former energetic
resident and Superintendent, Hon. N. L.
woodbury., it was still very much out of re-
pair, ana has during the year now closing re-
quired considerable outlay to put it in condi-
ton tor transactipg business with safety and
dispatch, as will tie seen by referring to the
Reports of the Treasurer and Superintendent,
nesty directed.
The road is now 10 good condition for bust
| ness, and will require only the small addltions
| to its equipment recommended by the super
| intendent, and the ordinary repairs, until its
| completion to Rochester, when such arrange
ments will probably be made with other roads
as will necesstate larger OUTLAWS for rolling
| stock and improvements, and at the same time
provide the means for obtaining them. The
trains during the year have been run with
great regularity and no accidents have &C.
Cured.
In carrying out the instructions voted at
your annual meeting in 1868, to extend the
road from Alfred to Rochester at the earliest
| day practicable, your directors entered into
contract with Messrs. Hitchings, Wood & Co.,
on the 9Th day of October, 1869, fbeing the
earliest daytat which the means for prosecu-
ting the work could be obtained) to grade the
whole line between those two points, dis
| lance of twenty miles, aud to have that por-
ton between Alfred and Springvale ready fer
the supeIstructure by the LIST day of June,
| and to Rochester by the LIST day of Sept, the
| present year. The contractors have failed to
complete the work within the time specified,
as they allege, on account of its being mole
difficult than was anticipated by them; and
the time for completing the sections between
Alfred and Springvae has been extended to
the 1st Of November; while all the sections
| between Springvale and Rochester will prob
ably not be finished until the early Spring.
| The road between Springvale and East Roch.
ester, (three miles from ROchester)i is nearly
graded, and will probably be finished this fall
1t is expected that the road will be opened
to Springvale for b usiness by the middle of
November, and that the public spirited citizens
of that thriving village, who have shown their
faith in the success OF the enterprise by sub
| scribing literally for its stock, at par, will
| then be brought into direct communication
| with our city, to the mutual advantage of all
| concerned.
Work on the sections between Springvale
and Rochester is in such forward condition
that the whole road-bed will probably be ready
for the superstructure by the the LIST of May;
and we see no reason why the road may not
be opened for business to Rochester, by the
LIST of June next
| The failure of the contractors to complete
the work between Alfred and Springvale,
within the time specified in the contract has
resulted in the loss of seasons business be-
able loss. We take pleasure, however, in say
ing that the contractors while complaining oil
the unexpected obstacles encountered, and the
unproftableness of the contract, have shown
no disposition to slight the work; but on the
contrary have executed it under the direction
of the Engineer, in the most faithful and sub
stantial manner.
And, if upon the completion Of the contrrct
1T shall be found that they have lost money in
its execution, the character of their work will
furnish strong argument in favor of an al
lowance to them, by the corporation, of some.
thing IN excess of the contract price.
l 1uo WOrh las Uceu unOcr the QlreCLO0 Oh
G. o. Davis, Esq, Civil Engineer, and while
everything has been done in the most thorough
and substantial manner, the cost as estimate
by him before the contract was made, will not
from present appearances be exceeded per
cent.
The whole number of shares ssuedq07N; To
which must be added 100 shares, to be deliver
ed to the town of Alfred; 400 to Rochester; and
100 to subscribers at Springvale, making a to-
tai of 1924 shares.
According to the estimates of your engineer
an additional amount of two hund red and fifty
thousand dollars will be required to complete
the road to Rochester, and your Directors after
mature deliberation, have concluded to rec.
ommend that this amount be raised by issuing
bonds secured by mortgage on the road, on
such time and at such rate of interest as may
t be found expedient and desirable
| They would recommend that authority be
given to issue three hundred and fifty thous
and dollars of said bonds, and to negotiate SC
aauy aefc ~ uisF t-sTeaaieef7 "a 7r-~ -,lnt4
Z aid eatip 1he Road.
Aodf roaG wHen tins semnietsl viii b. 8:
tHfes 8ani 81 RITES 9f .4sss,a -fs} Ia ne u snd
strfgtfr rst class Nf ie risf, ssg1afs a4~.st ~ y