Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-02-14
lucaI anD State Neus.
Portland d kennebee Raiir0ad-Aunual Meeting.

The annual meeting Of the stockholders of
the Portland & Kennebec Railroad Company
was holden at Portland yesterday. The re-
ports of the Directors and Treasurer show
that the business of the road is reasonably sat
isfactory. Notwithstanding fire and food, the
earnings of the road show an increase over
preceding years. The contract price for the
magnificent iron bridge at Augusta was $50
1890; and the expense of repairing walls,
piers, abutments, and engineering, S38, 903. 43.
making total Of sll9,GS543. The expense
of transporting freight and passengers across
the river while the new bridge was building,
was Sl6,0l0,29. In this is not reckoned the
Incidental loss by diminution of business, &c.
The sum of S4,092.92 has been retained in
the treasury from the amount to be paid to
the contractors for the bridge, by reason of
their failure to comply with their contract as
10 the time in which the bridge should have
been completed. This, however, is a matter
ior equitable consideration and adjustment
The losses by fire during the year have been
fully covered by insurance. Extensive and
thorough repairs have been made upon the
line by applying large quantities of gravel,
iron and cross ties, and reconstructing with
stone many culverts, erecting new feRes, &C.
TO the rolling stock the Company have added
two new engines, one new passenger car, one
baggage and thirty freight cars, in a,,di-
ton to the ordinary repairs required to keep
the stock in good serviceable condition.
The interruption by the loss of the Augusta
bridge has occasioned much inconvenience in
the operation of the trains, compelling the
Company to maintain two separate equipments
during the interruption, at an increased ex-
pense, and has also rendered it difficult and
expensive to keep that portion OF the rolling
stock located above Augusta in the same good
state of repair as below, owing to the fact that
the repair shops are all located on this side of
the river. This, however, has been made
right since the bridge has been rebuilt.
The trains have been run during the year
4l6,955 miles, divided as follows: Passenger
trains, 1sO,99G; Freight, POI $50; Gravel and
wood, 34,S19; at cost of SIZE per mile,
being an increase of g. 1919 miles run over
last year, and at cost of two cents more per
mile than last year. There have been trans
ported 362,270 passengers which Is equal to
s,o33, S44 for one mile each, and at an aver
age of l.2 cents per mile for each passenger.
The average distance travelled per passenger
has been % clio miles, The earnings from
passengers per mile run has been Sl.5J.
There have been carried III ,6l8 10 100 tons
OF freight, equal to 1924, 847 tons for one
mile, at an average of A IA cents per ton per
mile. The total earnings of the road are S645-
o64,05, and the total running expenses, Si79,-
5tl.92. The city and town loan issued twen-
" years ago in aid OF the kannebec & Port
land Railroad Company, to the amount of
$500 900, matured on the first day of Noyem-
Der last. Six hundred and fifteen thousand
seven hundred dollars of this loan has already
been paid and cancelled by this Company,
and the funds have been provided to pay the
balance on presentation.
The road was leased TO the Maine Central
Company on the 10Th of May last, and since
that time has been operated on account of that
Company, though for convenience, the old
organization and a separate system of ac-
counts have been maintained to the end of
the year. Since the first day of January,
1871, the two companies have been operated
practically as one, this organization being
maintained only for the purpose of preserving
its corporate existence.
The report Of the Treasurer, John S. Cush-
ing, Esq, exhibits the financial condition of
the Company, and a detail of the receipts and
expenditures for the past year. We notice
has a.
SEES for the year, the following aggregates are
given Fuel consumed, ST. 1854 90; main
tenance of way, S155,97l so; locomotive
power, repairs of engines, cars, labor and
materials, &C., $50, 022 .93; station expenses,
$50, 209. 40; stationery, printing and adyer-
Using, 81 ,5l5.66; salaries, taxes and insuran-
ces, transporting mails to and from stations,
postage and revenue stamps, general expen-
SEES and sundries, $40, 54l.92 OF the city
and town loans, the following amounts re-
main outstanding Brunswick, S5S, 800;
Bath, $4,000; Topsham, s26,20O Bow
doinham and Richmond, s34 900; Gardiner,
$llS,5o0; Hallowell, S94, 700; Augusta,
sl53,5o0. Total. SGl5,7OO
The amount Of the sinking fund in cash and
investments, at par, is S4l9, 0O3.79, and the
commissioners on the subject report that all
arrears due to the sinking fund have been
fully paid. Taking into account the interest
which will accrue on present investments, the
sinking fund Nov. /, 1870, will reach the sum
of $3.50, 900 90; and that amount will not suffer
diminution by reason of the tax assessed in
the year 1868, for the Supreme Court has de-
cided that it cannot be legally enforced.
The Bath Times of Saturday, says: Zone
of the contractors on the Knox & Lincoln
finds himself unable to meet his pecuniary