Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-02-24

| from six per cent. gold mortgage bonds, issued
| by the company, which sell in the market al
satisfactory rates and as fast as the money
is required for the prosecution of the
work. 1t Is expected to have this road in
operation in July, when, Of course existing
business communication with the Grand Trunk
will be terminated, and the Maine Central will
have an unbroken line from Bangor and
Skowhegan to Portland, BY either the Central
or Kennebec route. The amount expended
on the extension thus far is S93, 74O 80.
The Directors give the history of their re-
fusal to lease the Belfast & Moosehead Lake
Railroad, according to the contract on ac-
count of alleged defects in construction; but
inform the stockholders that since that time q
temporary arrangement has been made by
which that road has been operated by Its
owners, using for that purpose rolling stock
provided by the Maine Central Company with.
out charges and propositions have been made
for an amicable and permanent arrangement
of the matters between the companies. The
Directors advise that the most liberal terms
be conceded for the operation of the Belfast
road by the Maine Central or as connecting
road, that shall be consistent with the inter-
ests of the company. The early completion
Of the European & North American and Knox
& Lincoln reads the coming season, is looked
forward to in anticipation of large increase
of the business of this corporation. The bus
mess relations with the Grand Trunk are har-
monious, and the early abandonment of the
use of portion of its line will not disturb
them. The differences between the lines
west Of Portland are referred to with regret,
and the hope is expressed that such relations
will be soon established as will permit through
business to flow on unvexed
The Treasurers account shows the sum of
Sl,7l6,6 600 charged to lease of Portland &
kennebec railroad for 999 years, from May
81, 1870, and capital stock has been issued in
payment of the same and placed in capital
stock account. There is yet $l5O,5O Of the
second mortgage Penobscot and Kennebec
bonds outstanding, which will be paid on
presentation. The 81 900, 900 loan bonds, A.
X and the first mortgage Bangor city bonds
are cash bonds. These, with $l63, 300 out
standing of the $500, 900 loan bonds coming
due during the next four months are exchange
able for Maine Central rs. The earnings of
the road for the past year, after deducting the
rent Of the Dexter and Newport road, were
$572, 039.22, an increase of over $4,000 over
the previous year, and expenses, S4l4 1862 A.
making the net earnings $l57, s69.78 with
5000, 477.19 cash in the treasury. The nom
funded debt of the company is l49,31S92,
with assets amounting to S413,896.99.
The Superintendent report shows that
trains have been run for all purposes the past
year 220,5 72 miles, without any accident of
serious nature, and without injury to any per-
son. The partial removal of embarrassments
at Portland has had the effect of increasing
the amount of freight offering. Consider
able expense has been incurred in reducing
the gauge of the road and narrowing up To-
cemotives and cars. The rolling stock has
been increased by the addition of three new
locomotives, a new passenger, one mail and
baggage, and several freight cars. Nearly
1900 tons of new and re-rolled iron has been
laid, $4,000 new sleepers put down, new
bridges built at Belgrade and Etna, new
woodsheds erected at Waterville and Etna,
and the passenger house and water station at
Greene rebuilt.
At the meeting it was voted that the Board
of Directors consist of eleven members; one
of these the city of Bangor appoints; and the
following gentlemen were chosen by ballot
Richard d. Rice, Amos d. Lockwood, John
B. Brown, Abner Coburn, Reuben B. Dunn,
George NJ. Patten, George L. Ward, Darius
Alden, Arson p. Morrill, and Horatio n jose
The number of shares represented in the
ballot was 99lS. No action was taken on the
proposition for change of name. Suisse
quently the Board Of Directors held meet
ing and reelected Hon. r. ID. Rice, Presi-
dent and Hon. j. II. Drummond, Clerk.