The Portland daily press., 1871-10-05

'peulng SoO,O6S IA. The gross receipts OF
your road for the corresponding months,
Judging from the month just closed, will ex-
coed $4,000. The monthly gross earnings
Of the Worcester & Nashua road the third
year after its completion did not average
larger than the monthly gross earnings OF
your road at the present time.
The last annual report of the Directors OF
the Worcester & Nashua Company shows the
gross earnings of their road for ten months
to be $452, $40 SO, or about $550,000 90 per
annum, and dividends of ten per cent. per
annum.
In view of this experience of a road in
many of its conditions similar to your own,
and of the large and steady increase of bust
ness upon all well located lines, and with the
certainty of connecting in the immediate ft-
ture with the great lines running to the
Sou tn and West we feel that the success of
our enterprise is fully assured and that div-
dends will be paid upon the stock at no very
distant day.
But to accomplish this result we must not
only avail ourselves of the business within |
our reach, but must develope and attract new
business to our liue, which can only be done
by putting the road in the highest state of |
efficiency.
To extend our road to the front side of the |
city and provide such depot accommodations |
as will beneeded provide the necessary rolling |
stock, and construct branches and side tracks, |
Will require an outlay of from two to three |
hundred thousand dollars; and we know of
no other way of obtaining this amount except
by loan to be paid from future earnings,
which will be largely increased by the i'm
provements suggested. We therefore recon-
mend that authority be given the directors to
issue not exceeding four hundred and fifty
thousand dollars in bonds to be secured by
second mortgage on the road, its branches
and equipments.
The first mortgage bonds were mostly dis
posed of at a small discount from their par
value before the road was completed, and
when its success was an experiment.
With the road completed, and in successful
operation, its earnings from local business
large, and increasing, and the almost certain
| ty of its soon being made the most important
link in trunk line between New York and
Halifax, we have no doubt the small amount
| OF bonds represe ntlng the new loan, will be
| considered as good as were the first bonds
when issued; particularly as the proceeds of
them will be Immediately applied to increase
the value and the earnings of the road.
The financial condition Of the road is such
that there will be no necessity for pressing
the bonds upon the MARKET as means for
making the most needed Improvements can
probably be obtained upon loan secured by
the bonds as collateral; and it may be found
necessary to sell but small part of the
amount authorized.
For the Directors,
JOHN LYNCH, President.
The report of the Treasurer shows the total
receipts of the road to have been $3.50 80,
against 81, 426.1S for the preceding year; net
earnings $30,617.44; an increase of 81, 143 72,
derived mainly from the opening of the road
| to Rochester, N. H., on the 31st of August,
| 1871. A comparison of the receipts of the
road for the months of August and Septem-
Der, 1870, as compared with the corresponding
months of 1871, after the opening of the road
| to Rochester, will show an increase of So
| 19499.
1870. 1871.
August. .."....... $7226 ~ $10,970 70
september. $500 81 2,140 70
$12,sI6 40 $2s111 4s
The Sinking Fund, according to tn re-
| port of the Commissioners, is S25 900: to
which add interest, S2421 4S; making to-
tai OF S27, 421 As, which is n ainly invested in
city of Portland bonds of railroal loan.
The report of the Superintendent shows
the addition to the rolling stock for the year
L
10 box cars, 20 platform cars, two passenger
cars and baggage and mail car, so that the
rolling stock now consists of five locomotives,
eleven passenger cars Including one mail and
smoking carr three baggage cars, fifty-two
fat cars, twenty-seven b x cars and two snow
plows. The rolling stock is in good condition
and improvements are constantly being made
upon it. There has been laid 2S45 II cwt
new iron and 0,4S5 new ties on the old por-
| ton OF the road, and 2 $40 miles of
| old rails hvae been cut, repaired and
re-laid. Of side track 3937 feet has been
put all the bridges repaired and strengthen
ed, 1922 feet of new fence put up and two new
| culverts rebuilt. Over 273 tons of old rail has
been sent to the Rolling Mills, aid there is
new on hand over 1874 tons of new rail. The
number of miles run by passenger trains is 81
1893: all other trains, 53,S22: told 1O6,615
Number of passengers carried, los, 1922: tons OIL
freight 81, POO: value of material on hand,
$11, 172.A. No serious accidents or loss has
happened to person or property during the
| year. The track at this time is in better con.
dition for winter than at any time before
since the present Superintendent connection
with the road.
| The meeting then proceeded to the choice
of nine directors for the ensuing yeer. There
| was 1850 shares represented, and the follow
ing board was unanimously chosen John
Lynch, Fred'k Robe, A. K. Shurtleff, Henry
P. Deane, 81. j. Libby, Rufus E. Wood, OF
Portland, j. S. Kicker of Deering, John
| McDuffie of Rochester, and Winthrop G. Ray
| of New York.
| The Directors were authorized to issue
bonds not to exceed $45O,OOO liz amount, Sc.
cued by second mortgage of the road, the
proceeds to be devoted to laying the track
along the Marginal Way, the increase of de-
pot accommodations, the purchase of addi-
tional rolling stock, and to render such aid to
the construction of branches as may be
| deemed expedient.
| The company referred the question of grant
| ing aid to branch road from the town of
| Hollis or Buxton to Bonny Eagle, to the Di-
rectors, with power to render such encourage
ment as the condition of the company will
warrant. And further instructed the Direc-
| tors to appoint a committee to solicit subscrp-
tions on the stock bonds of the COMPANY. in
| aid of the above branch.
Mr.. Whitehouse, of Rochester. one of the
Directors of the Nashua & Rochester rail-
road, made some interesting statements in re-
gard to the progress of that road. Three
routes from Rochester had been surveyed. and
the Directors of the Worcester & Nasbna
road were to start to-day Thursday and view
the different lines and decide upon the route
He had no doubt that the line would be ont
under contract the present season or early in
the spring.
Mr.. McDuffie of Rochester, one of the Di-
rectors of the Concord and Rochester road,
stated that the Concord railroad company had
offered to lease the line from Rochester to
Concord to Rochester for thirty years, on the
following terms: for five years at per cent.
and for the remaining twenty-five years at 6
per cent, making an average investment of
IL per cent. The Concord and Rochester
people had as yet made no counter PROPOSE
ton. The estimated cost of construction by
the engineers was 100000. Able contractors
had offered to construct the road for $3.50 900.
The city of Concord has already raised $3Ss.-
600 OF the required amount, and it was he
lieVed that this sum could be increased to
100000. 1t was also believed that the North.
ern Railroad, which would be greatly benoft