The Portland daily press., 1871-02-23
Maine Central R.;,ro,a

The annual meeting OF the stockholders of |
he Maine Central Railroad was held at Wa
erville yesterday, at which the reports of the
'everal official departments were presented. |
The report of the Directors relates the history |
Of the consolidation of this and the Portland |
and Kennebec Railroad companies, which re- |
suits in slargely increased business facilities |
to our people" Heretofore it has required |
four days TO transport freight from Bangor to
Boston; now it is accomplished without tran
in less than twenty-four hours, and
at reduced expense to the shipper. morn
ing and evening train between Augusta and
Bangor has peen put in operation, to the great
benefit of the business men of Bangor and the
convenience of the people. Among the other
improvements being pressed forward is night
train between Bangor and Boston. This will
he accomplished early in the coming spring
provided the railroads west of Portland can SO
far harmonize their interests as to act in con-
currerce. The extension OF the line from Dan
vile Junction to Portland was put under con-
tract last fall, and the work is now well ad-
vanced. The length is Is "a miles, and the
route adopted is favorable both in grades and
curves. The land damages have all been adj
iusted and paid, the iron and eleepers have
been purchased and the fencing principally
provided for. The funds for the construction
of the line have been raised from per cent
gold mortgage bonds. issued by the company,
which sell in the market at 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
courpe 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 Ivy
either the Central or Kennebec route. The
amount expended on the extension thus far is
sos 74O. 90. sl.s ss. ~ ~ = De.
The Directors give the history Of their refu-
sal to lease the Belfast and Moosehead Lake
Railroad, according 10 the contract on account
of its vital defects in construction, but inform
the stockholders that since that time tempo
rary arrangement has been made by which
that road has been operated by its owners, us
ing for that purpose rolling stock provided by
the Maine Central Company without charge
and propositions have been made for an AMIGA
bic 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 interests of the company y.
The early completion of the European & North
American and Knox & Lincoln roads the COM
ing season is looked forward to in anticipa-
ton of a large increase of the business of this
corporation. The business relations with the
Grand Trunk are harmonious, and the early
| abandonment of the use of a portion of its line
will not disturb them. The differences be.
tween 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 bushes to flow on unvexed
| The Treasurer's account shows the sum o.
| ST. ZIG, 600 charged to lease of Portland & Ken.
| nebec railroad for 999 years, from May 81, 1870
| and capital stock has been issued in payment
Of the same and placed in capital stock ac
count. There is yet $159. 800 of the second
| mortgage Penobscot and Kennebec bonds out
standing, but will be paid on presentation
The 81, 100000 loan bonds, A. & K and thu
6rst mortgage Bangor city bonds are casf
bonds. These, with $163 900 outstanding o
the $500 900 loan bonds coming due during the
next tour months are exchangeabe for Maine
Central Is. The earnings of the road for tb'
past year, after deducting the rent of the Dex
| ter and Newport road, were $572 ,039 %. an in
crease of over 81 600 over the previous year
and expenses $4l4. 1859 A, making the net earn
ings $157 1863 70; with 1902. ATT 10 cash in th,
treasury. The pon-funded debt of the compa
| ny is $149, 80, with assets amounting t.
$41s. S9699
| The SUPPLEMENTARY report shows tina
trains have been run for all purposes the pas
| year 229. 572 m lies, without any accident of ;
| serious nature, and Without injury to any per
son. The partial removal of embarrassment
| at Portland has had the effect of increasing tn,
amount of freight offering. Considerable ex
| pense has been incurred in reducing the guag,
| of the road and narrowing up locomotives ahl
| cars The rolling stock has been increased BY
! the addition of TIRES new locomotives, a ne
passenger, one mail and baggage, and severa
freight cars. Nearly 1900 tons of new and re
rolled iron has been laid, ,AS,O00 new seeper'
| put down, new bridges built at Belgrade ant
and Etna. and the passenger house and waite
| station at Greene rebuilt. .A+E "
by Telegraph
Especial Dispatch by Western Union Line
| 1t was voted that the Board of Directors con
sist of eleven members; one of these the cit.
of Bangor appoints; and the following gentle
men were chosen by bsllot: Richard D. Rice
| Amos D. Lockwood, John B. Brown, Abne
Coburn, Reuben B. Dunn, George NJ. Patten
| George L. Ward, Darius Alden, Anson P. Nor
rill and Horatio N. Jose. The number of share
represented in the ballot was 9918. No actor
was taken on the proposition for change o
name. Subsequently the Board of Directors
held meeting and reelected Hoo. r. d. Rice
| President and Hon. J. H. Drummond Clerk,
FUNERAL OF WALTER HAToH-The funeral