The Portland daily press., 1872-11-26
Boston and Maine Railroad.
ANNUAL REPORT OF THE DIRECTORS.

sAS
the Boston and Maine Railroad Corporation for
the year ending Sept. 80, 1872, it appears that
the earnings of the road for that term amounted
to $2,046, 142, and that the expenses for the
same time were 81 ,542, OPS. This shows. an in
crease over the receipts of tho previous year of
S51, 452, while the expenses were larger by
$121 ,453. The net income for the last year was
1904, JIG, against 1914 146 the year before which
shows decrease of $4,000. This result, says
the report, is accounted for by the very large
advance in the price of everything that enters
into the proper and successful management
of first-class road, the large amount of work
and heavy outlay for renewals of both iron and
ties, the substitution to a considerable extent of
steel for iron rails, and other necessary and
heavy expenditures which may not have been as
equally distributed over the past as they should
have been. ~
In regard to the extension of the road to
Portland, the directors say that the severe win
ter of last year, together with the excessive
heat and unusual rainfall of the past summer,
greatly impeded operations, but notwithstand-
ing the road has been nearly completed to the
temporary depot at the Walker House in Port
land. The balance of the work, extending from
the Walker House to Maple Street, being very
heavy earth and rock cutting, will require some
months more to complete The work on the
WuOlt lluc ilttS DCcu uTStu lOTWdTu WlC0 all DOS
sible energy. 1t is believed to be of the most
substantial character. In making this extern
sion eighteen iron bridges of the most improved
pattern have been erected over rivers and high
ways, which have added largely to the cost of
the enterprise but are believed to be the most
economical in the long run. The whole road
bed has been laid with the best iron rail that
could be obtained, and most thoroughly bal
lasted. ~
The directors remark: SIT is confidently be-
tI,otx rla oII
road is fully comp eted, you will have piece
of road as good in every particular as any other
of equal length in New England. The ex-
pense of the road will exceed the estimates
originally made. 1t is believed, however, that
S3000000 will cover all expenses, So, 000, 600 of
which amount will be charged to capital stock
and the balance will be debt on your road
Our land damages, when the people on the
line of The route, at the time of making our
preliminary survey, would have us believe were
Of no consequence, have proved in many cases
excessive The entrance into the city of Port
land has been very expensive, and necessarily
so from the natural formation of the city it.
self. The western approach is blockaded by an
rock: to penetrate through such barrier has
required much time and expense. By the laws
of the State of Maine we are required to pur-
chase every dwelling house before a road can
be located through it. This compelled you to
purchase much larger amount of real estate
not only in the city of Portland but also in the
cities Of Saco and Biddeford, than we should
have felt the necessity of doing, had we posses
sed the same right in the State of Maine to
condemn real estate for railroad uses, that we
have under the laws of Massachusetts. This
extra real estate is not all loss, as the location
of your road has already enhanced the value
thereof. We can, it is believed, dispose of so
much as we did not want for railroad purposes,
at good advance on the prices paid.
Of the 10000 additional shares of stock au-
thorized by the stockholders in December 1871,
there are still 290 shares not subscribed for, and
remaining at the disposal of the directors. Up
to the LIST day of October, there had been ex-
pended on account of the extension in Maine,
the sum of So, 140,029. The Directors believe
that this extension was not only wise. but nee
essnry for the preservation Of the property of
the stockholders. The business of the road
east of South Berwick Junction has fallen off
but little from the previous year, notwthstand-
ing the efforts of the rival line to divert it.
For the business done over the Portland,
Saco and Portsmouth railroad, and coming on
to your road," say the directors, eve paid the
Portland, Saco and Portsmouth railroad, for
the months of June and July last, more than
twenty-five thousand dollars per month; or at
the rate of three hundred thousand dollars per
annum-equal to a dividend of ten per cent. on
an expenditure of three millions of dollars
Your Directors confdentially believe that this
amount of business will not be diminished
when your road is completed and running, but
that it must be considerably increased"
Inc business on the main line or tile road
the past year, it is believed, has been done to
the satisfaction of its patrons. By the intro
duction of Improvements and reduction of
season tickets within twelve miles of Boston,
ranging from 20 to % per cent less than here
tofore, the source of income, it is believed, has
been considerably increased. The passenger
and freight of last year as compared with that
of the year previous stands as follows:
Passengers carried, 3,S73,5S7
one mile, 1856, 1887
Tons of freight carried, 4s6, IA
one mile, 1850, $40
Passengers carried, 4,135, 469
&C one mile, 57247, 475
Tons of freight carried, 52O,722
one mile, 20,769, 207
Showing gain of 261, 1882 passengers, and
for one mile, ,591 ,4SS, and in freight gain of
34,27o tons, and for one mile of 2,206, 1897 tons.
The business of your road for several years
past has been mainly local business, and has
increased far beyond all expectation. The
whole business of the road for the year 1862
was 1882, AT 81; and for the year 1872 $2O48,-
1928, an increase of nearly two hundred per
cent. With such an increase in the past, and
the prospect of the future SO good, we can but
congratulate you upon the future value of your
investments.