The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-01-16
Portland Railroad Company.

The annual meeting of the Portland Railroad
Company was held Monday afternoon at the
Reception Room in City Hall. There was
very good representation of stockholders pres
ent. Charles B. Merrill, the President, occu-
pied the chair and Charles Holden was Secre-
tary. The report of the several officers of the
Corporation were read.
The report of the President, Charles b. Mer-
rill, ESQ.,. states that there were received from
passenger fares in 1871, viz:
No. Passengers. Amount Fares Far =.
Portland. ..,....... .602 1874 S3l ,290T
Deering ........ .229605 4,67272
s31 $3.50 s46,OOs2l
Comparing this exhibit with those of 1868,
($45.0 11), 1869 ($44, 64s.1S) and 1870, ($46,-
834O5),
We find that during the four years there was
no material change in the passenger traffic, any
variation being accounted for by gatherings
the Fairs and public displays in the city
vicinity. 1t is therefore with no little satsfac-
ton that the Directors are enabled to announce
that under these circumstances we have earned
and voted dividend to the stockholders of four
per cent. on the capitol stock. In 1868 the Com
pany had in service 90 horses; while the past
year we have had most of the time bnt y. The
difference in the expense of operating the road
and not an increase in the business has given
the stockholders the dividend which we have
declared. For this practical result we are pri-
marily indebted to our Superintendent. The
President asks attention to the suggestions and
recommendations of the Superintendent upon
matters regarded by him as of vital Importance;
one of which is the removal of the Spring street
carhouse and stable, which at present stands
upon bog land, with defective drainage, and
very unhealthy for the stock, and nothing but
unremitting care theepast year has preserved
the horses from ax~epidemic. The President
thinks the increase of the value of the proper
ty would pas| Tor the extra expense of moving.
During the past year the Directors have receiv-
ed from individuals and corporations, PROPOSE
tions for the extension of the lines; among 9TH
ers to the Maine Central Depot, the proposed
Union Depot and to Bradley's corner; but the
Directors have not felt warranted in indulgng
in any experiments requiring large outlay and
expense, without positive guarantees or proba-
bilities that the investment would be renumera-
tive. An estimate of the cost of an extension
from Middle street via Cross, Fore, Maple and
Commercial streets to the Maine Central Depot
shows probable outlay of $4,000; besides an
addition of eight horses and four men. To
extend from the western termination on Con-
gress street to Bradley's Corner, would require
about $4,000; and from Green street via Port
land street, 11,000. The Company has al
ready expended $780, 900 in the construction of
the railway and the purchase of equipment and
real estate 1t has paid since its organization
about one per cent per annum upon its capital
stock, the market vaine being about so per cent
While the Directors are not in condition to in
cur any unnecessary liabilities, vet they believe
the stockholders will second any action by the
Directors looking to improvement or extent of
the lines without imparing the present resour
ceS
Charles Holden, Esq, presented the
TREAsURER's REPORT.