The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-06-04
Reported for the Press.l
Annual Meeting of the Portland, saco q
Portsmouth Railroad Company.

annual Meeting Of the Fora"n", S"e~ -
Portsmouth, Railroad Company.
KITTERY, June 3, 1872.
The animal meeting of the Portland Saco &
Portsmouth Railroad Company was held at
Stockholders Hall, Kittery, this forenoon. A
large number of stockholders were present
President Thornton X Lothrop of Boston, call
ed the meeting at II a. m, and read the call.
The Directors report was then read and was
accepted. 1t shows prosperous state of affairs
and a promising future. The net earnings are
about $165,00O, some $4,000 over last year,
which is about $4,000 over and above the 10
per cent. guaranteed by the Eastern Railroad
who now run the road and assume the net earn,
ings. ..-.-
On motion of w. H. Hackettof Portsmouth,
committee was appointed to receive, sort and
count votes for seven directors. The next bust
ness in order was the consideration of the sec
ond article "to see if the company will accept
the act passed by the last Legislature of the
State of Maine, entitled an act to authorize the
Portland, Saco & Portsmouth Railroad Com
pany to construct railroad from Kittery to
Biddeford''
President Lothrop stated in answer to an in
| quiry that the engineers had made prelimina-
ry survey in April last, and reported that it
would cost about $22, 800 per mile, but the rise
| in iron and other material since then would in
! crease this somewhat. ...-f. t..f
Hon. Charles Levi Woodbury. of Boston, Of
fered the following resolution:
| Voted, That the act authorizing the Portland,
| Saco & Portsmouth Railroad Company to con-
| struct railroad from Kittery to Biddeford be
| accepted and that the matter be referred to the
| Directors with full power to take such action as
| to the construction of this road as they may
| deem proper t... IA t.-e. -....t
Mr.. Woodbury. supported his resolution in
brief speech He did not doubt but what it was
of advantage to this road to obtain this charter
The Boston & Maine are building a competing
| line to Portland. This branch road from Kit
terry to Biddeford will be shorter than the pres
ent line some "a miles. and the difference be
tween it and the Boston & Maine will be still
greater. He was not now prepared to say any
thing as to the building of the road, but the
surveys and estimates could be made, and should
be completed this summer
b. T. Reed, esq.,, of Boston, thought the East
ern road under the circumstances of their con-
tract should be consulted, and that the p. S. &
P. should act with the concurrence of that road.
The resolution was accordingly amended by
adding the words, (which shall not interfere in
jariously with the existing contract with the
Eastern road s
Francis Cogswell, esq.,, of Andover, Mass,
objected to any definite steps being taken as to
building the proposed road, but the surveys
might go on and the estimates be made. The
stockholders should have a chance to act upon
it before a final result is reached h
b. I. Reed, esq.,, had no doubt but that the
object of Mr.. Woodburys motion is to have the
road built if the Directors SO decide. There
can be no doubt but what the stockholders would
endorse their action. The Directors are the
proper parties to decide as to the matter, as
they would have fully investigated the PROPOSE
tion and arrived at all the facts If the East
ern railroad agrees to guarantee 10 per cent
upon the proposed expenditure then that would
seem to be sufficient. .s 'uo
Col. Tappan asked for information. He had
confidence in the Directors, but there were va
nous opinions among the stockholders, and the
fact whether the 10 per cent guarantee covers
the new road is needed to be clearly and posi-
lively understood. H ls f1sf 4
President Lothrop explained that the 10 per
cent guarantee was perpetual and binding.
Major w. HI. Hackett on behalf of the COM
mittee to receive, sort and count votes for Di-
rectors, made the following report:
Whole number 2535; Messrs. Thornton X.
Lothrop, Nathaniel Hooper, Stephen H. Bull
lard and s. I.othrop Thondke of Boston. j.
b. Brown and Charles E. Barrett of Portland,
lchabod Goodwin of Portsmouth, each had 1926
votes and were declared unanimously elected.
The discussion regarding the Kittery and Bid
deford branch was resumed. iotf = tlf
Nathaniel j. Rust, esq.,, of Boston, asked for
more specific information as the action to he
taken was very important l 1n
Mr.. B. Maxwell of Wells, supported the res
olution, and said the object in obtaining the
charter for the Kittery and Biddeford- branch
was to protect the interests of the p s. & P.
road, and it is for their interest to build it, and
the Directors are best able to judge of the re-
quirements in the matter and could act more
promptly if discretionary power be given them
President Lothrop then at length made a
statement of the whole matter The p. S. &
I. road when first laid out was intended to go |
through York, on the Mott plan SO called but
when built was located to the north of tina line
to meet the Boston a. Maine road at South Ber-
WICK as compromise, thus removing COMPETE
ton and advancing the interests of both roads
For years their expectations were realized In |
1871 the Boston & Maine road obtained a char |
ter from the Maine Legislature for their extern |
sion from South Berwick to Portland 1t is |
now under construction and for MANY miles |
runs parallel with the p s. & p road coming |
near every town, centre or settlement The r. |
5. q T. business on the line of those towns will |
be substantially killed. The resons fer return |
to somewhat the original location are obvious,
and the new charter was, therefore, obtained |
last winter. 1t will shorten the present dis
lance "a miles, and opens new line of local |
travel not now reached. 1t will enable us to |
retrieve some of the injury arising from the |
Boston & Maine extension. He believed it was |
for the interest of the stockholders and hoped |
the charter would be accepted and SURVEYS made /
and investigation had as to the advantages of
building or not. The contract with the Eastern
Railroad secures 10 per cent, but it is best that
this road should be made more profitable New
local business will be secured free from compe-
tition as regards the towns through which the
new road will dass. He hoped the stockholders
will cause it to be built
His explanation seemed to be satisfactory to
those desiring information.
The resolution was then unanimously passed
On motion of B. 7. Reed, esq.,, the meeting
adjourned.
AT meeting of the Directors the following
officers were chosen: President, Thornton X.
Lothrop, Boston; Clerk, Charles E. Barrett,
Portland. B.