The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1872-01-17
Portland & Ogdensburg Railroad Com
pany-Annual Meeting.

pany-Annual Meeting.
The annual meeting of the Portland q Og-
densburg Railroad Company was held yester-
day forenoon at the company's office in this
city. The call, which was read by the Presi-
dent, contains the following articles:
1. If they will accept the act of the Legisla-
ture of New Hampshire entitled can act to
grant right of way through this State to the
Portland & Ogdensburg Railroad Corporation
and act additional thereto approved July IA,
1871" p
2, If they will accept the act of the Legisla-
ture of Maine entitled can act additional to
and amendatory of an act entitled an act to in
corporate the Portland & Ogdensburg Railroad
Company" approved February 10, 1911.
3. If they will amend their charter as deSlg-
mated in Section 2 of the last mentioned act.
On motion of T. C. Hersey, Sam'l j. Ander-
son was chosen chairman; and at once proceed
ed to read the reports of the Directors, Treas
urer. Engineer and Superintendent. We ap-
pend the material part of the Directors report
Since the last yearly meeting the road has
been finished bridges built, and superstructure
laid from its then terminus, at West Baldwin,
to Fryeburg; and entirely graded, finished and
opened from there to North Conway, to which
point we have been running about six months.
The road bed, superstructures and bridges are
all first-class, the two most considerable of the
latter being of iron, of the best approved con-
struction.
The stations and other buildings thus far
erected, have been built at the lowest contract
price, except when done by the day, under the
received high concentrations from the public
for their convenience and good taste. The
| equipment of the road is good in quality and
sufficient for its present needs
The receipts for the year have fully equaled
| the anticipations, showing large proportional
| increase over the four months preceding the
last yearly meeting; taking also into considera-
! ton the difference in the average distance OF
| transportation.
The whole amount charged to construction OF
the sixty miles of road built and running, in
Guiding preliminary expenses and expenses Of
organization, salaries and incidentals, as well
before as after the opening of the road, land
damages, land in Portland, machine shops and
| machinery Improvements at Lake Sebago
equipment, discount ON bonds and interest &C.
count, as well as road-bed, track and othel
apurtenances, amounts to $1,000, 067. a. being
an average of $50, 401 II per mile. The nex1
twelve miles need not cost over $50, 900 per mile
which being relieved of all preliminary expen
ses and cost of further equipment, will reduce
the average cost of the whole road at poin,
seventy-two miles from Portland, with its
equipment, &C., to 49,, 900 per mile. The aver
age cost of railroads in Maine is $4,000 pei
mile.
Foreign capital has, within the last few
months, secured Little Falls, one of the bes
powers upon the Presumpscot, at present en-
tirely unoccupied, and one-half Of Mallso1
Falls, two miles above where the road crosses
the river. Upon the fnr,nAr substantial ssor,
daIll, Win requisite canals and gates, is in pro
cess of construction and by another season ;
mill for the manufacture of paper will be cree
ted, of larger capacity, as is reported, than tn,
Cumberland Mills. And, at Madison Falls
| pulp paper mill is soon to be put in operation
The objection heretofore urged by capitalists t,
the consideration of the superior advantages O
that river for manufacturing purposes, ant
which has prevented a proper examination O
the same, has been removed by the action O
this road in affording means of transportation
to and from the water front of Portland AND
but few years will probably elapse before tn,
business on its entire length from Cumberland
Mills up, will be limited only by its capacit,
for production. At Sebago Lake. another poin
that would not have been touched by the othe
location, where large extent of country ii
brought within the influence of the road,
business activity has been manifested, accord
ing to the returns of our own freight books, af
| fording the best evidence of the capacity fo
the development of the territory here brough
into contact with the road, and the impetus
given to its business by the construction an(
consequent facilities for transport afforded
thereby. i IN
The following returns are for freight to ant
from the Lake station for the last four months
1 of each year: