The Portland daily press., 1873-07-11

railroads to induce consolidation and of $685.
900 of interest-bearing scrip giUe1a to the stock
holders of the M. G. and of the Androscoggin
railroads to induce them to consolidate, and
$3.50, 1888 to the last named company for the same
purpose. In addition to these sums which rep
resent nothing in the way of neao road or equip
nsent, the capital of the Belfast road $500, 900
and the cost of the extension line $685., 900, and
of the land and connection with the p s. 81 P,
railroad in Portland about $4,000 have been
added. After deducting these sums from the
increased capital there is still left 81 2O6 $50 to
be accounted for, and of this sum not far from
$500, 900 were expended in changing the gauge
of track and rolling stock of the Maine Cen
trail Company, in building a mile of track in
Westbrook and half mile in Waterville. and
in eleven new engines and additional rolling
stock for the consolidated roads, when each in
the year previous to consolidation protested to
have enough for the wants of its business
The remaining 100000 are charged in various
capital amounts but really un every principle
of constructing the accounts practiced by the
Maine Central Company prior to consolidation,
this sum should have been charged to income
and included among the expenses of operating
and maintaining the roads during the wears
1870, 1871 and 1872.
Without stopping to consider further how
this increased capital is distributed hasten to
examine the report of the directors for the past
year ending Dec. 31st, 1872 Three hundred
during that year-ffty two miles more than
in 1868. The earnings 81 1928 1907 80 or at the
rate of S5418 per mile of road and at The rate of
about 10 per cent on the whole capital. But to
exhibit these earnings fairly in comparison
with the earnings of the several roads for the
year previous to consolidation S152, 976 should
be deducted from the amount of earnings above
stated received from the through Boston
business by reason of the different and moro
favorable contract for the division of receipts
from the through business. That would make
the earnings stand for 1872, $1,775, 49,, 52 from
1856 miles of road as against 81, 435, 1876 in tho
year previous to consolidation from 304 miles Of
road. While the number of passengers carred
last year Counting all excursionists) were 672.-
2l5 as against 5S7, 1928 and 359, 2S6 tons of goods
against 317 ,801 tons in the year previous to con.
solidation-or an average of 1883 passengers for
every mile of roads last year against 1899 for
every mile of road previous to Consolidation
and 1909 tons for every mile of road last year as
agar against n1 1o45 tons per mile in the
order fairly to exhibit the expenses
operating and keeping up the road
for 1872 in comparison with those of the wear
previous to consolidation it is necessary to take
from the equipment!and improvement accounts
of last year 1928 400. 33 and add it to the ax'
penses as found in the Directors renort az j.
should have been in order fairly to show the
results of the year. So that instead of S.. 32S
982.48 for operating expenses it should be ST.
552, 472 81 or 80 per cent # the reported earn
lngs, leaving net $376 ,334.7l or about DER
cent on the capital and not enough to nav in
terest and rents by some 100000. The three
roads were operated prior to consolidation bv
men so organized that the monthly payroll did
not exceed $4,000 while last year the month";
roll exceeded on the average 100000. SucI
are the results of consolidation SO far as the
railroads are concerned and show how far from
being attained are the expectations of better
and more economical organization from singIa
management,as it has done in all other cases
of consolidation; So far as the patrons of the
road and the public were interested i'm heinz
well served one only need travel alone any nari
of the road to ascertain that things were far
from being improved by consolidation and that
the management has been very unsatisfactory
to the public. The transfer therefore of tbye
management of these road will be received
with much satisfaction by t. people of the
State even though by it they are likely to be
shut out from one of the best avenues between
Portland and Boston and one that on the
the people of the State, D.
July, 1873.