The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1873-01-22

the Portland and Ogdensburg Railroad was
held at the Office in this city yesterday fore
noon. The following reports were presented:
PRESIDENTS REPORT.
To the Stockholders Of the Portland and Ogdens-
burg Railroad:
Conference.-The past year has been an event
full one in the history of this corporation. AT
the annual meeting held on the 10th day of
January, 1872 your directors felt impelled by
the pressure of the situation to urge upon you
and upon the City of Portland especially, as
the principal stakeholder the necessity of cor
porate assistance in some form-n order to
complete the construction of the road to the
Connecticut river In accordance with this
suggestion it was voted at an adjourned meet
ing held on the 26th of the same month, "That
bill be prepared and presented to the Legsla-
ture authorizing the City of Portland to grant
add to this company. A bill was accordingly
prepared which authorized the City of Portland
to loan its credit to an amount not exceeding
twenty-five hundred thousand dollars to be APP
piled to the construction and equipment of this
railroad: This bill was enacted by the Legisla-
ture and approved February'27, 1872 A very
powerful opposition to the acceptance of this
Act by the inhabitants of the city, was imme-
diately organized. Two objections were urged
with great earnestness. The first-that the
amount named in the bill would not be suffi-
ss n s
involve the credit of the city to SO large an
amount In order to meet the first objection
your Directors solicited proposals from several
experienced and capable contractors and after
various negotiations concluded a contract with
Messrs. Fuller and Harding to build the road
through for the sum of twenty three hundred
thousand dollars, including land damages fenc-
ing, stations and reserving about three thou
sand dollars per mile for equipment. The sec
ond opposition was met by pledge on the part
Of the Directors thrt if twothirds Of the inhabi-
tants voted in favor of the acceptance of the
Act, they would only call on the city for the
sum of thirteen hundred and fifty thousand dol
lars.
The Directors believed that it would be far
more advantageous to the road and equally safe
for the city to make the loan up to its limit of
$1,000, 900, and then to make contract by
which the earth and rock excavations, the ma
sonary and ballasting should be paid for by the
yard, the superstructure to be put on by the
company, rather than to include the whole in
one gross sum. To a belief in the soundness of
which opinion they still adhere to- They how
ever yielded their views to the pressure of pub
lie opinion. And having become satisfied that
no favorable action could be expected on the
part of the city until the cost of construction
should be measured by a contractors estimate
who should also certify his faith by the accept
ance OF part payment in the bonds of the COM
pany, they concluded the contract as before
mentioned, payments to be made one-half in
cash and one-half in the bonds of the company
The question of the acceptance of the Aid Bill
was then submitted to the Inhabitants and at
Un0 SoCOQu TRIAL on UQe JGn Qsly OF July, 1917
more than two-thirds of the votes cast were in
favor of the acceptance of the said Act.
On the 10th of the next month (August) |
work was begun under the contract and has
been steadily prosecuted with constantly in
creasing favor to the present time. For infor-
nation as to the location of the line and the
progress and condition of the work, we would
refer you to the report of the Engineer, which,
as has been the usual custom of this Board is
submitted herewith.
A statement of the business of the road for
the eleven months ending with the Both day of
November last, and also the financial condition
of the corporation will be found in the report of
the Treasurer hereto annexed. The reason for
terminating the financial year on the Both day
Of November, instead of the 31st day of Deem
Der, as has been the custom, was that the time
intervening between that date and the date of |
the annual meeting was too short to examine |
thoroughly and work up the accounts for the |
year.
And herein must be borne in mind that since |
June, 1872, we have been subjected to sharp |
from the Great Falls and Conway |
from Portland to North Conway.
This competition will be of less consequence
as our road is extended up this valley of the
Saco. The increase in the earnings of the road
has been largely from the local freight, an evi-
dence Of the capacity for business development
Of the country through which the road passes.
During the past year several freight buildings
and wood sheds have been erected on the line
anu at IOrGlduu, JUL cACuduSC VI Ishliu
been effected with the Boston & Maine Rail
rord Company new freight depot 26O feet
long, also building to contain the offices of
the superintendent and others, have been erect
ed, which latter building can also be used, if
it should become necessary,as temporary pas
senger depot. The old freight depot was taken
down, as it stood on ground through which the
Boston & Maine Railroad track is. to be laid.
By this change a saving in distance of quar-
ter of a mile in the hauling OF freight to and
from the station is made.
The road bed and track have been maintained
in excellent condition and will compare favor
ably with any in the country.
The rolling stock and equipments of the road
IS of the best quality and in first rate condi-
Iion
The following is copy of the certificate of
the Railroad Commissioners who are required
BY law to examine the road to report upon it's
safety and the condition of its equipment:
STATE OF MAINE.
Railroad Commissioners Certificate.
The Railroad Commissioners have made careful ex.
limitations during the year 1871 of the track bridges
7iaducts, culverts and rolling stock and other eouip,
nent of the Portland and Ogdensburg Railroad and
AVE found the bridges, vaducts, culverts and track
II said railroad In safe condition for the passage of
rains; and the rolling stock and. other equipment of
aid road in good condition.
(Signed)
= -; c S$SS 3s$s, con nsssss
The necessities of the. road will compel a
arge immediate increase in the rolling stock
nd equipment Your directors have contract
d with the Portland Company for two more
locomotives of large size and great power to be