The Portland daily press., 1873-09-02

Pubic buildings. .......... 300 81 1878 70
Streets. .''.........''' 1924 t So Ss dag o a
FOOT ..... .'............ Z,a.f 10 800. 20
Water and hydrants. 12l9 GO 364l 20
The following is report of the special COM
mittee on the Portland & Ogdensburg railroad:
The special committee to whom was referred
the papers relating to the delivery of $4,000
of City of Portland bonds to the Portland q Og-
densbnrg Railroad Company, asked for by them
Report that their first meeting was held at
the Compauy's Office on Middle street; all the
officers of the company were present; also Mr..
Harding, of the firm of Fuller & Harding, con-
tractors for the extension of the road, west from
No. Conway. The officers of the company offer
ed the committee every facility for full exam
ination of the affairs of the road, presenting
books, papers, profiles and contracts for exami-
nation; and we give you herein such informa-
ton as we deem to be OF interest to you, and as
may enable you to understand the present con-
dtion of the contracts entered into both as to
progress made and contemplated by contractors.
Also to account to you so far as posi- BILE Tor the
expenditures made by the directors of the pro-
ceeds of the bonds received from the city up to
the present time. The amount of bonds deliv-
cred to date is $3.50, 900; the amount of work
done and material delivered 1892, 27S 92; the
amount of city loan granted this company is
81, $50, 600 of City of Portland per cent. bonds
at par; of the proceeds of this amount there is
to be paid to the contractors lin cash), 81, $50,
900; thus leaving surplus to the credit of the
directors of the company for contingencies, and
SUSTAINING bn6 credit OF Tile company, Wulle U16
road is under construction.
On the second day of May, 1872, Messrs.
Fuller & Harding of New York, entered into a
contract to build and equip the P. Il o. r. r.,
as per term of contract, from North Conway to
the Connecticut River, for the sum of twenty
three hundred thousand dollars t$2, 300000)
one-half to be paid in cash and one-half in
bonds of the Railroad Company of issue of
Nov. 1871. OF this total amount there is to be
invested in rolling stock, stations, &c. the
Il Ia -t..~, ,1,4n
the contract that the directors may, if they
elect, reserve from cash payments under the
contract this sum to be expended by
them in the manner contemplated-whichh has
been reserved-and by this arrangement and
some other stipulation and agreement, all items
of rolling stock stations. hight of way &c., are
purchased and paid for by the directors, thus
largely increasing the cash payments in the
early stages of the work. The terms of pay
ment under the contract are as follows: The
cash and thirty per cent in railroad bods For all
work done and materials delivered until the
amount reaches the sum of S120, 000-ther alter
payments to be made one-half cash and one
half railroad bonds, retaining from cash pay
ments such per cent. as will equalize first
payments There is reserved from all estimates
given the contractors ten Q0) per cent, which
will continue until the amount reserved shall
reach the sum OF S100000-wheu the estimates
are to be paid in full-this amount to be retain
ed as guarantee fund for the faithful compile
ton of the work.
The committee questioned the contractors as
to the progress OF the work, stating that there
had been Seemi ngly much unnecessary delay III
commencing work in the Notch part of the
route. The contractor says that work should
not commence until all surveys are completed
and the final and continuous line of location
determined, which has recently been COM
pleted.
The engineer says that they have had and
now have as large a force of engineers as can
work on the line; that every effort has been
made to complete the surveys at the earliest
possible moment; that the character of the
work in the Notch part of the route was such
that it required great amount of time and
labor to complete it. Mr.. Harding, in reply to
question from the committee, says now that
the road is located. they shall put men on rock
work in the Notch at once; that sub>contrac-
| tors are now looking the work over, and at an
| early day he expects to largely increase his
working force; and he has no reason to doubt
their ability to complete the contract within the
time specified: fe in august, 1S74-being two
years from the time of commencement. The
cost of the eleven miles of completed road to
Upper Bartlett is about $4,000 per mile paid
for in cash and railroad bonds; the amount of
work done beyond Upper Bartlett is about
$47 ,000-Seven miles of road.
We make the following calculations from the
estimates made by the Chief Engineer for work
done and materials delivered, viz
Amount of work done and material deliv-
cred by Messrs. Fuller q Harding, Au-
gust 1st .S313, 4s1 GO
| Amount rolling stock right of way, sta
lions, etc., bought by Directors orig-
M lily Included in contract with f. q III. 1880 90
| Amount of preliminary expense, surveys,
ETC. .........,................. 1857 90
1892 27s 80
| Amount of estimate to contractors as
above ACKNOWLEDGEMENTS. S3t3, 1852 40
10 per cent reservation. ............. 31,3f6 16
1882 ,l15 Al
The division of this amount under the con-
| tract, without going into an exact calculation
| to recover the over percentage OF cash to bonds
| in first payments is about as follows, viz:
Cash payments. 70
Bond payments. llO45i "a
S2s2,1l6 u
Total cash payments made, paid contract
Paid for rolling stock, ETC., above..,. 1857 20
$3.50, AIS OF
The balance of proceeds of bonds delivered
the Company over and above this amount has
been used in protecting the credit of the Com
| pany and payment of the discount on bonds
! sold
| Your committee are of the opinion that the
work will be pushed to completion as fast as
possible. They would therefore recommend
the issue of the bonds asked for
GEORGE P. WEsCoTT,
MICAH SAMPSON,
EDWIN CLEMENT