The Portland daily press., 1874-09-08

ri section hand cars $50 90
| rail machines ACKNOWLEDGEMENTS. $50 90
Tools. OBSERVATION-DISCLOSURES. 400 90
70 tons old rails. observation-disclosures. $3.50 0C
1000 cedar ties Observation-Disclosures. 900 90
1920 90
400 tons Cumberland coal. :. $4,000 90
1oOO cords wood 5000 0O
$4,000 90
FURNITURE.
Office furniture stationery, safes, tools,
&C., at stations. S3ZU0 W
PORTABLE PROPERTY.
Machine shop, tools and stock. ......$1,6 S7 90
Blacksmith shop tools and stock. ........ 603 90
Wood shop, tools and stock ............. 172 90
Storehouse, stock on hand. .............. 379 90
s3,841 90
Among the special expenditures during the last
two and half years, has been the building Of the pile
bridge ass feet in length connecting the Portland q
Rochester road with the marginal way, and ballast
ing and laying track the entire length Of the mar
into the engine house at Portland land the foundation
of the engine house and machine shop raised two feet
out of the water and repairs done to the building in
all amounting to forty four hundred 4400) dollars
The pile bridge in Portland, 1000 feet long has been
entirely rebuilt with oak piles and pine timber at al
expense of four thousand hundred ,100) dollars.
Sixteen wooden arches have been put into Saco
River bridge and the bridge otherwise strengthened,
at a cost of ten thousand 10000 dollars.
New track timbers have been put the culverts
and cattle guards between Portland and Saco River
and seven miles fence built the division,
nine hundred 5000 tons new rails, and forty-one
thousand al ,000) ties have been put into the
main track, and eight miles new ballast
Over twenty cattle guards and six stone cul7erts
have been put in and rebuilt,
Three and halt miles side track have been built,
turntabe put 10 at Gorham, and a new water tank
and house built in Alfred to replace one burned.
new water station has been made at Lebanon,
water brought one third of mile, and tanks and
building erected for the purpose.
A wood shed 20xl50 feet has been built at Roches-
ter, and signal station built at the same place, at
the crossings of the Boston & Maine and Eastern
railroads. and one-thrd of the cost of this station
| was paid by the P. & K. r. r.
Two locomotives have been quite thoroughly re-
built in our cwn shop, and the wood work of eight
| freight cars entirely replaced with new.
Land for freight purposes has been purchased at
South WATERFORD Station, for which eight hundred
and fifty $50 dollars were paid, and land purchased
at Rochester at cost of three hundred 5000 dollars
| Also gravel pit bought at Gorham, for which
eight hundred $500 dollars were paid.
| Respectfully yours,
w. II. TURNER, Sup't.
| The finances of the company have received
| the attention of the committee so far as to sat
| isfy themselves that the statements made them
| by its efficient and gentlemanly treasurer VIM
( II. Conant ESQ.,, are correct, reaching this con.
clusion after a personal examination of all
books, accounts, and papers in his Office relat
ing to the management Of the road.
The expenditures made by the York Sc Cum.
berand and Portland & Rochester railroad fol
construction and equipment, being receipts
from subscription to capital stock and by sale
! of bonds, is as follows, viz
| Expended by York & Cumberland R. R.
Co., stock and bonds about. .......S SS6, 605 s.
| By Portland 81 Rochester Il. T. Go. stock
| subscribed by Waterboro Alfred, Spring
vale and Rochester. .................. 6o,000 VI
Bonds issued. Observation-Disclosures. 1,500, 900 o.
| Tot nj Of tha K
which is now represented by stock and funded
debt in the Portland & Rochester Railroad
Company, as follows, viz:
| 6,361 and II sG-1O0 shares of stock. par
City of Portland per cent. bonds, list -
Po mGagiss & Rochester per cent 'OOOOV
bonds, LIST mortgage equal lien. $50 COO o.
| Portland & Rochester r. r. per cent.
bonds. 2nd mortgage, exchanged with
City Of Portlan for per cent. bondS... 49, 600 o.
| $2,1361n s.
being about SAL ,000 per mile of track.
| There are four mortgages upon the road. TIT
first was given to the City of Portland, june
| 24th, 1867, to secure the payment OF seven hun
| bred thousand dollars of City of Portland cou
pom bonds, bearing interest at per cent. PEI
annum, having 20 years to rnn-due in 1857
| and contained power OF sale in case OF detaul
| of the payment of either interest or sinking
u.
| pany under restrictions and regulations" pre-
scribed by the Board of Mayor and Aldermen
| which provided that the amount OF bonds to b.
| issued the company for its extension from Sact
| River to Alfred, should be two hundred ant
fifty thousand dollars, but its cost was abou
three hundred and fifty thousand dollars. Th
| Board of Mayor and Aldermen could not deliv
er more than the amount stipulated, hence tn
directors called town meeting and the citi
| zens voted to modify the restrictions" and au
| 1ad tba isSua of bO1dS onvaripU ifs /,
| Alfred. The then legal council for the city de
| cided that an additional mortgage should b.
given for this sum which was made and exc
| cuted on the 29th day OF June, 1863 Thus thu
city holds two mortgages covering an issue 0
only seven hundred thousand dollars of bonds
| On the 1st day of November 1870 the Rail
| road Company executed mortgage to Harri
son j Libby Frederick Fox and John A. Wa
| terman, Trustees, to secure the payment 0
| three hundred and fifty thousand dollars o
coupon bonds, seven per cent interest, hayin!
seventeen years to run-due in 1S87-tbe sam
year as the first mortgage bonds issued b.
the city. This mortgage was on the 18th da,
| Of October, 1870 by a vote of the City Council
| made "co- equal and cO7lcarrenP' with the frs
mortgage held by the city, thus constituting
joint first mortgage amounting to ten hundre'
| and fifty thousand dollars, the bonds being 0
different kinds, and due at different dates.
The last mortgage commonly called SECOND
mortgage, was executed on the Sd day of No
vember 1871. to Harrison j. Libby, Frederlcl
Fox and John A. Waterman, trustees, TO sc
cure the payment of four hundred and fit.
thousand dollars of coupon bonds, interest a
seven per cent. per annum, twenty years, du
1891.
BY 'act of the Legislature and vote of tn
citizens of Portland these bonds were deluere,
to the City of Portland, together with the sam
amount of the capital stock of the railroa'
company, in exchange for four hundred an,
fifty thousand dollars of city of Portland cou
pom, twenty-fiv year bonds, interest at six pc
cent. per annum (due 1866 the payment 0
principal being provided for by sinking fund
The total amount of the foregoing mortgage
is one million five hundred thousand dollars
the city being liable for payment of princpa
and interest of eleven hundred and fifty thou
sand dollars, the balance being held by ind
| viduals.
, The net proceeds received by the c,mran
from the sale of it's bonds have beel as fol
, lows, viz:
l.. Discount and z
| Nal