The Portland daily press., 1875-02-02
Eastern Railroad.
Annual aleeting of the Stockholders.
YARMOUTH.

The annual meeting of the stockholders of
the Eastern Railroad was held in Boston yes
terday
The annual report of the Directors shows
the earnings from passengers during 1874 to be
$1,757, ,348.67; freight, sl,O63, 1918; express,
S65, ,4Ol 04; mails. $43,OS65 5s total S3,059, ,933-
81. The expenses for the same time were:
Fuel, 1871 ,564 30; maintenance os way, $780,
54985: locomotive power, $2S5 1856 80: train
expenses, $402, ,30O.94; station expenses, $780,
57221; general expenses, S91 ,S44, 80; insurance
and taxes, $93, 1872 So. Total 81, ,981 oil. o.
leaving balance of SLOTS, ,992 a. Az
ter deducting interest and losses by fire and
disaster there is left a surplus income of $685.
32771. The gross earnings show an increase
over 1873 of SIG, ,20O.12 and the net earnings
are increased by S4S5.645.59. The operating
expenses have been 64a per cent of the gross
earnings These results are especially gratify-
ing, as business of all kinds during the past
year has been much depressed, and the receipts
of railroads generally throughout the country
have been seriously diminished.
Great efforts have been made during the past
year by the directors and officers to reduce the
expenses of operating the road in all depart
mepts and the results are shown in the in
crease of net earnings over previous years.
This has been done without impairiDg the
safety and efficiency of the road in any respect;
on the contrary, the road bed, track, engines
and cars are in better order than ever before;
1857 tons of new iron rails and "a miles OF
steel rails have been put in the track, and II
miles of rails have been repaired and relaid,
81, ,43l new seepers have been laid, and large
amount of ballast has been used at places
where needed; 1927 lneal feet of bridging have
been built, including new drawbridge over the
Mystic river and new iron bridge COG feet
long over the Saco river at Biddeford to replace
the wooden bridge destroyed by fire. Seven
miles of new side tracks have been added to
those already existing. The extension of the
Conway road to the junction of the Portland
& Ogdensburg railroad has been completed.
The Portsmouth & Dover road was opened for
business Feb 8, 1874.
The outlay for this improvement has been
large, but the advantages of the location are
so great that it will be appreciated by the pat
rons of the road, and add largely to the reye-
nue. in the future The land and wharves at
East Boston, the directors think, will be need
ed for business seeking ocean shipment With
the opening of the Portland & Ogdensburg
railroad line through to Montreal. which will
undoubtedly take place during the present year.
the directors expect to receive from that line,
by way of North Conway, large amounts of
freight which can be better accommodated at
East Boston than at any other point
The contract for division of the business at
comp 2tlQg DOluLS WlLQ tl0 bOSLOu % maiQ6
railroad, which was announced at the last an
nual meeting, was, after some delay, executed
in April and went into effect the first day of
May. 1t has worked satisfactorily to both par
ties, and tended to check the protitless compe-
titiOn which had before existed. The directors
hope that further stipulations may be made
with the Boston & Maine railroad, as to in
clude all business for which the Eastern and
Boston & Maine compete.
The passenger trains have been run with
| aD1 no apnidaptS IN than hau
Cured involving loss of life or limb, during the
year. The other trains have been run with
| success, and with the exception of two aeci-
| dents to freight trains, no disaster has occur
| red.
| The contract between this corportion and the
| Maine Central Railroad Company, presented to
| the stockhold lders at their last annual meeting,
| and ratified by them, having proved unsatisfac-
| tory to that corporation, was annulled in De-
| cember last, and on the first day of January,
| 1875, a new agreement was entered into, abb
| rogatng all previously existing contracts with
| that road. and placing the two corporations, at
| it is believed, in fair business relations with
| each other. under which an amicable and mu-
| tnaly profitable connection is confidently ex-
| pected for the future
| During tine two months a net gain of almost
| S100,000 to the directors has been made in the
| operation of the road over the two correspond
| inglmonths of the previous year, no inconsid-
erable part of which is attributed to the advan-
| tage derived from the new facilities for
| freight; and this gain may serve as an indica-
| ton of the improvement which the directors
| confidently expect in the net results of another
| year and in years to come. considerably
smaller percentage of increase in the net re-
| ceipts for an entire year than is shown for the
1 period above named, would put the road upon
| dividend paying basis.
The President stated, for the Information of
the stockholders. that during the first month of
/ the new fiscal year, commencing Dec. 1st the
| net profit of the road was nearly SAT 900; S37,-
| 600 and some odd dollars more than the cores
ponding month of last year.
The following list of directors were elected:
Samuel Hooper of Boston, Franklin Haven
| of Boston. Benz. E. Bates of Boston, John
| Cummings of Woburn, Henry L. Williams of
/ Salem, Jas. w. johnson of Enfielj, n. II. +,
| Frank Jones of Portsmouth, Sam1 G. Law
| renee of Medford, John Woodbridge of Lynn.
Mr. Thornton K. Lotbrop of the old board !,
| desired to withdraw his name. The name OF
Anson P. Morrill, of the Maine Central' road,
was Voluntarily dropped on account of the
severance of the former contract between the
two roads. The name of b. f. Stevens also
does not appear for reelection. The new names
| to supply their places are those of Messrs.
Bates, Cummings and Lawrence.
The following was adopted. after which the
meering adjourned until o'clock.
Voted, That the amount of coupon notes of
this Co. issued and to be issued, shall not ex-
ceed $12, 500, 600; : ;''and we ask the meeting here
to vote that ''the action of the directors be and
the same is hereby confirmed"