The Portland daily press., 1875-03-24
The Maine Central Railroad.
nuRECTORs, ANNUAL REPORT.
A Coed Sh0wing.-Net Earnings $751;
500. 3O.-Improvemenfs.- Arrangements
with the Boston Roads-The Tax
Treasurer's Report etc.

The report of Hon. A. P. Morrill, President
of the board of directors of the Maine Central
Railroad which will be presented to-day at the
stockholders meeting at Waterville, gives
very encouraging view of the prospects OF the
railway which has become, and must continue
to be the leading road in the state. The fol-
lowing is the result of the operations OF the
wear ending Dec 81, 1874, partially compared
with the same for 1878:
The total earnings for 1878 were So, 06S. Otis;
operating eX penseS, 81, $3.50 sol. Al; net earnings,
S737 1878 The total earnings for 1874 We're
ST. 094 $50. So; operating expenses l,zol ooj.
net earnings, 1912, $685. 80; showing an increase
of net earnings for 1874 OF 1914, 822.96 Our re-
ceipts from passengers were 500 ,3olo9; from
freight, 81, OPS, 965.41; from all other sources,
1854 583 %. The number of passengers trans
ported has been 752, 724, an increase OF 3z,9o4
over the year 1873 Average distance Travelled
by each passenger, SO 7-10 miles; average price
per mile for passengers, 3 $40 cents. The num-
Der of tons of freight carried has been 22,40O;
in crease over 1873, 20, 496 tons; average miles
per ton of freight SO 93-100; average price per
ton per mile, 7-100 cents The number OF
miles run by engines connected with passenger
trains has been 504, PIG; with freight trains,
ASS, 632; for wood, construction and mlsceilane-
Gus work, 2S7, 178 miles.
A general stagnation of business throughout
the country has materially affected the bust
ness of our road, so that its gross receipts have
only been increased over those of 1873, some
S26, 600; but the practice of rigid economy in
every department in working the road, has CIV.
en- an increase of net earnings over last year or
S7482296 AS evidence that no saving has
been attempted by neglect of the proper outlay
on our tracks, bridges, stations and r0lling
stock. we quote from the report OF the railroad
Commissioners of the state, for 1874, as folloWs:
Persons who have had occasion to travel over this
FDr 4bo1o two
notice the vastly improved condition OF the track
and road-bed the many new and permanent bridges
both iron and wood, the neat and commod1ous sta
ton buildings many of them entirely new, and tho
others repaired and remodeled. In making these re-
newals and repairs, the company are manilestlng
good Judgment and setting example OF true econ
omy worthy of imitation by other companies Wher-
ever old, unsafe temporary bridges or buildings
have been removed, permanent and substantially
hui,t structures have been substituted and effort
bility.
During the year we have completed the iron
bridge over the Kennebec river between Wa
teryiile and Fairfield, and replaced the old
wooden bridge over Tconic Falls with first
class iron bridge, which was opened Tor use
last summer. We have now four first class
iron bridges on the line from Portland to Ban
gor, via. Augusta; three over tne "A Mennepec
and one over the Androscoggn at Iopsham
These bridges have cost large sum OF money,
but economy demanded the outlay, that a line
SO i'm portal ut should not be liable TO interrupt
tions by fire, to which wooden bridges are SO
exposed, and from which our company mas Gu
sountered heavy losses.
Our trains have been run during the year
with regularity and safety. There have been
four accidents at highway crossings, resulting
fatally IN three instances. In neither case was
any blame chargeable to the employees q tae
road, The Snperlntendents in immediate
charge of the road, have labored jealousy to
produce good results, and have been aided in
faithful manner, generally, by the rnen urder
their.care The Engineer and Mechanical de-
nartments, whose expenditures must always be
large, Willingly adopted measures OF strlctest
economy in view of a hard business season
which was evidently to be encountered, and
their reports show gratifying results.
AS will be seen by the Treasurer's statement
of liabilities durugsthe past year, the Bonded
Debt OF the Company has been reduced by the
payment of the
Penobscot q Kennel &c, do; .;.:....;... aOO 90
Portland & Kennebec Funded Int, DO: 1,3oO w
Somerset Kennebec list Mort. in part. 247 1000 90
Total ACKNOWLEDGEMENTS. .$722, 400 90
szrhese liabilities have been met by the sale of
consolidated bonds, and by notes payable, in
craasino our liabilities only $14, 1872. Since the
daIe Of the Treasurers report, $4O,7OO Of the
Somerset & Kennebec bonds have been paid,
which leaves but about $4,000 of these bonds
outstanding.
Byleference to the Treasurers report, con.
statement VIII NC lOuLu vi Uuc IcCOlpto dpu
expenditures, liabilities and assets of the Com
pany. 49,.
contaminated q contract with the Boston &
Maine r. r. for doing a joint business on
terms which we trust may be mutually advan-
taoeous tothe corporations interested, and the
public generally. By this contract the Boston
& Maine r. r. open that line to us for through
business on nearly the same terms granted us
| by the Eastern r. r. Co. by contract of 1871,
| and receive from US the same privileges and
| services which the Eastern were entitled to
under that contract In effecting this arrange
ment with the Boston & Maine. it became nee
| essary to modify and change somewhat the
| contract of 1872, which we had with the East
ern Road. To do this required the consent OF
that corporation. After mature elaboration
and full canvass of the important PROPOSE
ton, the Directors of the Eastern and the
Maine Central agreed to cancel all existing
! contracts, and substitute therefor new con-
| tract embracing essentially the same provisions
and terms contained in the contract between
the Maine Central and Boston & Maine.
| These contracts are for the term of five years,
J time sufficiently long to test their equitable