Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-03-22
THE MAINE CENTRAL. =
Report of the Directors and other Officers
Condition of the Road and Standing
of the Company.

From the annual report of the board OF Direct
ors, made by the President Hon. Abner Coburn,
we learn that the roal has shared in the general
depression of business though most satisfactory
| showing is made Of its affairs.
| The total earnings for the year 1870 have been
| 1876 07647. Operating expenses, 81 ,ll7 ,066o2
Net earnings, $3.50 ,009.65, sufficient to pay all
operating expenses interest, coupons, and rents
and leave small balance In 1874 the total re-
ceipts were 1904 ,0s0.jj and operating expenses
81 PSI GSl25 Net, SSl2,399.30. Showing a
dminution this year, as compared with last, in
gross receipts S30S .00i.0S; in operating expenses
of Sl3i G443 and in net receipts of Sl13, 3S9 90.
OF this reduction in the gross rece pts the past
year 81 ,322 Sc was occasioued by the modifica
ton of former contracts for the purpose of pro-
ducing uniform and harmonious action between
| the Eastern and Boston & Maine Roads, which
will result, undoubtedly, to the benefit and in the
| general convenience OF the patrons who have &C.
casion to do business the railroads west Of
Portland. The balance of the diminution in the
gross receipts, $3.50 GSl 60, must be attributed to
| the general depression of the business Of the
country, and production of tariff by SPECIAL
rates"
| above, is found in the third article of Separate
Contracts made between the company and the
Eastern and Boston & Maine Roads respectively,
in regard to transporting freight and passengers
to all points on the roads mentioned etc. 1mpor-
tant concessions have been made by the company
in the interest of the growing prosperity of the
State, and with view to its further development
in all its resources.
During the present year the second mortgage
bonds of the Somerset u kennebec Railroad Co.,
amounting to S160, 900 will mature. Bonds of the
| Company have been provided and appropriated for
| their redemption. 1t Is also deemed advisable to
use the bonds provided for that purpose to liquid
ate portion or all the floating debt Of the Com
pany at early day.
The night passenger train, however convenient
and desirable, cannot be as mater of mere
| charity display Its original design was to es-
tablish continuous line from Boston TO St. John,
| and the train for that purpose for some
| time. But the hopeful prospect was materially
| clouded by the withdrawal Of the night train be-
| tween Bangor and St. John, thus compelling all
business leaving the latter city in the afternoon
for the West, to resort to transportation by water.
the Directors have the strongest assurances from
| the managers of the European & n. A Railway,
that the night train between st. John and Bangor
will not only be restored early the present season.
| but under circumstances which will give it bust
| ness largely increased from any hitherto done by
it. The Directors report closes as follows
| We have noticed that in the recent discussions
that have grown out Of the peculiar condition of
1 dc ISntr aafu ard stat
msats have been made in relation to transactions,
had with this Company as matters of history which
| we deem erroneous still not deeming this suit
able time to 90 into discussions of the merits, we
only desire to express dissent, lest by silence
we be supposed TO assent to their correctness.
In conclusion we have to suggest that although
the past year has been of depression and hard
| ship, it has not been wholly without redeemlpg
characteristics. That while the falling oil OF our
general business has been large, the heaviest part
of that decrease was in the middle and earlier
part of the year; that in the later months there
has been little no decrease from corresponding
| months of the preceding year. and that this i'm
proved condition of things continues to the pres
ent time, giving reason to hope that the dawn
of better day is upon rs. The necessities OF the
times have so impressed the lessons of economy,
that should there be for the present year no
| substantial increase of our business, the deminu-
ton Of our expenses will produce marked IN
crease in the net earnings of the road.
This further re Election may be INDUCED that
such is the favorable location of our road and its
branches, as exhibited on the accompanying map,
bt ing as it is an important link in the great con-
meeting line between the Provinces east, and the
States west of u.s. and literally filing the valley
between the ocean and the mountain, that when
the business of the country shall revive, revive
it must at no distant day, we shall be the reclp-
tents of full share of that restored prosperity
1t cannot be lost or taken from US unless by our
| own apathy or neglect
The financial condition of the company is pre-
sented by the experienced and faithful Treasurer
John S. Cushing, Esq. Elaborate tables are
given of the indebtedness, the earnings of the
| road, and all the expenditures. The receipts and
| expenditures in the aggregate we have given in
the Directors Report. The accounts were ex-
| amined by A. I. Thompson, Esq. and found to
be accurate, there being on the llth of March a
balance of cash in the treasury amounting to
| 500, 2lSSl.
The report of the Superintendent, Mr.. Payson
Tucker, presents in detail the practical operations
Of the road:
The number of miles run during the
year by Passenger Trains, was, 2,226
The number of miles run during the
year by Freight Trains, was, 404,5i5
The number of miles run during the
Switching, 3o3 2O9
Total, l,2399SO
| Increase of Passenger Train mileage
over last wear, 2s.0lO m.
last year. 55.Os7 "
| Increase of Wood, Construction and
Switching Train mileage over last
year, l6,o3l
Number of Passengers transported has
been 612,3l2
Number of Tons of light transported, 31i lO4
There haye been numerous repairs and improve
ments made in track laid, ETC.; 1876 tons of re-
rolled iron rails used in 1874 have been paid out
| of the earnings of 1915. amounting to $6,2S9.2S.
| Five hundred and forty five feet of new bridges
| have been built, and several bridges filled with
solid embankment. Several new engine and
! freight houses have been erected and new cars
built. All the rolling stock is in good condition