The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1876-03-22

R0AD-IMPROVEMENTS - FINANCIAL C0NDI-
TON, ETC, ETC, ETC.
The fifth annual report of the Directors,
Treasurer and other officers of the Maine Gen.
trail Railroad Company to their stockholders,
contains the usual matters of interest to our
readers, whose business interests are all more
or less affected by the prosperity and efficiency
of line of railway which is justly named the
Maine Central.
DIRECTORS REPORT.
The Directors report is brief bus ness-like
document and is signed by the President of the
Board, ex-Gov. Coburn. He begins by remark
ing that the year has been enc of great depres-
sion in railroad as in other business, but under
the circumstances the exhibit is reasonably sat-
isfactory.
The President gives the following statement
of the business Of the road for 1876: Total
earnings 1,7S6,076.47; operating expenses
ST., 147, 066.S2; net earnings $3.50 0O9.65, which
is sufficient to pay all of the current expenses,
interest, coupons, rents, etc., and leave bal
ance of $24, 365 81. The year previous the total
receipts were $1,000, OSO.55, operating expenses
81, 2S1, 25, net earnings $S12 1899. 5O.-which
shows that there has been a falling off the
present year compared with 1874 of $308, 00408
in gross receipts SIP 589 65 in net receipts aid
S1346l4.43 in operating expenses. Of this re
duction of gross receipts, the President says
that ST., 1922. Sc resulted through the modifca-
ton of former contracts with the connecting
Boston roads. The balanee-$23O, 6S1. 62-is at
tributed to business depression and the ''reduc
ton of tariff by special rates.
The following is the article of the modified
contract between the Eastern and Boston &
Maine Railroads respectively:
"ARTIcLE 8. Each party hereto upon its respect
i've road and upon any it may control and operate,
over which any of the connecting business referred to
in this contract is transported shall furnish suitable
depot accommodations for said business shall furnish
and sell all tickets and check all baggage for passen
gers going from any point on the road OF party to
any point on the road of the other party, and all
such tickets furnished and sold by the party of the
first part shall be good either the Boston s.
Maine Railroad, or over the Eastern Railroad, to all
points reached ty both said Boston & Maine and
Eastern Railroads, and no other than tickets thus
marked and designated shall be sold by the party of
the first part MAINE Central Railroad Col to any
Maine and Eastern Railroads; shall receive, load
and way-bill all goods and merchandise offered for
transportation and collect all charges thereon, and
90 all things necessary at their respective depots
that may be required for the proper transaction of
sdlu DuslHtSS, duu uTSU party snail allow the
business in both passengers and freight coming from
the road OF the first party to pass either Of the
roads leading from Portland to Boston. or other
points OF competition common to said last named
roads, and all such business of both passengers and
freight shall be left free to take either line west of
Portland without influence from the first party
herein named.''
The President makes the following remarks
respecting the results of the above contract:
Though these modified contracts have result
ed in the rnduntinn of oipfc 10
considerable amount, it is hoped tha by pro-
ducing harmonious actions between CORPORA
tons having large interests dependent upon
each other, and by united effort the now de-
pressed business of our people will be rapidly
restored, and the dormant resources of our
state developed to such an extent that our
company, as well as the corporations with
which we have contracted, will in the end gain
rather than lose thereby. 1t was in this spirit,
and with this hope, that these important con-
cessions have been concurred in by this Com
pany.
Mr.. r. Stuart Chase, an experienced and
skilful accountant, has carefully examined the
books of the Treasurer the past year, in addi-
ton to the usual examination of the auditor
He finds that Mr. Cushing has been most
faithful official and highly commends him.
During the present year $3.50, 900 of the Som.
erset & Kennebec DO. DIS fall due The bonds
of the Maine Central have been issued to take
care of them. The Directors also recommend
that the floating debt of the company be liqu-
dated by bonds
The policy of continuing the Pullman train
at the present hours is discussed at length. 1t
was first put on when the night train from
Bangor to st. John was taken off, That action
so manned the line that it cannot be run by the
Maine Central at the present hours wit hout
positive loss. The Directors say that they can
not consent to run the train through Maine
longer in the night were it not for the fact that
the E. & N. A. Railway Co. give assurances
that the night train on that road will be restor-
ed under circumstances which promise an in
creased business.
After pondering over the following para
graph, we conclude that it refers to the pur.
chase of Maine Central stock by the now ex-
piring Eastern Railroad Company
We have noticed that in the recent discus
sions that have grown out of the peculiar con-
dition OF the railroads leading eastward from
Boston, statements have been made in relation
to transactions, had with this Company as
matters of history which we deem erroneous
still not deeming this suitable time to 90 iuto
discussions of their merits, we only desire to
express our dissent lest by silence we be sup
Vice President Woodbridge and Mr. George
L. Ward could make the meeting at Augusta
today very interesting by telling what they real
~ knew about the matter.
The Directors find a narrow silver edge about
the sombre cloud of 1875, as will be seen by the
following:
In conclusion, we have to suggest that al
though the past year has been one of depression
and hardship, it has not been wholly without
redeemipg characteristics. That while the fall
ing off 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 or no de.
crease from corresponding months of the pre-.
ceding year, and that this improved condition
of things continues to the present time, giving
us reason to hope that the dawn of better
day is uron u.s. The necessities of the times
have so impressed the lessons of economy, that
even should there be for the present year no
substantial increase OF our business, the demi-
mutton of our expenses will produce marked
increase in the net earnings of the road
TREASURES REPORT