The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1877-01-17
Annual Meeting of the Portland Il Og-
SuiI 60


found necessary to take the earnings of the
road and to increase its Indebtedness, in order
to perfect the construction. The last report of
the Railroad Commissioners of Massachusetts,
shows that the average cost of the railroads in
that state, exclusive of equipment, has been
Sol, 1907, 64 mile. The cost of the Ogdens-
burg road hitherto, including discounts, inter-
est, and all miscellaneous items, has been $44-
1856 per mile.
A large portion of the money expended in
building the last section, connecting the Port
land division with the Vermont division, was
raised by pledging the earnings OF the busi-
ness to come over that section of the road.
The construction of this link was necessary to
secure the benefit of the road already built,
but the business for Boston and other points
West, was not secured so early as was antici-
pated, no use being made of the Conway con-
nectlon with the Eastern railroad until the 18th
of October, 1876. Up to that time the gross
earnings of the company from new traffic
through that connection amounted to no
more than $40 per month; af ter that they in
creased to nearly, or quite, $500 per month.
1t happened also that the numbering opera
tons upon the vast timber track between the
Saco and Pemigewasset village were postponed
on account, probably, of the depression in that
branch of business. But the railroad up Saw
yers river, connecting that tract of timber land
with this road, has now been Duilt and new
locomotive, especially adapted for the work,
placed upon It, mills have been erected, work
commenced, and very considerable addition
to the business of the road may be reasonably
expected from this source.
The manufacturing establishment of South
WIndhaW, occupying that fue water over of
the Presumpscot, was expected to com mence
business early in the season, bat was delayed
until near the close of the financial year.
The road in Vermont has been operated to
the town of Johnson, 40 miles short of its con-
templated terminus at Swanton. This portion
of the road is now in process of construction
under contract limiting the time of compile
ton to the first of February ensuing. The Sc
verify of the winter will cause some delay, but
as the grading is now mostly done and IA miles
of iron already laid, there would seem to be no
good reason to doubt an early completion of the
whole line in Vermont.
The new line projected by the citizens of
Burlington and other towns on that route be-
tween Lake Champlain aud Camb ridge, has
been graded, and would have been opened ere
this, had the road of the Portland s, Ogdens-
burg from johnson to Cambridge been con-
structed. The distance between these two
points is miles. The iron is now laid over
miles of this section and the grading will be
finished on the remaining portion ready for the
iron in a few weeks.
Upon the completion of these two roads, a
large amount of local business will be devel-
oped, portion of which must come upon this
road. while by connection with other roads al
ready in operation, direct rail communication
will be opened with the water borne traffic of
Lake Champlain at Burlington, and of Lake
Ontario at Odgensburg, and through the Rome
and WATERFOWL road from Potsdam junction
by an independent line of roads now looki ng
for a new eastern outlet with the th rough bus
mess of the West.
While it is source of regret to the directors
that the confident expectations of much larger
receipts, as expressed in their last report, have
not been realized, this is not necessarily reas.
on for encouragement as to the future pros
poets of the road. The sources from which
that business was to come have not failed, but
delays that it was not in the power of the COM
pany to control, prevented it from receiving
any substantial benefits therefrom during the
past year.
The Treasurer's report contains the follow
ing statement of the gross earnings of the road
for the last two years:
Receipts.
1875. 1876.
Freight traffic. 1O6,9s7 II 129,763 81
Mails, express, telegraph, o, ,oo ~ ,o,,o
etc. .........'........ Z4,foZ 10 I3,II9 lb
Total. ............. .S226, $50 rs $234,979 II
1t was mentioned in the report last year that
portion of the miscellaneous receipts belong
ed to the earnings of former years. That
amount was $10,230.36. The earnings from
this source then are substantially unchanged.
There has been an increase of about $22, 726 20
in the gross freight earnings that there has been
loss of 1882. So in passenger earnings, in
stead of an increase corresponding to that Of
the freight traffic, is due very largely to the
universal business depression that has serious
ly affected the increase of every road in the
country which is at all dependent upon the
summer pleasure travel, except such as form
through lines over which passed the traffic to
and from the great exposition at Philadelphia.
A revival in the general business interests of
the country, or even slight advance in the
demand for the one great product of the coun
try through which thisJ road passes lumber,
would add very largely to its receipts. The
number of miles run during the year has
been 226, 769, at an average cost of 6Sa cents
per mile.
On the LIST of May last reduction of 10 per
cent was made on the salaries and pay of all
the officers and employees of the company.
The report closes with an eloquent tribute of
respect to the memory of the late Andrew
Spring, who was member of the board.
TREAsURER's REPORT.
The Treasurer submitted the following ac-
counts, with the remark that two or three un-
settled accounts, if adjusted, would somewhat
increase the operating expenses:
Operating account for gear ending November 30,
1876.
Expenses. Receipts.
Track. $39,637 81 Freight. $129,763 81