The Portland daily press., 1878-01-16


removal of large amount of loose rock
impending over the track, and by the
building of new shoulders to the embank-
ments thereon. The rock so taken away
has been used in filling the bottoms of the
open culverts to steady and secure the
high walls of those waterways, as was
contemplated at the time of their construc-
ton. A small freight house has been built
at Fabyan's. There has also been con-
siderable amount of other improvements
The depot building at Cumberland Mills
has been moved to the crossing of the
Portland and Rochester railroad, and is
now used as a common station for both
roads.
The equipment of the road now consists of
g Locomotives, 45 Box cars,
II Passenger cars, % HAY cars,
Smoking cars 20 Platform cars,
Observation cars, 20 Ice cars,
3 Baggage cars, / Crane car,
Number of miles run during the year:
By passenger trains, 1887
By freight trains, $1,000
By construction trains, 1885
Total, 235, 7S5
Number of passengers carried to Nov. 80, S4,93s
Carried to and from other lines, PATIO
Tens OF freight carried to Nov. 3d. S9,073.7
Cdrrleu 10 anu from OtIer IlneSs l6,lIl.U
On the first of August last the Vermont
division of the Portland and Ogdensburg
railroad was completed and opened 70
connection with the Central Vermont at
Swanton. The facilities for the shortest
and most direct rail communication be-
tween Portland and the Lakes, via Ogdens-
burg, were thus established. That the line
was not Immediately opened for through
business was owing to the inability on the
part of the Portland and Ogdensburg COM
pany to arrange satisfactorily as to the
proportion of the through rate to be paid
to the Central Vermont railroad company
for the fifteen miles of its road lying be-
tween Rouse's Point and Swanton, and
which connects the Ogdensburg and Lake
Champlain railroad with the Vermont divi-
sion of the Portland and Ogdensburg rail-
road.
Pending the settlement of this question,
which is now in process of adjustment, an
arrangement has been made between the
Ogdensburg and Lake Champlain, the
Central Vermont, the Boston, Concord and
Montreal railroad companies, and this
company, by which through line from
Ogdensburg to Portland has been estab-
lished, mutually advantageous and salts
factory. AS the arrangements for this line
were not completed till about the close of
lake navigation, it was not expected that
any large amount of freight would come
over it during the present winter. 1t has
not, however, been entirely barren of re-
suits. Some shipments of grain, flour,
and lumber have been made, not only for
Portland, but for other points east; and it
is confidently claimed by those interested
in this line, that large amount of bust
ness will be done over it the next summer.
At the same time that the line was
opened to Swanton, the connection was
made with the Burlington and Lamoille
railroad at Cambridge junction, and trains
were run regularly during the fall months
between Burlington and Portland. induc-
ing considerable interchange of commod-
tiles, and very pleasant acquaintanceship
between the people of the two cities.
On the 18th of last August, this company
was summoned to appear before the SUI
preme Judicial Court to answer to the
trustees under the mortgage of Nov. l,
1870, in bill in equity brought by them
for the purpose of foreclosing the said
mortgage, on account of nonpayment o
the interest due Jan. /, 1877, and also
praying that, in the meantime, a board of
not less than three receivers should be ap-
pointed by the court, to take charge of the
railroad. A hearing was had upon this
petition, but before the public announce
ment of the decision of the court, propo-
sition was made by this company to the
trustees of the mortgage, for enlargement
of the time in which the company might
pay the overdue interest coupons, viz,
those that would become due Jan. l and
July l, 1878.
The proposition which was made, and
finally accepted by the trustees, was that
the proceedings in equity should be dis
continued, and that the trustees, instead
thereof, should commence foreclosure of
the mortgage IN the manner provided by
the Revised Statutes of the State of Maine,
and that the company should provide for
the payment of said interest coupons of
January and July, 1877, and January and
July, 1878, by giving their company notes
for the same, payable in twelve equal semi
annual payments, the first payment to be
due October l, 1877; and that if the COM
pany should punctually pay, as they
should fall due, the .semi-annual payments
on said notes, and pay also the interest
coupons on the bonds falling due after
July l, 1878. to and including the pay
ments of coupons, and of instruments OF
the notes due and payable July l, 1879,
then all proceedings for foreclosure of the
mortgage to be discontinued. Some further
provisions for the mutual protection of the
bondholders and the company and tor the
payment Ofthe expenses incurred, were in
cluded in this arrangement. 1t has appar-
emily proved very satisfactory; all but
about $50, 1000 in interest of the holders Of
| the whole 100000 (the amount of the
mortgage debit having accepted the pro-
position and received their first install.
ment.
The persecution to which this company
has been subjected for the past two years
by suits at law, in the nature of petitions
| for writs of quo ac07TGnto aud Writs of in
| junction, instituted, nominally, in behalf Of
| the people of the State of New Hampshire
| under the name and authority of the at
| torney general of the State, but really
| originating from and controlled by riva
railroad Interests in New Hampshire anG
Vermont, has been, it is hoped and be
lieved, efectually laid at rest by the pas
sage of an act at the last session of tht
Legislature of New Hampshire, by which
it was enacted, "That the Portland an(
Ogdensburg Railroad Company shall have
hold, and enjoy the same rights, powers
and privileges in and to that piece of rail
road built by them from Scott's Mills il
Dalton to the easterly line of the State O
Vermont, as they now enjoy in and to tina
part of their railroad southerly of Fabyan'
in the State of New Hampshire, and sub
ject to the same liabilities"
The tables annexed hereto, prepared b,
the treasurer, show the present financia
condition of the company, together wit
the earnings, operating expenses, an
other details of the business for the pas
year. Tables are also given below, i
which comparison has been made of tn
results of the business for the past fiv
years. The earnings and expenses of tn
months of October and November are il
Guided in the year 1S76-77, for the purpos
of comparison with previous tinancii
years which ended November 80:
Years. Earnings. Expenses. Net Earning
1929 $144,9S2 26 s 95,9O7 % s 1904 IS
| 1884 1l2205 80 1884 80 1861 81
| 10l4-5 226,l5O 20 122, l03 43 104,046 81