The Portland daily press., 1878-03-28
BY TELEGRAPH.
MAINE CENTRAL RAILROAD.
Annual Meeting of the Stock
holders.
Reports Of the Directors, Treas
urer and superintendent.

zIref and Supeflmten0eMs
AUGUSTA, March 26-The annual meeting
of the stockholders of the Maine Central rail.
road was held here today. President Coburn,
in behalf of the directors, presented his annual
report, as follows; .- -...... .-.-
Directors Report. e-v
To the Stockholders Of the Maine Central
Railroad Company:
Conference.-The respectfully submit our
report of the operations Of your road for
the year terminating December 81, 1877,
accompanied by the reports of your Treas
urer and Superintendent.
From the report of your Treasurer, it
appears that there have been received from
gross earnings of your road during the
year. 81, 1854, 237, and paid out for ordinary
working expenses, 81 1908, sos, and for
interest and rents, 1908, 519.41, leaving as
net receipts, $47, 1884.
The payment during the year just closed
of the floating debt Of the company, con-
sisting principally of notes payable at
short periods of time, and amounting to
SOS, 92o.S2, has relieved the company of a
great annoyance and is matter of just con-
graduation. This, together with the pay
ment Of Somerset bonds, amounting to
sos, 100, redeemed during the year, re-
lieves the company from all liabilities, ex-
cept the payment of the coupons on its
bonds, as they fall due, and its ordinary
working expenses.
The careful destruction of all bonds pre-
pared and not issued, or issued and re-
deemed, is matter of commendable pru-
dence.
AS to the practical operation of your
road during the year, and it's present con-
dition, the Superintendent report pre-
sents them with much distinctness and
with sufficient detail to be easily under
stood. To this report your attention is re-
spectfully invited. In this connection it
will not be improper for us to refer to the
report of the Railroad Commissioners of
this State for. the year 1877. In referring
to your road they say, s'The system Of
improvement, which has characterized this
road for several years previous, has been
continued this year, and great advance
has been made in the direction of perma-
nency and solidity in the character of the
structures, and Of the road-bed generally
throughout the entire length of the line"
(357 miles.) The Commissioners then
proceed to describe in detail some of the
more important improvements to which
they have referred in general terms
The cost Of the construction of all i'm
provements made upon the road during
the last year, has been included in the or
binary working expenses of the year,
our improvement account having been dis
continued.
AS tending to illustrate the condition of
your road, and che care and promptitude
with which your trains have been run,-
81 f1o 1ac
has occurred in which our passenger
trains have been tout of time ;" nor has
loss of life, or. serious injury occurred to
any passenger on your trains, nor damage
or detention to any considerable amount
to freight in transit over your road. The
fact that more than million of miles of
road have been run over, by rapidly mov-
ing passenger trains, or by trains heavily
loaded with freight, without accident and
with entire regularity and safety, shows
not only the superior character of your
road, but illustrates the skill and faithful
attention to their duty of those who have
had the practical management of its opera
ton.
From this presentation of the condition
of our company, though we have not had
that increase of business which we had
hoped and expected, but decrease in
=
ceivano cause for Encouragement. Our
net earnings have increased. Our road in
all departments has been improved, and
its permanence, safety and facility for
transacting business largely increased. Its
connections with other roads have been
satisfactorily arranged. and its relation
with other systems of transportation are
harmonious and friendly, while it's location
is shown by experience to be the only
practicable line on which great east and
west thoroughfare through our State can
be maintained, as the road with it's
branches literally covers the plain from the
mountains to the sea. ~ te.9 ~li-
+ An arrangement was made the past year
with the European and North American
Railway Company. by which we were to
assist them in changing the gauge of
their road to conform to that of the Maine
Central road, to the amount of $16, $4,000.
OF that amount, $8, 720.41 have been paid.
The advantages arising from that contract
we think must be apparent, when the in
convenience and loss of time and incident
to trans-shipment of merchandise and pas
sengers, passing to and from either road,
are considered. 1r7
On the whole, our condition is one
rather of congratulation and hope than of
encouragement. The hard times expert
enced in the business world for several
years past, chilling enterprise and dwarf
ing values, although causing much indi-
vidual suffering, have rot been wholly
without benefits. Your company, in COM
mon with all others of like character, has
not been unaffected by the depression.
While this is true, experience has taught
us the necessity of practicing the most
rigid economy in all our expenditures, and
of refraining from embarking in new and
untried enterprises. 1t has also enjoined
the necessity of care and economy in the
purchase Of materials, avoiding the run
ming of more trains than the necessity of
the community requires, and of observing
the rule of ''paying as we CO." In adher-
ing to these rules, we can hardly fail in
making our property reasonably remuner-
alive. T.
ABNER CoBURN, President.
Treasurer's Report.
Gentlemen,-Herewith submit report
of the financial condition and onerations of