Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-03-28
local ano State Nems.
MAINE CENTRAL RAILRO

Pa ines- Of the Cooperation for the P'st
Yesr-Reports of on ee's An 'uai MEET
ing.
The annual meeting of the Stockholders OF the
Maine Cent al Railroad was held in Granite Hall,
in this city, yesterday forenoon. The attendance
was small, there being no contest in the choice OF
officers.
At a few minutes before noon, the meeting was
called to order by the President, Hon. Abner Co.
burn.
Hon. j. II. Drummond, the Clerk, announced
the presence of a quorum, and that over 5000
shares were represented, and read the call Tor the
meeting.
The reports of the Directors, Treasurer, and
ether officers, were laid before the meeting, and
accepted.
Directors Report.
The Directors of the road submitted their re-
port through Hon. Abner Coburn, President.
They state that from the report of the Treasurer,
II appears that there have been received from the
"rnss earnings Of the road during the year ~ =
6ji 237, and paid out for ordinary expenses. 81 =
O03 05, and for interest and rents S6O3 5l9fl
aving net receipts, S47,l79.ji. A floating
debt of x92S 920.32 has been paid, and the Som
erset Bonds redt emed amounting to SIS, 100.
The cost of the construction Of all Improvements
made upon the road during the past year. has
been included in the ordinary expenses Of the
,ear-the Improvement account" having been
Discontinued. As illustrating the good condition
of the road and the care and pIompnude with
which tiains have been run, during the past year
scarcely AN instance has occurred in which the
passenger trains have been "out of time :" MOI has
loss of life or serious injury occurred to any pas
senger on the trains, nor damage or dt tention to
any considerable amount to freight in transit over
the road. The fact that IN re than million miles
of road have been run over, by rapidly moving
fraan ltst hos aiEI
freight, without accident and with entire regular
iiy and safety, shows not only the superior char
of the road, but the skill and faithful atten-
tion of those who manage IT. Although the bust
ness has not increased and there has been fall
ing off in the receipts the Directors find no cause
for encouragement. The net earnings have in
creased and the road in all 5 departments has
been improved. Its connections and business
with other road have been of a veiy satisfactory
character. An arrangement made the past
year with the European X North American Rail
way CO., bv which this company were to assist
Them in changing the gauge of their road to con-
form to that of tle Maine Genital, to'the amount
cot SlG,GC6 90. OF that amount SS.1204l have
been paid. OF couse the business Of the road has
not been unaffected by the "hard times" and
there has been care exercised in the purchase of
materials. avoiding the running Of more trains
than the necessity of the community requires, and
observing the rule, ''pay as you go"
Treasurer's Report.
John $ Cushing, Esq, the veteran Treasurer
s~bmi,s his report of the financial operations of
the Company, for the year ending Dec 81, 1877.
Duling the year the floating debt, s92S ,920 -,
rnd sos. 100 of Somerset 4 kenncbec railroad
first and second Mortgage Bonds, have been paid
having only 500 of said bonds outstanding. The
following bonds have been DESTROYED by COM
mittee of the Board of Directors, VIZ:
Ns,ue Central Losn-Sl, 100 600 loan,
per cent, S3i3 200
Portland 4 Kennebec Consos, per
cent. PIP. 300
Somerset & Kennebec r. r., lst Mort
gage, 6 per cent, 100000
Somerset 4 kennebee Il. r., "a Mort
gage. s per cent, 1890
The following is a comparative statement of
operating expenses for the wears 1876 and 1877:
1876. 1877.