The Portland daily press., 1878-12-10
Eastern Railroad.

Yesterday the directors of the e istern Rail-
road Company submitted their annual report of
the management Of the company during the
fiscal year ending Sept. 80, 1873. The present
financial condition of the company is proper
subject for congratulation. A comparison Of
the state of affairs two years ago with that Of
today shows a very marked improvement has
taken place in every respect The company's
credit has daily been growing stronger, while
the necessity for using it has been constantly
diminishing. Out of the S13,5OO 900 to be con-
verted into certificates of indebtedness only
$197 ,002.53 remains to be converted The total
funded debt, including the old Essex railroad
bonds, amounts to $l3,5S7 .02l.99. There has
been an increase of S11O,24445 in the funded
debt which has been more than offset By q de-
crease of $222, 81 in the uDfundsd debt
There has therefore been made within the year
an actual reduction of indebtedness Of S1l2,-
1888.
Only one suit remains for litigation and no
new interpretations of act of 1876 are likely
to arise. The rights of creditors holding ten
year notes are now agreed to by all and they
have accepted certificates of indebtedness for
their debts. The Portsmouth, Great Falls &
Conway Railroad, controversy Is set forth AZ
length. This has been Published at the time
IL occurred, with the rulings Of the courts, by
this paper. The relations with connecting
roads remains satisfactory.
On the business of the year, there has bseu
falling on in gross earnings of SIS 172 16.
which has bsen met bv reduction in opsr &C.
ing expenses Of $127 ,664 70, thus making an
actual gain Of S72,492.57 IN net earnings, as
compared with the results Of last year ihe
falling off in gross earnings has been chiefly on
the freight business, and has been due Ia part
to exceptional local causes. There has been a
small decrease in the passenger earnings prop
er, which has been rather more than made
od by an increase in express freight.
The reduction of expenses has been effected
without In any way iopairng, the efficiency of
the administration of the road
Tnere was expeoded for road bed and stock
last year 59,6S929 against S166, ,157 36 the
year previous For rails and steel. lsss
value of old rails. $50 Sl9 O6 against 500 96l l6.
New ties laid, In value S25,3fO go against 49,.
125 38.
In the road-bed and track an improvement Is
everywhere manifest as compared with its
condition year ago; and a great deal of work
has also been done which is not so evident at
first sight, bat which is none the less import
ant. The standard Of excellence is being grad
ually raised. Steel rails only have beeu used
in renewal of track. Within the wear. I479
139O-224O tons, equal to 16 23l-1000 miles, have
baen laid, -asine the total length of track laid
with steel 123 551-1OOO miles. It is estimated
that 1000 tons will be sufficient for the coming
year.
Over $4,000 new ties have been put into the
track. and this is probably more than win be
been done in rearranging the side tracks al
several stations, with the view Of increasing
| the facilities and at the same time of reducing
the number OF cross-oyer tracks and side tracks
opening out OF the main tracks. In this way
about sixty switches have been taken ont Of
the main track, and to Just that extent the
possibility of accident from misplaced switches
has been entirely removed.
There was S33 .553 35 expended for bridge re-
pairs and renewals, or S7,470 Oh less than last
year.
The pile bridge at North Audoyer. 2ss fat
long, has been rebuilt. The wooden brtde A.
West Lynn, "a feet long, has been replaced by
| a double track iron bridge. The Town creek
pile bridge 80 feet long, the -Four rock bridge is
| feet inches long and the Holland bridge lOS
| feet long, in three spans, have bsen rebailt in
| wood. 1t was found necessary to add Is feet
to the length of the double-sone arches Of the
| MouSam river bridge, near Kennebunk, at a
cost of about $4,000. The work was not com
pleted at the end Of the fiscal year, and a part
only of the cost could bs charged into this
years expenses All the other bridges have
received constant attention, and been maintain
| ed In safe condition. The policy of making all
| renewals of as permanent O character as poss,-
| BILE continues to be pursued.
The item of $10,5S2 10 for fences, road cross
| lngs ana sigus, Is again larges Dut it Includes
the bulding of about 10 miles of new fence.
For buildings Sal ,93016 was exoended. mr.
| $7,042.71 less than last year.
The two passenger depots at Marblehead and
| Belmont, now Bell Rock Station, which were
burned last year, have been rebuilt A new
passenger depot has been built &C Gloucester 10
replace the old one, which was pas. repair.
The accommodations Of the Boston depot have
been increased by extending the platform and
covering it with shed. New freight houses
have been built at Chelsea and Great Falls. All
the other buildings of the company have been
kept in repair, and, on the whole, are in better
condition than before. The car house at Bos-
ton, upon the Charles river bridge, was burned
on the night of August 9TH. entirely destroyed.
together with SIX passenger cars aud two Pull
| man drawing-room cars.
| In the repair and operation of locomotives.
there has been decrease of S73,4OS.77 within
| the year.
Within the year four new Mogul FREIGHT an
gines (cylinders 18x4 inches) have been mr.
chased OF the Rhode Island Locomotive Com
pany TO replace four old and mnch smaller
ones, which were condemned. A new locomo-
tive which had been bailding ia the shop has
been finished and put into service. The road
Is now equipped with locomotive power sufi.
cient fol its present business
The passenger, mail and baggage cars de-
stroyed in theiMarblehead fire Of last wear havs
been replaced. The cars burned in the car
shed on Charles River bridge, at the FIRE alread ,
alludes to, were fully insured, and will bs re-
plscSa S D7ioae s, shorlng The property generally
The funded debt of the corporation is s1s.-
5SI,O2l w, the unfunded debs s., AS, ,3is. N.
making the total debt liability Sl5,O75,37O 72'
Inc total interest paid aud accrued for ths
year is $547, ,3l6.93. The cash assets are s,i7' :
547.68. "'s wat