The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-04-08
CITY AFFAIRS.
Report of Joint special Committee on
Portland g. Rochester Railroad.
The regular meeting of the City Government

In the Board of Mayor and Aldermen Al
derman Small presented the following report
from the joint special committee of both boards
appointed to Investigate the Portland and
Rochester Railroad:
The committee appointed to confer with the
Receiver--Hon. Geo. p. Wescott-and officers
Of the Portland & Rochester railroad, and re-
poit upon the city's interest therein. and to
ascertain what steps have been taken and what
are advisable to take to best subserve the city's
interest in said road, reported as follows:
By virtue of an order passed by the City
Council Sept. 4, 1876, the Mayor was aut horizsd
to appoint a Commission to consist of five clti-
zens to make al investigation into the affairs
Of the Portland & Rochester and Portland &
Osdensburg railroads. October II this com
mission was appointed, and at once entered
upon their duties On recommendation Of this
Board of Commissioners, on the 29th Dec, 1876,
by direction of the City Council, bill in equity
was filed against the Portland & Rochester
railroad company and others" to procure the
appointment Of Receiver, and ultimately to
determine Che rights OF all parties having any
interest in the road. By order of the Court, on
the 18TH Jan, 1877, Hon. Geo. 2. WescOtt was
appointed Receiver 10 manage and operate the
railroad. Feb. 1st, 1877, the Receiver took for
NAL possession of the road aud all its effects.
In their report to the City Council the com mis-
soners say that they could not advise the city
to take possession OF the road under its mort
gage aud be subject TO risks and responsibilities
of running ii, and unless money was raised to
build bridge at once over the Saco river ana
to meet other expenses in advance OF the re-
cepts of earnings that the road must stop run
ming; therefore they recommended That the
road pe put into the hands Of Receiver to be
operated under the direction of the Court, BY
order of which all necessary funds may be
nnda and o.
the same time the rights of all parties would be
fully preserved. Is is impossible for this COM
mittee 10 determine what interest the city has
in the road or what its value msy be; and so
long az the road remains as at present IN the
hands of the Court, the position of the city is
that of any other bondholder or creditor OF the
company, and will remain so until a movement
is made either by the city, or the holders OF the
per cent. bonds to determine the rights OF the
respective parties owning the two hrst mort
cages, the aggregate value OF which IS vi, ESQ.,
600.
The city 10 its bill of equity recites clause II,
"That questions have arisen respecting the
rights of The parties under said several mort
cages which can only properly be dstermiDed
by the aid of this Honorable Court and should
any funds come into the possession of the Court
to be divided the question as to what the rights
of the parties are under these mortgages would
be determined by the Court at once, but
judging from the statement hereto an.
nexed of the income of the road for
the past twenty-five months it hav-
ing been an average of S1,792 5000 per
month, or $21, 515.64 per year, snG that the
present floating dabt of the company is about
$4,000, ard that the estimate of the amount
required at an early day to put the road in safe
condition and provide rolling stock for its BUSH
ness is upwards of $50 900; relief in this man
ner and direction Cannot at present be hoped
for From the language Ut thu order your COM
mlttee is led to assume that review OF the re-
salt of the control of the road through Receiver
from the time of his appointment. both from
financial ana business point OF view,
is required as matter OF informs
ton TO the City Council aud the de-
sign of tbs com mittee has been to make
their report so absolute and simple that the
City council may grasp the situation at once
and prepare itself for such action as the present
connection aud future interest Of the city
with the road would seem to require.
The report of the commission submitted
to the City Council in Feb 1877, was of
nature to thoroughly acquaint that Council with
the city's position 10 relation to this road, and
we assume that the details of that report are
thoroughly understood by all members OF the
present City Council, SO that a repetition of the
facts, so ably set forth at that tme is unnec-
esssry, and our figures cover only the period
OF the Receivers possession of the road.
INDEBTEDNESS.
The bonded debt Of The company is as fol-
flows:
First mortgage to the city. $500, 900 90
do per cent. Bonds. NEUTRALITY-SUSPICIOUS.. $4,000 90
Second sue per cent. Bonds to Trustees,
now held by city ."........s.''.'.'' 4oo,eoo w
Total Bonded Debt. S1,tOO,o00 90
Arrears of interest on Bonded Debt 10 JAN /,
1879, is as follows; viz;
First mortgage Bonds .....,..........S2Io,0 00 W
per cent .,1...;..''.'''..... 6i,S aS W
Sf6,225 10
Total Bonded Debt and Interest. s., 9o6,225 90
FLOATING DEBT.
Outstanding Debt. Bills Accounts, includ-
ing Receivers Certificates for Rolling
Stock purchased, less quick assets .S70,O35 50
Total Secured Debt. ....,....,S1 976,260 80
The following statement will show the amount
of floating debt Fec l, 1877, the date of the
Receiver taking possession of the road. inelud
ing Receivers Certificates issued in payment for
Saco River Bridge and for purchase of rolling
stock, as compared With the amount of the
debt due aud unpaid, March l. 1879:
Feb, I, 1877 March ], Decrease
to 1878
JAM, 1878.
Outstanding notes,
. Bills and Ac-
is77" -: 80 seas E 90 s4a,ssl II s2'rc 20
Receivers Certif-
Gales for Saco
April 1, ISL. $4,000 co $4,000 90
Receivers Certif-
Gates tor Rolling
1878 ,........... s2o.sil 81 s25.9s7 70 1894 90
slI4,s59 80 STATES 40 $4,000 81
Total decrease Of Liabilities. $50 81
NET INCOME.
TIE total net earnings OF the road for twenty
five months past under Receivers manage
ment. have been
Feb /. 1873 to march II, 1879. S44,s24 Fl
Average receipts per month. .........".S ,792 81
Note-An examination of the net earnings of the
twenty five months preceding the Recevershp,
PAGE 10 of the Commissioners report, gives the net
as follows viz:
Year ending aug 81, 1875. 1922 7O3 os
g :" 1876 .,,..........,. 70 46S 81
Total,,,,. ,.............,ss,,.....S4 III 81
Average receipts per month .n...$l,7 1853 81
Showing that the net income of the road for
the past forty-nine months has been 81. 1876 80
per month.
The following statement will show there has
been large decrease in the number of passen-
gers carried the past two years Is conn pared
with the year 1876, while the freight tonnage
has largely increased.
PASSENGERS.
To Aug De- Through De. In Re-
81, Local. crease. crease crease. cepts.
1877. OLGA 1892 3S,OI 80. 1856 t2,s65
1873. 77.465 1853 31Ol4 6,9s7 -. 5OO67
The number transported the past year has
bsen ABOUT 10000 less than in 1876, and the
receipts $40 100 less.
During the past two years the freight tor
mage has been increased (both local and
thtOugh) rs S55 tons, and the receipts have in
creased 81, 948.00, showing that while they are
doing q larger volume Of business, that the
rates beiag less the receipts have not increased
in like proportion. The rates per ton in 1876
We're about ST. q per ton while in 1873 they were
80 cents per ton. This great reduction in RAJ les
Ia owing to the sharp competition of business
being entered into between the several railroads
and steam boats running South and West.
ROLLING STOCK.
The following is statement of the number
OF engines owned and leased by the company,
and their condition on February LIST, 1877, as
taken from the report of the foreman of the
locomotive department made to the Receiver
ENGINES OWNED By THE COMPANY,
No. l Wesibrook, Is ous-too old to expect
much from and is not heavy enough for
through business.
No. 2, Alfred. 20 tons-Is very old and with.
out tender, would not pay to lay out any
amount for her repairs.
No. g. Rochester, q tons-Is in good order
but wants cylinder.
No. 4, G. @ Clapp, 81 tons and No. 5, Topaz
Al tau zirou h if.l, dad