The Portland daily press., 1881-03-22
MAINE CENTRAL RAILROAD.
Annual Report of the Directors, Treas
urer and Superintendent.

In presenting their annual report the direc-
tors of the Maine Central Railroad say:
The railroads of the United States exhibited
for the year decided and satisfactory increase
in their gross earnings over the preceding year.
and our reports show that TIE Maine Central
had its share of the general improvement in
business That our net earnings do not ex-
hibit an equally satisfactory gain is due to the
fact that not only with increased earnings come
increased expenses, but also to the circum-
stance that the term, Operating expenses, I"
IN our Ireasurer's report, includes not only the
ordinary expenses of running of trains, but
also sums paid for the improvement of perma-
nent way, extension of station accommoda-
tons and improvement of rolling stock,-being
In fact all expenditures other than for interest
and rentals. In the operating expenses for
loo0, are included the new iron bridges at
brunswick, Skowhegan and on Portland street;
the substantial rebuilding of Long bridge at
farmlpgton; the purchase and laying of 1000
TONS OF steei rails; the construction and COM
pletlon OF a double track from Portland to
Woodford's, and also from Waterville to Wa
tervllle junction; the extensive improvements
at Maranacook, and new stations at South Gar
olner and other points, as well as extensive
and valuable additions to our rolling stock.
The Directors believe that Lake Maranacook
will prove of great value as a source of reve-
nue. to the road. Trains have been run with
great regularity and without serious accident,
thanks to the careful and vigilant watchful-
ness of the Superintendent. The condition
OF the company's property is much better than
year ago, but it has been thought necessary
to arrange for a considerable addition to the
passenger and freight equipment during the
coming season, which will be in readiness for
use early in the approaching summer. Three
thousand tons of steel rails have been purchas-
ed for delivery the present spring. 1t is not
believed that large expenditures will be neces-
Sary for 1881. The Directors say that they had
decided to pay the tax of $50, 900 assessed by
the state, though they deemed it unjust, when
they were informed that the law was clearly I'M
constitutional, and that if they paid the same
thoy would be personally liable to suit by any
aggrieved stakeholder. The question was there
fore submitted to the Supreme court No de-
clsion has yet been given. The scheme of tax
alton which has been adopted by the present
legislature will, the Directors think, make the
tax bear more equitably on all classes of rail-
road property.
In closing their report the Directors refer to
the death of the late Hon. j. B. Brown, as
follows:
1t is fitting that we should refer to the loss
sustained by the stockholders and directors of
this company, in the decease of the late Hon.
j. b. Brown, whose counsel and aid were al
ways so valu able in behalf of this corporation.
Hls memory needs no eulogy from us, and we
only record.the fact that the Maine Central
railroad Company owes its present high posi-
ton largely to his judicious and cheerfully rem
dered assistance and advice. His name should
be held always in remembrance by those who
follow us, as of one who was faithful to this,
as he was to every other trust.
The report was drawn by President G. E. B.
jackson.
TREASURER'S REPORT.
The following table from the report of the
Treasurer, Mr. J. S. Gushing, shows the result
of last years business: