The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1881-10-06
PORTLAND & ROCHESTER,.
Annual Report of the Directors.

The annual meeting of the Portland and
Rochester Railroad Company was held yester'
day forenoon. The report of the directors was
received and accepted. All other business
was laid on the table, and the meeting adj
journed until October is, at II a. m.
The following is the full text of the direc-
tors report:
To the Stockholders of the Portland 6 Roches-
ter Railroad Company.
Gentlemen,-You were informed at the last
annual meeting that the holders of the $780,
600 of per cent bonds had commenced FORE
closure proceedings in Maine and New Hamp-
shire. Similar proceedings in behalf Of the
mortgage given by this company to the city OF
Portland, to secure the payment of $T00,OO0,
were about to be taken, when at meeting
held by the principal creditors of the road, an
agreement was made to ask the stock, debt and
bond holders to join in o new corporation to be
called the Portland and Rochester Railroad"
with capital stock of 100000.
This arrangement was at once accepted by a
majority of the holders of the different classes
of securities, and the Legislature was asked to
grant the new company charter, which was
done, and in accordance with its provisions, on
the 9Th day of March, 1881, meeting of the
corporators was held the act was accepted,
and the company duly organized by the cleo
ton of a president and treasurer, who were
authorized to receive subscriptions to its capl-
tai stock and to issue the same, said stock to
be paid for in the stock, bonds and debts OF
the Portland and Rochester Railroad Company,
in the manner provided in the charter. Notice,
with copy of the act, was published in Port
land and Boston.
In accordance with said notice over 1925, 600
of stock has been subscribed and paid for by
the transfer and delivery of stock, bonds and
debts of this company, for which new STOCK
has been issued The securities surrendered
are not cancelled, but are held as the property
of the Portland and Rochester railroad, as an
assui ance of its title.
In order to give the new company possession
of that part of your road III New Hampshire,
the Legislature of that State passed the follow
ing amendment TO the act of July 2, 1866:
An &C in amendment of Act constituting the
Pert and a, Rochester Railroad Company, a cor
poration within this State, approved July z, 1856
/. The Portland and colchester Railroad G nj
pany incorporate by the Legislature of the S ate
of Maine is authorized an empowered to sell or
lease 10 the Portland and Rochester railroad, an
Other corporation created by the laws OF Msine Its
railroad property, privileges, franchises and im-
muniis in this State such terms as said corpora
ii ms may asree-and may be bv them deemed ex-
10 tne d Psysns u Rail- e.
road Company, and 10 the liabilities and duties
which now are or NAV hereafter become incident to
corporations of similar nature by the laws OF this
State.
2. This Act shall take effect from its passage.
Approved July ~, 1881.
The following is a correct statement OF the
FUNDED DEBT.
First mortgage to city of Portland. 500 600
First ISIS of per cent bonds. .....,..... 35000O
Second issue of per cent bonds. 1000
81, 500 900
No account is here made of overdue interest
coupons, because, the new stock being less than
face value of the mortgages, the organized cor
poration has not taken it into consideration IN
distributing its stock.
The amount of capital stock outstanding is
$685. Oil 06.
The following is brief statement of some of
the most important events that have occurred
to this road.
The York and Cumberland Railroad Com
pany was chartered in 1916, and authorized to
build q railroad from Portland to Berwick or
South Berwick, there to connect with some
road leading to Boston. Under its charter,
eighteen miles of road was completed, but
the company, having been in almost constant
litigation, was obliged to surrender its corpor-
ate existence October 4, 1866, to the Portland
and Rochester Railroad Company, a corpora
tions organized by authority of an act of 1864,
which succeeded to all it's railroad, then being
operated from Portland to Saco River. The
road was in dilapidated condition, but was
comparatively free from debt, and standing
on its books at the nominal value of $3.50 3d.
&c.,
By an act of the Legislature, passed in 1866,
this company was authorized to change its To-
cation and western terminus to Rochester, New
Hampshire, there to connect with road 10 be
built to Nashua to join the Worcester and
Nashua Railroad, thus making a continuous
line to New York and new route to the West.
This scheme of a new route to New YORK and
the West, avoiding all transfers in Boston, was
undoubtedly good one, and might have been
a financial success for your company had the
route been built and opened at once, but the
delay of ten years in opening the line was fatal
to it's success, because during that time other
roads was able to construct parallel and COM
peting lines OF road, both for Through" and
sslocar' business.
In July, 1866, the New Hampshire Legisla-
ture passed an act constituting this company
corporation in that State, and in Aug asst, 1871,
the road was completed to Rochester, but 1t
was not until November, 1874, that the Nashua
& Rochester Railroad was opened for business.
The large increase of earnings anticipated by
the friends Of this road from the opening OF
the new line was not realized, as will be seen
from the following comparison OF receipts Tor
the years given:
Gross receipts year previous to opening,
1878 and 1S74.... .............s Sl5o,5oo
Gross receipts year after being opened,
1875 and 1S76....... ................., l3o,2o9
Decrease. ...................... III
Eat this time your road had become SO dilapi-
dated that its earnings over expense of operat-
ing we're insufficient to keep it IN safe repair,
and as money must he raised for the recon-
struction of its bridges, the city OF Portland,
in December, 1876 procured the appointment
of a receiver, and TO this time the road has
been operated by him, under the direction OF
the Supreme Judicial Court of Maine.
The first meeting of the stockholders OF the
Portland & Rochester Railroad will be held on
the 18th inst. for election of its officers &C.
For the directors,
GEO p. WEscoTT. President.