The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1883-12-11

Maine Central Railroad

1alMe Cehsrah kSahtf0ad.
The annual report of the Maine Central
Railroad has been published by the Tucker
Printing House Company Although some of
the principal statistics have been published
we give the following
DIRECTORS REPORT.
To the Stockholders of the Maine Central Rail
road Company:
The number of miles operated by this COM
panyo i ior the year ending September 30, 1882,
Commencing with October l, 1882, there
was added the European and North American
railway, 1l41 miles, and May /, 1883, the
eastern Maine Railway, 1873 miles, so that
tne total nnmher Of miles now operated by this
company is 482.S.
The gross earnings of these roads, now form
ing the Maine Central were for the cores
pondiDg period in the year ending September
80. 1882, $2632, 1000
The gross earnings Of the combined roads
| for the year ending September 80, 1888, were
S2S64, 1881; showing an increase of $3.50 49,
Oh, or .08 $40 per cent.
Large expenditures were found to be neces-
sary to bring the European and North Amer
ican Railway to the standard of repair, which
has been established for this company and our
operating expenses for the year have been
largely increased thereby.
W nave now nearly completed the layjng
OF the tracks Of our main line with steel rails
ana have so far progressed that by December
81, 1885, the line from Portland to Vancehoro.
via Augusta, and from Cumberland function
to Waterville, with the branch from Bruins
wick to Bath, will all be steel, making in all
1905 miles so laid and leaving but 1922 miles
in iron.
The Eastern Maine Railway, from Bangor
10 Bucksport, when it came into our possess
sion May l, 1883, was a narrow gauge q feet)
road and was as soon as practicable. widened
to our uniform gauge of feet 81 inches, the
expense OF which widening is included in our
operating expenses.
As We did not take the narrow gauge eouio-
ment of this road, we have been obliged to
furnish rolling stock therefor
Inc European and North American Railway
was found deficient in rolling stock, and we
ma nave peen compelled to make large outlays in
this department for the whole line
This extraordinary expenditure did not
seem to be properly chargeable to the oper-
alng expenses OF one year, as there have been
added during the year to our rolling stock,
taree locomotives, eight passenger cars, four
reclining chair cars, three combination pas-
senger cars, seven freight saloon cars, two ex-
press cars and SIT freight cars, costing in the
| aggregate $685. OF this sum 1911. 623. 80
has been charged into the ordinary operating
| expenses OF the year and the balance it is pro-
posed to divide into equal payments in the
next four years.
NEGOTIATIONS were entered into during the
year Tor the construction of branch from
brewer, on our Bucksport branch, to q point
In the town OF Hancock, Maine, at tide waters
This branch will be nearly 40 miles ia length,
ana Will enable us to reach point on the
coast most convenient for the Bar Harbor
travel and within eight miles of that noted
summer resort.
The road passes through Brewer, Holden,
Dedham, Ellsworth and Hancock, TO tide
water on Frsnchman's Bay, and promises to
6e most valuable feeder to our main line.
The road is being rapidly constructed, is being
lald with steel rails, and will be ready fer use
| in June, 1884.
The cost of this line, which will be known
as the Mount Desert Branch, is betrayed BY an
issue OF per cent. bonds of this COMPANY, to
an amount not exceeding 100000
In assuming the obligations of the Europe
| an q North American railway we agree to
| pay not only fixed annual rental to the com.
pany' Dnt also TO assume mortgage of 81 ,000 ;.
UOO TO the City OF Bangor, aud also SIS. 600 OF
nrst MORTGAGE bonds of the European & North
american railway company, which matured
| August list, 1888.
These last bonds we have since paid and the
mortgage has been discharged.
There became due October Is, 1888. bonds OF
the Portland q Kennebec Il. r. known az
Mcheen Donds) and amounting to 1916, 700, and
also Portland & Kennebec funded Interest
certificates amounting to 1904 20
TO the holders of the first named bonds. we
offered the option of cash or to give in ex-
cnange Maine Central consols bearing five ne,
cent interest The holders of $4,000 of these
bonds have SO exchanged we have paid to 9th.
er holders SO desiring, SOL 500. and there have
not yet been presented So, 200 of these bonds
Inc funded interest certificates have been
paid as presented and there are 1866 outstapd.
ing at date of this report
All which is respectfully submitted
Ry order of the Directors