The Portland daily press., 1885-01-21
PORTLAND 8 oGDENsRUaG.
The Annual NHeetiBg of Stockholders,
Reports and Election of Omcers.

The annual meeting of the stockholders OF
the Portland & Ogdensburg Railroad Company
was called for 10 a. M, yesterday, at the coma
pany's offices in this city.
President Anderson, the receiver OF the
road, called the meeting to order at 10. 80 a. M,
and ssid it had been suggested by the Mayor
and Aldermen OF the city that they should
like further consultation before the election Of
directors for the ensuing year, and that the
| meeting adjourn until p. m. for that purpose.
Alderman Denison thought the reports could
be received and then adjournment could be
had to the time mentioned by the president,
and it was so voted.
The following are the annual reports;
DIRECTORS REPORT.
To the Stockholders IF the Portland C Ogdens-
burg Railroad Company:
Since the first dag of April last your road
and the property connected there's with has
been in the hands Of receiver. The reasons
for this will be here briefly stated by your di-
rectors, leaving the usual statements of the
improvements and operations for the past year
aud the present condition of the road to be
made by the receiver aud attached hereto
1t is well known to you that when the road
was built there were erected many temporary
wooden structures, some spanning deem ra-
become necessary within the last three years to
remove these or to replace them with masonry
and solid filling. In view of the greater safety
to life and property. and judging it to be the
truest economy, the latter course was adopted.
A large amount of money, earnings of the
road, has been thus expended. 1t was hoped
this could be done and still leave income suti-
cient to provide for partial renewal of rails an
nually, SO as at least to keep the track in a
safe condition. This has been done for few
mast. and 0uarfar of the dxx-oo
laid with steel rails. But the last winter prov
ed remarkably destructive to the old iron rails,
The freezing of the road-bed to a condition as
rigid as granite. and the pounding over the
old iron resting thereon, by the new, heavy To-
comotives now in use, crushed out and broke
up the rails to such an extent that the track
from Sebago Lake to Bartlett became Danger
GUS, at even the low rate of speed allowed by
the wiater time-table. Between the 26th day
of February and the 7th day of March there
had been eleven accidents caused by the bad
rails, in three of which trains were thrown
from the track. There were also several
bridges and two wooden trestles that were re-
ported by the engineer to be in an unsafe con-
dition. The receipts OF the company had been
exhausted In payment OF current expenses
new rolling stock, new buildings, and the per.
msnent improvements upon the line before
| mentioned.
These facts were stated at a meeting of GER
tain representative business men of the:cty of
1 ",
| which meeting it was unanimously resolved
| that His Honor the Mayor be requested to call
upon the trustees, holding under the mortgage
| of November 1st, 1S71-and request them to
take Immediate steps to put the road into the
hands of receiver. Tho trustees having re-
| ceived, from other sources, confirmatory evil
| dence of the unsafe condition of the track
complied at once with this request.
] "A petition was by them presented to the
Hon. Justices of the Supreme Judicial Court
n al xHr1hI I.-
| had upon the petition before the Hon, @. w,
Walton, Justice OF said Court, and decree
filed March eth, 1884, which was subsequently
confirmed by the Hon. John Lowell, Judge Of
the o. S. Circuit Court for the District of New
| Hampshire, appointing receiver, who as.
sumed charge of the property and has since op.
| Grated the road
Respectfully submitted in behalf of the
board OF directors.
SAN'L j. ANDERSON, President.
REcEIvER's REPORT.
To the Stockholders of the Portland and Ou.
densburg Railroad Company:
By virtue of decree of the Supreme Ju.
dicial Court Of the State of Maine, confir med
| by the U. 3. Circuit Court for the District oil
New Hampshire, your road and other railroad
| property has been operated since the first OF
April last, under the direction of the under.
| signed as receiver, who submits the following
statement and tables accompanying, showing
| sPS-"eAS"S - WIG Aoeu A'A eho PoSV Joah ant
the Improvements that nave been made in it;
physical condition.
Heretofore the annual reports to thu stock.
holders have shown the condition of the road
| equipments, ETC., up to the close of the calen-
dsr year, as the fiscal year is closed by law SC
| early september 30th.) The same plan has
been followed in this report, and, as so small a
| portion was done before the commencement OF
the receivership, the work for the year with
| out distinction as to time is reported
The princinal items of expense in the inn
provement OF the track. road-bed, buildings.
etc, during the past year have been as fol.
lows: Some sixiy'nine miles Of new steel rails,