The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1892-09-14
RUMFoRp FALLS RAILWAY.
The Annual Meeting and Reports of the
Officers.

The annual meeting of the stockholders OF
the Rumford Falls and Buckfeld railway was
held at their offices in this city yesterday after
noon. President Chisholm in the chair. There
were ss4 out of 1000 shares represented. The
reports were adopted as follows:
Directors Report.
To the Stockholders of the Portland d Runford
Falls RdiJacdE
The directors respectfully submit the nrst an
nual report of the corporation, Delng for the
wear ending June 80. 1892 Reference is
especially made to the accompanying reports of
the superintendent ana treasurer; showing fully
the physical and hnanclal condiUon OF your
property for the year named.
On November !, 1890 you you, acquired the
Railroad Company by lease, the operation of
which was assumed on July l, 1891; previous
to July 1, the operations were embodied in the
report of the latter named corporation. 1t is
gratifying to note that. in addition to paying all
fixed charges, including the annual rental paid
to the Rumford Falls & Buckfield Railroad
Company stockholders, and fully maintaining
the physical condition Of your property there
Is a net surplus for the year of $1,766.12, and
this without any material increase on account
Of the development at Rumford Falls. The
5 pfse aas 1t ii E5 Ere ggensa b1s
along the line as compared with former years.
The extension of your railroad to Rumtord
o %ncn WAS oeea Tes
In the future. Large manufacturing Industries
are already located there and others will soon
follow, which cannot but make RumtOrd Fails
a thriving manufacturing center. 1t Is eStlm-
ated that at least 81 ,000 900 will be expended
at Rumford Falls during this year and next in
the development of the property, and the
establishment of new industries at that place.
The extension also opens up large undeyelop--
ed section of country, and gives you line OF
railroad from Mechanic Falls to Rumford Falls,
distance of AZ miles, in first class condition.
Payments on account of the extension up to
June 80. including the purchase of two new
passenger coaches, one combination mail, bag
gage and express car, and one freight locOmo-
tive, amounted to $192,618.85-
In February last mortgage was placed on
your entire property, securing s per cent bonds
to the amount of $3.50, 900. which are being is
sued for the purposes of extending your line to
Rumford Falls equippng the same, refunding
the Indebtedness of the Rumford Falls & Buck
field Railroad Company, assumed by this corpo-
ford Falls & Buckfeld Railroad Company.
The old receivers certificates, which mature
May 1, 1898, and May 1, 1895, and the mort
gage bonds of the Rumford Falls q Buckfleld
Railroad Company, which mature July 1, 1898,
all bearing per cent interest coupons, are at
the present time being retired and new bonds
of this railway, bearing per cent coupons are
being issued in exchange therefor.
The holders OF the old securities are readily
exchanging, and the transaction, which will
soon be completed, will result in an annual saw
ing to this railway of $500, or more than
enough to pay the annual rental of the RUM
ford Falls & Buckfeld Railroad Company.
In closing this report, we desire to express
our thanks to all the employees of this company
ration, HUGHJ. CHISHOLM,
President,