The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1894-12-12

from Net Earn
ings. 81 .6s4.7o5.23 S1,72e, 5o9.7o
f-------
Surplus ......... $50, 765.1s s42,71s.so
In submitting this showing the direc-
tors say. among other things:
The. report submitted by the Directors
one year ago showed great diminution
in the revenues of the Company during
the lattr part of that fiscal yeear, and
the expectation was INDUCED that the
return OF business prosperity then be-
lieved to be imminent would bring back
to ustSbusiness, which in the natural
course of events we had right to ex-
pect, and which we had made most am
pie preparations for transacting, with
profit to ourselves and satisfaction to
our customers and the public generally.
1t is unnecessary to say to you that
our expectations as to the increase of
the volume.of business have not been
realized, and the Maine Central railroad
has, in common with all railroads in
the loss of receipts from traffic by cut
ting off all new construction, and intro
ducing into the operation of the road in
every department the most rigid econ
omy consistent with the performance of
the duties which common carrier owes
to it's customers aud to the State from
which it derives its franchises.
the work of dou ble-tracking our road
from Brunswick to Portland to meet the
increasing business on that portion of
our system, and had also planned
double track for the same reason from
Oldtown to Hermon through Bangor.
and had also caused to be prepared plans
for new station at Brunswick, and had
in contemplation new bridge across
the Penobscot River on the Bar Harbor
and Bucksport Branch. But the collapse
in the business of transportation rem
dered such work for the time being not
urgent, and impossib bic of accomplish
ment except at an expense not warranted
by the income, and therefore all such
new work was suspended.
The Directors deemed it to be the part
of economy, however, at time of most
severe financial depression to replace
two bridges across the KenDebec at Wat
erville, one across the AndroscOggin
and one at Lewiston with new bridges of
the heaviest construction, because with
the increased weight of our locomotives
we believed we owed it to the public, no
less than ourselves, to omit no precau-
tion looking to the increased safety of
life, limb and property.
OF our last years surplus, sixty thous-
and dollars $3.50, 000) was credited to
bridge fund. The excess of the cost of
the above named bridges over and above
said $780, 900, and the amount received for
the old bridges (said excess being about
500, O00), has been paid and charged to
operating expenses
We deemed it also wise economy to
replace twenty of our oldest locomotives
with likesnumber of new machines of
modern construction, and to purchase
one hundred freight cars, to keep our
equipment good in preparation for the
business at some time sure to come back
| IN V'hio cfnaE foe
as delivered is charged to operating ex-
penses. Nothing has been charged to
construction during the past year, the
account standing the same az it did one
year ago.
1t would be folly to assert that it has
been an easy task ora pleasurable I'M
dertaking to manage property of the
thoroughly equipped and furnished for
business larger than it had ever yet
transacted, and see ITS Sgrass earnings
fall off 1895, 556. 24sain single year, but
snch has been the history of the opera
t1on of this road during sthe past year,
and it is only within the last two
months that a marked improvement has
been perceptible
In May, 1898, the management issued
its first orders for cancellation Of trains
and retrenchment in all directions, and
since th at time reduction of operating
exnenses has been practlseds in every
department of the property, consistent
with the maintenance of such physical
condition OF the property as should
make the road equal to the performance
in the most creditable manner of it's
duties as a common carrier.
It would not be economical to all of
the physical condition of the road or its
equipment to deteriorate.
With a gross loss OF $3.50, 5oo.24 we
showja net loss of s38, e45.38
This result has rot been reached with
out sacrifice on the part Of every person
in the employment of this Company.
During the critical season OF last year
when relations between employers and
employees were strained in many of the
large corporatinos of this country, the
| intelligence and loyalty of the employees
| Of this company constituted an impass-
able barrier against the efforts of 1g-
| norant or mischievous persons from be-
You'd the limits of this staue, who sought
| to SOW seeds of dissension here, and the
relations between the management and
| the operating force of the road are char
| acterized by mutual respect and esteem,
each believing that the other means to
act with entire justice.
The general balance eheet Sentemher