Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1896-09-15
PORTLAND AND RumfoRp FALLS.

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The annual meeting Of the Portland
and Rumford Falls Railway was held In
Portland last Tuesday. These directors
were elected:
Hugh J. Chisholm. Fred r. Richards. W II
MoGton. X. e. Bradford, Portland, Waldo
Peitengill. George ID. Bisbec. Rumfor,i Falls
George {. Wing. Auburn.
The directors afteward chose officers
as follows:
Presideut-Hugh J. Chisholm. Portland
Vice President - Waldo fottengill. Rumfor,i
Fails.
Treasurer and Traffic Mansger-R c. Brad
| ford, Portland.
Superintendent - 4. l.. LOyejoy. Rumforl
Falls.
The report of the directors shows that
the total earnings were s2ll ,906.2s, OPP
Grating expenses SIP, 06s.1l, net earn
ings sS6, S31.57.
The results OF the operations for the
year are very gratifying, inssmuch as
there has been a steady Increase In the
receipts and general degree Of pros
perity all along the line OF the road. The
usual quarterly dividends, at the rate OF
i've per cent. per annum upon the stock,
have been declared, and handsome sur
plus left after payment OF the same.
One new locomotive and twenty-five
fiat ears, all OF standard pattern and
with modern improvements, have been
purchased during the last year. The
policy Of making general improvements
has been continued and is still in prog
ress.
Ii has been clearly demonstrated TO
your directors that branch line OF rail-
road from Canton 10 Otis Falls, via
Peterson's Rips, should be constructed
and completed at the earliest date prac-
ticable; this In view Of the large amount
OF timber transported by rail, from the
forests adjacent to the Rumford Falls &
Rangeley Lskes Railroad, 10 the various
mills on the Androscoggin for manu-
faciure, and with the desire To have this
line In operation for next winters bust
ness, contracts have already been made
for the construction Of such line, a
portion Of which Is to be completed by
October IL, next. With the completion
of this line through log trains can be
feasibly handled, from the timber lands
on the line Of the Rsngeley Lakes Road
TO the mills at Peterson's and Otis Falls,
and your directors confidently expect
that the results Of the operations of this
new line will fully warrant them in un-
dert liking its construction.
Inssmuch AS the company will be en-
abled TO avail itself Of the option on its
bonded Indebtedness in February and
October of next year, 1t has been deem
ed advisable that arrangements should
be made for the refunding of the entire
indebtedness OF the company, thereby
retiring its present five per cent bonds
and, In lieu thereof, issuing a new bond
bearing per cent interest. Your d.
rectors have accordingly appointed
committee who are now negotiating for
refunding the Indebtedness of the COM
pany as above, and in the near future
will be able to report progress to the
stockholders and ask their action in car
rying this plan.
Ii has been highly gratifying to note
the prosperity of all the industries at
Rumford Falls, and the substantial
growth of that enterprising town, which
has called for continued improvements In
the way of track extensions, additions TO
roundhOuse, new coal sheds, and other
buildings In order to accommodate the
increase OF business at that point.
The Rumford Falls and Rangeley
Lakes Railroad was open for traffic
through to Bemis about June lst, and
passenger trains have, since that time,
been running through to that point. II
is hoped and expected that the popularity
OF this section Of the country may re-
suit in an increase of through traffic
over this line.
Since the close of the fiscal year this
company has succeeded in purchasing
all the outstanding stock of the Rumford
Falls and Buckfield Railroad Company,
and arrangements are now being made
to have the absolute title of the Rumford
Falls and Buckfield Railroad Company
to this company, thus clos
ing up the affairs Of the old corporation.