The Portland daily press., 1897-09-15
Surplus after payment
of all fixed charges
and dividends,

of all fixed charges
and dividends, S26, 67.05 S25. 1873. 81
1t will be observed from the above table
that not only has the physical condition of
your property been ANITA ined, but it has
been very materially improved, and after
payment of operating expenses and all liked
charges, quarterly dividends have been
paid on the outstanding stock, the Septem-
Der and December payments being at the
rate OF five per cent and the March and juno
Mt the rate of four per cent per annum, and
In addition surplus has been carried to
lrofit and loss account, amounting to
s26.567. .05, or in other words, the dfvisible
earnings during the fiscal year being more
than SO per cent on the entire outstanding
capital at the present time
The condition of the equipment as reported
by the Vice President is satisfactory, having
been much improved. not only by repairs
but by the addition of two new standard
Mogul locomotives and twenty live box cars
standard pattern. 1t is probable that the
constantly increasing business Will soon
necessitate the purchase of some new pas
senger equipment and probably an add1-
tional mum Der CT freight cars
The policy of making permanent improve
ments on the roRdbed has been diligently
change in and about Canton yard where the
old grades have been eliminated and the
alignm ent radically improved. The standard
pattern seventy pound steel rail- has been
used quite extensively so that at the present
time you have in your main line thirteen
and one half mules of this pattern. the bal
ance of the line including Otis Falls branch
being all steel. Your attention is especially
directed to expenditures upon maintenance
of way and equipment as compared with thu
previous year; also to the fact that while
the gross earnings have increased $50, SO,
the expense of conducting transportation
has increased only 81, 104.s5.
The work of constructing the Otis Falls
branch from Caution to Chlsholm'S Mills,
which was commenced about a year ago,
and to which your attention was called in
the last annual report. has been diligently
pursued, and the road is now practically
completed, although considerable amount
Is yet to be done in the way of yard exten-
sons stations etc. This is one of the most
thoroughly built and substantial sections of
your load and good results are looked for in
Its operation.
The finances of your company are ill an
encouraging condition. On November 2, 1896
u consolidated mortgage was executed upon
the road including the Otis Falls branch,
securing an issue of thirty year gold sinking
fund four per cent mortgage bonds, which
bonds are at the present time being issued
for the purpose of retlringSprfor bonds which
were made optional and are now being
called for payment.
On August 10, 1897, you authorized a fur
ther issue of thirty year, four per cent plain
bonds. the proceeds of which are to pay the
floating debt of the company, and leave
comparatively little If any floating debt
after the completion and payment of the
Otis Falls branch.
The length of your line including the Otis
Falls branch at the present time Is as fol-
lows:-Main line, Rumford Junction to
Rumford Falls. ffty-three miles; branch,
Canton to Otis Falls, ten miles; trackage
rights. Rumford Junction to Lewiston. four
miles; total, sixty-seven miles.
During the four years your company has
acquired full title in the Rumford Falls &
Ruckfeld Railroad Company. and the
affairs of that corporation have been wound
up.
The thanks of the corporation are due to
all the employees for their fidelity and care
in it's interests.
BY order of the Board of Directors,
HUGH j, CHISHOLM,
President