The Portland daily press., 1900-10-04

The company has, however, refunded
the $500 600 first mortgage per cent
bonds of the Portland and Ogdensburg
railroad company, falling due July l, |
1900, by the sale at par Of a like amount
Of 1-2 per cent Portland and Ogdens-
burg railway consolidated bonds, pay
able November l, 1900. 1t has also sold
$441, 500 of It's own per cent consolidated
mortgage bonds. payable April /, 1919,
at $l0617 1-9, for the purpose of refund
ing Maine Central per cent extension
bonds of like amount, falling due Oc-
tober l. 1900. These refundings will re-
suit in a reduction in the company's an
nual interest payments of $2S, $50, and
they furnish gratifying evidence of the
high estimation In which Its securities
are held by investors.
BY reason OF other recent refundings
OF portions of the oompany's debt at low
er rates. and the reduction or It's floating
debt, it's charges for interest and for rem
tails Of it's leased lines, decreased during
the fiscal year $40, ,O59. 81, but there was
an increase IN taxes paid of $s5, ,980.2l.
| resulting in net Increase in its total
fixed charges of $40, 92O. SO.
The sinking funds for the payment of
certain classes of the company's bonds
have been added to the annual payment
of $40, 44O 90, and they now stand at a
total OF $571, 442. 4S, fan increase of $52, $780,.
II from the previous year.
Among the company's Investments
made some years since, are 900 for
2 200 shares of stock of the Portland, Mt.
Desert and Machias Steamboat compa.
ny and S62, 467.2 paid as premium in the
purchase of the entire capital stock $4,000
shares) of the Knox and Lincoln railway.
Although these amounts, as stated in
the company's books and in previous
annual reports, were paid for these in
vestments, they are now without market
value and ara not likely to have any in
the future; they have therefore been de-
Quoted from this years surpIus,a as stated
at page 5, and are charged of in the
profit and loss account.
The company's floating debt, which in
October, 1896, amounted to 81, 273, 600,
had been materially reduced in each sue
ceeding year, until at the beginning Of
the year covered by this report, it stood
at $500, QUO or this S40O, 600 has since
been paid, leaving balance due of
only 500, 10000 All of this reduction has
been made without the substitution OF
other debt or capitalization in any form,
and also without Withholding or postpon-
ing any of the current expenditures
necessary to the proper care, maintenance
or administration of your property. The
work of supplying certain train safety
appliances in accordance with United
States statues which took effect August
l, 1900, has been completed, at cost dur
ing the year of $95. 944 SO, which has been
included in the years. operating expenses.
New passenger stations have been
built at Brunswick. Waukeag, Washing
ton junction. Pejepscot and West Bald
win. The Brunswick station cost $35, 224.
The Cobbosseecontee branch has been
built from Gardiner, Me. Ills miles along
the bank of the stream from which 1t
takes It's name, to Copscook Mill. 1t
gives to several large and prosperous In
dustries the advantages of direot rail con-
nection with this company lines, and
the cost of its construction and operation
will, 1t is believed, be fully compensated
for by a considerable consequent increase
IN the roads business.
aN M VUEFCD nTT FTrNCy