Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-09-30
the MAINE cENTRAL'S YEAR.
A.unmay Of the Business. the improvements
and Financial Conditions.

The flnanc1aI statement Vi Tie MA Inc
central Railroad has been sHprinted.
The full report of the president and
directors has nov been issued Presi-
don't futile calls attention to.tb& fact
mai the company's income .sFom all
sources increased s262, 26sss7 end the
: expenses of the operation. also in
creased SECS. SS7.s7, as compared with
the previous fiscal year. ~ -
Liberal expenditures. from the sur
Mus earnings have beer made for per-
na1nnaenltt 9.nnptovemenfs<art5t he property
and the standard of tssetttiepcy has
been materially improved the@by. No
charges have been made to4gy@pital or
construction account during the year,
except sl.7OO,O00 representing the par
value of Knox and Lincoln railway
bonds for which. by the terms of
merger of that company. this company
has now become liable.
The Maine Central Railroad Com
nanv owned the entire capital stock of
the Knox and Lincoln Railway and
onerated it under a loco year lease.
Legislative authority for the merging
of that company into the Maine Central
Railroad Company was awaited of in
February, 1901. and its capital stock
1000 shares-standing upon the books
of this company as a treasury asset at
the value Of 0000 no longer possess
ing marketable value. has been
charged off to the account of profit and
loss.
Hv reason of the refunding July.
800. of SS00. 900 Of Portland & Ogdens-
burg Railroad six per cent. bonds at
the rate of three and one-half per cent.
and October |. 1900, of SAL 800 Maine
Central Railroad Company extension
six per cent. bonds at the rate of four
per cent and of the payment of the
company's floating debt. the amount
If its interest and rental payments
was decreased. as compared with the
preceding year S34 ,252.62.
There was. however. an increase in
the amount of taxes paid, due princi-
rally 70 new tax law of the State Of
Maine. Of S49,64l.7S. resulting in a com
parative net increase Of the com
pany's fixed charges for the year Of
s15 3G9.1f.
There has been paid into the various
sinking funds for the payment of Cer-
tain classes of the company's bonds
SD" i40oG. and these funds now amount
to 1926, 306.03
The company has no floating debt
The new equipment added during thn
year, the cost Of which. 6i,927S+. has
been included in operating expense.
consists of three locomotives. one
passenger car. two baggage and mai
combination cars. one mail car and j.
freight cars. Six locomotives and 1855
freight cars were also received during
the year. the cost of which was ap
propriated and included in the previous
years operating expense.
An additional steamboat has been
purchased, at cost including refittinE
of $4,000, for use in the Mt. Desert
passenger service. and sl3,2u.15 has
been expended in renewing the com
pany's other marine equipment.
New passenger stations have been
built at Pennington, Me, Redstone, n.
H.. Maidstone Vt. and Colebrook, n.
H.. and new freight stations at Lew
iston, Me-, Redstone. n. H. and New
port. Me. Extensive additions have
been made to the freight yards at
Portland and Bangor and the
efficiency of the property has been
generally improved by enlarged ex
penditures for maintenance and re-
newals upon all parts of the system.
Some of the larger items of opera T.
ing and maintenance of expenses. are
rere collated: 30i1 tons (25.2O miles) of
new rails laid in main track and 37Sl
tons t3I.O1 miles of relaying rails laid
In branches and sidings at a net cost
OF $40, I2f.66; raising and ballasting
track $63, 5000; repairs of locomotives.
slbS, 2l6.9S: of passenger. baggage. mail
ana express cars $50. S49.02: of freight
cars. s9,2O2.64 Of roadbed and track.
s9Sl,3 ef.il; 33e560 ties laid. S10+, 500 81; :
and repairs of fences including 23.9l
miles rebuilt. $l3.0O052.
The general reduction of passcnge?
rates made in March. 1900 followed bv
further reduction in January. 1901,
OF the price of mileage tickets has re-
suited IN an increase of 1.21336l in t1n
NUMBER or passengers carried one milo
put also in reduction in the average
rate received per passenger per mile &C
40 of a mill
Inc total income of passenger fares
increased during the year only 500
ll'06. while the mileage of passnnpcr
uains was increased 131 ,665 miles a
an estimated opera ting cost of ahor
sr""", indicating that the enlarge |
."'0ne expected from these liberal re
u"'uons in passenger rates has not ye+
peen realized.