IMPORTANT CHANGES DURING THE YEAR.

ALL EXTENSIONS OF ROAD PUT IN OPERATION.

Increase of 2.01 miles between Mainstream, Maine and Harmony, Maine, put in operation August 19, 1912; also an increase in Industrial Tracks of .67 miles.

DECREASE IN MILEAGE.

Decrease of .1 mile due to a resurvey between Royal Junction, Maine, and Waterville, Maine.

IMPORTANT PHYSICAL CHANGES.

Increase of .04 miles in leased lines due to resurvey.

ALL NEW STOCKS ISSUED.

145,659 shares of capital stock sold for cash during the year.

CHANGES IN THE RESPONDENT'S HOLDINGS OF STOCKS AND FUNDED DEBT. Purchased during the year the following:

1,945 shares of capital stock of the Bridgton & Saco River Railroad Company. 434 shares of capital stock of the Sandy River & Rangeley Lakes Railroad. 2.250 shares of capital stock of the Rangeley Lakes & Megantic Railroad Company. 2.329 shares of capital stock of the Ricker Hotel Company.

Sold during the year:

12 shares of capital stock of Maine Central Railroad Company held in treasury.

IMPORTANT FINANCIAL CHANGES.

Retired $12,000,000 of one year 4% coupon notes maturing March 15, 1913.