Annual Report of the Directors of the Boston and Maine Railroad for the Year Ending

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THE UNIVERSITY OF ILLINOIS LIBRARY 585A B665 I873/T5 I 887'/86

REPORT OF THE DIRECTORS

Boston & Maine Railroad

TO THE

STOCKHOLDERS.

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BOSTON: ALFRED MUDGE & SON, PRINTERS, 34 SCHOOL STREET. 1873. BOARD OF DIRECTORS.

NATHANIEL G. WHITE, LAWRENCE.

E. J. M. HALE, HAVERHILL. GEORGE C. LORD, BOSTON. AMOS PAUIJ, S0. NEWMARKET, N. H. JOHN E. BICKFORD, Dovza, N. H. *CYRUS WAKEFIELD, WAKEFIELD. NATHANIEL J. BRADLEE, BOSTON.

* Deceased.

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ANNUAL REPORT.

To the Slocklzolders of the Boston and Maine Railroad . THE Directors respectfully submit the following report, exhibiting the result of the operations of the road for the year ending September 30th, 1873 : - The gross receipts of the year ending Sep tember 30th, 1873, were $2,300,093 68 The operating expenses were 1,727,825 00

Net earnings for the year . $572,268 68 Being a little more than eight percent upon the whole capital authorized. The gross earnings of the twelve months ending September 30, 1872, were $2,046,142 19 And the expenses for the same time were 1,542,026 00 Showing ‘an increase in the receipts of the present year over the previous year of 253,951 49 And in the expenses of 185,799 00 The net income for the year ending Septem ber 30, 1872, was 504,116 19 Showing an increase in the net income of thepresent year over the previous year of 68,152 49 The expenses of the past year have been large; this results in part from the severity of the last winter, which for the transaction of railroad business was the most severe known for years, and put to the severest test all our rolling stock, increasing greatly our expenses.

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The extra cost of steel rails over that of iron has been about forty dollars per ton, all of which has been charged to our running expenses. We have applied the Miller platform to most of our cars, and the air-brake to many of our cars and engines, both of which outlays the public demanded. These improvements have cost us a large sum of money, but we believe they add much to our safety in the running of trains. The passenger and freight business of the past year, as compared with that of the year previous, stands as follows :

1872. Passengers carried . ' ._ . . . 4,135,469 *‘ “ one mile . . . 57,247,475 Tons of freight carried . . . . 520,722 “ “ “ “ one mile . . 20,769,207

1873.

Passengers carried . . . . . 5,008,074 “ “ one mile . . . 61,760,456 Tons of freight carried . . . . 542,004 “ “ ‘F “ one mile . . 20,927,664 Showing a net gain of 872,605 passengers; and for one mile, 4,512,981 ; and in freight a gain of 21,282 tons; and for one mile, of 158,457 tons. During the year we have added to the equipment 18 new passenger cars, including 3 parlor cars; 1 long baggage car, besides 177 freight cars ; 1 long freight buggy car, and 1 snow plow. We have also added two first-class passenger, and four first-class switching engines. We have now 120 passenger cars, including 3 parlor cars, 1,400 freight cars, and 69 locomotives. Our road bed and superstructure has been kept in good condition, and at the present time is 5 believed to be equal to the best road in New England. We have constructed a new draw in our bridge over Miller’s River, at an expense of twenty-seven thousand dollars, and finished the widening of our bridge over Charles River, on account of which we have paid during the pastiyear $54, and356.79. a new We passenger have built house a new at Reading, brick tank at house la point at Lawrence, about one half a mile above the present station. All our local Reading trains will run to and depart from this new station. This is done for the purpose of developing a large territory most eligibly located for building purposes. Already some half a dozen first class dwellings have been erected near the site of our new station in anticipation of the increased railroad facil ities to be secured at that point; About four acres of land have been secured to us by those interested in the building up of this new territory. This land will be required by us for additional room for the erection of ear houses, an engine house, etc. A new brick passenger house is now being constructed at Dover. Also, a new passenger house has been contracted for, to be erected at Bradford, so soon as the necessary consent can be obtained from the selectmen and the Railroad commis sioners for a change in the location of the station at that point. On the sixth day of December last, the last rail was laid on our extension to Portland, and on the fifteenth day of February, thereafter, through freight trains commenced run ning over our own road from Boston to Portland, and a month later, through passenger trains. Since that time "we have run our regular passenger and freight trains between the two cities. \Ve have not yet obtained that connection at Portland with the Maine Central road, for either passen gers or freight, which we believe the public are entitled to by the charter of that road, and the laws of the State of Maine. The public are compelled, by the policy adopted 6 by the Maine Central Railroad managers, to tranship at Portland at great expense and inconvenience, all freight, and all passengers and their baggage. WVe know well that this opposition by the Maine Central road to the opening of s. through line from Bangor to Bos ton over the Boston and Maine Railroad, is a much greater hardship to the people of the State of Maine than to the stockholders of this road. We are content to await the final action of the courts, and the people, who will most surely apply a remedy that will hereafter set at defiance the iron monopoly to which they are now subjected. VVe have now completed our road to Maple Street, the point designed for the location of our permanent passenger station in Portland. Near this point we cross Commercial Street to our wharf. By means of this crossing, we form an indirect connection with the Grand Trunk road for freight purposes. \Ve hope soon to make the» direct connection with this great and im portant line of road to the West, and thus secure the same facilities for passengers which are possessed by other roads. The subject of obtaining communication with deep water in Portland early suggested itself to your Directors, and after more than fifteen months negotiations with the owners of various wharf property in that city, they, on the fifteenth day of May last, brought these negotiations to a close by the purchase of Smith’s wharf, at an expense of $200,000. This wharf is situated directly opposite the grounds intended for our permanent passenger house. The wharf property con tains about eight and one half acres, about five of which is solid, and the balance dock, with a frontage on Commercial Street of four hundred and twenty-six feet, and a depth of about one thousand feet, on which are several large and sub stantial warehouses of brick and wood, with a track for both broad and narrow guage cars extending the whole length 7

By means of this purchase, and the rail connection secured thereby, we are enabled to place our cars within the yards of the largest lumber dealers in Portland, and within the means of close connection with steamers for Halifax, St. John, Bangor, Mt. Desert, etc. This property is now largely oc cupied by lumber and coal dealers, and pays us in rental a little more than ﬁve per cent on our investment, and since its connection with our main track by means of the frog across Commercial Street, and the indirect connection with the Grand Trunk road, our freight receipts from this connection ~a.lone have been increased at least two hundred dollars per day. At the close of business on the 30th day of September last, there had been expended on account of the extension in Maine, $3,941,322.76, as follows:— Graduation and Masonry . . . . $1,545,664 70 Land ...... 1,106,228 42 Engineering and other expenses . . 157,242 86 Snperstructure, including iron . 4' . . 649,744 01 Bridges ...... 311,334 75 Stations and buildings . . . . 145,807 71 Fences ...... 25,300 31 $3,941,322 76 Less amount expended as per last report . 2,140,029 48

Amount expended year ending September 30, 1873 ...... $1,801,293 28 This amount exceeds the expectation of your Directors; but a look at the items will disclose to you the very large amount expended for land, which includes not only your right of way, so fur as settled for, but also most of the lands purchased along the line of your extension, in the various towns and cities through which we pass, and at Portland, together with your extensive wharf property in Portland. 8

Some of this land can be disposed of at a considerable ad vance on the sum paid for the same, when our road is fully completed, and we are enabled to sec what we require. In this connection it is proper to say, that this exten_sion of your road in Maine, in respect to its allignment and grades, and consequent facility of operation, the adaptation of the location to its business, the strength and stability of its masonry and bridges, and the general thoroughness of the work, challenges a comparison with any other forty-four miles of railroad ever built. By an act of the legislature of Massachusetts, approved March 15, 1873, this corporation was authorized to build a , wharf in Somerville, on the southerly side of Mystic River. On the twenty-second day of May last, operations were com menced under the authority of said act, and have progressed favorably. We have built of pile structure about twelve hun dred feet in length by thirty-one feet wide ; have constructed on the west side of our bridge at this point a substantial sea wall, 625 feet long, and 10 feet high; and have dredged already a space some 60 feet wide, the whole length of the pile structure to the full depth required. VVe hope to have the whole completed early next year. We have expended up to October 1, 1873, on this improvement at Mystic River, not including the original land purchase, the sum of $61, 412.53. _ VVe have expended iu construction during the past year on our new location between North Andover and Bradford, $13,406.95, making the whole expenditure for this improve ment to the present time, $205,504.64. On the ninth day of January last, the West Amesbury Branch Railroad, which is leased to this corporation, was opened to the public, sincewhich time trains have run three times each way daily, between “lest Amesbury and Newton 9

Junction, connecting at that point with trains on our main line. By the extension of this branch about four miles to Ames bury Mills, our main road would add considerably to its present business from the branch. In accordance with your vote passed on the fourth day of June last, your Directors have entered into an agreement for a lease of the Lowell and Andover Railroad, which we have reason to believe will be constructed at an early day, and prove beneficial to this road. The whole length of road constructed by this corporation is 126% miles. The whole length now operated by us, in cluding the Danvers, Newburyport, Dover and Winnipisseo gee and West Amesbury Branch railroads, is 192% miles. The question of title to that portion of our freight premises, in Boston, seized by the Eastern Railroad Company, under the authority of an act of the Massachusetts legislature, has been submitted to the courts, and decided against us. The land thus taken is very valuable, but has not yet been paid for; a commission to be appointed will fix the value of the same. Since our last Annual Report, business has received severe blows from many disturbing elements. Early in the fall of 1872, came the horse distemper, affecting not only the busi ness of Boston but that of all New England. Following close upon this came the terrible conflagration in Boston, on the 9th and 10th of November, the results of which created enormous disturbances in all business relations and connec tions, by the laying waste of about seventy acres of land, and the absolute loss of nearly $80,000,000 of property; and more recently the money panic, seriously affecting the general business of the country, and especially all business upon which railroads rely for their support. Notwithstanding all these disturbing elements, the busi 10

ness of our road during the past year has been satisfactory, with a handsome increase over the year previous. The accounts of the treasurer have been examined by the auditor, Mr. A. R. Turner, and he reports them to be cor rect. The Board would cheerfully acknowledge their obligations to the various oflicers and employees of the road, through whose agency the operations for the year have been brought to a successful termination. In closing this report, it becomes our painful duty to an nounce the death of Cyrus VVakefield, a Director, and one of the largest stockholders in this corporation. Mr. Wakefield died very suddenly on the twenty-sixth of- October last. He had been connected with the management of this road about two years. He was a man of great business energy and generous impulses, and will be much lamented by the whole business community. Respectfully submitted, By order of the Board,

N. G. WHITE, Presidenl. BOSTON, Nov. 4, 1873.

1 2

A. Dr. Balance Account-, after closing Books

CONSTRUCTION AND IMPROVEMENT ACCOUNTS,-— $10,152,845 48 Pnornnrv ACCOUNTS— Car-shop stock ...... $60,659 18 Engine-shop stock...... 19,662 03 Wood, amount on hand...... 32,786 88 Oil, amount on hand. . . . - ...... 2.107 00 Waste, amount on hand...... 835 44 Iron rails, amount onhand...... 163,550 11 Ties, amount on hand...... 11,692 51 Coal, amount on hand...... 46,798 55 $339,091 10 Assnrs Acc0UNTs— Cash...... $10,55948 Uncollected freight bills, etc...... 98,908 75 U. S. Post-oﬁice department...... 1,411 56 Land improvements, Dr. W. -R. R...... 24,607 61 Grand Trunk Railway...... 4,733’49 Portland and Rochester R. R...... 2,127 O5 StonehamSt.R.R...... 71035 Amesbury Branch R. R...... 2,388 09 MaineCentralR.R...... 999 42 EasternR.R...... 88662 Notes receivable ...... 1,134 64 Steamer “Mt. Washington,” "and wharfs . . 69,408 49 Uncollected interest on delayed payments for newstock...... 58 Sundry accounts, and sundry R. Rds. . . . . 2,046 35 Boston and Maine R. R. Stock at par . . . . 27,000 00 Danvers R. R. bonds indorsed by us, taken at par...... 73,00000 Danvers R.R account...... 27,430 00 Newburyport R. R. as per agreement . . . . 303,768 00 Great Falls and Conway R. R. bonds guaran teed by Eastern R. R. in N. H...... 20,000 00 Insurancescrip...... 64000 Dover and Wiuuipiseogee R. R. stock . . . 263,144 48 934,904 96 $11,425,842 14 13

A For the lwelve Months ending Sept. 30, 1873. CR.

Cnrrrnr. Srocx Accoonr -

Reeeived from sale of 70,000 shares $6,921,274 52

LIABILITIES —

Amount of 1893 bonds 7%, issued up to Sept. 30th, 1873 ...... $1,227,5000O Notespayable...... 1,629,699 08 Uncalled for wages ...... 2,458 80 “ “ Dividends ...... 6,862 00 “ “ Bond interest, due July 1st, 1873 . 525 O0 “ “ Interest due Stockholders on ac count of new stock...... 652 50 Dauvers Railroad rent account...... 1,885 00 Cash receipts from Sept. 30 to Oct. 16, inclu sive, on account ofFreight bills, etc. . . . 107,919 24 Sundry accounts ...... 6,805 44 Bostonand Providence R.R...... 80 45 Boston, Concord and Montreal R. R. . . . . 1,134 74 Boston and Lowell, and N ashua and Lowell 19,31485 ConcordR.R...... 3,17826 Concord and Claremont R.R...... 274 36 Contocook River R. R...... 33 60 DoverandW.R.R...... 12,083 80 Manchester and Lawrence R.R...... 17,338 79 Manchester and North Weare R.R. . . . . 224 95 NorthernR.R...... 2,75220 Portland,Saco and Portsmouth R.R. . . . . 111,448 33 Suncook Valley R.R...... 227 82 Vermont Central R.R...... 1,208 89 Portland and Ogdensburg R.R. . - . . . . 3,883 69 New England and Nova. Scotia S. S. Co. . . 228 O0 International S. S. Co...... 368 50 Portland. Bangor and Machias S. S. Co. . . 3,081 00 SebagoS.S.Co...... 975 Deposits on account of Newburyport R. R. bonds...... 48000 Amount payable on account of Newburyport R. R. bonds as per agreement ...... 1,490 00 $3,162,238 54 Proﬁt and Loss. Net earnings, six months ending Sept. 30, 1873 ...... 290,677 46 Suspense account...... e.. 33,373 92 General reserve account, being undivided earnings to March 31, 1873, as described in Table C Iillclqlnlccocoo 1,018,277 10

$11,425_,842 14 14

B. Statement of Capital Stock, and Construction and Improve ment Account, September 30, 1873.

CAPITAL.

Received from the sale of 70,000 shares ...... $6,921,274 52

CONSTRUCTION.

Graduation and Masonry ...... $2,571,305 26 Bridges...... 809,47575 Superstructure, including Iron ...... 1,713,385 49 Stations, Buildings, Fixtures and Furniture, 988,599 73 Land,Land Damages and Fences . - . . . 2,292,419 18 Engineering and other expenses...... 442,255 B6 $8,817,441 27

EQUIPMENT.

69 Locomotives ...... $529,54518 149 Passenger and Baggage Cars . . . . . 335,724 67 1,636 Merchandise and other Cars . . . . . 470,134 36 ii $1,335,404 21

Total cost of Road and Equipment $10,152,845 48

In Construction account .----u . . . $6,921,274 52 In Improvement account 3,231,510 as $10,152,845 4s C.

Statement of Undivided Earnings, Sept. 30th, 1873.

Balance as per Report, Sept. 30th, 1872 ...... $1,016,686 48 Earned this year over expenses, as per Table D, $572,268 68 Less Dividend 4%, May 15th, 1873 ...... 280,000 00

$292,268 68 Less Proﬁt and Loss ac. as described in Table A, 290,677 46 1,591 22

General Reserve account, March 31st, 1873, as described in TableA...... $l,018,2777O

The above balance of $1,018,277.70 is invested as follows:

In Newburyport Railroad Bonds...... $303,768 00 In Danvers Railroad Bonds (guaranteed by this Corporation), 73,000 O0 In Danvers Railroad Contract and Stock...... 27,430 00 In Dover and Winnipiseogee Railroad Stock ...... 2G3,144'48

The remainder, in expenditures on the Road, Rolling Stock, etc., in addition to the capital received from the sale of stock. It is, therefore, only an element indicating, in some measure, the value of the stock above par; blft, it is not available for the payment of debts or dividends. 16

C'0mpa1'atz've Statement of Earnings and Expenses.

EARNINGS. Year ending Sept. 30, 1872. Year ending Sept. 30, 1873. $1,092,600 49 Passenger . . . $1,302,190 55 813,204 20 Freight . . . . 820,512 44 43,423 35 Rents . . . . . 42,02216 14.525 s3 Mails . . . . . 14,551 25 40,917 90 Expresses . . . 42,407 93 41,470 36 InterestandPremium 78,409 35 $2,040,142 19 92,300,093 cs

EXPENSES. ~

$199,019 83 Repairs road. . . . $216,657 51 47,277 92 “ bridges- . . . 27,530 80 15,793 15 “ fences, etc. . 10,324 31 99,345 87 “ stations . . . 91,253 87 79,747 03 “ locomotives . 88,658 86 66,200 80 “ pass.&bag. cars, 53,584 43 70,574 97 “ merchandise “ 34,872 24 90,933 990 31{Ss,‘;",‘,t$§]“‘§u“;v$§‘(f,f$(§,‘1‘,’11 Removing ice and snow, } 77,515 6,264 20 88

195,721 87 Passenger expenses . 232,3-19 34 165,679 S0 Freight “ 188,430 84 60,988 34 Wood ...... 56,960 75 8,461 77 Water ...... 6,282 37 16,220 88 Oil ...... 20,796 67 4,810 61 Waste ...... 5,313 16 21,641 86 Gratuities & damages . 11,585 44 39,924 19 General expenses . . . 37,364 20 81,525 04 Taxes ...... 86,168 61 8,02714 Insurance '...... 10,749 89 7,500 00 Danvers Railroad rent, 7 ,500 00 146,315 58 Coal for locomotives . 204,816 52 137,324 77 Renewal of rails - . . 138,868 13 Interest paid. . . . . 74,434 55 4,793 27 Telegraph ...... 5,678 93 Bond, int. due July 1,1873, 33,862 50 $1,538,823 11 $1,727,825 00 $507,319 O8 3,202 89 Less, tax on dividends and surplus.

$504,116 19

$504,110 19 For 12 months, Net earnings for the year ending Sept. 30, 1873, $572,268 68 1.215,99s Miles run, 1,459,903. BOSTON AND MAINE RAILROAD.

THE Animal Meeting of the Stockholders of the Boston and Maine Railroad, will be held at LAWVRENCE, in the City Hall, on VVEDNESDAY, the tenth day of December next, at Ten o'clock, A.M., for the following purposes, viz : -

1. To act upon any amendments to the third article of the By-laws. 2. For the choice of Directors for the ensuing year.

3. To act upon the question of funding the debt of this Company, and providing means for the completion of its road by the issue of bonds or otherwise.

4. For the transaction of any other business which may legally be brought before them.

By order of the Directors,

CHAUNCEY P. JUDD, Clerk. Bosrox, Nov. 4, 1873.

REPORT OF THE DIRECTORS

Boston it Maine Railroad 4

TO THE STOCKHOLDERS. ~

Vvednesday, Dec. 9, 18'74=

BOSTON: ALFRED MUDGE 85 son, PRINTERS, 34 souoor, sransr. 1874. - BOARD OF DIRECTORS.

NATHANIEL G. WHITE, LAWRENCE. GEORGE C. LORD, BOSTON. AMOS PAUL, S0. NEWMARKET, N. H. NATHANIEL J. BRADLEE, BOSTON. WILLIAM S. STEVENS, Dovnn, N. H. JAMES R. NICHOLS, HAVERHILL. JOHN FELT OSGOOD, Bosron. SAMUEL E. SPRING, PORTLAND, ME. NATHANIEL W. FARWELL, LEWISTON, ME. 5%5.+ BLL6 \%16h+

K-.Qoe'Rz_ Q_3'.Y<‘-'-9

ANNUAL REPORT.

T 0 the Stockholders Q]; the Boston and Maine Railroad: THE Directors repectfully submit the following Report, exhibiting the result of the operations of the road for the twelve months ending Sept. 30, 1874. The gross receipts for twelve months end ing Sept. 30,1874, were $2,421,799 27 Operating expenses exclu sive of taxes $1,459,769 25 Taxes paid in all 97,888 64 $1,557,657 89

Leaving as net earnings for the year . . $864,141 as Interest and coupons paid during the year . 236,786 95

Leaving a balance of . . ' . . . $627,354 43 The gross earnings of the twelve months ending Sept. 30, 1873, were . $2,300,093 68 And the expenses_f0r the same time, includ ing interest, conpons, and taxes, were - 1,727,825 00 Showing an increase in the receipts of the present over the previous year of 121,705 59 And in the operating expenses, including‘ in terest and taxes, of 66,619 84 Th net income for the year ending Sept. 1873, after paying interest, coupons, ixes, was . . . . . 512,266 68 Showii an increase in the net income of the present year over the previous year of 55,085 75

-9-%-?<—?r=t'3'~ 4

The financial crisis, beginning in September, 1873, and extending over a large portion of the first six months of the present year, has had its influence upon the business of your road, even to the end of the year. It has reduced the amount of business done considerably below our expecta tions, and of course correspondingly diminished the income of the company, while the expenses have by no means been correspondingly reduced, but in'some unexpected quarters increased. ' The Legislature of the State of Maine, at the last session thereof, passed an act levying upon certain railroad corpora tions within that State a tax of one and one half per cent per annnm upon the amount of capital invested. The amount thus levied upon this corporation was $26,000, a sum equal to double the whole amount of taxes paid by this com pany prior to the year 1861. This new demand, with $25,000 claimed by the City of Boston under the Betterment Act, on account of the extension of Washington Street, is, to say the least, an item of expense wholly beyond our esti mate for 1874. If railroad corporations are tax-ed to such an extent to pay the expenses of the people, the people certainly should not complain if they are made to pay more remunerative rates to the railroads; neither can do without the other, but each is in a measure dependent upon the other. Nothwithstanding the crisis, a calamity which affected in juriously the whole railroad business of the country, your road has maintained it's position and made a small gain in both gross receipts and net earnings over the previous year. As our facilities for doing business have considerably in creased during the last year, there is every reason to expect that the business of the coming year will much exceed that of the past. \ 5

The passenger and freight business of the past year, as compared with that of the year previous, stands as follows :—

1873. _ Passengers carried . . . . . 5,008,074 “ “ one mile . . . 61,760,456 Tons of freight carried . . . . 542,004 “ “ “ “ _ one mile . . 20,927,664

1874. Passengers carried . . . . . 4,749,785 “ “ one mile . . . 75,061,175 Tons of freight carried . . . . 552,922 “ “ “ “ one mile . . 22,880,690 showing a net loss of 258,289 passengers; and for one mile a net gain of 13,300,719; and in freight a gain of 10, 918 tons; and for one mile of 1,953,026 tons. On the ﬁfteenth day of March, 1833. was approved an act, incorporating the Boston and Maine Railroad, and on the fourteenth day of April, 1836, an act incorporating the East ern Railroad Company. Each corporation at that early day had its eye on the same objective point, namely, the present City of Portland. On the fourteenth day of March, 1837, the Portland, Saco and Portsmouth Railroad Company was in corporated; soon after the construction of this last named road, a contract was entered into bet-ween it and the Boston and Maine and Eastern Railroad Companies, whereby the whole business east of Portsmouth, N. H., was to be equally divided between the two last named roads. Under this contract the business of the respective roads increased and prospered for twenty-three years, when the contract was terminated by the action of the Portland, Saco and Portsmouth Railroad Company. From that moment, the building of the extension of this road to Portland became a 6

necessity ; and, as a natural consequence, competition for the business eastof the line of the State of New Hampshire, and at the various competing points touched by our respective roads, became active. So active that the managers of these two corporations (the Maine and the Eastern) came together for theppurpose of consultation in reference to business at competing points. After several months’ negotiation, a contract was agreed upon, and on the fourth day of April, 1874, was executed by the respective parties thereto, to commence on the first day of May then next ensuing. This contract provides that all the business at competing points to and from other com peting points, named and designated, shall be divided, after paying to the party doing the work a certain per cent of the gross receipts. All competition it was agreed should cease from that date; and the reform of many other abuses, the natural offspring of competition, entered largely into the full and perfect consummation of the agreement. Since the first day of May last, the business of the two roads between points of competition has been done with very little cause of com plaint from either party. In the division of the business this “road, as was anticipated, has been obliged to make monthly payments to the Eastern Railroad Company, varying in amount with the amount of business done. Your Directors believed it for your interest to make this contract, and still believe that so long as the same shall be fairly and honestly carried out by the parties in interest, that a large sumof money can thereby annually be saved to the stockholders of each of these corporations. On the first day of March, 1864, a contract was entered into between this corpora.tion, the Essex Railroad Company, a corporation then in existence but since defunct, and the Eastern Railroad Company, granting to said Essex and Eastern Railroad Companies permission for ten years to

I /2’ 7

run their locomotives and cars over this road, from the junc tion in North Andover to North Lawrence, upon the pay ment of a sum of money per month, which was altogether inadequate for the facilities furnished. This contract terminated by_limitation during the past year. The Eastern Railroad Company were duly notified that after the thirty-first day of August, 1874, no locomotive engine of the Eastern Railroad Company would be allowed to enter upon or pass over any of the track of this corpora tion between those points; but that arrangements for hauling their cars between said points could be made with this company. ' The Eastern Railroad Company having signified a desire that their cars should be so hauled, on the first day of Sep tember last we commenced this service. We have been unable to agree upon the amount of compensation that should be paid to us for these services, and the Railroad Commissioners have been called upon underrthe law to fix and determine the same. On the twenty-fourth day of May last, the rails of this company were joined with those of the Grand Trunk Railway, on Commercial Street, in the City of Portland, and on the next day our passenger trains com menced running to and from the Grand Trunk passenger station. A full and perfect connection, however, was not made with this important system of railways until the twenty-seventh day of September, 1874. On that day the change of the gauge for the whole distance between Detroit and Portland was fully consummated, and our cars, both passenger and freight, were enabled to run from Boston to San Francisco. This connection secured to this corporation much better facilities in the transportation of passengers and freight from points on this road to points on the‘Grand Trunk, and beyond, than we have enjoyed heretofore. The construction of the Lcwiston and Auburn Railroad, five 8

miles in length, connecting with the Grand Trunk Railway, opens to this road the Cities of Lewiston and Auburn, and to the enterprising people of those two cities another route to Boston. Since the twenty-seventh day of Feptember last, our passenger cars have run between Boston and Lewiston without change. Thus are the people of the State of Maine gradually ridding themselves of the monopoly referred to in our last Annual Report. A contract has been entered into with the Grand Trunk Road for the use of a portion of their passenger station in Portland by which it is hoped that this road will be saved the expense of constructing a passenger house at that point for many years to come. The work of dredging at Mystic River in front of our wharf was fully completed in August last, giving us a depth of nine feet below mean low water. To complete the same we have only to put on two feet of ballast, when we shall have about eight acres of wharf accommodation within one mile of the city limits of Boston on the trunk line of our road. This property has been procured at a comparatively moderate cost, and it is believed will be suﬁicient for the requirements of this road for many years to come. The belt or pile structure on the east side of our wharf in Portland was found to be unsafe for the passage of locomo tives. Accordingly, large and expensive repairs and im provements have been made thereon. Nearly the whole of the cast side has been reconstructed with the best of oak piles, and the same has been thoroughly re-planked. Two substantial drops have been built at the end of the wharf for the accommodation of the eastern steamers in the reception and delivery of passengers and freight. Nearly three hun drcd feet of sheds have been built over the same, for the pur pose of covering our passenger trains running to and from the eastern steamers, and also for the accommodation of the 9 new semi-weekly line of steamers between Portland and New York, who lease a portion of the wharf. The dock on both sides for a distance of some three hun dred feet in length has been dredged to a depth of sixteen feet on the east side and nine feet on the west below mean businesslow water. at this This point. increases considerably i the facilities for

In the Annual Report of last year it was stated that by means of this wharf purchase and the rail connection secured thereby, we were enabled to place our cars within the yards of the largest lumber dealers in Portland, and within the means of close connection with steamers for Halifax, St. John, Bangor, Mt. Desert, etc. This has been done during the past summer, and passengers have found our cars in close proximity to the steamer’s landing. The business from this connection with the steamers in the winter season is of little account; but during the summer, we anticipate in the future a large and increasing business, especially after the opening of the Lowell and Andover Railroad. At the close of business on the thirtieth day of September last, there had been expended, on account of the extension in 1\Iaine, including the wharf purchase, $4,163,344.74, as fol lows: —

Graduation and masonry . _ . . . $1,619,260 32 Land ...... 1,191,823 19 Engineering and other expenses . . . 161,152 06 Superstructure, including iron . . . 655,256 95 Bridges ...... 315,369 57 Stations and buildings . . . . 178,174 36 Fences ...... 42,308 29

$4,163,344 74 VVith the exception of some few claims for land damages yet remaining unsettled on account of legal proceedings con 10 \

neeted therewith, and two or three bridge structures for high ways or streets that may have to be built, it is hoped and believed that the whole expenditures hereafter on the exten sion may properly be all charged to expenses. The number of locomotives in the service of the company remain as at date of last report, 69. , One new locomotive has been added during the year, but it takes the place of one worn out and broken up. During the year we have added 2 new passenger cars, 2 long baggage cars, 6 freight cars, and one snow plow. We have now 122 passenger cars, including 3 parlor cars, and 1,406 freight cars. As a true measure of economy the track and road-beds have been kept in good condition. 16 miles have been relaid with new lI‘OIl and 102 miles with steel rails during the year. “Te have now on the whole line of road 602 miles of steel rails. In this connection it is gratifying to be able to state that the steel rails first laid down on this road in the year 1867, at a point where an iron rail had to be renewed every year, are as yet but little worn, and will serve us for three or four years longer; at other points of less severe service they show no appreciable sign of damage or wear, and very few of them ‘have ever broken. We cannot but believe that the expense of our road re pairs must be greatly reduced in the future by the use of steel. Our new brick passenger house, at Dover,» has been fin ished. It is an ornament to the place, and supplies a long felt wantat this important point. New passenger houses have been commenced and are nearly completed at Bradford, and at Byfield on the Newburyport Branch. We have also erected a new, wooden, engine house; at Exeter, called for by running the road in two divisions instead of three, as at first contemplated. The large number of bridges on the line of our road calls for constant care and watchfulness. The most of those on the 11' extension are of iron, and we are substituting iron for wood on the other portion of the road, so fast as renewals become necessary. Notwithstanding all our important wooden bridges are carefully watched, and every possible means used to secure and protect them from fire, yet they are a constant source of anxiety to the oflicers of the road. Additional safeguards have been provided for the wooden structure over the Merrimack River, at Haverhill. A con tract has been made with the Water Company at that place for a constant supply of water with suflicient head to drench the bridge in case of need. Some 1,000 feet of iron pipe has been laid from the street mains to the north end of the bridge; from thence an iron pipe is carried through its en tire length, and so arranged in sections as to command, by means of hose fitted to the same, a water supply, almost in stantly, in any part of the bridge in case of fire. A new, three-track, iron, fifty-feet span bridge has been constructed over Little River, in Haverhill. We have also contracted for a new iron through bridge of one hundred and fifty feet span, to take the place of the present wooden structure over Lamprey River in New market. The Lowell and Andover Railroad is approaching comple tion. \Vhen finished, this corporation will take a lease of the same for ninety-nine years, in accordance with your vote passed June 4, 1873. By it this road secures another im portant through connection with the \Vest, as well as a new and direct line for New York. l The accounts of the treasurer have been examined by the auditor, Mr. A. R. Turner, and he reports them to be cor rect. Respectfully submitted, By order of the Board, B0sT01\', Nov. 4, 1874. N. G. WHITE, President.

Comparative Statement of E'arm'ngs and Expenses.

EARNINGS. Year ending Sept. 30, 1873. Year ending Sept. 30, 1874. $1,302,190 55 Passengers.... $1,410,530 85 820,512 44 Freight ...... 820,275 79 42,022 16 Rents.... . 52,744 62 14,551 25 Mails . 21,360 20 78,409 35 Interest and prem1um.. 61,531 60 42,407 93 Expresses .... 55,356 21 -$2,300,093 68 —1——---—- ii-—-— $2,421,799 27

EXPENSES. $216,657 51 Repairs road ...... $207,101 66 27,530 80 “ bridges...... 31,013 80 10,324 31 “ fences, etc. . .. 10,779 45 91,253 87 “ stations ...... 55,507 85 88.658 86 “ locomotives -. 97,567 46 53,584 43 “ pass. and bag. cars 69,165 49 34,872 24 “ mdse. cars.... 29,822 94 6,264 88 Removing ice and snow 4,326 06 77,516 20 $wit.chinen, gatemen, signalmen and watchmen ...... 86,545 83 232,349 34 Passenger expenses . . 239,355 78 188,430 84 Freight - " .. 178,694 30 56,960 75 Wood....-...... 37,619 74 6,282 37 Water...... 11,240 24 20,796 67 Oi1...... 20,054 59 5,313 16 Waste 4,618 23 11,585 44 Gratuities and damages 9,649 01 37,364 20 General expenses . 32,208 03 10,749 89 Insurance ...... 10,568 30 7,500 00 Danvers Railroad rent 7,500 00 West Amesbury Rail road rent...... 4,275 00 204,816 52 Coal for 1ocomotlves.. 197,319 38 138,868 13 Renewal of rails. .. 109,495 25 5,678 93 Telegraph . .. 5,310 86

$1,533,359 84 Operating expenses . .$1,459,769 25 86,168 61 Taxes --...... -. 97,888 64 108,297 O5 Interest . . . . - ...... 236,786 95 $1,727,825 00 $1,794,444 S4 —__—__ Net earnings for the ii‘

$572,268 68 year-...... $627,354 43 1,458,963 Miles run 1,424,698 14

0 DR. Treasurer’s Balance Sheet, September 30, 1874.

ASSETS.

CONSTR UCTION Gradu ation and Masonry ...... $2,645,371 27 Bridges . . . 882,759 45 Superstructure,including Iron...... 1,897,73143 Stations, Buildings, Fixtures and Furniture 1,057,151; 11 Land, Land Damages and Fences . . . . . 2,379,248 50 Engineering and other expenses...... 446,165 06 $9,308,431 82 EQUIPMENT. 69 Locomotives . $529,545 18 153 Passenger and Baggage Cars . 333,724 37 1,628 Merchandise and other Cars . . . 413,134 33 1,333,401 21

Construction and Equipment . . . . . $10,646,836 03

Car~shop stock on hand ...... $38,330 76 Engine-shop stock on hand ...... 19,101 47 3Vo0d “ “ ...... 29,86000 Oil “ “ 2,94940 Waste “ “ ...... 92950 Rails “ “ . . . '. ._ .' . . 137,690 00 Ties “ “ ...... 9,134 00 Coal “ “ ...... 96,937 50 $334,932 33 Cash...... 263,754,90 Uncollected freight bills, etc...... 96,346 15 U.S.Post-ofiice department ...... 937 60 é,111‘::l1(;1p}11_‘1ir-11lp1ip;r_¢la‘i‘1,1{:ents,D. and W. Railroad 24111130; 6(1) , Portland and Rochester Railroa . . . . . i824 L7 91

Stoneham Street Railroad...... 549 36 EasternRailroad ...... 3298 76 Maine Central Railroad...... 4127614 Notes receivable ...... 6,676 03 Steamer “Mt. Washington,” and wharves . 70,060 24 Uncoliected intereston delayed payments for newstock...... 27 Sundry accounts and sundry railroads . . . 5,736 56 Boston and Maine Railroad Stock at par . . 27,000 00 Dzgnlyers tltailroad Bonds indorsed by us 73 000 00 aenapar...... Danvers Railroad account ...... 27:430 00 Newburyport Railroad ...... 303,993 00 Insurance Scrip ...... 640 00 Dover and Winnipiseogee Railroad Stock . 263,144 48 $1,173,403 71 $12,155,172 37 $31-in 15

\ Treasu_1'er’s Balance S/zeet, September 30, 1874. (JR.

LIABILITIES.

CAPITAL Srocx (received from sale of 70,000 shares) $6,921,274 52 l8937%B0nds...... $1,500,000 00 1894 7% Bonds issued up to Sept. 30, 1874 . 1,012,500 00 Notespayable ...... 901,509 0s Uncalledforwages . . - ...... 664 31 “ “ Dividends...... 10,506 00 ll I6 Bond interest due Jan. 1, 1874 367 so U ll Interest H Hdue stockholders (S 1’ on 2,531 so CG (G account ofnew stock . . . . 247 50

Danvers Railroad rent account . . . -.6 1,750 00 Cash receipts, Oct. 1 to Oct. 12 inclusive, on account offreight bills, etc...... 91,714 30 Boston and Providence Railroad . . . . . 73 15 Boston, Concord and Montreal Railroad . . 591 02 Boston and Lowell and Nashua and Lowell Railroad...... 7,119 61 ConcordRai1r0ad ...... 6,398 51 Concord and Claremont Railroad . . . . . 483 31 Dover and Winniplseogee Railroad . . . . 12,oss so Manchester and Lawrence Railroad. . . . 25,876 52 Manchester and North Weare Railroad . . 119 14 Northern Railroad ...... 402 as Central Vermont Railroad ...... 396 so Portland and Ogdensburg Railroad . . . . 1,662 09 New England and Nova. Scotia S. S. Co.» . sss 00 International S. S. Co...... _ . . . . 24s 75 Portland, Bangor and Machias S. S. Co. . . 676 so SebagoS.S.Co...... 188 15 West Amesbury Branch Railroad. . . . . 1,425 oo Deposits on account of Newburyport Rail roadBonds...... 480 00 Amount payable on account of Newbury port Railroad Bonds as per agreement . 370 00 _--____i $3,581,308 44 Dividend payable November 14, 1874 . . . 280,000 00 Suspense...... 354,311 71 Proﬂtandloss-...... 1,018,277 70

$12,155,172 37 in 16

Statement of Proﬁt and Loss Account,’ September 30th, 1874.

Proﬁt and Loss Account, as per Report ...... $1,018,277 70

Invested as follows: - Iu Newburyport Railroad Bonds ...... "$303,993 00 Danvers Railroad Bonds (guaranteed by this corporation) ...... ¢...... 73,000 00 Danvers Railroad Contract and Stock 27,430 00 Dover and Winnipiseogee Railroad Stock -. 263,144 48 The Remainder...... 350,710 22 in expenditures on the Road, Rolling Stock, —— $1,018,277 70 etc.,' in addition to the capital received from the sale of stock. It is, therefore, only an element indicating, in some measure, the value of the stock above par; but. it is not available for the payment of debts or divi dends. BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Railroad, will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the ninth day of December next, at Ten 0’clock,-A.M.,_for the following purposes, viz : — 1. For the choice of Directors for the ensuing year.' 2. For the transaction of any other business which may legally be brought before them.

By order of the Directors,

CHAUNCEY P. JUDD, Clerk. Bosron, Nov. 4, 1874.

REPORT or THE DIRECTORS

or rm‘;

T O T I IE

STOCKHOLDERS,

WEDNESDAY, DECEMBER 8, 1875.

BOSTON: ALFRED MUDGE & SON, PRINTERS, 34 SCHOOL S r R E m ‘r. 1875. OFFICERS.

Dmnorons. NATHANIEL G. WHITE Lawnnncn.

GEORGE C. LORD . . Bosrorr. AMOS PAUL . So. NEWMARKET, N. H. NATHANIEL J. BRADLEE . Bosron. WVILLIAM S. STEVENS Dovnn, N. H. JAMES R. NICHOLS HAVERHILL. JOHN FELT OSGOOD BOSTON. SAMUEL E. SPRING Ponrrann, ME. NATHANIEL W. FARWELL Lnwrsron, ME.

Pnnsrnnnr. GENERAL SUPERINTENDENT. NATHANIEL G. WHITE. JAMES T. FURBER.

Tnnnsnmcn. -CLERK. AMOS BLANCHARD. CHAUNCEY P. JUDD.

Aumron. A. R. TURNER. 385.4 Bt¢5 levees

ANNUAL REPORT.

To the Stockholders of the Boston and Maine. Railroad: THE Directors respectfully submit the following Report, exhibiting the result of the operations of the road for the twelve months ending Sept. 30, 1875. The gross receipts for twelve months ending Sept. 30, 1875, were ...... $2,388,740 18 Operating expenses exclu sive of taxes . . . $1,422,721 57 Taxes paid in all . . 99,840 20 $1,522,561 77

Leaving as net earnings for the year . . $866,17 8 41 Interest and coupons paid during the year . 258,199 93

Leaving a balance of . . . . . $607,978 48 The gross earnings of the twelve months ’ ending Sept. 30, 1874, were . . . $2,421,799 27 And the expenses for the same time, includ ) i11g interest coupons and taxes . . 1,794,444 84 <§h0wing a decrease in the gross receipts of the present as compared with the previous 3 year of ~...... 33,059 09 l1ZAnd in the operating expenses, including J interest and taxes, of . . . . 13,683 14 (5The net income for the year ending Sept. 30, 1874, after paying interest, coupons and J taxes, was ...... 627,354 43 P Showing a. decrease in the net income of the 1: present as compared with the previous 5 year, of .1 . . . . . 19,375 95 4: REPORT OF THE DIRECTORS OF THE

This falling off in both gross a11d net receipts, during the past year, is accounted for by the long-continued depression in all kinds 4/of business, oommencinglin September, 1873, with the great financial crisis, and extending to the present time. Month after month since the first blow of the great panic, the business man has been prophesying better times, but all such prophecies have failed. This depression in business has stopped the construction of factories, machine shops, rolling-mills, and every other important branch of business upon which the prosperity of the country depends. A large number of our working people _have thus been thrown out of employment, changing their condition from producers to consumers, and lessening production in nearly every department of industry. All classes of our people have suffered, —the laboring man in Want of work and reduced pay; the manufacturer in want of a market for his goods; the moneyed man in a reduction of his interest and dividends ; the owner of real estate in his reduced rents; the railroads in theirreduced receipts, with little or no corresponding reduction in their expenses. In short, every class of people, and every branch of industry, has suffered more or less from this long business depression. It is not surprising that the business of your road should fall ofi' ; that your net income should be less, when all branches of business upon whose life and activity your success depends are depressed, making little or no return to their stockholders. The great Wonder - is that your road has been able to do as Well as it has, with all these adverse circumstances to contend against. It simply proves that you have a valuable property that will, upon the return of good and prosperous times, make abundant returns to you for your investment. You will perceive that the gross receipts for the past year are only $33,059.09 short of the year 1874, while the loss in net earnings" is only $19,375.95 short of the previous year; at the same time the BOSTON AND MAINE RAILROAD. - 5

operating expenses, including taxes and interest, have been reduced only $13,683.14 ; all of which proves that the great cry that has been so often sounded by interested parties during the past year, that your property was being wasted by a ruinous competition with a neighboring road. has served only to frighten stockholders and thereby depress the market value of their property. The floating debt of this corporation has been reduced during the-year $527,849.69, and stood, at the close oi business, on the thirtieth day of September, 1875, at $373,659.39. The same has been further reduced, since the closing of the accounts, by the payment of maturing liabil ities amounting to $125,000. At the date of this report, the whole floating debt of the corporation is $248,659.39. Twenty-eight thousand five hundred dollars of this amount was incurred within the past year for additional freight grounds in-Lawrence. Towards funding this amount, we have $199,500.00 of the 18941bonds,yet unsold. The managers of your property have exerted themselves to secure for your road its legitimate and proper share of the business of its own and connecting lines, and with this object in view have used every honorable means to secure the same. One half the business east of Portland, as We have always claimed, belongs to your road, and sooner or= later our claim will beacknowledged as" just and reasonable. The “time is not far distant when a through line, without change of cars, from Bangor to Boston will be opened over the Boston and Maine Railroad. In our Annual Report for the year 1873, We said We were content to await the action of the Courts and the people in this respect. We were not obliged-to resort to the Courts, for the people, or rather the managers of _ the Maine Central Railroad Company, sawthe propriety of making a joint arrangement for business between our respective systems of railroad, and proposed a business 6 REPORT OF THE DIRECTORS OF THE contract, whereby there should be secured to your road the same rights and facilities as was given to any other road be tween Portland and Boston. Accordingly, on the twenty eighth day of December, 1874, a contract between this cor poration and the Maine Centail Railroad Company was entered into for a term of years, whereby the rails of the two corpo rations were united at Portland, with the promise on their part, that business of both passengers and freight coming from the Maine Central Road, and destined to Boston or other points of competition, should be left free to take either line west of Portland, without influence direct or indirect. Under this contract, a portion of the business from the State of Maine began to take its rightful channel over your road. This business continued to increase until the annual meeting of the Maine Central Railroad, in the month of March last, when its management was captured, and the old management made to give place to men in the interest of the Eastern Railroad Company. For this reason, we have not as yet gained that advantage from the contract that was promised. We have reason: to believe that recent developments in rail road management will in the end inure to the benefit of this corporation, and that you will erelong secure your share of the tratfic from the east of Portland coming over the Maine Central Railroad. On the first day of December, 1874, your directors took possession of the Lowell and Andover Railroad, under an agreement with that corporation, that the Boston and Maine Railroad should, for a consideration in money, to us paid, take possession and complete the construction of the same. It was agreed that the annual rental for said road should commence on that day. An agreement for a lease was then made, and on the eighteenth day of October, 1875, the proper papers were fully executed, and delivered, for the term authorized by you at your meeting, holden on the fourth day of June, 1873. The Lowell and Andover Railroad has been noscron AND MAINE aamnoxn. 7 in operation eleven months, during which time the receipts from the same have been but little more than enough to meet the expenses of operation and rent. This has been no dis appointment to the managers of your property. The volume of business seeking the new route is gradually increasing, and it is confidently believed will prove remunerative to the‘ stockholders of the Boston and Maine Railroad. Before the completion of the Lowell and Andover Railroad, negotiations were had with the Boston and Lowell Railroad Company, looking to some arrangement that would, in the future, save each corporation from an unprofitable competition. These negotiations resulted in a business contract between us, for one year, and three months’ notice thereafter, of a desire of either party to terminate the same. Under this arrangement the relations between our respective roads have continued amicable. The contract entered into with the Eastern Railroad Com pany on the 4th of April, 187 4, for a division of business at competing points, continues in force ; and although its work ing has not been entirely free from friction, yet the same has saved us from any wasteful competition, and led, we believe, to results beneficial to both parties. On the sixth day of May, 1872, there was approved an Act of the Legislature of Massachusetts in relation to the running of cheap morning and evening railroad trains to and from Boston, for distances not exceeding fifteen miles, at rates of fare therein specified; provided that the number of persons making application therefor shall not be less than 4 two hundred. From the date of the approval of this Act, to the present time, no train has been asked for or -run under the Act. This Act is understood to have been, if not the natural, certainly the adopted, child of the Railroad Com missioners of the State of Massachusetts, although the appli cation to the Legislature for such an Act Was first made by 8 REPORT OF THE DIRECTORS OF THE

' another, who early conceived the idea of compelling railroad corporations to carry passengers at unremunerative rates. _ Nothing came of this legislation until the 4th of No vember, 1872, when the Eastern Railroad Company, at the earnest solicitation of the Railroad Commissioners, and with “ the strong desire felt by the management of the Eastern Road, to make that corporation popularafter the Revere acci dent,” consented to make a trial of the cheap train experi ment. This experiment was 11ot under the Act aforesaid, but under a uniform price for tickets, between any and all stations, like a horse-railroad ticket, upon a plan requested by the Railroad Commissioners. VVe are informed by the Commissioners, in their last An nual Report, that “ the experiment of cheap workingmen’s trains on the Eastern Railroad has continued a decided and growing success,” that the net profit was large, in fact larger by fourteen per cent than the average passenger trains. We do not know how the Commissioners arrived at this result, but presume it must have been in the same way, that they give us the surplus earnings above operating expenses, and amount paid for rent of roads, interest and taxes of the same corporation for the year ending Sept. 30, 1874, as being $234,987.41. The Commissioners were naturally encouraged by these figures. Inasmuch as no other corporation had shown any disposition to follow the example of the Eastern Road, they publicly invited those living on the lines of other roads who wished to have the benefit of trains similar to those run11ing on the Eastern Road, to give some organized indication of that desire, some pressure of public opinion, promising to aid them by means of machinery through which such a demand as that referred to can make itself felt. Ac cordingly with this strong invitation of the Commissioners a petition containing more than fifteen hundred names (whether names of residents on the line of your road or not, we BOSTON AND MAINE RAILROAD. K 9 do not know) was presented, not to your Board of Direc tors, but to the Railroad Commissioners, asking that a simi lar train be placed on this road. A day was fixed for a hearing on this petition, why, we know not. Although your‘ corporation was not bound to appear at that hearing, yet they were represented, and for you claimed that it was unjust to ask any corporation thus to discriminate, and do work for any portion of the public at a loss. Our protest and objec tions had no force whatever with the Commissioners, who immediately recommended the placing of a cheap train morning and evening on your road running between Read ing and Boston, arriving at and departing from the latter place at about six o’clock in the fore11oon a11d afternoon, at a uniform rate of fare of about six and two third cents each. Accordingly such a train was placed upon the road on the first day of October, 1875, and has been run since that time strictly in accordance with the recommendation of the Com missioners. It has already run long enough to show con clusively that there is no profit, but an actual daily loss by such running; and more, that there is no public demand for such train; as the largest number of passengers on any one train, counting the through and local of the cheap-fare pas sengers, has not exceeded 61 passengers on an inward bound train, and 84 passengers on an outward bound train, the average for the month of October being 4633 to a train inward and"72%§_ to a trai11 outward. The earnest solicita tion of the Commissioners and their subsequent recommen dation that such a train should be run on your road, together with the desire on our part to do all we can consistently for the public, experimentally or otherwise, is our only apology for placing upon your road a train service that does not commend itself to your Directors. If, after a fair trial, it does not prove to be remunerativc, the same will be discontinued. 10 REPORT OF THE DIRECTORS OF THE

It may be gratifying to the stockholders of this corporation to be informed, that they have received, from the opening or the road, to and including the dividend recently declared, the sum of two hundred eighty-two dollars and ﬁfty cents in cash, on each share of stock by them held. In addition to this, for more than thirteen years last past, all taxes on your stock, both State and national, have been paid by the corporation. A statement of the dividends paid from the opening of the road, including that payable on the ﬁfteenth day of November, 1875, is appended to this report. The passenger and freight business of the past year, as compared with that of the year previous, stands as follows : —

1874. Passengers carried . . . . . 4,749,785 “ “ one mile . . . 75,061,175 Tons of freight carried . . . . 552,922 “ i “ one mile . . . 22,880,690

1875. Passengers carried . . . . . 4,906,779 “ “ one mile . . . 65,423,484 Tons of freight carried . . . . 647,374 “ “ one mile . . . 25,410,756 Showing a net gain of 156,994 passengers, and for one mile a net loss of 9,637,691 ; and in freight a gain of 94,452 tons, and for one mile of 2,530,066 tons. Our road beds and track have been kept in good condition, 11% miles have been relaid with new iron, and 7 ,1, miles with steel rails during the year. We have now 011 the whole line of road 68} miles of steel rails. A new passengerhouse has been constructed at Georgetown, on our Newburyport Branch. An addition has been made to our Transfer Station in Portland, for the purpose of furnishing that place with a BOSTON AND MAINE RAILROAD. 11

first-class dining-room, where passengers destined to points _east of Portland may step ofi', and have more than thirty minutes for dinner. We have also nearly completed a new passenger house at Melrose. In connection with this new house, we have done much important work at this point, by a relocation of the tracks, whereby a bad reverse curve has been greatly improved, and an additional freight track and grounds secured. A coal elevator of two thousand tons capacity has been constructed upon our wharf property at Mystic River, to be used as a place of temporary storage for coal when the same comes upon us in large fleets at one time. The new iron through bridge, referred to in our last Annual Report, as con tracted for, has been placed over Lamprey River in New market, and is believed to be a most substantial structure. lVe have purchased during the year additional lands in Lawrence for freight purposes, at an expense of $28,500. We have also constructed a line of telegraph from Lowell Junction in Andover, to Lowell. The large number of ' trains between Boston and Lowell and Lowell and Lawrence that this single track road is required to carry rendered this necessary. A large amount of side track has been laid at various points on the road during the year, particularly in the State of Maine, to facilitate the movement of our trains. One of the piers to the bridge over Salmon Falls River has been rebuilt, as has also an abutment to a bridge in the town of Exeter. Much heavy work has been done in Portland in raising the height of our retaining walls. These improve ments have involved considerable expense. _ The number of locomotives in the service of the company is 73. Seven new locomotives have been added during the year, three of which take the place a11d number of three that have been worn out and broken up. We have also during 12 REPORT or THE nmserons or rm: the year added to our rolling stock 6 first-class passenger cars, 2 parlor cars, and 2 combined smoking and baggage cars. “re have now in use 132 passenger cars, including 5 parlor cars and 2 combined smoking and baggage cars. One new milk car has been constructed during the year. The number of freight cars remains the same as at the date of last report. The treasurer’s accounts have passed through the same thorough examination by the auditor, Mr. A. R. Turner, as in former years. The result has proved the usual accuracy and ability with which this important department has here tofore been managed. In closing another Annual Report, your Directors would express their sense of the great responsibility under which they have been placed by your confidence. They hope that their labors have not been in vain, a11d that the result of the year’s operations Will meet with your approval. Respectfully submitted, By order of the Board, N. G. WHITE, President. Bosron, Nov. 3, 1875. BOSTON AND MAINE RAILROAD 13

STATEMENT

Of Boston and Maine Railroad Dividends, from the Opening of the Road to Nov. 15, 1.875.

Am’t. per Amw per .° Payable. Share. Payable. thure. @000-1g~.»<:\+4>§>§'»t§'.>r-12 . October, 1838. $3 00 26. July, 1851. $3 50 . April, 1839. 2 O0 27. January, 1852. O9¢>JvF>-PP)-PH>~lPOOC>30OC)O09QQOOCx?rl>FPrPbPO9C>3C» 50 December, 1839. N>09U\|Fhl>U\H>C»D¢JOOJC)9C>O€A7C¥3UOC»3¢\3CDl\9CDl—llQ|F 00. 28. July, 1852. 50 April, 1840. O0 29. January, 1853. 50 . July, 1840. 50 30. July , 1853. O0 January, 1841 . 00 31. January, 1854. O0 . July, 1841. 50 32. July, 1854. 00 . January, 1842. 50 33. January, 1855. O0 . July, 1842. 00 34. July , 1855. O0 . January, 1843. 00 35. January, 1856. V O0 . July, 1843. 00 36. July , 1856. O0 . January, 1844. 00 37. January , 1857. O0 . July, 1844. O0 38. July, 1857. 00 . January, 1845. 50 39. January, 1858. 00. . July, 1845. 50 40. July, 1858. 00 . January, 1846. 50 41. January, 1859. 50 . July, 1846. 50 42. July, 1859. 00 . January, 1847. 50, 43. January, 1860. O0 . July, 1847. ()0 44. July, 1860. O0 . January, 1848. O0 45. December, 1860. 00 . July, 1848. 50 46. July, 1861. O0 . January, 1849. 00 47. January, 1862. O0 . January, 1850. 50 48. July, 1862. 00 . July, 18,50. 00 49. January, 1863. 4 00 . January, 1851. 00 50. July, 1863. 4 O0 14 REPORT OF THE DIRECTORS OF THE

Payable. Aérllirlielaler Am't. per No. Payable. Share. 51. January, 1864. $4 00 65. December, 1870 . $5 00 52. July, 1864. 4 00 66. July, 1871. 500 53. January, 1865. 4 00 67. November, 1871. 300 54. July, 1865. 4 00 68. May, 1872. 500 55. January, 1866. 4 00 69. November, 1872. 5 00 56. July, 1866. 5 00 70. May, 1873. 400 57. January, 1867. 5 00 71. December, 1873. 400 58. July, 1867. 5 00 72. May, 1874. 400 59. January, 1868. 5 00 73. November, 1874. 400 60. July, 1868. 5 00 74. May, 1875. 400 61. January, 1869. 5 00 75. November, 1875. 400 62. July, 1869. 5 00 63. January, 1870. 5 00 Total, $282 50 64. July, 1870. 5 00 BOSTON AND MAINE RAILROAD. 15

Oomparative Statement of Earnings and Expenses.

EARNINGS. Year ending Sept. 30, 1874. Year ending Sept. 30, 1875. $1,410,530 85 Passengers . . $1,371,878 67 820,275 79 Freight . . . . 809,680 38 ‘ 52,744 62 Rents . . . . . 51,812 45 21,360 20 Mails . . . . . 19,924 47 61,531 60 Int. and Premium 74,280 37 55,356 21 Expresses . . - 61,163 84 $2,421,799 27 -———‘-———— -———--—— $2,388,740 18 EXPENSES. $207,101 66 Repairs Road . . . .$180,874 70 -31,013 80 “ Bridges . . . 15,645 77 10.779 45 “ Fences, etc. . 11,611 68 55,507 85 “ Stations . . . 66,790 25 97,567 46 ~* Locomotives. 78,886 58 69,165 49 “ Pass. and Bag. Cars . . 44,021 66 29,822 94 " Mdse. Cars. . 33,239 04 4,326 06 Removing ice and snow 6,285 76 86,545 83 Switchmen, Gatemen. Signalmen and Watchmen. . . 94,177 95 239,355 78 Passenger Expense . . 230,083 67 178,694 30 Freight Expense . . . 190,564 57 37,619 74 Wood ...... 32,556 71 11,240 24 Water ...... 11,390 71 20,054 59 Oil ...... 21,636 36 4,648 23 Waste ...... 4,452 68 9,649 01 Gratuities and Damages 19,611 13 32,208 03 General Expense . . . 15,067 42 10,568 30 Insurance ...... 13,276 57 7,500 00 Danvers Railroad Ren 3,125 00 4,275 00 West Amesbury Rail road Rent . . . 5,700 00 Lowell and Andover Railroad Rent . 43,750 00 197,319 38 Coal for Locomotives . 201,837 23 109,495 25 Renewal of Rails . . . 92,478 23 5,310 86 Telegraph ...... 5.757 30

$1,459,769 25 Operating Expenses.$1,422,721 57 97,888 64 Taxes ...... 99,840 20 236,786 95 Interest ...... 258,199 93 $1,794,444 84 —— $1,780,761 70

ﬂ_— __¢-1-1‘. Net Earnings for the $627,354 43 year...... $607,978 48 1,424 698 Miles run . . . . . 1,576,575 16 REPORT OF THE DIRECTORS OF THE

Dir. 11'easurer’s Balance Sheet, September 30, 1875.

ASSETS.

CONSTRUCTION.

Graduation and Masonry . . ._ ...... $2.6T2,067 S6 Bridges...... 929,33209 Superstructure,including Iron . . . . 1,897,807 33 Stations, Buildings, Fixtures, and Furniture 1,067,421 74 Land, Land Damages, and Fences . . . . . 2,429,582 87 1 Engineering and otherExpenses . . . . . 446,338 56 $9,442,550 45

isquununsr.

73 Locomotives .' ...... $577,170 42 163 Passenger and Baggage (‘ars . . . . 386.386 95 1,628 Merchandise and other Cars. . . . . 474,22135 $1,437,778 72 Construction and Equipment ...... $10,880,329 17

Engine Shop stock on hand ...... $9,299 66 Car -* “ “ " ...... 29,234 53 Wood “ “ ...... 1731514 Oil “ “ ...... 2,859 57 Waste “ “ ...... 480 00 Rails “ “ ...... 109.136 00 Ties “ “ ...... 7,691 19 Coal “ “ ...... 68,438 50 $244,514 59

Cash...... $194.72581 Uncollected Freight Bills, etc...... 77,589 60' U. S. Post-oﬂice Department ...... ' . 2,352 49 Land and Improvements. D. and W. Railroad 24,607 6.1 Portland and Rochester Railroad . . . . . 1,841 01 Stoneham Street Railroad ...... 73 99 ,EasternRaiIroad...... 745 44 Maine Central Railroad...... 1,984 00 Notes Receivable ...... 4,188 23 Steamer “ Mt. Washington ” and Wharves . 70,060 24 Sundry Accounts and sundry Railroads . . 5.521 43 Boston and Maine Railroad Stock at par . . 27.000 00 Danvers Railroad Bonds ...... 125,000 00 “ “ Account ...... 27,430 00 Insurance Scrip ...... 64000 Dover and Winnipiseogee Railroad Stock . 263,144 48 Newburyport Railroad ...... 303,993 O0 .i_.__- $1,130,897 39

$l2.255,741 15 BOSTON AND MAINE RAILROAD. 17

Treasurer’s Balance Sheet, September 30, 1875. CR.

LIABILITIES. CAPITAL STOCK (received from sale of 70,000 Shares) . . . ¢--a-..-.--. $6,921,274 t2 1893 7% Bonds ...... $1,s0o,0oo 00 1894 7% Bonds issued up to Sept. 30, 1875 . 1,100,500 00 Notes Payable . . 373,659 39 Uncalled forWages...... 1.203 37 “ “ Dividends ...... 11,184 00 “ “ Bond Interest due July 1, 1874 17 50 “ “ “ “ “ Jan. 1, 1875 525 00 “ “ “ “ “ July 1, 1875 2,612 50 “ “ Interest due Stockholders on . Account of New Stock . . . 40 50 Cash Receipts, Oct. 1 to Oct. 12 inclusive, on account of Freight Bills, etc...... 71,713 94 Boston and Providence Railroad . . . . . 44 49 Boston, Concord and Montreal Railroad . . 488 60 Boston and Lowell and Nashua and Lowell Railroad...... 511168 Concord Railroad...... 8,429 82 Concord and Claremont Railroad . . . . . 139 86 Boston, Clinton and Fitchburg Railroad . . 3,792 99 Dover and Winnipiscogee Railroad . 12,088 33 Grand Trunk Railway...... 2,573 26 Manchester and Lawrence Railroad . . . . 6,443 59 Manchester and North Wcare Railroad . . 18 O8 Northern Railroad ...... 213 86 European and North American Railway . . 800 50 Central Vermont Railroad ...... 121 37 Portland and Ogdensburg Railroad . . . . 2,429 62 New England and Nova Scotiu. S. S. Co. . . 374 25 International S. S. Co ...... 164 50 Portland, Bangor and Machias S. S. Co. . . 1.198 50 Sundry Railroads. . . . . ~...... 157 94 West Amesbury Branch Railroad Rent Account...... 1,42500 Connecticut and Passumpsic River Railroad 81 19 uld Colony Railroad ...... 468 95 Lowell and Andover Railroad Rent Account 43,750 O0 “ “ “ " Improvement Account...... 12,01528 Deposits on account of Newburyport Rail roadlionds ...... 48000 Amount Payable on account of Newbury- ' port Railroad Bonds as per agreement. . 370 00 $3,759,662 86 Dividend Payable November 15, 1875 280.000 00 Suspense. . . IOIIIOIIQOOIII 276,526 07 ProtltandLoss...... 1,018,277 70

$12,255,741 15 18 REPORT or DIRECTORS or THE

Statement of Profit and Loss Account, September 30, 1875.

Pi-oﬂta.ndLoss ...... $i,0iS,277 70 Invested as follows : - I

In Newburyport Railroad Bonds ...... $303,993 00 Danvers Railroad Bonds...... 125.000 00 “ “ Contract and Stock . . . . 27,430 00 Dover and Winnipiseogee Railroad Stock . . 263,144 43 “ “ “ “ Improv'm‘t 24,607 61 Steamer Mount Washington and Wharves . 70,060 24 The Remainder, etc...... 204,042 37 —-- $1,018,277 70 in expenditures on the Road, Rolling Stock, etc., In addition to the capital received from the sale of stock. It is, therefore, only an element indicating, in some measure, the value of the stock above par; but it is not available for the payment of debts or divi dends. BOSTON AND MAINE RAILROAD. 19

BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Railroad, will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the eighth day of December next, at ten o’clock, A. M., for the following purposes, viz. — 1. For the choice of Directors for the- ensuing year. 2. For the transaction of any other business which may legally be brought before them. By order of the Directors, CHAUNCEY P. JUDD, Cler/0. BOSTON, Nov. 17, 1875. '

Stockholders, and no olher persons, Wlll be passed free to and from the place of meeting, on exhibiting their certiﬁ cates to the conductors. Stockholders from points east of Rollinsford will take the train leaving Portland at 6.15 A. M. and Boston at 3.30 P. M. All other stockholders will take the stockholders’ trains especially provided for them, leaving Great Falls at 7A. M. and Boston at 9 A. M., and Lawrence at the close of the meeting. If they go beyond Lawrence they will be required to pay full fare. By order of the Directors, JAMES T. FURBER, Gen. Supt. 1 J

REPORT OF THE DIRECTORS

OF THE BUSTUN AND MAINE RAILROAD 2

STOCKAIOLDERS,

WEDNESDAY, DECEMBER 13. 1876.

BOSTON: ALFRED MUDGE &. SON, PRINTERS, 34-Scnoor. STREET. 1876. OFFICERS.

Dnmorons. NATHANIEL G. WHITE . . . LAWRENCE.

GEORGE C. LORD ...... Bosrorr.

AMOS PAUL ...... So. NEWMARKET, N. H.

NATHANIEL J. BRADLEE . . BosTON. WILLIAM S. STEVENS . . . Dovrzn, N. H. JAMES R. NICHOLS . . . . . Hnvnanrnn. JOHN FELT OSGOOD . . . . BOSTON. SAMUEL E. SPRING . . . . PORTLAND, ME. NATHANIEL W. FARWELL . L1-ZWISTON, ME.

PRESIDENT. 1 GENERAL Surnnrnrnnnnzvr. NATHANIEL G. WHITE. I JAMES T. I-‘URBER.

Tmzxsom-11:. | CLERK.

AMOS BLANCHARD. CHAUNCEY P. JUDD.

Aunrron. A. R. TURNER. FORTY-THIRD ANNUAL REPORT.

‘To the Stockholders of the Boston and Blaine Railroad . THE Directors respectfully submit the following Report, exhibiting the result of the operations of the road for the twelve months ending Sept. 30, 1876. The gross receipts for twelve months ending Sept. 30, 1876, were ...... $2,370,619 53 Operating expenses exclu sive of taxes . . . $1,417,418 65 Taxes paid in all . . 106,547 80 Rent of leased lines . . 87,200 00 $1,611,166 45 Leaving as net earnings for the year. . . $759,453 08 Interest and coupons paid during the year . 248,318 25

Leaving a balance of . . . . . $511,134 83 As the net amount on hand available for the payment of dividends after the payment of all expenses of operating the road, rent of leased lines, town, city, and State taxes, and all interest and coupons due during the year. One dividend of $3 per share was paid May 15, 1876, and another of $3 per share has been declared, and is payable Nov. 15, 1876, amounting in the aggregate to $420,000, leaving a balance to the credit of Profit and Loss Account, after the payment of said dividends, of $91,134.83. \Vhile there has been quite an increase in the volume of 4 REPORT OF THE DIRECTORS OF THE business during the year, over that of the year previous, in both passengersand freight, the gross receipts are a little less than for the year ending Sept. 30, 1875. This is ac counted for, partly by the fact that our local business, on which we depend largely for our receipts, has been somewhat reduced by the general depression in business, and partly by the reduced rates received from through freight from the West, large quantities of which, since March last, have been carried over our road. This reduction in rates is the result of the competition that exists between lines running West from Boston. Little or no improvement in the business of the country has yet been felt by your road. Until there is a decided change for the better, until the factories and workshops located on your line of road, upon which your business greatly depends, shall become prosperous as in former years, you cannot expect increased returns for your investment. Although the long-continued depression in business of all kinds has reduced the income of nearly every class of secu rity, and in many instances has nearly wiped out the entire principal, yet property invested in railroads honestly man aged, a11d located through a country demanding railroad facilities, has shown less shrinkage in value and has pro duced better results by Way of income than most other classes of property. If such is the fact, then most certainly, upon a return of prosperous times, such railroad investments will be looked upon 11ot only as safe but profitable. With the prosperity or adversity of the manufacturing establishments located all along the line of your road your cor poration deeply sympathizes. If they are actively employed and prosperous, your corporation correspondingly prospers. It has ever been the policy of the managers of this road to do all in their power to encourage the introduction of new and various branches of industry on its line, believing that the BOSTON AND MAINE RAILROAD. 5 net revenue of a railroad located like your own is derived mainly from its local business, and to that you must look in the future for the principal portion of your net earnings. Nothing within the knowledge of your Directors has occurred since our last Annual Report to impair confidence in the real and permanent value of your investment. We look with entire confidence for better times from the revival of trade, which must come by reason of the actual wants and necessities of the country in the not very distant future. By an Act of the last legislature of Massachusetts, the Railroad Commissioners were required to prescribe a uniform system in the keeping of the books and accounts of rail road corporations, and were authorized to employ a person skilled in the methods of railroad accounting to supervise the method by which the accounts of such corporations are kept. The system, which must be satisfactory to every honestly managed railroad corporation, has been prescribed, and went into general operation on the first day of October, 1876. VVe are pleased to be able to say, that we believe it is as perfect a system as can be devised, and is similar to that used by this corporation for the past fifteen years. By ref erence to the treasurers balance-sheet, hereto annexed, it will be perceived that the value of the equipment has been reduced by such an amount as will bring the same to the cash market value on the 30tl1 of September, 1876, the ._____ Railroad Commissioners requiring such valuation, in our report to them, for the year. The difference has been charged to Profit and Loss Account. . It must be borne in mind, that in making a cash valuation atthis time, when all property is from twenty-five to thirty per cent less than in former years, that the apparent reduction is large, although the actual Work ing value to the road is the same as last year, the whole equipment having been kept up to its usual standard. Our floating debt has been reduced during the past year 6 REPORT OF THE DIRECTORS OF TIIE

$221,650.31, and stood at the close of business on the thir tieth day of September, 1876, at $152,009.08. Towards funding this amount we have $99,500.00 of the 1894 bonds yet unsold. The passenger and freight business of the past year, as compared with that of the year previous, stands as follows : —

1875. Passengers carried . . . . . 4,906,779 “ “ one mile . . . 65,423,484 Tons of freight carried . . . . 647,374 “ “ one mile . . . 25,410,756

1876. Passengers carried . . . . . 5,086,819 “ “ one mile . . . 67,897,723 Tons of freight carried . . . . 701,945 “ , “ one mile . . . 30,421,902

Showing a net gain of 180,040 passengers, and for one mile a net gain of 2,474,239, and in freight a gain of 54, 571 tons, and for one mile of 5,011,146 tons. Our road beds and track are in good condition, 2%g%§ miles have been relaid with new iron, and 6%-§§§ miles with steel rails during the year. There has been laid also considerable length of side track, at various points on the road,—an annual item of expense incident to the keeping up and improvement of a railroad. The new passenger-house at Melrose, referred to in our last report, has been completed, and meets fully the wants of this growing locality. The passenger-station at VVakeﬁeld has been almost entirely reconstructed, the waiting-rooms enlarged, and in other respects made adequate to the wants of the public. New structures have been erected during the year as follows :— BOSTON AND MAINE RAILROAD. 7

One at Portland, in connection with our Commercial Street passenger-house. for a first-class dining-room; a small passenger-house at Pine Point (so called) in the town of Scarborough, for the accommodation of the large and increasing pleasure-travel visiting that point; a small freight house at Atkinson; a large and commodious coal-shed, three hundred and forty feet iu length, in Boston. Extensive lands and groves on both sides of your road and on the Shawsheen River, in the town of Andover, near the junction with the Lowell and Andover Railroad, have been purchased and improved during the year, to be used as picnic grounds. Although this purchase and prepa ration came late for business this year, yet the demand for such a place since its opening, has been so great as to warrant us in the belief that the same will prove in the future a source of much profit to the corporation. Authority was obtained from the last Legislature of Massachusetts for this corporation to purchase the rights, franchise, and property of the Newburyport Railroad Com pany, and also to purchase the rights, franchise, and property of the Danvers Railroad Company. It will be remembered that this corporation now own not only all the bonds of these two corporations, but also a majority of all the stock, pur chased at an expense of $455,597. and representing thirty five miles of road, running through a thriving district of country, and costing the projectors of the same more than $840,000. It was thought advisable to obtain authority for the virtual consolidation of these companies with the Boston and Maine Railroad. Such a consolidation would save the expense and trouble of keeping up separate organizations, and of making annual returns to the railroad commissioners, as required by law. The Acts require the approval of the contracting corporations and of the Board of Railroad Commissioners. 8 REPORT OF THE DIRECTORS.

At_ some future time you will be called upon for your approval. On the fifteenth day of January last a reduction of ten per cent was made in the salaries and pay of all the ofiicers and employes of the corporation ; at the same time quite a reduc tion was made i11 the number of men employed. The number of locomotives in the service of the company remains the same as at the date of last report. We have added - during the year to our rolling stock one first-class passenger car. N o addition to the number of our freight-cars has been made during the year. The accounts of the treasurer have been examined by the auditor, Mr. A. R. Turner, and he reports the same correct, and satisfactorily vouched. In closing this report your Directors would bear testimony to the energy, zeal, and faithfulness of the General Superin tendent and the other officers and employes under him, to whose watchful care we are greatly indebted for the reg ularity in the movement of our trains and the safety with which the great amount of train service has been performed upon this road during the year just closed. Eve1' thankful to a kind Providence for His protection, we feel especially grateful for the exemption of our road during the past. year from any accident calculated to alarm the public. Respectfully submitted, By order of the Board.

N. G. WHITE, President. BosToN, Nov. 6, 1876.

OI .'LHOIH JO IE[H.L SHOLOEIHIG JO IEIHJ.

StatementofProﬁtandLossAccount,Sept.30,1876.CR. $1,294,80377 301,13483 $1,595,938 ‘$1,595,93860 so

Gil Balancetoaccount new: $3,94025$276,52607

Suspense$272,58582Surplusfortheendingyear...

Toreducevaluationofequipment.222,548,72Proﬁtandloss1,018,27770 .. Suspense .. Balance:Suspense. $272,58582 .... Proﬁtand1085 1,096,86381$1,369,449 63 .. SurplusSept.30,1875:

Proﬁtandloss1,096,863811,369,44963S1-pt.30,1876......

Sundryitemschargedoﬂ‘of asno lIIIOIOOlOI<'..'.

value . DR. BOSTON AND MAINE RAILROAD. 11

1 T/16 Earnings and Expenses for the year ending Sept. 30, 1876, are as follows:

SEPT. 30, 1876.

EARNINGS. Passengers ...... $1,354,202 37 Freight ...... 842,779 65 Rents...... 49,33,552 Mai1s...... 23,6572-14 Interest and Premium ...... 42,826 46 Expresses ...... 57,818 19 $2,370,619 53

EXPENSES. Repairs Road ...... $176,477 94 “ Bridges ...... 23,097 09 “ Fences, etc...... 6,961 91 “ Stations ...... 54,217 32 “ Locomotives ...... 79,56019 “ Passenger&Baggage Cars . . 48,214 73 “ Merchandise Cars . . . . . 30,09182 Removing Ice and Snow ...... 1,483 61 Switch, Gate, Signal & Watchmen . . 91,000 47 Passenger Expense ...... - 266,537 87 Freight “ ...... 229,575 71 Wood...... 25,60874 Water...... l2,55571 2l,0938Q Waste...... '.. 5,18499 Gratuities and Damages ...... 10,037 59 General Expense ...... 44,027 94 Insurance ...... 12,761 24 Danvers Railroad Rent ...... Dover&Winnipiseogee R.R. Rent. . 29,000 00 West Amesbury “ 5,700 O0 Lowell and Andover “ 52,500 00 Coal for Locomotives ...... 190,813 56 Renewal of Rails ...... 82,733 40 Telegrsph...... 5,3830? Operating Expenses ...... $1,504,618 65 Taxes...... 106,54780 Interest ...... 248,318 25 $1,859,484 70

Net Earnings for the year . . . . $511,134 33‘

Miles run. 1.645,632 12 REPORT or THE DIRECTORS or THE

DR. T1'easure7"s Balance Sheet, Sept. 30, 1876.

ASSETS. CO.\'STRUC'l‘l0N.

Grading and Masonry ...... $2,679,501 15 Bridging . . - - . . --Q-5|. - . 936,599 40 Superstructure,ineludingltails. . . . . 1,897,807 33 Land, Land Damages, and Fences. . . . 2,462,298 26 Passenger, Freight, and Water Stations andWood Sheds. -...... 772,724 26 Engine Houses, Car Sheds, and Turn Tables . . . --.------164,713 as Machine Shops, including Machinery and Tools...... -.---¢-- 133,283 50 Interest paid during Construction, Dis count, etc. . . . 82,028 44 Engineering, Agencies, Salaries, and other Expenses during Construction . 365,474 39 $9,494,430 71

EQUIPMENT. 73 Locomotives $355,000 00 11, Snow Plows 7,000 00 i 1620166 Passenger Merchandise and and Baggage other CarsCars 392,275 00 460,955 00 $1,215,230 00

Construction and Equipment . . $10,709,660 71

Wood on hand O O - -vet OIIIOI IIIIII $13,235 20 St £6 - 5 - 2,465 43 Waste “ “ O - . 5 471 82 Rails “ “ - I 1 s4,s2o 00 'l‘ies “ “ 4,465 03 Coal “ “ --...... 54,147 50 Car Shop Stockon hand . . . . 20,674 29 Engine “ “ “ . . . . . ~ -.-¢ 5,655 47 $186,134 74

Cash $151,165 13 Notes Receivable . . . . . 5,985 59 Boston & Maine R. R. Stock at par . . . 27,000 00 Land and Improvements Dover and Winnipiseogee R.R ...... 24,607 61 Dover & Winnipiseogee Railroad Stock, 263,144 48 Steamer Mt Washington and Wharves, 70,060 24 Danvers RailroadBonds ...... 125,000 00 ‘-' “ Account ...... 27,430 00 Lowell & Andover Railroad Betterments, 1,176 00 Newburyport Railroad Stock and Bonds . 303,167 O0 $998,736 05

$11,894,531 50 BOSTON AND MAINE RAILROAD. 13

Treasurer’s Balance Sheet, Sept. 30, 1876. CR.

LIABILITIES.

Capital Stock (received from sale of} $6,921,274 52 70,000shares)...... 4 Seven per cent Bonds due 1893. . . . . $1,500,000 00 “ “ “ “ “ 1894. . . . . 1,900,500 00 Notes payable...... 152,009 08 Ledger Balances ...... _ 21,019 53 Lowell and Andover Railroad Impr0ve- 1 mentaccount ...... 1 30,278 74 Suspense...... $272,585 s2 ‘ Proﬁt and Loss . . . . . 1,096,863 81 1,369,449 63 "—_—"_i $4,973,256 98 l

$11,894,531 50

BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Railroad, will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the thirteenth day of December next, at ten o’clock, A. M., for the following purposes, viz. :— 1. For the choice of Directors for the ensuing year. 2. For the transaction of any other business which may be legally brought before them. By order of the Directors. CHAUNCEY P. JUDD, Clerk. Bosron, Nov. 25, 1876.

Stockholders, and no other persons, will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. Stockholders located at stations east of Rollinsford will take the ﬁrst morning trains from Portland in order to reach Lawrence in season for the meeting, and returning will take the train which leaves South Lawrence at 4.30 P. M. All stockholders located at stations between Great Falls and Boston are requested to take passage on the stockholders’ trains especially provided for them, as there will not be seat room on the regular passenger trains for more than the ordinary number of passengers. The special Stockholders’ Trains will leave Great Falls for Lawrence at 7 A. 111., and Boston for Lawrence at 9'A. M., and will leave Lawrence for Boston and Great Falls at the close of the meeting. Stockholders going from either direction beyond Lawrence will be charged regular fare between Lawrence and the sta tions to which they take passage. By order of the Directors. JAS. T. FURBER, Gen. Supt.

REPORT OF THE DIRECTORS

BUSTUN AND MAINE RAILRUAD

STOCKHOLDERS,

WEDNESDAY, DECEMBER 12, 1877.

BOSTOE. ALFRED MUDGE 8: SON, PRINTERS, 34 Scnoor. S EEEE '1‘. 1877. ‘OFFICERS.

DIRECTORS.

NATHANIEL G. WHITE . . . LAWRENCE.

GEORGE C. LORD ...... BOSTON. .

AMOS PAUL ...... So. NEWMARKET, N. ll.

NATHANIEL J. BRADLEE . . BOSTON. WILLIAM S. STEVENS . . . . DOVER, N. H. JAMES R. NICHOLS - . . . . HAVERHILL. JOHN FELT OSGOOD . . . . BOSTON. SAMUEL E. SPRING . . . . . PORTLAND, ME. NATHANIEL W. FARWELL . LEWISTON, ME.

PRESIDENT. GENERAL SUPERINTENDENT. NATHANIEL G. WHITE. JAMES T. FURBER.

TREASURER. CLERK. AMOS BLANCHARD. CHAUNCEY P. JUDD.

Aumron. A. R. TURNER. [$15.4 3eu5 Mt/'11 '

FORTY-FOURTH ANNUAL REPORT. ,

To the iStockholders of the Boston and Maine Railroad:

THE Directors respectfully submit the following report, exhibiting the result of the operations of the road for the twelve months ending Sept 30, 1877. The gross receipts for twelve months ending Sept. 30, 1877, were . $2,267,019 43 Operating expenses . . $1,423,182 62 Taxes paid . . . . 95,672 35 Rent of leased lines . . 87,200 00 $1,606,054 97

Leaving as net earnings for the year . . $660,964 46 Interest paid during the year . . . 245,802 73 Leaving a balance of . . . . . $415,161 73 The gross earnings of the twelve months end ing Sept. 30, 1876, were . . . . $2,370,619 53 And the expenses for the same time. including interest, taxes, and rent of leased lines . 1,859,484 70 Showing a decrease in the gross receipts of the present year, as compared with the previous year, of . . . . . 103,600 10 And in the operating expenses, including in interest, taxes, and rent of leased lines . 7,627 00 The balance for the year ending Sept. 30, 1876, after paying interest, taxes, and all other expenses, was . . . . 511,134 83 4 . REPORT OF THE DIRECTORS OF THE

Showing a decrease in the net balance of the present, as compared with the previous year, of ...... $95,973 10 While the gross earnings of the year show a decrease from those of the previous year of 103,600 10 The expenses have decreased only . . 7,627 00

This decrease in gross receipts, and small decrease in expenses, is due to various causes. There have been now four years of great depression in all kinds of business that con tribute to the support of a railroad. We have felt it from year to year in reduced receipts from our local business, and never more so than in our receipts from passengers during the year just closed. With no general improvement in busi ness, the people all along our line of road have become poorer, have less money to spend, ride less, and in many instances have given up business altogether; this depres sion will of course be temporary, and business will in time revive and return again. Again, the low rates that have ruled during the past year on freight from the Western States have seriously affected our gross earnings. The vol ume of business done during the year, in the department of freight, is but little short of the year previous. The sharp competition between all the trunk lines running west from Boston and New York has had its effect upon our line of road as well as upon all the others forming a link in the great ' chain of connecting roads extending from the east to the west. Another important feature in the business of this road during the last year, and the cause for decreased traflic as well as increased expenses over ordi'nary years, was the strike of the engineers and firemen in the month of February last; which caused the entire suspension of all freight busi ness over our road for nearly one week, and a considerable reduction in our passenger trafiic. BOSTON AND MAINE RAILROAD. _ 5

The eifect of this disturbance remained well into the sum mer before trafiic in both passengers and merchandise had fully resumed its accustomed line of travel. A serious element of expense is the alarming increase in State and municipal taxes, which railroad corporations have been subjected to within a few years. State and municipal debts have increased so fast, that the authorities have become alarmed, and are driven to every expedient to find the means to meet their expenses. As corporations are bodies whose complaint can only be made by proxy, advantage has been take11 of them, and a large share of this increased municipal indebtedness has been put upon them, until the taxes on railroads have become a grievous burden. The increase in taxes on the Boston and Maine Railroad has been from $6,000 per annum in 1860 to $106,000 per annum in 1876. Another large item of expense on our road the past year has been that of steel rails. We have purchased and laid down during the year 2,060 tons, which cost us more than one hundred thousand dollars. Twenty thousand dollars, the difl'erence between the cost of steel and iron, could have been properly charged to construction, but the whole amount hasi», been charged to expenses. These are facts, and while they account in part for the reduced receipts and the comparatively J small reduction in expenses, they at the same time show a healthy and sound condition in the road. If your property could, under all these disadvantages, yield one dividend of ' two, and another of three per cent for the year, and have something left to add to its reserve profit, there is certainly nothing very discouraging in such a result. Business fluctuations will always more or less affect the revenues of railroads. This is necessarily so, from the very. object and purpose for which railroads are constructed. They are designed to be the great agent and promoter of 6 _ REPORT OF THE DIRECTORS OF THE vast business, and form the natural channel through which such business flows; and they will flourish or decline, as business and trade shall flourish and decline. Accidents on railroads, of a greater or less degree, to per sons and property will always occur. The greatest precau tion and the employment of the most tried and trusty ser vants, will not secure us from accidents. A misplaced switch, a broken rail, a heated axle, or a false signal may, in a moment’s time, destroy valuable lives and a large amount of property. Improvements are constantly being made in the interest of safety in the management of railroads. VVithin a few years, the safety switch, the power-brake, the Miller platform and electric signal have been applied to most of the first-class roads. Railroad managers are slow to adopt new inventions of which the world is full, until the same have been proved, but when satisfied of their value they do not hesitate or delay to adopt every known and tried means of safety in the running of trains. For all these new and improved appliances, which have been and are constantly being added to our railroads, the roads them selves are heavily taxed, with no additional tax ‘upon the public who use them. VVhile your road has had no serious accident since the strike, yet we regret to say that just after the issue of our last Annual Report a severe accident happened, much more serious‘ in its character, as regards loss of life and pe cuniary loss to the company, than any other for many years. On the seventeenth day of November last, a freight train of 45 loaded cars drawn by two locomotives, going east, at or near the Ballard Vale Station in Andover, at twelve o’clock noon, was let upon a side track while at full speed by reason of a misplaced switch, whereby three lives were lost and twenty one freight cars and one locomotive demolished. This hap pened, as we have said, by means of a misplaced switch, BOSTON AND MAINE RAILROAD. 7

misplaced not by a new and inexperienced employee of the corporation, but by one of its oldest and most tried and heretofore faithful servants; in fact, this accident was caused by the exercise of too much care and anxiety (if such a thing be possible) on the part of the employee. He has just passed a hand-car from the main track over the switch on to a side track, and in so doing observes that the nut that secured the bolt which holds the switch-rod in its position is gone. He hastens to secure the same by a new nut before the arrival of this very freight train, then nearly due, and in his anxiety to make the bolt secure, for gets to change the switch back to the main track, and thus this unfortunate accident occurs. So long as railroads are operated by human beings, so long shall we be called upon to chronicle railroad accidents. The past year has been an eventful one for the Boston and Maine Railroad. On the twelfth day of February last, at four o’clock in the afternoon, all the engineers and fire men on your roads, to the number of 134 men,<1eft their work upon only two hours’ notice of their determination so to do. This was in trades-union parlance a strike, its sole object and purpose being to coerce the managers of your property to do that which they believed to be detrimental to your interests, in other words, to dictate to your directors the terms and conditions on which they would continue to run your locomotives. If their terms and conditions were assented to, well; if not, all business on your road must come to a standstill until your managers agree to their terms or break the strike. These men did 11ot leave their engines with any expecta tion that they would not return to them again and resume work, in the course of a few hours at the most; backed as they were by a powerful trades-union organization, flushed with victory but lately gained on other fields, they had no 8 ' nsronr or THE nnuaoroas or THE doubt they would gain an easy victory here. It is 11ot ne cessary to recount in this report the history of this strike. The same was fully investigated at the time by the Railroad Commissioners of Massachusetts, as a part of their oflieial duty; and a copy of their full and exhaustive report upon the subject, made to the Legislature of Massachusetts, was mailed to each stockholder of this corporation. The deter mined stand taken during the struggle by your directors gained you a complete victory, although at considerable cost. Much praise is due to our General Superintendent, Mr. James T. Furber, for his prompt, vigilant, and earnest effort, during the disturbance, to bring order out of confusion and protect the property of the company, as well as to all other employees, who remained loyal to the road. While we had generally good men to run our engines before the strike, we had no difliculty in well filling their places, and those now in our employ are quite as good as those who left us, — yea, better, inasmuch as they are bound to no secret organization, and consequently are free agents. Not one of the men who voluntarily left us on the 12th of February is now in our employ; very few of them have been able to obtain any employment since. This is the natural result of labor unions, in whose interests they worked. It is hardly probable that, in the face of this result, another similar conspiracy could be organized in New England. Our floating debt has been reduced, during the past year, $120,000, and stood, at the close of business on the thirtieth day of September, 1877, at $32,009.08. The $99,500 of the 1894 bonds, unsold at the date of our last report, have since been sold and applied to liquidate our floating debt. The passenger and freight business of the past year, as compared with that "of the previous year, stands as fol lows : — BOSTON AND MAINE RAILROAD. 9

1876. Passengers carried . . . . . 5,086,819 “ “ one mile . . . . 67,897,723 Tons of freight carried . . . . 701,945 “ “ one mile . . . 30,421,902

1877. I’assengers carried . .- . . . 4,442,019 “ “ one mile . . ' . . 61,779,576 Tons of freight carried . . . . - . 698,881 “ “ one mile . . . 36,036,193

Showing a net loss of 644,800 passengers, and for one mile a net loss of 6,118,147, and in freight a loss of 3,064 tons, and for one mile a gain of 5,614,291 tons. Our road-bed and track are in good condition. As before stated, we have laid 2,060 tons of steel rails during the year. Our experience with steel shows their great superiority over iron rails. The first introduction of steel on this road on a large scale was commenced in the year 1871, and has been continued every year since ; so that at the close of business, Sept. 30, 1877, our trains run on 91§§%-§- miles of steel track. The passenger houses at VVyoming Station and at the Highland Station in Melrose have been built over and much improved. An additional structure has been erected on the west side of the track at Melrose, for the accommodation of passengers, and a new freight house has been constructed at Plaistow. Four new first-class locomotives have been pur chased, and two have been entirely rebuilt during the year. The number of locomotives owned by, a11d now in the service of the company is 77. We have added during the year to our rolling stock two combined smoking and baggage cars. No addition to the number of our freight cars has been made during the year. The bridge over Merrimack River at Haverhill has been 10 REPORT or THE mnnoroas. thoroughly repaired, and is now believed to be in excellent. condition. The accounts of the treasurer have been subjected to the usual thorough examination by the auditor, Mr. A. R. Turner, who reports the same correct and satisfactorily vouched. Your directors, in closing another Annual Report and surrendering to you the trust committed to them one year ago, would express their sense of the great responsi bility placed upon them. l They have had no other motive in their management of your property than to protect, pre serve, and promote its true interests, and they feel confident that their management the past year will have your approval. Respectfully submitted. By order of the Board,

N. G. WHITE, President. Bosron, Nov. 6, 1877.

61 .'LHOI}{I(I JO 511-II.

$1,369,449ea 315so - 415,16113 $1,7s4,92scs .$1,433,14870 . CR.

1 Cashreceivedofdebtschargedoﬂ'account on

LossAccountProﬁtandfortheYearSeptemberending30th,1877. , worthlessinprevious asyears. ..

BalanceSeptember30th,1876 1 .

Incomethis year .

Balance. ...

1,433,14870 ._ $1,784,92666

Sundrychargedoﬂ‘ofvalueitems961,777asno .

$210,000DividendpaidNovember15th,187600 ..

MayDividendpaid15,1877140,00000 ..

Balance...... DR. BOSTON AND MAINE RAILROAD. 13

Income and Expenditures for the Year ending Sept. 30, 1877.

ITEMS. S111-'r. 30, 1877.

INCOME.

Passengers ...... iilll IQIOII $1,259,361 38 Freight...... 836,579 16 Mails.....Expresses ...... 22,455 82 54,806 19 Rents,etc...... 62,515 69 Interest and Premium . . 31,301 19 $2,267,019 43

EXPENDITURES.

Repairs Road . . . . . 5 5 $139,652 97 “ Bridges .50.-5 18,802 41 “ Fences, Road Crossings &. S igns. 12,103 21 “ Buildings ---5-5|... 48,596 44 “ Locomotives . 77,567 19 “ Passenger and Baggage Cars 46,512 95 “ Merchandise Cars 31,364 - 06 Removing Ice and Snow . 6,142 42 Switch, Gate, Signal, and Watchmen 89,476 42 Passenger Expense...... 231,415 61 Freight L4 258,803 87 Coal for Locomotives . . . - .--.4-5 188,240 36 Wood . . . 31,602 26 Water . . 55-55 13,124 98' Fuel for Stations and Shop-s 8,654 70 Renewal of Rails . 86,661 16 Ties ...... 20,369 67 General Expense . 54,190 43 Oil 20,203 78 Insurance . 8,818 68 Telegraph . . 5,148 59 Waste. . . . 3,202 36 Gratuities and Damages 15,808 10 Dover and Winnipiseogee R. R. Rent 29,000 00 West Amesbury R. R. Rent . . . . . 5,100 00 Lowell and Andover R. R. Rent . . . 52,500 00 Taxes...... 95,612 35 $1,606,054 97 $660,964 46 Less Interest >-.-- ' 245,302 13 $415,161 13 Less Dividend paid May 15, 1877 ...... 140,000 00

$275,161 73 Less Dividend to be paid Nov. 15,1877 ...... ‘ 210,000 00 O $65,161 73 Income this year above Expenditures and Dividends . . .

1,647,759 miles run this year. 14 REPORT OF THE DIRECTORS OF THE

DR. T1-easurer’s Balance Sheet, Sept. 30, 1877.

ASSETS.

consrnucrrox. Grading and Masonry ...... $2,680,564 65 Bridges ...... 936,599 40 Superstructure, including Rails . 1,897,807 33 Land, Land Damages, and Fences . 2,481,440 O2 Passenger, Freight, and Water Stations and Wood Sheds . . . . 772,724 26 Engine Houses, Car Sheds, & Turn Tables 164,713 98 Machine Shops, including Machinery and Tools...... 133,283 50 Interest paid during Construction, Dis count, etc. 82,028 44 Engineering, Agencies, Salaries, and other Expenses during Construction . 365,474 59 $9,514,635 97

EQUIPMENT.

77 Locomotives ...... 5.-0‘ $382,000 00 ll Snow Plonghs...... 5 7,000 00 168 Passenger and Baggage Cars . 392,275 O0 1620 Merchandise and other Cars . . 460,955 O0 $1,242,230 00 Construction and Equipment...... $10,756,865 97 MATERIALS. Woodonhand...... $20,720 80 OilRails“Waste“ ““ ““ .. 1,757 00 434 14 95,889 50 Ties “ “ . .. 5,647 93 Coal“ “ . . 27,542 16 22,072 56 Car Shop Stock on hand . -5 $178,317 39 Engine Shop Stock on hand 5.. 4,253 30 BUNDRY ITEMS. Cash $150,715 87 Notes Receivable ...... 5,180 91 Boston & Maine R. R. Stock at par . . . 27,000 00 Land Improvements Dover & Winnipi seogee R. R...... 24,607 61 Dover & Winnipiseogee R. R. Stock . . 263,144 48 Steamer Mt. Washington and Wharves . 70,060 24 Danvers Railroad Bonds ...... 125,000 00 Danvers Railroad Account...... 27,430 00 Lowell & Andover Railroad Betterments 1,176 O0 Newburyport Railroad Stock and Bonds. 303,167 00 $997,482 11

l $11,932,665 47 BOSTON AND MAINE RAILROAD. 15

Treasurer’s Balance Sheet, Sept. 30, 1877 . CR.

LIABILITIES.

Capital Stock (received from sale of 70,000 shares) ...... $6,921,274 52 Seven per cent Bonds due 1893 . . . . . $1,500,000 O0 “ “ “" “ “ 1894. . . . . 2,000,000 00 Notes Payable...... 32,009 08 Lowell and Andover Railroad Improve mentAccount...... 9,976 69 Uncalled for Bond Interest . . . . . 6,090 00 “ “ Dividends ...... 12,461 00 LedgerBalances...... 17,705 48 ProﬂtandLoss ...... 1,433,148 70 $5,011,390 95

$11,932,665 47 BOSTON AND MAINE RAILROAD. The annual meeting of the stockholders of the Boston and Ma-ine Railroad will be held at LAWRENCE in the City Hall, on WEDNESDAY, the twelfth day of December next, at ten o’clock, A. M., for the following purposes, viz. : 1. To hear and act upon the report of the directors. 2. For the choice of directors for the ensuing year. 3. For the transaction of any other business which may be legally brought before them. By order of the directors. CHAUNCEY P. J UDD, Clerk. BOSTON, Nov. 6, 1877.

Stockholders, and no other persons, will be passed free I0 and from the place of meeting, on exhibiting their certiﬁcates to the conductors. - Stockholders located at stations east of Rolliusford. will take the ﬁrst fnorning trains from Portland i11 order to reach Lawrence in season for the meeting, and returning will take the train which leaves South Lawrence at 4.30 P. M. All stockholders located at stations between Great Falls and Boston are requested to take passage on the stockholders’ trains especially provided for them, as there will not be seat room on the regular passenger trains for more than the ordi- ' nary number of passengers. The special stockholders’ trains will leave Great Falls for Lawrence at 7 A. M., and Boston for Lawrence at 9 A. 111., and will leave Lawrence for Boston and Great Falls at the close of the meeting. Stockholders going from either direction beyond Lawrence will be charged regular fare between Lawrence and the sta . tions to which they take passage.’ By order of the directors. JAS. T. FURBER, Gen. Supt. -rs" I #1. ' 1.

REPORT OF THE DIRECTORS

OF TIIE BOSTON ANN NlAlNE NAILNUAN

STOCKHOLDERS,

WEDNESDAY, DECEMBER 11, 1878.

BOSTON :

ALFRED MUDGE AND SON, PRINTERS, 34 Scuoor. STREET. 1878. W

O F F I C E R S .

Drnncrons. NATHANIEL G. WHITE. . . . LAWRENCE. GEORGE C, LORD ...... Bosron. AMOS PAUL ...... So. NEWMARKET, N. H. NATHANIEL J. BRADLEE . . . BOSTON. WILLIAM S. STEVENS . . . . DovEE, N. H. JAMES R. NICHOLS . . . . . HAVERHILL. Jorm FELT oseoon . . . . BOSTON. SAMUEL E. _SPRING' ._ . . . . PORTLAND, ME. NATHANIEL W. FARWELL . . LEWISTON, ME.

PEEsxnE.\"r. GENERAL Surnnmrnsnaxr. NATHANIEL G. WHITE. JAMES T. FURBER.

TREASURER. CLERK. AMOS BLANCHARD. CHAUNCEY P. JUDD.

Annrron. WILLIAM P. PEIRCE.

385+ B645 l%'|'1/75;

FORTY—FIFTH ANNUAL REPORT.

To the Stockholders oft/1e Boston and Maine Railroad. THE directors respectfully submit the following report, exhibiting the result of the operations of the road for the twelve months ending Sept. 30, 1878 : —

The gross receipts for twelve months ending Sept. 30, 1878, were . . . . $2,184,458 96 Operating expe11ses_ . . $1,269,062 82 Taxes paid . . . . 90,304 90 Rent of leased lines . . 87,200 00 ——-—————i- $1,446,567 72

Leaving as net earnings for the year . . $737,891 24 Interest paid during the year . . . 247,542 12

Leaving a balance of . . . . . $490,349‘ 12

The gross earnings of the twelve months ending Sept. 30, 1877, were . . . $2,267,019 43 And the expenses for the same time, includ ing interest, taxes, and rent of leased li11es, 1,851,857 70 Showing a decrease i11 the gross receipts of the present year, as compared with the previous year, of . . . . . 82,560 47 And i11 the operating expenses, including interest, taxes, and rent of leased lines . 157,747 86

P-Q.-Q.-3;-Tl-4r’ 4 ' REPORT or arm: DIRECTORS or THE

The balance for the year ending Sept. 30, 1877, after paying interest, taxes, a11d all other expenses, was . . . . $415,161 73 Showmg an increase in the net balance of the present, as compared with the previous year, of . . . . . ‘ . . 75,187 39 Vtihile the gross earnings of the year show a decrease from those of the previous year of 82,560 47 The decrease i11 the expenses has been much more than suﬂicient to offset the loss i11 business, being . . . . . 157,747 86

lVe have for several years suggested the hard ti es, and the great depression i11 all kinds of business throu lout the country, as a reason for the annual decrease i1 our gross receipts. ‘Vs have no worse reason to offer no V. \Ve are

told that the future has a brighter outlook; ‘at business seems to improve a little; that there is some iovement in this or that branch of industry. VVe have no desire to question these hopeful suggestions, but we ca not vouch for them until we can begin to feel the effect of such improve ment in increased receipts. .Large crop i11 the WVest, seeking a market, give largely increase receipts to the railroads in that part of the country. T ey seem to have an advantage, that we do 11ot possess, es ecially i11 times of depression like the present, —the c1'ops must be moved and must be brought to tide-water by rai ; but your road is unfavorably located for this kind of bus ness. Of the staple products of the country, very little, omparatively, passes over it, except what is consumed alon its li11e. Your road depends for its proﬁt upon the mo mc11ts of the people from one tow11 to another; upon p osperous times in the manufacturing districts of New Engl 11d; upon the old-time prosperity of the many thriving cities a11d towns i11 Massa '9--u-ui—I" ._

BOSTON AND MAINE RAILROAD. 7

property depends. Every officer and employee, from the highest to the lowest, when he enters the service of a rail road, assumes a certain individual responsibility, which rests heavily upon him, if he is true to the interests of his cm ployer, to the last moment of such employment. .\Vhi1e we have had no serious accident during the past year, yet it has been the constant aim of your directors to impress upon all ' our employees the necessity of taking every precaution and using every means in their power to prevent accidents, and" ' to insure safety and comfort to the travelling public. Pe cuniary considerations demand this; the lives and limbs of the millions of human beings who are annually transported over our ‘road imperatively demand this; and yet, with all the care and precaution that can be ‘exercised, accidents do and will continue to happen. When it is considered that ‘ we have under our control and in daily use 200 miles of road, and that our trains run more than 3,600 miles each week-day, with more than 1,450 employees, on more or p less of Whom the safety of our running depends, is it 110t surprising that more lives are not lost, and more property destroyed? When the American people can be prevented from entering or leaving the cars of a passenger train while the same is in motion, a very prolific cause of accidents to life and limb will be removed. The Legislature of the State of Massachusetts, at their ast session, passed an Act in reference to the flats and basin, &1(1 the creek connected therewith, of Prison Point Bay, in the city of Boston, requiring the owners thereof to fill said flats, etc., to a grade not less than ten feet above mean low water. This corporation, owning a large portion of said , flats, are compelled by said Act to fill the same, and com menccd this work on the fourteenth day of October last. r While this property by such filling will be made more avail able fo1' business purposes, it is a severe tax upon us to be 8 REPORT or THE DIRECTORS or THE \ compelled to perform this work within the short time named in said Act; and the justice of an Act whereby either cor porations or individuals are compelled to spend thousands of dollars i11 raising the flats or lowlands in the State for the benefit of the few, is very questionable. Our floating debt has been reduced during the year, and stood at the close of business, on the thirtieth day of Sep tember, 1878, at $22,009.08, none of which sum is due and payable. The passenger and freight business of the past year, as compared with that of the previous year, stands as follows : -—

1877. _ Passengers carried . . . . . 4,442,019 “ “ one mile . . . . 61,779,576 To11s of freight carried . . . . 698,881 “ “ “ one mile . . . 36,036,193

1878. Passengers carried . . . . . 4,564,171 “ “ one mile . . . . 64,292,723 Tons of freight carried . . . . 582,851 “ “ “ one mile . . . 28,949,165

Showing a net gain of 122,152 passengers, and for one mile a net gain of 2,513,147 ; a11d in freight a loss of 116,030 tons, and for one mile a loss of 7,087,028 tons. Our road-bed, track, a11d rolling stock have been kept in good condition; without this, no road can for any length of time be operated successfully. New turnouts and sidi11gs have been made in several places during the year in order to facilitate the various operations of the road. VVe have laid 16§§%% miles of steel and 2§%§% miles of iron rails duri11g the year. We have now 1085‘9§6§15 miles of steel track. BOSTON AND MAINE RAILROAD. 9

Every year new structures, or unusual repairs on the old ones, are required. The past year has not been an excep tional one in this respect. A,new and convenient engine house of brick has been constructed at Somerville, with a capacity for housing ten engines; much of the material for this structure came from the engine-house at South Berwick Junction, which was no longer required at that point. A new and convenient station and dwelling-house combined has been erected at Wellington’s, in Medford, near the point Where the Medfo1'd Branch connects with the main line. A new passenger-house, and dining-room has been erected on the main line in Portland at the junction of the Maine Cen tral and Portland & Ogdensburg Railroads. By this we shall save for all time hereafter the heretofore vexatious delay and expense of running on and backing oﬁ' a siding by every passenger train running in connection with the Maine Central Road. The old station at this point is conveniently located for, and will be converted into tenements for the use of our men. Wle are now constructing and have nearly completed a new passenger-house of brick at North Law rence, unique a11d ornamental in design and ﬁnish; it will supply a m11ch-desired want at this place; when completed we believe that it will not only please, but be entirely satis factory to o11r numerous patrons at Lawrence. New sheds for sheltering passengers have been constructed on both sides of our passenger-house at Lowell Junction; also a shed and baggage-room in connection with our passenger station at Old Orchard Beach. New turn-tables have been constructed at Portland, Newburyport, Biddeford, and Farmington. New pumping stations have been erected at Newburyport and Bradford. A new draw has been placed in the bridge over the Mystic River i11 place of the old one, that began to show signs of weakness. The easterly side of our bridge over Merrimack River at Lawrence has been 10 nnroar or 1-an manoroas.

thoroughly repaired, with new deck and deck timbers and new track stringers and ties. By an Act of the Legislature of the State of Maine, this road is permitted to unite with the Portland, Saco & Portsmouth Railroad Company in con structing, maintaining, and using jointly a unio11 depot at North Berwick Village. Contracts have been made for the construction of such building, and the same will be com pleted at an early day. This road has had no depot for pas sengers at this place, and by this u11ion the public will be much better accommodated, and considerable expense saved to both companies. Such repairs, constructions, and im provements are constantly required in the operations of a railroad, and we need not ﬂatter ourselves that because we have done everything that seems to be required at the pres ent time, that hereafter we shall be exempt from the same class of repairs and improvements; such is not the experi ence of railroad managers : each year brings its new demands and requirements. The accounts of the treasurer have been examined by the auditor, Mr. \Vm. P. Peirce, and he reports the same to be correct. Recognizing our indebtedness to an overruling Providence which has carried us safely through another year, we would also bear testimony to the faithfulness of the oﬂicers and employees in every department of the road. Respectfully submitted, By order of the Board,

N. G. WHITE, President. Bosrou, Nov. 6, 1878. -,.. I Z1 .I.lIOd[>IH JO EIHJ. SHOIOHHICI JO EIHJZ

LossAccountforYearandtheendingSept.30,DR.P7-Q/it1878.Ca, 81,928,497$1,923,4978282

Dividend1878thispaidMay15,210,000O0Income490,34912 year .. $1,433,148DividendNov.$210,000Sept.paid15,187700Balance30,70 .... Balance..$1,502,22629 ..

chargedoﬂasof1.27153Sundryitemsvalue. no ...

Balance_...... 1,502,22629

BOSTON AND MAINE RAIROAD.

Income and Expenditures for the Year ending Sept. 30, 1878.

Imus. Sncrr. 30, 1878. i rxconn.

Passengers...... $1,260,673 87 Freight.... 760,24856 Mails...... 24,44623 Expresses ...... 55.372 72 Rents, etc...... 62.917 37 Interest ...... 20,800 21 $2,184,458 96 EXPENDITURES.

Repairs Road...... $133,162 72 “ Bridges ...... 23,449 31 “ Fences, Road Crossings & Signs. 7,986 44 “ Buildings ...... 74,918 13 “ Locomotives ...... ' 59,247 67 “ Passenger and Baggage Cars . 41,039 92 “ Merchandise Cars...... 45,773 27 Removing Ice and Snow ...... 892 12 Switch, Gate, Signal, and Watchmen . 89,875 15 Passenger Expense ...... 215,146 19 Freight “ ...... 215,896 04 Coal for Locomotives ...... 140,032 31 W'ood...... 21,12049 Water...... 11,459-55 Fuel for Stations and Shops...... 11,652 68 Renewal 0fRails ...... 64,69214 Ties...... 29,79105 General Expense ...... 50,748 37 Oil...... 16,75361 Insurance...... 3,62102 Te1egraph...... 4,80979 VVaste...... 3,28944 Gratuities and Damages ...... 3,705 41 ‘ Dover and Winnipiseogee R. R. R nt . 29,000 00 .5] VVest Amesbury R. R. Rent ...... 5,700 00 Lowell and Andover R. R. Rent . . . . 52,500 00 Taxes ...... 90,304 90 $1,446,567 72

" $737,891 24 LessInterest...... 247,54212

.~ $490,349 12 Less Dividend paid May 15, 1878...... 210,000 00

$280,349 12 Less Dividend to be paid Nov. 15, 1878...... 210,000 00

Income this year above Expenditures and Dividends. . . $70,349 12

1,536,896 miles run this year. 14 REPORT OF THE DIRECTORS or THE

DR. Treasurev-’s Balance Sheet, Sept. 30, 1878.

ASSETS.

CONSTRUCTION. Grading and Masonry ...... $2,681,096 81 Bridges...... 936,64940 Superstructure, including Rails . . . . 1,897,807 33 Land, Land Damages, and Fences . . . 2,480,256 36 Passenger, Freight, and Water Stations and VVood Sheds ...... 771,905 33 Engine Houses, Car Sheds, and Turn Tables ...... 164,713 98 Machine Shops, including Machinery and Tools ...... 133,283 50 Interest paid during Construction, Dis count, etc...... 82,028 44 Engineerin". Agencies, Salaries, and other Expenses during Construction . 365,474 39 $9,513,215 54 EQUIPMENT. 77 Locomotives. . .' . ._ ...... $382,000 00 11 Snow Ploughs ...... 7,000 00 165 Passenger and Baggage Cars . . . 392,275 00 1,690 Merchandise and other Cars . . . 460,955 00 $1,242,230 00

Construction and Equipment...... $10,755,445 54

MATERIALS. VVood on hand ...... $24,742 24 Oil ““ ...... 1,52610 VVaste “ “ ...... 264 00 Rails“ “ 98,50100 Ties “ “ ...... 11,l5940 Coal “ “ ...... 41,358 48 Car Shop, Stocko hand...... 18,417 69 Engine Shop, Stock on hand...... 5,381 26 $201,350 17 SUNDRY rrmrs. 7/U71 3 ' Caﬂi...... $MM£5B93 '/ 33;;5 Notes Receivable ...... 4,623 as 1//7 Boston and Maine Railroad Stock at par . 2~ Land and Improvements Dover and Win nipiseogee Railroad ...... 24,640 11 Dover and Winnipiseogee Railroad Stock. 263,144 48 Steamer Mt. Washington and Wharves . 70,060 24 Danvers Railroad Bonds ...... 125,000 00 Danvers Railroad Account...... 27,430 00 Lowell and Andover Railroad Better ments...... 4,81397 Newburyport Railroad Stock and Bonds . 302,001 95 $1,055,073 O6

$,»’(1¢/0 -/5 $12,011,868 77 BOSTON AND MAINE RAILROAD

Treasurer’s Balance Sheet, Sept. 30, 1878. CR.

A LIABILITIES.

Capital Stock (received from sale of 70,000 shares) . . . 36,921,214 52 Seven per cent Bonds due 1893 . . . . . 31,500,000 00 ll Cl £6 I‘ ii 1894..... 2,000,000 00 Notes Payable 22,009 08 Lowell and Andover Railroad Improve » 5'. ment Account . 10000011005 8,010 86 '6 Uncalled for Bond Interest . 6,667 50 Q/3/367 l “ “ Dividends . . 10,605 00 Ledger Balances 41,015 52 Proﬁt and Loss ...... 5. 5» 1,502,226 29 $5,090,594 25 I

I 312,011,666 11 BOSTON AND MAINE RAILROAD. The annual meeting of the stockholders of the Boston and Maine Railroad Will be held at LAWVRENCE, in the City Hall, 011 WEDNESDAY, the eleventh day of December next, at ten o’clock A. M., for the following purposes, viz. : — 1. To hear and act upon the report of the directors. 2. For the choice of directors for the ensuing year. 3. For the transaction of any other business which may be legally brought before them. By order of the directors.

CHAUNCEY P.°JUDD, Clerk. Bosrox, Nov. 6, 1878.

Stockholders, and no other persons, will be passed free to a11d from the place of meeting, on exhibiting their certiﬁcates to the conductors. Stockholders located at stations east of Rollinsford will take the ﬁrst morning trains from Portland in order to reach Lawrence in season for the meeting, and returning, will take the train which leaves South Lawre11ce at 4.30 P. M. All stockholders located at stations between Great Falls and Boston are requested to take passage on the stockholders’ trains especially provided for them, as there will not be seat room 011 the regular passenger trains for more than the ordinary number of passengers. The special stockholders’ trains will leave Great Falls for Lawrence at 7 A. M., and Boston for Lawrence at 9 A. M., and will leave Lawrence for Boston at 12 M., and for Great Falls at 12.30 I’. M., or at the close of the meeting. Stockholders going from either direction beyond Lawrence will be charged regular fare between Lawrence and the stations to which they take passage. By order of the directors. JAS. T. FURBER, Gen. Supt. REPORT OF THE DIRECTORS

BOSTON AND lVlAlNE RAILROAD

STOCKHOLDERS,

WEDNESDAY, DECEMBER 10, 1879.

A L F R E D M U D G _ E & S O N , P 1 { I N T E 1 t S,

3 4 S C l l 0 0 L S T R E E T. OFFICERS.

Dnzmcrons.

NATHANIEL G. WHITE . LAWRENCE. GEORGE 0. LORD BOSTON AMOS PAUL S0. NEWMARKET, N. H. NATHANIEL J. BRADLEE . BOSTON. WILLIAM S. STEVENS DOVER, N. H. JAMES R. NICHOLS HAVERHILL. JOHN FELT OSGOOD . B0sToN. SAMUEL E. SPRING PORTLAND, ME. NATHANIEL W. FARVVELL . . LEWISTON, ME.

PRESIDENT. GENERAL SUPERINTENDENT. NATHANIEL G. IVIIITE. JAMES T. FURBER.

TREASURER. CLERK. AMOS BLANCHARD. CHAUNCEY P. JUDD.

Aumron. ‘ WILLIAM P. PEIROE. FORTY—SIXTH ANNUAL REPORT.

To tile Stockholders of the Boston and Maine Raz'lr0a.cl,' 0 THE directors respectfully submit the following report, exhibiting the result of the operations of the road for the twelve months ending Sept. 30, 1879: —

The gross receipts for twelve months ending Sept. 30, 1879, were. $2,238,821 14 Operating expenses . . $1,241,213 52 .Taxes paid . . . . 96,131 14 Rent of leased lines . . 87,200 00 Filling Prison Point Bay . 17,410 82 1,441,955 48

Leaving a_s net earnings for the year . . $796,865 66 Interest paid during the year . . . 246,447 12

Leaving a balance of . . . . . $550,418 54

The gross earnings of the twelve months end ing Sept. 30, 1878, were . . . . $2,184,458 96 And the expenses for the" same time, including interest, taxes, and rent of leased lines . 1,694,109 84 Showing a gain in the gross receipts of the present year, as compared with the previous year, of . ' . . . . ,_ . 54,362 18 And a decrease in the operating expenses, including interest, taxes, and rent of leased lines ...... 23,118 06

£1-'2él~3/"P5 4 REPORT OF THE DIRECTORS OF TIIE

The balance for the year ending Sept. 30, 1878, after paying interest, taxes, and all other expenses, was . . . . $490,349 12 Showing an increase in the net balance of the present, as compared with the previous year, of . . . . 8 . . . 60,069 42

Since our animal report for the year 1874, our gross receipts each year have fallen short of the year previous, and we have annually suggested as the cause of such de creased receipts the great and long-continued depression in all business. V\'e have been compelled for so many years to repeat this statement, that we have become wearied with its recital; and now, for the first time in five years, we are 1 pleased to be able to inform you that our income for the year 1879 is in excess of the year 1878 in the amount of $54,362.18. This is not a large increase, it is true, but it is sufficient to indicate a turning of the tide; to encourage us to hope that the business of the country, so long dying, has taken a new lease of life, and that a more prosperous future awaits -us. Everything indicates a change for the better. The staple products of the country—cotton, wheat, corn, potatoes, oats, and hay -=- show a largely increased production over theyear 1878. Manufacturing interests of nearly all kinds show a decided improvement. The short crops in Europe the last yearinsure a greater demand abroad for the large surplus products of our own country, and com pel us to believe that we are now entering upon an era of greater prosperity. 4 Railroads, from their earliest construction, have proved to be the promoters of new industries in those sections of coun try through which they pass, thus adding not only to their own profits, but to the profits of commerce and manufactures. BOSTON AND MAINE RAILROAD. 5

As business increases by the development of new enterprises along the line of well-established roads, new additions must occasionally be made to the rolling stock, to the station accommodations both in land and buildings, to the extension and increase of side tracks, and in some cases to the ultimate completion of a double track the whole length of its line. To accomplish this without increasing its construction account, and without trespassing upon the regular dividends to stock holders, should ever be the aim of railroad directors. It has ’ been the -object and purpose of your directors to manage your .r0ad in this way. This course will have the approval of every stockholder who desires regular dividends and a good and permanent investment. If a road is earning no more than its dividend and ordinary expenses of operating, the stockholders desire to know it. If, however, in the growth of business, the directors of a road find it necessary to add $75,000 or $100,000 to their means of doing this business more economically, and are able to pay for it out of the earn ings of the road, beyond its dividends and expenses of every nature, the stockholders like to know that also. Your di rectors have from year to year, in their annual report to the stockholders, gone more into the details of improvements and expenditures than most other roads. This they have done ' that you might have such information as should enable "you to judge for yourselves as to the value of your investment. The increase of $54,362.18 in our gross income for the year past, over the previous year, is an item of information easily understood and always acceptable to stockholders. We have improved your equipment duringthe year by the purchase of four first-class engines—two 'of which are for passenger service, and two for switching and gravel trains - and two first-class passenger cars; and have constructed at our shops one new combined passenger and baggage car. Our road-bed, superstructure, and rolling stock are in first class condition. 6 nnronr or THE mnncrons or THE

VVe have laid down during the year past 9% % miles of steel and_ 3‘§§%% miles of new iron rails. 1/Ve have now 117%§§% miles of steel track. It has been the policy of your directors for a number of years past rather to purchase from 1,500 to 2,000 tons of steel annually to supply the place of iron wornout, than to attempt to cover the whole line with steel in any one year. By the former course we are enabled to charge from $50,000 to $75,000 annually to this account, and take the same from our earnings, Without increasing our debt or disturbing dividends. If we had adopted the other course, viz., equipped our whole road with steel in any one year, we should have been obliged either to suspend divi dends or incur an indebtedness of more than a. half-million of dollars. The following are some of the changes which have occurred on your road during the past year. On the seventh day of November, 1878, our repair shops, located at Alton Bay, were destroyed by fire. But little work had been done there for several years past, and they have not been rebuilt. The buildings and machinery were fully covered by insurance. On the twelfth day of May, 1879, our bridge over Merry Meeting River, in the town of Alton, was totally _ destroyed by fire. Its place has been supplied by a most substantial iron bridge. In our last annual report we re ferred to the construction of a new passenger-house at North Lawrence : the same has been completed, and was opened to the public on the seventeenth day of _March last. A large and convenient train-house has also been constructed at this point. The old passenger-house has been removed from its , former site, and from it a large and conveniently located freight-house has been secured, which is very accessible to the principal business streets of the city, and can be ap proached without the delay and danger incident to the cross ing of railroad tracks at grade. The whole grounds and fi'eight-yards about said buildings have been substantially BOSTON AND MAINE RAILROAD. 7

paved with granite blocks, and the platforms permanently constructed with granite curbing and a covering of brick or concrete. The work is well done, and will require but little if any repairs for many years to come. The business at Old Orchard Beach has increased much beyond our expectation. The accommodation provided at the outset for passengers at that point has proved to be entirely inadequate, and we have been compelled to expend a considerable sum of money in enlarging our business facili ties. The passenger-station has been moved back twenty ﬁve feet, thus adding that additional width to our platform in front of the station. The entire platform, extended and widened, is of granite curbing covered with concrete, and the whole surmounted with a most substantial and convenient veranda, thereby securing to the public the best railway watering-place accommodations in New England. The passenger-station in Boston has been improved by erecting thereon a monitor top, securing thereby better ven tilation, and much more light over our tracks. The Union Depot at North Berwick Village, referred to in our last report, has been constructed, and is now used jointly with the Portland, Saco and Portsmouth Railroad, thereby giving better accommodation to the public, and reducing the expenses of both companies at this point. New turn-tables have been constructed at Somerville and Georgetown. New sheds for sheltering passengers have been erected at the transfer station in Portland. Your double track extends from Boston to the Merrimack River at Haverhill. Its extension east of Haverhill has been the desire of your directors for many years, but the business depression has not warranted them in commencing this im portant work until now. With the increase in business dur ing the last year and the brighter look for the future, they feel authorized to commence this Work early next year, and 8 REPORT OF THE DIRECTORS OF THE

have accordingly appropriated from your earnings the sum of $100,000 for this and other purposes. N0 addition has been made to your construction account during the past year, but that account has been slightly diminished by the sale of buildings at South Berwick Junction, no longer required for the use of the road. Our ﬂoating debt has been reduced during the year, and stood, at the close of business on the thirtieth day of Sep tember, 1879, at $12,009.08, none of which sum is due and payable. The passenger and freight business of the past year, as compared with that of the year previous, stands as follows:

1878. Passengers carried . . . . . 4,564,171 “ “. one mile . . . 64,292,723 Tons of freight carried . . . . 582,851 “ ~ “ one mile . . ' . 28,949,165

1879. Passengers carried . . . . . 4,572,175 “ “ one mile . . . 64,974,753 Tons of freight carried . . . . 685,598 “ “ “ one mile .' . . 32,334,295

Showing a net gain of 8,004 passengers, and for one mile a net gain of 682,030; and in freight a gain of 102,747 tons, and for one mile a gain of 3,385,130 tons. The Legislature of the State of Maine at its last session -authorized the discontinuance of so much of our road as lies between the westerly side of Portland Street, in the village of South Berwick, and the junction of the Boston and Maine Railroad with the Portland, Saco and Portsmouth Railroad BOSTON AND MAINE RAILROAD. 9 at South Berwick Junction, so called, the same being about two miles of road, rendered useless by the construction of our extension to Portland. It has "been discontinued, and a portion of the structures removed. The records of locations of many of the railroads ‘in Massa chusetts, on file in the oflices of the several clerks of the county commissioners, were found to be incomplete or insuf ficient, or in form inconvenient for reference or preservation. In all such cases, under the provisions of an Act of the Legis lature of Massachusetts, approved April 9, 1878, railroad corporations were permitted, within a certain prescribed time, to file a new location of their road, or any part thereof, as the same existed on the first day of January, 1878. This corporation, under said Act, has made and filed a new loca tion of its road in the counties of Suffolk, Middlesex, and Essex. , ' The filling of Prison Point Bay, which was begun in Octo ber, 1878, under the legislative ‘Act of 1878, has been pros ecuted with vigor, and will be completed, it is believed, within the three years named in the Act. While this is a Work of great expense to this corporation, yet it will, when completed, add much available .land for standing freight cars. Considerable t1'estle-work in the town of Scarborough has been filled with earth during the year. We have purchased recently about 61,000 square feet of land in the city of Lowell for freight purposes, at an ex pense of $50,000. ' This land lies in immediate proximity to our passenger-house, and is most conveniently located for the laying of side-tracks, and the standing of cars for the receipt and delivery of bulk freight. ' Our business relations with connecting roads are in gen eral harmonious. The location of the Lowell and Lawrence Railroad through 10 REPORT or THE DIRECTORS or THE

our freight-yard and repair-shops, in their extension of the same over the Merrimack River to North Lawrence, was not satisfactory to thisroad or calculated to increase the .friendly relations of the two roads. The question of their legal right to take and appropriate to their use, property over which we had located our road, for the service of the public, was submitted by us to the decision of the highest judi cial tribunal in the State. That tribunal, after a full consid eration of the subject-matter, decided that their location over land previously located upon by this road was without right, illegal, and void. VVhile this question was pending before the court, the Lowell and Lawrence Railroad were expending ‘ large sums of money for a bridge over Merrimack River, and for land accommodations, which they could not reach except they crossed our tracks and location. The decision of the court left them in an unfortunate position: they could see the promised land, but knew not how to reach it. In this dilemma they secured the passage of a special Act by the Legislature of Massachusetts, which should overcome the objection of the Supreme Court, and give them the right to cross our tracks at grade and take any part of our location that they might require for the extension of their road to North Lawrence. Your directors made no objection to an overhead-crossing by their road, but did object to a grade crossing, with the full belief that it would be the most dan gerous grade-crossing in the commonwealth, and that it was only a question of time when a fatal collision would occur at that point. Our objection was overruled, and a crossing of our tracks at that point at grade now exists under the com pulsion of said Act. The accounts of the treasurer have been examined by the auditor, Mr. Wm. P. Peirce, and he reports the same to be correct. In presenting this annual report, your directors are grati BOSTON AND MAINE RAILROAD. _ 11 ﬁed that they are able to exhibit your property in a condition so favorable. N o serious accident has happened during the year just closed, and we trust that a kind Providence will guard and protect us in the future from those great railroad disasters which so frequently shock the whole community. Respectfully submitted, By order of the Board, s N. G. VVHITE, President. Bosrou, Nov. 5, 1879. ZI IHOJHH JO HHI SIIOLOEIHICI JO EIHJ1

$1,502,22629 550,41854 $2,052,644as $1,628,99341 CR.

YearendingSept.ProﬁtandLossAccountforthe30,1879.

BalanceSept.30,1878 - .. Incomethisyear. ... Balance...;.~......

$2,052,64483 DividendpaidMay15,1879210,000O0 ..

Sundryitemschargedoﬂ'ofvalue3,65142asno .

DividendpaidNov.$210,00015,1878.00 ..

Balance...... 1,628,9£)341 DR. BOSTON AND MAINE RAILROAD. 13

Income and Expenditures for the Year ending Sept. 30, 1879.

ITEMS. S1-1PT. 30, 1879.

moons.

Passengers ...... $1,257,067 57 Freight...... -..... 805,4601l Mails...... 23,20943 Expresses...... 64,1199!) Rents,etc. 66,40835 Interest...... 22,55569 $2,238,821 14

EXPENDITURES.

Repairs Road ...... $131,08411 “ Bridges...... , 13,149 22 “. Fences,RoadCr0ssings&Signs 7,523 96 “ Buildings ...... 82,606 56 “ Locomotives ...... 86,547 3| “ Passenger and Baggage Cars . 47,601 97 “ Merchandise Cars ...... 33,993 45 Removing Ice and Snow ...... 2,366 30 Switch, Gate, Signal, and Watch men . 91,345 55 Passenger Expense ...... 213,963 63 Freight “ ...... 212,128 02 Fuel and Water for Locomotives . . . 173,566 07 Fuel for Stations and Shops <. . . . . 9,822 47 Renewal of Rails ...... 27,268 51 Renewal of Ties ...... 27.967 94 General Expense ...... 41,279 89 13,5-9858 Insurance..-...... 3,29200 Telegraph...... 5,22513 Waste...... 3,48818 Gratuities and Damages ...... 13,394 67 Dover and Winnipiseogee R. R. Rent . 29,000 O0 WestAmesburyR. R. Rent...... 5,700 00 Lowell and Andover'R. R. Rent . . . 52,500 00 Taxes...... 96,l3114 Filling Prison Point Bay. . . . '. . . 17,410 82 $1,441,955 4s

$796,865 66 Lesslnterest...... 245,447 12 $550,418 54 Less Dividend paid May 15, 1879 . . . . $210,000 00 Less Dividend to be paid Nov. 15, 1879, 210.000 00 420,000 00 $130,418 54 Amount reserved for second track east of Haverhill, and otherpurposes...... 100,000 00

Amount -earned this year above Expenditures, Reserva tion,andDividends...... $30,418 54

1,609,619 miles run this year. 14 REPORT OF THE DIRECTORS OF THE

DR. T1-easm-er’s Balance S/zeet, Sept. 30, 1879.

ASSETS.

CONBTRUCTIONQ Grading and Masonry . . _...... $2,681,096 81 Bridges. . 936.649 40 Superstructure, including Rails . . 1.s97,s07 33 Land, Land Damages, and Fences . 2,430,156 36 Passenger, Freight, and Water Stations anclWoodSheds...... 771,405 33 Engine Houses,. Car Sheds, and Turn Machine Tables Shops, including Machinery and 164,713 98

Tools...... ,... 133.233 50 Interest paid during Construction, Dis count, etc. . 32,023 44 Engineering, Agencies, Salaries, and other Expenses during Construct-ion . 365,474 39 $9,512,615 54

EQUIPMENT 79 Locomotives...... $382000 00 11 Snow Ploughs ...... 7,000 00 164 Passenger and Baggage Cars 392,275 00 1,692 Merchandise and other Cars 400,955 O0 $1,242,230 00

Construction and Equipment . . 310,754,345 54

MATERIALS.

Wood on hand I QIQ4Q QQ QQ QQQQ QI4Q $13,997 10 H A4 Q 1,499 55 Waste “ “ Q 417 29 Rails “ “ Q I 69,926 50 Ties “ “ Q . 7,311 55 Coal “ “ . I . 21.503 80 Car Shop. Stock on hand . . 21.557 52 Engine Shop, Stock on hand 7,232 50 $143,945 31

SUXDRY ITEMS. Cash . . . . . $217,304 93 Notes Receivable ...... 142,379 75 Boston and Maine Railroad Stock at par, 27,000 00 Land and Improvements Dover and Win nipiseogee Railroad ...... 26,502 73 Dover and Winnipiseogee Railroad Stock, 263,144 48 Steamer “ Mt.Washington” and Wharves 69,260 24 Danvers Railroad Bonds ...... 125,000 00 Danvers Railroad Account ...... 27,430 00 Lowell and Andover Railroad Better Newburyport ments . . . Railroad . . . . Stock and Bonds . 31,127 06 302,001 95 $1,231,151 14

\ $12,129,942 49 BOSTON AND MAINE 12.111.120.11). 15

Treasurer-’s Balance Sheet, Sept. 30, 1879. Cu.

LIABILITIES.

Capital Stock (received from sale of 70,000 shares) ...... $6,921,274 52 Seven per cent Bonds due 1893 . . . . . $1,500,000 00 “ “ “ “ “ 1894. . . . . 2,000,000 00 Notes Payable...... 12,009 08 Lowell and Andover Railroad Improve ment Account ...... 6,924 99 Uncalled for Bond Interest...... 4,445.00 “ “ Dividends ...... 12,149 00 Ledger Balances...... 44,146 49 ProﬂtandLoss...... 1,628,993 41 $5,208,667 97

$12.l29,942 49 BOSTON AND MAINE RAILROAD.

The annual meeting of the stockholders of the Boston and ' Maine Railroad will be held at LAVVRENCE, in the City Hall, on WEDNESDAY, the tenth day of December next, at half past ten o’clock A. M., for the following purposes, viz. : 1. To hear and act upon the report of the directors. 2. For the choice of directors for the ensuing year. 3. For the transaction of any other business which may be legally brought before them. By order of the directors.

CHAUNCEY P. JUDD, Clerk. Bosrorr, Nov. 5, 1879. ~

Stockholders only will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. The special stockholders’ trains will leave Portland at 6.00 A. M., Great Falls at 7 A. M., and Boston at 9 A. M., for Lawrence ; and will leave Lawrence for Boston at 12 M., and for Great Falls at 12.30 P. M. _ Stockholders, returning to stations between Rollinsford and Portland, will take the trains which leave South Lawrence at 1.23 or 4.30 P. M. Stockholders are requested to take passage in the trains provided for them, and thus avoid annoying passengers by crowding the regular trains. Stockholders going from either direction, beyond Lawrence, will be charged regular fares between Lawrence and the sta tions to which they take passage. By order o_f the Directors. JAS. T. FURBER, Gen. Supt‘. REPORT or 11111 ‘,1

0 ' ' ‘,

1111s11111‘ll _111,,11,;‘1111;111,111111/11,1, u f

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W-_1§3DN1as1>AY, DE MBER s, 1880.

_ BOSTON: W _.ALFRED MUDGE a SON, PRINTERS, "'

34 Sonoor Sranar. 1880.

I .. ; .:_| -1. ' | . 1 I‘ _, _ ‘.’ :9,-0 . ’ -_. __‘ H . ._ ,_,_~'1_-‘a’i»'""'""':s_,_,,_’,-$,*"* “"*"--. 9 4 -2 OFFI ERS. ~

I’ 43"“ _. 3 » Q 40 Dmncrons; - NATHANIEL_ ‘WHITE. M. . Lawﬁkmcg. GEORGE 0. LORD . . . . B65463.’ NATHANIELAMOS PAUL J. . BRADLEE . . '. . ..__,.~: . __B0s'1‘0N.~s__<_>. Nnv3;M§zKE'r, N. 11.

WILLIAM ‘s. ' Dov1:1z,_N.,H. JAMES R. NICHOLS ,. HAVERHILLQ ' JOHN FELT oseo Bosr . ‘| , SABIUEL E. SPRING Ponﬁnn, L113; 1 ‘ '0 f NATHANIEL W. FAR LEWISTON, ME. . ..2../""’ J] _ '\, -‘ ‘ ' , Pnnsrnnnr. 331 GnNERAn_SnrkR1NTnnnni1r. \, . ' V I , NATHANIEL G. WHITE. *; 1 JAMES T. Funqnn. -

L. Jw CHAUNCEY C1,1m1<. P. JUDD. TREASURER. \. ~ Amos BLANCHARD.

WILLIAM P. PEIRCE.

.7‘ I . ~ -#0 J av‘ NNU".n:- REr'oRTj"~ ""1 _\e_,

c_ ' '.!- - To the Stockholders of the Boston and Maine Railroad: r TIIE directors respeotftillyiﬁubmit the lowing report,

exhibiting the result of the operations‘ofQ~ 'oad for the - twelve months _end'iiig Sept. 30, 1880 :— \\ . The gross receipt-si for _tw§el've months ending

‘ VOperating Sept. 30,!se0,'v_vei-e expenses i .. .. $1,385,339 . . 61 $2,532,652 54

Taxes paid . . . . 198,652 331 r. , _ 0 Rent of leased lines . . 9- -87,200 00 S ‘ '

Filling Prison Point Bay '" _ 6 50 4 -e»— 1,598,218 42

Eeaving‘ as net earnings ml for . _ ‘ i $934,434 12 Interest paid during the ydhr 245,908 83 Leaving tpbalaince iif . . . . . $688,525 29

The gross. income of the twelve months end ing Sept. 30', 1879, was . . . . $2,238,821 L4 And the expenses for the S:l1l1~\Ull1(lll1_£§ interest, taxes, rent of lcas@os_ and ﬁll J ing Prison Point Bay __ 1,683,402 60 Showing a gain in the gross receipts of the present, as compared with the previous p year, of . . " . . . . . 293,831 4k0 I And an increase in the operating expenses, in- ~= eluding interest, taxes, rent of leased lines, and ﬁlling Prison Point Bay . . . 155,724 65 ‘p , REPORT OF THE DIRECTORS OF THE 1' The balance for the year ending Sept. 30, . 9 _ , ~13 1879, after payii interest, taxes, and all J _ A i_ V‘ _ ,,expe11'§s,'i\'as,*‘ _ H, . vi QW54‘ I r 0- '

year, of . 138,106 75

atisfaction tocyour directors to be able to sacessful results. The many years of wJeigl1ed"he__avily upon those on whom

_ ' of the maiizigement of your property de volved. T11.-£3? rejoice with you that thisicorporation has passed unharmed through the severlé“tf'ials to which all rail road property was subjected during the'late ﬁnancial crisis. The indicat.ions}o_f the hr ' 5 prospei-<,u_s' i future, as sup ', have, we are please tions of the road the e been with t interruption. A 'charged, nd thanks to a O <1 by no serious calamity.

_ interests feel the good effect‘ ofggthe present prosperity. \/Ve ' believe that all well-managed and well-located railroads have entered upon an era of prosperity which wil_l"’for some years secure to their stockholders a fair return for their investment. , Increased business req, ' sed expenses. The rolling stdck, the side tracks: t 1'81 g'r:“y'a1-ds and houses that were ample for the business or railroad twenty years ago, would scarcely accommodate one half of our business to-day. As has been suggested in a former report, it is the settled policy of the managers of this road to foster and encourage its local business, and thus help‘ to build up new branches of industrial pursuits along its line. From its local business its net revenue has been mainly derived, and to our local business |,»1'*-».-.-..»

BOSTON AND MAINE RAILROAD. , ‘ ‘- 5

we must look for the principal part of our net revenue i11 the I future. we increase i11 this class of business on our road ., _ _ Ix ' "-11-5-m duri1.1~g. $47<7,~h the t twe_11 .1 _‘€;11‘S~‘l:‘l~1 -(511.1. iauj " ' tratiic:l_1_;_1,s€‘n 15.15.7165} =..,\-f_

'11ess Hem the“P01'tl_a11d, S. 1 d Portsmoll ~ -oad1and A '1

the Newbury rt a11d Danv toads) to $1,225,000 in 1880, while in freig traﬂic there has been a corresponding increase. Whether the next twenty years will show, a similar increase we know not; but judgiiig froni the pit ” rease must be large, "as new eiiterprises are aiinuall cled to those now. in existelice aloiig 011-1~ line. That the jectors of this road made no mistake in its location, is con A V I-I ‘<1 er er W . 4+. L7‘ »-: .O 5.°' Q C‘ O our minds as we pas‘s"1511'ougl1 the many thr1v111g cities and villages which dot our road all the way between Boston and Portland. \ ' The above ﬁgures show; ou1 -.11_1c0n1e the-last year to‘

have been $293,831.40 gr . l.‘ »’ and $110,853.27 in excess H A

the road. ' ' 1 7§'s. Our net earnings fort _ . . Hare $138,106.75 more than the year previous, 1_ 1 iug our expenses have so largely 'i&1o1‘eased. This increase in our expenses is accounted "for by largely i reased business, the miles run the past yfialiiitzllig 125,484 more than during the previous year, and by'charging to expenses many items that formerly went to construction, suchijz ,_ “‘ for new freight cars, $10,589.47 for new passen »'s,’27,148_ for new locomo tives, and $27,026.50 for fil iiison Point Bay, aggregat ing $122,516.99. You have received from the net earnings -of the year one dividend of three and one half per cent, and will receive on the 15th of November another of four per“ cent. I11 addition to thcse,dividends, we have, of the net earnings, carried. to the credit of improvement account the sum of $150,000, and the sum of $13,525.29 to profit and loss. 1-." I, i

6 ' ii -REPORT or TIIE 1)1R1~:o'roRs 01-‘ run

..*f) Your eqdipnicnt has been improved during the year by the purchase of three ﬁrst-class engines —t\vo of whic takesthe

‘ pal-_ an(\1n1mber of 't\,v4g,»,§@;u1 o~ bro}; up -,-,;aiiy14;w6 ~ , I , -. , _ 4 , I .-Q.-_*, n ~ _' ii 1 \ p _ p , en-.4; »~~ " hav e~ shcﬁh ~0he ned }‘senge1'and- ggagei

car, ﬁfty long box freight car 1d A e hun‘ and one coal dump cars. Our road-bed and superstructui ere never i11

b6tt8l‘|,0Ql1(1li]l0 » ' an at the present time. We have l D l durigg the year past 7‘§§%% miles of. steel, and 7 Q-{,4 of 11e\1\""'iro11 rails,_11ot inc1.udi11g'that laid on our ne ouble track. VVe have n4 4 l25§g%% miles of sic‘ track. New passen ger stations have been erected at geworth and at Mace’s Crossing, in Tewksbury. - Great improvement has been made

' ' s at our Commercial Street ‘remodelling of the same, giving us one of th

" \ BOSTON AND MAINE RAILROAD. _ 7 P aged condition. The loss proved quite serious to the insur

ance company, who are responsible to us for the amount of gapiqge to both §{1ll(1_ll1g'>Q<1lt1 1Ii2§3l1tll_}§S€ _ . v g Our 1.. E (D _ ed fro pings of‘ ﬂ1c_a_(;siim of $100,000 _fo fibour double tragkweast from Haverhill,~¥dir other purposes; under that appropriation

we have completed, and are now using, tx from Newton Junctionr to Little Riv '

have also built about thige ~mil’es of Portland to the point of ' the crossing of and Portsmouth Railroad in Scarborough. ' e whole length of double track coii§t"l‘uctcd during the year is nine miles. The amount expended upon this pew track to Sept. 30, 1880, was $75,239.68. ,.

All the trestle-work 1i3~ ck in Prison Point Bay, in Boston, has been rcino, t , an g ace ﬁlled with earth. Considerable ﬁlling of the stlé;wor ross the Scarborough beenmarshes expendedélpon has bee t or and material have i gs‘ fllitllllb locality during

the past year. Our last ,reportL info u that new locations of our main line roa‘d in Ma usetts had been filed under an Act of sail‘/S’t_z§te passed in 1878. An Additional Act, ap proved Feb‘ 16, 1880, compels us to file within the present calendar year a new loc:1~1 Newburyport and the Danvers Railroads. O.\ur engineer s spent much time and labor upon this \v<)1-k,‘.wvill complete lit within the _ time specified. ' The filling of Prison Point Bay, under the legislative Act

of 1878, has been carried on duriiig the year, and we hope O may be fully completed by the close of another year. ‘ When completed, one large item which we have thus far charged to expenses will be saved.

. r ' -; ‘~ 8 REPORT OF THE DIRECTORS OF THE

The construction account during the last year has been diminished $3,861.58 by the sale of real esjﬁg no longer

3-. 4: -ring tl1 day\(iTS9§fé' ,the_ year, and 2'-’l,"'

ii@§;i'18s0, bl ‘lat sift due and. paya e. The;passe1i~"or"?i)1d freight business of the year, as compared .2 ““ ' with that of ff: reviops, stands as follows: —

Wyn \ _,,»- -5‘ 1879. F“ \ Passengers c d . . "l 4,572,175 ‘= one mile . , .5. . . 64,974,753 Tons of freight carried '._"".‘, . . . . 685,598 “ v “ “Q or’! wih‘, 32,334,295

Passengers carried ' . 4,829,028 “ p “J , ._ _- . $8,_&g,870 Tons of-'¢freight 1 _- ‘ H - kg 81 ,122 “ ' ~ “ .3 7‘ 4.. - 39»9?_?4°94 v is H’ Showing a net gain --' . "51!’ Lgers, and for one mile a net gain of 3,622_ll A ‘?.4-‘l’_eigl1t a“'ge1;i@'“of 124,524

tons, The and extension for one mileof our a g- don 1. of ii 7,617,709 ‘track east of ,Haverhill as

ha far as Newton J11 ip __ arty-one m'rles‘__.of unbroken ¢ -double track, excep _-\ p ut eight hlilrdred feet over the Merri mack River at H2t~1'€i we have a single-track bridge. The bridge which we have used at this point since the construction of the road is now being demolished. It was constructed about forty years ago, and was considered a model bridge at the time of its construction. Large expendi tures from time to time have been made upon it to inake it safe for our increased tratﬁc over it, and for the largely

IPV --4. BOSTON Ann MAINE RAILROAD. 1,}_. ~ .. ,_..'-9, 9

1.5 * increased gweiglit of our rolling stock. ltbeing a wooden . 96 V, ‘, structure, 1t was been a source of constant a11x1ety to your ._ '!*"**'l-1.‘ ~. directors lest it iriig I e dest1'_o_y_0,1l b.y.ﬁrc. Such ,a ca§}1'§.*lty l’-'11» - 1 V‘ *4» \ """" ' ;'-’,*\i = t- any 1; in ' ' - ‘A 1: n-b 1ne'"o ss ‘Sp, > 2 tions, 11 would p A o11r111co%. ~. 1 ‘ On ac 1 ~ 1 ' ' < iuduals had beclime a iiiined

.“

riously These to and consider other thelsubject c_on_sideratiens o a indtice ne r di1*egto1-s se . —su'ch_ a one er theas should public. cause The neithgx re'§'u_l these considera O c+ or alarm to was the mak ing of a contract, inthc month of August for the c011 $7 structipn of a most substantial do ‘le P‘? >-¢ ron bridge over the Merrimack River at H-averhi1$l A ~ of the old bridge, it was

oposed new double track structure. it was decided to

remov h l d _rs, located on new fopn my ' ‘.1’ leted it will be

the constructr 1

The acco11n

correct._ - In closi1iglfhis“Rcpo1't, t 1 , nd especially to our general superintendent, M 1'. James. Furber, did they 11ot bcar"testim'c"'>11y to their constant care and faithful _co-opera tion in the management of the road in its various departments. Respectfully submitted, it » By order of the Board, A " N. c. WHITE, President. Bosron. Nov. 3, 1880. 0

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_ aoiaitoana ant saomnarq .10 uni.

ii_]379 '+pt_. . Accozuﬂwe YearemlinLoss

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endingSingsofthe year . verhillandother pur-1 . ‘

Balance.....'.....' ,

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BOSTON Ann MAINE RAILROAD. 11

Income and Expendituresfor the Year ending Sept. 30, 1880 In 5~"'?t -' 30, 1 1880.

ITEMS. sipﬁ‘. U“. Y . 51;

' “$1 .1, 13101.42 . I .52:-1,000 ' ‘, 4 9390

Repairs Road ...... ' . . . '1. “'Bridges../...... gz *-'“ .1 Fences,RoadBuildings . . . ..,.-. . . ., “ Locomotives .5‘/\ . . at Passenger and Baggage .— Cars, H Merchandise Cars . . . . - 5 Fuel and Water for Locomotives . . . , Waste...... 4,3 78 Renewal of Ties ...... 29 06 74 “ ~ Rails ...... 18:809 72

Insurance ...... 3,835‘§s1 Taxes

Dogler and Win W st Ameshury R. Livell and Andovc omotive Service . i Passenger Tran! 30 '2: “ “ .,upplies . ...- 47 Freight Train Service. . . 36,306 To “ 4"“ Supplies . . . 772 14 “ “ Milcige . . . 8,123 R3 Tel'egraph...... l.... ’. 1 Loss and Damage Freight & Bag at at -"5 I Property & Cat Personal] u ‘es _. . . ' i.. . . Agents anc b-i;on Service . Station Suppll ...... Filling PrisonPqint Buy . . . . . 1,598,218 42 '5 s $954,454 12 Less Interest. . . neon-n-use-coo----5 I 245,908 as ~.~_&,A,

I $688,525 29 i Less Dividend paid May 15. 1880 . . . $245,000 00 Less Dividend to be paid Nov. 15, 1880, 280,000 00 Less Amount reserved for building Iron Bridge at Haverhill, and other pur poses...... 150,000 00 575,000 00 ___m.m;__ , -Amount earned this year above Expenditures, Reserva T ilon. and Dividends . . . . $13,525 20” 1" as ,\ 1,735,103 lldiles run this year. ._.' (3. n1-.-roar or T1112 nmrsorons or THE . 3

1 E!“ ,1ss0.

Gradinké and Maso

Bridges . Supersn-11ct111'e, ' ,‘ . . . . ,97,s Land, La11d ])am 2,-1713,29 Passenger, Freig and Wood She .~ Engine Houses Tables Machine Shops, Tools . . . Interest <~o1111t, etc. paid . 1 . 82,028 44 l<‘.11gi11ce1'ing, ;. other Ex .1. )Cl1S€S 30s,474‘s9 $9,508,753 01;

EQUIP. 80 Locomotives . . . . ' . 11 Snow Ploughsﬂ: . . 167 Passenger 111211.13 1 1,844 Merchandise and »

Construction an

Wood on han Oil “ 14 Waste “ it Rails “ L1 '.l‘ies “ an Coal “ H --~ Car Shop, Stock on‘l1:.111.(l . . . . . ~ 22,201; 04 Engine Shop, Stock on hand . . 10 50 205,935 as

SUSDRY _ Tl1I.\IS.

Cash $3_11,s42 '02 ’~ “~°" }\‘o11-sl{cceiv11ble . , 132,2i9%§i.-.t{ ’* ‘ l.:111(l 111111 l1np1'o\'e111c lil1)l$(‘()f_'jl‘L‘ h11ilroa1l 211,(‘»(1:; 23' "-"' 1)o\'c1'.~111dWiiiiiipiseogee g1;:»‘,,1»14 48. Steamer “ 1\lt.\\'asl1i11gto11” an ' ~'. 69,2611 24 . ])1111vc1'sR11il1'o:\d Bonds ...... - 125,000 01! ,5 1)-.111\'1-rs l{:1il1'11a1l An(lo\"cr Account Railroad . . . .Be-ttcri 27,430 00 Lowell 111111 incnts . . -...... l 58.624 42 Newburyport Railroad Stock and Bonds . 302.001 115 1,316,l26~69

' , $12,273 O46 51 ‘ =-—-—-.-b-—

_ Pi 4

, "-' BOSTON AND MAINE RAILROAD. 13

T1'edsm'eJ7"_8 wlcznce S_/zeet, Sept. 30,’ 1880. ‘R211.-’ ' 1--"\"'. I V1, 1 I‘ .v ' vr41AB1L1'1‘Ins.*' ..-,_-,4 T .,», ‘

--om.‘ <9 ‘ -’ " ck 1- -civecl 11-om sale of 1- 5’ 4' , ' ' 70.00 jcs 1 ...... '1 - $6,921,274 52 - Seven p eel Bond '1 st! .‘ . y ‘ 0--1'11 0 , 1 u 1: ,1 u 4. (. _ _ _ . ' ~ ‘ ,2-N Notes Payab . . . . . I _ ‘ Lowell 11n(l An er'R'ailroad Improve ment Account. . .1. .4:/.“'.". . 05‘ ' ,‘ 0. Uncalled-for Bond '. . . . . 022 5 _ - ",-* ,1; 1 -‘ “ Diviclenc . . . " '.."_-.. Leclgcr Balances. . . . _...... _ _ -> ‘L’ '-M . ,5‘; ,Proﬁt and Loss . . . ,6 ...... ‘- . . 5,351,771 99 ’.

i‘ "-1- 8‘. g

‘-. $12,273,046 51 I'*r' Q-—~,_.___.-._..r -,_._ _ ...

1 BOSTON AND MAINE RAILROAD. '1 The hkniral meeting 6f~'tbe-sto_ckhol1 l‘S_t‘dtl1G ‘bk. Maine Railroad willaie -‘held at LAW‘ ' 4

Ha~m>Nm 1) J , the-,cighth day ofD hal pastltieii o‘_ 1 ' .' l

1. T'o'he. ~ - . ' 1011 t e repo ctois _ . 2. For the 4 1111-ectors_f£>_r theaen g year. 3 For t - .~ 1 n ofQ1p¢p(&1' l)}lSlll(3SS which may be legally b “them. _ i . y order of the direc%'rs. ~. l

OHAUNCEY ' 1), Clerk. BosToN, Nov. ‘_ ; p

Stockholder _ - from the place‘ - ~ of n1eeting,'~ " ' The V 7 _' a 6

Portland will take the tra... 1.23 or 4.30 P. M. _ f ,3, . 1 A Stockholders a‘ _ V - p I. the trains p1 ovided for tl1 annoying pa'§_s__e‘££ep€‘ by crowding the reg ,\~ “i 1 , . ._ , 3* r direction beyond Lawrence will be charged regula between Lawrence and the sta tions to which they take passage. _ '6.’ By order of the directors. 4 \

JAS. T. FURBER, Gen. Supt._

. A- A .4: sf--, ~. . *3“ -av - “j "‘l-MW» 4!,-1. 4 ~ Y’ "-'; ,‘

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L\ ~ iii» ' K ‘r WEDNEsi)"AY,: DECEMBER 14, 1881.

4 Iw. ‘ ‘II 1- ’ - ' K 3

| 1 >1 - 1’ .

_ ;B0sT0N= _ ¥ALFREDiMgDGE”&s0N;PRINTER& " No.84 SoJ1'ooL STREET. 1ss1.

LAWRENCE.‘ '1. 1, GEORGE c. LORD - ~_.$..'.-‘_f' NEWTON. \ 7 ._ "A11_1p PAUL . ..-" ._’__ So. NEWMARKET, N. H;-_-, NA; ANIEL Jﬁnaniw . Bosron. )V}~E1;IAM s. srnvnasilf Dov1~;n-, N. _H. ‘. I HAVERHILL. _ ‘i./miss R. NICHOLS '§ 1;‘ JOHN FELT oseoon . BOSTON. 1: 15, 4 SAMUEL E. SPRING PORTLAND, Mn.

NATHANIEL WV. FARVVELL . ,1 Lnwrsron, ME.

> PRESIDENT, TREAQURER,

NATHANIEL G. WHITE. C AMOS BLANCHARD.

V101:-Pun s11) ENT, AUDITOR, GEORGE O. LORD. H. W. ~B‘. WIGHTMAN.

“'\ GENERAL SUPERINTENDENT, ' i CLERK, O JAMES T. FURBER. CHAUNCEY P. JUDD.

1'1-

- _e- ._ - \!' \\ ‘I. , ' ' ' I. _

I 4 V __ _ J,-»W""“"" E2, A a,._ _ Mrtléﬁin ANNUAL REPORT. £

:_ -' -__ 1 ~... > I _ To the Stockholders of t/eealzd Maine Railroad: ,THE'(i1I‘6Ct0I'S 1'espectf11lly=:,"l' ﬁniitfthe following replbrt,

exhibiting the result of the operations' of the road fdr the If-"twelve months ending Sept. 30, : -3} , X . The grossureceiptsi for twelve months ending 1' » Scpt'.30,1881,were. _ ,. . $2,687,515 9s E, Opeiiating expenses . " {$1,566,066 69 . .‘_‘ Taxes-paid . ._ . . 90,559 s4 “ 1. Rent of leased . lines - ,,. . . O 87,200 00 1,749,856 53

$937 ,-659 45 Balance of improvement account charged to expense (which ’-{covers ﬁlling Prison Point Bay, Haverhill bridge, and double track to'- . East Kingston)" above sum reserved . . ' 64,433 03 Leaviinglas net earning_s for the year A ,__ . $873,226 42

, Interest paid during the‘ year . . 1 246,632 59

Leaving a balance of . . I . . $626,593 83 l The gross income pf the twelve mo11tl1s end is ing Sept. 30, 1880, was . ._ . . $2,532,652 54 Showing-a, gain in t11_e_'gross receipts of the present‘, as compared -with the previous 4. year, of ...... $154,863 44

Fa-F4

4: " REPORT OF THE DIRECTORS OF THE

_ The net balance for the year ending Sept. 30, A 1330, was . . .’ . $688,525.-29 And for the year ending Sept. 30, 1881, was 626,593 33 "-1 _,Sl_1owi1ig a decreasein tl'1e"Ythe,.‘_ _ ._ L “J present, as compared with the previous ‘.5

year, of . - . " 1361,93

This decrease is fully accounted. for by our increased ex penses for locomotives, passenger and baggage cars, and buildings, the present o.ver tl'1f_eiprevious year. _',_ '

' ‘ I '1=‘\. ~‘ I . . Earnings, after de,ducti1$g'_'i11t_e1'_est, rentals, ’ - taxes, and all oéier exp,eiises . _. . $626,593 83 Dividend paid May 16, 1881, $280,000 00 ' . Dividend payable Nov. 15,1331, 230,000 00, "jj’~

Amount track, reserved and other for purposes new double ~. . 65,000 00 1 \ 625,000 00 -. \ Surplus overidividends and reservation . $11593 83 _ 1

2' In presenting this animal report, your directors are pleased to beable to exhibit your property at the close of another twelve months in a condition so favo1'able.i In doing this, they do not claim for themselyes any merit l beyond What comes from a faithful and honest discharge of their many and perplexing duties and responsibilities. They desire to express to you their gratitude forlthe generous‘

conﬁdence so long reposed i11 them. The importance of the trust, and the manner in which it ha's been discharged by your present board of directors, will plainly appear by the careful examination of this and seven previous reports. The history of the road for the year._.j,_us't-3 passed hashnotbeen distinguished by events of a'n unu'sual character. Its oper ations in each and every department have been carried on

.‘_’<__- _

BOSTON AND MAINE RAILROAD. ~' 5

promptly and successfully, and, as we believe, satisfactorily_ , to the public. - 2' ". Theft!’-ial balance and the other tables prepared by the .-, tre§lsp1re'r, an(1_.coq,pit ' " rewith, will repay a careful

~pe1us Em them t e particulars of the operations of“ ad ,the past ye,ar,_ and also its present ﬁnancial con dition, _the_-_s_our.ce_‘s_ ofA~_ its receipts, and the objects of its expenditures, maybe obtained. The stock has attained a value in the n1a1'ket‘dia1r;ing the year far i11 advance of any year since the road‘ was ﬁrst‘§§=§1ened to the public, giving to 'those\,'stockholders, who" fBl)I?Il‘;;£DlSfQ1-tulle or otherwise, have ‘desired to dispose investment, an excellent, opportunity to do so without loss.*'~_v{ l

ness An transac,t'ediwi1l examination of show the amount what we and have character in former of the reports busi

Ilfrom ' declared your as: local true; business; vi‘z., that For your the income purpose is ofmainly comparison, derived I take the -local and foreign business of this road for the past

four years, and the result shows that the earnings from local passengers for the -9

Year ending Sept. 30, 1878, was . . $1,071,856 11 “ 9 ~ 1979, ~ 1,075,907 99 , ~ “ , _,~ 1990, ~ 1,192,979 40 “ 9 ~ 1991, ‘.9 . 1,252,919 59 From 10551 freight in 1979, 7‘ -. 499,190 56 ~ 7- ~ “ 1979, ~ 540,09212 ~ ‘= ~ ~ 1990, ~ 997,977 90 ~ ~ 9 1991, 9 704,909 49

4’

The amount of earnings from foreign business forthe same time is _as' ,7 follows : — ' *

-=$'-51:-*--=~:.=. »‘.;.' " _

v 6 REPORT OF THE DIRECTORS OF THE

From passengers in 1878 . . . . $160,863 _45 ““ “1‘ ““ 1-3301879 .. . _. . ,. . ,190§$33*.7s‘ l52,88‘$;08 1%

J 1'-.f"""°"'i‘ ._» 11~ freight ~.41 ;__{=1s31. “<11s79 1878 ... .. _. j ' . ~[_2Q1;224_ 235,3

4 “~ 1‘“ 151331“ 1880 ,1 . .- '. . ‘. ]_314,04s 292,137 '08 55

A comparison of the ggossiqtgizeipts a11d of the equipnient‘ 1 of the road in the yea1's'187dJ2=;and 1881 will give us-some idea of its increase and prrospe__rity : T 3' T ’ -" ' . The receipts in 1871 were . . ~ . $2,041,122 00 And i11 1881 were . . . dz . 2,687,515 98

Showing an increase of . . . $646,393 98

' The equipment in 1871' was forty-nine locomotives, one 1 hundred and twelve passenger and baggage cars, and 1,239 merchandise and other cars. _ The acco11nt for 1881 shows our equipment to be eighty four locomotives, one hundred and seventy-six passenger and baggage cars, and 1,924 merchandise and other cars. It is now forty-ﬁve years since the ﬁrst section of this road was opened, from its connection with the Bostonand Lowell road at YVilmington to Andover, and ~thirty-six years since our ears ran into Boston. During this time all the iron has been replaced many times ; the str11ct11res over the rivers and at the various stations have been almost entirely rebuilt; wooden bridges have been changed iron; the road-bed, _ culverts, and masonry almost all rebuilt ';' -steel rails] have-‘H’

been largely substituted for iron, and a double track extends _ from Boston to East Kingston, a distance of 452 miles. The, ' T‘ ~

*:~" BOSTON AND MAINE RAILROAD. 7

stations along the whole line are generally in good condition, all-dﬁltequate to the public wants for many years to come. K Th9,~'%]’$;5lJI1i7 good condition of our property would seem to [email protected]'ejl)'r1t litt_le'"ex ‘ lforrepairs for the next ﬁve or ten '

." » " " -in ‘ - ~_ 2 q I vy__ - I ~' , ar rings . new wants and new expenditures. ased traffic brings ipcreased expenses. Rolling stock, ' ._n1achinery.,"-’and ﬁxtures are constantly wearing out, and new and additional. must'b,e’_‘s_up_plied. ' Terminal facilities ade quate to the wants of years since are now

"fonndto be too strait, and _mu§t7::', enlarged, or business 1 leaves your line of road andis,e$e;§§':‘ lnother whose facilities/1 for businesii-'are better than yoiir:s._ ,WeLl knowing that no road running out of Boston holds ziiribetteriiposition for‘ local

traflic than this"road, with its connections for through traffic from the \Vest, North, and East, we have no hesitancy in say ing that its-future will he. as prosperous as its past. VVhat its past has been is well~~'_kno\v11 to its original stockholders, who in no year from the beginning, in 1838, have failed to receive an annual return on their investment. Our equipment has been largely improved during the last . year; five locomotives, nine first-class passenger cars, one ' combined passenger and baggage car, two bag age cars, and ninety-three freight cars have been purchased or built i11 the company’s shops. Of these, one locomotive, one passenger car, and thirteen freight cars take the place of the same num ber worn out and broken up. These items are all charged to expenses. The usual repairs and improvements of track and buildings have been made during the year. New stations have been constructed at Old Orchard, and at Haverhill _Br'idge in Bradford. New shelter sheds for passengers have been constructed at Portland and Bradford. , During the year we have added to the attractions of this road one of- the finest parks for. picnic uses to be found in 'i New England, situated directly on the sea-shore at Old

V‘ "~;;.'i'»~. .y \

8 T REPORT OF THE DIRECTORS OF THE

Orchard, heavily wooded, and containing an area of ﬁfteen acres. The want of such a pleasure ground has bccwng I feltattractive. at this to point,‘ ‘the public and we seelréugjlli doubt not l: "s will --rccrcati(§i1'.' prove.,.inost ll

*' Ba/ve5§;§‘§% laid miles down of new during iron the rails. year “Te 10-5%?“ have now ' .a"‘ 135§§§0 '-A -\ D '

of steel track. Great improvement has been made in our p onebrick story freight higher, house new in Boston“:and convenientoﬂices the south end have has been been ﬁtted built

up on the second ﬂoor, and building has been otherwise made much more 0O1lV,8HlQl§t'li”§_tl;ld serviceable. V _ Our last a11nuaL'reporl>iinformed you that it had become ' necessary to construct,-~a' new bridge ‘over the Merrimac Riverits erection at Haverliill, of iron, and and that further, a contract that an had appropriation been made had for

been made from the earnings of that year amounting to the . , othersum of purposes.‘ $150,000, Thefor the work colistruction was fully of ‘completed, said bridge and and our for ._

trains commenced running over it, on the seventh day of ‘February last. This bridge cost us more than the amount appropriated. VVe have, however, a bridge, perfect in every respect, a structure that will bear the most critical inspection of the skilled engineer, and will prove to be not only satisfactory to stockholders, but also to’the travelling pub lic. During the year several new bridges, both in iron and wood, have been constructed over highway c_rossings. All these several repairs and improvements have_been charged to ekpenses. The construction account remains the same as stated in our report for 1880. The ﬂoating debt of‘ the corporation has been reduced by the payment of $6,509.08, and stood at the close of business ‘the thirtieth day of September, 1ss1, at $500. " ' _ The'passenger and freight business of the past year, as ‘ compared with that of the year previous, stands as ‘follows : —

I ="‘Wll -'.’,>?>1“ “ "1

BOSTON AND MAINE RAILROAD. 9

!_ -at 1880. Q} Pas§ppge1's carried 4,829,028 5-9 _ ,‘ ‘-.~e'_-. _ gs 6119 . . 69,996,970 5'; “'1#5‘3i1s_Qf.frei

‘ -‘ Passengers carried I T .9‘. 5,325,375 g 1891. - “ 9 one mile 74,969,911

" Tons offreight carried. 942,604 ’ as cc cc. one 11%’ 1'15, 41,999,660

1 ‘-\ T ‘. . I " " .0 - , -.-‘Q1, Showing a net gain of 496,347 passengers, and for one mile ‘ 9 net g5in‘6f»6,97-2,041; and in freight 5 gain of 92,492 3,. n tons, and’ for one mile a gain of 1,937,656 tons. Our double track has been extended from its termination a. year ago, at N ewton Junction, to East Kingston Depot, a distance of 42 miles, the cost of which has been charged to expenses. This extension gives us, with the 4%; miles west '0 from Portland, a perfect double-track road 50% miles in’ length. ~ , The work under the Act of the Legislature requiring this road to fill its flats "in Prison Point Bay, has duringvthe year been prosecuted with vigor-, and the larger portion of our land which lies east of our main tracks has been completed, and much work done on the remainder. On the first day of 7 October, 1881, we had hauled and dumped upon that ‘terri tory 2l8,732 cubic yards of earth. ' Several fires have occurred during the year, whereby considerable, valuable property was destroyed, for which this road was liable. andflfor which payment has been made. The , property, destroyed was fully covered by insurance, and i‘ hence nouloss was sustained by the corporation. ,.- . ‘=31 ‘ .7. , I -T v

._,._b

in ‘Qt

10 REPORT OF THE DIRECTORS OF THE

O11r wharf at Mystic River has been much enlarged and improved for the reception of coal. A new coal Vi~'l]3l‘g,!!(l9 4 shed, for the reception and storage of locomotive (:0ali§.p_o1v being constructed at consider e ense "near our engine " it ,J,'?4'->h(f11se in Portland; when completed 1t ope‘ ' 1_n ‘ ' ofto theall our coal coal incident used to at suchthat end handling. of the -road, ' and fl the ‘ _

New and expensive t1'usses'are being placed in the draw bridge over Charles River,_.in~B'ostonf.’- A _ 1 ._ J’

The business at Haverhiﬂ Iias:’so_ increased that more space for the convenient; ha'1idl_i_ng"o_,f bulk freight has become necessary. This is.’.bein0'J,‘l\’__ _I't‘_ byxthe removal of the e11 gine house from H .‘e1'hi_ll' B1':iid,ford_ side of the river, H

Where we have ‘N; "iderable unocc11'p_ied land.'_ The land 6' heretofore occ11pied by the engine house. will.<.';1tfo1'd our deliverypatrons atof Haverhill merchandise,‘ much _ better facilities l fo_r A the ‘prompt .1

The want of additional terminal "facilities in the city of Boston, for the better accommodation of your large and constantly increasing freight tratﬁc, has for several years been keenly felt by your directors. _ . The large o11tlay'.’.of money that would be required to secure such facilities as would prove to be adequate, not only for the wants of to-day, b11t for many years to come, has prevented an earlier earnest consideration of this subject. The “time has now come when any further delay of action in this important matter would seem not only to be unwise, but injurious to the best interests of this road. The location l of your freight grounds in Boston, between the draw in o11r bridge over Miller’s River and -Haymarket Square, incum bered as they are by your engine ho1'_1_se,-repai1- shops, and coal sheds, is, to say the least, 11nfortunate. I11 addition

v to these_incumbrances, a do11ble track for passenger traﬁic divides this whole territory from one end to the other, cutting 3"

- ;-'v' .

BOSTON AND MAINE RAILROAD. . 11

' it for’ freight uses almost as badly as it would be if the tracks oflforeign corporation occupied the same space. These h .ob§!_t'1_:_Q§dtlons are the source of imuch embarrassment and delay,

l 1 _|.. o'nly'iu sh__ift_in

two or more tracks for pas"senger.tr_ only, commencing 1*‘ at grade _-oifthe, southerly side of the; draw in our bridge over Mystic River in Somerville, and following the line of our location, c1'ossing ~_,Mysti'c Avenue and Broadway in the Charlestown District at grade, and all other streets and railroads now crossed at grade at an elevation of not less I" than ﬁfteen feet above grade, to Haymarket Square in Boston. Such a construction of our passenger tracks would enable us to devote to freight purposes the wholemwidth of our location p from Mystic River to Haymarket» Square, unincumbered by passenger trains.'~ ~ " VVhen you consider the number of passenger trains that pass and repass daily between the points above ‘ named, through the centre of your freight yard, and that your freight , and switching engineers must constantly be on the .W'atch to do their work, you will be able to form some ideaofthe vex subjectedatious delays to. our men p in the A freight deparment _ are hourly

Your dir'ectors',_b'elieving that the time has arrived when a determinedleﬂbrt should be made to secure better terminal facilities in Boston, ask for authority from the stockholders - to take such action as shall be found necessary to accom

I <

. .. -

12 l REPORT OF THE DIRECTORS OF THE

plish this object; and that they may be authorized to borrow ‘ such an amount of money as shall be found necessary ﬁre for. x Stockholders ‘frequently inq~o‘the ‘early. _, 1 history of this road, — as to the time when 1 o~" 1 business to this or that point, the amount of its business II ﬁrst year of its existence, etc.,_ etc. For the, purpose of placing on record, while we are able to do so, an answer to _some of these questions, itfis not inappropriate in"our l:_Annual Report to call your attention to the origin and prog ress o_f a corporation nowngarly a half-century old. 4 The people of A11dove_1',‘.iin the yefar 1833, desirous of ob taining railroad acedinmbdationi for their town and vicinity,

petitionedlocate and the construct Legislature a railroad of Massachusetts commencing for, near authority the South to Parish meeting-house in Andover, andithence to the Boston

and Lowell Railroad in the town of VVilmington. ~_ The char ter, under the name of the Andover and \Vilmingto,n_ Rail road Corporation, Was approved March 15, 1833. The cor porationthe directors was to organized the stockholders in June, was 1833, made and Oct. the ﬁrst 21, 1834.report of

The early conception was only a branch, the whole length of which was less than eight miles. That it was a formidable undertaking‘ at that time there can be no doubt, as nearly three -and one half years were consumed in its construction. It Was, however, after much delay, completed and opened to the public on the eighth day of August, 1836. ‘ The early exhibit of the probable income of the road, as made by the directors in their ﬁrst report, is_ both amusing and instructive. It was made up by;_stating the number of stage passengers and freight that passed from and through A11do\5i:c1', from Oct. 1, 1833, to Oct. 1, 1834,jand was stated as follows: — ’ l * "

....._.... _-_.. . __. .__ _'\< I C -_

BOSTON 4171) MAINE RAILROAD. 13

" In the Andover stage, exclusive of way passen '.. Q's, as per way-bills V. . . . 4,158 In ’_l!h§‘I__Iaverh_i1pl Company stages during the ‘ Qt‘ “same tim~rs from _their way- “ I ...... 9,706‘\ e. Derry stage, which is only one a day, __ but was formerly two, and is to be two again soon, as is understood, is estimated at nine -’per day, making, during the 's:'1lne period, the number of . . . ' 1- . . . 2,817 Total number of stage gpasslengets .'. i . . 15,681”

I The freighttonnage was obtained iin thle same way,—taking

the amount which passed through and from Andover to and from Boston, conveyed in baggage wagons, —and amounted to- 5,700 tons. The calculation of the receipts from this < number of passengers and tons of freight per annum was $23,150.75. The amount of toll to be paid to the Boston and Lowell Railroad on this amount of business was set - I down at $2,594.34, leaving for earnings on the new road In $20,566.41. The capital stock authorized was $100,000; and the" expense of operating this road was calculated to be, including six'per cent interest on capital, ‘salaries, repairs of road, and other contingencies, $17,008, which-gave them, after paying all expenses and six per cent on the capital, the sum of $3,556.41. During the construction of this branch, the people of Haverhill, moved by a desire to place their own town on an equality with Andover, sought and obtained on the seventh day of April, 1835, authority " to extend the same in an easterly direction to the Central Village in l'Iaverhill.”. This extension was opened to Bradford,ion the

opposite shore of the river from Haverhill, on the‘1iwenty sixth day of'October, 1837. Haverhill, then a small village, gave us but a small amount of business. Even after the _

i '1 \ ,- P

14 J“ REPORT OF THE DIRECTORS OF THE

road was extended across the river to what is now a city of eighteen thousand inhabitants, one day’s entire recei tickets \ Qn theﬁfth sold amounted day of-Apvi-il,V,'a,utl1ori1y#§,a;»Z to a sum less than thre_e_ doll@.__r,_ . . ’

' obtained to extend from Bradford to the 1ii'é‘“Uf aié‘ New Hampshire. Authority to extend. the same thropb the State of New Hampshire was granted by the Legislaitilre

ofthe that road State was on opened the twenty-seventh to tlf_1epubl-i‘c,l' day its often of June, as any 1835 point ; and of importance was reached lit's_'_ construction, h as follows:

ToNewma-rket, East Kingston,*Jan. July 1,841"; 1,;,1s40 Dover ;;E'Xea>r, tolthe teuipbrary.1‘tm>e 26, 1840; depot

in Cofﬁn’s Cut, Sept. 24,~1841 ; and to the perinauent depot July 5, 1842. By authority of an Act of _the'L$§j\slature of . A ' the State of Maine, approved April 2,1841, the *;§Qad ’s_ constructed and opened to S0uth‘Berwicl

exte"n'<1ed from VVilmington to South Be1'wick,-}'i1,Y- stance of IO ﬁfty-eight miles, more than double the Whole lgli) tl1_ of_'ftl1e Boston and Lowell Railroad, with which we ma, co&1nec tion at Wilmiiigton, and upon which we“1-elii Vforfthe 3

prompt and efficient transportation of our pass, _' gers and freight to and from Boston. The Lowell 1‘ol1d"," then in its glory, cared but little for us or our business.’ "They were unwilling to subject themselves to any inconvenience or delay to accommodate our road, and thus caused'_-great embarrass- ‘ ment and vexation to our oﬂicers and_ patrons. The urgent necessity of securing an independent line to Q Boston was so apparent that a petition was presented to the Legislature of Massachusetts asking for authority, and the saiine was granted March 16, 1844. This extension was t_oopened the permanent to the temporary clepot in depot Haymarket in Boston, Square, July March 1, 1845, 6, 1846. and

~ , “W ¢

BOSTON AND MAINE RAILROAD.’ _== 15

_ The branch road to Medford was opened to the public M 1, 1847 ; and the Methuen branch, extending from the '1'. so ' j k of the Merrimac River to the State line of New .1 .'Hai[np's,hire,_ori-the twenty-s enﬁuday of August, 1,»849._..-, S i H extension of the i‘oad from \Vilmingtoii"l'* ,;~<' '1 _ nun _‘ oston, the present site of the city of Lawrence was a ‘R saiayoplain, with less than one hundred inhabitants, but with the prospect of becoming. a manufacturing town that would require extended railroad facilities. The managers of your p1'

sheen Riv 't'o__a point near Andover bridge; thence along

ﬁnk the Merrimac to an intersection with the *1”-Tl1is,cha11ge of location to accommodate the pros usiitesé of this new manufacturing place was made, - r ; ‘and he road completed and opened to the public on the third da_y_{rofJ y;_1848. . .‘

On the completion of this road to South Berwick, a junc I’ tion tva at that point with the Portland, Saco_ and Karts i hi Railroad; and on the ﬁrst day of April, 1847, a

contract‘ S s entered into between that road, the Bbston and

Maine, an Eastern Railroad, whereby the joint use of the formerlwas given to the two roads last named, which

joint use continued for more than twenty-three years. On the nineteenth of July, 1870, notice of an intention on the part of th1fPortlaird, Saco and Portsmouth Railroad to terminate said contract’ on the twentieth day of January, 1871, was served upon the president of this corporation. The terminationiof this contract left us with pa road

seventy-four m,iles'in_lengtl1, terminating in the in the town'of South Berwick. Unable to make any arrange ment, either for the joint use with the Eastern Railroad of ‘It . - a“’ﬁ?"“’.-;.-.-- " " in “ "" c‘-M‘

16 ~_-_ REPORT or THE nmncrons or THE 4

the road from that point to Portland, or for the separate use of the same, by lease, contract, or otherwise, applic '1 n wasl made to the Legislature of the §tate of l\1ein'$br ‘ _ '4l'l.'xe' uthor_ity.t0 Act authorizing extend 1l1is__r¢qL this extcn~p'r@ed‘~' from Berwick‘_to_ Portland.

1871,day of and February, the road 1873. was opened In addition for business to the above, on the this ﬁfteen road - 4

operates the Dover and Winnipiseogee, the West Amesbury kndoverBranch, the Railroads. Newburyport, _ the 1'),anv.e-rs, _ T I andA .the Lowell and ' l

On the third day of . Noveml)er, 1880, onrvauditor, Mr. William P. Peirce, resignedlthat oﬂice, and Mr. H. WV. B.

\Vightman,‘ of Lowell, was appointed in his place, who has

andmade reports the usual the examination same to be correct. of the accounts of the Vtreasurer,

VVith the close of this year, the undersigned retires from the post which the di-rectors have generously assignjhd tohim _ for the last ten years. On surrendering a trust so laborious i

J. and responsible, as well as so honorable. it is proper to say 3 that during this long time, the deliberations of thezivboard of ' directors have been conducted with the utmost ha1'iho l~ and -

. good fellowship. VVhile watchful and anxious as to tli _‘-b6Sl3L - means of promoting the true interests, not only of the stock' holders‘, but also of the travelling public, it would be‘ sur prising if we had, in our endeavors, been able to meet the expectations of every individual. Respectfully submitted by order of the board, . _ , N. G. WHITE, President.

4 Bosrox, Nov. I8, 1881.

NOJ/SO‘E[ (INV HNIVN '(IVOH'IIVH LI

$1,761,99541 626,59399 5- $2,999,59924 $1,673,82947 -

Incomethisyear BalanceSept.30,1880..'-9. .... Ba1ance......

$280,00000 $2,388,58924 Sept.30,1880150,000O0of.theendingings year .

ofHaDoubleTrackreservedforAmounteast thefromandotherverhill purposes,earn

offofvnovalue4,759charged77Sundryitems as ..

paidNov.15,1880.‘Dividend .. 280,000001881DividendpaidMay16, ..

1,673,82947Balance...... DR. '. l’-55'5"-"‘ " "' " "

-. J-"'_ .

18 3*». REPORT on rm: DIRECTORS or THE

it 0

me and Eocjiendituresfor the Year end_1'izg Sept. 3Q, 1881.

ITEMS.

INCOME. Passengers ...... F‘ -$1,489,534 49 l Freight ...... ,»‘. $1,018,857 01 Mails...... -.. 23,66392 ‘*4’ Expresses...... _. . . 69,159 98 ‘> Rents, etc...... _ > . . -,-. , 66,030 51 _ - Interest...... "Q . . 20,270 07 $2,687,515 98

EXPENDITURES. ’

Repairs Road ...... 158,207 12 * “ B-ri(_lges...... 30,39746 “ Fences, Road Crossings ~ and Signs ...... 11,384 64 H Buildings ...... $s2,549 15 - . , New Buﬂdings ...... 16,06191 98,611 O6, ‘ '

Repairs Locomotives . . . . . 74,388 76 New “ . . . . 36,280 07 110,668 83

. Repairs Passenger and Baggage - Cars, 41,908 95 New “ “ 40,534 78 82,443 73 Repairs Merchandise Cars . . 41,603 03 New “ “‘ . . 42,808 T1 84,411._74

Fuel and Water for Locomotives . . . . . 231,425.26 Oil...'....-...... 8,29220 Waste...... '...... 4,62255 RenewalofTies. .' ...... 22,415 48 ' “ “Rails...... 41,607.29 Insni-ance.'...... 6,41000 Taxes..,~...... 96,58984 Salaries Ge'neralOﬂicers and Clerks . . , 47,686 22 Legal Expenses ...... ‘_L 4,844 93 Stationery and Printing ...... 71 18,773 42 " Outside Agencies and Advertising . . . . 14,974 55 Contingencies and Miscellaneous. . . . . 18,097 66 Dover and Winnipiseogee R. R. Rent . . . 29,000 00 , West Amesbury R. R. Rent...... ,5,700 Q0 ‘ Lowell and Andover R.R. Rent...... 52,500 00,.,' Locomotive Service ...... 120,148 90 Passenger Train Service ...... 65,403 65 1 ‘.‘ “ Supplies ...... 9,546 30

C'arrirdf0rwm'cZ ...... $1,374,162 83 $2,687,515 98

BOSTON AND MAINE RAILROAD. 6. 19

Ir i T - _ r

Inconi aﬂd Expend?t_ures for the Year ending Sept. 30, l - \ . - . "-5 _ _ ,. -4,, ‘ .2»-'...".<

SEPT. 30, 1881.

Brough_t'f9rwa1'd ...... $1,374,162 83 $2,687,515 98 Freight Train Service ...... 35,592 96 “ 5‘ Supplies ...... i% . . 2,041 61 . - “ “ Mileage . . . ., . .'--K . 2,668 98 Telegraph’...... -- . . 7. . . 7,535 45 Loss and Damage Freight and Bagg ge . . . 2,366 34 “ _ Q‘ “ Property and Cattle‘. ._ .- 733 50 Personal Injuries...... ~ 9,297 as Agents and Station Service . . . L .' . 301,134 07 Station Supplies ...... ‘. . . 14,323 43 1,749,856 53 ¢ v ‘ , $937,659 45 K

I " IMPROVEMENT ACCOUNT.

. By UnexpendedBalanee, Sept. 30, 1880, $18,836 61 “ Amount reserved from Earnings, year ending Sept 30, 1880 . . . . 150,000 00 -0 “ Old Materials sgld ...... 130 00 “ Balance charged to Expenses . . . 64,433 03 ...... 64,433 O3 To-Filling Prison Point Bay $22,204 93 “ Double Track, Haverhill to East Kingston ;. . 56,469 97 “ New Iron Bridge at’Ha verhill ...... 154,724 74 4 $233,399 i 64 $233,399 64‘ $873,226 42

LessInterest...... 246,6:-1259 _ $626,593 as Less Dividend paid May 16, 1881 ...... $280,000 O0 ' ' Less Dividend to be paid Nov. 15,1 1 . . . . . 280,000 00 - , Less Amount reserved for New Double Track, _ and other purposes ,...... 65,000 00 625,000 00

Amount earned this y_ea._r above Expenditures, Reser~ Ky, Dividendsj..,...... $1,593g3

1,854,048 Miles run this year.

i 5'

20 ° REPORT or THE nnnacrons or THE

D11. fl‘reasu1'er’s Balance Sheet, Sept. 30, 1881. O _ - ASSETS I1 i. .~" .- \-..\“ pg.‘ ';b~gvH. C0.\'S'l‘RUC'f~1’0N.

Grading and Masonry...... $2,681,096 '81 Bridges...... 936,649 40 Superstrncture,incluing Rails . . . - 1,se1,s01 33 Land, Land Damages, and Fences. . 2,116,204 1s ' Passenger, Freight, and Water §t;1tion and Wood Sheds . 111,405 33 Engine Houses, Car Sheds, a'nd'Ti1r'n ‘ Tables...... , . .:._.-.~. _ 164,713 98 Machine Shops, including Machinery {and 50 Tools . . . -5-5,. ‘ . . . . 133,283 Interest paid during Construction, Dis count, etc.. . . . ' . . s2,02s 44 Engineering, Agencies, Salaries, and other Expenses during Construction . 365,474 39 - ,§ $9,508,753 96‘-‘ L 0' EQUIPMENT 0 , -Q 84 Locomotives...... $382,000 00 12 Snow Ploughs...... 7,000 00 176 Passenger and Baggage Cars . . . 392,275 00 1,924 Merchandise and other Cars . . . 460,955 00 1,242,230 oo

Construction and Equipment ...... $10,750,983 96 MATERIAILS.

OD I Woodonl1and...... -...... $6,501 67 Oil “ 1,662 1 468 22 Waste“ 12 Rails“ “...... 95,520 00 Tics.““...... 6.31.1‘ 80 Coal“ “ . 36,741 25 Car Shop. Stock <'>1{11{11.<1 . . -5-. - 5 26,298 75 Engine Shop, Stock on hand . --. 23,168 20 191,115 01

SUN DRY ITEMS. Cash...... $135,983 12 Notes Receivable ...... 172,219 75 Land and Improvements Dover and Win nipiseogee Railroad _ ...... 2’ . 26,603 23 Dover and Winnipiseogee Railroad Stock, 263.144 48 Steamer “ Mt. Washington ’ and Wharves, 69,260 24 Danvers Railroad Bonds...... 125,000 00 Danvers Railroad Account ...... 21,430 00 Loyvell and Andover Railroad Better mcnts . 56,624 42 Newburyport Railroad Stock and Bonds . 302,001 95 1,180,267 19 ~1V12~

BOSTON AND MAIXE RAILROAD. 21 --.

t Treasurer’s Balance Sheet, Sept. 30, 1881. CR.

I . ' ' 'L AB an-'-, r , “C am -..1.9...... ,..7 » , ‘ ve om sae o ' "' 0§'0sh‘ares)...... 96,921,27452 ' even per cent Bonds due 1893 . . . . $1,500,000 00 “ “ “ “ *6 1394 _. . . . 2,000,000 00 Notes Payable ...... '. . '.'_ . . . . 500 00 Lowell and Andover Railroad Improve ment Age unt . . . . .' . . ., . . .4 5,268 03 Uncalledgfﬂ B011(1l1]l36l‘GSl2- . . . , . 8,855 00 “ “ Dividends -. . '.....‘. _ 14.764 00 Ledger13a1anees ...... ’-.‘ . * 3,935 14 7 Proﬁt andLoss...... 1,673,829 47 5,207,151 64

.§

$12,128,426 16

.1!

-5 - _c-1"

‘BOSTON AND MAINE RAILROA;D. The annual meeting of the stockholders of the Boston and Maine Railroad will be held at LAWRENCE, in ‘t City _ half ll, on WEDNESDAY, oiclécklii. the ii1.:‘T5P‘the fourteenth follgwing day of Decerqbd purposes, v1z’i: ext,

1. To hear and abt upon the report of the ’ - I 2. For the choice of directors for‘the ensuing year. 1" 3. To consider if the stockholders will authorize the directors to apply to the Legislature‘-y for power to construct two or more tracks on a raised grade from l\Iysti'o',,River to ix Boston for passenger purposes,. and to take land if necessary for the same, and to act thereon. 4. To see if the stockholders will authorize the directfirs to provide the necessary means to locate and construct the same, by issue of bonds or otherwise, and to ac}; thereon... \ 5. For the transaction of any other business which may" 1 be legally brought before them. - By order of the directors. . , CHAUNCEY P. JUDD, om». ‘ Bosron, Nov. 18, 1881. . C. ‘ i IO Stockholders only will be passed free ta andfrom the place of meeting, on exhibiting their certiﬁcates to the conductors. The special stockholders’ trains will leave Portland at 6 A. M., Great Falls at 7 A. M., and Boston at 9 A. M., for Lawrence ; and will leave Lawrence for Boston at 12 M., and for Great Falls at 12.30 P. M. ,.,. Q. Stockholders returning to stations between Rollinsford and Portland will take the trains which leave South Lawrence at 1.23 or 4.30 P. M. Stockholders are requested to ‘take passage in the trains provided for them, and thus avoid annoying passengers by crowding the regular trains. ' . Stockholders going from either direction beyond Lawrence‘, , will be ‘charged regular fares between Lawrence and tl16_. , stations to which they By takeorder passage. of the directors. _ '

:4 JAS. T. FURBER, Qen. Supt.

DESJEMBER 14, 1881.. ' " \-. -_ _ ‘ F," , v‘ .. J: " i ' . V-' 1- U‘ ' M‘ “ 3.» ' ' AR_rrc1,n 1. 9- Tm»: annual meeting of the members of this Corporation shall be holden on the second Wednesday of December, in each year.

' or Anriomi 2. r ;_ ' ‘A special meetingof the Corporation may be called at any time by '- a vote pf gthe Directors. It shall be their duty to call such meeting whenever a petition for that purpose, signed by the holders of Five Thousand Shares, is presented to the President. All meetings, both annual and special, shall be called by order of the Directors, who shall determine the time and place of those; meet ings for which a diﬂ'erent provision is not made. !§ At every meeting of the Corporation, the subject matter to be acted-‘ifpon shall be stated i11 brief, in the notice calling the same, which notice shall be signed by the Clerk and published in two or more daily newspapers printed in the city of Boston, at least ten days before the day appointed for the meeting. ‘

, ARTICLE 3. e ~ The Board of Directors of this Corporation shall consist of nine persons, who shall be chosen at the annual meeting. Any vacancy in said Board may be filled at 9. special meeting of the Stockholders, called for that purpose. ' No person shall be qualified toibe elected, or to act as a Director, unless he be a Stockholder. The Directors may determine the§'o,r1f1 of the Certificates of the Capital Stock of the Corporation, and the _'-“inanner of transferring and recording the same. They may also ._,,' establish a Corporate Seal and determine the form thereof. ' at

1 11' ‘-'" :.' "' »-. ."'-.-""

BOSTON AND MAINE RAILROAD.

ARTICLE 4. _$,he_(_]l_crk chosen by the mews shall beﬁlérk of th ’ Directors and of the Corporation. He shall sworn to _, ' ful discharge of the duties incumbent upon him, qkdshall hoopla 3' . faithful record of all their doings. It shall be his duty to notify_%l$5' ~ annual and special meetings of the Cor " Rn, and also the "n_§_'e;et *ingS of the Board of Directors. , I M“ ‘

» I I . The Isemi-annual accounts ARTICLEshall 4 be made 5. up ' to ' the ﬁrst of October -

and April in each year. The Annual Report to the Stockholders" shall be made up to the ﬁrst of October in such form, and shall con- ‘i

tain such statistics, as the Directors may deem(expedient, and_ e transmitted to the Stockholders tenédgys previods to “the annlﬁ i

meeting. I _ - - \ _- ARTICLE 6. 1-.‘ ' ‘ * ’ . \. All By-Laws, heretofore in force, are hereby repealed. ‘ ‘ ~..’v_ _u ~

-. I. '4 ‘ I ‘vii. I’

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REPORT 0F'FHE DIRECTORS

OF THE

3091011 AND, MAINE RAILROAD

TO TIIE

STOGKHOLDER&

WEDNESDAY, DECEMBER. 13, 1882.

BOSTONa

ALFRED MUDGE & SON, PRINTERS, N0. 34 5011001. S T B E E '1‘. 1882. OFFICERS.

Dmncrons.

GEORGE C. LORD ...... Nswrou. NATHANIEL G. WHITE . . . . Lawanncn. AMOS PAUL ...... S0. Nawmanknr, N. NATHANIEL J. BRADLEE . . . Bosron. WILLIAM S. STEVENS . . . . Dovna, N. H. JAMES R. NICHOLS...... HAVERHILL. JOHN FELT OSGOOD . . . . . Bosron. SAMUEL E. SPRING . . . . . PORTLAND, ME. NATHANIEL W’. FARWELL . . . LEWISTON, Mn.

PRESIDENT, TREASURER, GEORGE C. LORD. AMOS BLANCHARD.

GENERAL SUPERINTENDENT, Annrroa, JAMES T. FURBER. H. W. B. VVIGHTMAN.

CLERK, CHAUNCEY P. JUDD. 3 $5.4" B68; \%‘&|/$1

'14. 1"»<‘.<.e4=we FORTY-NINTH ANNUAL narorrr.

To the Stockholders of the Boston and Maine Railroad:

THE Directors respectfully submit the following report, exhibiting the result of the operations of the road for the year ending Sept. 30, 1882 : -

The gross receipts for the year ending Sept. 30, 1882, were . $2,850,730 22 ' Operating expenses $1,727,788 41 Taxes paid . 133,492 43 1,861,280 84

$989,449 38 Improvement account charged to expense (in cluding second track between East Kingston and Exeter; and between Scarborough and the P. S. & P. R. R. crossing, 7 miles, new coal shed and‘ wharf at Portland, etc.) , above the sum reserved . 68,576 72

$920,872 66 Rent of leased lines $87,200 00 Bond interest . . 245,000 00 Dividend paid May 15 280,000 00 “ declared payable Nov. 15 . 280,000 00 892,200 00 1 Surplus over ﬁxed charges and dividends, which will be placed to the credit of im provement account . $28,672 66

V‘I;%%*=\e 4 REPORT OF THE DIRECTORS OF THE

The gross receipts for the year ending Sept. 30, 1882, were . . . . . $2,850,730 22 The gross receipts for the year ending Sept. 30, 1881, were . . . . . 2,687,515 98' Showing an increase for the year of . . $163,214 24 The net balance applicable to dividend Sept. ~—_—i

30, 1881, was ...... $626,593 83 And for the year ending Sept. 30, 1882, was 588,672 66 Showing a decrease in the net balance of . $37,921 17 as compared with the previous year.

This decrease is more than accounted for by our increased expenditures for steel rails $16,081, ties $29,363, taxes $36,902, and personal injuries $32,529 (including the acci dent of Jan. 2 ), making in these items alone an aggregate of $114,875 the presentyear over the previous year. -The trial balance and the other tables prepared by the Treasurer, connected herewith, will give the present ﬁnan cial condition of the company, the sources of its revenue, and the objects for which it has been expended. The passenger and freight business, as compared with the previous year, stands as follows : —

Receipts from passengers, 1882 . . 3 . $1,593,117 O2 And for the previous year . . . . 1,489,534 49 Showing an increase of . . . . $103,582 53 In local passengers there was a gain of . . 96,047 54 “ foreign “ “ “ “ . ~ . 7,534 99 Receipts from freight, 1882 _. . . . $1,079,424 90 And for the previous year . . . . 1,018,857 01 Showing an increase of . . . - . . $60,567 89 In local freight there was a gain of . _ . $109,078 77 “ foreign “ “ “ loss of . . I 48,510 88 BOSTON AND MAINE RAILROAD. ' 5

The number of passengers carried the past year was ...... ' 5,984,000 Being an increase over the previous year of 658,625 Number carried 0116 mile '. . .' . 91,641,541 - Being an increase over the previous year of 6,672,630 A

The number of tons of merchandise carried the past year was . . . . . 904,966 Being an increase over the previous year of 62,362 Number of tons carried one mile . . . 44,882,394 Being an increase of h . . . . 2,992,734

The number of miles run this year . . 1,945,599 Being an increase over the previous year of 91,551

Our equipment during the past year has been fully kept up. Three new passenger locomotives have been built in our shops. One, the “ Maine,” takes the place and number of an old one; and two, the “Newton,” No. 87, and the “Kingston,” No. 88, are in addition to. our former number. Another large and powerful locomotive for freight is in pro cess of construction, and will be ready for service in a few weeks. Many of our engines have had extensive repairs during the past year, and it is now believed that our motive power will compare favorably with that of any road leading out of Boston. There has been built in the company’s shops at Lawrence during the past year two parlor ears, five first class passenger cars, two combined passenger and baggage ears,purchased, and forty-seven and we have freight now fifty cars. freighticars One parlor under car contract,has been

twenty-ﬁve of which have been delivered. Our second track has been extended the past year from East Kingston to Exeter, four and three quarters miles, and from a point four and a half miles west of Portland to Scar borough two and a quarter miles. This latter portion was built early in the season, and we commenced running over

P-4l—I-_--_._,_> ._i i gw _ 6 ' ‘REPORT OF TIIE DIRECTORS OF THE

it July 3. That portion between East Kingston and Exetcr has been very expensive, and has required much more time for its construction. The alignment of the road has been much improved by the removal of a very bad reverse curve, and in so doing it be came necessary to purchase land and rebuild several bridges. It is now, however, substantially completed, and we shall commence running over it in a few rlays. During the past year it has been found necessary to make large repairs on the Charles and Miller River bridges, in Bos ton. These bridges were originally built in 1845, and were rebuilt in 1860, and again in 1871. That portion under water is in good condition, but the covering requires to be renewed about every ten or twelve years. Two new iron bridges, of substantial construction, have been built over highways between Andover and Lawrence; also, a new iron bridge has been placed over the highway at Buzell's Crossing, in Biddeford ; and another over the high way at Boothby’s Crossing, near Cole’s Corner, in VVells. At this point the highway has been changed, by permission of the county commissioners, so as to cross at a right angle, instead of obliquely, as formerly, thus reducing the span from fifty-seven to twenty-four feet. At Mitchcl's Crossing, in Kennebunkport, the highway has been changed by constructing a new one, a half-mile in length, thus dispensing with a bridge over the highway at that point. An overhead bridge has been built at South Neivniarket, at considerable expense, under an agreement with the town to discontinue a dangerous grade crossing. A large amount of masonry, built in former years in a somewhat unsubstantial manner, has this year been replaced with first-class cut granite, laid in cement. It will be neces sary to continue this work until all the old masonry shall BOSTON AND MAINE RAILROAD. 7 have been relnid. Our heavier rolling stock and greater rate of speed require that our road-bed shall be kept in the most perfect condition. The work of filling Prison Point bay has been continued during the past year. By the purchase of land at Charles town, in connection with the Fitchburg Railroad, we have been enabled to open communication with this large tract of land, heretofore unaccessible to teams. We have laid about four thousand yards of granite paving, which gives what we have much needed, —a good yard for the delivery of bulk freight. A large addition has been made to our bridge at Miller's River, which will add very much to our freight facil ities. \/Ve have laid down during the year, eighteen hundred ~ and three tons of steel rails, and thirty-two tons of iron rails, of which five hundred and thirty-one tons of the steel rails were laid in the new second track. We have laid the past year 141,405 ties in addition to those used in the new second track, being 77,429 in excess of last year. New side tracks have been laid at Prison Point, Oak Grove, Edgeworth, Haverhill, Madbury, Wells, Biddeford, Old Orchard, and Portland, aggregating 4T%'§,-U miles. At Biddeford our freight grounds have been m/uch en larged and improved, and a freight track extended into the cotton-house of the Pepperell Mills. A new coal wharf and shed (360 x 60) has been built at Portland for ouulocomotive coal at a large expense, but we think the saving in handling the coal and the better condition in which it will be placed on the locomotive will amply repay the cost. A new water-tank has been built at Reading, and a new tank-house at Kennebuuk. New passenger stations have been erected at Madbury and South Berwick, and shelter sheds over platforms at 8 REPORT OF THE DIRECTORS OF THE

Reading, Stoneham, and Wyoming. The stations at Bal lardvale, Danvers, and Saco have been moved back from the track and almost entirely rebuilt, and much improved in appearance and convenience. _ A small freight house has been erected at Ballardvale. Four tenements, which were built at South Berwick Junction about twelve years since for our employes (at the then ter minus of our road, but no longer wanted there since the building of our extension to Portland), have.been removed to South Berwick and remodelled into four neat and conven ient houses. They are all let to good tenants. At our last annual meeting the directors asked of the stockholders authority to take such action as might be found necessary to elevate two or more tracks for passenger tratﬁc from Somerville to Boston, thus avoiding the cros.-ings of the Eastern and Fitchburg Railroads and several street crossings at grade, and,also increasing our freight facilities. Under the authority then granted by you, a petition was presented to the Legislature asking permission‘to construct such tracks and take land where necessary. The project was strongly opposed by one or more railroads entering Boston on the north side, and by some of the citizens of Somerville, which resulted in the referring of the matter to the next Legislature, and the passing of a vote instructing the railroad commis sioners to inquire into the practicability and expediency of causing the railroads on the north side of the city to dispense with grade crossings and to report to the next General Court such legislation as they might deem expedient. Under these circumstances your directors have thought it advisable to await the report of the railroad commissioners before taking further action in the matter. The accounts of the Treasurer have been examined by the Auditor, and he reports the same to be correct. The Board would gratefully acknowledge their obligation BOSTON AND MAINE RAILROAD. 9 to the General Superintendent, and other employés of the company. To their faithfulness we are indebted for the reg ularity and efficiency with which the operations of the road have been conducted. ' Respectfully submitted, by order of the Board.

GEORGE C. LORD, President.

Bosrox, Nov. 15, 1882.

NOISOH (INV EINIVW '(1VO}I'IlV}I II

Sept.endingtheY30,1882.CR.ProﬁtandLossDR.Accountfor ear

DividendpaidMay1882Incomethis15,280,000O0588,67266 year ..... paidNov.Sept.Dividend15,1881Balance30,$1,673,82947$280,000001881 .... $1,637,502Balance13 ...

1 E verhill,andotherfromthe purposes,earn- I ‘IingsoftheendingSept.30,65,0001ss100year . i‘$2,262,502$2,262,5021313

i I i i reservedforDoubleTrackAmountofHa-east -

" Balance1,637,50213 ... 12 REPORT OF THE DIRECTORS OF THE

Income and Expendz'turesf0r the Year ending Sept. 30, 1882.

Irnus. SEPT. 30, 1882.

Income.

Passengers . . . $1,593,117 02 Freight . . . . 1,079,424 90 Mails . . . . 24,489 54 Expresses . 71,294 28 Rents, etc...... 65,715 74 Interest ...... 16,688 74 $2,850,730 22

Exrnnnrrumszs.

Repairs Road ...... $ I 67,070 80 “ Bridges...... 37,700 83 “ Fences, Road Crossings and Signs 11,026 40 “ Buildings I $86,762 91 New Buildings . . 10,803 55 97,566 46 Repairs Locomotives . 74,631 79 New “ . 36,926 01 111,557 80 Repairs Passenger and Baggage Cars, 49,922 79 New “ “ “ 50,708 68 100,631 47 Repairs Merchandise Cars . . 46,301 56 New “ “ . . 18,805 80 55,107 36 Fuel and Water for Locomotives . . . . 244,755 07 Oil ...... 9,505 59 Waste ...... 4,501 28 Renewel of '1‘ies . . . . 51,778 51 “ “ Rails . . . 57,0s9 18 Insurance . . 6,600 00 TaxesSalaries Oeneral Oﬂiiccrs a-nd.C1-erkis . 133,492 43 49,252 48 Legal Expenses ...... 5 13,751 47 Stationery and Printing . 5 1s,077 40 Outside Agencies and Advertising 5 18,286 79 Contingencies and Miscellaneous . 5 12,861 16 Dover and Winnipiseogee R. R.- Rent 29,000 00 West Amesbury R. R. Rent . . 5,700 00 Lowell and Andover R. R Rent 52,500 00 Locomotive Service . . . . . 124,517 92 Passenger Train Service . . 66,580 78 “ “ Supplies . . 8,577 35

Carri: d forward $1,498,258 53 $2,850,730 22 BOSTON AND MAINE RAILROAD. 13

Income and Expendiluresfor the Year ending Sept. 30, 1882.

ITEMS. SEPT. 30, 1882.

Brought farumrd . . $1,498,258 53 $2,850,730 22 Freight; Train Service . . 37,991 29 “ “ Supplies . . . 1,378 49 “ “ Mileage . . . . 12,324 80 Telegraph ...... 8,463 27 Loss and Damage Freight and Baggage 2,479 03 “ “ “ Property and Cattle . 745 94 Personal Injuries ...... 41,826 36 Agents and Station Servic . . . . . 317,235 31 Station Supplies . . . . 27,777 82 1,948,480 84 $902, 249 38

IMPROVEMENT ACCOUNT. Amount reserved from Earnings, year ending Sept 30, 1881 . $65,000 00 Balance charged to Expenses . ., 68,576 72 . . . 68,576 72 To Double Track, Newton 1 Junction to East - Kingston . . . .$3,586 86 6 Double Track, East ' Kingston to Exeter. 53,069 48 l iv Double Track, east of Scarboro’ . . .‘30,455 38 Land at Dover and Kennebunk . . . 2,520 70 “ New Coal Shed and Wharf, Portland . 19,557 22 4 Freight Grounds and New Track at Bidde ford ...... 6,897 90 G New Overhead Bridge, South Newmarket . 5,109 17 - Filling Prison Point Bay . . . .12,380 01

$133,576 72 $133,576 72 . $833,672 66

LessBondInterest ...... 245,000 00

$588,672 66 Less Dividend paid May 15, 1882 . . . . $280,000 00 Less Dividend to be paid Nov. 15, 1882 . . 280,000 00 560,000 00

Amount earned this year above Expenditures and Dividends . $28,672 66

1,945,599 Miles run this year.

14 REPORT OF THE DIRECTORS OF THE

DR. Treasure1".s Balance S/zeet, Sept. 30, 1882.

ASSETS. CONSTRUCTION. Grading and Masonry . . . . . $2,681,096 81 Bridges ...... ‘. . 936,649 40 Superstructure, including Rails . . . . 1,897,807 33 Land, Land Damages, and Fences . . . 2,480,321 08 Passenger, Freight, and Water Stations ' and Wood Sheds ...... 771,405 33 Engine Houses, Car Sheds, and Turn Tables...... 164,713 98 Machine Shops, including Machinery and Interest Tools paid. . during . . . Construction, . . . . . Dis- . . 133 l 283 50 count etc...... 82 028 44 Engineering, Agencies, Salaries, and ’ other Expenses during Construction 365,474 39 $9,512,780 20

EQUIPMENT. 86 Locomotives . $382,000 00 12 Snow Ploughs ...... 7 ,000 00 182 Passenger and Baggage Cars 392,275 00 1,949 Merchandise and other Cars . 460,955 00 1,242,230 00

Construction and Equipment $10,755,010 26

MATERIALS. Wood on hand ...... $6.060 32 Oil “ “ ...... 2,382 70 Waste “ “ . . 583 10’ Rails “ “ ...... 83,564 00 Ties “ “ ...... 26,224 39 Coal “ “ . . . . 40,664 25 Car Shop, Stock on hand . . 29,801 12 Engine Shop, Stock on hand 27,200 56 210,4so 44

SIJNDRY ITEMS. Cash ...... $222,613 69 Notes Receivable ...... 86,200 43 Land and Improvements Dover and Winnipiseovee Railroad . . . . . 26,603 23 Dover and Wianipiseogee Railroad Stock, 263.144 48 Steamer “Mt.Washington” and Wharves, 69,260 24 Danvers Railroad Bonds ...... 125.000 O0 Danvers Railroad Account . . . . . 27,430 00 Lowell and Andover Railroad Better ments ...... 1...... 58774 42 Newburyport Railroad Stock and Bonds, 3021001 95 Portland and Rochester Railroad . . . 118,919 75 Due from Station Agents . . . . 80,764 98 Miller’s River Improvement . . . . . 17,976 34 Land near State Prison, Charlestown . . 23,487 71 1,422,177 22 s12,s9a,sc7E ‘BOSTON AND MAINE RAILROAD. 15

Treasm~er‘s Balance Sheet, Sept. 30, 1882. CR.

LIABILITIES. - Capital Stock (received from sale of 70,000 shares) ...... $6,921,274 52 Seven per cent Bonds due 1893 . . . . 1 $1,500,000 00 “ “ “ “ “ 1894 . . . . , 2,000,000 00 Notes Payable . . . ‘ 100,000 00 Lowell and Andover R'ailroa-d Imi)rove ment Account ...... 4.434 43 Unealled-for Bond Interest . . . . . < 7,087 50 “ “ “ Dividends . . . . 17,349 00 Accounts Payable and Pay-Rolls for Sep tember, 1882 ...... 175,53414 Ledger Balances ...... 30,486 20 Protitand Loss ...... 1,637,50213 5,472,393 40

_- $12,393,667 92

...-_--..

BOSTON AND MAINE RAILROAD.

The annual meeting of the stockholders of the Boston and ' Maine Railroad will be held at LAWRENCE, in the City Hall, on VVEDNESDAY, the thirteenth day of December next,‘ at half past ten o’clock A. M., for the following purposes, viz. : — 1. To hear and act upon the report of the diren! - 2. For the choice of directors for the ensuing ye:-1. be 3. legally For brought the transaction before them. of any other business which ni ‘h Ly

By order of the directors, CHAUNCEY P. JUDD, Ch».-,’{f. BOSTON, Nov. 15, 1882. -

Stockholders only will be passed free to and from ‘-.ha place of meeting, on exhibiting their certiﬁcates to the <(.-ldu.-tors. The special stockholders’ trains will leave Po.-mmil .1; 6 A M., Great Falls at 7 A.M., and Boston at 9.0.7 1 M., for Lawrence; and will leave Lawrence for Boston at 1-2 .\i . 1-Ild for Great Falls at 12.30 P. M. ' Stockholders returning to stations between Rollin~i'-1.-i ind Portland will take the trains which leave South L:uu'<-m~.~. at 1.24 or 4.28 P. M. ‘ Stockholders are requested to take passage in the w zins provided for them, and thus avoid annoying p€L5'Jf".IgL .- by crowding the regular trains. Stockholders going from either direction be]/one I_ .=1w=' nce will be charged regular fares between Lawrence. and the stations to which they take passage. A By order of the directors, JAS. T. FURBER, :5/v.1. s 1:.

0‘ u‘ '. ‘ ._ '_ _ ‘U ' --\' I ' ‘ Ll‘ ~ T;sTQd§£u> LDER& ~~@v

“' §WE])NESi)A'Y, / DECEMBER 12, 1883.

I _ A L F 1*: E 1) “§'='¢;; .

‘¢‘ ‘iv A

‘ - ‘- I I51§i'Ef:1~oas. .,_‘GEOR.GE p. LORD...... NEWTON. vr ,4 ' _NATHAN~IEL G. WHITE . . ." LAWRENCE. ~ .5'.,AMOS PA ...... S0. NEWMARKI-IT, N. H. 1 ’ . ﬁNATHAN1 » WILLIAM s. STEVENS BRADLEE. .~ . .. _. . DOVER,BOSTON. N. P:H. _ ~ ‘

é; JAMES"__R.JOHN FELT NICHOLS OSGOOD . .. _ ..' '. -' .' BOSTON.HAvmRs;§a.‘;'* '

SAMUEL E. SPRING .' . . . . _P0x5,wLAN1),_M|-:. i-_ Q NATHANIEL PRESIDENT, W. FAR\VELL ' . . LF,WIsTON, 4 .!'I‘aEA§uREn, ME. :

' /GEORGE J 0. LORD. AMOS BLANCH‘/\1&IM),.c l " '1

1:1}I_E€2AL SUPERINTENDENT, AUDITOR, y j " ES T. FURBER. H. W. Ii. WIG&\TMA . ‘ V ah CLERK, ' l 3- 1,; QHAUNQEY P. JUDD. ' . Q F‘3"&"~.5-‘l: {$665 \

FIFTIETH ANNUAL REPORT.

4 I l "‘S'_¢'gicIcb;olc§Ze»'s of: [/36 I x ’Mr%¢'n_e Railv-oad:_

irec 0 s 1‘0Sl)8C§i‘l111#Ui)IHlt t c ¢f_(§lowing report of the operations of the road forrthe ﬁscavear ending Sept. 30, 1883:— 5- " ~

I The gross receipts forthe . year . ending . ._ Sept. . 91,429 ":7"; 30, 1883, were Operating expenses . . $1,849,119 10 ‘-' '-'-1 Taxes paid . . 1 . 115,264‘ 38 0 ~ -- ' ‘* ' 1,964,383 48 ____ri , _v :,_ _ ‘ ‘ $1,027,046 27 * Improvement account charged to expense, 106,376 73 v

1‘ -, Rent ofleased lines _ . _ . $88,296 87 $920,669 54 i Bond interest._ . J I . . 245,000 00 Dividend paid May 15 . 280,000 00 K qﬁ ‘ declared, payable . *-‘ ~ Nov. 15. 1: '. . 280,000 00

/ 0 0 ‘ I S(11‘§ﬁ1's.0ve1' fixed ﬂlarges and dividends, -_-‘""wl1ich will be placed to the credit of im provement account V . . . . , <_. . _ ~"-. . ~ . 1 , ' The grossieccigs for the. year ending Sept. " _ !\ '30, 1883, were “. . . $ _ .-. 1 Showing an increase for 'e:u' of {.-- _. M ‘S _The operatingwllexlqnses, 111(i1'1idiiig‘_A taxewhi ‘

were . . . W .7. - 1 1.06 ' 4 REPORT OF THE DIRECTORS OF THE ° 0 '~' >"_ The passenger and freight business, as compared with th‘e previous year, stands as follows : —

I Receipts from passengers, 1883 . $1,679,603 22 Being amincrease of . ; , 86.486 20 i In local piisselhgers |. 3 ‘ » . s I. _ _ ‘yr . ' s9,62_1,04.-' {I-n foi'eigI1‘_pa_,,sse.l1"-'1 av-'~a 84 R_eée_ipts -from f E . 1,134,s71'l;6""‘ sf. . . . _. 55,446 76 In local freight ere was a gain of L 53,351 84 In foreign ii-eight there was a gaiii’ of . 2,094 92 if 4 e nu1nl)~assengers carried the past _ ._g;_§'ea1' was . ,. Q, ' ‘J’ u " . i 6,488,756 Being a increase over thgi p /I ~' B ' A ' 504,756 Nun1bciPl:arried one mile i L if 85,216,481 Q

“Q Being?1‘niincrease of . __3,574,940 The number of tons of merchandise carr_id'd ' I the past year was . ‘ . . . 946,906

Being an increase over the previous year of . 41,940 Number of tons carried one mile ' 48,736,777 Being an increase of . 3,854,383 The number of miles run this year 2,028,735 . B >" anincrease over the previous year of 5 83 ,‘l36 ¥I1+> ' .. ~ ~ ' _ ",;D;’»-'- g 1 quipment has been largely increased during the past r_‘_ ye, ji:;_g§5‘ix locomotives, thirteen first-class passengeg earQ,.one X _. . - . ' irietlmassenger and baggage car, and one l:u_n<fi"ed‘ and 1 ekfreight carsghkave been purchased or built in the hops.‘ ‘“ _, ‘ '__i'ftl7ilese,fltl1i'ee ‘ 'motf'Yes, one passenger car, one bag gawfzz and twen - Bur freight cars take-‘pthe place of the

saildnuinlwer vyarn out and ‘broken up. One passenger car ~g£t$:2l)68l1 remodelled into a paym_a§ter’s car with all the con -_ ngfcessal-y fo1'~__§af

° BOSTON AND‘ MAINE RAILROAD. 5 Ii. 0 Our equipment now consists of fifty passenger locomo tives, twenty-two freight locomotives, seventeen switching locomotives, one hundred and fifty-five passenger cars, eight parlor ca-rs, thirty-five bagga nd mail"cars,_ one‘tl1ous:1nd nine hundred and 0. e»a'-'$‘~' - by 11' ca ' - - am? gravel :1 - 3 __.' 0 i ‘ . 1 *‘ , ' ">-uv ur ouble track 111119 en increased

and Sea-rboro, the rails. having already ‘b laid betwefn Pine Point and ‘Old Oi'chard. The grading l)etwwe§11 Pine Point and Scarborq is nearly completed, an '11 be,re for the rails as early in the spring asithc wea J will 15$ In the original co1istrugti<>n, tl1is’part of the foagas buil_t on piles for sometl1ing_ more tha'n a mile over thef carboro \ inarslies. I ¢\“ Portions of tl1'ls__have been filled at various times during the last four or five years, and the past year about sixteen hundred feet have been filled, leaving only bridges over the Scarboro and N onsuch rivers, aggregating seven hundred and thirty-five feet, I _, A part of this work‘ has been expensive, as its prdi mity 1 _to the Joean required the sides of the embanlxmelpitii

rubbled with stone to protect it. ,_ - The work of "double tracking the Lowell and ‘ Rglroasizleasedoi' business‘ was -commencedto up), made early necessary in the by season, the larg -any 1 - '1" 1

far completed Oct. 18, that regular. trains comnie '" _ v _g on it as far as VVamesit station, ‘five and"0ne half - 3 remaining three ‘miles will be ready _fgwise pre'zvio1‘~ 1, 1884. ’The Ieost of this work is paid for by 1is',' but charged to the Lowell and Andover Railroad, to be 1-cﬁaid by them upon the termination of the lease. ‘i

laid A newin Jackson track for $5§1'eet,';,- the ~’l_11V()(:_l_21_tlO[1 \vd'll‘, extendin of freigh 1 ii

- . .

1, _1K 6 REPORT OF THE DIRECTORS OF THE °

Street to the Lowell Machine Shop, a distance of two thou sand feet. Side tracks have been constructed at Biddeford, Kennebunk, Salmon Falls, _Newton Junction, Reading, Oak l/Ve Grove, have laid and dow Groveland, _§l;_11iii'1 aggregating ~the»}_vqir 3,321 two miles. tons of steel- , S E

aliave rails, been-1a§'d'_t*e of vs'hi-cl{1"$_)6j.31 past ' Q1 year in 1‘28__,3,72 tl1'(3'¢W ties, second of whictmc~"‘ 6, i who’ wéreilaid in thﬁew second track. Large repairs ave been made on the Salmon Falls bridge, and it Pow in good condition and will last for many yegrs, 9,: until nee - r to replace it on account of doubletrack. }1(_Very s~ iron bridge has been constructed over Charles Stre , in Dover, ata cost of $17 ,107. The ;bridge over thJ.Cocheco river at Dover, which was for a single track and oﬁivdiood, is being replaced by one of iron and fora

double track. A temporary bridge has been constructed for use during the building of the new one. VVith the exception of the one at Haverhill, this is probably the most expensive bridge on the line of the road. A new Howe truss_wooden

bridge has been built over Mad river on the Dover and VV_in-,’ ' nipi.Lp"lyp* _,_ we have built over the ‘n1asYQnry_ -of t\\u.. ‘Tr

aifdy s stituted iron stringers in place of Woo:l._ have bee‘ ontinned on the Charles and Mystic river bridges. ' i J &1‘)l}V(3\Vl)m(d very attractive station has been .built at Salmon

Fall and the grounds much enlarged and improved. The old station bui ding was cut in two, one art being 'J moved to Rollinsford and the other to the sonthe E1? i__end of . l Great Falls near the lower mill, where they make very neat stations and all that are required at those places. The other stations on the line of the road have been kept

.,' .4-1'-’ '_, s~ ,. ' BOSTON AND MAINE RAlLROAD- l c iri good repair, and most of them have been painted during the year. A new car shed has been built at Reading suﬂi cient for the accommodation of ten cars. Another, somewhat smaller, has been built at Exeter.’ A 4_‘~;.'A turn-table has liee1y)pzit,in“at" N _'£on J unctiori. v iI~ilities for receiving coaldﬂ-i$&tic,'_\vha1't' have been i u On the ‘cased nightof and the iiiipioved. 30th of June ' our ‘ macliwe L sl1o'p’"n'~tl'ie

island between Charlesand Miller’s rivers - a-‘sa entirely'de-if

stroycd by ﬁre’, with much Eniaterial and ,valu:1l>le\'q*l1i'nery.

Four locomotives were in the shop; one was re QPCL 6 ortbq‘ less; the others have been repaired ; $30,000 w eiverhfii insurairpe, but our loss was p1'obably much In re.‘ The shop has been temporarily‘ ~i'e'built upon tl1e sane site, but it is the intention at sonie"ti1ne in the near f11tl1‘re-to re ‘nu build in some more convenient location, where we can have suflicient accommodations for our increasing business. A lease of the Eastern Railroad to this company upon terms agreed upon by your Directors and those of the Eastern ;.,Wilroad Company was ratified by both corporations at meet

held on March 28, 1883, to take effect when duly . ' hor

i ;.‘._"1l fa’- : e laws of "New Hampshire. Such autlgoijtyi I t the session of the Legislature of that Sta. 1 - , tnmer.

equity praying the Court to enjoin that coriipaiiy from €X‘;4t ing the lease, substantially on the ground that it doe? not provide fo; t-he sinking fund establishe under that mortgage V . eﬁt of the holders of the certiﬁcates of indebted

‘-.”-‘ ~' -' _1.. 1- "' 8 REPORT OF THE DIRECTORS OF THE . ° _ Q The existence of this suit has hitherto delayed the execu tion of the lease, and the suit is still pending. The Boston and Maine Railroad is not a party to it, and at a . preliminarysummoned in hearing as suwt the Qourt lbs directed has decided notice that of it the need pendencyp not be

'-_debted‘he‘,s,s .__,of the 1 suit to,‘ o tlie sue 3% astcrn 7 "C1 Rai ‘ix’ holders‘ rozpda»- k of The the term certiﬁcates of t ,. IS n £~,i,n-=7’? need‘ 1

will expire in ,]§111:11'y next. There appears to be no reason 1 Why the argument of all questions mooted in the case should R not beW4>cfo1'e the full court in the coming.‘ March. :Dur1ng ~st yeara road has been built from Kenne—_. b§ll!

1883, zgffour and a half per cent on _a cost of$65,000. The_j':r_o'ad was opened to the “public June 18, 1883, and has done a good business the past summer. “It hasopened up a ﬁne sea.-coast, and will, We think, in time much in crease our pleasure travel. The accounts of the treasurer have been, examined by the

auditor, and he reports the same to be correct,._' ’ The trial balanc'e and the other tables connected herew will‘ S . i E ,'ch it has been expended.

herﬂoard cheerfully acknowledge] their'obli '~' -" . tfaithfuln c o rs and and other care employes"We a1'e indebted of the‘: companv for the .""‘

manner with which the operations of the road have been . conducted. -wt _ ,,_ Respectfully submitted by order of the Board. GEORGE e. LORD, P_

\ BosToN, Nov. 20, 1883.

.~ ‘J!

NOLSOH (INV EINIVIAI '(IVOH’IlVH

CR.l"_Sept.1883.ending30,(beYearLossAcc0mzl_f02.'‘DR’;Proﬁtand $2,224,874 i$2,224,87480so ,

__-_._

71*587,37267Incomethis00280,000DividendpaidMay15,1883year' ..»..

$1,637,50213BalanceSept.-30,1882-',..0015,$280,000~,.D.ividendpaidNov.1382 -. .... Balance$1,636,20214

1 east-of‘Hal AmountforDoubleTrackreserved 4 fromtheotherverhill,and purposes,earn

-—L _,_.__

.5‘ .._ _ 28,67266endingSept.30,1882ingsofthe year

v"\.*1*"‘*'~ ,,

I'$ -, 1,636,20214__i.’Balance ...

4' , v». 10 REPORT OF THE DIRECTORS OF THE

0 Income and E0cpenditu'resf01' l/ze Year ending Sept. 30, 1883. ITEMS. SEPT. 30, 1883. 3‘ ‘- INco.\ . '- A

P ..p . I \'l' ‘F7 gr 9 (‘O2 09 I - _‘_ 1.. 1 .' .,.’..... ,",.2.. . -" ' ~» MailsFizigssa . .. -. . 2' . , . .-1 . 24,952 67

Expresses . . ~ Rents, etc.. . _- - _‘ Interest . . p 7 $2,991,429 75 PM Exresnrrunes. '*'~_

Rej>airs']I3{oia1d “ r ge...... "$1:;.,ggi , 2:; ' , V -' _ “ Fences,\lioad Cross- , _ l‘ ~. ‘ vs and Signs. . . , .- -. . 15.723 13 ' -. ~ ui_dings . . . . $102,128 72 §ewBui' 'ngs at Machinery, 26,4_§4 02 ' _ 128,592 74 l, , Repairs Locomotives . 75,055 07 New - " “ 31,688 31 -106,743 38'

Repairs Passenger and Bag- g gage Cars . . . . 69,150 10 . New Passenger and Baggage ' Cars . . . 14,099 $0 83,258 70

Repairs Merchandise Cars 22,675 35 , , \. . New . “ “ . 71,257 34 __93,932 69 ___ s Fuel a El Water for Locomotives . . . 26(;;593 16 Oil ...... 9,312 94 Waste . . . . . 4,7543 59 - ~ lknm al of Ties . . 37 907 04 “ ‘ “ Rails '- 77,362 57 I nranee . . . |7’g15 93 10433 Salaries G eral Officers and Clerks . @409 90 Legal Exp es ...... _ 9,151 15 Stationery and Printing . . . . 10,200 71 Outside Agencies and Advertising 13,701 64 Contingencies and Miscellaneous . . ' 9,094, 37 Dover and Winnipiseogee R. R. Rent 29,000 00 West Amesbury R. R. Rent. . 5,700 00 \ Lowell and Andover R R. Rent . . . . 52,500 00 Kennebunk and Kennebunkport R. R. Rent, 1,096 87 " Locomotive Service . . . . . 128,385 82 Passenger Train Service . 75,344 32 “ “ Supplies 11,016 67

Carriedforward $1,593,791 56 ..» BOSTON AND MAINE RAILROAD. 11

\ 3 Iytcome-and Expendiluwsjbr the Year ending Sept. 30, 1883.

IrEMs. SEPT. 30, 1883.

Brought forward '. “'1 5". $2,991,429 75 r Freig t Train Service ' _ _. _ _' ﬁ'_'<‘* ‘ ‘_‘. Supplies -‘_~-_' 5 1' . '- * Mileage _ '3 " Telegraph . . . ‘ Loss and Damage Freight and Baggage 4: u :1 Property and Cattle . 3302 92 ‘Personal Injuries ...... ,. 12,562 55 Agents and Station‘Service . . » . . . ,1 338,986 81 Station Supplies . . . 6 . . . '. . 1 . 35,446 0s

"‘ -i .-"' - IMPROVEMENT ACCOUNT. ,, Amount reserved from Earnings, ’ ‘S _ year ending. Sept. 30, 1882 828,672 66 Balance chargedto Expenses 106,376 73 . . . New Iron Bridge over Charles Street, Dover, N. H.‘. . . $12,907 60 * Car House, Reading, ' . Mass. . . . . 3,880 00 - Station and Improve ments at Salmon Falls,N. H. . . . 4,006 20 Freight Track at Bidde ‘M ' _ Coal ford, Shed Me. and Whal. . . . . 5,120 42 f at ' 'Portland, Me. . . '”'ﬁ,731 30 redginrgfat Portland, '\ er. ' . . . . . 11,376 70 Bridge at ‘South Newmarket, ,1-"N. H. 4,930 20 i 1,867 20 "\ V1» I ' - and _ Mail _\_ 54,817 38 .” 22,495 38

1,317 01

$135,049 39 $135,049 39 $832,372 67

245,000 00 _ $587,372 67 paid May 15, isss $280,000 00 0 be paid Nov. 15, I883 280,000 00 560,000 00

~2,028,735 Miles run this year.

‘Kw I

-.-an-.-G-ab-___ 12 REPORT OF THE DIRECTORS OF THIE 5; if DR. 1reasu1'er’s Balance Skeet, Sqot. 30, 1833.

ASSETS. CONSTRUCTION:

Grading and Masonry_ _ , ~ . . $2,681,096 81 _-J3‘riClgcs ...... ‘. . 936,649 40 ‘Superstructure, inc_>111' ' K. I 307 33 L Ind», _nd D2. s_ F1-nc '. . . ’- ﬁse _ er, ' 1g . Water Stations nd '00, Sheds 1'...... _'. t- 771,40548032108 33 Engiﬁe Houses, Ca? Sheds a11d Turn Tables ...... x. 154,713 98 Machine Shops, including Machinery and_ Interest Tools. paid . during . . 1. Construeti9n,"..-Dis . . . . . 382,028 133,283 5044 11

count,-etc. . . . - 5 I .8 "-1 ' I »' 1 - . Engineering. Ageiicics. Salaries and other ' Expenses d (7o11stru'cj:io11 I ..‘ . . 355,474 39 $9,512,780 25 a , . i— 49¢ -» UIPMENT. 391. motires . . . , p , .9 ¢401,000 00 .. Y. "' 12 S ow‘1’loughs . . .1 ‘I .' . 7,000 00' 98 I’assea1<,:c1' and Baggage Oars“ -'A_ . .1.’ " fr 400,475 00 29135 M- p ‘l.ll(llSC and other Cars‘. :7. . 499,705 00 1,308,180. 00 Constr v n and Equipment . 2. . )\. ' - B - $10,820,960 25

MATERIALS. 27"" Wood on hand ...... $5,348 94 .. 417 70 WasteOil “ “ “»‘f ...... 272140 Rails ti K5 151,175 00 Ties I it an _15,523'85 Coal .5“ “ ...... ; . Car S ~_ Stock oéhand . . . _ ,5,-1 . 113,545 62,887 g, . - Engin op, Stock 011 hand . . ‘ .-_?,.._ 28,553 43 Pure in&Agent, Stock on hand 1'. » '. 4,051 08 1 ‘281,894 96 , I SUNDRY ITEMS. *9 4°‘ Cash . $259,150 97 Hotes eivable. . . . 143,508 89 Rand and Improvements, Dover and >5 Winnipiseogee Railroad . . . . 2 _ 5 99- ' Dover and Winnipiseogec R. R. Stock . 25, 44 48 Steamer “ Mt.Washington ” and Wharves 59,250 24 Danvers R. R. Bonds ...... 125,000 00 Danvers R. R. Account ...... 27,43010e Lowell and Andover R. R. Betterments . 122,510 14 N ewburyport R. R. Stock and Bonds . 302,001 95 Portland and Rochester R. R. . 113,919 75 Due from Station Agents . . . 80,812 57 Miller's River I1np1'ovcments,».. . . . 18,963 24 Land near State Prison, Charlestown. 32,595 51 New Double Track ...... 59,070 88. New Iro11 Bridge, “Cocheco River," Dover,NH...... 9,595 55 ., '\ BOSTON AND MAINE RAILROAD.

T1-easurer’s Balance Sheet, Sept. 30, 1883. CR. LIABILITIES.

Capital Stock (received from sale o7 ' 70,000 shares‘ ...... , ’Se_ven per cent Bonds due 1893 . '_ .‘ A ¢ cc :4 4: 4.»;~ "n -' . .1 - I’a_va.ble_. . . . . I Low nda'r_;__\n(1o\'er Railroa ,{nI'prove :5’ nnt . . . . . Uncalled-for Bond Interest .

“ “ Dividends Accounts Payable and Pay-Rolls. for §ep- ' .3 . tember, 1883 . . . . . 190,3l7“30 Ledger Balances .. . <'".;¢‘;'..-__ . \“ , 4,270 54 _ Proﬁt and Loss . . .‘ . -I _., , _‘,'z,*‘, . -$1,636,202 14 5,862,462 86 . . . '- .4» V W ' :' ' .:' .___, ~- ""< W ' ‘ “_ ‘ ~‘*~“ 0

‘ , \

[J - 1-‘? 1

4: Y .

‘ V/I $12,783,737 38 - ll .0

‘P

-1--___.,n-.. -—-—: > _.,. , . ‘\

BOSTON _AND MAINE R.uLRoAi)'Z’>,' .“. '., Q The annual meeting of the stockholders of the ‘Boston and Maine Railroad will be held at LAWTRENCE, in-the City Hall, on iVEDNESD~. twelfth day_~p,f DeceInber._._._n;exQ J1 P . ' ck, .' M., f<,i,1'~¢$ '7 __ 0 ﬁn ' .~.;m~ ")*$_d'v*\~-S K ,1 I, hear nd act upon the report of the dire n s. 2. For the choice of directors for the en'suing,year. 3. To_i'see:if the stockholders will a1nend.the 3d article of the By-Laws of the ’so.Was to authorize the therein.Board of QDirectors to '_.i","~‘€ ﬁll -',, i '_ , which may 0 _ occur,_ 4. Fort ransactig of any other business which;-liniziy

legally brought before) them. A ‘ By order of the directors, ' GHAUNCEY P. JUDD, Cleric. Bowen, Nov. 28, 1883. - .

Stockholders only will be passed tree to and from the place of meeting, on exhibiting their certificates to thccouductors. The special stockholders’ train will_ leave Great Falls at 7 A."y_{‘., and Boston at 9.05 A. M., for Laiivrenc‘ " and will leave‘ ljawrence for Boston at 12 M., and for Gr aLFalls at 12 30 P. ‘M. ' , Stockholders from Portland and stations eastfiti Rollins ford will take the train which leaves Portland at 6.45 A. M., and returning to stations between Rollinsford ‘and Portland will take the trains which leave South Lawrenca 1.2 or 4.28 P. M. ' ' Stockholders are requested to take passag he trains provided for them, and thus avoid annoying p engers by crowding the regular trains. Stockholders going from either direction be]./on Lawrence will be charged regular fares between Lawvrenfiand the stations to which they take passage. ___,;,;J;_. _ W By order of the directors,_ \ JAMES 'r. 1.<‘Um§.Ea_, Gen. Supt. --4 ‘= Jr v

» mm‘ “mi REPORT OF THE 1)1REc‘PB §3q\936

OF THE

BOSTON AND MAINE RAILROAD

STOCKHOLDERS,

‘WEDNESDAY, DECEMBER 10, 1884.

BOSTON : GOODWIN & DRISKO,PRINTER& 41 FEDERAL Srnnnn 1884. nfJ OFFICERS.

, . Dmneroas. _ GEORGE C.LORD, . . . . Nawwm. \ NATHANIEL G. WHITE, . . . LAWRENCE AMOS PAUL, ...... So. NEWMARKET, N.H. NATHANIEL I BRADLEE, . .BoMo& WILLIAM S. STEVENS, . . . DOVER,N.H. JAMES R. NICHOLS, . . . . HAVERHILL. JOHN FELT OSGOOD, . . . Baum. NATHANIEL W. FARWELL, . . L1~:w1sro1z,M1a. JOSEPH S. RICKER, . . . . D111zR1No,1\I1<:.

Pnnmnnnr, V TREASURER,

GEORGE C.LORD._ AMOS BLANCHARD.

GENERAL SUPERINTENDENT, AUDITOR, JAMES T. FURBER. H. W. B. WIGHTMAN.

CLERK, CHAUNCEY P. JUDD.. ,/57, (5, 1;,’

lis<6>b[‘t>/+

FIFTY-FIRST ANNUAL REPORT.

To the Stockholders of the Boston and Maine Railroad:

The Directors respectfully submit the following report of the operations of the road for the ﬁscal year ending Sept. 30, 1884 :—

€co-.v\\,l}*"'l"'l>bhd’\""bl“-Q"i'? \/.b'IJ/833/gt’ "acts Q,, The gross receipts for the year ending Sept. 30, 1884, were $3,001,803 13 Operating expenses . . $1,889,591 29 Taxes paid . . . . 126,757 28

2,016,348 57_

g $985,454 56 Improvement account charged to expense, . . 86,241 96

~ - - - ~ $899,212 60 Rent of leased lines . . $ 90,125 00 Bond interest . . . . 245,000 00 Dividend paid May 15th . . 280,000 O0 “ declared, payable Nov. 15, 280,000 00 895,125 00

Surplus over ﬁxed charges and dividends which will be placed to the credit of improvement ac count . . . . . '. . $4,087 60 The gross receipts forithe year ending Sept. 30, 1884, were . . . _. . . . 3,001,803 13“ Showing an increase for the year of . . . 10,373 38 The operating expenses, including the taxes, were 2,016,348 57 Being an increase over the previous year of . 51,950 09 The increased expenses are more than accounted for by the increase in the items of taxes $11,493.00, personal injuries $34,316.00 and new machinery $23,667.00, aggregating $69,476.00. 4 REPORT OF THE DIRECTORS OF THE

The passenger and freight business, as compared with the pre vious year, stands as follows :

Receipts from passengers, 1884, were 61,704,227 ~73 Being an increase of $24,624 51 In local passengers there was a gain of . . $23,666 26 In foreign passengers there was a gain of $756 25 Receipts from freight, 1884, were $1,095,663 61 Showing a decrease of $39,206 05 In local freight there was a loss of $40,591 69 In foreign freight there was a gain of $1,363 64 In rents, income from property, &c., there was a gain of 621,947 65 'In mails therewas a gain of $366 52 In expresses there was a gain of $2,640 75 The number of passengers carried the past year was . . . 7,054,309 Being an increase over the previous year of‘ 565,553 Number carried one mile 89,587,566 Being an increase over the previous year of 4,371,065 The number of tons of merchandise carried the past year was 958,332 Being an increase of 11,426 Number of tons carried one mile 44,937,544 Being a decrease of 3,799,233 The number of miles run this year 2,178,181 Being an increase over the previous year of 149,446

Our equipment has been much improved the past year. Seven locomotives, two parlor cars, nine ﬁrst-class passenger cars, two combined passenger and baggage cars. and one hundred and ﬁfty two freight cars have been purchased, or built in the company's shops. BOSTON AND MAXNE RAILROAD. 5

Of these, four locomotives, four passenger cars, and forty-two freight cars take the place of the same number worn out. Forty three locomotives have been in the shop for general repairs, and thirty-three others have been in for slight repairs. The work upon the double track, which was in process of con struction at the close of last year, between Old Orchard and Scar boro, and on the Lowell and Andover Road, has been completed; and during the present season an addition of eight miles has been made from Old Orchard to a point about half-way between Bidde ford and Kennebunk, making, in all, 20 miles west from Portland, and about 72 miles between Boston and Portland ; leaving 43 miles to be built to give us a second track complete on our entire main line. During the last five years we have added 40 miles of double track, and if the work should be carried on at the same rate, it would be completed in about five years. Your directors think it desirable that the work be continued as fast as circumstances and the finances of the company will warrant. Side tracks have been constructed at Somerville, Mystic Wharf, Malden, Oak Grove, Wakefield, Lawrence, Haverhill, Exeter, Lowell, Tewksbury, Rollinsford, Kennebunk, Biddeford, Old Or chard, and Portland, aggregating 2.33 miles. We have laid down during the last year 2,538 tons of steel rails, of which 716 tons were laid in the new second track. There have been laid the past year-95,214 ties, of which 20,461 were laid in the new second track. A new station has been erected at the Middlesex Fells. The station at Andover has been thoroughly remodeled, and the grounds graded and much improved. Twenty stations have been painted and repaired. In some cases the repairs have been quite extensive. Many of the freight houses and other buildings have been repaired and painted. 6 REPORT OF THE DIRECTORS OF THE

The capacity of the engine house, at Somerville, has been in creased by the addition of six new stalls. New coal sheds have been erected at Exeter and Tewksbury, and a new car shed has been erected at Old Orchard. A new freight house has been erected at Tapleyville. New turn-tables have been constructed at Merrimac, Danvers, and Rollinsford. A

The desire of your directors to have a first-class road in every respect, and their wish to make the safety of its patrons their first consideration, has led them, during the past two years, to re-con struct or strengthen nearly all the iron bridges between Salmon Falls and Portland. During the past year, the bridges over Elm Street, Smith Street, and the Canal at Biddeford, and over Gouch Street, Front Street, Whart Street, Beach Street, Old Orchard Street, and the two branches of the Saco River, have been rc-constructed, and those over Common and James Streets much strengthened. The low price of iron has made the present a very favorable time for doing this work, but, the large amount of it, being in the aggregate 1351.40 feet in length, and 2,573,397 pounds in weight, has made the cost very considerable. The bridge over the Cocheco River, at Dover, which was re ferred to in our last report as having been commenced, is now completed, and trains are running over it. The work of building the abutment on the west side was prosc cuted without more than the usual difficulties, but that on the easterly side has given us much trouble. Heavy rains during the Spring caused a succession of land-slides, the last of which carried a. large portion of the piling, and the cofl'er-dam into the stream. This necessitated an entire change in our plans, and much in creased the expense. It is now ‘believed we have fully overcome all difficulties, and have a very substantial structure.

BOSTON AND MAINE RAILROAD. 7

Large repairs have been made on the easterly pier of our wharf at Portland. In our last report, we informed you that the execution of the lease of the Eastern Railroad to this company, which was ratiﬁed by you on the 28th day of March, 1883, had been delayed by the presentation, by one of the trustees of the Eastern Railroad, to the Supreme Judicial Court of this State, of a bill in equity, praying the Court to enjoin that company from executing the lease. The case was argued before the full bench in June, last, but a decision was not reached until -the 3d of this month, when the Court rendered its opinion, aﬂirming the lease in every particular, except the 5th article, which they considered inconsistent with the Act of 1876, reorganizing the Eastern Railroad Co., and in viola tion of the rights of the bondholders; and for that reason, only, they granted an injunction. Since the decision of the Court, your directors have been in ne gotiation with the directors of the Eastern Railroad for a new lease, and have agreed to one, upon substantially the same terms as the previous one, with the omission of the 5th article, and some slight changes in the phraseology, to show more clearly the intents of the contracting parties._ In the new lease, a slight concession has been made to the East ern Railroad, in the division of the net earnings of the joint roads, after deducting the nine per cent. on our stock, which we are to re tain to our company, before paying any part of the earnings to them. This concession, we think, is practically unimportant to the interests of this road, as we believe that the results to our com pany will be the same as under the old lease. By the third article of the lease, provision is made for the issu ing of bonds for the purpose of paying for such permanent im provements, as the re-construction of buildings and structures for terminal facilities for freight and passengers at Boston ‘and Port 8 REPORT OF THE DIRECTORS -OF THE

land, for increase in track mileage, and in additional rolling stock, made necessary by the requirements of business. , \. A sinking fund is established for the redemption of the bonds, which, with the interest on the bonds, is to be paid out of the joint earnings of the road as a part of the operating expenses. / Your directors recommend that you authorize the issuing of bonds, to be known as “Improvement Bonds,” to be issued for the above purposes, at such times as may be needed, or as the direc tors may think to be most advantageous to the company, to an amount not exceeding $1,000,000. The accounts of the treasurer have been examined by the audi tor, and he reports the same to be correct. The trial balance annexed will give a detailed statement of the sources of the revenue of the company, and the purposes for which it has been expended. , In closing this report we have to announce the great loss which this corporation has met with in the decease of Samuel E. Spring, who died at Portland, August 8th, , after a long and painful illness. Mr. Spring was elected a director of this company December 10th, 1873, soon after the opening of the road to Portland, and, during the past ten years, has been devoted to its interests. He was very genial in his nature, and of great business energy; and he will be much missed in our councils, and by the business com munity. Under the provisions of the By-Laws, Joseph S. Ricker, Esq., .of Portland, was elected a director to ﬁll the vacancy.

Respectfully submitted by order of the Board,

GEORGE C. LORD, President. -

Bosron, Nov. 19, 1884. KOLSOH (IMV IHIYK '(IVO}I'IIV2I

CR.Sept.Account30,1884.ProﬁtandLossfortheYearDR.ending $2,200,28974$2,200,28974

Dividend$1,636,20214$280,000BalanceSeptember30th,1883paidNov.18830015, ....

Dividend280,000this564,08760paidMay1884O0Income15, year .....

$1,612,91707Balance ..

reservedforTrackofDoubleAmounteast fromHaverhill,andtheother purposes,

27,37267ofearningstheendingSept.30,1883 year

1,612,91707Balance ...

—_..,.A* 10 REPORT on THE DIRECTORS or‘ THE

Income and Expenditures for Year ending September 30, 1884.

ITEMS, SEPTEMBER 30, 1884.

Income. Passengers ...... $1,704,227 73 Freight ...... 1,095,663 61 Mails ...... 25,321 19 Expresses ...... 79,156 89 Rents, Income from Property, etc. . . . 97,433 71 3,001,803 13

EXPENDITURES. Repairs Road ...... L . . . $115,454 54 “ Bridges . . . . 34,745 47 “ Fences, Road,Cross ings and Signs ...... 11,778 70 “ Buildings . . . . $110,801 08 New Machinery . . . . . 23,667 62 134,468 70 Repairs Locomotives . . . 85,211 33 New “ . . . 31,486 48 116,697 31 Repairs Passenger and Bag gage Cars ...... 63,011 14 New Passenger and Baggage Cars ...... 27,860 08 90,871 22 Repairs Merchandise Cars . 40,176 70 New “ “ . 15,650 00 55,826 70 Fuel and Water for Locomotives . . . . 250,188 36 Oil ...... 8,573 20 Waste . . . . '...... 4,080 35 Renewal of Ties ...... 7 _ 34,943 13 “ “Rails...... ,. , 52,908_09 Insurance ...... _. . 9,788 40 Taxes ...... ' . . . _. . 126,757 28 Salaries General Oﬂicers and Clerks . . . 57,927 97 Legal Expenses ...... 34,183 05 Stationery and Printing ...... 18,434 29 Outside Agencies and Advertising . . . 18,845 05 Contingencies and Miscellaneous . . . . _ ."7,953 52 Dover and Winnipiseogee R. R. Rent . . 29,000 00 ‘West Amesbury R. R. Rent . . . . . ". - 5,700 00

Carried forward ...... $1,279,125 83 3,001,803 13 "11.!

BOSTON AND MAINE nsrnnosn. 11

‘ and‘ Expenditures for Year ending September 30, 1884.

Imus. SEPTEMBER 30, 1884.

Brought forward, $1,279,125 83 $3,001,803 13 Lowell and Andover R. R. Rent . . . . 52,500 O0 _ Kennebunk and Kennebunkport R.R. Rent, 2,925 00 Locomotive Service ...... 135,419 48 Passenger Train Service . . . . ' . ‘ . ‘ ' ' 88,437 50 ' “ “ Supplies . 412,041 4_-1 V Freight Train Service . 39,799 32 “ “ Supplies . . . . ~ . . . 2,604 33 “ “ Mileage ...... '. 25,101 32 Telegraph ...... - " - ' 8,601 94 Loss and Damage Freight and Baggage . ' 3,157 67 “ “ “ Property and Cattle 1,480 75 Personal Injuries . . . 46,373 50 Agents and Station Service . 357,707 10 Station Supplies ...... 28,977 31 Interest . . . ' 21,716 08 2,106,473 57,

- $895,329 56 IMPROVEMENT ACCOUNT. ' ’ ' Amount reserved from Earnings, year ending Sept. 30, 1883 $27,372 67 Balance charged to Expenses . . 86,241 96 86,241 96 1 Snow Plough, 4 Loco motives, 110 Dump Cars, 2 Parlor Cars and 5 Passenger Cars, $93,790 28 Land at Bradford . 861 11 Miller’s River Improve- ' ments, Charlestown, Mass. 18,963 24 $113,614 63 $113,614 63 . ." $809,087 60

Less Bond Interest . .’ ...... - . -. . . . . , 245,000 00 $564,087 60 Less Dividend paid May 15, 1884 . .' .' . .' .’ $280,000 00' ' ' V Less Dividend to be paid November 15, 1884, . . 280,000 .00 . 560,000 00 Amount earned this year above Expenditures and “Dividends . $4,087 60 2,178,181 Miles run this yearf

h—}1-i--—------~-- - Tn! Hf‘ 111' ..‘ BF THE 1'\v.; 12 naronr or rns nmncrons or rm; .3 0 1936

DR. Treasurer's Balance Sheet, Septe1rH>'eV‘3'U,'"'1884.0F “lmms

ASSETS. CONSTRUCTION. Grading and Masonry ...... $2,681,096 81 Bridges ...... 936,649 40. Superstructure, including Rails . 1,897,807 33 Land, Land Damages and Fences . . . . 2,480,321 O8 Passenger, Freight and Water Stations and Wood Sheds...... 771,405 33 Engine Houses, Car Sheds and Turn-Tables, 164,713 98 Machine Shops, including Machinery and Too1s...... 133,28350 Interest Paid during Construction, Dis- ' count, etc...... 82,028 44 Engineering, Agencies, Salaries and other Expenses during Construction . 865,474 39 $9,512,780 26 EQUIPMENT. 92 Locomotives . $401,000 00 13 Snow Ploughs . . . . . 7,000 00 205 Passenger and Baggage Cars 400,475 00 2,267 Merchandise and other Cars . 499,705 00 1,303,130 00 Construction and Equipment . 310,s20,900 20 MATERIALS. Wood on hand . . 5,191 70 IS 6‘ 303 29 Waste “ “ 227 70 Rails “ “ 169,778 00 Ties “ “ 15,000 00 Coal “ “ 51,090 52 Car Shop, Stock on hand . 32,555 49 Engine Shop, Stock on hand . . 23,110 35 Purchasing Agent, Stock on hand 5,299 79 303,035 50 surmnv ITEMS. Cash . . . . . 230,200 00 Notes Receivable ...... 100,900 s9 Land and Improvements, Dover and Win nlplseogee R. R...... 20,000 99 Steamer “Mt. Washington” and Wharves, 09,200 24 Dover and Winnipiseogee R. R. Stock 203,144 40 Danvers R. R. Bonds ...... 125,000 00 Danvers R. R. Account ...... 27,430 00 Lowell and Andover,R. R. Betterments . 157,433 12 N ewburyport R. R. Stock and Bonds . 302,001 95 Portland and Rochester R. R. . . 11s,919 75 Due from Station Agents . . . . . 00,790 05 Land, near State Prison, Charlestown 32,090 51 New Double Track ...... 173,090 05 N? Iron Bridge, “ Cocheco River,” Dover, 70,746 37 Regnewal of Iron Bridges at Biddeford and aco...... *..... Property Account ...... 64,319 71 16,512 21 1,909,981 '52 $13,039,777 28

Y»

FIFTY-SECON D ANNUAL REPORT

OF THE

DIRECTORS

OF THE BOSTON AND MAINE RAILROAD

STOCKHOLDERS,

FOR THE YEAR ENDING SEPTEMBER 30, 1885.

WEDNESDAY, DEC. 9, 1885.

BOSTON: RAND AVERY SUPPLY COMPANY. 1885. BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Rail road will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the ninth day of December, 1885, at half-past ten o’clock, A.M., for the following purposes, viz. : 1. To hear and act upon the Report of the Directors. 2. For the choice of Directors for the ensuing year. 3. For the transaction of any other business which may be legally brought before them. By order of the Directors,

BOSTON, Nov. 18, 1885. C. P. JUDD, Clerk.

Stockholders only will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. The special Stockholders’ train will leave Great Falls at 7.00 11.11., and Boston at 9.00 A.M., for Lawrence; and will leave Lawrence for Boston at 12.00 M., and for Great Falls at 12.30 P.M. Stockholders from Portland and stations east of Rollinsford will take the train which leaves Portland at 6.15 A.M., and returning to stations between Rollinsford and Portland, will take the trains which leave South Lawrence at 1.48 or 4.28 P.M. Stockholders are requested to take passage in the trains provided for them, and thus avoid annoying passengers by crowding the regular trains. Stockholders going from either direction beyond Lawrence, before the adjournment of the meeting, will be charged regular fares between Lawrence and the stations to which they take passage.

By order of the Directors,

JAMES T. FURBER, Gen’l Manager. OFFICERS

OF THE BOSTON AND MAINE RAILROAD.

DIRECTORS ELECTED DEC. 10, 1884.

GEORGE C. LORD NEwToN, MAss. NATHANIEL G. WHITE LAWRENCE, MAss. AMOS PAUL . S0. NEWMARKET, N.H. NATHANIEL J. BRADLEE . BosToN, MAss. WILLIAM S. STEVENS DOVER, N.H. JAMES R. NICHOLS HAVERHILL, MAss. JOSEPH S. RICKER DEERING, ME. SAMUEL C. LAWRENCE MEDFORD, MAss. RICHARD OLNEY BosToN, MAss. FRANK JONES PoRTsMor'Tn, N.H.

CHAUNCEY P. JUDD, CLERK.

GEORGE C. LORD, PRESIDENT _ BOSTON. JAMES T. FURBER, GENERAL MANAGER BosToN. AMOS BLANCHARD, TREASURER B0sTON. WILLIAM J. HOBBS, AUDITOR . . BosToN. D. J . FLANDERS, GEN. PAss. AND TICKET AGENT, . B0sToN. W. J. C. KENNEY, GENERAL FREIGHT AGENT BosToN. WILLIAM F. BERRY, AssT. GEN. FREIGHT AGENT BosToN. WILLIAM MERRITT, JR., SUPT. WEsTERN D1vIs1oN, BosToN. DANIEL W. SANBORN, SUPT. EAsTERN D1vrsroN BosToN. JOHN W. SANBORN, SUPT. NoRTrrERN D1vrs1oN Wor.FnoRo’ Jo. ——r\v1,-Iu GEORGE J. FISHER, PURCHASING AGENT . BosToN. WILLIAM SMITH, SUPT. MoT1vE P0wER BosToN. JOHN BAILEY, MAsT. MAINT. OF WAY, WESTERN D1v., LAWRENCE. H. BISSELL, MAsT. MAINT. or WAY, EAsT. AND Non. D1v’s, SALEM. D. C. RICHARDSON, MAsTER CAR BUILDER LAwRENcE; CHARLES H. NOWELL, PAY.\rAsTER BosToN.

GENERAL OFFICES AT PASSENGER-STATION, HAYMARKET SQUARE, BOSTON.

i FIFTY-SECOND ANNUAL REPORT.

To the Stockholders of the Boston’ and Maine Railroad .

The Directors respectfully submit the following report of the operations of the road for the year ending Sept. 30, 1885 :— h

The lease of the Eastern Railroad to this Company was ratified by your votes on the 2d of December, 1884, and the leased property duly delivered to us. It was not, however, until Jan. 1, 1885, that the finan cial affairs of the road were merged with ours; and, as the terms of the lease required some change in the mode of keeping our accounts, it will be difficult to compare the business of this year with the last, in many particulars. Wherever comparisons are made in this report, it will be understood that they are the operations of the combined roads, compared With the same of the two roads in 1884, under separate management. Hereafter that difficulty will not exist. ANNUAL REPORT OF THE

The gross receipts of the combined roads for the year ending Sept. 30, 1335, were ...... 00,511,559 32 Operating expenses, including taxes, $204,637 83 . 4,185,098 38

Net earnings ...... $2,326,461 44 Interest on funded and unfunded debt, $266,423 75 Rent of leased lines ...... 1,225,526 58 1,491,950 33

Surplus of net earnings over ﬁxed charges . . . . $834,511 ll Of this sum there will be paid to the Eastern Railroad Company, agreeable to the terms of the lease . $134,511 11 And there remains to this Company ...... 700,000 00 Which has been appropriated as follows : Dividend paid May 15th . . . . $280,000 00 “ declared, payable Nov. 16th 280,000 00 Balance to the credit of Proﬁt and Loss 140,000 00

$700,000 00

The business of the year, as compared with that of the previous year, is as follows : —

Receipts from passengers in 1885 were . . . . . $3,544,301 88 Being a decrease of ...... 6,374 52 In local passengers there was a gain of . . . . 14,905 54 In foreign passengers there was a loss of . . . . 21,280 06 Receipts from freight in 1885 were ...... 2,4 35,401 16 Being a decrease of ...... 53,602 32 In local freight there was a loss of . . . . . 30,785 07 In foreign freight there was a loss of . . . . . 22,817 25 In receipts from mails there was a gain of . . . . 994 01 In receipts from expresses there was a gain of . . 2,659 09 In rents, income from property, etc., there was a gainof ...... 35682 Decrease in receipts from all sources . . . . . 61,837 72 1884-85.] BOSTON AND MAINE RAILROAD. 7

The number of passengers carried the past year was 15,587,375 Being an increase over the previous year of . . . ' 627,213 Number carried one mile ...... 204,321,021 Being an increase over the previous year of . . . 6,-236,300 The number of tons of merchandise carried the past year was ...... 2,132,954 Being a decrease of ...... 142,080 Number of tons carried one mile ...... 114,506,044 Being a decrease of ...... 8,091,154 The number of miles run the past year was . . . 4,924,014 Being an increase over the past year of . . . . . 14,957

The loss of gross revenue is owing to the general depres sion in business during the past year in the manufacturing towns along our line, and to the low rate at which freight coming from foreign roads has been carried.

The operating expenses—exc1uding taxes, interest on Improvement Bonds, and Sinking Fund — for 1885 were ...... $3,956,368 88 Being a decrease of ...... 41,602 57 The taxes for 1885 were ...... 204,637 83 Being an increase of ...... 5,618 32 General Expenses of Oﬁice and Prop erty ...... $158,248 24 General Expenses of Transportation . 326,316 58 Passenger Transportation Expenses . 511,746 42 Freight Transportation Expenses . 561,098 64 Motive Power Expenses . . . . 1,224,498 13 Maintenance of Cars . . . . . 360,955 01 Maintenance of Way and Buildings . 813,505 86

ToTAL OPERATING EXPENSES ...... ' $3,956,368 88 Taxes 204,63783 Interest on Improvement Bonds ...... 14,866 67 Sinking Fund for Redemption of Improvement Bonds 9,225 00 ToTAL OPERATING ExPENsEs, TAxEs, ETC. . . $4,185,098 38

~ ANNUAL REPORT OF THE [1884-85.

Nineteen locomotives have been purchased or built in our shops during the year. These all take the place of old engines condemned as unﬁt for service, and are charged in operating expenses. Five of these take the place of others on the Western Division, and fourteen on the Eastern Division. Six loeomotives—Nos. 38, 48 and 54 on the Western Division, and Nos. l 110, 135 and 139 on the Eastern

Division, — have been thoroughly rebuilt, and are now good for many years’ service. Seventy-two engines have been in the shops for general repairs, and one hundred and eleven others have been in for more or less repairs. We now have 207 locomotives, 92 of which are our own, and 115 belong to our leased roads.

One parlor car, four passenger cars, four combination cars, three baggage cars, forty-three box cars, thirty-four ﬂat cars, and nine gravel cars, have been built in our shops. One passenger car and ﬁfty coal cars have been purchased. The coal cars and two baggage cars are additional equip ment, and are charged in improvement account ; the others take the place of old ones, and have been charged to expense. Seven hundred and twenty-two United States car-coup lers have been attached to our freight cars, agreeable to the law passed at the last session of the Legislature. The usual large amount of repairs have been made to fully keep up the general good condition of our passenger and freight equipment. New engine houses have been built at Somerville (one on the Eastern and one on the Western Division), at

1884-85.] BOSTON AND MAINE RAILROAD. 9

Gloucester, and at North Berwick, and coal sheds at Law rence, Somerville and Portsmouth. New stations have been erected at Greenwood and Lowell (Cemetery), and a transfer station at Danvers. The station at Wilmington has been rebuilt. At Medford, our station accommodations have for a long time been very unsatis factory. We were much cramped for room, and as our patrons in that locality could not agree upon a change, we have purchased additional land on both sides of our loca tion, and the station is now being almost entirely rebuilt. The station at Rochester has been moved and thoroughly remodeled, making a commodious union station for our Great Falls and Conway, and Dover and Winnipiseogee branches, and also for the Portland and Rochester, and the Worcester, Nashua and Rochester Railroads. Extensive alterations have been made in the offices of the Boston station, to accommodate. the increased business. A paint shop and boiler house have been erected near the machine shop at Boston. A new building for the keeping of our supplies has been erected at Lawrence. Additions have been made to our freight houses at Amesbury and Wells, and a new one built at Biddeford. An addition has been made to the car house i at Kennebunk, and passenger sheds have been erected at Swampscott, and at Cushing’s, on the Dover Branch. Extensive freight tracks have been built for the accom modation of the business of the Arlington, Everett and Russell Mills at Lawrence ; and side tracks have been laid at Somerville, Malden, Wilmington, Lowell, Lawrence, Hav erhill, Exeter, Dover, Newburyport, Danvers, Georgetown,

10 ANNUAL REPORT OF THE [1884-85.

North Berwick, Biddeford, Saco, Old Orchard, Scarboro’, Portland, East Boston, Chelsea, Revere, Lynn, VVest Everett, Marblehead, North Beverly, Danvers, Gloucester, Amesbury and Wolfeboro’, aggregating six miles on the _ Eastern Division and four and one-half miles on the VVestern Division. A new turn-table has replaced the old one at Kenne bunk, and one has been built at North Berwick. Interlocking signals have been placed at the crossing of this road by the Salem and Lowell Railroad at Wilmington, which will avoid the stopping of trains at that crossing. Iron bridges, replacing wooden ones, have been erected on the Eastern Division at Boyd’s Road, Jenkins’ Brook, North Berwick, and at Kennebunk River; on the Northern Division, at Great Works, Danhole and Beach River; and on the Western Division at Biddeford, over the Alfred road. An overhead bridge has been erected at Tappan Cut in Saco. Overhead bridges have also been rebuilt on the Eastern Division, at Breed’s Island, East Boston; Fayette and Chestnut Streets, Lynn; Bridge Street, Salem; Asylum, Danvers, and Brook Street, North Berwick. Extensive repairs have been made on Fore river bridge, Portland, and Framingham bridge, Lowell; and on the Eastern Division, on the Boston, Beverly, Newburyport, Portsmouth, Dover Point, and Milton bridges. On the Dover Branch, four substantial stone culverts have been built, and the old pile bridges which had become much decayed, replaced with ﬁlling. At Oak Island, Freeman’s Point and \Volfeboro’ old pile bridges have

been ﬁlled.

1884-85.] BOSTON AND MAINE RAILROAD. 11

I/Ve have laid during the year 4,724 tons new 67 and 72 lb. steel rails ; 1,896 tons of partly-worn steel rails removed from the main line, have been laid on the branches and in the yards, and 1,130 tons old iron rails have been laid in side tracks. There have been laid the past year 272,164 ties. In connection with the New York and New England Railroad, we have had built a harbor ﬂoat, for the purpose of transferring cars from their docks, at South Boston, to our docks at East Boston. The ﬂoat will carry ten cars, and may be used to convey cars to any of the warehouses on the water-front, or to other railroads. Ferry-slips are built at the landings, so that transfers may be made at any time of tide. The completion of the Cantilever Bridge, at St. John, gives us an uninterrupted connection with all the railroads in New Brunswick and Nova Scotia, from which we can not fail to derive a large increase in business.

Leases of the Worcester, Nashua and Rochester, and the Portland and Rochester Railroads, have been agreed upon by your directors and those of the leased roads, sub I ject to the ratiﬁcation of the stockholders of the respective corporations. A special meeting for that purpose has been called at Lawrence, Dec. 9th, 1885. The VVorcester, Nashua and Rochester is a line from Worcester to Rochester, N.H., 94 1-2 miles long, passing through Nashua and many important manufacturing towns. The Portland and Rochester is 5'2 1-2 miles long, extending from Rochester to Portland; the combined roads

paralleling our road for nearly its entire length. ANNUAL REPORT. [1884-85.

For the information of stockholders, we append to this report a copy of the Lease of the Eastern Railroad to this Company, Which was executed Dec. Qd, 1884. For detailed information as to the ﬁnancial operations of your road the past year, We refer you to the report of the Auditor, annexed. By order of the Board of Directors. GEORGE. C. LORD, President. Ti]?

REPORT OF THE AUDlTOR.

BosToN AND MAINE RAILROAD, AccouNTING DEPARTMENT, Bos'roN, Nov. 10, 1885.

To the_Prestrlent and Directors of the Boston and Maine Railroad.

GENTI.EMEN,—I herewith hand you statements showing in detail the results of the operation of the Boston and Maine Railroad for the ﬁscal year ending Sept. 30, 1885. The cash on hand as stated on balance-sheet was veriﬁed by me, and found to be correct.

No. 1. Statement of Earnings, Expenses, and Dis position of Net Earnings for the year. No. 2. General Balance Sheet. No. 3. Proﬁt and Loss Account. No. 4. Gross Earnings, Operating Expenses, and Net Earnings, by months. No. 5. Gross Earnings in detail. No. 6. Operating Expenses in detail. No. 7. Mileage and Trafﬁc Statistics. No. 8, Description of Road. No. 9. Description of Rolling Stock. No. 10. Steel Rails in Track.

All of which are respectfully submitted.

WILLIAM J. HOBBS, Auditor.

ANNUAL REPORT OF THE

No. I. EARNINGS, EXPENSES, AND DISPOSITION OF NET EARNINGS, FOR THE YEAR ENDING SEPT. 30, I885.

EARNINGS. Per Cent. Earnings.

Passengers ...... 54.431 $3,544,301 88 Extra. Baggage and Storage ...... 248 16,160 23 Expresses ...... 2.255 146,816 50 Mails ...... 1.373 89,416 12 Total Passenger Department ...... 58.3.17 3,796,694 73 Freight ...... 37.401 2,435,401 16 Total Transportation Earnings ...... 95.708 6,232,095 :9 Rents of Tenements, Land, etc ...... 1.087 70,700 53 Income from Investments ...... 2.334 150,001 18 Income from Us'e of Road ...... 342 22,253 48 Income from Coal Hoisting Engines ...... 194 12,726 B2 Miscellaneous 1ncome...... 365 23,781 92 Gross Earnings ...... 100. $6,511,559 S2

OPERATING EXPENSES.

GENERAL EXPENSES OF OFFICE AND I’I?0I’ERT r. Salaries, Oﬂice and General Expenses ...... 890,716 72 Legal Expenses ...... 27.401 84 Insurance and Fire Losses ...... 23,436 21 Tenement Expenses ...... 12,033 83 East Boston Wharf Expenses ...... 4,659 64 $158,248 24 GENERAL EXPENSES OF TRANSPOIETA TION. Injuries and Damages. . . . I...... $40,027 69 Telegraph Expenses ...... 44,384 69 Crossing Expenses ...... 105,032 05 Drawbridge and Signal Expenses ...... 46,401 98 Switchmen and Watchmen ...... 73,527 94 Removing Ice and Snow ...... 16,942 23 326,316 58 PASSENG ER TIM IVSPOIZ TA TION EXPENSES. Superintendence and General Expense ...... $43,046 09 Advertising ...... 36,557 36 Passenger-Train Expenses ...... 213,373 50 Passenger-Station Expenses ...... 212,222 30 Mileage of Passenger Cars ...... 6,547 17 511,746 42 FREIGI1 7' TRANSPORTA TION EXI’E.VS ES. Superintendence and General Expense ...... $33,041 76 Freiglit-'l‘ra.in Expenses ...... 1%,321 00 Freight-Station Expenses ...... 276,911 06 Mileage of Freight Cars ...... 64,824 82 561,098 64

M0 TIVE POWER EXPEYSES. Superintendenceand General Expense ...... $45,784 70 Repairs of Tools and Machinery ...... 20,052 67 Repairs of Locomotives ...... 199,435 02 New Locomotives ...... 128,689 71 YVater Supply ...... 36,741 23 Locomotive Expense ...... 34-4.305 31 Fuel For Locomotives... . ._ ...... 440,489 49 1,224,498 13

1884-85.] BOSTON AND MAINE RAILROAD. 15

EARNINGS, EXPENSES, ETC. — Concluded.

JIIA Lv 'l‘E.\'A 1v<:E 0 1~' 0.4 I: .>'. Superintendence and General Expense ...... $9,559 42 Repairs of Tools and Machinery ...... 6,918 97 Repairs of Passenger, Baggage, Mail and Express Cars ...... 134,281 34 New Passenger, Baggage, Mail and Express Cars. . 33,915 23 Repairs of Pullman Cars ...... 1,969 46 Repairs of Freight Cars ...... 111,404 61 New Freight Cars ...... 16,827 99 Repairs of Construction and Tool Cars ...... 3,094 96 Repairs of Snow-Ploughs ...... 1,179 95 Oiling, Cleaning and Inspecting Cars ...... 41,803 08 $360,955 01

JIAIIVTEHVANCE OF WAYAIVD BUILDINGS. Superintendence and General Expense ...... $14,989 20 Mn.intena.nce of Road-Bed and Track ...... 358,711 28 Steel Rails laid ...... 80,617 93 Iron Rails laid ...... 2,456 86 Ties laid ...... 83,119 14 Maintenance of Bridges ...... 158,310 08 Maintenance of Buildings and Structures ...... 115,301 37 813,505 86 Total Operating Expenses, (60.76 per cent). .. . . $3,956,368 88 Taxes ...... $204,637 83 *Interest on Improvement Bonds ...... 14,866 67 ‘Sinking Fund for Redemption of Improvement Bonds ...... 9,225 00 228,729 50 Total Operating Expenses, Taxes, etc. (64.27 per cent) ...... $4, 185,098 38 Net Earnings (35.73 per cent) ...... $2,326,461 44 LVTERES T. Interest on Funded Debt ...... $245,000 00 Interest on other Debt, less Interest Received ...... 21,423 75 $266,423 75

RENT OF OTIIEIB ROADS. Eastern Railroad ...... $880,111 78 Portland, Saco and Portsmouth R. R. .. 90,258 30 Portsmouth, Great Falls and Conway R.R ...... 45,102 50 Portsmouth and Dover R.R...... 46,140 00 Lowell and Andover R.R ...... 52,500 00 Dover and Winnipiseogee R. R ...... 29,000 00 Eastern R.R. in New Hampshire ...... 22,500 00 Newburyport City R.R ...... 6,000 00 West Amesbury Branch R.R...... 5,700 00 Wolfeborongh RR...... 2,229 00 Kennebunk and Kennebunkport R.R.. 2,925 00 Boston and Albany R.R ...... 3,000 00 Boston and Albany R.R. accrued prior to Oct. 1, 1884, settled this year. 40,000 00 ,s1.22s,52e as Total Fixed Charges ...... 1,491,050 as Surplus of Net Earnings over Fixed Charges . . . . . ss14,s11 11 Less amount due Eastern Railroad Company, being their proportion of above surplus ...... 134,511 11 Surplus available for dividends ...... $700,000 00 Less dividend of 4 per cent paid May 15, 1885. . . . . $280000 00 Less dividend of 4 per cent to be paid Nov. 16, 1885 280,000 00 560,000 00 Surplus for the year in excess of dividends ...... $140,000 00

" Charged in Expenses, in accordance with terms 0! lease or llastcrn Railroad. ANNUAL REPORT OF THE

No. 2.

GENERAL BALANCE SHEET, SEPT. 30, I885. RESOU RCES.

CONSTRUCTION Grading and Masonry ...... $2,713,002 12 Bridges ...... 952,344 95 Superstructure and Rails ...... 1,924,007 33 Passenger and Freight Stations, etc ...... 771,405 33 Engine-Houses, Car-Sheds, and Turn-Tables. . .. 104,713 90 Shops, Machinery and Tools ...... 133,203 50 Land, Land Damage, and Fences ...... 2,512,997 59 Engineerin and General Expenses ...... 305,474 39 Interest an Discount ...... 02,020 44 Total Construction ...... , ...... $9,620,937 63

E Q U1 PM ENT. Locomotives ...... $401,000 00 Snow-Ploughs on Wheels ...... 7,000 O0 Passenger, Baggage, Mail and Express Cars. . . . 400,475 00 Freight and other Cars...... 499,705 00 Total Equipment ...... 1,300,100 00 Total Construction and Equipment ...... $10,929,117 03

INVESTMENTS. Real Estate ...... 014,132 21 Dover and Winnipiseogee R.R. Stock ...... 203,144 40 Danvers R.R. Bonds and Account ...... 152,430 00 Newbur port R.R. Stock and Bonds ...... 302,493 95 Portlan and Rochester R.R. Stock ...... 239,540 50 Orchard Beach R.R. Stock ...... 40,992 09 Steamer Mt. Washington and Wharves ...... 09,200 24 Total Investments ...... 1,009,994 33

CASH ASSETS. Cash ...... $590,700 05 Bills Receivable ...... 4,570 25 Cash in hands of Trustees of Sinking Fund. . . . . 24,750 50 Materials and Supplies 011 hand ...... 070,040 27 Due from Agents and Conductors ...... 173,413 41 Due from Railroads and Others ...... 108,548 66 Total Cash Assets ...... 1,500,097 74 SUNDR Y ITEMS. Improvement Account ...... $509,093 10 Improvement Account, Eastern R.R ...... 350,351 50 Lowell and Andover R.R. Betterments ...... 117,350 92 Dover and Winnipiseogee R.R. Improvement Account ...... 20,000 99 East Boston Wharf Improvements ...... 14,204 00 Insurance Premiums Paid ...... 2,550 00 1,090,245 53 $14,696,255 23 BOSTON AND MAINE RAILROAD.

No. 2.

GENERAL BALANCE SHEET. Concluded. LIABILITIES.

Capital Stock (received from sale of 70,000 shares) $6,921,274 52 Bonds due January 1, 1893, 7 per cent ...... $1,500,000 00 Bonds due January 1, 1894, 7 per cent ...... 2,000,000 00 Improvement Bonds, 4 per cent ...... 615,000 00 Total Funded Debt ...... 4,115,000 00 Notes Payable ...... $039,700 00 Notes Payable, Eastern R.R. Note Assumed. . . . 14,284 s0 *Current Bills, including September Pa -Rolls.. 455,350 0s Rents of Leased Roads Accrued, Unpai ...... 301,418 s1 ' Interest Accrued, not et due ...... 74,199 49 Bond Interest uncalle for ...... s,-152 50 Dividends uncalled for ...... 10,707 50 *Current Traﬂic Balances due Railroads and Others ...... 122,023 0s Eastern R.R. Lease Account ...... 170,249 s4 Sinking Fund for Redemption of Improvement Bonds ...... 24,750 50 1,827,796 es Proﬁt and Loss ...... 1,832,184 05

s-14,000,255 29

*No'I'E.—The books show, at the end of each month, the total liability for that month, for ma terials purchased, wages due employés, and balances due connecting roads, all of which are settled efore the close of the following month.

'IVI1NNV LHOJEIEI .10 EIHJ. '9S"i'88I '

CR. $1,612,91707 6,511,559s2 135.91240 33,635<15 $8,294,02494 $1,832,18405

the“i11SurplusoflastamountofLeasedRoadsforExcess“Pent1,225,52658overreyear ..... theinported,foundrevisingaccounts, upon oftheleaseaccordancewithoftermsthe

transferredcollectedOld“accounts an ....

Balancetonextyear’saccount .. 30,I885.PROFITLOSSACCOUNTFORTHEYEARENDINGSEPT.ANDDR. GrossEarningsfor266,423““accruedforthe75Interestthe yearyear .... RailroadCompanEastern ....

OperatingtheBalanceSept.30,1884Expensesfor$4,185,09838By’I‘o year ....

No.3. $8,294,02494

surplusthe“hailroadproportionofforEastern accruedpriorOct.188-1,interest“Interestto1, chargedhavingformerlybeenonlyitbe as

additionalpaid134,51111rent year,as ..

transferred18,96324“Oldaccount ...

Dividendpaid“Nov.15,1884280,00000 .... Dividendpaid“May15,1885280,00000 ....

71,317due83 came .....

1,832,184“Balance05 ..... 1ss4-s5.] BOSTON AND MAINE RAILROAD. 19

No. 4.

GROSS EARNINGS, OPERATING EXPENSES, AND NET EARNINGS, BY MONTHS, FOR THE YEAR ENDING SEPT. 30, I885.

MONTHS. Gross Earnings. Operating Expenses. Net Earnings.

October, 1884... $595,137 90 $384,133 91 $211,003 99 November. .. 491,501 85 374,668 28 116,833 57 December ...... 462,145 94 366,404 61 95,741 33 January, 1885... 445,218 49 317,508 87 127,709 62 February ...... 450,447 30 296,354 72 154,092 58 March ...... 466,983 26 298,775 42 168,207 84 April ...... 521,570 05 296,014 20 225,555 85 May ...... 512,016 76 341,826 27 170,190 49 June ...... 557,164 59 345,951 39 211,213 20 July ...... 642,450 08 367,286 62 275,163 46 August ...... 720,813 02 459,572 06 261,240 96 September ...... 646,110 58 336,602 03 309,508 55

Total ...... $6,511,559 82 $4,185,098 38 $2,326,461 44

TVHNNV moami .»1o 21111, '90—700I]

E‘E:;is1€!;;s.R85‘:gZ:‘o;:£1cl§£l.s Freight.Express.Mails.Digzjiggeclnz.MONTHS.Passengers.1:500:12? a:;o%:!:tys~ Baggage‘ ;Miscena_ TotalIrgzomeflncogeTotial Total, Extra ET

76337,5296,176951,84200S6512,016271,686801,4542811,55194292,22235208,89360501,115952,881May ..,

‘‘omromenr- .. ENDINGSEPT.30,I885.GROSSFROMALLSOURCESFORTHEYEAREARNINGS

No.5

7 1004. 848702,16723854324012,664547,404283,825198,85543482,680875,80505491,501November.263,324381244 . 75397,479232,7542,072040,11050September...377,1542,50413,00494400,0030020033,0170,10590294,2345152 .. 53,796,694220,70171748223146,81689,416,12732,435,4016,232,0958922,253,4836,5086,511,5593,544,3018816,1605016TOTAL. .. 757,364981,2747472246,5979737266,6691385453,6246,37150874462,145940461412,092186,955December ... 1885. 79450,4477046347,52945387,68260,41432595851,75430206,5371,14410,34095225,552162,12989February ... $595,137$7,178$574,346$15,942$98670$3,86313$830$13,0502111$340,10459$234,24143020590$319,0454681October .. 7,47937422,73017,6308254,032445,2184995251,690171,040044159400910,139232,644581,4266222January ... 720,81314,0837,479447,467654,363024,200August2840619423206,8958760,188912,0601190424,0021,90110 .. 1,45410,7817,479257,62214453,134966,090426,043971,71391466,983269512195,51282237,906March12 .. 72967,479297,05830501,312.7614,365881,6344,25669521,57005276,915801,5495911,11295204,25446April ... 13,628087,529324,525546,7856,013152,0804171557,16459301,9601,406699571222,25961322,285June99 ... 13,707737,479409,093211,607620,7013015,516991,988594,243081,37995428820642,45053July386,52621 ..

BOSTON AND MAINE RAILROAD.

No. 6. OPERATING EXPENSES IN DETAIL FOR THE YEAR ENDING SEPT. 30, I885.

GENERAL EXPENSES OF OFFICE AND PROPERTY. . Salaries of General Oflicers and Clerks ...... $50,530 67 General Ofiice Expenses ...... 4,737 84 Expenses of Directors and Pay Cars ...... 2,509 05 Stationery, Printing, and Advertising for Oflice.. . 4,669 87 Contingent Expenses ...... 28,269 29 4 $90,716 72 Legal Expenses ...... 27,401 84 Insurance Premiums ...... $19,511 43 Protection against Fire ...... 1,683 40 Fires set by Locomotives ...... 2,241 38 i-—-—— 23,436 21 Tenement Expenses ...... 12,033 83 East Boston Wharf Expenses ...... 4,659 64

Total General Expenses of Oﬂice and Property.. $158,248 24

GENERAL EXPENSES OI’ TRANSPORTATION.

Injuries and Damages to Employés ...... $6,882 54 Injuries and Damages to Live Stock ...... 303 24 Injuries and Damages to Passengers ...... 18,721 73 Injuries and Damages to Property, T1-espassers and Others ...... 14,120 18 i $40,027 69 Telegraph Expenses, Salaries and Wages . , ...... $37,844 94 Telegraph Expenses, Supplies, etc ...... 1,509 93 Telegraph Expenses, Stationery and Printing... . . 720 39 Repairs of Telegraph-Line ...... 1,365 88 Telephone Expenses ...... 2,943 55 ii 44,384 69 Wages of Crossing-Tenders ...... $102,001 83 Fuel and Supplies for Crossings ...... 3,030 22 i 105,032 05 W es of Draw-Tenders ...... $22,719 56 Fue and Supplies for Drawbridges ...... 802 13 i 23,521 69 Wa es of Signal-Men ...... $17,750 54 Fue and Supplies for Signal-Men ...... 1,119 89 -——-—-i 18,870 43 Automatic and Electric Signals ...... 4,009 86 Wa es of Switchmen ...... $44,065 72 Fue and Supplies for Switchmen ...... 1,126 49 ————— 45,192 21 Wages of Watchmen ...... $28,101 95 Supplies for Watchmen ...... 233 78 i 28,335 73 Removing Ice and Snow ...... 16,942 28

Total General Expenses of Transportation ...... $326,316 58 22 ANNUAL REPORT OF THE [1ss435.

PASSENGER TRAN SPOR TA TIOIV EXPENSES. General Superintendence and Clerks ...... $21,823 32 General Oﬂice Expenses ...... 1,826 75 Stationery and Printing ...... 3,338 15 Tickets and Baggage-Checks ...... 13,718 27 Contingent Expenses ...... 1,454 42 Loss and Damage of Baggage ...... 885 18 $43,046 09 Regular Advertising ...... $18,636 04 Special Advertising ...... 12,452 75 Outside Agencies ...... 5,468 57 36,557 36 Supervision and General Expense, Passenger Trains ...... $3,284 96 Wages of Conductor and Trainmen ...... 158,533 27 Wages of Shifters and Yardmen ...... 12,741 17 Heating and Lighting Passenger Trains ...... 23,541 88 Lubricating Oil, Waste, and Tallow for Passenger Trains ...... 6,026 40 Stationery and Printing for Passenger Trains.. . . . 3,168 39 Miscellaneous Supplies and Expenses, Passenger Trains ...... 5,780 11 Wrecking Expenses ...... 297 32 213,373 50 Agents and Station Labor ...... $158,250 74 Water, Heating, and Lighting, Passenger Stations 39,198 47 Stationery and Printing for Passenger Stations... 3,871 90 Furniture and Miscellaneous Supplies, Passenger Stations ...... 5,002 15 Miscellaneous Expenses of Passenger Stations . . . 5,899 04 212,222 30 Mileage of Pullman Cars ...... 6,547 17

Total Passenger Transportation Expenses. . . . $511,746 42 FREIGHT TRANSPORTATION EXPENSES. General Superintendence and Clerks ...... $22,751 99 General Oﬂice Expenses ...... 1,027 69 Stationery and Printing ...... 2,162 40 Advertising Freight Business ...... 154 50 Line Expenses ...... 259 32 Loss and Damage of Freight ...... 6,703 41 Contingent Expenses ...... 82 45 333,041 76 Supervision and General Expense, Freight Trains $9,134 20 Wages of Conductors and Trainmen ...... 104,640 83 Wages of Shifters and Yardmen ...... 61,005 93 Heating and Lighting Freight Trains ...... 2,151 07 Lubricating Oil, Waste and Tallow for Freight Trains . . . . ., ...... 3,560 24 Stationery and Printing for Freight Trains ...... 1,789 57 Miscellaneous Supplies and Expenses, Freight Trains ...... 2,793 32 Wrecking Expenses ...... 1,245 84 186,321 00 Agents and Station Labor ...... $243,802 22 Water, Heating, and Lighting, Freight Stations... 6,335 33 Stationery and Printing for “ “ 8,229 48 Miscellaneous Supplies for “ “ 2,808 54 Miscellaneous Expenses of “ “ 15,645 49 276,911 06 Mileage of Freight Cars ...... 64_,824 32 Total Freight Transportation Expenses...... $561,098 64 1884-85.] BOSTON AND MAINE RAILROAD.

MOTIVE POWER EXPENSES. Superintendence and Clerks ...... $12,465 61 Oﬂice and Miscellaneous Supplies and Expenses .. 35 60 Stationery and Printing ...... 443 42 Engine-House Labor and Expenses ...... 11,350 61 Watching Expenses ...... 21,439 46 $45,734 70 Repairs of Tools and Machinery ...... 20,052 67 Repairs of Locomotives ...... 199,435 02 New Locomotives ...... 128,689 71 Water Supply ...... 36,741 23 Wages of Passenger Enginemen and Firemen. . . . . $165,846 41 Wages of Passenger Switching Enginemen and Firemen ...... 9,175 13 Wages of Freight Enginemen and Firemen ...... 33,516 37 Wages of Freight Switching Enginemeu and Fire men ...... 37,315 12 295,853 58 Cleaning Passenger Engines ...... $16,360 95 Cleaning Freight Engines ...... 10,600 40 26,961 35 Head-Light and Illuminating Oil ...... $1,739 04 Lubricating Oil, Waste, and Tallow ...... 17,390 05 Lanterns, Tools, and Small Stores ...... 1,361 29 21,490 38 Fuel for Passenger Locomotives ...... $257,302 06 Fuel for Passenger Switching Locomotives ...... 12,322 59 Fuel for Freight Locomotives ...... 127,220 10 Fuel for Freight Switching Locomotives ...... 52,144 74 449,439 49 Total Motive Power Expenses...... $1,224,493 13

JJIAINTEIVANCE OF CARS. Superintendence and Clerks ...... $5,039 31 Oﬂice and Miscellaneous Supplies and Expenses. . 331 36 Stationery and Printing ...... 526 02 Watching Expenses ...... 3,612 73 99,559 42 Repairs of Tools and Machinery ...... 6,918 97 Painting and Varnishing Passenger Cars ...... $37,395 82 General Repairs of ll (5 96,885 52 134,281 34 New Passengeg, Baggage, Mail, and Express Cars. 33,915 23 Painting an arms ing Pullman Cars ...... $385 62 General Repairs of I‘ I 1,583 84 . 1,969 46 General Repairs of Local Freight Cars ...... $102,523 77 ‘ General Repairs of Foreign Freight Cars ...... 8,880 84 111,404 61 New Freight Cars ...... 16,827 99 Repairs of Boarding and Tool Cars ...... 3373 41 Repairs of Gravel Cars ...... 2,221 55 3,094 96 Repairs of Snow-Ploughs ...... 1,179 95 Oiling, Cleaning, and Inspecting Passenger Cars. . $34,825 63 Oiling, Cleaning, and Inspecting Freight Cars. . . . 6,977 45 41,303 03 Total Maintenance of Cars ...... $3691.35? £1 ANNUAL REPORT OF THE

1llAINTE'1VANC'E OF WAY AN!) BUILDINGS Superintendence and Clerks ...... $9,946 85 Oﬂice and Miscellaneous Supplies and Expenses. . 917 95 Stationery and Printing ...... 611 39 Engineering ...... 1,381 69 Watching Expenses ...... 2,131 32 L $14,989 20 General Repairs of Track, Labor ...... $208,968 40 General Repairs of Track, Material ...... 3,332 91 Working Trains and Extra Crews ...... 78,847 09 Joint Fastenings ...... 15,934 ()7 Frogs and Switches ...... 16,312 59 Track Spikes ...... 5,750 44 Hand-Cars and Tools ...... 7,557 13 Road Crossings ...... 10,335 28 Signs and Mile Posts ...... 890 15 Fencing ...... 10,783 22 mi 358,711 28 Steel Rails laid ...... $80,617 93 Iron Rails laid ...... 2,456 30 -i 83,074 79 Cross Ties laid ...... $75,313 27 Switch Ties laid ...... , ...... 7,805 37 i 83,119 14 Bridges and Culverts ...... $33,220 63 Overhead Bridges ...... 15,073 37 New Bridges ...... 57,015 53 150,310 00 Shops and Storehouses ...... $7,953 44 Tools and Machinery...... 5,946 27 Car-Houses ...... 395 65 Engine-Houses and Turn~Tables ...... 11,337 21 Water-Tanks and Pumping Machinery ...... 12,639 44 Coal and Wood Sheds and Fixtures ...... 5,572 43 Station Buildings and Grounds ...... 64,159 55 Mast Signals, Signal and Section Houses ...... 3,757 91 Docks and Wharves ...... 2,311 92 Real Estate, land leased ...... 137 55 Furniture and Fixtures for Construction Cars. . . . 34 95 115,301 37 Total Maintenance of Way and Buildings ...... $313,565 $5 Total Operating Expenses (60.76 per cent.) ...... $3,956,363 33

Taxes ...... $264,637 33 Interest on Improvement Bonds ...... 14,866 67 Sinkin Fund for redemption of Improvement Bon s ...... 9,225 66 223,729 50

Total Operating Expenses, Taxes, etc. (64.27 per cent.) ...... $4,185,093 33

BOSTON AND MAINE RAILROAD.

No. 7. MILEAGE AND TRAFFIC STATISTICS. Miles run by Passenger Trains ...... 2/764,801 Miles run by Freight Trains ...... 1,279,186 Miles run in Passenger Switching ...... _ . . , ...... 144,788 Miles run in Freight Switching ...... 5S7,104 Miles run by Working Trains...... 148,135 Total Train Miles ...... 4,924,014 Average Gross Earnings per Mile of Road operated ...... $13,311 45 Average Operating Expenses, Taxes, etc., per Mile of Road operated 8,555 51 Average Net Earnings per Mile of Road operated ...... 4,755 94 Average Gross Earnings per Revenue Train Mile ...... 1 61 Average Operating Expenses, Taxes, etc., per Revenue Train Mile 1 03 Average Net Earnings per Revenue Train Mile...... 58 Average Gross Earnings per Total Train Mile...... 1 32 Average Operating Expenses, Taxes, etc., per Total Train Mile. ., 85 Average Net Earnings per Total Train Mile ...... 47

PA SSENGEIZ TRAFFIC. Number of season-ticket passengers carried...... 2,635,559 Number of local passengers carried (including season) ...... 15,050,868 Number of foreign passengers carried ...... 536,507 Total number of passengers carried...... - . . : ...... 15,587,375 Number of local passengers carried one mile (including seas0n)...175,702,569 Number of foreign passengers carried one mile ...... 28,618,452 Total number of passengers carried one mile ...... 204,321,U21 Number of passengers to Boston (includin season)...... 5,245,363 Number of passengers from Boston (inclu ing season) ...... 5,229,474 Number of season-ticket passengers to and from Boston...... 1/714,468 11 Average distance travelled per passenger...... 135) miles.

Average rate of fare per mile received from season-ticket passengers Ocfzgs Avera e rate of fare per mile received from local passengers (in- 1 .772 . eluding season) ...... Cjxffsf Average rate of fare per mile received from local passengers (not 2 .140 including season) ...... centS_ Average rate of fare per mile received from foreign passengers ...... 1650? _ n s Average rate of fare per mile received from all passengers.. . . .1c‘Z3:S n FREIGHT TRAFFIC. Number of tons of local freight carried...... 1,720,787 Number of tons of foreign freight carried ...... 412,l67 Total number of tons of freight carried...... 2,132,954 Tons of local freight carried one mile...... 76,648,303 Tons of foreign freight carried one mile...... 37,8-57,741 Total tons of freight carried one mile ...... 114,506,044 ANNUAL REPORT OF THE

No. 8.

DESCRIPTION OF ROAD.

Miles Miles Total Main Line. Owned. Leased. Miles Operated.

Boston, Mass. to Portland, Maine ...... 115.50 115.50 Boston to New Hampshire State Line—East ern Railroad ...... New Hampshire State Line to Maine State Line——Eastern Railroad in N. H ...... Maine State Line to Portland—Port1and, Saco and Portsmouth Railroad ...... Total Miles Boston to Portland—Eastern Division ...... Conway Junction to North Conway—Ports mouth, Great Falls and Con. Railroad. . Total Length of Main Line ...... Branches. Medford, single track ...... Methuen, single track, 2.75; double track, 1 Great Falls, single track ...... Total Length of Branches owned, 8.50 miles Newburyport and Danvers, single track... . . $§§_8$€§$$$E$$$§$3ﬁ3 Lowell and Andover, double track ...... West Amesbury, single track ...... Dover and Winnipiseo ee, single track ...... Kennebunk and Kenne unkport, single track e$3@$H wwrsrw East Boston, single track, 1.91 ; double track, 1.56 ...... Charlestown, double track ...... Saugus, single track ...... Chelsea Beach, single track ...... Swampscott, single track ...... Marblehead, single track ...... Lawrence, single track, 18.25 ; double track, 1.64 ...... South Reading, single track ...... Gloucester, single track ...... I-II-5!-I F-‘.°$*°E*"!-‘?‘P9°5° Essex. single track ...... Asbury Grove, single track ...... Newburyport City, single track ...... Salisbury, single track ...... Portsmouth and Dover, single track ...... Wolfeboro’, single track ...... Total Length of Branches leased ...... Total Length of all Branches, 195.27 miles Total Miles of Road operated ...... *124 367. $383 Double Track on Main Line ...... 70.96 33. Double Track on Branches ...... 1 13. Total Length of Double Track ...... 71.96 46.

* 2.75 mlles is operated by the Manchester and Lawrence Railroad. 1884-85.] BOSTON AND MAINE RAILROAD. 27

No. 9.

ROLLING STOCK.

DESCRIPTION. Owned. Leased. Total.

Locomotives. Passenger ...... 58 70 128 Freight ...... 18 23 41 Switching ...... 16 22 38

Total Number Locomotives ...... 92 115 207

Passenger Equipment. Passenger Cars ...... 163 172 335 Parlor Cars ...... 11 11 Directors’ Car ...... 1 1 Payrnaster’s Car ...... 1 1 Baggage Cars ...... 31 37 68 Mail Cars ...... 4 4 Express Cars ...... 4 4 8

Total Number Passenger, Baggage, Mail, and Express Cars ...... 209 219 428

Freight Equipment. 8-Wheel Box Freight Cars ...... 625 998 ‘11,623 8-Wheel Box Freight Cars—Caboose Cars. . . 15 35 50 4-Wheel Box Freight Oars ...... 86 86 172 8-Wheel Platform Freight Cars ...... 600 768 1,368 4-Wheel Platform Freight Cars ...... 43 431 -I-Wheel Coal Dump Cars ...... 328 328 4-Wheel Coal Cars ...... 159 159

Total Number Freight Cars ...... 2,085 2,046 ,4,131 Total Number on a basis of 8 wheels ...... 1,6625 1,9231: 3,586

Gravel, Tool, Etc. 4-Wheel Gravel Dump Cars ...... 83 101 184 8-Wheel Tool Cars—Box Cars ...... 2 11 13 8-Wheel Boarding Cars ...... 6 6 8-Wheel Tool Cars, Derrick Cars, etc ...... 1 8 9 4-Wheel Derrick Cars, Stone Cars, etc ...... 4 5 9

Total Number Gravel, Tool, etc., Cars. . .. 90 131 221

Snow-Plows on Wheels ...... 13 22 35 Number Locomotives equipped with West inghouse or Vacuum Brakes ...... 56 77 133 Number of Cars equipped with Westing house or Vacuum Brakes ...... 209 219 28 ANNUAL REPORT. [1884-85.

No. I 0.

STEEL RAILS IN TRACK.

Miles. Main line and double track between Boston and P0rtland—West ern Division, is all in Steel ...... 186.46 Main line and double track between Boston and P0rtland—East ern Division, is all in Steel ...... 142.15 Medford Branch is all in Steel ...... 2 Lowell and Andover Branch is all in Steel ...... 17.46 Saugus Branch is all in Steel ...... 9.55 Swarnpscott Branch is all in Steel ...... 3.96 Gloucester Branch is all in Steel ...... 16.94 Northern Division has of Steel ...... 19.06 Newburyport and Danvers Branch has of Steel ...... 18.65 Other Branches have of Steel ...... 32.71

Total Steel Track...... 448.94 LEASE.

EASTERN RAILROAD COMPANY

BOSTON AND MAINE RAILROAD.

Glibis jlllltllttltt, made in duplicate this Second day of December, A.D. 1884, by and between the Eastern Railroad Company, a corporation existing under and by virtue of the laws of the Commonwealth of Massachusetts, party of the ﬁrst part, and hereinafter denominated the lessor, and the Boston and Maine Railroad, a corporation existing under and by virtue of the laws of said Commonwealth, and underand by virtue of the laws of the States of Maine and New Hampshire, party of the second part, and hereinafter denominated the lessee, -

mfifiiflltflfitflj, that the said parties, each for itself, its successors and assigns, and each in consideration of the grants, covenants and engagements herein made by the other, have granted, covenanted and agreed, and do hereby grant, covenant and agree, each to and with the other and its success ors and assigns, as follows; to wit,

The lessor doth grant, demise and lease unto the lessee, its successors and assigns, its railroad and railroad property of every description,— includ ing therein its railroad, lands and wharves within or without said Common wealth, branches, tracks, side-tracks, road-beds, superstructure, station houses, depot grounds, depots, viaducts, bridges, piers, shops, buildings, fixtures, engines, cars, rolling-stock, machinery, tgols, furniture, telegraph apparatus, equipment, material and supplies, bills and accounts receivable, money and cash on hand,—and all rights, franchises, easements, privileges and appurtenances thereto belonging, together with the right to demand and receive all tolls, rent, revenue, income and profits of the demised premises; including also therein all the right, title and interest of the lessor in and to any and all railroads operated by it under lease or otherwise, and in and to any stock of other railroads owned by it, all dividends thereon and the right of voting on the same, and in and to any contracts with other railroads, corpo rations or individuals, and all advantages and benefits to be derived therefrom; hereby assigning and transferring unto the lessee all its railroad, railroad property, franchises and assets of every description, subject, however, to a 30 ANNUAL REPORT OF THE [1884-85. mortgage made June 22, A.D. 1876, to William C. Rogers, William B. Bacon and Willard P. Phillips, trustees, and duly recorded, and subject to all other legal obligations and incumbrances.

61:0 baht ant tu blllll all and singular the demised premises to the lessee, its successors and assigns, for and during the term of ﬁfty-four years from and after the ﬁrst day of October, A.D. 1883, yielding and paying rent as provided in the article next following, and keeping and performing the terms, conditions and stipulations hereinafter contained on the part of said lessee to be kept and performed.

II.

The railroads and properties hereby demised and those of the lessee shall be used, managed and operated by the lessee in a proper, ordinary and judi cious manner, according to the best discretion and judgment of its managers, so as to secure the largest amount of earnings from each which can be real ized therefrom, with due regard to the service to be rendered to the public and to the preservation of said roads and properties in good order and con dition for rendering such service efficiently and economically; and The combined annual gross earnings from all sources whatsoever of the railroads and properties of the lessor and lessee shall be paid over and applied by the lessee in each and every year during the term of this lease, to the amounts, at the times, and in the order of priority following; to wit, — First. The lessee shall pay the operating expenses of both the lessor and lessee. Such operating expenses shall include, as part thereof, the cost of ordinary repairs and renewals; all expenditures arising out of any con tract, obligation, business, negligence or misfeasance, or however otherwise arising, in any way connected with the use and operation of the railroads and properties of the parties hereto, and including damages to persons and prop erty; insurance; all taxes of every description, federal, state or municipal, upon property, business, franchises, or capital stock; interest upon the improvement bonds hereinafter mentioned, and payments to the sinking fund for such bonds; any other expenditures hereinafter declared to be operating expenses; and the organization expenses of the lessor, for which, in addition to sufficient office accommodations to be furnished by the lessee, there shall be paid to the lessor at the end of each successive three months during the term of this lease the sum of twenty-five hundred dollars ($2500), which gross annual payment shall cover and include the three thousand dollars ($3000) to be paid to the trustees under its mortgage. Second. The lessee shall pay, as the same become due, the rentals of all railroads leased to either the lessor or the lessee, and the interest on the permanent debt of both the lessor and lessee, aschedule whereof is hereto annexed, and to that end shall pay to the lessor such sums of money, at such times, as shall enable it to meet punctually the interest on its debt as the same matures. Third. After making the payments specified in clauses first and second, and from the surplus remaining, the lessee shall retain to its own use the sum of six hundred and thirty thousand dollars ($630,000). 1884-85.]_ BOSTON AND MAINE RAILROAD.

,='T,F Fourth. After making the payments and applications specified in clauses first, second and third, all surplus then remaining, up to the sum of one hun dred thousand dollars ($100,000) shall be paid to the lessor for its own use. Fifth. After making the payments and applications specified in clauses first, second, third and fourth, and from the surplus then remaining, the lessee shall retain to its own use the sum of seventy thousand dollars ($70,000). Sixth. After making the payments and applications specified in clauses first, second, third, fourth and fifth, all surplus then remaining, up to the sum of three hundred and thirty-six thousand dollars ($336,000), shall be paid to the lessor for its own use. Seventh. After making the payments and applications specified in clauses first, second. third, fourth, fifth and sixth, any surplus then remaining shall be retained by the lessee, but shall be applied to permanent improvements upon the respective properties of the lessor and lessee pro rata according to mile age, including branches and leased roads, so far as such improvements may be required; and the remainder, if any, may be applied to the purchase at the market price of any of the improvement bonds hereinafter provided for.

III.

The lessee shall from time to time make such permanent improvements in and upon the demised premises as the requirements of business may make necessary and proper. To meet the cost of such permanent improvements, and of the like improvements upon its own property, the lessee shall issue its bonds, to be called “Improvement Bonds.” Such bonds shall run for the longest period allowed by law, and shall be secured by a sinking fund, the annual payments to which shall not exceed (except with the Written consent of the lessor) one and one-half (14) per cent of the face of the bonds, and which said payments, as well as the annual interest on the said bonds, shall be deemed to be operating expenses, and be paid out of gross earnings as part thereof. “Improvement Bonds” not paid at maturity by the sinking fund pro vided therefor, shall be paid from the proceeds of other “ Improvement Bonds ” to be issued by the lessee, of the like character, and similarly secured by a sinking fund. Accounts shall be kept by the lessee, and annual statements thereof made between the lessor and lessee, showing the amounts expended for permanent improvements upon the property of each, respectively; and i11 case of any difference between the parties as to such accounts, the same shall be adjusted, when it shall arise, by arbitration in the manner hereinafter provided, and the accounts shall be restated according to the decision of the arbitrators; and at the expiration or earlier termination of this lease, the improvement bonds then outstanding, including those purchased as above provided, shall be assumed and paid by the parties proportionately to the improvements made on the property of each, respectively, during the term of this lease. Permanent improvements shall, for the purposes of this lease, be as follows; to wit, — First. Any increase in track mileage. ANNUAL REPORT OF THE ,[1884-85.

Second. Any increase in the number of any class of rolling-stock over the number in existence and inventoried at the inception of this lease. g Third. Buildings or other structures in the nature of improvements to real estate which do not replace but are in addition to buildings and struc tures in existence at the inception of thi lease; it being understood,however, that in the reconstruction of buildings and structures (including bridges) the excess in cost of the new structures over the cost of restoring the old structures to as good a condition as when new, shall be treated as an improve ment expense. Fourth. The reconstruction of buildings and structures and the re organization of yards and terminal facilities for freight and passengers at Boston and Portland. Fifth. Such other matters and things in the nature of new construction as shall be agreed to be such by the parties hereto, or shall be decided to be such by the Railroad Commissioners of Massachusetts, or a majority of them, upon the application'of either party. Car trusts and a loan for the improvement of the East Boston wharf property having been already created by the lessor, the lessee shall pay the annual interest charges arising therefrom as operating expenses, and the principal, or any instalments thereof, from the proceeds of “Improvement Bonds.”

IV.

The lessee shall assume all traﬂic balances due from the lessor to other railroads or transportation companies; shall assume all contracts of the lessor for equipment, supplies or material, and all other contracts of the lessor (its contracts with the holders of its permanent indebtedness as scheduled excepted) with individuals or corporations, express or implied; shall assume and defend all suits against the lessor arising out of or in any way connected with the use and operation of the demised premises; and shall make all pay ments required on account thereof from gross earnings as a part of operating expenses. V.

The lessee shall pay the interest upon any portion of the permanent indebtedness of the lessor or lessee that shall be renewed or extended in like manner as upon the same indebtedness before renewal or extension. If any portion of such permanent indebtedness of either the lessor or lessee shall be paid, an amount equal to the interest theretofore paid thereon shall be treated as a charge under section second of article two of this lease, and be retained by the lessee or paid to the lessor accordingly. And if, at the ma turity of the existing mortgage indebtedness of the lessor, the lessor shall deem it desirable to make a new mortgage of its property to secure such portion of its permanent indebtedness as shall not then be paid by its sinking fund, or otherwise, said lessee shall become a party to such mortgage so far as to agree, and for the purpose of agreeing, that said new mortgage shall operate and take effect upon the property as a lien and claim superior and prior to any lien or claim under this lease; provided that said new mortgage 1884-85.] BOSTON AND MAINE RAILROAD.

indebtedness shall in no case be greater than that secured by the mortgage now existing. VI.

Leases and contracts of the lessor for the operation of other railroads, terminating during the term of this lease, shall be renewed by the lessor upon the most favorable terms practicable, and, being so renewed, shall be subject to all the provisions of this lease as effectually as if now existing and herein included, and upon the expiration or earlier termination of this lease, shall be reassigned to and enure to the beneﬁt of the lessor.

VII.

The lessee shall have the right of voting on all stock owned by the lessor in other railroads or corporations, which stock shall not be sold or otherwise disposed of, except with the assent of the lessee, and the dividends on which shall be treated as part of the gross earnings under this lease; provided, however, that nothing herein shall require the lessor to pay to the lessee any dividend on its existing stock in the Portsmouth, Great Falls & Conway Rail road, or in the Wolfborough Railroad.

VIII.

The existing traffic contract, dated December 28, 1874, between the lessee and the Maine Central Railroad Company, shall not be abrogated or changed except with the assent of the directors of the lessor, the directors of the lessee, the directors of said Maine Central Railroad Company, and of three fourths of the stock of said Maine Central Railroad Company given at a meeting of stockholders specially called for the purpose.

IX.

Should it be found for the interest of either party hereto to construct, lease or purchase lines of or interests in railroads not embraced in its exist ing system, such construction, lease or purchase may be authorized by the boards of directors of both the parties, subject to the approval of the stock holders of both corporations. X.

The lessee shall use and operate the railroads and properties herein demised, in accordance with the charter of the lessor and the laws of the Commonwealth of Massachusetts and of the States of Maine and New Hampshire, so far as the same are respectively applicable; shall furnish all cars, engines, rolling-stock and equipment of every description required, in addition to the like property hereby demised, for the due operation of the railroads operated under and by virtue of this lease; shall observe and per form all the provisions of contracts of the lessor with railroads leased or operated by it; shall keep the demised premises reasonably insured, and shall apply the proceeds of any insurance to restoring and replacing the property ANNUAL REPORT OF THE [1884-85.

destroyed, or to making permanent improvements, not in the nature of ordinary repairs, upon the demised premises; shall apply the proceeds of rolling-stock, equipment and other personal property herein demised, which it may deem it advisable to sell, and which it is hereby authorized to sell at its discretion, so as to substitute therefor like property of equal value; shall replace buildings or structures on the demised premises taken down or removed, and which the lessee is hereby authorized to take down or remove at its discretion, with other buildings, structures or permanent improvements upon the demised premises, of equal value; shall furnish the directors of the lessor with free annual passes over the railroads operated by the lessee under this lease; shall permit the demised premises to be inspected annually by some competent person appointed by the lessor, who shall report to the lessor the condition of said premises, and shall for the purpose of such inspection be furnished with free transportation over the railroads operated by the lessee under this lease, and shall receive a reasonable compensation for his services, to be paid as part of operating expenses; shall at all times keep full and accurate books of account, but not separate books of account, of the busi ness done by it over its own road and over the roads operated by it by virtue of this lease, and of the profits and income derived from its own property and from the property herein demised, and separate accounts of all perma nent improvements made under section three, which books shall be at all times accessible to the directors of the lessor or to any accountant appointed by them; shall make all returns required by law, and shall furnish the lessor with such abstracts of its accounts as shall enable it to make all returns required of the lessor; shall not assign this lease, nor underlet the whole or any part of the demised premises, except such portions thereof as may not be required for railroad uses, without the written assent of the lessor first had and obtained; shall keep the demised premises in the same condition of repair, renewal and improvement as it keeps its own property of the like character, and shall cause all rolling-stock substituted for that herein demised and added thereto, to be distinguished by appropriate names, numbers or letters; and at the end of the term of this lease, or at any earlier termination thereof from any cause whatever, shall surrender the demised real and per sonal estate (to be ascertained and determined according to the inventory hereinafter provided for) in the like good order and condition in which they are at the inception of this lease or may be put during the term, with all improvements thereon or additions thereto, the amount of material and sup plies to be surrendered or accounted for to the lessor to be equivalent in value to the amount on hand at the inception of the lease, as shown by said inventory. To prevent uncertainty as to the property herein demised and to be ac counted for upon the termination of this lease, there shall be made, as of the day when this lease takes effect, a full, complete and particular inventory, description and appraisal of all the estate and property, real and personal, belonging to the lessor and coming into the possession of the lessee by virtue of this lease. Such inventory, description and appraisal shall be made by two competent persons, one selected by each party; in case of their disagree ment, they shall refer the matter in difference to some third person, whose decision shall be flnal. Such inventory, description and appraisal shall be 1884-85.] BOSTON AND MAINE RAILROAD. 35

made in duplicate, and an original furnished to each party, and shall be evidence of the nature, value and condition of the property demised at the in ception of this lease in all cases in which any question of such nature, condi tion or value may arise.

XI.

The lessor shall maintain its existence and organization as a corporation, and to that end shall comply with all the requisites and forms of law; shall do all acts and things and execute all legal instruments necessary and proper to put and secure the lessee in the full enjoyment of all the property, rights, franchises and interests herein demised, and to carry into effect the true in tent and meaning of this lease; and shall permit the lessee to use the name of the lessor (and hereby grants the use of such name irrevocably) in all legal proceedings and in all cases needful for obtaining, holding and enjoying the premises hereby demised, and for all purposes consistent with the true scope and intent of this lease.

XII.

This lease is upon the condition that, if the lessee shall at any time fail to make to the lessor, as part of the rent herein reserved, the payments here in stipulated to be made to it to enable it to pay the interest on its permanent indebtedness, then and in such case the lessor may at once enter upon the demised premises, and upon any part thereof as for the whole, and expel the lessee and determine the estate hereby granted, and shall thereupon become seized and possessed _of the demised premises and of every part thereof in its original right and as if this lease had never been made; and upon the fiirther condition, that if the lessee shall fail to perform any other of the covenants and agreements in this lease contained, and such failure shall continue for six months after written notice of such failure from the directors of the lessor, the lessor shall have the like right to enter and expel the lessee and revest in itself its former estate in the demised premises and every part thereof; pro vided, however, that such entry by the lessor for breach of condition shall in no wise prejudice or impair any remedies to which it might otherwise be en Ititled for arrears of rent or preceding breach of covenants.

XIII.

In case of any disagreement between the parties hereto as to the true in tent and meaning of this lease or any part thereof, or as to any thing done under and by virtue of it or growing out of it, the matter in controversy shall be referred by written submission to the arbitration of the chairman of the Railroad Commissioners of Massachusetts, the President of the Boston & Albany Railroad Company, and the President of the Old Colony Railroad Company for the time being. The arbitrators shall hear the parties, after due notice to each of them, and if either party fail to attend after such notice, may proceed ex parte. The award in writing of said arbitrators, or a majority of them, being duly notiﬁed to the parties, shall be ﬁnal and conclusive upon them. 36 ANNUAL REPORT. [1884-85.

In testimony whereof, the said parties, by their respective presidents and treasurers thereunto duly authorized, have caused their corporate seals to be hereto atﬁxed, and these presents to be executed, the day and year before written.

BOSTON AND MAINE RAILROAD, By Gaonon C. Loan, President. AMOS BLANCHARD, Treasurer. “En”

EASTERN RAILROAD COMPANY, By ARTHUR SEWALL, President. N. G. CHAPIN, Treasurer. 5”“ » u .vmsnY or \u.\Y<0|s L\bRMY'

FIFTY-THIRD ANNUAL RE9b1%r7 1916

OF THE

DIRECTORS

OF THE

BOSTON AND MAINE RAILROAD

TO THE

STOCKHOLDERS,

FOR THE YEAR ENDING SEPTEMBER 30, 1886.

VVEDNESDAY, DEC. 8, 1886.

BOSTON: RAND AVERY SUPPLY COMPANY. 1886. BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Railroad will be held at LAWRENCE, in the City Hall, on Wnnussnar, the eighth day of December, 1886, at half-past ten o’clock A.M., for the following purposes, viz. :— 1. To hear and act upon the Report of the Directors. 2. To see if the Stockholders will amend Article Third of the By Laws, by reducing the number of Directors to nine. 3. For the choice of Directors for the ensuing year. 4. To consider if the Stockholders will authorize the Directors to unite with the Eastern Railroad Co., or with any other Railroad Corporation or Corporations whose roads now enter the city on the northerly side, in the building or maintenance of a Union Station, and make such arrangements with each other as shall avoid, as far as practicable, the crossings of their several railroads with each other at grade, as provided for in an Act of the Massachusetts Legislature, approved June 16th, 1886. 5. To act upon the question of issuing additional “Improvement Bonds.” 6. For the transaction of any other business which may be legally brought before them. By order of the Directors. Bosron, Nov. 17, 1886. C. P. JUDD, Clerk.

Stockholders only will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. The special Stockholders’ trains will leave Great Falls at 7.00 A.M., and Boston at 9.00 A.M., for Lawrence; and will leave Lawrence for Boston at , 12.00 M., and for Great Falls at 12.30 P.M. Stockholders from Portland and stations east of North Berwick will take the train which leaves Portland at 7.30 A.M., and returning to stations between Rollinsford and Portland, will take the trains which leave South Lawrence at 1.46 or 4.46 P.M. Stockholders are requested to take passage in the trains provided for them, and thus avoid annoying passengers by crowding the regular trains. Stockholders going from either direction beyond Lawrence, before the adjournment of the meeting, will be charged regular fares between Law rence and the stations to which they take passage. By order of the Directors. JAMES T. FURBER, Gen’l Manager. _B6éE

[%§5’/QG

OFFICERS

OF THE BOSTON AND MAINE RAILROAD.

DIRECTORS ELECTED DEC. 9, 1885.

GEORGE C. LORD ...... NE\‘\'T()N, MAss. *NATHANIEL G. WHITE . . . . . LAWRENCE, MAss. AMOS PAUL...... S0. NEWMARKET, N.H. NATHANIEL J. BRADLEE . . . . . BOSTON, MASS. WILLIAM S. STEVENS . . . ' . DOVER, N.H. JAMES R. NICHOLS ...... HAVERHILL, MAss. JOSEPH S. RICKER ...... DEERING, ME. SAMUEL C. LAWRENCE . . . . . MEDFORD, MAss. RICHARD OLNEY ...... B0sTON, MAss. FRANK JONES ...... PORTSMOUTII, N.H. CHAUNCEY P. JUDD, CLERK.

GEORGE C. LORD, PRESIDENT . . . . . BOSTON. JAMES T. FURBER, GENERAL MANAGER . . . B0sTON. AMOS BLANCHARD, TREASURER . . . . . BOSTON. WILLIAM J. HOBBS, AUDITOR ...... BosTON. D. J. FLANDERS, GEN. PAss. AND TICKET AGENT . B0sTON. CHARLES E. LORD, AssT. GEN. PAss. AND TICKET AGENT, B0sT0N. W. J. C. KENNEY, GENERAL FREIGHT AGENT . . BOSTON. WILLIAM F. BERRY, AssT. GEN. FREIGHT AGENT . B0sTON. WILLIAM MERRITT, JR., SUPT. WEsTERN DIVISION. BOSTON. DANIEL W. SANBORN, SUPT. EASTERN DIv1sION . . B0sTON. JOHN W. SANBORN, SUPT. NORTHERN D1v1s10N . WOLFBOR0' J0. CHARLES HOWARD, SUPT. WOR., NAsnUA & Pom‘. D1v., WORcEsTER. GEORGE J. FISHER, PURCHASING AGENT . . . BOSTON. WILLIAM SMITH, SUPT. M0'r1vE P0wER . . . B0sT0N. JOHN BAILEY, MAsT. MAINT. OF WAY, WESTERN l)Iv., LAwRENcE. H. BISSELL, MAsT. MALNT. or WAY, EAST. AND NOR. l)1\"s, SALEM. D. C. RICHARDSON, MAsTER CAR BUILDER . . LAWRENCE. CHARLES H. NOWELL, PAY.\1AsTER . . . . B0sTON.

GENERAL OFFICES AT PASSENGER STATION, HAYMARKET SQUARE, BOSTON. ' Deceased.

FIFTY—THIRD ANNUAL REPORT.

To the Stockholders of the Boston and Maine Railroad .

The Directors respectfully submit the following report of the operations of the road for the year ending Sept. 30, 1886: —

The gross receipts for the year ending Sept. 30, 1886, were $7,543,091 30 Operating expenses, including taxes, $259,427 38 4,301,793 01

Net earnings ...... $2,741,897 69 Interest on funded and unfunded debt, $255,439 94 Rent of leased lines 1,335,117 31 1,020,557 25

Surplus of net earnings over ﬁxed charges . . $1,121,340 44 Of this sum there will be paid to the Eastern Railroad Company, agreeable to the terms of the lease $421,340 44 And there remains to this Company . 700,000 O0 Which has been appropriated as follows 2 Dividend paid May 15th, 4§% $315,000 00 “ declared, payable Nov. 15, 5%, 350,000 00 Balance to the credit of Proﬁt and Loss 35,000 00 $700,000 00 ANNUAL REPORT OF THE [1885-86.

The business of the year—which includes the operation of the Worcester, Nashua and Rochester Railroad for nine months—as compared with that of the previous year, with the same months of the Worcester, Nashua and Rochester road included, is as follows : —

Receipts from passengers in 1886 were . . . . $4,040,286 Being an increase of ...... 349,379 Receipts from freight in 1886 were ...... 2,929,766 Being an increase of ...... 189,328 Receipts from mails in 1886 were ...... 95,448 Being a decrease of ...... 2,692 Receipts from expresses and extra baggage in 1886 were...... 188,381 Being an increase of ...... 17,862 Receipts from rents, income from property, etc., in 1886 were ...... 289,808 Being an increase of ...... 3,354 Increase in receipts from all sources . . . . . 557,232 The operating expenses—excluding taxes, interest on Improvement Bonds, and Sinking Fund—fo1' 1886 were ...... 4,494,162 46 Being an increase of ...... 249,297 33 The taxes for 1886 were ...... 259,247 38 Beinganincreaseof...... 37,092 89

General Expenses of Ofﬁce and Prop erty ...... $162,540 97 General Expenses of Transportation, 363,190 31 Passenger Transportation Expenses . 557,253 02 Freight Transportation Expenses . 651,843 04 Motive Power Expenses . . . . 1,224,514 47 Maintenance of Cars . . . . . 476,488 21 Maintenance of Way and Buildings . 1,058,332 44

TOTAL OPERATING Exrnnsns ...... $4,494,162 -l6 1885-86.] BOSTON AND MAINE RAILROAD. 7

Taxes ...... $259,247 38 Interest on Improvement Bonds ...... 34,493 77 Sinking Fund for Redemption of Improvement Bonds 13,890 00

ToTAL OPERATING Ex1>ENsEs, TAxEs, ETC. . . $4,801,793 61

Increase in expenses over last year ...... $310,682 32 The number of passengers carried last year was . . 17,022,581 Being an increase over the previous year of . . . 1,111,850 Number carried one mile ...... 224,223,291 Being an increase over the previous year of . . . 14,618,818 The number of tons of merchandise carried the past year was ...... 2,703,201 Being an increase of ...... 198,574 Number of tons carried one mile ...... 129,125,871 Being an increase of ...... 1,856,823 The number of miles run the past year was . . . 5,597,492 Being an increase over the past year of . . . . . 265,478

Thirteen locomotives have been purchased and one has been built by us during the year. Five are for freight service, four for passenger service, and ﬁve are switching engines. Eight of them takethe place of old ones on the Eastern Division, and four on the Western Division—— two only being an addition to our equipment. Eighty-eight locomotives have been in the shops for general repairs, and 107 for light repairs, at a cost of $185,434.99. \Ve now have 233 locomotives, of which 103 are our own and 130 belong to our leased lines. The locomotive mileage for the year has been 5,597,492 miles, consuming 124,810 tons of coal. Two parlor cars, four passenger cars, four combination cars, two mail and passenger cars, three baggage cars,

ANNUAL REPORT OF THE [l885—86. forty-two box cars, thirty-six platform cars and eight dump cars have been built in our shops. These all, except the parlor cars, take the place of others. Fifteen passenger cars, two hundred box cars, fifty platform cars and one hundred dump cars have been purchased. Of these, six passenger cars and thirty-five box cars take the place of old ones. The others are ad ditional to our equipment, and are charged to improvement account. Fifteen hundred and thirty-four United States car-coup lers have been attached to our freight cars during the year. The capacity of our machine shop at Charlestown has been much increased by the addition of the old engine house adjoining it (which was vacated by the building of the new engine-house last year), and by the erection of a new oflice and pattern-house. The machine shop at East Boston has been abandoned, the best of the machinery having been moved to the shop at Charlestown, and much new machinery has been pur chased. The shop, even now, is hardly sufficient for the repair of our increased gnumber of locomotives. The same may be said of our shops at Lawrence and Salem for the repair of cars. They are old and inconvenient, with limited room, and it will be true economy, ere many years, to build at some locality convenient for both divis ions of the road, new shops, with all the modern appli ances for doing work rapidly and economically. A new storehouse, 100 feet long, for the keeping of locomotive supplies, has been built, adjoining theinew engine-house at Somerville. 1885—86.] BOSTON AND MAINE RAILROAD. 9

The rebuilding of the Medford station—which was commenced last year—has been completed, and we be lieve is entirely satisfactory to our patrons in that thriving and beautiful town. It is now one of the most comfortable and convenient stations on the line of the road. The station at Malden has had considerable repairs, and is much improved, At Oak Grove a new station has been erected. The citizens of Melrose have for a long time been dis satisﬁed with the location of the station at that place, considering it inconvenient and dangerous. To meet their wishes, we have—after careful consideration —- purchased, at a cost of thirteen thousand dollars, a strip of land on the opposite side of the track, 320 feet long and 90 feet wide, extending from Emerson Street to Cedar Park Street. The present station has been moved upon the lot and will be remodelled and much improved. At Ward Hill a neat but small station has been built. A small station called Grove Station has been built on the Kennebunkport Branch, At Great Falls a new brick station is now being built. It has been much needed for many years. When com pleted it will be an ornament to the town. The passenger stations of the Weste1'n and Eastern Divisions at Portland have been consolidated, and new waiting-rooms and sheds have been built in connection with the old station of the Eastern Division, which has had extensive repairs. New car-sheds have been built at Gloucester and Wen ham. ANNUAL REPORT OF THE [1885-86.

The Lowell station has had repairs, and a new freight oﬂice has been built. Repairs have been made on the station at Old Orchard, and the grounds much improved. Extensive repairs have been made on the Middleton and Cliftondale stations, Rochester freight-house, Salem car shops, Beaver Brook coal pocket, Portsmouth and WVolf boro’ Junction coal sheds. A carpenters’ shop has been built at Lawrence and the paint shop enlarged. The stations at The Fells, Wyoming, Melrose, Wakeﬁeld, Bradford, Haverhill Bridge, Madbury, Salmon Falls, South Berwick, Ipswich, Portsmouth, Malden, Cliftondale, Pleas ant Hills, Saugus, East Saugus, Raddins, Phillips Beach, Beach Bluff, Devereux, Middleton, Beaver Brook and Salisbury Point have been painted. New turn-tables have been put in at Lowell Junction, Exeter, Lowell, Georgetown, North Conway and Marble head, and new water-tanks have been erected at Lowell and North Berwick. Eleven thousand nine hundred rods of fence have been built, of which 6,169 rods were on the Western Division, 4,540 rods on the Eastern Division and 1,263 rods on the Worcester, Nashua and Portland Division. Sixteen sets of street gates have been built, seven taking the place of old ones, and nine being new. A new bridge, with draw, has been constructed at Mystic River; also a new iron bridge near Exeter, and a new pile bridge at Milton. New Howe trusses have been built at Dover Point. Large repairs have been made on bridges at Boston, Saugus River, Portsmouth, and the long

1885-86.] BOSTON AND MAINE RAILROAD. 11

bridge near Rochester. The high bridge near Swampscott has been nearly filled, and the Rollins’, Paul’s, Hill’s and Cushing’s bridges on Dover Branch filled. A new iron bridge has been built at Portland road, Saco, to avoid a grade crossing. The over-head bridges at Park Street, Portland, Broadway and Washington Avenue, Chelsea, Essex Street, Swampscott, and two at Alton Bay have been rebuilt. Two culverts on the Saugus Branch have been rebuilt, and several others on the P., S. & P. road have been partially or entirely rebuilt. One of the abutments of the bridge on the Western Division at Saco, and also one on the Eastern Division at the same place, have been rebuilt. Side tracks have been laid at Charlestown, Somerville, Oak Grove, Medford, Melrose, Lynnfield, Lawrence, North Andover, Dover, Rollinsford, North Berwick, Wells, Ken nebunk, Everett, Everett Junction, Chelsea, Revere, Salem, N ewburyport, Rowley, Cape Elizabeth, Portland, East Bos ton, Saugus, Faulkner, Peabody, Stevens, Gloucester, Rock port, Amesbury, Gonic, Rochester, New Epping, Nashua, Still River and VVolfboro’—aggregating six and two-thirds miles on the Western Division, four and three-fourths miles on the Eastern Division, and one mile on the Worcester, Nashua and Portland Division. We have laid during the past year 7,689 tons new steel rails, of which 3,330 tons were on the Western Division, 2,819 tons on the Eastern Division and 1,540 tons on the Worcester, Nashua and Portland Division. Three thousand four hundred and eighty-seven tons of partly worn steel rails removed from the main lines have

ANNUAL REPORT OF THE [1ss54zs. been laid on the branches, of which 1,853 tons were on the Western Division and 1,634 tons on the Eastern Division; and 740 tons old iron rails have been laid in side tracks. There have been laid the past year 408,398 ties, of which 126,399 were on the Western Division, 234,387 on the Eastern Division and 47,612 on the Worcester, Nashua and Portland Division. The South Beading Branch has been almost entirely re laid with steel rails, and the yard at Portland entirely re modelled and much new track laid with steel. The requirements of our increasing business (principally freight) have made necessary the purchase of a large amount of land at Chelsea, Melrose, Salem, Peabody, Haverhill, Great Falls, Saco and Portland at a cost of $161,306. During the last session of the Massachusetts Legislature an Act was passed authorizing this Company and the Eastern Railroad, or the said corporations and any other railroad corporations whose roads enter the City of Bos ton on the northerly side, to unite in constructing a Union Station, and to re-arrange their tracks in such a manner as shall avoid as far as practicable the crossings of their sev eral roads with each other at grade. This matter of grade crossings has had the consideration of your Directors for many years. At your meeting in December, 1881, the matter was brought to your attention, and you, by your votes, authorized the Directors to apply to the Legislature for power to construct one or more tracks on a raised grade from Mystic River to Boston, and authorized the issuing of bonds to pay for the same. An application was made to the Legislature at the next session for authority to con

1885-86.] BOSTON AND MAINE RAILROAD. 13 struct an elevated road between the limits named above, but it was opposed by the other roads on the northerly side of the city, and failed of becoming a law. The union of our road with the Eastern under the lease has, however, changed to some extent the condition of affairs. The entirely inadequate facilities in this city for doing our increasing passenger business make it impera tive that the matter shall be no longer delayed. We would therefore ask that you authorize your Direc tors to make such arrangements with the Eastern Railroad Company, and with such other roads which enter the city on the northerly side, as may be deemed advisable, to erect a Union Station, and make such changes in the crossings at Charlestown and Somerville as may be practicable, and that you authorize the issuing of Improvement Bonds for that purpose, and the other requirements of the lease of the Eastern Railroad. The stockholders will remember that at a special meet ing called for that purpose, and held at Lawrence, Dec. 9, 1885, the leases to this Company of the Worcester, Nashua and Rochester, and the Portland and Rochester Railroads, previously agreed to by the Directors, were submitted to them for approval, and were both duly approved. The lease of the Worcester, Nashua and Roches ter was to take effect January 1st, 1886. Before posses sion was taken under it, suit was brought in Massachu setts nominally by a stockholder of the Boston and Maine Railroad, and in New Hampshire nominally by stockholders of the Eastern Railroad Company, to enjoin any proceed ings under the lease—the claim being in both suits that

ANNUAL REPORT or THE [1885-86. the contracting corporations had no power to make the lease. It was deemed desirable to put the validity of the lease beyond all possibility of controversy in the shortest possible time. Accordingly an Act of the Legislature of Massachusetts, approved March 2'2, 1886, was procured, authorizing and confirming the lease, and immediately thereafter possession was taken under it. As respects the lease of the Portland and Rochester Railroad, the stock holders of that company have not, as yet, finally passed upon the question of approving the lease. Practically this company suffers no inconvenience, because the control of the road is already substantially in its hands through its ownership of the stock, And on several grounds, which it is unnecessary to go into in detail, it has seemed prudent to your Directors to take time to consider whether there are not substantial advantages in permitting the Portland and Rochester Railroad to continue to control and operate its road as an independent organization. Your Directors have seen no reason to change their minds with regard to the wisdom of the lease of the Wor cester, Nashua and Rochester Railroad. We did not take possession of the road until April 1st, for reasons named above, although the road was operated for our account from January lst. The time has been too short to show what it is capable of doing, but your Directors feel confi dent that it will prove no burden to the other parts of our system. We append to this report a copy of the lease of the Worcester, Nashua and Rochester Railroad Company. For detailed information as to the financial operations of your road the past year, we refer you to the report of the

Auditor, annexed.

1885-86.] BOSTON AND MAINE RAILROAD. 15

In closing this report, we wish to express our sense of the great loss which this corporation has met with in the death of our associate Nathaniel G. White, who died at his summer residence, at Little Boar’s Head, Sept. 12th. Mr. White was connected with this corporation as a Director for twenty-four years, ten of which he served as President. He was ever devoted to the interests entrusted to his charge, and the duties of his office were always faithfully performed. His noble qualities of mind and heart endeared him per sonally to his associates and won the respect and esteem of all who knew him. At the meetings of our Board his cheerful presence and valuable counsel will long be missed.

By order of the Board of Directors.

GEORGE C. LORD, President. REPORT OF THE AUDITOR.

Bosron AND Mum: RAILROAD, ACCOUNTING DEPARTMENT, BOSTON, Nov. 10, 1886.

To the President and Directors of the Boston and Maine Railroad: GENTLEMEN,—I herewith hand you statements showing in detail the results of the operation of the Boston and Maine Railroad for the ﬁscal year ending Sept. 30, 1886. The cash on hand as stated on balance sheet was veriﬁed by me, and found to be correct.

No. 1. Statement of Earnings, Expenses and Dis position of Net Earnings for the year. No. 2. Proﬁt and Loss Account. No. 3. General Balance Sheet. No. 4. Gross Earnings, Operating Expenses, and Net Earnings, by months. N0. 5. Gross Earnings in detail. No. 6. Operating Expenses in detail. No. 7. Mileage and Traﬂic Statistics. No. 8. Description of Road. No. 9. Description of Rolling Stock. No. 10. Steel Rails in Track.

All of which are respectfully submitted.

WILLIAM J. HOBBS, Auditor. 1ss5-30.] BOSTON AND MAINE RAILROAD. 17

No. I. EARNINGS, EXPENSES, AND DISPOSITION OF NET EARNINGS, FOR THE YEAR ENDING SEPT. 30, I886.

EARNINGS. Per Cent. Earnings.

Passengers ...... 53.559 $4,040,286 41 Extra Baggage and Storage ...... 231 17,430 40 Expresses ...... 2.266 170,950 84 Mails ...... 1.265 95,448 66 Total Passenger Department ...... 57.321 4,324,116 31 Freight ...... 38.837 2,929,766 07 Total Transportation Earnings ...... 96.158 7,253,882 38 Rents of Tenements, Land, etc ...... 1.098 82,828 47 Income from Investments ...... 2.029 153,031 48 Income from Use of Road ...... 297 22,403 79 Income from Coal Hoisting Engines ...... 156. 11,784 90 Miscellaneous Income ...... 262 19,760 28 Gross Earnings ...... 100. $7,543,691 30

ornaxrme EXPENSES.

GENERAL EXPENSES 0F OFFICE AND PROPERTY. Salaries, Ofﬁce and General Expenses ...... $78,936 81 Legal Expenses ...... 31,241 70 Insurance and Fire Losses ...... 29,458 30 Tenement Expenses ...... 21,266 24 Eastern Transfer Expenses ...... 1,637 92 2 $162,540 97 GENERAL EXPENSES OF TRANSPORTA TIOA. Injuries and Damages ...... ‘ $46,395 70 Telegraph Expenses ...... 43.744 15 Crossing Expenses ...... 114,333 14 Drawbridge and Signal Expenses ...... 43,930 79 Switchmen and Station Watchmen ...... $6.024 59 Removing Ice and Snow ...... 13,211 91 363,190 31 PASSENGER TRANSPORTATION EXPENSES. Superintendence and General Expense ...... $52,250 18 Advertising ...... 23,027 33 Passenger-Train Expenses ...... 241,216 72 Passenger-Station Expenses ...... 227,762 90 Mileage of Passenger Cars ...... 7,995 84 FREIGHT TRANSPORTATION EXPEAVSESI 557,253 O2 Superintendence and General Expense ...... ' $37,749 33 Freight-Train Expenses ...... 226,459 84 Freight-Station Expenses ...... 7 319,795 38 Mileage of Freight Cars ...... 67,838 49 MOTIVE-POWER EXPENSES. 651,843 O4 Superintendence and General Expense ...... $46,710 17 Repairs of Tools and Machinery ...... 20,127 60 Repairs of Locomotives ...... 185,434 99 New Locomotives ...... 83,170 19 Water Supply ...... 37,661 65 Locomotive Expense ...... 382,466 63 Fuel for Locomotives ...... 1 468,943 24 ,—————— 1,224,514 47 18 .\NNl'AL REPORT OF THE [1885-86.

EARNINGS, EXPENSES, ETC.— 0'0rwluded

J[AIl\'TENANC'E' OF CARS. Superintendence and General Expense ...... $10,335 60 Repairs of Tools and Machinery ...... 15,636 64 Repairs of Passenger, Baggage, Mail and Express Cars ...... 142,930 69 New Passenger, Baggage, Mail and Express Cars.- 74,120 17 Repairs of Pullman Cars ...... 3,010 16 Repairs of Freight Cars ...... 143,135 46 New Freight Cars ...... 33,020 33 Repairs of Construction and Tool Cars . . . . . ,. . . .. 4,100 13 Repairs of Snow-Ploughs ...... 1,199 51 Oiling, Cleaning and Inspecting Cars ...... 48,899 47 MAINTENANCE OF WAY AND BUILDINGS. $4‘6’488 21 Superintendence and General Expense ...... $20,362 27 Maintenance of Road-Bed and Track ...... 453,793 23 Steel Rails laid ...... 108,270 89‘ Iron Rails laid ...... 5,002 20 Ties laid ...... 128,131 16 Maintenance of Bridges ...... 151,105 57 Maintenance of Buildings and Structures ...... 175,167 12 1,053,332 44 Total Operating Expenses (59.58 per cent) ...... $4,494,162 46 Taxes...... $259,247 33 *Interest on Improvement Bonds ...... 34,493 77 *Sinking Fund for Redemption of Improvement Bonds...... 13,390 ()0 3()7,g31,15 Total Operating Expenses, Taxes, etc. (63.65 per cent) ...... $4,301,793 61 Net Earnings (36.35 per cent) - - - - . . - . . . ------. $2,741,897 69 INTEREST. Interest on Funded Debt...... $245,000 00 Interest on other Debt, less Interest Received ...... 10,439 94 . Y $255,439 94 .RElVT OF OTHER ROADS. Eastern Railroad ...... $872,037 31 Worcester, N. and Roch. R.R. (9 m’nths) 187,500 00 Portland, Saco and Portsmouth R.R.. . . 90,300 00 Portsmouth, Gt. Falls and Conway R.R. 45,275 00 Portsmouth and Dover R.R ...... 46,140 00 Lowell and Andover R.R ...... 52,500 00 Dover and Winnipiseogee R.R . ------29,000 00 Eastern R.R. in New Hampshire ...... 22,500 00 Newburyport City R.R ...... 6,000 00 West Amesbury Branch R.R ...... 5,700 00 Wolfeborough R.R ...... 2,240 00 Kennebunk and Kennebunkport R.R. . .. 2,925 00 Boston and Albany R.R ...... 3,000 00 7 4 1,365,117 31 Total Fixed Charges ...... $1,620,557 25 Surplus of Net Earnings over Fixed Charges. .. . . $1,121,340 44 Less amount due Eastern Railroad Company, being their proportion of above surplus ...... 421,340 44 Surplus available for dividends ...... $700,000 00 Less dividend of 4:11 per cent paid May 15, 1986. . . . $315,000 00 Less dividend of 5 per cent declared payable Nov. 15, 1886 ...... ‘ :-150,000 00 665,000 00 Surplus for the year in excess of dividends ...... $35,000 0 1' Charged in Expenses, In accordance‘ with terms of lease of Eastern Railroad.

~ NOLSOH (INV SINIVIAI '(IVOH’IIVH

$1,832,18405 7,543,69130 $9,375,875 $1,847,54913 CR.

PROFITLOSSACCOUNTANDFORTHEYEARENDINGSEPT.30,I886. Balanceyear’stonextaccount .. GrossEarningsforthe“ year --.-..

ByBalanceSept.30,1885 ....

// /.

No.2. $4,801,79361 255,43994 1,365,11731 421,34044 4878,725 10,90944 280,00000 315,00000 1,847,54913 $9,375,87535

EasternRailroadproportion“ofsurplusforthe Differencebetweenreceivedfromsaleamount ofsharesCapital70,000Stocktheand par valueofthediiferencebeingcharged same, OperatingToExpenses,Taxes,fortheetc., year. . thatoﬂ',theliabilitytruebeshown... may .

RentofLeasedRoadsforthe“ year ... paidadditionalrentyear,as .... Interestaccruedforthe“ year ..

Oldtransferredaccount .... DividendpaidNov.16,V1885 ..._.

DividendpaidMay15,1886 ..

Balance ......

DR.

20 ANNUAL REPORT OF THE [1885-86.

No. 3.

GENERAL BALANCE ‘SHEET, SEPT. 30, I886. R ESO U RCES.

CONS TR UCTION. Grading and Masonry ...... $2,713,882 12 Bridges...... 952,344 95 Superstructure and Rails ...... 1,924,807 33 Passenger and Freight Stations, etc...... 771,405 33 Engine-Houses, Car-Sheds and Turn-Tables ...... 164,713 98 Shops, Machinery and Tools ...... 133,283 50 Land, Land Damage and Fences. . . . . 2,512,997 59 Engineering and General Expenses ...... 365,474 39 Interest and Discount ...... 82,028 44 Total Construction ...... $9,620,937 63

EQUIPMENT. Locomotives ...... $401,000 00 Snow-Ploughs on Wheels ...... 7 ,000 00 Passenger, Baggage, Mail and Express Cars ...... 400,475 00 Freight and other Cars ...... 499,705 00

Total Equipment ...... ‘ 1,308,180 00

Total Construction and Equipment ...... 1 $10,929,117 63

INVESTMENTS. Real Estate in Dover, Old Orchard and Portland. . . $52,632 21 Dover and Winnipiseogee R.R. Stock ...... 263,144 48 Danvers R.R. Bonds and Account ...... 152,430 00 Newburyport R.R. Stock and Bonds ...... 302,493 95 Portland and Rochester R.R. Stock ...... 239,540 56 Orchard Beach R.R. Stock ...... 49,624 89 Essex R.R. Mortgage Bonds ...... , ...... 42,100 00 Steamer Mt. Washington and Wharves ...... 69,260 24 Total Investments ...... 1,171,226 33

04.911 ASSETS. Cash...... $215,02045 Bills Receivable ...... _ 96,755 41 Trustees of Sinking Fund ...... 3 55,720 08 Materials and Supplies on hand ...... 808,156 64 Due from Agents and Conductors ...... 228,574 08 Due from Railroads and Others ...... 249,148 87 Total Cash Assets ...... 1,653,375 53

SUNDRY ITEMS. Improvement Account...... $958,053 92 Improvement Account, Eastern R.R ...... 478,374 77 Portland Improvement Account ...... 20,215 93 Lowell and Andover R.R. Betterments...... 117,358 92 Dover and Winnipiseogee R.R. Improvement Ac count...... 28,60699 Insurance Premiums Paid ...... ‘ 4,081_00 ii 1,606,69153 Tomi...... $15,360,41102 1885-86.] BOSTON AND MAINE RAILROAD. 21

No. 3. GENERAL BALANCE $HEET——0'v1wluded LIABILITIES.

Capital Stock, 70,000 Shares ------.. . $7,000,000 00 Bonds due January 1, 1893, 7 per cent ...... $1,500,000 00 Bonds due January 1, 1894, 7 per cent ...... 2,000,000 00 Improvement Bonds, 4 per cent ...... 926,000 00

Total Funded Debt ...... - ...... 4,426,000 00

Notes Payable ...... $300,000 O0 Current Bills* ...... 380,693 88 Rents of Leased Roads Accrued, Unpaidf...... 649,423 36 Interest Accrued, not yet due ...... 70,755 O9 Bond Interest uncalled for ...... 9,327 50 Dividends uncalled" for ...... 13,237 00 Current Traffic Balances due Railroads and ()tI1ers* 437,464 65 Eastern R.R. Lease Account ...... 170,240 33 Sinking Fund for Redemption of Improvement Bonds ...... 55,720 05 2,086,861 89 Proﬁt and Loss—Surplus ...... 1,847,549 13

TOTAL ...... $15,360,411 O2

* N01‘E.—'I‘he books show, at the end 0! each month. the total llahlllty for that month. for Ina terlals purchased, wages due em loyés, and balances due connecting roads, all of which are settled before the close of the fo lowing month. 1' Includes Eastern Railroad proportion or surplus for the year, $421.340.44.

ANNUAL REPORT OF THE

No. 4. GROSS EARNINGS, OPERATING EXPENSES, AND NET EARNINGS, BY MONTHS, FOR THE YEAR ENDING SEPT. 30, I886.

MONTHS. Gross Earnings. Oper%g:%ST):?;nSeS’ Net Earnings.

October, 1885- -. $626,306 46 $376,845 43 $249,461. 03

November . = . . . . 531,743 92 334,361 74 ' 197,382 18

December ...... 513,826 81 343,731 27 170,095 54

January, 1886. .. 507,603 35 344,174 13 163,429 22

February ...... 520,285 67 330,220 14 190,065 53

March ...... 574,788 47 346,060 06 228,728 -1-1

April ...... 614,787 79 385,413 30 229,374 49

May ...... 619,208 59 422,040 88 197,167 71

June ...... 643,529 29 496,905 96 146,623 33

July ...... 773,851 79 450,872 36 322,979 43

August ...... 854,242 65 503,057 97 351,184 68

September ...... 763,516 51 468,110 37 295,406 14

Total ...... 77,543,691 so $4,801,793 $2,741,897 69

['98-9881 NOLSOH (INV HNIVN '(IVOH'IIVH

;:,':’:§,_€:yB55552”T'”'f‘:‘,;£’:’l’”“' Pagsgzlger MONTHS.Mails.Freight.Passengers.Express. D°P‘“"“‘°‘“"I“°°“‘°' Sources.Storage.Earnings.andRoad.Rents.

OMALLSOURCESFORTHEYEARENDINGSEPT.30,I886.

N0.

GROSSFREARNINGS

451,49512,3306,32879302,702218,92152521,624136,455291,8411,82340November282,54819186110531,74392 . 7,24972295,691207,13414502,82542311,942December274,579641,2219612,639286,3276543513,8262,73181 - 52’ SGPIJGIIIIJBIH444,5442,41744472,014275,0412,374562616,7808,27278747,0563010,75116973,33408763,51651 - 1885. 1886. 241,0751,05411,4088,25218261,790195,02457456,81486F6bl‘l1iLI‘y..2239502960,515031,717661,23812520,28567 -- $1,907$7,479$356,499$250,036$606,53665‘$14,193$2,009$3,566$626,306October$334,073$13,03933948481980182520546 . 488,96616,23491241,52287996507,60335J&I1l18.I'y253,7519198,25226274,85014214,116622111,9270577 .- 495,39943522,33660264,416-786.7534861,7802,08033854,242August631,5972917,0678,2722588213,62865 -. 4,324,116312,929,766235,8594,040,2864117,43040170,9508495,44866077,253,882389522,4037931,545187,543,691TOTAL.30 -- 254,088563,171574.78847286,252841,5364213,0418,252309,0831967868,136201,642991,837March6825 .. 315,41992338,97930255,98936594,9686614,827391,630833,36091614,78779April1,3550513,932088,27225 -. 320,162461,3849914,93624344,75594263,519608,275236,9731,734619,208598,272252933882,22515May .. 334,179631,21417,227218,27226360,89383269,73750630,631337,756962,0703,07098643,52929June7302 .. 78 July458,298921,326748,272484,518261,738746,2575521,908431,8373,848798616,62025772358773,851 .. ANNUAL REPORT OF THE [1885-86.

No. 6. OPERATING EXPENSES IN DETAIL FOR THE YEAR ENDING SEPT. 30, I886.

GENERAL EXPENSES’ OF’ OFFICE AND PROPERTY.

Salaries of General Officers and Clerks...... $49,292 42 General Oﬂice Expenses ...... 5,538 8 1 Expenses of Directors and Pay Cars ...... 3,379 43 Stationery, Printing and Advertising for Oﬂice. . . . . 5,194 55 Contingent Expenses. . . . 15,531 60 $78,936 81 LegalExpenses ...... 31,241 70 Insurance Premiums...... $21,484 08 Protection against Fire...... 1,074 56 Fires Set by Locomotives...... 6,618 75 Miscellaneous Fire Losses ...... 280 91 29,458 so Tenement Expenses ...... 21,266 24 Eastern Transfer Expenses ...... 1,637 92

Total General Expenses of Oﬂice and Property. . . $17.-2,%_9?

GENERAL EXPENSES OF TRANSPORTATION Injuries and Damages to Employés - . - . - . - - . . . - . . . - $2,470 O6 Injuries and Damages to Live Stock...... 826 93 Injuries and Damages to Passengers...... 40,167 67 Injuries and Damages to Property, Trespassers and Others...... 2,931 04 $46,395 70 Telegraph Expenses, Salaries and Wages ...... $43,030 82 Telegraph Expenses, Supplies, etc ...... 900 94 Telegraph Expenses, Stationery and Printing...... 870 69 Repairs of Telegraph Line ...... 1,047 27 Telephone Expenses ...... 2,894 46 48,744 18 Wages of Crossing-Tenders...... $112,367 05 Fuel and Supplies for Crossings ...... 2,516 09 114,883 14 Wages of Draw-Tenders...... $23,589 76 Fuel and Supplies for Drawbridges ...... 711 26 24,301 02 Wages of Signal-Men ...... $19,708 92 Fuel and Supplies for Signal-Men ...... 1,395 35 21,104 27 Automatic and Electric Signals - - - - . ------. - - . . . 3,525 50 Wages of Switchmen ...... $52,057 45 Fuel and Supplies for Switchmen. ------~ ------1,675 04 53,732 49 Wages of Station-Watchmen ...... $32,034 31 Supplies for Station-Watchmen - - - - . . - . . . - - - - - . . . 257 79 32,292 10 Removing Ice and Snow, Labor and Supplies ...... $17,317 71 Removing Ice and Snow, Locomotive Use ...... 894 20 18,211 91

Total General Expenses of Transportation ...... $363,190 31 1885—86.] BOSTON AND MAINE RAILROAD.

PASSENGER TRANSPOR TA TI ON EXPENSES. General Superintendence and Clerks ...... $25,594 59 General Ofﬁce Expenses ...... 1,126 10 Stationery and Printing ...... 3,786 77 Tickets and Baggage Checks ...... '. . . 19,454 60 Contingent Expenses ...... 1,555 53 Loss and Damage of Baggage ...... 732 59 _--i $52,250 18 Regular Advertising ...... $13,135 40 Special Advertising ...... 10,929 84 Outside Agencies ...... 3,962 14 ———-Z 28,027 38 Supervision and General Expense, Passenger Trains . $3,221 97 Wages of Conductors and Trainmen ...... 179,359 08 Wages of Shifters and Yardmen ...... 13,858 97 Heating and Lighting Passenger Trains ...... 24,630 14 Lubricating Oil, Waste and Tallow for Passenger Trains ...... 8,154 39 Stationery and Printing for Passenger Trains ...... 2,644 99 Miscellaneous Supplies and Expenses, Passenger Trains ...... 8,375 61 Wrecking Expenses ...... 471 57 ii-— 241,216 72 Agents and Station Labor ...... $161,644 48 Water, Heating and Lighting, Passenger Stations. . . 47,269 24 Stationery and Printing for Passenger Stations . . . . 3,558 51 Furniture and Miscellaneous Supplies, Passenger Stations ...... 6,229 35 Miscellaneous Expenses of Passenger Stations. . . . . 9,061 32 ii 227,762 90 Mileage of Pullman Cars ...... 7,995 B4 Total Passenger Transportation Expenses . . . . . 8557.253 02

FREIGHT TRANSPOR TA TION EXPENSES. General Superintendenee and Clerks...... $27,165 07 General Oﬂlce Expenses ...... 989 03 Stationery and Printing...... 1,129 16 Advertising Freight Business ...... 122 51 Line Expenses ...... 62 50 Loss and Damage of Freight...... 5,921 68 ContingentExpenses...... 2,359 38 G $37,749 33 Supervision and General Expense, Freight Trains . . $12,074 90 Wages of Conductors and Trainmen . ------124,207 10 Wages of Shifters and Yardmen ...... 74,209 41 Heating and Lighting Freight Trains ...... 2,450 02 Lubricating Oil, Waste and Tallow for Freight Trains...... 5,()1716 Stationery and Printing for Freight Trains ...... 1,656 07 Miscellaneous Supplies and Expenses, Freight Trains-._ ...... 5,130 86 Wrecking Expenses ...... 1,714 32 226,459 S4 Agents and Station Labor ...... $291,391 62 Water, Heating and Lighting, Freight Stations. . . . . 5,122 76 Stationery and Printing for “ “ . . . . 10,515 33 Miscellaneous Supplies for “ “ . . . . 1,991 28 Miscellaneous Expenses of “ “ . . . . 10,774 39 G 319,795 38 Mileage of Freight Cars ...... 67,338 49

Total Freight Transportation Expenses ...... $651,843 04

26 ANNUAL REPORT OF THE [1885-86.

M0 TIVE P0 WER EXPENSES. Superintendence and Clerks ...... $13,435 52 Oﬁice and Miscellaneous Supplies and Expenses. . . . 187 61 Stationery and Printing ...... 365 30 Engine-House Labor and Expenses ...... 11,232 79 Watching Expenses ...... '-. -. 21,438 95 $46,710 17 Repairs of Tools and Machinery ...... 20,127 60 Repairs of Locomotives ...... 185,434 99 New Locomotives ...... 83,170 19 Water Supply ...... 37,661 65 Wages of Passenger Enginemen and Firemen ...... $184,153 05 Wages of Passenger Switching Enginemen and Firemen ...... 10,053 75 Wages of Freight Enginemen and Firemen ...... 90,312 13 Wages of Freight Switching Enginemen and Fire men ...... 39,290 32 324,309 75 Cleaning Passenger Engines ...... $21,622 59 Cleaning Freight Engines ...... 14,566 61 <—— , 36,189 20 Head-Light and Illuminating Oil ...... $1,270 01 Lubricating Oil, Waste and Tallow ...... 16,937 02 Lanterns, Tools and Small Stores...... 3,760 65 M 21,967 es Fuel for Passenger Locomotives ...... $266,653 71 Fuel for Passenger Switching Locomotives ...... 14,343 89 Fuel for Freight Locomotives ...... 130,397 39 Fuel for Freight Switching Locomotives ...... 57,547 75 468,943 24

Total Motive Power Expenses ...... $1,224,514 47

MAINTENANCE or CARS.

Superintendence and Clerks ...... $5,802 44 Oﬂice and Miscellaneous Supplies and Expenses. . . . 165 40 Stationery and Printing...... 351 61 Watching Expenses ...... 4,016 15 $10,335 60 Repairs of Tools and Machinery...... 15,686 64 Painting and Varnishing Passenger Cars...... $39,554 19 General Repairs of “ “ ...... 103,426 50 -————-—- 142,980 69 New Passenger, Baggage, Mail and Express Cars. . 74,120 17 Painting and Varnishing Pullman Cars ...... $1,756 97 General Repairs of “ “ ...... 1,253 19 3,010 16 General Repairs of Local Freight Cars...... - . - - - $130,459 45 General Repairs of Foreign Freight Cars ------12,576 01 143,135 46 New Freight Cars ...... 33,020 38 Repairs of Boarding and Tool Cars - - - - . - $1,338 42 Repairs of Gravel Cars ...... 2,761 71 4,100 13 Repairs of Snow-Ploughs...... 1,199 51 Oiling, Cleaning and Inspecting Passenger Cars... . . $38,096 72 Oiling, Cleaning and Inspecting Freight Cars ...... 10,802 75 48,899 47

Total Maintenance of Cars...... $476,488 21 1885-86.] BOSTON AND MAINE RAILROAD.

_/MAINTENANCE OF WA Y AND BUILDINGS. Superintendence and Clerks ...... $11,891 97 Ofﬁce and Miscellaneous Supplies and Expenses. . . . 1,117 51 Stationery and Printing ...... 699 19 Engineering ...... 4,995 36 Watching Expenses ...... 2,157 74 $20,302 27 General Repairs of Track, Labor ...... $251,334 47 General Repairs of Track, Material ...... 3,053 09 Working Trains and Extra Crews ...... 100,317 11 Joint Fastenings ...... 25,219 2s Frogs and Switches ...... 33,012 33 Track Spikes ...... 7,549 09 Hand-Cars and Tools ...... 9,332 25 Road Crossings ...... 10,404 92 Signs and Mile Posts...... 1,003 03 Fencing ...... 14,347 01 403,793 23 Steel Rails laid ...... $103,270 39 Iron Rails laid ...... 5,002 20 113,273 09 Cross Ties laid ...... $119,000 73 Switch Ties laid ...... 9,004 33 128,131 16 Bridges and Culverts ...... $117,035 30 Overhead Bridges ...... 23,341 43 New Bridges ...... 10,073 73 151,105 57 Shops and Storehouses ...... $25,449 35 Tools and Machinery ...... 3,740 20 Car-Houses ...... 1,933 00 Engine-Houses and Turn-Tables ...... 22,325 03 Water-Tanks and Pumping Machinery ...... 9,330 13 Coal and Wood Sheds and Fixtures ...... 3,929 40 Station Buildings and Grounds ...... 39,191 55 Mast Signals, Signal and Section Houses ...... 4,190 97 Docks and Wharves ...... 5,449 09 Real Estate, land leased...... 430 20 Furniture and Fixtures for Construction Cars ...... 143 20 176,167 12 Total Maintenance of Way and Buildings ...... $1,053,332 44 Total Operating Expenses (59.58 per cent.) ...... $4,494,102 40

Taxes ...... $259,247 38 Interest on Improvement Bonds ...... 34,493 77 Sinking Fund for Redemption of Improvement Bonds ...... 13,890 00 307,631 15 Total Operating Expenses, Taxes, etc. (63.65 per cent.) ...... 354,8 1,793 61 28 ANNUAL REPORT OF THE [1885-86.

N0. 7. MILEAGE AND TRAFFIC STATISTICS.

Miles run by Passenger Trains ...... ' . . . , ...... - ...... 3,084,970 Miles 1-un by Freight Trains...... T ...... 1,507,212 Miles run in Passenger Switching ...... 167,502 Miles run in Freight Switching ...... 656,573 Miles run by “forking Trains ...... 181,235

Total Train Miles ...... 5,597,492 Average Gross Earnings per Revenue Train Mile ...... $1 64 Average Operating Expenses per Revenue Train Mile ...... 98 Average Operating Expenses, Taxes, etc., per Revenue Train Mile 1 04 Average Net Earnings per Revenue Train Mile ...... 60 Average Gross Earnings per Total Train Mile ...... 1 35 Average Operating Expenses per Total Train Mile ...... 80 Average Operating Expenses, Taxes, etc., per Total Train Mile. . . 86 Average Net Earnings per Total Train Mile ...... 49

PASSENGER TRAFFIC. Number of season-ticket passengers carried ...... 2,509,157 Number of local passengers carried (including season) ...... 16,325,621 Number of foreign passengers carried ------...... 696,960 Total number of passengers carried ...... 17,022,581 Number of local passengers carried one mile (including season) . . 190,847,777 Number of foreign passengers carried one mile ...... 33,375,514 Total number of passengers carried one mile ...... 224,223,29l Number of passengers to Boston (including season) ...... 5,496,045 Number of passengers from Boston (including season)...... 5,511,934 Number of season-ticket passengers to and from Boston ...... 1,539,394 17 Average distance travelled per passenger ...... IBWO miles. Average rate of fare per mile received from season-ticket passengers, 0 J31, cen . Average rate of fare per mile received from local passengers (in- 1 -822 cluding season) ...... gems, Average rate of fare per mile received from local passengers (not 2 -140 including season) ...... _ . . cents, Average rate of fare per mile received from foreign passengers... 1 ‘G85 cen s. Average rate of fare per mile received from all passengers ...... 1 '80? cen s. FREIGHT TBA FFIO. Number of tons of local freight carried ...... , ...... 1,369,032 Number of tons of foreign freight carried ...... 834,169 Total number of tons of freight carried ...... 2,703,201 Tons of local freight carried one mile ...... 74,820,383 Tons of foreign freight carried one mile ...... 54,305,488 Total tons of freight carried one mile...... 129,125,871 Average length of haul per ton of freight - - - - . ------47% miles.

Average rate per ton per mile received on local freight...... 2 '78,_i cen . Average rate per ton per mile received on foreign freight...... 1 ‘$28 ce - Average rate per ton per mile received on all freight...... 2 '269 cents. 1885-86.] BOSTON AND MAINE RAILROAD. 29

No. 8. DESCRIPTION OF ROAD.

. . Miles Miles T(.)m1 Mam Lme. Owned. Leased. Operated Miles

Boston, Mass., to Portland, Maine ...... 115.50 115.50 Boston to New Hampshire State Line—Eastern Railroad ...... 41.45 New Hampshire State Line to Maine State Line —Eastern Railroad in N. H ...... 16.08 Maine State Line to Portland—Portland, Saco and Portsmouth Railroad ...... 50.76 Total Miles Boston to Portland—Eastern Di vision ...... 108.29 Conway Junction to North Conway—Ports- » mouth, Great Falls and Con. Railroad. . . . . 72.86 72.86 Worcester, Mass., to Rochester, N.H.—W‘orces ter, Nashua and R. R.R ...... 94.48 94.48 Total Length of Main Line ...... 115.50 275.63 391.13 Branches. Medford, single track...... 2. Mcthuen. single track, 2.75; double track, 1. .. *3.75 Great Falls, single track...... 2.75 Total Length of Branches owned, 8.50 miles. 5.75 Newburyport and Danvers, single track ...... 36.24 Lowell and Andover, double track ...... 3,73 West Amesbury, single track...... _ 4,50 Dover and Winnipiseogee, single track ...... 29. Kennebunk and Kennebunkport, single track. .. 4.50 East Boston, single track, 1.91; double track,, 1.56 ...... 3.47 Charlestown, double track ...... 1 1.09 Saugus, single track ...... 9.55 Chelsea Beach, single track ...... 1.78 Swampscott, single track ...... 3.96 Marblehead, single track ...... 3.52 Lawrence, single track, 18.25; double track, 1.64...... 19.89 South Reading, single track ...... 8.12 Gloucester, single track ...... 16.94 Essex, single track ...... 5.48 Asbury Grove, single track - ...... 1.06 Newburyport City, single track ...... 2.24 Salisbury, single track ...... ’ 3.79 Portsmouth and Dover, single track ...... 1 10.88 Wolfeboro’, single track...... 12.03 Total Length of Branches leased ...... 186.77 Total Length of all Branches, 195.27 miles...-1

Total Miles of Road operated ...... *124. 462.40 583.65 Double Track on Main Line...... 70.96 51.99 122.95 Double Track on Branches ...... 1. 13.02 14.02 Total Length of Double Track ...... 71.96 65.01 136.97 Total Length of Sidings ...... 94.22 144.30- 238.52 Total Length of Track operated ...... *290.18 671.71 959.14

* 275 miles are operated by the Manchester and Lawrence Railroad. ANNUAL REPORT OF THE [l885—86.

No. 9. ROLLING STOCK.

DESCRIPTION.

LOCOMOTIVES. Passenger ...... Freight ...... Switching ......

Total Number Locomotives ......

PASSENGER EQ UIPMENT. Passenger Cars ...... Parlor Cars ...... Directors’ Car ...... _ ...... Paymaster’s Car. . . Baggage Cars ...... Mail Cars ...... Express Cars......

Total Number Passenger, Baggage, Mail and Express Cars ......

FREIGHT EQUIPMENT. 8-Wheel Box Freight Cars ...... 8-Wheel Box Freight Cars—Caboose Cars . . . .. 4-Wheel Box Freight Cars ...... 8-Wheel Platform Freight Cars - . - . . . . - - - - . . . 4-Wheel Platform Freight Cars - - - . - - - - - . . . . . 4-Wheel Coal Dump Cars ...... 8-Wheel Oil Tank Cars ...... Total Number Freight Cars ...... Total Number on a basis of 8 wheels ......

GRA VEL, TOOL, ETC. 4-Wheel Gravel Dump Cars ...... 8-Wheel Tool Cars-—Box Cars ...... 8-Wheel Boarding Cars _ ...... 8-Wheel Tool Cars, Derrick Cars, etc ...... 4-Wheel Derrick Cars, Stone Cars, etc ...... 8-Wheel Steam Shovel Cars ...... , ...... 8-Wheel Pile Driver Car ......

Total Number Gravel, Tool, etc., Cars. . . _. . . .

Snow-Plows on Wheels ...... Number Locomotives equipped with Westing house or Vacuum Brakes ...... Number of Cars equipped with Westinghouse or Vacuum Brakes ......

1885-86.] BOSTON AND MAINE RAILROAD. 31

No. I0. STEEL RAILS IN TRACK.

Miles Main line and double track between Boston and P01'tlan(l-—West ern Division, is all in Steel ...... 136.46 Main line and double track between Boston and Portland—East ern Division, is all in Steel...... 142.15 Medford Branch is all in Steel ...... 2 Lowell and Andover Branch is all in Steel - - - - - . . - . ------17 .46 Saugus Branch is all in Steel...... 9.55 Swampscott Branch is all in Steel ...... 3.96 Gloucester Branch is all in Steel ...... 16.94 Worcester, Nashua and Portland Division has of Steel ...... 91.63 Salisbury Branch is all in Steel ...... 3.79 Northern Division has of Steel ...... 26.44 Newburyport and Danvers Branch has of Steel ...... 22.22 Great Falls Branch is all in Steel ...... 2.75 Other Branches have of Steel ...... 47.14

Total Steel Track ...... 572.49 32 ANNUAL REPORT OF THE [1885—86.

COPY OF LEASE

OI‘ THE Worcester, Nashua & Rochester Railroad Company

T0 THE

BOSTON AND MAINE RAILROAD.

Qljbiﬁ Enimuturz, made in duplicate, this thirtieth day of October, A.D. 1885, by and between the Worcester, Nashua and Rochester Railroad Com pany, a Corporation existing under and by virtue of the laws of the Common wealth of Massachusetts, and under and by virtue of the laws of the State of New Hampshire, party of the ﬁrst part and hereinafter denominated the Lessor, and the Boston and Maine Railroad, a Corporation existing under and by virtue of the laws of said Commonwealth, and under and by virtue of the laws of the States of Maine and New Hampshire, party of the second part and hereinafter denominated the Lessee.

@.@i!l1B§Btlb, That the said parties each for itself, its successors and assigns, and each in consideration of the grants, covenants and engagements herein made by the other, have granted, covenanted and agreed, and do hereby grant, covenant and agree, each to and with the other, its successors and assigns, as follows, to wit :—

The Lessor doth grant, demise and lease unto the Lessee, its successors and assigns, its railroad and property of every description,—including therein its railroad, lands, branches, tracks, side-tracks, road-beds, superstructure, station-houses, depot grounds, depots, viaducts, bridges, piers, shops, build ings, fixtures, engines, cars, rolling-stock, machinery, tools, furniture, tele graph apparatus, equipment, and all rights, franchises, easements, privileges and appurtenances thereto belonging, together with the right to demand and receive all tolls, rent, revenue, income and profits of the demised. premises; including also therein all the right, title and interest of the Lessor in and to any contracts with other railroads, corporations or individuals, and all advantages and benefits to be derived therefrom; excepting, however, from the property herein demised, all supplies and materials, rolling-stock and equipment in process of construction, bills and accounts receivable, the Lessor’s shares of its own Capital Stock, and cash on hand at the time when

1885-86.] BOSTON AND MAINE RAILROAD. 33

this lease takes effect; hereby assigning and transferring unto the Lessee all its railroad, railroad property, franchises and assets of every description, except as aforesaid, subject, however, to a mortgage made by the Worcester and Nashua Railroad Company to Charles W. Smith and others, Trustees, dated August ﬁrst, A.D. 1879, and recorded with Worcester Deeds, Book 1057, page 251, and to a mortgage made by the Nashua and Rochester Railroad to Alexander H. Bullock and others, Trustees, dated February twenty-ﬁfth, A.D. 1874, and approved by the Railroad Commissioners of New Hampshire, March second, A.D 1874, and subject to all other legal Obligations and encum brances.

$0 built all! fl! bull all and singular the demised premises to the Lessee, its successors and assigns, for and during the term of ﬁfty years from and after the ﬂrst day of January, A.D. 1886, yielding and paying rent as provided in the article next following, and keeping and performing the terms, condi tions and stipulations hereinafter contained on the part of said Lessee to be kept and performed.

II.

The Lessee shall pay to the Lessor, as rent of the demised premises, the sum of two hundred and flfty thousand dollars in each year during the term of this lease, payable semi-annually in equal instalments on the first days of July and January, and the first of said instalments being payable on the first day of July, A.D. 1886, and shall also pay as part of the rent herein reserved all taxes assessed to the Lessor during the term of this lease.

III.

The Lessee shall purchase of the Lessor, at valuations to be ﬁxed by the appraisers provided for in Article VI. of this lease, all rolling-stock and equipment in process of construction, and all materials and supplies on hand and not incorporated into its road or equipment, — steel rails to be taken at the invoice cost to the Lessor.

IV.

The Lessee shall assume all contracts of the Lessor for equipment, sup plies, or material not delivered at the time this lease takes effect, and not then paid for, the same on delivery to become the property of the Lessee; shall assume all other contracts of the Lessor, with individuals or corporations, relating to the operation and management of the demised premises so far as said contracts are executory and the benefits thereof are received by the Lessee after this lease takes effect, but shall in no case be responsible for any indebt edness of the Lessor of whatever character, or however or whenever arising, and shall assume and defend at its own cost all suits against the Lessor arising out of or in any way connected with the current use and operation of the demised premises from and after the taking effect of this lease. ANNUAL REPORT OF THE [1885-86.

The Lessee shall use and operate the railroads and properties herein demised, in accordance with the charter of the Lessor and the laws of the Commonwealth of Massachusetts and of the State of New Hampshire, so far as the same are respectively applicable, shall furnish all cars, engines, rolling stock and equipment of every description required in addition to the like prop erty hereby demised, for the due operation of the railroad operated under and by virtue of this lease; shall keep the demised premises reasonably insured, and shall apply the proceeds of any insurance to restoring and replacing the property destroyed, or to making permanent improvements not in the nature of ordinary repairs upon the demised premises; shall apply the proceeds of rolling-stock, equipment, and other personal property herein demised, which it may deem advisable to sell, and which it is hereby authorized to sell at its discretion, so as to substitute therefor like property of equal value; shall replace buildings or structures on ‘the demised premises taken down or removed, and which the Lessee is hereby authorized to take down or remove at its discre tion, with other buildings, structures or permanent improvements upon the demised premises, of equal value ; shall furnish the directors of the Lessor, not exceeding seven in number, with free annual passes over the railroads of the Lessee as well as over the railroad operated by the Lessee under this lease; shall permit the demised premises to be inspected annually by some competent person appointed by the Lessor, who shall report to the Lessor the condition of said premises, and shall for the purpose of such inspection be furnished with free transportation over the railroad operated by the Lessee under this lease; shall make all returns required bylaw, and shall furnish the Lessor with such abstracts of its accounts as shall enable it to make all returns required by the Lessor; shall not assign this lease, nor underlet the whole or any part of the demised premises, except such portions thereof as may not be required for railroad uses, without the written assent of the Lessor ﬁrst had and obtained; shall keep the demised premises in the same condition of repair as the said demised premises are in at the inception of this lease, and shall cause all rolling-stock substituted for that herein demised to be distinguished by appropriate names, numbers or letters; and at the end of the term of this lease, or at any earlier termination thereof from any cause whatever, -shall surrender the demised real and personal estate (to be ascertained and deter mined according to the inventory hereinafter provided for) in the like good order and condition in which they are at the inception of this lease, or may be put during the term, with all improvements thereon or additions thereto : Provided that at the expiration of this lease the Lessor shall pay to the Lessee the value of such improvements and additions to be appraised, unless agreed upon by the parties, by the board of arbitrators provided for in the ninth article of this lease.

VI.

That the property herein demised and to be accounted for upon the termina tion of this lease may be accurately determined, there shall be made, as of the day when this lease takes etfect, a full, complete and particular inventory, 1885-86.] BOSTON AND MAINE RAILROAD. 35

description and appraisal of all the estate and property, real and personal, belonging to the Lessor, and coming into the possession of the Lessee by virtue of this lease. Such inventory, description and appraisal shall be made by two competent persons, one elected by each party; in case of their dis agreement,'}'they shall refer the matter in difference to some third person, whose decision shall be ﬁnal. Such inventory, description and appraisal shall be made in duplicate and an original furnished to each party, and shall be evidence of the nature, value and condition of the property demised at the inception of this lease in all cases in which any question of such nature, con dition or value may arise.

VII.

The Lessor shall maintain its existence and organization as a corporation, and to that end shall comply with all the requisites and forms of law; shall do all acts and things and execute all legal instruments necessary and proper to put and secure the Lessee in the full enjoyment of all the property, rights, franchises and interests herein demised, and to carry into eifect the true intent and meaning of this lease; and shall permit the Lessee to use the name of the Lessor (and hereby grants the use of such name irrevocably) in all legal pro ceedings and in all cases needful for obtaining, holding and enjoying the premises hereby demised, and for all purposes consistent with the true scope and intent of this lease.

VIII.

This lease is upon the condition that, if the Lessee shall at any time fail to make to the Lessor any of the payments herein stipulated to be made as and for rent of the demised premises, then and in such case the Lessor may at once enter upon the demised premises, and upon any part thereof as for the whole, and expel the Lessee and determine the estate hereby granted, and shall thereupon become seized and possessed of the demised premises and of every part thereof in its original right, and as if this lease had never been made; and upon the further condition, that if the Lessee shall fail to perform any other of the covenants and agreements in this lease contained, and such failure shall continue for six months after written notice of such failure from the directors of the Lessor, the Lessor shall have the like right to enter and expel the Lessee and revest in itself its former estate in the demised premises and every part thereof; provided, however, that such entry by the Lessor for breach of condition shall in no wise prejudice or impair any remedies to which it might otherwise be entitled for arrears of rent or preceding breach of covenants.

IX.

‘In case of any disagreement between the parties hereto as to the true intent and meaning of this lease or any part thereof, or as to anything done under and by virtue of it or growing out of it, the matter in controversy shall be referred by written submission to the arbitration of the Chairman of the 36 ANNUAL REPORT. [1885-86.

Railroad Commissioners of Massachusetts, the President of the Boston and Albany Railroad Company, and the President of the Boston and Providence Railroad Company, for the time being. The arbitrators shall hear the parties, after due notice to each of them, and if either party fail to attend after such notice, may proceed ex parte. The award in writing of said arbitrators or a majority of them, being duly notiﬁed to the parties, shall be ﬂnal and conclu sive upon them.

IN 'rEsTIMoNY WHEREOF, the said parties, by their respective presidents and treasurers thereunto duly authorized, have caused their corporate seals to be hereto aﬁixed, and these presents to be executed, the day and year before written.

BOSTON AND MAINE RAILROAD, (Signed) By GEORGE C. Lom), President. Amos BLANCHARD, Treasurer.

WORCESTER, NASHUA AND ROCHESTER RAILROAD COMPANY, (Signed) By CHARLES A. SINCLAIR, President. [3 TIMOTHY W. HAM.v1oNi>, Treasurer. 9”“ FIFTY—FOURTH ANNUAL REPORT

OF THE

OF‘ THE BOSTON AND MAINE RAILROAD

T0 THE

STOCKHOLDERS,

FOR THE YEAR ENDING SEPTEMBER 30, i887.

wsnuxasnav, nszc. 14, 1887.

BOSTON: RAND AVERY sqrrnr co. 1ss1. _ BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston and Maine Railroad will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the fourteenth day of December, 1887, at eleven o’clock A.M., for the the following purposes, viz. : 1. To hear and act upon the Report of the Directors. 2. For the choice of Directors for the ensuing year. 3. To see whether the Corporation will ratify and conﬁrm the Im provement Bonds heretofore issued. 4. To see if the Stockholders will authorize the issue of Boston and Maine Terminal Bonds under Chap. 410 of the Acts of 1887. 5. To see if the Stockholders will appoint some person to‘ certify and approve future issues of Improvement Bonds and said Terminal Bonds, as required by law. 6. For the transaction of any other business which may be legally brought before them. By order of the Directors. BOSTON, Nov. 23, 1887. CHAUNCEY P. JUDD, Clerk.

Stockholders only will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. The special Stockholders’ trains will leave Great Falls at 7.00 A.M., and Boston at 9.40 A_.M., for Lawrence; and will leave Lawrence for Boston at 12.00 M., and for Great Falls at 12.30 P.l\I. Stockholders from Portland and stations east of North Berwick will take the train which leaves Portland at 7.30 A.M., and returning to stations between Rollinsford and Portland, will take the trains which leave South Lawrence at 1.46 or 4.46 P.M. Stockholders are requested totakepassage in the trains provided for them, and thus avoid annoying passengers by crowding the regular trains. Stockholders going from either direction beyond Lawrence, before the adjournment of the meeting, will be charged regular fares between Law-V rence and the stations to which they take passage. By order of the Directors. JAMES T. FURBER, Genﬁl Manager.

...... ‘ -...--..-.-.~...... _--..--......

OFFICERS

OI‘ THE BOSTON AND MAINE RAILROAD.

DIRECTORS ELECTED DEC. 8, 1886‘.

GEORGE C. LORD ...... NEWTQN, MAss. AMOS PAUL ...... S0. NEWMARKET, N.H. NATHANIEL J. BRADLEE . . . . . BOSTON, MASS. WILLIAM S. STEVENS ' . . . . . DOVER, N.H. JAMES R. NICHOLS ...... HAVEREILL, MAss. JOSEPH s. RICKER ...... DEERING, ME. SAMUEL C. LAWRENCE . . . . . MEDFORD, MAss. RICHARD '0LNEY ...... BOSTON, MASS. FRANK JONES PORTSMOUTH, N.H. CHAUNCEY P. JUDD, CLERK.

GEORGE C. LORD, PREsII>ENT ...... BOSTON: JAMES T. FURBER, GENERAL MANAGER . . . . B0sT0N. AMOS BLANCHARD, TREASURER . . . . . B0sToN. WILLIAM J. HOBBS, AUDITOR ...... B0sTON. D. J. FLANDERS, GEN. PAss. AND TICKET AGENT . . B0sToN. CHARLES E. LORD, AssT. GEN. PAss. AND TICKET AGENT, BosToN. W. J. C. KENNEY, GENERAL FREIGIIT AGENT . . . B0sT0N. WILLIAM F. BERRY, AssT. GEN. FREIGHT AGENT . BosT0N. WILLIAM MERRITT, JR.. SUPT. WEsTERN DIvIsIoN . BosToN. _DANIEL W. SANBORN, SUPT. EAsTERN DIvIsI0N . . BOSTON. JOHN W. SANBORN, SUPT. NQRTIIERN DIvIsI0N. . . W0LFB0R0’Jo. GEO. W. HURLBURT, SUPT. WoR., NAsu. & P0RT. Drv. WoRcEsTER. GEORGE F. HURD, PURcIIAsING AGENT . . . . B0sTON. WILLIAM SMITH, SUPT. M0TIvE PowER . . . B0sT0N. JOHN BAILEY, MAsT. MAINT. OF WAY, WEsTERN DIv., LAWRENCE. H. BISSELL, MAST. MAINT. OF WAY, EAsT. AND NOR. T)Iv’s, SALEM. D. C. RICHARDSON, MAsTER CAR BUILDER . . . LAWRENCE. CHARLES H. NOWELL, PAYMAsTER . . . . B0sTON.

GENERAL OFFICES AT PASSENGER STATION,

HAYMARKET SQUARE, BOSTON.

P-'k1k3-'=k‘:k"'

FIFTY-FOURTH ANNUAL REPORT.

To the Stockholders of the Boston and Maine Railroad:

The Directors respectfully submit the following report of the operations of the road for the year ending Sept. 30, 1887 : —

The gross receipts for the year ending Sept. 30, 1887, were . . . $8,192,382 80 Operating expenses, including taxes, $397,080 88 . 5,343,676 77

NetEarnings ...... $2,848,706 03 Interest on funded and unfunded debt, $260,608 91 Rentofleasedlines . . . .‘ . . 1,451,07516 1,711,684 07

Surplus of net earnings over ﬁxed charges, . . . $1,137,021 96 Of this sum there will be paid to the Eastern Railroad Company, agreeable to the terms of the lease . 436,000 00 And there remains ...... 701,021 96 Which has been appropriated as follows : Dividend paid May 16th, 5% . . . $350,000 00 “ declared, payable Nov. 15, 5%, 350,000 00 Balance to the credit of Improvement Account ...... 1,021 96

$701,021 96 6 ANNUAL REPORT OF THE [1390-97.

The business of the year is as follows : —-

RECEIPTS. From passengers, were . 94,374,591 47 Being an increase of . ‘$334,295 O6 From freight were 3,207,001 70 Being an increase of . i 277,295 63 From mails were . 101,221 49 Being an increase of . . . . . 5,772 83 From expresses and extra b gguge were 209,767 88 Being an increase of . . . 21,386 64 From rents, income from property, etc., were _ . . 299,750 26 Being an increase of . 9,941 34

TOTAL RECEIPTS $8,192,382 80

Increase in receipts from all sources . $648,691 50

EXPENDITURES. General Expenses of Ofﬁce and Prop erty ...... $171,164 17 Being an increase of ...... $8,623 20 General Expenses of Transportation » 446,465 54 Being an increase of . . . . . 83,275 23 Passenger Transportation Expenses 023,940 71 Being an increase of . . . 66,693 69 Freight Transportation Expenses 724.750 s4 Being an increase of . 72,913 80 Motive Power Expenses 1,290,594 65 Being an increase of . 66,080 18 Maintenance of Cars 527,915 36 Being an increase of . . . . . 51,427 15 Maintenance of Way and Buildings . 1,086,905 95 Being an increase of . 28,573 51 Taxes . . . 397,090 as Being an increase of . . . 137,833 50 Interest on Improvement Bonds 52,340 67 Being an increase of ...... 17,852 90 Sinking Fund for Redemption of Im provement Bonds 22,500 00 Being an increase of . 8,610 00

Torn. OPERATING EXPENSES, Texas, 1=:'rc.,

Increase in Expenses over last year . $541,883 16 1886-87.] BOSTON AND MAINE RAILROAD.

The large increase in Operating Expenses is accounted for by an increase in our pay-roll, caused principally, . by the advance in wages, of . $207,740 04 And by increase in Taxes of . 137,833 50 TheIs principally Balance accoun-tedifor tlie advance iii cost of materials 196,309 and 62 supplies. i

The number of passengers carried the past _\'cnr was, 18,368,807 Being an increase-of . 1,346,226 Number carried one mile 239,707,344 Being an increase of ...... 15,484,053 The number of tons of merchandise carried the past 2 year was . . . . 2,950,787 Being an increase of . . . . . 247,586 Number of tons carried one mile . 144,666,880 Being an increase of ...... 15,541,009 The number of miles run the past year was 6,064,400 Being an increase of . 466,908

During the past year sixteen locomotives have been purchased, and one has been built in our shops. Seven are for passenger service, three for freight service, and seven for switching. Five take the places of old ones condemned on the Worcester, Nashua and Portland Division, four on the Eastern Division, and two on the Western Division, — six are additional to our equipment. One hundred and eight locomotives have been in the shops for general repairs, and one hundred and seventy for light repairs, at a cost of $191,991.83. The eleven locomotives takingthe places of others, have been charged to expense, at a cost of $72,995.20; the six added to equipment, have been charged to Improvement account, at a cost of $47,130.42. The locomotive mileage for the year has been 6,064,400 miles, being an increase of 466,908 miles, consuming 137,111 tons of coal, being an increase of 12,301 tons.

I Three combination cars, three baggage cars, three milk

8 ANNUAL REPORT OF THE [1886—B7. cars, nineteen box cars, ﬁfty-six platform cars, one coal dump car, ﬁve gravel cars, one derrick car, and one ice scraper car have been built.in our shops. These all, except the three combination cars and one baggage car, ofwhich others. are charged to improvement D account, take the place

Fifteen passenger cars, two baggage and express cars, twenty-five gondola cars, one hundred standard dump cars, and one hundred long platform cars, have been pur chased. Of -these, four passenger cars, the baggage and express cars, sixty-four standard dump cars, and fifty long platform cars, take the place of old ones. The others are additional to our equipment, and are charged to Improve ment account. One hundred and four sets of the Westinghouse Auto matic Brake have been substituted for the vacuum brake formerly used on the Western Division. The usual repairs necessary to keep our freight and passenger cars in first-class condition—at a cost of $38(),578.24,—have kept our shops, both at Lawrence and Salem, fully occupied. With our increased equip ment, larger and better shops are much needed. During the year, land has been purchased at Charles town, Everett, Chelsea, Malden, Marblehead, Salem, Wilmington, Amesbury, Salmon Falls, Berwick, Wells and West Boylston, at a cost of $51,986. At Somerville, a small freight house, and an extension to coal shed, have been erected. At Lawrence, the inward freight-house has been en larged by an addition of 100 feet to the length, and a new 1886-87.] BOSTON AND MAINE RAILROAD. 9 brick engine-house and boiler-house, and also a blacksmith and tin shop have been erected. At Haverhill, the passenger house has been remodeled and much improved, and the new freight-house and yard, which were in process of being built at time of our last report, have been completed. The new station at Great Falls, which was commenced last year, has been completed, and gives general satisfac tion. The Great Falls freight-house has been enlarged. The passenger station at Biddeford has had extensive repairs. A new passenger station has been built at Lynnfield. Four stalls have been added to the engine-house at Prison Point, and a new brick engine-house at Salem, for twelve engines, has been commenced, to take the place of an old wooden one, which was burned. Two stalls have been added to the engine-house at Newburyport. A house for the use of the station agent has been built at Magnolia. The passenger station at Amesbury has been moved and remodeled. A freight-house has been built at Knights Crossing. An express ofiice has been built at Clinton, and a new passenger shed at Oakdale. New turn-tables have been put in at Lawrence, Dover and Salem. Fourteen thousand three hundred and fifty-five rods of new fence have been built, of which 8,136 rods were on the Western Division, 5,274 rods on the Eastern Division,

ANNUAL REPORT OF THE [l886—87.

and 945 rods on the Worcester, Nashua and Portland Division. The bridge over Mystic River, Western Division, is in process of rebuilding, with two additional tracks. A new four-track iron girder bridge has been built over the South Canal, and a two-track iron girder over the North Canal Lock at Lawrence. A new iron girder bridge over a highway at Bradford has been built. The trusses at Draw No. 1, Eastern Division, have been rebuilt. Pine River bridge, main line, rebuilt. Three hundred feet of the bridges on the Chelsea Beach road have been filled, and the balance rebuilt. The Swampscott high bridge has been filled, except over a highway, where abutments and a plate girder bridge have been built. At Peabody a new pile bridge has been commenced. Beverly sluice abut mcnts have been rebuilt, with iron girder. At Gloucester new draw trusses have been built. Tanyard Bridge, on the Essex Branch, has been rebuilt with iron girders. At Rowley, the foundation and masonry are nearly completed for a new double-track bridge. Over Merrimac St., New buryport, a new double-track plate girder bridge has been built. Contracts have been made for a new double-track iron bridge over the Merrimac River at Newburyport, and six of the piers have been extended for the second track. It is expected that the bridge will be completed in season for next summer’s travel. Amesbury pile bridge has been rebuilt. The abutments of Sagamore Creek bridge, at Portsmouth, have been rebuilt, with a’ new plate girder 1 double-track bridge. The Eastern Division bridge, over Saco River, has had a new floor system, and has been

1886-87.] BOSTON “AND MAINE RAILROAD. 11

otherwise much strengthened. Rocky Hill bridge has been renewed. Jones’ bridge, Union, has been rebuilt with iron girder. Contracts have been made for new iron bridges over Lamprey River, at Newmarket and at Salmon Falls, and some work has been done upon the abutments. Large repairs have been made on the viaduct at VVor cester, and the retaining wall at Foster Street, 279 feet long, and 12 feet high, has been relaid. On this Division the bridge at Beaver Brook has been rebuilt, the bridge at South Lancaster is in process of rebuilding, and most of the other bridges on the line have been repaired and strengthened to carry the increased equipment. Twenty seven culverts have been rebuilt. Nine aI1d three-quarters miles of side-tracks have been laid the past year, of which 31?, miles were on the Western Division, 4,65,, miles on the Eastern Division, and 114$, miles on the Worcester, Nashua and Portland Division. We have laid the past year 5,363 tons new steel rails, of which 2,293 tons were on the Western Division, 2,725 tons on the Eastern Division, and 345 tons on the Wor cester, Nashua and Portland Division. Two thousand eight hundred and eighty-six tons of partly worn steel rails, removed from the main lines, have been laid on the branches, of which 1,335 tons were on the Western Division, and 1,551 tons on the Eastern Division; and 291 tons of old iron rails have been laid in side-tracks. There have been laid the past year 300,119 ties, of which 76,921 were on the Western Division, 175,472 on the Eastern Division, and 47,726 on the Worcester, Nashua and Portland Division. ANNUAL REPORT OF THE [1886-87.

At the special meeting of stockholders, held June 22d last, at which a lease by this Company of the road and property of the Boston and Lowell Corporation was approved, the stockholders also approved a lease of the road and property of the Manchester and Lawrence Rail road, subject to ratiﬁcation by the Legislature of New Hampshire. The New Hampshire Legislature has now conﬁrmed the lease, and the Manchester and Lawrence road is to-day what it naturally and properly ought to have been long since, — a part of the Boston and Maine system. As stockholders are aware, the lease of the Northern Railroad to the Boston and Lowell Railroad Corporation having been judicially annulled, the New Hampshire Legislature was also applied to at its last session for such legislation as would enable a lease by the Northern Rail road to be legally consummated. It is matter of notoriety, that the legislation desired, though acted on favorably by both the Senate and House of Representatives, ultimately failed. The result, though unexpected, will not, it is believed, have any serious effect upon the integrity of the railroad system intended to be acquired under the lease from the Boston and Lowell Railroad. Such relations have already been established between this Company and the Northern Railroad as will result in its continued operation as a part of that system. And, though suit has been brought by the Boston, Concord and Montreal Rail road for an abrogation of its lease to the Boston & Lowell, the grounds of the decision in the case of the Northern Railroad do not exist in the case of the Boston, Concord and Montreal, while there are no others, it is believed, 1886-87.] BOSTON AND MAINE RAILROAD. upon which the Boston, Concord and Montreal lease can be legitimately set aside. In addition to the favorable legislation respecting the Manchester and Lawrence lease, which has already been noted, the New Hampshire Legis lature, at its last session, also passed an act authorizing this Company to consolidate with the Eastern Railroad and the Eastern Railroad in New Hampshire by purchase of the respective roads and franchises of those companies. Similar legislation had previously been obtained in the State of Maine. If legislation of the same character is procured in Massachusetts the coming winter, this Com pany will then be able to go on and perfect that consolid ation of stocks and properties which is so desirable in the interest of every company concerned. The Legislature of Massachusetts, passed last winter, an Act popularly known as the “Union Station Act,” by which this Company, in the event of its leasing the franchises and property of the Boston and Lowell Railroad, is to proceed to construct a union passenger station on Causeway Street for [its own use and that of the Boston and Lowell, the Eastern and the F itchburg—the station and the approaches thereto being so planned and constructed as to avoid, as far as practicable, the grade crossings of the passenger tracks of the several companies named. The lease by the Boston and Lowell Corporation to this Company having been made, the provisions of the Act are now operative. Your Directors have consequently begun the work of pre paring plans and drawings for the union passenger station and its approaches, as required by the Act,—the same to be submitted to the Fitchburg Railroad, and ultimately to

ANNUAL REPORT. 1886-87.]

, the Board of Railroad Commissioners. By the Act, while the several corporations interested are, of course, ulti

mately to pay their due proportion of the expense, in the ﬁrst instance the cost of the entire improvement falls upon this Company, Which, for the purposes of the Act, is author ized to issue bonds to such amounts as may be required, to be called “ Boston, and Maine Terminal Bonds,” and to be in addition to any bonds it may be authorized to issue under general laws. The Directors are anxious to begin and go forward with the contemplated changes and improvements as fast as is reasonably practicable, and before the expira tion of another year, hope that something substantial in that direction may be accomplished. If so, they will un doubtedly have occasion to use the Terminal Bonds, au thority for the issue of which is given by the statute. Accordingly, in the call for the Annual Meeting, they have asked the stockholders to approve the issue of Boston and Maine Terminal Bonds at such times, to such amounts, and in such manner as the Directors may ﬁnd the purposes of the Act require.

Appended to this report you will ﬁnd copies of the leases of the Boston and Lowell and Manchester and Lawrence Railroads. We refer you to the report of the Auditor-annexed—— for detailed information of the ﬁnancial operations. of your road for the past year.

By order of the Board of Directors.

GEORGE C. LORD, President. REPORT OF THE AUDITOR.

B0sToN AND MAINE RAILRQAD, AccoUNTING DEPARTMENT, Bos'r0N, Nov. 11, 1887.

To the President and Directors of the Boston and Maine Railroad :

GENTLEIIEN, — I herewith hand you statements showing in detail the results of the operation of the Boston and Maine Railroad for the ﬁscal year ending Sept. 30, 1887. The cash on hand as stated on balance sheet was veriﬁed by me, and found to be correct.

No. 1. Statement of Earnings, Expenses and Dispo sition of Net Earnings for theyear. No. 2. General Balance Sheet. N o. 3. Gross Earnings, Operating Expenses and Net Earnings, by months. No. . Gross Earnings in detail. No. . Operating Expenses in detail. N0. . Mileage and Traffic Statistics. N o. . Description of Road. No. . Description of Rolling Stock. N o. . Performance of Locomotives. No. 1 . Steel Rails in Track.

All of which are respectfully submitted.

WILLIAM J. HOBBS, Auditor. ANNUAL REPORT OF THE [1B86—87.

No. I. EARNINGS, EXPENSES AND DISPOSITION OF NET EARNINGS, FOR THE YEAR ENDING SEPT. 30, I887.

EARNINGS. Par Cent. Earnings. I

Passengers ...... 53.398 $4,374,58147 Extra Baggage and Storage ...... 266 21,766 13 Expresses ...... 2.295 188,001 75 Mails ...... 1.235 101,221 49 Total Passenger Department ...... 57.194 4,685,570 84 Freight ...... 39. 147 3,207,061 70 Total Transportation Earnings ...... 96.341 7,892,632 54 Rents of Tenements, Land, etc ...... 1.102 90,234 32 Income from Investments ...... 1.937 158,683 19 Income from Use of Road ...... 256 20,972 83 Income from Coal Hoisting Engines ...... 092 7,554 95 Miscellaneous Income ...... 272 22,304 97 Gross Earnings ...... 100. $8,192,382 80

OPERATING EXPENSES.

GENERAL EXPENSES OF OFFICE AND PROPERTY. Salaries, Oﬂice and General Expenses ------. - - - $85,778 38 Legal Expenses ...... 32,228 48 Insurance and Fire Losses ...... 27,373 78 Tenement Expenses ...... 22,647 84 Eastern Transfer Expenses ...... 3,135 69 $171,164 11 GENERAL EXPENSES OF TIM NSPOR TA TION. Injuries and Damages ...... $69,889 81 Telegraph Expenses ...... 53,965 01 T Crossing Expenses ...... 131,289 28 Drawbridge and Signal Expenses . . - - - - - . . - . - . - - 55,062 47 Switchmen and Station Watchmen ...... 91,513 82" Removing Ice and Snow ...... 44,685 09 446,465 54 PASSENGER TRANSPORTATION EXPENSES. Superintendence and General Expense ...... $59,912 55 Advertising ...... 27,714 86 Passenger-Train Expenses ...... 281,026 17 Passenger-Station Expenses ...... 245,168 21 Mileage of Passenger Cars ...... 10,124 92 623,946 71 FREIGHT TRANSPOR TA TION EXPENSES. Superintendence and General Expense ...... $40,528 81 Freight-Train Expenses ...... 259,384 64 Freight-Station Expenses ...... 353,211 52 MileageofFreightCars...... 71,631 87 724,756 84 M0 TIVE—P0 WER EXPENSES. Superintendence and General Expense ...... $47,167 94 Repairs of Tools and Machinery ------. - - . - - - - . . . . 19,867 71 Repairs of Locomotives...... 191,991 83 New Locomotives ...... 72,995 20 Water Supply ...... 40,588 24 Locomotive Expense ...... 422,364 38 Fuel for Locomotives ...... 495,619 1,290,594_65 1886-87.] BOSTON AND MAINE RAILROAD, 17

EARNINGS, EXPENSES, ETC.—-6’

MAINTENANCE OF CARS. Superintendence and General Expense ...... $10,646 07 Repairs of Tools and Machinery ...... - 11,488 40 Repairs of Passenger, Baggage, Mail and Exp. Cars, 208,132 61 New Passenger, Baggage, Mail and Express Cars.. 32,876 91 Repairs of Pullman Cars ...... 5,676 65 Repairs of F1‘-eiglit Cars ...... 159,535 21 New Freight Cars ...... 1 36,001 74 Repairs of Construction and Tool Cars ...... 5,154 85‘ Repairs of Snow-Ploughs ...... 2,078 92‘ Oiling, Cleaning and Inspecting Cars...... ‘ 56,324 00 JIAIIVTENANCE or WA Y AND BUILDINGS. " $527,915 36 Superintendence and General Expense ...... $22,035 01,‘ Maintenance of Road-Bed and Track ...... 477,160 59’ Steel Rails laid ...... 74,993 26' Iron Rails laid ...... 580 45' Ties laid ...... 91,748 04 Maintenance of Bridges ...... 188,101 77 Maintenance of Buildings and Structures ...... 232,286 83 1,086,905 95 Total Operating Expenses (59.47 per cent) ...... ‘$4,871,749 22 Taxes ...... $397,080 88, *Interest on Improvement Bonds ...... 52,346 67‘ *Sinking Fund for Redemption of Improvement Bonds...... 22,500 00 , 471,927 55 Total Operating Expenses, Taxes, etc. (65.23 per cent)...... $5,343,676 77 Net Earnings (34.77 per cent) ...... 3 $2,848,706 03 INTEREST. Interest on Funded Debt ...... $245,000 00 Interest on other Debt, less Int. Rec'd 15,608.91 -4 $260,608 91 RENT OF OTHER ROADS. . Eastern Railroad ...... $870,520 161 Worcester, Nashua and Rochester R.R. 250,000 00 - Portland, Saco and Portsmouth R.R_. .. 90,300 00 Portsmouth, Gt. Falls and Conway R.R. 45,250 00 Portsmouth and Dover R.R ...... 46,140 00 Lowell and Andover R.R ...... 52,500 00 Dover and Winnipiseogee R.R ...... 29,000 00 Eastern R.R. in New Hampshire ...... 22,500 00 Manchester and Law’nce R.R. (3 m’nths) 25,000 00 Newburyport City R.R ...... _...... 6,000 00 West Amesbury Branch R.R ...... 5,700 00 Wolfeborough R.R ...... 2,240 00 Kennebunk and Kennebunkport R.R. _ , 2,925 00 Boston and Albany R.R ...... 3,000 00 4 1,451,075 16 Total Fixed Charges ...... ii $1,711,684 07 Surplus of Net Earnings over Fixed Charges . . . .. $1,137,021 96 Less amount due Eastern Railroad Company, being their proportion of above surplus ...... 436,000 00 Balance of Surplus ...... ‘1 $350,000 00‘ $701 ,02l 96 Less dividend of 5 per cent paid May 16, 1887. . . . . Less dividend of 5 per cent declared payable Nov. 15, 1887 ...... 350,000 001 700,000 00 _ Surplus for the year in excess of dividends, cred-, ited Improvement Account ...... ‘ $1,021 96

* Charged in Expenses, in accordance with terms ot lease of Eastern Railroad. 18 ANNUAL REPORT OF THE 1886-87.]

No. 2. GENERAL BALANCE SHEET, SEPT. 30, I887. RESOU RCES.

CONSTR UGTION. Grading and Masonry ...... $2,713,882 12 Bridges ...... , ...... 952,344 95 Superstructure and Rails ...... 1,924,807 33 Passenger and Freight Stations, etc ...... 771,405 33 Engine-Houses, Car-Sheds and Turn-Tables . . . . . 164,713 98 Shops, Machinery and Tools ...... 133,283 50 Land, Land Damage and Fences ...... 2,512,997 59 Engineering and General Expenses ...... 365,474 39 Interest and Discount ...... ‘W _,_82g8 44 Total Construction ...... $9,620,937 63

EQUIPMENT. Locomotives ...... $401,000 00 Snow-Ploughs on Wheels...... 7,000,00 Passenger, Baggage, Mail and Express Cars. . . .. 400,475 O0 Freight and other Cars ...... 499,705 00

Total Equipment ...... 1,308,180 00

Total Construction and Equipment ...... _ $10,929,117 63

INVESTMENTS. Property Account—Real Estate ...... »...... $51,449 71 Dover and'Winnipiseogee R.R. Stock ...... 263,144 48 Danvers R.R. Bonds and Account ...... 152,430,00 Newburyport 1t.R. Stock and Bonds ...... 302,493 95 Portland and Rochester R.R. Stock ...... 239,540 56 ‘ Orchard Beach R.R. Stock ...... 49,624 89 Steamer Mt. Washington-and Wharvcs ------(i9,26Ql1 Total Investments ...... 1,127,943 83

04511 ASSETS. ~ Cash ...... $248,539 81 Bills Receivable ...... 296,755 41 Trustees of Sinking Fund ...... 111,464 38 Materials and Supplies on hand ...... 841,791 90 Due from Agents and Conductors ...... 246,580 71 Due from Railroads and Others ------333,149 16 Total Cash Assets ...... 2,073,281 37

SUNDRY ITEMS. Improvement Account...... $1,203,307 78 Improvement Account, Eastern R.R...... 801,856 99 Lowell and Andover R.R. Betterments ...... 117,358 92 Dover and Winnipiseogee R.R. Improvement Ac count ...... 28,60699 Newburyport Bridge ...... 6,924 99 Insurance Premiums Paid ...... 5,250 00 mi 2,163,305 67 $16,298,648 50 1886-87.] ‘BOSTON AND MAINE RAILROAD. 19

No. 2. GENERAL BALANCE SHEET—0'01wlwi¢d LIABILITIES.

Capital Stock, 70,000 Shares ...... 1. $7,000,000 00 Bonds due January 1, 1893, 7 per cent ...... $1,500,000 00‘ Bonds due January 1, 1894, 7 per cent...... 2,000,000 00* Improvement Bonds due Feb. 2, 1905, 4 per cent. 1,000,000 00, Improvement Bonds due Feb. 1, 1907, 4 per cent. 500,000 00‘ Total Funded Debt ...... I 5,000,000 00 Notes Payable . . . , ...... , ...... $400,000 O0 Current Bills* ...... 593,513 74 Rents of Leased Roads Accrued, Unpaid? ...... 689,611 71 Interest Accrued, not yet due ...... 75,363 18 Bond Interest uncalled for ...... 6,317 50 Dividends uncalled for ...... 16,975 50 Current Traﬂic Balances due Railroads and Others* 436,161 02 Eastern R.R. Lease Account ...... 170,240 33 -ii 2,388,182 98 Improvement Account Fund ...... P 111,464 38 Proﬁt and L0ss—Surplus ...... ll 1,799,001 14

TOTAL ...... $16,29 ,648 50

4' N0'rE.—'l'he hooks show, at the end of each month, the total liability for the month. for ma terials purchased, wages due employés, and balances due connecting roads, all or which are settled before the close of the Iollowlng month. V 1* Includes Eastern Railroad proportion oi? surplus tor the year, $436,000.00.

ANNUAL REPORT OF THE

No. 3. GROSS EARNINGS, OPERATING EXPENSES AND NET EARNINGS, BY MONTHS, FOR THE YEAR ENDING SEPT. 30, I887.

Operating Expenses, I Morrrns. I Gross Earnings. Taxes, etc“ Net Earnings. October, 1ss6...I $720,639 64 I $438,911 3s $281,728 26

November..... 651,305 02 406,116 20 245,123 82 December .... 584,641 16 463,023 91 121,611 35 January, 1991...! 528,693 35 I 381,339 56 ' 141,354 29 February ...... I ~ 552,319 15 I 354,612 24 198,266 91

March....' .... 591,951 41 , 449,354 15 142,096 66 April ...... 631,514 61 I 369,611 54 267,837 01

May ...... 635,142 12 431,309 26 193,433 46 June ...... \ 691 520 29 I 512,250 89 125,269 40 July ...... ; 814,260 28 I _ 456,953 10 351,301 13

August...... \ 951,010 31 I 456,523 19 494,546 58 September ...... , 826,163 10 I 551,044 15 269,119 55

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. ez .4 1886-87.]

22 ANNUAL REPORT OF THE [1886-87.

No. 5. OPERATING EXPENSES IN DETAIL FOR THE YEAR ENDING SEPT. 30, I887.

GENERAL EXPENSES OF OFFICE AND PROPERTY. Salaries of General Oflicers and Clerks ...... $57,507 47 General Office Expenses ...... 4,340 59 Expenses of Directors’ Cars ...... 470 79 Stationery, Printing and Advertising for Oflice. . . . 5,236 85 Contingent Expenses ...... 18,222 68 $85,778 38 Legal Expenses ...... 32,228 48 Insurance Premiums ...... $22,031 38 Protection Against Fire ...... 1,887 48 Fires Set by Locomotives ...... 3,453 02 Miscellaneous Fire Losses ...... 1 90 27,313 78 Tenement Expenses ...... 22,647 s4 Eastern Total GeneralTransfer Expenses Expenses of . Oflice and Property. . . 3,135 69

$171,164 l7

GENERAL EXPENSES 017' TRANSPOR TA TION. Injuries and Damages to Employés - - , ------$18,915 89 Injuries and Damages to Live Stock ...... 1,479 78 Injuries and Damages to Passengers ...... 30,907 24 Injuries and Damages to Property, Trespassers and Others ...... 18,586 90 $69,889 S1 Telegraph Expenses, Salaries and Wages ...... $47,825 35 Telegraph Expenses, Supplies, etc ...... 950 00 Telegraph Expenses, Stationery and Printing ...... 775 86 Repairs of Telegraph Line ...... : ...... 1,250 03 Telephone Expenses ...... 3,163 83 53,965 07 Wages of Crossing-Tenders ...... $127,999 33 Fuel and Supplies for Crossings ...... 3,289 95 131,289 28 Wages of Draw-Tenders...... $24,537 94 Fuel and Supplies for Drawbridges ...... 787 33 25,325 27 Wages of Signal-Men ...... $20,620 78 Fuel and Supplies for Signal-Men ...... 1,636 67 22,257 45 Automatic and Electric Signals ...... , 7,479 75 Wages of Switchmen ...... $57,342 61 Fuel and Supplies for Switchmen ------1,351 40 59,194 01 Wages of Station-Watchmen ...... $32,284 81 Supplies for Station-Watchmen - - - - . . ------95 00 32,379 81 Removing Ice and Snow, Labor and Supplies ...... $41,690 69 Removing Ice and Snow, Locomotive Use...... 2,994 40 44,685 09

Total General Expenses of Transportation ...... $446,465 54 1886-87.] BOSTON AND MAINE RAILROAD. 23

PASSENGER TRANSPORTATION EXPENSES. General Superintendence and Clerks ...... $29,330 43 General Oﬂlce Expenses ...... 1,832 73 Stationery and Printing ...... 4,155 44 Tickets and Baggage Checks ...... 19,523 51 Contingent Expenses ...... 3,791 86 Loss and Damage of Baggage ...... - - -- 1,228 58 4-——— $59,912 55 Regular Advertising ...... $12,455 86 Special Advertising ...... 12,480 24 Outside Agencies ...... 2,778 76 —-i~—- 27,714 86 Supervision and General Expense, Passenger Trains. $3,402 18 Wages of Conductors and Trainrnen...... 207,025 63 Wages of Shifters and Yardmen ...... 14,110 13 Heating and Lighting Passenger Trains...... 36,330 53 Lubricating Oil, Waste and Tallow for Passenger Trains ...... 6,848 45 Stationery and Printing for Passenger Trains...... 2,578 05 Miscellaneous Supplies and Expenses, Passenger ~ Trains ...... 10,388 05 Wrecking Expenses ...... 343 15 281,026 17 Agents and Station Labor ...... $174,030 66 Water, Heating and Lighting, Passenger Stations. . 49,688 77 Stationery and Printing for Passenger Stations .. .. 3,774 68 Furniture and Miscellaneous Supplies, Passenger Stations ...... 6,765 29 Miscellaneous Expenses of Passenger Stations . . . . . 10,908 81 -€-——- 245,168 21 Mileage of Pullman Cars ...... 10,124 92 Total Passenger Transportation Expenses ...... $623,946 71

FREIGHT TEA IVSPOR TA TI ON EXPENSES. General Superintendence and Clerks ...... $28,618 52 General Ofﬁce Expenses ...... 1,702 13 Stationery and Printing ...... 3,155 08 Advertising Freight Business ...... 126 15 Line Expenses ...... 190 08 Loss and Damage of Freight ...... 6,470 94 Contingent Expenses ...... 265 91 it $40,528 s1 Supervision and General Expense, Freight Trains. . $14,196 56 Wages of Conductors and Trainmen ...... 137,162 12 Wages of Shifters and Yardmen ...... 92,295 19 Heating and Lighting Freight Trains...... 3,349 59 Lubricating Oil, Waste and Tallow for Freight Trains...... 4,945 55 Stationery and Printing for Freight Trains ...... 1,858 52 Miscellaneous Supplies and Expenses, Freight , Trains ...... 3,330 08 Wrecking Expenses ...... 2,247 03 259,384 64 Agents and Station Labor ...... $327,618 82 Water, Heating and Lighting, Freight Stations . . .. 6,129 03 Stationery and Printing for “ “ . . . . 10,611 34 Miscellaneous Supplies for , “ “ 3,162 09 Miscellaneous Expenses of “ N . . . . 5,690 24 353,211 52 Mileage of Freight Cars ...... 71,631 87

Total Freight Transportation Expenses ...... *$724,756 84 ANNUAL REPORT OF THE [1886-37.

MOTIVE POWER EXPENSES. Superintendence and Clerks ...... $12,760 13 Oﬂice and Miscellaneous Supplies and Expenses. .. 14 93 Stationery and Printing...... 440 90 Engine-House Labor and Expenses...... 15,684 52 Watching Expenses ...... 13,267 46 $47,167 94 Repairs of Tools and Machinery ...... 19,867 71 Repairs of Locomotives ...... 191,991 83 New Locomotives ...... 72,995 20 Water Supply ...... 40,588 24 Wages of Passenger Enginemen and Firemen. . . .. $199,754 11 Wages of Passenger Switching Enginemen and Firemen...... 10,26210 Wages of Freight Enginemen and Firemen ...... 100,458 39 Wages of Freight Switching Enginemen and Fire ...... 45,814 03 356,288 63 Cleaning Passenger Engines ...... $25,930 14 Cleaning Freight Engines ...... 18,090 69 44,020 83 Head-Light and Illuminating Oil . . . . $960 08 Lubricating Oil, Waste and Tallow. . . , ...... 15,271 11 Lanterns, Tools and Small Stores ...... 5,823 73 22,054 92 Fuel for Passenger Locomotives ...... $27 7,145 42 Fuel for Passenger Switching Locomotives...... 14,059 34 Fuel for Freight Locomotives ...... 139,972 89 Fuel for Freight Switching Locomotives ...... 64,441 70 495,619 35

Total Motive Power Expenses...... $1,290,594_65

IIIAIIVTENAJI/CE {OF [ CARS. Superintendence and Clerks ...... $6,302 42 Office and Miscellaneous Supplies and Expenses. . . 116 74 Stationery and Printing...... 307 54 Watching Expenses ...... 3,919 37 $10,646 O7 Repairs of Tools and Machinery 11,488 40 Painting and Varnishing Passenger Cars ...... $47,310 16 General Repairs of “ 160,822 45 iZ—— 208,132 61 New Passenger, Baggage, Mail and Express Cars. 32,87 6 91 Painting and Varnishing Pullman Cars ...... $497 14 General Repairs of “ “ 5,179 51 —-——-—- 5,676 65 General Repairs of Local Freight Cars...... $142,732 11 General Repairs of Foreign Freight Cars . . ------. 16,803 10 159,535 21 New Freight Cars ...... 36,001 74 Repairs of Boarding and Tool Cars ...... $3,010 55 .Repairs of Gravel Cars ...... 2,144 30 Repairs of Snow-Ploughs ...... Oiling, Cleaning and Inspecting Passenger Cars. . . $43,044 10 Oiling, Cleaning and Inspecting Freight Cars. . . . . 13,279 90 00 i-—-——- 56,324

Total Maintenance of Cars ...... $527,915 36_

1886-87.] BOSTON ANI) MAINE RAILROAD. 25

JIAJNTENANUE OF‘ WA Y AND B UILDINOS. Superintendence and Clerks ...... $11,834 79 Oﬂice and Miscellaneous Supplies ...... 516 83 Stationery and Printing ...... 475 67 Engineering ...... 7,844 09 Watching Expenses ...... 1,363 63 $22,035 01 General Repairs of Track, Labor ...... $270,838 16 General Repairs of Track, Material ...... 3,417 51 Working Trains and Extra Crews ...... 96,276 55 Joint Fastenings ...... 21,453 42 Frogs and Switches...... 37,124 18 Track Spikes ...... 6,117 65 Hand-Cars and Tools ...... - ...... 10,536 92 Road Crossings . . . . . J ...... 16,216 72 Signs and Mile Posts ...... I ...... 1,437 10 - Fencing...... 13,742 38 477,160 59 Steel Rails laid ...... $74,993 26 Iron Rails laid ...... 580 45 - 75,573 71 Cross Ties laid ...... $81,670 41 Switch Ties laid ...... 10,077 63 91,748'04 Bridges and Culverts ...... $135,806 69 Overhead Bridges ...... 9,541 91 New Bridges ...... 42,753 17 188,101 77 Shops and Storehouses...... -$18,303 19 Tools and Machinery ...... 10,272 60 Car-Houses ...... 898 65 Engine-Houses and Turn-Tables ...... 28,754 68 Water-Tanks and Pumping Machinery ...... 13,866 50 Coal and Wood Sheds and Fixtures ------. - - - 11,967 65 Station Buildings and Grounds ...... 116,798 77 Mast Signals, Signal and Section Houses ...... 8,188 34 Docks and Wharves ...... 23,028 95 Real Estate, land leased ...... 115 20 Furniture and Fixtures for Construction Cars. . .'.. 92 30 4 232,286 83 Total Maintenance of Way and Buildings ...... $1,086,905 95 Total Operating Expenses (59.47 per cent) ...... $4,871,749 22

Taxes ...... $397,080 88 Interest on Improvement Bonds ...... 52,346 67 Sinking Fund for Redemption of Improvement Bonds...... 22,500 00 _ _ 471,927 55 Total Operating Expenses, Taxes, etc. (65.23 per cent) , ...... $5,343,676 L7

26 ANNUAL REPORT OF THE [1886-87.

No. 6. MILEAGE AND TRAFFIC STATISTICS. if W W7 7 7 7 W “ISLSIL ‘T887. 7

Miles run by Passenger Trains ...... 3,084,970, 3,330,535 Miles run by Freight Trains...... 1,507,212i 1,652,133 Miles run in Passenger Switching ...... 167,502 173,490 Miles run in Freight Switching ...... 656,573§ 745,491 Miles run by Working Trains ...... _ ...... 181,235, _ 162,696 Total Train Miles ...... 5,597,492‘ 6,064,400 Average Gross Earnings per Revenue Train Mile ...... $1 64.‘ $1 64 Average Operating Expenses per Revenue Train Mile. 98, 98 Average Operating Expenses, Taxes, etc., per Revenue 1 01* 1 07 Train Mile ...... ‘ I Average Net Earnings per Revenue Train Mile ...... 60; 57 Average Gross Earnings per Total Train Mile ...... 1 35, 1 35 Average Operating Expenses per Total Train Mile . . . . 801 80 Average Operating Expenses, Taxes, etc., per Total‘ 86 88 Train Mile ...... 1 Average Net Earnings per Total Train Mile ...... 49 47 PASSENGER TRAFFIC. , I Number of season-ticket passengers carried ...... 2,509,157 2,411,654 Number of local passengers carried (including season) 16,325,621 17 ,601,145 Number of foreign passengers carried ...... 696,960 767,662 Total number of passengers carried ...... 17,022,531 13,363,307 *“;‘:.‘;ir.‘;‘.Number of Fr? foreign ¥’.“.S.Sf".“?.‘i‘".s.??‘f"i‘?f‘.‘?f‘f’.‘T‘.‘¥‘? passengers carried one mile .‘f‘f?‘.‘f°?‘.‘?='?' ...... 33,375,514 36,205,113

Total number of passengers carried one mile ...... 22-4,223,291‘239,707,344 Number of passengers to Boston (including season) . . 5,496,045 6,092,135 Number of passengers from Boston (including season)_ 5,511,934 6,073,112 Number of season-ticket passengers to and from Boston 1,589,394 1,471,846 Average distance travelled per passenger ...... 131%, miles 13,0;Om11es Average rate of fare per mile received from season- O .731 ; 0 .815 ticket passengers ...... , ._ ...... cent cent Average rate of fare per mile received from local pas- 1 .822 1 .345 sengers (including season) ...... ‘ centsj cents_ Average rate of fare per mile received from local pas- 2 .140 I 2 .082 sengers (not including season) ...... egg centS_ Average rate of fare per mile received from foreign; 1 .687 ‘ 1 .714 , passengers...... ﬁt; ce,,ts_ Average rate of fare per mile received from all pas- 1 .802 1 .825 sengers ...... , . . . . Qlfp, centg FREIGHT TRAFFIC. Number of tons of local freight carried ...... 1,369,032, 1,937,340 Number of tons of foreign freight carried...... 334,109; 1,012,947 Total number of tons of freight carried ...... 2,703,201 2,950,787 Tons of local freight carried one mile ...... 74,320,383 30,512,230 Tons of foreign freight carried one mile ...... 54,305,433 64,154,650 Total tons of freight carried one mile ...... 129,125,371 144,666,350

Average length of haul per ton of freight ...... 471_7O76mi1es 49%)m11es

Average rate per ton per mile received on local freight 2 '782 2 ‘s12 cents. , cents. Average rate per ton per mile received on foreign 1 .562 1 .469 ffﬂlgllt - ...... - - - - ...... cents_ cents_ Average rate per ton per mile received on all freight. ., 2c'eﬁ:,, 2c'e%;,

1886-87.] BOSTON AND MAINE RAILROAD. 27

No. 7 DESCRIPTION OF ROAD.

Main Line. Mn“ . M11“ - TotalMiles Owned. Leased. Operated

Boston, Mass., to Portland, Maine ...... 115.50 i ‘ 115.50 Boston to New Hampshire State Line—Eastern Railroad ...... , 41.45 1 New Hampshire State Line to Maine State Line’ 1 —— Eastern Railroad in N. H ...... 16.08 T Maine State Line to Port1and—Portland, Saco‘ and Portsmouth Railroad ...... 50.76 , Total Miles Boston to Portland—Eastern ‘ Division. . . . ._ ...... 103,29 Conway Junction to North Conway—Ports- 1 mouth, Great Falls and Con. Railroad- - - - - 72.86 72.86 Worcester, Mass. , to Rochester, N.H.—Worces ter, Nashua and R. R.R ...... 94,43 94,43 Total Length of Main Line ...... 115.50 275.63 391.13 1 Branches. 3 Medford, single track ...... 2. Methuen, single track, 2.75; double track, 1... 3.75 , Great Falls, single track ...... - 2.75 I Total Length of Branches owned ...... , , 8.50 Newburyport and Danvers, single track ...... ' 36.24 : Lowell and Andover, double track ...... 8.73 Manchester and Lawrence, single track ...... , 22.39 West Amesbury, single track ...... 4.50 Dover and Winnipiseogee, single track ...... 29. Kennebunk and Kennebunkport, single track. . , 4.50 East Boston, single track, 1.91 : double track, ‘ 1.56 ...... _. . . 3.47 Charlestown, double track...... ‘ 1.09 Saugus, single track...... 9.55 Chelsea Beach, single track ...... | 1.78 , Swampscott, single track ...... 1 ' 3.96 1 Marblehead, single track ...... § 3,52 Lawrence, single track, 18.25 : double track,‘ 1 1.64 ...... 1 , 19.89 South Reading, single track ...... , ‘ 8.12 Gloucester, single track ...... , 16.94 Essex, single track ...... 1 6.00 Asbury Grove,‘ single track ...... 1.06 Newburyport City, single track ...... g 2.24 Salisbury, single track ...... 1 1 3.79 Portsmouth and Dover, single track ...... 10.88 ‘ Wolfeboro, single track ...... 12.03 Total Length of Branches leased ...... ! 209,63 Total Length of all Branches, 218.18 miles . . DTc{)tlalrIMilels; of lﬁiad (I>perated...... 124, 435,31 609,31 ou e rac on ain me ...... 70,96 51,99 122,95 Double Track on Branches ...... 1, 13,02 14,02 Total Length of Double Track ...... 71,96 65,01 136,97 Total Length of Sidings ...... 97,96 150,63 243,59 Total Length of Track operated ...... ‘ 293,92 700,95 994,37 ANNUAL REPORT OF THE

No. 8. ROLLING STOCK.

DESCRIPTION.

LOCOMO1'1VES. Passenger ...... Freight ...... Switching ......

Total Number Locomotives. . . . PASSENGER EQUIPMENT. PassengerCars ...... Parlor Cars ...... Directors’ Cars ...... Baggage Cars ...... Mail Cars ...... ! Express Cars ...... ‘ i Total Number Passenger, Baggage, Mail and Express Cars ......

FREIGH'1"{iEQUIPl!l'EN1'. ‘ 8-Wheel Box Freight Cars ...... 8-Wheel Box Freight Cars—Caboose Cars. . . .; 4-Wheel Box Freight Cars-Caboose Cars. . . .f 4-Wheel Box Freig ht Cars ...... ‘ S-Wheel Stock Cars ...... 8-Wheel Platform Freight Cars...... ------» 4-Wheel Platform Freight Cars ...... 8-Wheel Coal Cars ...... '...... 4-Wheel Coal Dump Cars ...... 8-Wheel Oil Tank Cars ...... Total Number Freight Cars ...... Total Number on a basis of 8 Wheels - ......

GRAVEL, TOOL, ETC. 4-Wheel Gravel Dump Cars ...... 8-Wheel Tool Cars—Box Cars ------. - . - - 8-Wheel Boarding Cars ...... 8-Wheel Derrick Cars ...... » 4-Wheel Derrick Cars ...... , 8-Wheel Steam Shovel Cars ...... ‘ 8-Wheel Pile Driver Car ...... ’

Total Number Gravel, Tool, etc., Cars ......

Snow-Plows on Wheels ...... 1886-87.] BOSTON AND MAINE RAILROAD. 29

No. 9. PERFORMANCE OF LOCOMOTIVES.

JIIILEAGE.

Passenger Engines ...... I 3,330,535 Freight Engines ...... 1 1,652,133 Switching Engines ...... 918,981 Other Engines ...... i 162,696 Total...... “ 6,004,400

Oil, Pints ...... ’ 349,374 Waste, Pounds ...... 96,885 Coal, Tons...... 137,111 Wood, Cords used in kindling ...... 761

EXPENSES.

Repairs ...... $191,991.83 *Fuel ...... 510,261,199 *()i1, Waste and Tallow ...... 23,965,78 *Wa.ges of Enginemen and Firemen ...... 366,050.39 *Wages of Wipers ...... 37,913,20 *Small Stores ...... 5,823.73 ‘~ Total ...... $1,136,006.92

AVERAGE COST PER MILE RUJV, IN CENTS.

. Cents. Repairs ...... 3,16 Fuel ...... 8,41 Oil, Waste and Tallow ...... 0.40 Wages of Enginernen and Firemen. ., ...... 6,04 Wages of Wipers ...... _ ...... , 0,63 Small Stores ...... ‘ I 0,10

Total Cost per Mile Run ...... 18.74 n_._ K ﬁn e e , -_

Miles Run to Ton of Coal ...... 44.23 Miles Run to Pint of Lubricating ()il ...... 1 17.33 Miles Run to Pounds of Wiping Waste ...... 1 62.59

* In Operating Expenses, these accounts receive credit for mileage 01 working-trains, which is charged to the work done. The gross cost ot all engine mileage is given above.

30 ANNUAL REPORT OF THE [1886-87.

No. I0. ‘ STEEL RAILS IN TRACK.

Miles Main line and double track between Boston and P0rtland—West-: ern Division, is all in Steel...... i 186.46 Main line and double track between Boston and I’ort1an

Total Steel Track ...... 617.70 1886-87.] BOSTON AND MAINE RAILROAD. 31

LEASE OF BOSTON & LOWELL RAILROAD

BOSTON_& MAINE RAILROAD.

@015 glllltnttltt, made in duplicate this twenty-second day of June, A.D. 1887, by and between the Boston and Lowell Railroad Corporation, a corporation existing under and by virtue of the laws of the Common Wealth of Massachusetts, party of the ﬁrst part, and hereinafter denominated the “ Lessor,” and the Boston and Maine Railroad, a corporation existing under and by virtue of the laws of said Commonwealth, and under and by virtue of the laws of the States of Maine and New, Hampshire, party of the second part, and hereinafter denominated the “ Lessee,"

mflflitlltflflttl), that the said parties, each for itself, its successors and assigns, and each in consideration of the grants, covenants, and engage ments herein made by the other, have granted, covenanted and agreed, and do hereby grant, covenant, and agree, each to and with the other, and its successors and assigns, as follows, to wit : —

The lessor doth grant, demise, and lease.unto the lessee, its successors, and assigns, its railroad and railroad property of every description, includ ing therein its railroad, lands, docks, and wharves within or without said Commonwealth, branches, tracks, side-tracks, road-beds, superstructure, station-houses, depot-grounds, depots. viaducts, bridges, piers, shops, buildings, ﬁxtures, engines, cars, rolling-stock, machinery, tools, furniture, telegraph-apparatus, equipment, material and supplies, and all rights, franchises, easements, privileges, and appurtenances thereto belonging, together with the right to demand and receive all tolls, rent, revenue, income, and proﬁts of the demised premises; including also therein, all the right, title, and interest of the lessor in and to any and all railroads oper ated by it, under lease or otherwise, so far as the same are assignable or transferable by the lessor without violation of law or of agreement, but not otherwise; and in and to any stock of other railroads owned by it, all divi dends thereon, and its right of voting on the same; and in and to any bonds, ANNUAL REPORT OF THE l886—87.]

obligations, and contracts of or with other railroads, corporations, or indi viduals, and all income or other advantages and benefits to be derived therefrom, a schedule of which stock and bonds is hereunto annexed; hereby assigning and transferring unto the lessee, subject to all legal obli gations and incumbrances thereon, all its railroad, railroad property, franchises, and assets of every description, except as above stated. @511 babe 81111 to ljulll all and singular the demised premises to the lessee, its successors and assigns, for and during the term of ninety-nine years from and after the first day of April, A.D. 1887, the said lessee keeping and performing the covenants herein contained on its part to be kept and per formed, and yielding and paying rent for the said premises to the amount and in the manner following, to wit : - 1. The lessee shall pay all operating expenses of the lessor, and of all railroads of which it shall come into possession, or which it shall operate under and by virtue of this instrument, there being included therein as part thereof, all repairs and renewals; all expenditures arising out of any con tract, obligation, business, negligence, or misfeasance, or however other wise arising, and whether the liability for the same now exist or be hereafter created, in any way connected with the use and operation of the demised premises, or of railroads operated by the lessee or the lessor, as herein provided, and including damages to persons or property, insurance, all taxes of every description, Federal, State and municipal, upon property, business, franchises, or capital stock; all expenses consequent upon or inci dental to the renewal or refunding of the lessor’s indebtedness, or that of any road owned,-leased or operated by it; any expenditures hereinafter declared to be operating expenses; and the organization expenses of the lessor for which, in addition to suflicient oflice accommodations to be furnished by the lessee at the present station of the lessor in Boston, or at such station as shall be erected in its place. there shall be paid to the lessor at the end of each successive three months during the term of this lease, the sum of seventeen hundred and fifty dollars ($1,750). 2. The lessee shall pay, as the same become due, the rentals of all rail roads of which it shall come into possession, or which it shall operate, under and by virtue of this instrument, during the continuance (if this lease, and of all roads leased to this lessor according to the terms of the several leases, and the interest on the indebtedness of the lessor, and on the indebt edness of all roads leased or operated by the lessor which this lessor is under obligation to pay, a schedule whereof is hereto annexed, and upon such future indebtedness as shall be created for the purposes herein pro vided, and to that end shall pay to the lessor such sums of money at such times as shall enable it to punctually meet the interest on such indebtedness as the same matures. The lessee shall assume and pay the current ex. penses and indebtedness upon open account of the lessor outstanding at the date of this lease. and the same shall be accounted for and reimbursed to the lessee at the termination of this lease. The lessor shall turn over to the lessee all cash on hand, outstanding bills, notes, and accounts receivable, 1886-87.] BOSTON AND MAINE RAILROAD. 33

and all sums received thereon and all such cash on hand shall be accounted for and paid over to the lessor without interest at the termination of this lease. 3. The lessee shall pay to the lessor, on the first day of July, A.D. 1887, the sum of one hundred ninety-three thousand five hundred twenty-nine dol lars ($193,529) , being three and one-half per cent (3§ %) upon its now exist ing capital stock; shall pay to the lessor the same sum on the first days of every succeeding January and July until and including the first day of January, A.D. 1897 ; shall thereafter, on the first days of every succeeding July and January, during the term of this lease, pay to the lessor the sum of two hundred twenty-one thousand one hundred seventy-six dollars ($221,176), being four [per cent. (4%) on its now existing capital stock; and for any portion of any half year the rent for which remains unpaid at the expiration or earlier termination of this lease, shall pay the lessor rent pro rata at the rate in force at the time of such termination; provided also, that from and after any increase of the less0r’s capital stock, as herein provided, the semi-annual payments, to be made as above, shall be increased so that each payment shall be of an amount equal to three and one-half per cent (3§%), if before July 1, A.D. 1897, and to four per cent (4%) on and after July 1, A.D. 1897, upon all the 1essor‘s capital stock issued and outstanding at the time of such payment.

II.

The lessor covenants that, if it be found impracticable to at once deliver immediate possession of any railroad leased or operated by it at the incep tion of this lease, by reason of any agreement to the contrary, or other reason, it will use all reasonable efforts to deliver, and will deliver posses sion thereof, as soon as practicable. The lessor shall meanwhile continue in the possession of such railroad, and, under the direction of the lessee in all respects, shall continue to use and operate the same under its contract with the company owning the same, and to pay the rental or other con sideration agreed to be paid for the use of the same and to receive the earnings thereof, but shall immediately transfer and pay over all such earnings to the lessee to its own use. which, in consideration thereof, shall reimburse the lessor for all expenditures, and indemnify and hold it harm less against all costs, claims, and liabilities arising out of the lessor’s possession and operation of said railroad, or under and by virtue of its lease or other contract for operating the same.

III.

The lessee shall assume all trafﬁc balances due from the lessor to other railroads or transportation companies; shall assume all contracts of the lessor for equipment, supplies, and material, and all other contracts and liabilities of the lessor to and with individuals or corporations, expressed

ANNUAL REPORT OF THE [1sss~s1.

or implied (its contracts with the holders of its indebtedness as scheduled excepted) ; and shall assume and defend all suits against the lessor arising out of or in any way connected with the past or future use and operation of the demised premises and roads, or roads hereafter received or operated by the lessee or the lessor, as herein provided, and pay all judgments obtained thereon. IV.

The lessee shall pay the interest upon any portion of the indebtedness of the lessor, or of its leased or operated lines, that shall be renewed or ex tended during the term of this lease in like manner as upon the same debtedness before renewal or extension; and, in case the lessee shall take up or purchase and enforce by foreclosure or otherwise, any indebtedness of any of the said leased or operated lines which shall not be so renewed or extended, the securities so taken up or purchased, and all title, benefit, or advantage of the enforcement thereof shall enure to the lessor at the termination of this lease upon its reimbursing to the lessee all sums paid and expenses incurred in so taking up, purchasing, and enforcing the same. If the lessor shall be duly authorized to construct, complete, and equip the main line of the Central Massachusetts Railroad Company, and to con struct a branch or extension thereof between Palmer and Holyoke, as pro vided in the lease of said Central Massachusetts Railroad Company to the lessor, and to issue its bonds to meet the cost of such completion, equipment, and construction, the lessor shall, under the direction of tho lessee, con struct, complete, and equip said main line, and construct, complete, and equip said branch, as provided by said lease, and issue its bonds to meet the cost thereof. Said road and branch, as fast “as it is completed and equipped, shall pass to the lessee by this indenture, if the Central Massa chusetts Railroad Company shall consent to the assignment of its lease, or, in default of such consent, and until the same be given, the same shall be operated by the lessor upon the same terms and conditions as above pro vided in Article II. of this Indenture, as to the other railroads whereof the lessor is unable to deliver immediate possession; and the lessee shall be subject to the same duties and liabilities in relation thereto as in relation to other roads leased to the lessor, and shall pay the interest upon said bonds, and perform, or cause to be performed, the agreements contained in said lease to be performed by this lessor. If the lessor shall be duly authorized to buy the property and franchises of the Mystic River Corporation, the Ocean Terminal Railroad Company, and the Ocean Terminal Railroad Dock and Elevator Company, the lessor shall issue its bonds or stock to an amount suflicient to pay for such properties and franchises, and for such improvements on the real estate of said companies and the property of the lessor on Mystic river as the lessee may deem necessary and proper to fit the same for the eflicient and convenient transaction of business. The lessor shall issue its stock or bonds without delay for the funding of its existing

ﬂoating indebtedness, to wit: all its indebtedness represented by notes

1886-87.] BOSTON QND MAINE RAILROAD. 35

payable. including notes given the Nashua and Lowell Railroad Corpora tion, if the same can be so funded, but notits current debts or open accounts. If, with the assent of the directors of the lessor, or after a decision of the Railroad Commissioners that the same are necessary and proper, as pro vided in Article VII. hereof, the lessee shall make permanent additions to or improvements upon the demised premises, the lessor shall also issue stock or bonds to an amount suﬁicient to meet the cost thereof. In all the cases herein provided for in which stock or bonds is or are to be issued by the lessor, the lessor shall issue both or either class of securities, as the lessee may request. but in each case only so far as it may legally do so; provided, however, that if the lessor shall require additional legislative authority to enable it to issue either class of securities, as desired by the lessee, the lessor shall, at the request and expense of the lessee, do all acts and things necessary to procure such authority. Stock so issued, as herein provided, after the inception of this lease, shall, from the time of such issue, be deemed part of the lessor’s capital stock, within the provisions of Clause 3 of Article I. of this lease. Bonds so issued, as herein provided, after the inception of this lease, shall be scheduled, and the interest thereon paid as part of the lessor’s indebtedness under and pursuant to clause 2 of Article I. hereof. The indebtedness of said lessor, as scheduled, shall be renewed by the lessor with the aid of the lessee as the same matures, and the whole, or any portion thereof, shall, at the request and under the direction of the lessee, be refunded at such time or times as may be practicable, at the lowest rate of interest practicable, any beneﬁts from reduced rates of interest consequent upon such renewal or refunding of the indebtedness of the lessor, or of any of its leased or operated lines to enure to the lessee. The term of such renewal shall not extend beyond the term of this lease without the consent of the lessor.

Leases and contracts of the lessor for the operation of other railroads terminating during the term of this lease shall be renewed by the lessor under the direction and with the assent of the lessee upon the most favorable terms practicable. But the said lessee shall not be bound to assent to the renewal of such lease or contract at a rental exceeding the rental payable at the inception of this lease, unless upon application by the lessor to the Board of Railroad Commissioners said renewal shall be decided to be necessary to the reasonable protection of the interest of the lessor. Leases and contracts so renewed shall be subject to all the provisions of this lease as effectually as if now existing and herein included, and upon the expira tion or earlier determination of this lease, shall be reassigned to and enure to the beneﬁt of the lessor. The lessor shall also make and execute such other leases or operating contracts with other railroad companies as the lessee may request, every such lease or contract, however, if the lessor shall so elect, by its terms, to expire at or before the expiration of the term as i ANNUAL REPORT or THE [1886-87.

of the lease created by these presents, and all obligations and liabilities arising therefrom to be assumed and sustained exclusively by the lessee, and the lessor shall be held harmless from any loss arising therefrom. The lessee agrees that any lease or operating contract hereafter made with any railroad or railroad company or corporation mentioned in Chapter 459 of the Acts of the Commonwealth of Massachusetts for the year 1869, with the exception of the Manchester & Lawrence, or with the Addison, Burling ton & Lamoille, Consolidated Vermont, Central Vermont, St. Johnsbury & Lake Champlain, Lamoille Valley extension, Manchester & Keene, Missis quoi, Nashua, Acton & Boston, Cheshire, Montpelier & Wells River, Mont pelier & VVhite River, Southeastern, Mt. Washington, New London Northern, Newport & Richford, Peterboro’ & Hillsboro,’ Peterboro’, Profile & Fran conia N otch, Brattlcboro‘ & Whitehall, Southern Vermont, Vermont Valley, Whitefield & J eiferson, Massawippi Valley, Woodstock, or Central Massa chusetts Railroad, or any of them, or with any branch or extension of any such railroads, shall be made or executed with the lessor, and not with the lessee or any person or corporation acting in its behalf, such lease or con tract at the expiration or earlier determination of this lease to enure to the benefit of the lessor.

VI.

The lessee shall have the right of voting on all stock owned by the lessor in other railroads or corporations, except as hereinafter provided, and said stock shall not be sold or otherwise disposed of by the lessee, nor by the lessor except with the assent of the lessee. The shares of the stock of the lessor in the St. J ohnsbury & Lake Cham plain Railroad Company shall be voted by the lessee so as to promote the interests of that corporation and of the 1essor’s system of roads, and so as to keep the road of that company in as good condition and repair as the same are now in, and, on all questions of increase of capital, of transferring the possession or operation of its road by lease or operating contract, or of the sale of its road to any other company, or of consolidation with any other company, shall be voted by the lessee only with the assent of the lessor manifested by vote of its Directors. That the interest charges of the St. J ohnsbury and Lake Champlain Railroad Company may be reduced to the lowest practicable point, the lesseels voting power may be used at its dis cretion to extend, renew, or refund said indebtedness, or any part thereof, to foreclose any existing mortgage of the company’s property, to make any new mortgage thereof, to reorganize said company, and to do all other acts and things necessary and proper for the reduction of its ﬁxed charges, and consistent with the preservation, unimpaired, of the lessor’s interest in said company as herein demised. Provided, however, that the lessee hereby guarantees to the lessor the preservation, unimpaired, of its interest in and control of said St. J ohnsbury & Lake Champlain Railroad Company as herein demised, and, at the expiration or earlier termination of this lease, will return to the lessor either the‘ stock, debt, and bonds hereby demised, 1886-87.] BOSTON AND MAINE RAILROAD. 37

or other stock, debt, and bonds giving the same interest in, and conferring the same control of, the St. Johnsbury & Lake Champlain Railroad Com pany as the securities herein demised.

VII.

The lessee shall have the right to make such changes in passenger stations, tracks, and terminal grounds in Boston and elsewhere, and to establish such union stations and to make such separations of railroad grade-crossings as the safety and accommodation of the public and the con venient and economical transaction of business may in its judgment require ; provided, however, that, at the expiration or earlier termination of this lease, the less0r’s stations, tracks, and terminal grounds shall be returned to it in as good order and repair as the same are now in, and so that the same shall be equally well ﬁtted for the independent use and operation of its own road or its leased roads by the lessor. The lessee shall have the right to make permanent additions to and im provements upon the demised premises, which shall include any increase in track mileage, buildings, structures, and bridges additional to those existing at the inception of this lease; and buildings, structures, and bridges replacing those existing at the inception of this lease, so far as the cost of such new buildings, structures, and bridges exceeds the cost of restoring such old buildings, structures, and bridges to as good a condition as when new. Such permanent additions and improvements shall, if as sented to by the’ lessor or decided by the Railroad Commissioners to be necessary and proper, be paid for by the lessor, so far as it has or can pro cure the power to do so in the manner provided in Article IV. of this lease, otherwise shall be paid for by the lessor at the expiration or earlier termi nation of this lease in the manner hereinafter provided.

VIII.

The said lessee shall, at its own expense maintain and keep the demised premises, and all the property and ﬁxtures of every description which it shall receive or operate under this lease, in as good order and condition as the same now are or shall be when received by the lessee, so that ‘there shall be no depreciation in the same or any part thereof; and, at the ex piration or earlier termination of this lease, shall return the same to the lessor in the same good order and condition, and shall put the lessor in possession of all its leased roads and property at said time operated by said lessee or said lessor under this Indenture. The lessee shall use and operate the railroads and properties herein demised, in accordance with the charter of the lessor, and of the several corporations whose roads are so operated, and the laws of the Commonwealth of Massachusetts, and of the States of New Hampshire and Vermont, and of the United States, so far as the same are respectively applicable; shall furnish all cars, engines, rolling-stock, and equipment of every description required, in addition to the like property

A1\‘Nl'AL REPORT OF THE [l886—87.

hereby demised, for the due operation of the railroads operated under and by virtue of this lease; shall observe and perform all the provisions of contracts of the lessor with railroads now leased or operated by it or which may be leased or operated by it under the provisions of this Indenture; shall keep the demised premises reasonably insured, and shall apply the proceeds of any insurance to restoring an'd replacing the property destroyed, or to making permanent improvements, not in the nature of ordinary repairs, upon the demised premises; shall apply the proceeds of the rolling stock, equipment, and other personal property herein demised, which it may deem advisable to sell, and which it is hereby authorized to sell at its dis cretion, so as to substitute therefor like property of equal value; shall replace buildings or structures on the demised premises taken down or removed, and which the lessee is hereby authorized to take down or remove at its discretion, with other buildings, structures, or permanent improve ments upon the demised premises, of equal value, and equally convenient for the use of the lessor should this lease be terminated; shall furnish the ' Directors and Treasurer of the lessor with free annual passes over all the railroads operated by or for the lessee; shall permit the demised premises to be inspected annually by the lessor’s directors and by some competent person appointed by the lessor, who shall report to_the lessor the condition of said premises and shall, for the purpose of such inspection, be furnished with free transportation over the railroads operated by the lessee under this lease, and shall receive a reasonable compensation for his services to be paid as part of the lessor's operating expenses; shall make all returns required by law, and shall furnish the lessor with such abstracts of accounts as shall enable it to make all returns required of the lessor; shall not assign this lease nor underlet the premises, or any part thereof, except _ such portions thereof as in the judgment of the lessee may not be required for railroad uses, without the written assent of the lessor ﬁrst had and obtained; and shall cause all rolling-stock hereby demised and all rolling stock substituted for that herein demised and added thereto, to be distin guished by appropriate names, numbers or letters; and at the end of the term of this lease, or at any earlier termination thereof from any cause whatever, shall surrender the real and personal estate now or hereafter demised as aforesaid to be ascertained and determined according to the inventory hereinafter provided for in the like good order and condition in which they are at the inception of this lease or when received by the lessee or may'be put during the term, with all improvements thereon or additions thereto, the amount of money, materials and supplies to be surrendered or accounted for to the lessor to be equivalent in value to the amount on hand at the inception of this lease, as shown by said Inventory. and all stocks, bonds and securities, or any bonds or securities substituted therefor under the provisions of this indenture to be returned at the expiration or other earlier termination of this lease ; provided, that at the expiration or earlier termination of this lease, the lessor shall pay to the lessee the value of any permanent improvements and additions not already paid for by the lessor,

1886-87.] BOSTON AND MAINE RAILROAD. 39

the said value to be determined, unless agreed upon by the parties, by the board of arbitrators provided for in the twelfth article of this lease.

IX.

That the property herein demised and to be accounted for at the expiration or earlier termination of this lease may be accurately determined, there shall be made, as of the day when this lease takes effect, a full, complete and particular inventory, description, and appraisal of all estate and property, real and personal, belonging to the lessor, and coming into the possession of the lessee by virtue of this lease, and to this, from time to time, shall be added such other estate and property as shall come into the possession of the lessee under the terms of this lease. Such inventory, description, and appraisal, and the additions thereto from time to time, shall be made by _two competent persons, one selected by each party; in ease of their disa greement, they shall refer the matter in difference to some third person, whose decision shall be ﬁnal. Such inventory, description, and appraisal shall be made in duplicate, and an original furnished to each party, and shall be evidence of the nature, value, and condition of the property demised at the inception of this lease or at the time of the additions “thereto in all cases in which any question of such nature, condition, or value may arise.

O X.

The lessor shall maintain its existence and organization as a corporation, and to that end shall comply with all the requisites and forms of law; shall do all acts and things, and execute all legal instruments necessary and proper to put and secure the lessee in the full enjoyment of all the property, rights, franchises, and interests herein demised, and to carry into effect the true intent and meaning of this lease; and shall not increase its capital stock as now existing and issued without the assent of the lessee, except as provided in this lease. To further secure the lessee in the beneficial enjoyment of the property, franchises, rights, and privileges herein demised and specified, the lessor constitutes the lessee its attorney irrevocable, with full right and power, at the lessee’s expense, to use the name of the lessor in all legal proceedings and in all cases needful for obtaining, holding, and enjoying the premises herein demised and specified, and for all purposes consistent with the true scope and intent of this instrument.

XI. This lease is upon the condition that, if the lessee shall at any time fail to make the lessor, as part of the rent herein reserved, the payments herein stip ulated to be made to it to enable it to pay the interest on its indebtedness, or shall fail for thirty days to make any semi-annual payment as stipulated tor in Clause 3 of Article I. hereof, then, and in such case, the lessor may at once enter upon the demised premises, and upon any part thereof, as for the whole;

40 ANNUAL REPORT OF THE [1886—87. and expel the lessee, and determine the estate hereby granted, and shall there upon become seized and possessed of the demised premises, and of all premises then in possession of the lessee or the lessor under this Indenture, and of every part thereof in its original right, and as if this lease had never been made; and upon the further condition, that if the lessee shall fail to perform any other of the covenants and agreements in this lease contained, and such failure shall continue for six months after written notice of such failure from the directors of the lessor, the lessor shall have the like right to enter and expel the lessee, and revest in itself its former estate in the demised premises, and all premises then in possession of the lessee or the lessor under this Indenture, and every part thereof; provided, however, that such entry by the lessor for breach of condition, shall in no wise prejudice or impair any remedies to which it might otherwise be entitled for arrears ol' rent or preceding breach of covenants, or any other rights secured by this lease in case of its termination before the ex piration of the time thereof. '

XII.

In case of any disagreement between the parties hereto as to the true intent and meaning of’ this lease or any part thereof, or as to anything done under and by virtue of it, or growing out of it, the matter in controversy shall be referred by written submission to the arbitration of referees to be chosen in the manner following : one shall be chosen by each of the parties hereto, er if either shall unreasonably fail or neglect to appoint a referee when requested by the other, the Board of Railroad Commissioners may, after due notice to the party so failing or neglecting, appoint a referee. The third shall be selected by the two so chosen. The arbitrators shall hear the parties, after due notice to each of them, and if either party fail to attend alter such notice, may pro ceed ex parte. The award in writing of said arbitrators, or a majority of them, being duly notiﬁed to the parties, shall be ﬁnal and conclusive upon them.

IN TESTIMONY WHEREOF, the said parties, by their respective Presidents and Treasurers, thereunto duly authorized, have caused their corporate seals to be hereto afﬁxed, and these presents to be executed the day and year ﬁrst above written.

BOSTON AND LOWELL RAILROAD CORPORATION, (Signed) By EDWIN MOREY, President. c. E. A. BARTLETT, Treasurer. T “‘”' I

BOSTON AND MAINE RAILROAD, (Signed) By GEORGE C. LORD, President.

Amos BLANCHARD, Treasurer. 1886-87.] BOSTON AND MAINE RAILROAD. 41

LEASE OF MANCHESTER & LAWRENCE RAILROAD

TO BOSTON & MAINE RAILROAD.’

@:l)iﬁ Elllltlilttrt, made in triplicate, this first day of June, 1887, by and between the Manchester and Lawrence Railroad, acorporation existing under and by virtue of the laws of the State of New Hampshire, party of the ﬁrst part, and hereinafter denominated the “ Lessor,” and the Boston and Maine Railroad, a corporation existing under and by virtue of the laws of the Com monwealth of Massachusetts, and under and by virtue of the laws of the States of Maine and New Hampshire, party of the second part, and hereinafter denominated the “ Lessee” :— '

flfiflillltfiflfll), That the said parties each for itself, its successors and assigns, and each in consideration of the grants, covenants and engagements herein made by the other, have granted, covenanted and agreed, an'd do hereby grant, covenant and agree, each to and with the other, and its successors and assigns, as follows, to wit :- _'

The lessor doth grant, demise and lease unto the lessee, its successors and assigns, its railroad and property of every description, contained in the in ventory and schedule hereafter referred to—including therein its railroad and lands wherever situated, its branches, tracks, side-tracks, road-bed, super structure, siation-houses, depot grounds, depots, viaduets, bridges, piers, shops, buildings, fixtures, engines, cars, rolling-stock, machinery, tools, furniture, telegraph apparatus, equipment, material and supplies, and all rights, franchises, easements, privileges and appurtenances thereto belonging, together with the right to demand and receive all tolls, rent, revenue, income and profits of the demised premises; including also therein all the right, title and interest of the lessor in and to any bonds, obligations and contracts of or with, or claims upon other railroads, corporations or individuals, and all income or other advantages and benefits to be derived therefrom, a schedule of which stock, bonds, contracts and claims is hereto annexed; hereby assigning and transferring unto the lessee its railroad and railroad property with the franchises appertaining to said railroad and the property hereby 42 ANNUAL REPORT OF THE [1886-87.

demised, and its assets of every description, excepting and reserving all claims against the Concord Railroad and all balances that may be found due upon accounting with the corporation or upon any adjustment or compromise thereof, and the cash, cash securities, and the shares of stock in the Suncook Valley and Mount Washington Railroads now held by the lessor.

Q50 bllit Mill tn IJUIU all and singular the demised premises to the lessee. its successors and assigns, for and during the term of ﬁfty years from and after the ﬁrst day of September, A.D., 1887, the said lessee keeping and per forming the covenants herein contained, on its part to be kept and performed, and yielding and paying rent for the said premises to the amount and in the manner following, to wit : -—

1. The lessee shall pay the operating expenses of the lessor, there being included therein as part thereof all repairs and renewals; all expenditures arising out of any contract, obiigation, business, negligence or misfeasance or however otherwise arising from and after the inception of this lease and in any way connected with the use and operation of the demised premises, and including damages to persons or property, insurance. all taxes of every description, Federal, State or municipal, upon property, business, franchises or capital stock; any expenditures hereinafter declared to be operating ex penses; and the organization expenses of the lessor, for which there shall be paid to the lessor at the end of each successive three months, during the term of this lease, the sum of five hundred dollars ($500). 2. The lessee shall pay to the lessor on the-flrst day of November, A.D. 1887, the sum of sixteen thousand six hundred sixty-six and T667“ dollars ($16,666.67) ; shall thereafter pay to the lessor on the flrst days of May and November in each year during the term of this lease the sum of fifty thousand dollars ($50,000) ; and at the expiration of this lease shall pay to the lessor the sum of thirty-three thousand three hundred thirty-three and T-‘*6-"U dollars ($33,333.33).

II.

The lessee shall assume and defend all suits against the lessor arising out of or in any way connected with the use and operation of the demised premises from and after the inception of this lease, and pay all judgments obtained thereon.

III.

The lessee shall have the right of voting on all stool: owned by the lessor in any other railroad or corporation, which stock shall not be sold or otherwise disposed of except by the mutual consent of the lessee and the lessor.

IV.

The lessee shall have the right to make such changes in the tracks, sidingsi stations and terminal grounds of the lessor as the safety and accommoda

1886-87.] BOSTON AND MAINE RAILROAD.

tion of the public and the convenient and economical transaction of business may in its judgment require; provided, however, that at the expiration or earlier termination of this lease the lessor’s tracks, sidings, stations and terminal grounds shall be restored to it in as good order and repair as the same are" now in, and so that the same shall be equally well ﬁtted for the in dependent use and operation of its own road by the lessor. The lessee shall have the right to make permanent additions to and im provements upon the demised premises, which shall include any increase in track mileage, buildings. structures and bridges, additional to those existing at the inception of this lease, and buildings, structures and bridges replacing those existing at the inception of this lease, so far as the cost of such new buildings, structures and bridges exceeds the cost of restoring such old build ings, structures and bridges to as good a condition as when new. Such per manent additions and improvements shall be paid for by the lessor at the expiration or earlier termination of this lease, the value thereof to be determined," unless agreed upon by the parties, by the board of arbitrators provided for in Article IX. of this lease. The lessor shall make and execute such other leases and operating con tracts with other railroad companies as the lessee may request; provided, however, that every such lease or contract, if the lessor shall so elect, shall, by its terms, expire at or before the expiration of the term of the lease created by these presents. and that all obligations, liabilities and losses arising therefrom shall be assumed and borne by the lessee exclusively, and the lessee shall indemnify the lessor against any claim arising by reason of such lease or contract.

The lessee shall use and operate the railroad property herein demised in accordance with the charter of the lessor and the laws of the State of New Hampshire; shall furnish all cars, engines, rolling stock and equipment of every description required, in addition to the like property hereby demised for the due operation of the railroad operated under, and by virtue of, this lease; shall keep the demised premises reasonably insured, and shall apply the proceeds of any insurance to restoring and replacing the property de stroyed or to making permanent improvements not in the nature of ordinary repairs upon the demised premises; shall apply the proceeds of rolling stock, equipment and other personal property herein demised which it may deem advisable to sell, and which it is hereby authorized to sell at its discretion, so as to substitute therefor like property of equal value; shall replace buildings or structures on the demised premises taken down or removed, and which the lessee is hereby authorized to take down or remove at its discretion, with other buildings, structures and permanent improvements upon the demised premises of equal value; shall furnish the Directors of the lessor with free annual passes over the railroads operated by the lessee during the continuance of this lease; shall permit the demised premises to be inspected annually by some competent person appointed by the lessor, who shall report to the lessor the condition of said premises, and shall, for the purpose of such inspection, be furnished with free transportation over the railroad operated

44 ANNUAL REPORT OF THE [1886—87.

by the lessee under this lease and shall receive a reasonable compensation for his services to be paid as part of the lessor’s operating expenses; shall make all returns required by law and shall furnish the lessor with such abstracts of its accounts as shall enable it to make all returns required of the lessor; shall not assign this lease, nor under-let, nor permit any other party to occupy or use the whole nor any part of the demised premises, except such portions thereof as may not be required for railroad uses, without the written assent of the lessor ﬁrst had and obtained; shall keep the demised premises in the same good order and condition as the same are when received by the lessee under this lease; shall cause all rolling stock substituted for that herein demised and added thereto to be distinguished by appropriate names, numbers or letters; and at the end of the term of this lease or at any earlier Ltermination thereof from any cause whatever shall surrender the demised premises and every part thereof (to be ascertained and determined according to the inventory hereinafter provided for) in the like good order and condition in which they-are at the inception of this lease or may be put during the term--the amount of materials and supplies to be surrendered or accounted for to the lessor to be equivalent in value to the amount on hand at the inception of this lease as shown by said inventory.

VI.

That the property herein demised and to be accounted for at the expiration

or earlier termination of this lease may be accurately determined, there shall be made, as of the day when this lease takes effect, a full, complete and par ticular inventory, oescription and appraisal of all the estate and property, real and personal, belonging to the lessor and coming into the possession of the lessee by virtue of this lease. Such inventory, description and appraisal shall be made by two competent persons, one selected by each party; in the case of their disagreement as to the appraisal, they shall refer the matter in diiference to some third person, whose decision shall be ﬁnal. Such inven tory, description and appraisal shall be made in duplicate and an original furnished to each party, and shall be evidence of the nature, value and con dition of the property demised at the inception of this lease in all cases in which any question of such nature, condition or value may arise.

VII.

The lessor shall maintain its existence and organization as a corporation,

and to that end shall comply with all the requisites of law; shall do all acts and things and execute all legal instruments necessary and proper to put and secure the lessee in the full enjoyment of all the property, rights, franchises and interests herein demised, and to carry into etfect the true intent and meaning of this lease; and shall not increase its capital stock as now exist ing and issued without the assent of the lessee. To further secure the lessee in the beneﬁcial enjoyment of the property, franchises, rights and privileges herein demised and speciﬁed, the lessor constitutes the lessee its attorney irrevocable, with full right and power at the lessee’s expense, to use the name of the lessor in all legal proceedings and in all cases needful for ob 1886—87.] BQSTON AND MAINE RAILROAD. 45

taining, holding and enjoying the premises herein demised and speciﬁed and for all purposes consistent with the true scope and intent of this instrument.

VIII.

This lease is upon the condition that if the lessee shall fail for thirty days to make any semi-annual payment as stipulated for in Clause 2 of Article l hereof, then and in such case the lessor may at once enter upon the demised premises and upon any part thereof as _for the whole and expel the lessee and determine the estate hereby granted, and shall thereupon become seized and possessed of the demised premises and of every part thereof in its original right and as if this lease had never been made; and upon the further condi tion that if the lessee shall fail to perform all the covenants and agreements in this lease contained, and such failure shall continue for six months after written notice of such failure from the Directors of the lessor to one of the Directors of the lessee the lessor shall have the like right to enter and expel the lessee and revest in itself its former estate in. the demised premises and every part thereof; provided, however, that such entry by the lessor for breach of condition shall in no wise prejudice or impair any remedies to which it might otherwise be entitled for arrears of rent or preceding breach of covenants. IX. In case of any disagreement between the parties hereto as to the true intent and meaning of this lease, or any part thereof, or as to anything done under and by virtue of it or growing out of it, the matter in controversy shall be referred by written submission to the arbitration of referees to be chosen in the manner following: one shall be chosen by each of the parties hereto, or if either shall unreasonably fail or neglect to appoint a referee when requested by the other, the Board of Railroad Commissioners of the State of New Hampshire may, after due notice to the parties so failing orneglecting, appoint a referee; the third shall be selected by the two so chosen. The referees shall hear the parties after due notice to each of them, and if either party fail to attend after such notice may proceed ex parte. The award in writing of said referees, or a majority of them, being duly notiﬂed to the parties shall be ﬂnal and conclusive upon them.

IN Tnsrmoxv WHEREOF, the said parties by their respective Presidents and Treasurers, thereunto duly authorized, have caused their corporate seals to be hereto aﬂixed and these presents to be executed the day and year ﬁrst above written.

MANCHESTER AND LAWRENCE RAILROAD, (Signed) By Cans. A. SINCLAIR, President. SEAL HENRY CHANDLER, Treasurer.

BOSTON AND MAINE RAILROAD, (Signed) By Gnonon C. LORD, President. SEAL. AMOS Bnmcnmn, Treasurer.

FIFTY—FIFTH ANNUAL REPORT

OF THE

DIRECTORS

OF THE

BOSTON AND MAINE RAILROAD

TO THE

STOCKHOLDERS,

FOR THE YEAR END/NG SEPTEMBER 30, /888.

WEDNESDAY, DEC. 12, 1888.

BOSTON: RAND AVERY SUPPLY CO. 1888.

BOSTON AND MAINE RAILROAD.

The Annual Meeting of the Stockholders of the Boston & Maine Railroad will be held at LAWRENCE, in the City Hall, on WEDNESDAY, the twelfth day of December, 1888, at eleven o’clock A.M., for the follow ing purposes, viz.: 1. To hear and act upon the Report of the Directors. 2. For the choice of Directors for the ensuing year. 3. For the transaction of any other business which may be legally brought before them.

By order of the Directors, BOSTON, Nov. 28, 1888. CHAUNCEY P. JUDD, Olerk.

Stockholders only will be passed free to and from the place of meeting, on exhibiting their certiﬁcates to the conductors. The special Stockholders’ trains will leave Great Falls at 7100 A.l\I.,&H(l Boston at 9.40 A.M., for Lawrence; and will leave Lawrence for Boston at 12.00 M., and for Great Falls at 12.30 l’.M. Stockholders from Portland and stations cast of North Berwick will take the train which leaves Portland at 7.30 A.M.; and returning to stations be tween Rollinsford and Portland, will take the trains which leave South Law rence at 1.00, 1.46, 4.13 and 4.46 P.M. Stockholders are requested to take passage in the trains provided for them. and thus avoid annoying passengers by crowding the regular trains. Stockholders going from either direction beyond Lawrence, before the adjournment of the meeting, will be charged reg r fares between Law rence and the stations to which they take passage. B ' tors,

JAMES T. FURBER, Gen’l Manager OFFICERS

OF THE BOSTON AND MAINE RAILROAD.

DIRECTDRS ELECTED DEC. 14, 1887. GEORGE C. LORD ...... NEwToN, MAss. AMOS PAUL . . . . .- - - - So. NEWMARKET, N.H. NATHANIEL J. BRADLEE . . . . . BosToN, MAss. WILLIAM S. STEVENS . . . . . DOVER, N.H. "‘JAMES R. NICHOLS ...... HAVERHILL, MAss. JOSEPH S. RICKER ...... DEERING, ME. SAMUEL C. LAWRENCE . . . . . MEDFORD, MAss. RICHARD OLNEY ...... BOSTON, MAss. FRANK JONES PORTSMOUTH, N.H. CHAUNCEY P. JUDD, CLERK.

GEORGE C. LORD, PRESIDENT - - - - - BosToN. JAMES T. FURBER, GENERAL MANAGER . . . BosToN. AMOS BLANCHARD, TREASURER . . . . . BosToN. WILLIAM J. HOBBS, GENERAL AUDITOR - - - BosToN. DANA J. FLANDERS, GEN. PAss. AND TICKET AGENT . BosToN. CHARLES E. LORD, AssT. GEN. PAss. AND TICKET AGENT, BosToN. GEORGE W. STORER, AssT. GEN. PAss. AGENT . . BosToN. W. J. C. KENNEY, GENERAL EEEIGHT AGENT . . BosToN. WILLIAM F. BERRY, Assr. GEN. FREIGHT AGENT . BosToN. H. N. TURNER, GEN. TRAFFIC MANAGER, LowEL1. SYSTEM, BosToN. D. C. PRESCOTT, GEN. FREIGHT AGENT, L0wELL SYSTEM, BosToN. WILLIAM MERRITT, SEPT. WESTERN D1v1's1oN - . BosToN. DANIEL W. SANBORN, SEPT. EASTERN DIVISION . BosToN. JOHN W. SANBORN, SEPT. NORTHERN DIVISION - ' - Wonrnono’ Jc. GEO. W. HURLBURT, SEPT. W0n., NAsH. & PoRT. D1v., WORCESTER. W. F. SIMONS, SEPT. SOUTHERN AND CENTRAL D1v1s1oNs, BosToN. H. E. FOLSOM, SEPT. PASSUMPSIC D1v1s10N . . . LYNnoNv11.1.E. GEORGE E. TODD, SEPT. NORTHERN R.R. . . . CONCORD, N.H. GEORGE F. HURD, PERcnAs1NG AGENT . . - BosToN. WILLIAM SMITH, SIFPT. MOTIVE Pow:-:1: ANE MACHINERY, BosToN. H. BISSELL, CHIEF ENGINEER . . . . . BosToN. JOHN BAILEY, MAsT. MAINT... on-‘WAY, _WES1‘ERN D1v., LAWRENGE. D. C. RICHARDSON, MASTER CAR"l§‘(1u_J.nER - - - LAWRENCE. CHARLES H. NOWELL, PAYMASTER . . . . BosToN.

GENERAL OFFICES AT PASSENGER STATION, CAUSEWAY STREET, BOSTON. * Deceased.

7.35321 -~

FIFTY-FIFTH ANNUAL REPORT.

To the Stockholders of the Boston and Maine Railroad:

The Directors respectfully submit the following report of the operations of the road for the year ending Sept. 30, 1888:-—

The gross receipts of the combined system for the year ending Sept. 30, 1888, were . . . . . $13,110,798 13 Operating expenses, including taxes, $632,198 46 . 9,332,921 31

‘NetEarnings ...... $3,777,876 82 Interest on funded and unfunded debt, $296,485 64 Rentofleasedlines . . . _. . . 2,862,90184 3,159,387 48

Surplus of net earnings over ﬁxed charges . . , . . $618,489 34 Which has been appropriated as follows : — Dividend paid May 15, 5% . . . . $350,000 00 “ declared, payable Nov. 15, 4%, 280,000 00 630,000 00

Deﬁcitfortheyear...... $11,510 66 ANNUAL REPORT OF THE [1887-88.

The business of the year is as follo\vst—

RECEIPTS.

From passengers ...... $6,489,564 54 From freight ...... 5,700,568 81 From mails ...... 156,553 50 ‘From expresses and extra baggage ...... 377,83142 From rents of tenements, land, etc...... 144,011 49 From income from investments ...... 164,637 98 From miscellaneous sources ...... 77,630 39

TOTAL RECEIPTS ...... $13,110,79813 Increase in receipts from passenger department, including mails and expresses ...... _ $441,556 13 From freight department . . . . . 269,725 14 From rents, income from property, etc. 12,887 24 $724,168 51

EXPENDITURES.

General Expenses of Oﬁice and Property . . . . $314,412 10 General Expenses of Transportation . . . . . 789,436 21 Passenger Transportation Expenses ...... 989,172 76 Freight Transportation Expenses ...... 1,269,472 76 Motive-Power Expenses ...... 2,347,318 92 Maintenance of Cars ...... 897,406 82 Maintenance of Way and Buildings ...... 2,002,350 51 Taxes ...... 632,l9846 Interest on Improvement Bonds ...... 79,377 77 Sinking Fund for Redemption of Improvement Bonds 11,775 00

TOTAL OPERATING EXPENSES, TAXES, mo. . . $9,332,921 31

Increase in Expenses over last year ...... $l,062,.’>.38 00 1887-88.] BOSTON AND MAINE. RAILROAD.

The large increase in Operating Expensesiis principally

in Transportation expenses (including injuries and damages) ...... $253,409 00 Motive Power _ Expenses, which includes wages of engineers and ﬁremen, repairs of engines, new engines, fuel, etc...... 269,094 00 Maintenance of Cars ...... 146,068 00 Maintenance of Way and Buildings ...... 306,925 00 Taxes...... 57,6l200'

The number of passengers carried the past year was ...... ‘ 26,639,521 An increase of ...... 1,289,707 Number carried one mile ...... 335,102,183 An increase of . . - . . . . . ,8l The number of tons of niercliaudise carried the past year was ...... 6,069,830 An increase of ...... 1,132,916 Number of tons carried one mile . . . . 291,559,747 Au increase of ...... 35,783,606 The number of miles run the past year was 10,640,183 An increase of ...... 834,883

During the past year twenty locomotives have been pur chased, and one has been built in our shop. Ten have had new boilers, and have been thoroughly rebuilt.‘ One hundred and seventy-seven have had general, and two hundred and sixty-seven, light repairs, at a cost of $368, 470.94. Forty have been equipped with the Westinghouse - Automatic Air Brakes. The locomotive mileage for the year has been 10,640,183 miles, an increase of 834,883 miles, consuming 218,527 tons of coal, an increase of 36,665 tons, and 15,876 cords _ of wood. 8 ANNUAL REPORT OF THE [l887—88.

There have been built in our shops, or purchased, thirty six passenger cars, three baggage cars, three mail and three milk cars, two hundred and thirteen box cars, three hundred and fifty-five platform cars, one derrick car and two snow plows. An unusually large amount of repairs have been made, at a cost of $582,111.63, and our passenger and freight equipment is now in good condition. During the year land has been purchased at Haverhill, Lynnfield, Salmon Falls, Kennebunk, Wakefield, So. Ber wick, Malden, Portland, Scarboro’, Danvers, Clinton and Rochester, at a cost of $21,295.20. New passenger stations have been built at East Everett, Conomo, Westville and The Elms. Others are in process of building at Lynn Common, Winter Hill and Wilmington. Those that were in process of building last year at Pros pect Hill and Somerville Highlands have been completed. The passenger station at Groveland has been remodeled, and many others have had extensive repairs. _ New freight houses have been built at West Peabody, Scarboro’, Marblehead, Amesbury and Hampton. The freight house at Newmarket, which was burnt in the early part of the year, has been rebuilt. At South Newmarket, extensive alterations have been made in the freight grounds. New engine houses have been built at Dover and VV ay V land, and those commenced last year at Salem and East

Cambridge have been completed. A new carpenters’ shop has been built at Lawrence, and a building for the storage of snow plows at North Berwick. At Somerville, buildings for car shops, '2(l0x60 and 60x40,

1887-88.] BOSTON AND MAINE RAILROAD.

and blacksmith shop, with engine and boiler room, have been built; also an oil house. The freight yard-—inward and outward—has been paved. New turn-tables have been put in at Reading, Bradford, Prison Point and East Cambridge. New water tanks have been erected at Bradford, Exeter, Middleton, East Cambridge, Lexington, Wayland, Rutland and Belchertown. A new system of water works has been put in at Old Orchard. Eleven thousand, four hundred and ﬁfty-four rods of new fence have been built, of which 4,389 rods were on the Western Division, 3,772 on the Eastern Division, 776 on the VVorcester, Nashua and Portland Division, and 2,517

on the Lowell System.

VVORK ON BRIDGES.

WESTERN D1v1sIoN.—Large repairs have been made on

the bridges over Charles River, and the work is still going on. The bridge over the Mystic River, which was com menced last year, has been completed. A new iron bridge has been built over the Lamprey River. A very substan tial double-track iron bridge is now being built at Salmon Falls, to take the place of a single-track wooden one. It will probably be completed during the current year. At Saco, the bridge known as Grist Mill Bridge has been replaced by heavy retaining Walls, and ﬁlled solid. Fore River Bridge at Portland, with the draw, have been rebuilt. A new iron bridge has been built on the Framingham Branch of the Lowell and Andover Road. A new iron bridge has been built at Windham, on the Manchester » and Lawrence Road. 10 ANNUAL REPORT OF THE [l887—88.

Overhead bridges have been built at Newton Junction, Exeter and Rollinsford. A large number of culverts and cattle-passes have been rebuilt. EASTERN AND NORTHERN D1v1sIoNs.——The work on bridges for the year includes new trusses for two tracks at Draw No. 1, Boston; new trusses for one track at Mystic River, (Eastern Division) ; new abutments and pier and two-span iron bridge in place of wooden bridge at Rowley; new top on Knights Crossing bridge ; new 1,200 ft. double-track iron bridge with pivot draw, over Merrimac River, at New buryport, completed; 150 feet of‘ small bridge at Ports-4 mouth rebuilt; one of draw piers entirely rebuilt at Portsmouth long bridge; new pile bridge to Cunard Wharf, at East Boston; pile bridge rebuilt at Bell Rock; new top on Saugus River bridge ; swamp bridge rebuilt on Marblehead Branch; abutments and new iron bridge at Forest River, and balance of old pile bridge ﬁlled ; Peabody pile bridge rebuilt ; Danversport High bridge rebuilt; new top on North Andover pile bridge; abutments and girders’ at Mill Creek, Manchester; iron girders at Courtenay/"’s bridge, West Gloucester; one new abutment at West Parish road ; very extensive repairs and renewals on Dover Point bridge ; new abutments and Howe trusses at Cocheco bridge, on D. & W. Road. A large percentage of remaining bridges have had ex tensive repairs. Several culverts and cattle-passes have been partially or entirely rebuilt. LOWELL SYsTEM.—Work on bridges includes Boston bridge, two tracks rebuilt from draw West; two stringer bridges at East Cambridge renewed; new iron highway bridge at Swanton St., VVinchester ; new stringer bridges at 1887-88.] BOSTON AND MAINE RAILROAD.

Lowell and Tyngsboro’; commenced rebuilding canal wall at Lowell; lattice bridge at Nashua renewed; eleven stringer bridges from Nashua to Keene rebuilt; one cattle-pass and one pile bridge ﬁlled at Reformatory; new lattice bridge and two new stringer bridges at Oakdale; the masonry in many culverts and cattle-passes renewed, and extensive repairs to the iron bridges on the Central Mass. R.R. WORCESTER, NASHUA AND PORTLAND Div1s1oN.— The work on bridges includes new masonry and Howe trusses, 170 ft. long, at Lancaster. Nearly all the truss bridges on the Division have been strengthened, and many of them had extensive repairs. Three overhead bridges and thirteen culverts and cattle-passes have been rebuilt. PASSUMPSIC DIVISION. ——Wo1'k on bridges includes lattice bridges at R0ot’s, I-Iarvey’s and Passumpsic; Newport pile bridge, 500 ft. long, renewed; several short pile and trestle bridges renewed ; ﬁfteen culverts and open bridges rebuilt.

Twenty-one thousand feet of new wharf has been built at East Boston. Early in the season, contracts were made for laying about 4,000 ft. of sea wall, and the dredging and filling of the Mystic flats at Charlestown. The work has progressed fairly well, and will, we hope, be completed next season. This will give us nearly sixty acres of new grounds, and a water-front, with good depth of water, for a very large number of vessels. Thirteen and one-half miles of side track have been laid the past year, of which five miles were on the Western Division, four miles on the Eastern Division, one mile on 12 ANNUAL REPORT OF THE [l887—88. the Worcester, Nashua and Portland Division, three miles on the Lowell System, and one-half mile on the Passumpsic Division. We have laid the past year 11,920 tons new steel rails, of which 3,914 tons were on the Western Division, 4,054 tons on the Eastern and Northern Divisions, 1,062 tons on the VVorcester, Nashua and Portland Division, 1,962 tons on the Lowell System, 754 tons on the Passumpsic Division, and 174 tons on the Northern RR. Five thousand two hundred and eighteen tons of partly worn steel rails, removed from the main lines, have been laid on the branches, of which 1,453 tons were on the West ern Division, 2,237 tons on the Eastern and Northern Divisions, 744 tons on the Worcester, Nashua and Portland Division, 769 tons on the Lowell System, and 15 tons on the Northern R.R., and 962 tons of old iron rails have been laid in side tracks. There have been laid, the past year, 613,784 ties, of which 174,713 were on the Western Division, 153,716 on the Eastern and Northern Divisions, 43,011 on the Worces ter, Nashua and Portland Division, 105,729 on the Lowell System, 60,672 on the Passumpsic Division, and 75,943 on the Northern RR. O11 the 10th of January, last, the Express train which left Boston at one o’c1ock P.M. was derailed at Bradford. The accident was caused by a broken wheel. The train, in its course, struck a tank house, entirely demolishing it. The tank, falling on one of the cars, caused the death of ten passengers, and injured some fifty others. Three em ployés, who were in the tank house, were killed. The disaster occurred through an accidental combination 1887-88.] BOSTON AND MAINE RAILROAD.

of many and extraordinary causes, which could not have been foreseen, and for which the Directors have not consid ered the Corporation as legally or morally responsible. Nevertheless, under all the circumstances, it has not thus far been considered wise to raise the question of the Com pany’s liability, and settlement has been made with parties wherever reasonable terms have been found practicable. The litigation begun for the purpose of abrogating the lease of the Boston, Concord and Montreal Railroad to the Boston and Lowell, which was referred to in the last report to stockholders, is still undecided. Arguments therein will be heard by the Supreme Court of New Hampshire at some time during the current month. Meanwhile, the Boston and Lowell Railroad Corporation has operated the road pursuant to the provisions of its lease to this Company. The pecuniary results of such operation have been a consid erable deficit. This deficit, however, is not one that will have to be borne eventually either by this Company or by the Boston and Lowell. In pursuance of the terms of the lease of the Boston, Concord and Montreal to the Lowell, there were turned over to the latter corporation, stocks, bonds and miscellaneous assets, which, according to the express terms of the lease, were to be disposed of, and the proceeds applied for the sole benefit and use of the lessee. These assets can be availed of at any time to make good . any losses incurred in the operation of the Boston, Concord and Montreal Railroad under its lease, and whether that lease is confirmed or set aside. And while their exact‘ value has not been appraised, and perhaps cannot be ascer tained except by an actual sale, it is the opinion of the Directors of the Lowell road that it is amply sufficient to ANNUAL REPORT. [1887—88. cover all deficits heretofore arising from the operation of the Montreal road. In closing this report, we desire to express our sense of the loss which this Company has sustained in the death of our late associate, Dr. James R. Nichols, who died at his home in I-Iaverhill, January 2, 1888. Dr. Nichols served as a Director of this Company for fourteen years. He was conscientious and painstaking in the discharge of every duty, and was an agreeable com panion and a reliable friend. We refer you to the report of the General Auditor— annexed — for detailed information of the financial opera tions of your road for the past year.

By order of the Board of Directors.

GEORGE C. LORD, President. REPORT or THE GENERAL AUDITOR.

BosToN AND MAINE RAi1.uoAI>, AccoENTING DEPARTMENT, BosToN, Nov. 23, 1888.

To the President and Directors of the Boston and Maine Railroad:

GENTI.EMEN,—I herewith hand you statements showing in detail the results of the operation of the Boston and Maine Railroad for the ﬁscal year ending Sept. 30, 1888. The cash on hand as stated on balance shoot was verified by me, and found to be correct.

No. l. Statement of Earnings, Expenses and Dispo sition of Net Earnings for the year. No. 2. General Balance Sheet. ' No. 3. Proﬁt and Loss Account. No. 4. Gross Earnings, Operating Expenses and Net Earnings, by months. No. 5. Gross Earnings in detail. No. 6. Operating Expenses in detail. No. 7. Mileage and Traﬂic Statistics. No. 8. Description of Road. No. 9. Description of Rolling Stock.

All of which are respectfully submitted.

WII.LIAl\I. J. HOBBS, General Auditor. ANNUAL REPORT OF THE [1887-S8.

No. 1. EARNINGS, EXPENSES AND DISPOSITION OF NET EARNINGS, FOR THE YEAR ENDING SEPT. 30,1888.

EARNINGS. Per Cent. Earnings.

Passengers ...... 49.498 $6,489,564 54 Extra Baggage and Storage ...... 242 31,692 65 Expresses ...... 2.640 346.138 77 Mails ...... "7 53.574 1.194 156.553 50 Total Passenger Department; ...... 7,023,949 46 Freight ...... Z9? 43.480 5,700,568 81 Total Transportation Earnings ...... , 12,724,518 27 Rents of Tenements, Land, etc ...... ' 1.098 144.011 49 Income from Investments ...... ' 1.256 164,637 98 Income from Use of Road ...... 086 11,269 62 Income from Coal Hoisting Engines ------.044 5,720 39 Eastern Transfer Earnings ...... 1 .399 8,286 73 Miscellaneous Incolne ...... ' .063 52,353 65 Gross Earnings ...... 813,110,798 13

OPERATING EXPENSES.

GENERAL EXPENSES OF OFFICE AND PROPERTY Salaries. Otﬁce and General Expenses ...... $170,793 Legal Expenses ...... 60,655 Insurance and Fire Losses ...... 37,500 Tenement Expenses ...... 42,146 Eastern Transfer'Expenses ...... $314,412 10 GENERA L EXPENSES OF’ TRANSPOIB 7'A T1 ON. Injuries and Damages ...... $212,063 93 Telegraph Expenses ...... 87.993 75 Crossing Expenses ...... 186.612 63 Drawbridge and Signal Expenses ...... 75,305 99 Switchmen and Station Watchmen ...... 148.218 51 Removing Ice and Snow ...... 79.241 40 789,436 21 PA SSENGER TRANSPOR TA TIOIV EXPENSES. Superiutendence and General Expense ...... $95,704 14 Advertising ...... 42,407 74 Passenger-'I‘rain Expenses ...... 458,507 38 Passenger-Station Expenses ...... 380,188 68 Mileage of Passenger Cars ...... 12,364 82 989,172 76 FR EIGHT TRA NSPOR TA TI ON EXPENSES. Superintendence and General Expense ...... $77,232 47 Freight-Train Expenses...... 46 771 BS Freight-Station Expenses ...... 605,675 51 Mileage of Freight Cars ...... 117,792 90 1,269,472 76 1110 TI VE—PO WEI? EXPENSES. Superintcndence and General Expense ...... $83,053 93 Repairs of Tools and Machinery ...... 36,224 18 Repairs of Locomotives ...... 868,470 94 New Locomotives ...... 52,012 Water Supply ...... 52.490 Locomotive Expense 735,879 Fuel for Locomotives ...... 1,019,178 2,347,318 92 1887-88.] BOSTON AN1) MAINE RAILROAD. I7

EAR N l NGS, EXPENSES, ETC.—C'oncluded.

.lIAI.V'I‘I‘.'. '.-|No1t' or cults. , Superintendence and General Expense . ------$19,011 53‘ Repairs of Tools and Machinery ------24,552 21 Repairs of Passenger, Baggage, Mail and Exp. Cars, 297,734 41 New Passenger, Baggage. Mail and Express Cars. . 78,212 73 ' Repairs of Pullman Cars ...... 684 54 Repairs of Freight Cars ...... 275,707 36 New Freight Cars ...... 83.882 23 Repairs of Construction and 'I‘ool Cars ...... 7.985 321 Repairs of Snow-Ploughs ...... 4,754 50 Oiling, Cleaning and Inspecting Cars ...... 104,871 94 MAINTENANCE or wxxazvo BUILDINGS. “ *2 7 ' " ‘ $897-406 32 Superintendence and General Expense ...... $27,924 41 Maintenance of Road-Bed and Track ...... 965 #304 11 Steel Rails laid ...... 170,657 81‘ Iron Rails laid ...... - ...... 6,165 63, Ties laid ...... 200,852 99' Maintenance of Bridges ...... 363,969 90 Maintenance of Buildings and Structures ...... 267.755 66 2,002,350 51 Total Operating Expenses (65.66S per cent) .. $8,609,570 08 Taxes ...... $632,198 46,1 *Interest on Improvement Bonds ...... 79,377 771 *Sinking Fund for Redemption of Improvemen I Bonds . . - ...... 11,775 00; 723,351 23 Total Operating Expenses, Taxes, etc. (71.18; per cent) ...... - ...... $9,332,921 31 Net Earnings (28.815 per cent) ...... $3,777,876 82 INTEREST. . Interest on Funded Debt ...... $245,000 00 Interest on other Debt, less Int. Rec’d. . 51,485 64 ( , _ RENT or OTHER ROADS. 7777"’ $2')6’48° 64 Eastern Railroad ...... -‘$871,452 75 Worcester, Nashua and Rochester R.R. 250,000 00 l Portland, Saco and Portsmouth R.R. . . 90,300 00} 1 Portsmouth, Gt. Falls and Conway R.R. 45,250 001 i Portsmouth and Dover R.R ...... 46,140 00§ Lowell and Andover R.R ...... 52,500.01»: Dover and Winnipiseogee R.R ...... 29,000 O0 Eastern R.R. in New Hampshire ...... 22,500 O0‘: Manchester and Lawrence R.R.. . . 102,500 00> , Newburyport City l{.R ...... 6,000 00, .1 West Amesbury Branch R.R ...... 5,700 00 l KennebunkWolfeborough and R-.1t Kennebunkport ...... R.R...... 2,9252.240 00;00

Boston and Lowell R.R ...... 655,266 95‘ Nashua and Lowell R.1{ ...... 73,000 00. Stony Brook R.R ...... 20,000 00 Wilton 11.1; ...... 10,950 00, Peterborough R.R ...... 35,699 64 Central Massachusetts R.R ...... 101,500 00‘ Connecticut & Passumpsic Rivers R.R. 233,000 00‘ l Massawippi Valley Railway ...... 44,000 00. 7 Sundry Track Rentals ...... 7,037 50‘ 2,712,961 34. Northern Total Fixed R.1{.-Contract Charges . . . (9 . . months)...... 1, L 149,940 " 00, l$3,1-59.387 43 Surplus of Net Earnings over Fixed Charges. . . . . I $618,489 34 Less Dividend of tlve per cent, paid May 15,1888. $350,000 00‘ Less Dividend of four per cent declared payable 1 Nov. V Deﬁcit 15, 18881’

‘ Cliarged in Expenses, in nccordanuc with terms of lease of Eastern Railroad. ANNUAL REPORT OF THE [1887-88.

No. 2. GENERAL BALANCE SHEET, SEPT. 30, 1888. RESOURCES.

CONS TR U0’ TI01\'. Grading and Masonry ...... $2,713,882 12 Bridges ...... 952,344, 95 Superstructure and Rails ...... 1,924,807 33 Passenger and Freight Stations, etc ...... 771,405 33 Engine Houses, Car-Sheds and Turn-Tables ...... 164,713 98 Shops, Machinery and Tools ...... 133,283 50 Land, Land Damage and Fences ...... 2,512,997 59 Engineering and General Expenses ...... 365,474 39 Interest and Discount...... 82,028 44 Total Construction ...... $9,620,937 63 EQ UIPMEN 7'. Locomotives ...... $401,000 00 - Snow-Ploughs on Wheels ...... 7,000 00 Passenger, Baggage, Mail and Express Cars ...... 400,475 00 Freight and other Cars ...... 499,705 00 Total Equipment ...... 1,308,180 00 Total Construction and Equipment ...... $10,929,117 63 IN VES TMENTS. ‘Property Account.—Real Estate ...... $51,449 71 Dover and Winnipiseogee R.'R. Stock ...... 263,144 48 Danvers R.R. Bonds and Account ...... 152,445 00 Newburyport R.R. Stocks and Bonds ------502,495 95 Portland and Rochester R.R. Stock ...... 300,000 00 Orchard Beach R.R, Stock...... 49,624 89 ,Portland and Ogdensburg R.R. Stock ...... 146,238 80 Steamer Mt. Washington and Wharves ------. - . . . 69.260 24 Total Investments ...... 1,334,657 07 CASE ASSETS. Cash ...... $161,749 00 Bills Receivable ...... 210,715 74 Trustees of Sinking Fund ...... 128,075 29 Materials and Supplies on hand. . 1,495,524 22 Due from Agents and Conductors ...... 536,590 49, Due from Railroads and Others ...... 1,148,672 32.‘ Total Cash Assets ...... 1 3,681,327 06 SUNDIE Y ITEMS. Improvement Account ...... 81,779,421 89: Improvement Account, Eastern R.R ...... 1,091,100 94; Improvement Account, Boston & Lowell R.R- - - - 121,081 46= Improvement Account, Dover & Winnipiseogee RR. 35,236 64, Improvement Account, Wilton R.R ...... 26,070 11‘ Improvement Account, VVorcester, Nashua and‘ Rochester R.R ...... 4,799 52‘ Improvement Account, Manchester and Lawrence Railroad ...... 1,525 65‘. Improvement Account, Peterborough R.R ...... 2,700 001 Improvement Account, Lowell and Andover RR. .7 118,558 92 Central Mass. R.R. Construction ...... 139,834 58. Salmon Falls Bridge ...... , 79,784 59‘ Mystic Wharf Improvement. . . , ...... 1 109,052 24 Accrued Taxes ...... 120,975 67. Total Sundry Items ...... 3,623,342 21 Torn , ...... s—19,568,44a 97 1301-00.] BOSTON ANQ MAINE RAILROAD.

No. 2. GEN ERAL BALANCE $HEET—Concluded. LIABILITIES.

Capital Stock, 70,000 shares ...... ' $1,000,000 00 Bonds due January 1, 1893, 7 per cent ...... $1,500,000 00 Bonds due January 1, 1894, 7 per cent...... 2,000,000 00 Improvement Bonds due February 2, 1905, 4 per cent 1,000,000 00 Improvement Bonds due February 1, 1907, 4 per cent 500,000 00 Improvement Bonds due February 1, 1937, 4 per cent 673,000 00

Total Funded Debt ...... I 5,673,000 00

Notes Payable ...... $2,213,000 00 Current Bills* ...... 1,004,122 31 Unpaid Wages*...... 170,808 41 Rents of Leased Roads Accrued, Unpaid ...... 375,800 3s Interest Accrued, not yet due . ------. - . . . 10.130 00 Bond Interest uncalled for...... s,s10 00 Dividends uncalled for ...... 10,091 00 Current Traﬂic Balances due Railroads and 0t11ers* 004,429 01 Eastern R.R. Lease Account...... 110,240 33 Boston and Lowell R.R. Lease Account ...... 34,931 11 Conn. and Pass. Rivers R.R. Lease Account ...... 130,921 03 4,939,410 10 Improvement Account Fund...... 123,015 29 Proﬁt and Loss.-Surplus ...... 1,111,949 92

319,003,44331

* Nor|»:.— The books show, at the end of each month, the total liability for the month, for materials purchased, wages due employés, and balances due connecting roads, all of which are settled as soon as the accounts can be audited and approved. TVIINNV J.'1IOI§I .10 (>IH.L '88-L881]

13,110,79813 |,$14.970.258 7171$14,970,258 - ,

RochesIncreaseinvaluationPortlandandByof 144,o11491,777,949921251115....IBalance ...... SEPT.ACCOUNTFORTHEYEARENDING30,I888.LOSSANDPROFITDr.

I 92$1,777,949ByBalanceyear’saccount...tonext ... _

98‘ IncomefromInvestments....164,637 IncomefromofRoad...11,26962Use RailroadStock60,45944terto par11...

31,692651ExtraBaggage .... $1,799,001Balance,Sept.14By30,1887“$9,332,921311OperatingExpensesTo .....,. Miscellaneous66,36077 ..... $Oenassenger° ’$12,492,30879 “64‘‘ 296,485Accrued..ToInterestByEarnings, .... Express346,13877 ..... ‘ 700,00000Freight..5,700,56881 ,--—.... Mai1...... 156,55350, ..1.

842,862,901 OtherRO&dSOfTRI3P4896564-4 --.. ____'

No.3.

1:-ii4—{——~ ,

00-$350,000cent.5Paid,Nov.15,1887, per 00,..‘-$50,000cent..May1888,5Paid,15, per; . ‘

Dividends:To 1887-88.] BOSTON AND MAINE RAILROAD.

No. 4-. GROSS EARNINGS, OPERATING EXPENSES AND NET EARN~ INGS, BY MONTHS, FOR THE YEAR ENDING SEPT. 30,1888.

Operating Expenses, MONTHS. Gross Earnings. Taxes, etc. N et Eammgs ' -.

October, 1887... $1,136,924 64 $762,453 91 $374,470 73

November ...... 1,034,791 83 765,334 01 269,457 82‘

December ...... 958,783 50 787,670 71 171,112 79

January, 1888... 871,235 89 721,868 16 149,367 73

February ...... 950,927 72 713,627 19 237,300 53

March ...... 952,672 35 779,338 66 173,333 69

1,022,150 92 678,757 36 343,393 56

1,068,850 65 758,778 47 310,072 18

1,154,905 20 904,742 68 250,162

1,272,710 69 893,610 34 379,100

1,409,533 76 847,265 02 562,268

1,277,310 98 719,474 80 557,836 18

$13,110,798 13 $9,332,921 31 — $3,777,876 82 ’IVIlN.bIV .I.HOI§I KO C>IH.I.

91,136,92464 1,034,79183 958,78350 89871,235 950,92772 952,67235 1,022,15092 1,068,85065 1,154,90520 1,272,71069 1,409,53376 981,277,310 13,110,79813

Earnings fromall Sources. l Total

1 6,11600 7,88656 5,91472 6,49680 1 4,79887 2,68479 5,10027 l 4,53352 6,05659 5,80895 4,09324 66,36077 Miscella neous Income. 96!86,87o 4608\$1,144$19,108

. l 3fromUse 68‘ 8889,47230 73! 9727626,308 03,‘ 65,8961,01602 04' 14,41548823, 76} 21,37983211 46* 6012,408685 15,1113211,05795 94,1,0557026,987 8925466,47332 1,0933319,66850 11,26962‘ Income Road. of ALL. 1888.30,ENDINGSEPT.SOURCESFORTHEYEARFROMGROSSEARNINGS

, 80i 1,14193,11,419 7 ~--1 »~~-— 81‘ 471 5,700,56812,724,518308,64927 1 Income Property andRents. from

14,$1,109,801 85‘ 1,018,314 938,33521 838,03968 871 877,518 932,97021 26' 997,254 32: 1,050,656 41: 1,134,202 46; 1,238,610 1,336,35895 91 1,252,455 Transporta Earnings. Total tion

$508,55382 478,10976 450,205501 396,05327 433,64836: 452,24911 42442,631 496,69324, 518,96245 541 492,307 16' 513,029 518,12518 Freight.

I 443,870511 791 823,329 734,330731 NO.5. $601,247 32 540,20509 488,12971 41; 441,986 10, 480,721 84;554,622 08] 553,963 96‘ 615,239 92: 746,302 46‘ 7,023,949 Passenger Department. = Total

30‘ 811,432 11,45510. 11,84892 13,46431 13,33123 13,64495 13,49833 13,39778 13,71019 11‘13,352 97 13,485 13,93231 346,138156,5535077 . Express.Mails.

825,47955 24,53555 74'25,297 25,31128 25,38467 27,68350 28,67930 29,97437 35,07180 31,94476 34,22344 32,55281

018-2,894 $561,44146, 449,562981,42007; 1,34534 1,78795 2,89799 3,24028 2,96844 3,02987, 2,42675 493,579 4,03274 31,69265 Baggage Storage. Extra. and

401,865481 403,36666 436,49466 509,20493‘ 507,62249 563,42810 698,579 772,04089 683,81287, 6,489,56454 . Passengers.

i17' 502,1452,06927 November. . December... MONTHS. February - 1887. October ... 1888. January .-. March .. 1887-88.] BOSTON AND MAINE RAILROAD.

No. 6.

OPERATING EXPENSES IN DETAIL FOR THE YEAR ENDING

SEPT. 30,1888.

GEXEIBAL EXPENSES OF OFFICE AN’) PROPERTY.

Salaries of General Oﬂicers and Clerks...... 992,003 s2 General Office Expenses ...... 9,901 s9 Expenses of Directors’ and Pay Cars...... 3,390 s1 Stationery, Printing and Advertising for Office . . . 0,303 05 Contingent Expenses...... 31,230 40 $110,193 02 Legal Expenses ...... 60,655 01 Insurance Premiums ...... $29,111 s9 Protection Against Fire ...... 1,911 90 Fires Set by Locomotives . - ...... 37,500 49 Tenement Expenses ...... 42,146 77 Eastern Transfer Expenses ...... 3,315 55

Total General Expenses of Ofﬁce and Property, $314,412 10

GEWERAL EXPENSES OF TRANSPORTATION. Injuries and -Damages to Employés ...... $42,934 10 Injuries and Damages to Live Stock ...... 1,999 44 Injuries and Damages to Passengers ...... 121,010 20 Injuries and Damages to Property, Trespassers andOthers ...... 43,910 13 $212,003 93 Telegraph Expenses, Salaries and Wages ...... 311,230 9s Telegraph Expenses, Supplies, etc ...... ' 2,221 10 Telegraph Expenses, Stationery and Printing. . . . . 1,490 00 Repairs of Telegraph Line...... ' 3,000 20 Telephone Expenses ...... 3,903 11 87,993 Wages of Crossing-Tenders ...... $192,104 45 Fuel and Supplies for Crossings ...... 3,329 1s 186,612 Wages of Draw-Tenders ...... $28,779 79 Fuel and Supplies for Drawbridges ...... 899 51 29,679 Wages of Signal-Men ...... 1 . . . . $32,005 00 Fuel and Supplies for Signal-Men ...... 1,101 44 33,833 Automatic and Electric Signals ...... 11,793 Wages of Switchmen ...... $104,000 14 Fuel and Supplies for Switchmen . . . ._...... 3,290 20 107,301 Wages of Station-Watchmen ...... $40,191 94 Supplies for Station-Watchmen ...... 719 18 40,917 Removing Ice and Snow, Labor and Supplies ...... $74,534 18 Removing Ice and Snow, Locomotive, Use ...... 4,707 22 79,241

Total General Expenses of Transportation.. . . 789,436 ANNUAL REPORT OF THE [1887-88.

PASSENGER TIIANSPURTATIOIV EXPENSES. General Superintendence and Clerks ...... $47,813 05 General Otllce Expenses ...... 2,838 49 Stationery and Printing ...... 7,194 16 Tickets and Baggage Checks ...... 32,159 79 Contingent Expenses ...... 4,669 28 Loss and Damage of Baggage ...... 1,029 37 -$95,704 14 Regular Advertising ...... $24.86-4 75 Special Ad\'€I'iJl.~ll1g ...... 8,593 10 Outside Agencies ...... 8,949 89 42,407 74 Supervision and General Expense, Passenger Tr’ns $3,853 96 Wages of Conductors and Trainmen ...... 345,750 90 Wages of‘ Shifters and Yardmen ...... 21,032 69 Heating and Lighting Passenger Trains - - - - . . - . . - 58,947 67 Lubricating Oil, Waste and Tallow for Passenger Trains ...... ‘ 12,353 26 Stationery and Printing for Passenger Trains. . . . . 3,472 17 Miscellaneous Supplies and Expenses, Passenger Trains ...... 11,804 50 Wrecking Expenses ...... 1,292 23 458 ,507 38 Agents and Station Labor ...... $263,330 27 Water, Heating and Lighting, Passenger Stations. 81,519 92 Stationery and Printing for Passenger Stations. . . 5,216 O6 Furniture and Miscellaneous Supplies, Passenger Stations ...... - ...... 11,435 84 I Miscellaneous Expenses of Passenger Stations. . . . 18,686 59 380,188 68 Mileage of Passenger Cars...... 12,364 82

Total Passenger Transportation Expenses - - - - ‘$989,172 76

FREIGHT TRANSPORTA TION EXPENSES. General Superintendence and Clerks ...... $52,291 66 General Ofﬁce Expenses ...... 2,869 01 Stationery and Printing 5,714 99 Advertising Freight Business ...... 1,272 37 Li11e Expenses ...... 1,074 33 Loss and Damage of Freight ...... 13,599 90 Contingent Expenses ...... 410 21 $77,232 47 Supervision and General Expense, Freight Trains. $24,948 08 Wages of Conductors and Trainmen ...... 261,715 35 Wages of Shifters and Yardmen ...... 150,960 24 Heating and Lighting Freight Trains ...... 3,738 19 Lubricating Oil, Waste and Tallow for Freight Stationery ’1‘rains . . and . . . . Printing ...... for. . . . Freight ...... Trains...... 10,526 37 2,318 61 Miscellaneous Supplies and Expenses, Freight Trains ...... _ ...... 8,956 89 Wrecking Expenses ...... 5,608 15 468,771 88 Agents and Station Labor ...... $548,352 02 “later, Heating and Lighting, Freight Stations. . . 11,947 59 Stationery and Printing for “ “ 22,925 80 Miscellaneous Supplies for tn H 5,393 89 Miscellaneous Expenses of as an 17,056 21 605,675 51 Mileage of Freight Cars ...... 117,792 90

Total Freight Transportation Expenses...... $1,269,472 76 1887-88.] BOSTONIAND MAINE RAILROAD.

)IOTIVE—POWl'R EXPENSES. Superintendence and Clerks ...... $22,476 73 Oﬂice and Miscellaneous Supplies and Expenses. . . 231 35 Stationery and Printing 1,134 25 Engine-House Labor and Expenses ...... 29,659 67 ' Watching Expenses ...... 29,551 93 ——?-— $83,053 93 Repairs of Tools and Machinery ...... 36,224 13 Repairs of Locomotives ...... 368,470 94 New Locomotives ...... 52,012 66 Water Supply ...... 52,499 57 Wages of Passenger Enginemen and Firemen. . . . . $342,652 50 \Vages of Passenger Switching Enginemen and Firemen ...... 16,044 66 Wages of Freight Enginemen and Firemen ...... 183,123 17 Wages of Freight Switching Enginemen and Fire men ...... 83,847 68 -—-4 625,668 01 Cleaning Passenger Engines ...... $44,366 85 Cleaning Freight Engines ...... 33,078 50 77,445 35 Head-Light and Illuminating Oil ...... $1,267 76 Lubricating Oil, Waste and Tallow ...... 21,739 87 Lanterns, Tools and Small Stores ...... 9,758 12 ii 32,765 75 Fuel for Passenger Locomotives ...... $541,927 86 Fuel for Passenger Switching Locomotives ...... 24,347 99 Fuel for Freight Locomotives ...... 323,628 40 Fuel for Freight Switching Locomotives ...... 129,274 28 1,019,178 53

Total lV['otive-Power Expenses ...... $2,347,318 92

MAINTENANCE OF CARS. Superintendence and Clerks ...... $10,947 19 Oﬂice and Miscellaneous Supplies and Expenses... 316 65 Stationery and Printing ...... 934 75 Watching Expenses ...... 6,812 99 -_-_-— $19,011 Repairs of Tools and Machinery 24,562 Painting and Varnishing Passenger Cars ...... $68,606 65 General Repairs of Passenger Cars ...... 229,127 76 297,734 New Passenger, Baggage. Mail and Express Cars- 78,212 Painting and Varnishing Pullman Cars ...... $162 92 General Repairs of Pullman Cars ...... 521 62 —— 684 General Repairs of Local Freight Cars ...... $225,423 45 General Repairs of Foreign Freight Cars ...... 50,283 91 -— 275,707 36 New Freight Cars ...... 83,882 23 Repairs of Boarding and Tool Cars ...... $5,492 22 Repairs of Gravel Cars ...... 2,493 10 i———-- 32 Repairs of Snow-Ploughs ...... , 50 Oiling, Cleaning and Inspecting Passenger Cars. . . $76,311 79 Oiling, Cleaning and Inspecting Freight Cars. . . . . 28,560 15 —-ii 104,871 94

Total Maintenance of Cars ...... $397,406 82 ANNUAL REPORT OF THE [l887—88.

)!AINTE'NANUE' OF’ WA Y AND BUIEDINOS. Superintendence and Clerks ...... $16,444 70 Oﬂice and Miscellaneous Supplies ...... 1,795 59 Stationery and Printing ...... 993 13 Engineering ...... _ 6,427 92 Watching Expenses ...... 2,263 07 _—__ $27,924 41 General Repairs of Track, Labor ...... $570,298 64 General Repairs of Track, Material ...... 15,228 54 Working Trains and Extra Crews ------. . ------182,280 58 Joint Fastenings ...... 47,434 45 Frogs and Switches ...... 53,051 18 Track Spikes ...... 18,913 17 Hand-Cars and Tools . . 18,931 57 Road Crossings ...... 28,791 B4 Signs and Mile-Posts ...... 2,629 28 Fencing ...... 26,698 56 Real Estate for Track ...... 746 30 965,004 11 Steel Rails laid ...... $170,657 81 Iron Rails laid ...... 6,165 63 176,823 44 Cross Ties laid ...... $184,602 O1 Switch Ties laid ...... 16,250 98 4- 200,852 99 Bridges and Culverts ...... _...... $249,547 72 Overhead Bridges ...... 14,032 74 New Bridges ...... 100,409 44 ii 363,989 90 Shops and Storehouses ...... $39,669 53 Tools and Machinery ...... 16,687 84 Car-Houses ...... 3,102 49 Engine-Houses and Turn-Tables ...... 41,823 15 Water-Tanks and Pumping Machinery ...... 27,942 98 Coal and Wood Sheds and Fixtures...... 11,993 79 Station Buildings and Grounds ...... 105,599 11 Mast Signals, Signal and Section Houses ...... 11,428 24 Docks and Wharves ...... 8,266 48 Real Estate for Buildings ...... 1,053 25 Furniture and Fixtures for Construction Cars . . . . 188 80 —i——i 267,755 66

Total Maintenance of Way and Buildings - - . $2,002,350 51

Total Operating Expenses (65-668 per cent). . $8,609,570 08 ..... $632,198 46 Interest on Improvement Bonds ...... 79,377 77 Sinking Fund for Redemption of Improvement Bonds ...... 11,775 00 723,351 23

Total Operating Expenses, Taxes, etc. (71. 185 per cent) ...... $9,332,921 31 1887-88.] BOSTON AND MAINE RAILROAD.

No. 7.

MILEAGE AND TRAFFIC STATISTICS.

Miles run by Passenger Trains ...... 5,618,402 Miles run by Freight Trains ...... 3,024,807 Miles run in Passenger and Freight Switching ...... 1,663,742 Miles run by Working Trains...... 333,232

Total 'l‘rain Miles ...... |-.--~-¢.- - - - . - . . . - . . . 10,640,183 Average Gross Earnings per Revenue Train Mile...... $1 52 Average Operating Expenses per Revenue Train Mile ...... 1 00 Average Operating Expenses, Taxes, etc., per Revenue 'l‘1-aini Mile ...... 1 07 Average Net Earnings per Revenue Train Mile ...... ‘ 45 Average Gross Earnings per Total Train Mile ...... 1 23 Average Operating Expenses per Total Train Mile ...... 81 Average Operating Expenses, Taxes, etc., per Total Train Mile. 87 Average Net Earnings per Total Train Mile ...... 36 ¢;7,,* ; -..._ , 1 PASSENGER TRAFFIC. Number of season-ticket passengers carried ...... 2,380,944 Number of local passengers carried (including season) ...... 25,586,971 Number of foreign passengers carried ...... - . . . 1,052,550 K Total number of passengers carried ...... 26,639,521 Number of local passengers carried one mile (including season) 278,921,490 Number of foreign passengers carried one mile ...... 56,180,693 Total number of passengers carried one mile ...... 335,102,183 Number of passengers to Boston (including season) ...... 8,734,164 Number of passengers from Boston (including season) ...... 8,690,158 Number of season-ticket passengers to and from Boston ...... 1,436,148 .53 - Average distance travelled per passenger ...... 1210Om1les Average rate of fare per mile received from season-ticket pas .924 sengers ...... 0 cent. Average rate of fare per mile received from local passengers . 934 (including season) ...... leents. Average rate of fare per mile received from local passengers 2 .098 (not including season) ...... cents.

Average rate of fare per mile received from foreign passengers.

Average rate of fare per mile received from all passengers ......

FREIGHT TRAFFIC’. Number of tons of local freight carried ...... 3,284,694 Number of tons of foreign freight carried ...... 2,785,136 Total number of tons of freight carried ...... 6,069,830 Tons of local freight carried one mile ...... 119,616,975 Tons of foreign freight carried one mile ...... 171,942,772 Total tons of freight carried one mile ...... 291,559,747 0 . Average length of haul per ton of freight ...... 48% miles

Average rate per ton per mile received on local freight ......

Average rate per ton per mile received on foreign freight ...... 4

Average rate per ton per mile received on all freight......

ANNUAL REPORT OF THE [1887-88

No. 8.

DESCRIPTION OF ROAD.

1 Total Miles Miles Main Line. ‘ Miles ,1 Owned. Leased. _OP".1".".‘7~‘_i

Boston, Mass., to Portland, Maine ...... 115.50 115.50 Boston to New Hampshire State Line—Easternl Railroad ...... ‘ 41. 45 New Hampshire State Line to Maine State Line —Eastern Railroad in N.H ...... 16, 08 Maine State Line to Portland—Portland, Saco and Portsmouth Railroad ...... 50. Total Miles Boston to Port1and— Eastern Divi-‘ S1011 ...... 7 108.29 Conway Junction to North Con\vay— Ports mouth, Great Falls and Conway Railroad-.. . . 72. 72.86 Worcester, Mass., to Rochester, N.H.— Worces ter, Nashua and Rochester R.R ...... 94. 94.48 Boston, Mass, to Lowell, Mass.— Boston and Lowell Railroad ...... 26. 26.75 Lowell, Mass., to Nashua, N.H.—Nashua and Lowell Railroad ...... 14. 14.50 Concord, N.H., to White River Junction, Vt. Northern Railroad _ ...... 69. 69.50 White River Junction, Vt., to Canada Line — Conn. and Pass. Rivers R.R ...... 110. 110.30 Canada Line to Lennoxville, P.Q.—Massawippi~ Valley ...... 36.75 North Cambridge Junction, Mass., to Northamp ton, Mass.— Central Mass. R.R ...... _98.7_7 Total length of Main Lines ...... , 747.70 Branches. Medford, single track ...... Methuen, single track, 2.75; double track, 1. . . Great Falls, single track...... ‘ Total Length of Branches owned ...... 8.50 Newburyport and Danvers, single track ...... 36. 24 Lowell and Andover, double track ...... 73 Manchester and Lawrence, single track...... ‘ .39 West Amesbury, single track ...... 1 ...... 50 Dover and Winnipiseogee, single track ...... Kennebunk and Kennebunkport, single track.. .50 East Boston, single track, 1.91; double track, ~ 1.56 ...... U3l\'.?I—*d§d’;®'O0205'-"1O>—IO3 - I Charlestown, double track ...... 09 Saugus, single track,...... 55 Chelsea Beach, single track ...... 78 S\vampscott, single track ...... 96 Marblehead. single track ...... 52 Lawrence, Eastern Division, single track. 18.25: double track, 1.64 ...... 89 South Reading, single track ...... 12 Gloucester, single track ...... I-I1-4 .94 Essex, single track ...... 00 Asbury Grove, single track ...... 06 Newburyport City, single track ...... 24 Salisbury, single track ...... 79 Portsmouth and Dover, single track ...... 1887-88.] BOSTON AND MAINE RAILROAD.

DESCRIPTION OF R OAD.—C0ncZuderI.

4 Miles Miles 513:: ;Owned. Leased. Operated

Wolfeboro, single track ...... 12.03 Stony Brook, single track ...... 13.16 Wilton, single track ...... 15.50 Peterborough, single track ...... 10.50 *Manchester and Keene, single track ...... ; 29.59 Mystic, single track ...... { . 25 Lexington, double track, 6.04; single track, 3.21“ .25 Woburn, double track ...... 20 Stoneham, single track ...... 50 Lawrence, Southern Division, double track . . . . .21 Salem and Lowell, single track...... 80 Lowell and Lawrence, single track ...... 42 Middlesex Central, single track ...... 08 Bedford and Billerica, single track...... 63 Bristol, single track...... 41 Peterborough and Hillsborough, single track. . .51 Concord and Claremont, single track ...... 90 Total Length of Branches leased ...... ' 452.59 Total Length of all Branches, 461.09 miles. Total Miles of Road operated...... 124. 1084.79 1208.79 Double Track on Main Line ...... 70.96 93.24 164-20 Double Track on Branches ...... 1 . 19.74 20.74 Total Length of Double Track...... 71.96 112.98 184.94 Total Length of Sidings ...... 101.47 298.56 400.03 Total Length of Track operated ...... 297-43 1496.33 1793.76

"' Operated for joint account with Concord R.R.

ANNUAL REPOR T. [1887—88,

_No. 9.

ROLLING STOCK.

DESCRIPTION. Owned Leased. Total.

Passenger ...... 13000110 ...... TIVES...... 69 159 228

Freight ...... 37 77 114 Switching ...... 17 62 79

Total Number Locomotives ...... 123 298 = 421 _ 1--iii PASSENGER EQUIPMENT. ‘ Passenger Cars ...... 214 362 576 Parlor Cars...... 12 11 1 23 Directors’ Cars ...... 1 1 Baggage Cars ...... 33 113 146 Mail Cars ...... 2 4 6 Express Cars ...... 7 30 37

Total Numb er Passenger, Baggage, Mail and Express Cars ...... 268 521 789

FREIGHT EQUIPMENT. _ 8-Wheel Box Freight Cars ...... 880 2,466 3,346 8-Wheel Box Freight Cars—Caboose Cars. .. . . 15 80 95 4-Wheel Box Freight Cars—Caboose Cars. . . . . 16 16 4-Wheel Box Freight Cars ...... 84 570 654 8-Wheel Stock Cars ...... 34 ; 34 8-Wheel Platform Freight Cars ...... 922 2,169 1 3,091 4-Wheel Platform Freight Cars ...... 431 283 714 8-WheelCoalCars...... 30 125 1 155 4-Wheel Coal Dump Cars...... 487 1,434 1,921 8-Wheel Oil Tank Cars ...... 10 2 12 6-Wheel Platform Sto11e Cars ...... 25 25 Total Number Freight Cars ...... 2,859 1,204 i 10,063 Total Number on a basis of 8 Wheels. . . . . 2,358 6,0465 8,4044

GRAVEL, TOOL, ETC. 4-Wheel Gravel Dump Cars...... 83 138 1 221 8-Wheel Tool Cars—Box Cars ...... 5 19 24 8-Wheel Boarding Cars ...... 18 ' 18 8-Wheel Derrick Cars ...... 14 14 4-Wheel Derrick Cars ...... 4 9 13 8-Wheel Steam Shovel Cars ...... 1 1 8-Wheel Pile Driver Cars ...... 1 1 2

Total Number Gravel, Tool, etc., Cars .. . . 94 199 293

Snow-Plows on Wheels ...... 16 34 50

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