Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1871-01-06

THE TwENTY-sIXTH ANNUAL REPORT of the
directors of the Providence and Worcester rail-
road company, just issued, embraces the bust
ness of the company during period OF ten
months only, in consequence Of an act of the
Legislature of this state, requiring all railroads
make their reports on the Both of September,
instead OF the 3Oth of November. This will re-
quire the fiscal year to end hereafter with the
asst day of September The road and its equip
ments are in excellent condition. Two new
trains have been put on the road during the
year; an express train between Providence and
Worcester, stopping only at Woonsocket and
Uxbridge, and al accommodation train between
Providence and Woonsocket. These trains are
very POPULAR and are expected soon TO be Il
source of profit to the road, if they are not so
already. Before laying the rails on the extend
ID double track from Worcester toward Provi
dence, it will be necessary to widen several
bridges and rebuild entirely one or two. This
will be done in early spring, when the iron will
be laid and the road put in use. The coal pock-
cts of the company on their wharf, which were
destroyed by fire last June, have been rebuilt
with large additions, and still larger additions
will be made in the spring, for which the ma
terial is ordered. 1t has been suggested that the
coal business should be done over a branch road
10 be built along the bank of the Seekonk river,
but this the report says cannot be done unless
the stockholders are willing to be reduced at
least one-thr in dividends.
In extending the double track, and to provide
other needed Improvements, as well as to pay
the floating debt, it was found necessary either
to increase the capital stock or issue bonds-the
board, thinking the latter the most prudent,
voted to create 100000 of six per cent coupon
bonds payable in ten years, the interest payable
semannually, secured by a mortgage Of the
road and its equipments to Messrs. R. H. Ives
and William Binney, trustees.
Of these bonds s2Os 900 have been sold at par,
and the remainder will be issued as needed, and
the proceeds applied as above stated, leaving
no debt on the road except its bonded debt.
Several accidents have happened during the
year, but not ono, it is believed, in which any
blame can attach to the management of the
road. The directors believe that, with continued
and proper economy in its management, this
road will continue one of the best paying roads
in New England. An examination of the bust
ness during the months of October and Novem-
Der warranting the customary sem-annual divi-
dend of FIVE per cent, they have declared the
same, and it Is now being paid.
The income of the road during the ten months
has been
For transportation of passengers. S2SO174 Al
For transportation of freight. ........ 365290 SO
For transportation of mails ............ 4,l40 70
Rents. ....,.,.'..,..,... 2,692 Ol
Express. 9,41S IS
Total ACKNOWLEDGEMENTS. S66l,7l6 81
The expenses during the same time have
been
For operating the road. ............. S2SS,3l3 80
For maintaining the road. ............. 1884 3S
Miscellaneous ACKNOWLEDGEMENTS. 1854 03
Total ACKNOWLEDGEMENTS. S4i2,5o2 81
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