The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1880-11-20
BOSTON AND MAINE.
The Annual Report of the Directors.

The Directors of the Boston and Maine rail-
road, in their 47th annual report to the stock.
holders, say:
1t is great satisfaction to your directors to
be able to report a year of successful results.
The many years of the financial depression
weighed heavily upon those on whom the re-
sponslbility of the management of your prop
erty devolved. They rejoice with YOU that
this corporation has passed unframed tt trough
the severe trials to which all railroad property
was subjected during the late financial crisis
The indications of the turning of the tide and
OF more prosperous future, as suggested in
our last annual report. have, we are pleased to
say, been fully realized. The operations of
the road the past year have been without in
terruption.: Its duty to all has been faithfully
discharged, and, thanks to a kind Providence,
we have been visited by no serious calamity.
1t 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 we must
look for the principal part of our net revenue
In the future. The increase in this class of
business on onr road during the past twenty
years in passenger traffic has been from
SAT 900 in the year 1860 land this included
the business from the Portland, Saco and
Portsmouth railroad and the Newburyport
and Danvers road) to $1,225 600 in 1880,
while in freight traffic there has been CORE
spending increase
The figures show our gross income the last
year to have been 1928, $751; 40 greater than for
the year previous, and $u0S53.27 in excess of
any other year of the road. Our net earnings
for the past year are S13S, LOG. 10 more than the
year previous, Notwithstanding our expenses
have so largely increased. This large increase
IN our expenses is accounted for by largely in
creased business, the miles run the past wear
nd
by charging to expense many items that form
erly went to construction, such as S57, 1853 OF
for new freight cars, $10,5S9.47 for new passen-
ger cars, WI, 14S for new locomotives, and
WI ,O2650 filling Prison Point Bay, aggregat-
ing 1922 ,561.99. You have received from the
net earnings of the year one dividend of three
and one-half per cent, and will receive on the
10th OF November another of four per cent
In addition to these dividends we have. of the
net earnings carried to the credit of improve
ment account the sum of $4,000 and the sum
OF $13 % to profit and loss.
Your equipment has been improved during
the year by the purchase of three first-class
engines and two first-class passenger cars; and
we have constructed at our shops and purchas-
ed one new combined passenger and baggage
car, fifty long box freight cars and one hun
dred and one coal dump cars. Our road-bed
and superStructure were never in better condi-
ton than at the present time We have laid
down during the year past, 4006-5280 miles of
not including that laid on our new double
track. We have now 125 2356-5280 miles of
steel track.
We have completed, and are now using the
new double track from Newton junction to
Little River in Hayerhill We have also
built about three miles of double track west
from Portland, to the point of the crossing of
the Portsmouth, Saco & Portland railroad, in
Scarboro. The whole length of double track
constructed during the year is nine miles. The
amount expended upon this new track to
Sept. 30. 1880, was S75, 2396S
Our last report informed you that new loca-
lions OF our main line of road in Massachusetts,
mad been filed under an act of said State
passed in 1878. An additional act, approved
Feb. 16, 1880, compels us to file within the
present. calendar year new location of both
the Newburyport and the Danvers railroads
Our engineer has spent much time and labor
upon this work, and will complete it within
the time specified. The filling Of Prison Point
Bay, under the legislative act of 1878, has
been carried on during the year, and we hope
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
The construction account during the last
year has been diminished $3,S61.5S by the sale
of real estate no longer required for the use of
the road. Our floating debt has been redu ced
during the year, and stood at the close of bust
ness on the thirtieth day of September 1880,
at $7,0O90S, none of which sum is due and
paya BILE.
The passenger and freight business of the
year, as compared with that of the year previ-
GUS, stands as follows:
1879. 1880.
Passengers carried. ....... 4,572J75 4.S29.O2S
Passengers carried mile ga, 974753 68.596,S7O
Tons of freight carried. :. eS550S S1O122
Tons of freight carried one
mile. ................32 1884, 95 1862, oo4
showing net gain of 256,S53 passengers, and
for one mile net gain of 1929, III; and in
freight, gain of ~, 524 tons, and for one mile
gain of 1917 ,709 TONS
contract has been made for the coustruc-
ton of most subtantial double-track iron
bridge over the Merrimack river at Haverhill.
and $4,000 has been appropriated for the
construction of this new bridge and for other
purposes.
Following is the exhibit for the year ending
Sept. 80:
Gross receipts. ................S 50, 532 ;952.51
Operating expenses. 81 1856 ,3396I
Tox Ar,.-