Morning journal and courier., 1881-06-08
Air Line Railroad.


The Annual MeetIng-The Report OF the |
Board of Directors.
At the annual meeting of the Boston and |
New York Air Line Railroad company, which |
was held yesterday afternoon in the Common
Council chamber, in MiddIetown, the reports
showed an increased expenditure for the in
terests of the road in improving it last year,
which necessitated skipping dividend, but
prosperity it was felt was assured
by the steps taken to improve the road The
directors report was as follows:
The following is general statement of the affairs
of this company for the year ending April 3d. 1881:
Gross earnings. 1ot ooe ae
Net earnings. ..............--. .$lb5,763 IA
Out of the earnings have been made the following
expenditures:
Interest on frst mortgage bonds 1900 o09 90 90
Cost COST of fe exchanging bonds and printing new
ponos- 800 ~
Tots, ss5 176 90
These expenditures were made imperative
by the condition of the company's plant, the
demands of the Board of Railroad Commits
sioners of the State of Connecticut and by
the exchange of first mortgage bonds as
agreed upon at the last annual meeting of
stockholders of this company. If the items
of expenditures for construction and equip
ment are particularized, they will show
considerable amount of work done essential
for safety and economy in the operation OF
the company's railroad.
EIGHT hundred tons of new steel rails have
been laid in track and fifteen thousand new
eross-ties. Contracts have been made where
by, with the sale of old rails already worn
out and the supply of new steel rails to be
furnished, the company will have contlnu-
Gus track of steel rails between its termini at
New Haven and Willimantic during the pres
emit fiscal year.
A new iron bridge, with good substantial
approaches, has been built over the Black
Ledge river. Two wooden trestles between
Middletown and East Hampton have been
replaced with bridges supported by abut-
ments of solid masonry. The bridges at
Black Ledge and Connecticut rivers, the Ly-
man and Rapallo viaducts and the East
Hampton and Cobalt trestles have been re-
painted The spans of the Connecticut river
bridge have been repaired with new stringers
and ties. The long trestle at New Haven
meadows has been repaired, involving the use
of SO, 276 feet of timber and 200 piles.
Several of the highway overhead bridges
have been entirely rebuilt nearly half mile
of side track has been laid from point OF
intersection with the main track at Portland
to the sandstone quarries of that town, for
the purpose of increasing the traffic in the
valuable building stone there found, and
right of way has been purchased sufficient to
extend the main track and to locate and es-
| tablish side tracks in the town of Whitman
tic.
In meeting these various expenditures and
anticipating others which our necessltles ano
the mandates of the Railroad Commissioners
| make compulsory, such as deIO at Middle
| town, the renewal of part of the New Haven,
trestle the filling of the wooden trestle at East
HAMPTON, the widening of the various en-
| bankments between Middletown and West
chester, the renewal of a large part of the
woodwork in the Rapallo and Lyman via
ducts and the requirement of desired termin
al facilities at Willimantic to relieve the com
PAW of the burdensome rent it is now pay
| ing therefor, the directors and executive Off
| GERS have been embarrassed in their efforts tc
secure a sufficient amount of net earnings te
pay the stockholders a dividend on thell
| stock.
It must be clear to careful observer Of
| the accounts accompanying this report that
| relieved of the expenditures of the past veal
i that may well be called extraordinary an6
| which do not annually occur, the Boston anc
| New York Air Line Railroad company has
| fully earned the dividend which its manage
ment had hoped to declare.
The year Just closed has beer
marked with many changes which vii
| encourage the board OF directors il
| future efforts to make the Boston and New
1 York Air Line railroad a dividend-payins
property. The principal of these are thu
| exchange of first mortgage bonds, which ha
decreased the annual fixed charge for inter
est from $50, 900 to $25, 900, the increase O
earnings under the pooling contract with tn
New York, New haven and Hartford Rail
road company on the present basis of di
/ vision, which has become established for
period of five years, and such an improved
| condition of the entire roadbed and super
| structure as to insure certain decrease il
operating expenses.
With the hope and conviction that thi
| company will soon be classified among tn
dividend paying roads of the State of Con
necticut this statement is respectfully sub
mitted
The general balance sheet of the conpan..
May l. 1881, showed:
Cost of property acquired by this COM
LII 4