The Portland daily press., 1894-09-25
BOSTON & MAINE.
Interesting Statements Taken From the
Annual Report.


Annual Report
. The annual report of the Boston &
Maine for the year ending June 30, 1894,
ls just at hand. 1t is a tale of hard
times<and business depression. But all
this is known to stock holders. The sat-
isfactory points are the explicit state
ments that none of the leased lines of the
system have proven burden to the
main company !; that the savings in op-
Grating expenses,ha not been to the de-
triment of the physical condition of the
property, and that, after the ayment of
the dividends balance, small though it
is, yet remains. Ii the road, in one of
the hardest years it has ever expert
enced, can do this, the future certainly is
exceedingly encouraging.
The statistics of earnings and expenses
have already appeared in our columns.
The balance available for dividends af-
ter the payment of all charges, including
sinking fund requirements, was ST.
$40, 800 dividends called for, ST, 321. .032;
thus leaving a balance of $199 47e. Pres
ident Tuttle, speaking of the depression
which marked the year, says in his re-
port: while the losses in earnings were
distributed over the entire system, they
were most severe in the more thickly
manufacturing and suburban districts
within radius of SO miles from Boston.
None of the company's leased s1ines have
proved burdensome, all, including the
Connecticut River railroad, having full
ly paid their operating expenses, fixed
charges and rentals from from the in
come they have directly contributed up
on their own lines without takiug into
account their great collateral benefit as
feeders of the general system.n
The detailed statement of the opera
ting charges shows that 1912. 433 less
were paid for maintenance of cars, and
$3O6. s37 less paid for maintenance of way
and buildings than in 1898. The report
says that the total amount expended
during the year for new rolling stock
was S414, 594.16, of which S123,2OO was
included in operating expenes; s95, ,93s. 10
was charged to unexpended balance of
the previous years equipment fund, and
81, s95, 455 81 to construction. There was
expended too, for repairs Of locomotives,
$265. 913- 2s; for repairs Of passenger,
baggage, mail and express cars, $685.
2S7. So; and for repairs of freight cars,
1888, 967.44. The operating expense for
maintenance of way and buildings in
cludes $1,095, 533 36 for repairs of road
bed and track, $193,212.S4 for steel rails
laid, $242, ,0s6. 81 for ties laid, $256, SOP. 42
for maintenance of bridges, and $780,
228.42 for maintenance of buildings and
structures. The construction and equip
ment account was increased during the
year by 50, 328,0S0. The funded debt OF
the road now amounts to S21, 741, ,7sO, and
increase of 8, 9O6, 555.
Regarding the sale Of bonds, the re-
portIsays: "In the early part of the fis-
cal year the company's floating debt was
about $4,000.000. Two million dollars of
seven per cent bonds would fall due on
the first day of January. There was need
ed for carrying on necessary permanent
Improvements, mainly connected with
the Boston passenger and freight termin-
ais, contracted for during the previous
fiscal year, about $2, 900, 900 additional, a
total of about S8, 600, 900, 600, the provision
of which was urgently demanded. AL
though the stringency of the money mar.
ket made it an unfortunate time for sell
ing the company's bonds. the conditions
were likewise highly un nfavorable for
continuing to carry SO large floating
Indebtedness and after the most care
full consideration your board decided
unanimously to sell Sc, 10000 of Boston
& Maine Ia per cent 50-year bonds, and
81 ,2S0, 600 of bonds of it's leased and pro-
prietary lines, to provide the funds for
discharging the floating Indebtedness,
refundlng the expiring bonds and pay
ing for the permanent improvements
aforesaid. The discounts and commits
sions incident to these bond sales
amounted to $311,3l1. 800, which amount
has been charged to profit and loss
"The bonds of the leased and proprie-
tary lines sold consisted of 100000 Bos-
ton & Lowell per cent 20-year bonds,
and 1925, 600 st. Johnsbury & Lake
Champlain railroad 5 per cent 50-year
bonds, turned over to this company in
part payment of advances made by it for
permanent improvements upon those
roads, the floating debt above referred to
onsisting inapart of those amounts. The
floating debt has been paid as rapidly as
it became due, and at the close of the
fiscal year was reduced to $3.50, 900. OF
this, 100000 has since been paid, and the
balance will be paid at maturity, No
VEN her."
U. S. CIRCUIT COURT.