The daily morning journal and courier., 1894-09-28
RAILROAD NOTES.
President Lucius Futile Tells of tho Years
 Doings on the Boston and Maine.

President Lucius Futile Tells Of tho Years
 Doings on the Boston and Maine.
 President Lucius Futile says in the annual report of the Boston and Maine railroad, just out:
 "The general depression in the mer- cantile and manufacturing business of the country, which has continued since the beginning of the fiscal year, has unfavorably affected the earnings of your property, so that the gross income has decreased, compared with the pre- vious year, $1,219.S23. The operating expense has been decreased $S75, ,917, and the surplus applicable to dividends and sinking funds has fallen off $6S9, 766. The fixed charges increased $345, 5,860, of which $234, ,145 is accounted for by the fact that the operations of the Connec- ticut River railroad are included for the full year, against six months of the previous year.
 While the losses in earnings were distributed over the entire system, they were most severe upon the more thickly populated portions, especially in the manufacturing and suburban districts within radius of fifty miles from Bos- ton. None of the company's leased lines have proved burdensome, all hav- ing fully paid their operating expenses, fixed charges and rentals from the in come they have directly contributed upon their own lines, without taing into account their great collateral bene- fit as feeders of the general system.
 While close economy in the admins tration of the property has been neces- sary, and the decrease in traffic has admitted of extensive reductions in train mileage, both passenger and freight, and in the number of persons employed in the transportation and mechanical departments, without dim finishing the efficiency of the service, it has not been considered advisable to allow the condition of the roadway, rolling stock and permanent structures to depreciate, and they have f - kept fully up to the standard of tl :ous year. The reduction of the (, terly dividend payments since the first quar- ter from g to $50 per share has been widely commended and is believed to have received the appreciation of stock holders generally"
 OLD COLONY RAILROADS ANNUAL MEET ING YESTERDAY.
 Boston, Sept. 25.-About fifty stock holders were present at the Old Colony Railroad company's annual meeting to- day The board of directors was reelect- ed by 1O,770 shares cast by forty-three voters. It was unanimously voted to give the directors authority to issue B.. 0O0 900 new bonds, interest not to ex- ceed per cent, and bonds payable not exceeding fifty years from date, interest to be paid by the lessee. Messrs. Austin w. Adams and B. c. Parker were ap- pointed to certify that the bonds are properly issued and recorded.
 President Choate said that the con- pany had no immediate need for bonds, but as 1t was undertaking extensive inn provements at South Boston and at the Dover street yards, and as grade cross ings at Dorchester and Brocton had to be eliminated, the directors desired au- thority to issue the bonds when needed. The company Is authorized to issue $500, 900 bonds, but they have been re- served to meet the per cent. bonds failing due in June.