T. HE 1856 UC-NRLF B 3 Em SDQ REPORT mijs^oihty of the directors asiaw au^ Piaiiu lUiilrfliiir, STOCKHOLDERS. ANNUAL MEETING AT EXETER, N. H., SEPTEMBER 10, 1856. BOSTON: 1856. J. U. EASTBURN'S PRESS. REPORT MINORITY OF THE DIRECTORS utm M)i JPlaint llailoab, Cr STOCKHOLDERS. ANNUAL MEETING AT EXETER, N. H., SEPTEMBER lO, 1856. BOSTON: 1856. J. H. EASTBURN'S PRESS. MOOlllTY EEPOIIT. To the Stockholders of the Boston and Maine Railroad. The undersigned, a minority of the Board of Directors of the Boston and Maine Raih'oad, beheving it to be the duty of Directors to present to you a full and accurate exposition of the aifaii's of the Company, in order that you may be truly informed of its condition, and how your Trustees have managed its busi- ness, and thereby be better enabled to decide what measures should be taken to preserve your property, have not approved the Report made to you by order of a majority of the Directors, but desired you should be notified of oui- dissent to the same. At the request of numerous Stockholders, we present to you in tliis form, owe objections to the Majority's Report. We shall point out some of its inaccui'acies, and supply some of its defi- ciencies, and give, as fully as our Hmits will permit, and prudence may dictate, oru views of the position of the Company, with suggestions as to what should be done to advance its interests. At the last meeting of the Stockholders of this Company, the following Resolutions were passed : " Resolved, That hereafter, in the Annual Report, the Assets of the Road should be placed in two tables ; one inclutUng those assets wliich are available for the payment of debts of the Cor- poration ; all other assets to be includfed in a separate table. " Resolved, That hereafter, the Schedule of Eai-nings and Ex- penses for the yeai' ending May olst, contained in theu- Annual Report to the Stockholders, the Dhectors make a detdled state- ment, sho-sving the various items of income — running expenses and all other expenses — number of miles respectively run by the passenger, freight, wood, and gravel trains — number of express trains, and where run — -number of passengers carried in the cars, and number carried one mile— 'number c»f tons of merchandise ivi2088()G 4 carried in the cars, and number carried one mile, distinguishing between that paying freight, and that carried for the use of the Road — and a full exhibit of the motive power and cars." By the above, as well as other Resolutions, the Stockholders have expressed their desire for full and accurate reports. We shall, as briefly as the importance of the subjects will allow, give our objections to some of the statements in the Dhectors' Report. It is stated at the commencement of that report, as follows : " The accounts of the Treasm-er, appended to this report, show the gross earnings, for the last year, to be - - ^891,041.95 and the expenses, including some new construc- tions, for the same time, to be - - - - 540,290.51 Making the net earnings - - - - |350,751.44" It would appear, by this statement, that our net earnings were the balance as above stated, and that these earnings were not nominal, but real, as it is stated that, after deducting the divi- dends, expenses of^all kinds, and depreciation of engines and cars, there is a balance of earnings of $85,283.10, and this amount is added to a previous amount of unexpended eai'nings. It is not noted, that these earnings include several thousands of dollars of accrued interest on overdue and failed notes, and amoTints due and uncollected, and uncollectable, from connect- ing roads. "We disapprove, also, of charging many items to the " Surplus" account, which the Stockholders expressly desired, in 1849, should be charged to running expenses. These items are as folloM^s : For widening Charles River Bridge, &c., - |23,209.59 " new rails and rolling, - - - 28,803.72 " new station buikUngs, . - ^ 11,870.23 *' grading new side track, in Great Falls, 6,715.56 $70,599.10 Fmthcrmore, a larger sum than $6,715.56 should have been included in the expenses for grading new side track in Great Falls ; an additional amount of $5,995.38 having been expended for tliat purpose, which is counted among the available assets as a claim against the Great Falls and Conway Eaihoad, but which is disputed, and not all collectable. SuKPLus OR Unexpended Earnings. It is stated on page 4 of the Report that there is a balance of unexpended eai-nings of $251,186.06, "which is the accumu- lation of earnings over di\idends, expenses, repairs, and amount charged off for depreciation, and improvements of all kinds, from the time the road was finished according to the plan, and with the capital, fixed by the votes of the Stockholders in 1849, up to May 31st, 1856." On the same page, also, a "surplus of $323,186.16" is mentioned. ^ By the terms " surplus," or " unexpended earnings," the Stockholder is led to beheve that the Company has an amount of money or investments beyond what is wanted for its orcUnary use, wliich may either be employed to provide for liabilities or contingencies, or which might be distributed amongst the Stock- holders. This is, then, the unsusjjecting Stockholder Avould sup- pose, a reserve of money unexpended, or a safe investment of money, which can be apjiropriated or divided without affecting the working of the Road or its efficiency. But this is not the case with the Boston and Maine Raiboad. We have no unexpended eai-nings and no surplus account of this character, nor what a practical business man would consider a sui-plus. The Stockholders of this Company, in 1849, were eai-nestly desii'ous that it should be placed on a solid basis ; that its Capital Stock should represent real value, and shoiJd not be liable to be increased by items of Construction Account. There- fore the Stockholders made up their account with the Road, and, provichng for land damages and other expenchtures ch;u-ge- able to Capital Stock, decku-ed that all other items should be borne by the earnings of the Road, and should be accounted among its expenses. The Capital Stock had been chaiged with large items for the cost of many miles of road wliicli had been discontinued, and, of coiu'se, were of httle or no worth. De- preciation of the Road was continually happening, and to an amount larger than the amounts paid for repairs. Therefore the Stockholders voted that the Road should be finished, and all future improvements and additions for engines, cars, new depots, or alterations, should be considered as a portion of the expenses of the Road, to be deducted before di-sddends could be declared ; and Construction Accoruit was ordered to be closed after certain appropriations had been exjjended for purposes which were designated. After this, the Stockholders voted that " the Directors be authorized to apply the balance of Construction Fund to such improvements as the necessities of the Company may require." Thereupon the Directors charged off certain items of expenditm-e for improvements to Construction Account. The amounts which have been charged to Construction Ac- count each year, since 1849, will appear- by the Schedide in the Appendix, marked No. 1. In 1854, the amount appropriated by the Investigating Com- mittee for miscellaneous construction items was mostly absorbed, and the Officers of the Road, not "wisliing to charge to running expenses various items wlrich should, by the Stockholders' orders in 1849, have been placed there, chai'ged certain expend- itui-es to Sm-plus Account, or Unexpended Earnings, and credited the same to an Account of Engines and Cars ; so that, last yeai', the amount paid for engines wliich were necessary for con- ducting the business of the Road was charged to Sui'plus Account, and thereby it was made to appear- the Corporation had invested a portion of theh sm-plus in cai-s and engines, when that sum should have been charged to Rmming Expenses Account, and made to appear- among the expenses of the Road. These engines were needed for the use of the Road, and could not be chadded among the Stockholders. They chd not make good the depreciation of the Road in other paiticulai-s ; or, if it should be said they did, the Stockholders had ordered the charge to be made to Expenses, so that the Capital Stock might represent the value of our property. Instead of this, it ap- pears that oiu- property has cost us an additiontd amount of $13,938.15, and that amount swells the cost of the Road and Equipment. It is immaterial whether the amount is charged to Construction, or to another account Kkewise representing the cost of oui- Road and Equipment. It is a subterfuge to charge the amount expended for additional cost of the Road and Equipment to any other than Construction Account. The Stockholders intended that the amount of $4,100,054.52 shoidd be considered the cost of the Road and Equipment, and be represented by Capital Stock of 41,787 shares. They therefore provided, in 1849, by the issue of 6,220 new shares, the means " to complete proposed and unfinished works deemed advisable to have completed, and set the Corporation free from debt." At the same time, the following resolution was passed by them 2 "Resolved, That after the expenditiu'e of the sum received for the aforesaid new stock, and also the sum of $27,975//^ from the assets aforesaid, the Construction Account of the Cor- poration shall be closed ; and that thereafter the Directors and other officers of the Company are prohibited from contracting any debt to be charged to Capital Stock." All further chai'ges for additions and improvements were to be deducted from the earnings, and to be a part of the expenses to be paid before any dividend was declared. If this were otherwise, the cost of the Road would be continually increasing, and, instead of maldng the provision annually from the earnings for these expenditures, what was received for these expenditui'es would be counted as Capital, and the Road would be increased in cost by such additions ; so that the Stockliolders, instead of having the valuation of their property kej^t down to the mark of its true worth, on which it could pay dividends, would have its valuation improperly increased. By such a system the true amount of thefr net earnings would not appeal-, but thefr net earnings applicable to the payment of dividends would be im- properly increased by the amount expended for alterations and improvements, — wliich shoiild be included in the expenses, and deducted from the earnings, before we could truly know what were the net earnings. The Stockholders are thus led into error. The sums expended for engines and carried to siu'plus account do not represent any 8 true surplus. They represent only what has been paid for cer- tain things requii-ed for the ordinary use of the Road, and which should be borne by expenses, under the votes of the Stockholders. The depreciation of the bridges, cars, iron, buildings, &c., is continually taking place, and all the new engines, cars, and other improvements purchased by the Company do not increase the value of our projjerty above its cost to us. Well managed Com- panies whose roads ai"e finished, have now generally closed their Construction accounts, and carry all improvements to the expenses of the Road. To be sure, by such charges the expenses of Roads appear larger than when such items are carried to Construction account, but the Stockholders have the satisfaction of knowing what ai-e all the expenses, and can then better pro\ide against extravagance in the administration of the Road. They also are assm-ed that the dividends paid are really earned, and cannot be declared until all the expenses for repairs and improvements are deducted. They escape the liability of having a debt unexpectedly sprung upon them, or finding that what they supposed was a reserve, or siu-plus fund, with which they could meet theii" funded or other debts, or contingent Habihties, is worthless, or entkely unavailable for such purposes. We therefore entirely dissent from the reasonings and conclu- sions contained in the Du-ectors' Report, on pages 9 and 10, as to what was intended by the injunction of the Stockholders that " all repairs of the road and the appurtenances thereto, and all alterations, improvements, and reconstruction of bridges, engines and cars thereafter made be chai-ged to running expenses." No language could be more clearly expressive of the Stockholders' wishes. Such charges were to be made, not to Sui-plus account, or Unexpended Earnings, or Construction account, or, by any subterfuge, escape fi'om being charged to the Running Expenses. The Committee, immediately in the next sentence after making their recommendation, added, to give effect and weight to it, " Such is the practice of the best managed Raih-oads, and should be followed by all others." Assets. The statement in regard to the assets of the Company, would, we think, mislead one into supposing that the balances, as set down in the Du-ectors' Report, represent the true financial position of the Company, It is, in fact, stated on page 4 of the Keport, that " the financial condition of the Road is shown as nearly as can be, by the exhibit of its assets and liabilities in Schedide B. of the appendix." We dissent fi-om this statement, and will proceed to give our reasons therefor. On referring to this Schedule B. we find the following entiy : Notes Receivable in detail in Schedule P, $92,466.07 In the Schedule P. there are seven notes of the Great Falls & Conway Railroad, all long past due and unpaid, (the first being due Sept. 1, 1850), amounting to f 16,155.94. These are secured by the second mortgage bonds of the Great Falls & Conway Raih'oad, guaranteed by - the Eastern Raiboad in New Hampshii-e. The Great Falls & Conway Railroad have not paid to LIS any part of these notes, or the interest thereon. We do not think these notes or bonds can be made available to pay our present habili- ties. We therefore deduct - - - 16,155.94 176,310.13 In the same Schedule P, is a note of the Cocheco Raih-oad for $4,477.40, due Sept. 10, 1855. Our Company has proposed to deduct about $1,400 fi-om this amount, to effect a settle- ment, but the Cocheco Raiboad claims a set-off which would absorb the entire note. The bal- ance due fi'om the Cocheco Raiboad, when ascertained, is good. At present the claim is not available to pay debts, and is therefore to be deducted, ___-_- 4,477.40 Amount carried forward, $71,832.73 10 Amount brought forward, $71,832.73 Three notes of the Newbmyport Raihoad amouiit- mg to $60,545.55, secui-ed by 1 108,000.00 Newbiu-yport R. R. 2d, 3d and 4th mortgage Bonds, and a note of Danvers R. R. on demand for $3,477.27. We have been mformed by the Treasiu-er that he has been notified the interest mil not be paid when it falls due in September. These we class among unavailable assets, - 60,545.55 Deducting, we have a balance of - - - $11,287.18 This balance we deem good. The principal part of J. W. Emery and others' notes for $10,105.33 has been paid since May 31st, and the balance is perfectly good. Though Edward Lamb & Bros.' note for $681.85 and George & Co.'s notes for $500, are over due, yet they are deemed good by the Treasm-er. The next item is White Mountain Raihoad Bonds, at $100, - - - - $ 1,100.00 These are enthely worthless. Newburyport Raih-oad Bonds, at $90, $ 15,210.00 These are 4th mortgage Bonds, and wholly unavailable for payment of debts. Danvers Raiboad Bonds, at $100, - - - 58,500.00 These are a portion of the $125,000 guaran- teed by the Boston and Maine Raihoad. They are unavailable to pay debts, inasmuch as their value consists in the endorsement by Our Com- pany, and the simple obhgation of the Boston and Maine Railroad would be more valuable than theh endorsement of the Danvers Railroad. Their only value is that oiu- liability as endorsers is reduced by the amount of all we retain. In valumg the stock of the Boston and Maine Raihoad, Ave should place it at its miuket value when the RcjDort was made, viz., 78 per cent. Amount carried forivard , $69,787.18 11 Amount brought forward, ^69,787.18 The par value i - - ^50,000.00 Less, - - - - 11,000.00 39,000.00 The stock was purchased by the Directors when it sold " low in the market," as is stated in theii- Report for 1854. We have deducted from the valuation ^22 per share, as at the price of ^78 only, is it available for the payment of debts. Steamboat Daniel Webster stock, at $100, ----- $7,500.00 This stock in the boat has been for a long time owned by the Boston and Maine Eaikoad. The Eastern E.aih'oad hold an equal interest in the boat with our Road, and their stock in this boat is appraised in then' Re- ports, at - - - - - .$5,900.00 It runs in connection with oiu' trains, and can- not be counted as assets available to pay debts, but should be classed with other articles of property necessary for the running of the Road, such as wood, oil, &c. ; but its valuation should be reduced to its real worth. * Accounts in Sohcitor's Tiand for col- lection, ----- $3,783.90 We strike out this item, being informed that nothing can probably be reahzed from them over the costs of collection. Interest due on notes and accounts, balance, ----- $6,696.64 Most of this is interest on the Newbiu-}-port and Great Falls and Conway Raih-oads, wliich will not be paid, and therefore is stricken out from available assets. The Schedule Xo. 7 of the Appendix will exliibit how this accoimt is made up. Amount corricd forivard, $108,787.18 12 Amount brought forivard, ^108,787.18 Line via Lowell, due on "Quintuple Contract," 6,165.77 This amount is conceded good, although it is in disjiute. Concord Raih-oad demand for cost of accident, (in suit,) ----- $6,223.45 This we consider unavailable. Lawrence and Bishop demand on Medford Branch Account, - - - $8,991.58 This has been many years in suit, and is una- vailable. " Auditor, Post Office and Eent BiUs," - - 1,959.70 This is good. " Rhodes, Ohver, Rugg — defaulting Station Agents," ----- 12,642.98 Worthless, above costs of collection. Great Falls and Conway Railroad demand for costs of changing location, - - $5,995.38 The amount is disputed, and unavailable. Danvers Railroad for land damages paid, seemed by their bonds, at 85 per cent., - - - 9,545.07 These bonds are part of the $125,000 guarantee, and are only valuable to us to reduce our lia- bihty thereon. Manchester and Lawrence Raikoad, for use of Methuen Branch, &c. - - - - 1 1^704.72 There are cHsputes respecting this amount, as well as the one referred to above, as "Line via Lowell, due on Quintuple Contract," $6,165.77. On account of these disputes, no settlements have been made since 1854. Most, if not all of this, we trust, may be realized. As we have understood that something might soon be ex- pected from this claim on account, we place it among the available assets. Manchester and LaAvrence Raih'oad for balance monthly account, - - - $3,806.52 Amount carried forward, $138,162.44 13 Amount brought forward, $138,162.44 There is a set-off to this claim, and payment is refiised by that Road. It is unavailable. Cocheco Raih'oad for balance of monthly ac- count, ----- |4,325.96 There is a set-off to this claim, and payment is refused. It is unavailable. Great Falls and Conway Raih'oad, for balance of monthly account, - _ _ $3,069.15 To this, a set-off of about $500 is claimed. Upon that being allowed, the Great Falls and Conway Raihoad are wilhng to pay the bal- ance, and their notes due us for $16,155.94, ■\vith those bonds of thehs guai-anteed by the Eastern Raiboad in New Hampshii-e, which we hold as collateral for the notes, if we mil take the bonds at par. The bonds being un- available to pay even the jiotes, of course are worthless to pay this debt, and therefore this is unavailable. Newburyport Raikoad for balance of monthly account, - - - - $6,753.04 Not collectable. Portsmouth and Concord Railroad, balance of monthly account, - _ . _ _ 334.49 This is good. Salem and Lowell Railroad, balance of monthly account, - - - - - - - 796.30 This is good. Lowell and Lawrence Railroad, six months' use of track, &c., ------ 1,231.31 This is good. Northern R. R., balance of monthly acc't, $327. 15 Our Treasurer states that a set-off absorbs this claim. Balance of sundiy monthly bills unsettled, - 142.95 Tliis is supposed to be good. Amount carried forward, $140,667.49 14 Amount brought forward, f 140,667.49 Freight bills against Manufactm-iug Coinpaiiies, payable montlily, 8,169.85 These ai-e good, as our Treasurer informs us. Freight Bills for freight not delivered, and for fi-eight payable monthly, and balances due on ticket accounts, - - $21,632.15 Our Treasurer states that these are aU coUectable, less - - - 2,000.00 We therefore value them at - - - - 19,632.15 Engines and cai's not charged in Construction Account, - - - - $13,398.15 This amount should have been chai'ged under the Stockliolders' votes to Running Expenses. It is very easy to state in the Report the amount paid each year for cars, and which has been chai-ged to expenses, -wdthout keeping an ac- count representmg property which the Road is obhged to possess, and continually use, and which is always depreciating. Lai'ge additions should be made yearly to the Road, and charged to Rumiing Expenses, to make good depre- ciation. The wood, oil, waste, stock in car and engine shops, h-on rails, ties, lanterns and brushes ai'e not available to pay debts, until the Raiboad is abandoned. These amoimt to $104,401.06. Add Cash on hand, ----- 23, 99 <. 91 Total, avdlable assets, $192,467.40 We have prepared Tables, appeaiiig in the Appendix as Schedules 8, 9, and 10, wliich ^vdll explam our subdivision and classification of the items m that part of the Schedule B. of the Directors' Report denominated " Statement of the Assets of the Boston and Maine Riiih-oad, available for the pajancnt of debts of the Corporation May 31, 1856." In the Schedule of the Appendix marked No. 9, we have placed all the assets of the Dii-ectors' Schedule B, wliich we 15 think cOi'e unavailable to jxay debts. Something may be realized ffom these assets, but we think the cost attending theh collec- tion, the injiuy resulting to the road if coercive meaoui-es are resorted to, and the equitable set-ofFs which exist in many cases, make it very doubtful if, upon the whole, the Corporation can reahze more from these claims than sufficient to meet the ex- penses of collecting or secm-ing them. No business man, in the position of oui- Company, would regard them as available to pay debts. Moreover, we have carried into Schedule marked No. 8, some assets Avliich will not, perhaps, be available to pay debts to the amount set agamst them. If more than we expect should be received from the claims &c. stated in Schedule No. 9, the surplus, we ai-e confident, would not more than make good the deficiency in the assets of Schedule No. 8, and provide for excess of liabihties over oiu* estimate of them, as stated ia Schedule No. 11. Liabilities. In giving an account of the Company's liabihties, we refer to the Directors' Keport, and take those stated by the Treasiu'er in his account ciu'rent, which appear in Schedule B. of that Report, viz : . - - $183,042.54 From which we deduct, inasmuch as the amount is included in our Ha- bilityas endorsers of $125,000 of the Danvers Raihoacl bonds, the sum set against Danvers Raih'oad Sinldng Fund, viz : - - - 5,304.50 $177,738.04 To which we must add the Appropriation to widen the bridge between the draw and the island in Boston, as per vote of Dhectors, April 26, 1856, for wliich contracts have been made, - - 21,000.00 At the foot of this Schedule it is stated that we owe the State of Massachusetts, - - - 150,000.00 Also sundry claims, among others, that of Ebcn Smith, for which we have tendered liim, - 40,000.00 This was tendered in 1848. There may be in- terest to be paid on this, besides a lai'ger Amount carried forward, $388,738.04 16 Amount brought forward, $388,738.04 amount than $40,000, before we can procure a conveyance. This claun has been for many years in litigation, and we camiot escape pay- ing what we have offered. To that amount it is an ascertained liability. Bartlett and Minot's land claim is also a Hability for - 20,000.00 This land is needed for the Road, and the pui'- chase money was provided for it by the Stock- holders in 1849, by authorizing the issue of Stock. Amount carried forward, _ _ _ $408,738.04 N. W. Hazen's Suit. This is one of the most troublesome cases the Company has. It has been stated that Mr. Hazen claims $125,000, as damages for past trespasses and for his entire estate of about 28 acres, through which our Road runs about 1100 feet in length, occu- pying about two acres of land in area. Mr. Hazen has prociu-ed judgment against the Road for trespass, and has lately filed in the Supreme Court a bill in the name of the Commonwealth against the Road, requii-ing us to show cause why we use his land, and to restrain us from so doing. Mr. Hazen says that our Attorney stated to a Committee of the Legislatui'e, that the Company would cheerfully pay $500,000 for the land if it could not obtain it without Mr. Hazen's consent for a less sum. This statement Mr. Mmot explains in his correspondence Avith j\Ir. Hazen's counsel, as follows : " I did not say that ]\Ir. Hazen's land was worth $500,000 to the Raihoad. I only said that they could afford to pay that, if there Avere no other means of con- necting theh rails or running theh trains." Afterwards, ]Mr. INIinot, with the authority of ]\Ir. Haj-ward, the President, by letter, offered to negotiate on the basis of givmg for the whole land, with or Anthout settling for any tres- pass, a sum less than $62,500. Mr. Minot, in another letter under date of 'Nov. 27, 1855, requests Mr. Hazen's counsel " to answer whether it mil be of any use in bringing the matter to an adjustment to offer less than one-half of $125,000, if our ultimatum is less than $62,500." 17 This, INIr. Hazen urges is eqixivalent to an offer of ^62,500, or a fraction less, for the land, not including the damages for past trespasses. Mr. Hazen also alleges that at a hearing before the County Commissioners, in December last, Mr. Minot, in the presence of Mr. Haj-svai-d, offered $62,500 for the land. Both Mr. Hay- wai'd and ]\Ir. INIinot deny that any such offer was made, and theii- denial is corroborated by some persons, and pn the other hand, Mr. Hazen's statement is endorsed by others, present at the heai-ing. Mr. Hazen's counsel says he received the impres- sion at Lawi-ence fi-om jNIr. INIinot, that the Company would pay $75,000 for the claim, and that Mr. Hazen would not accept it then ; and now, the last Legislatm-e refusing to grant oiu- petition for a right of way over his land, he refuses to treat for the land, unless a larger sum is offered by the Company for his claim than $75,000. The Company has obtained the opinions of Hon. Richai'd Fletcher, Sidney Bartlett, Esq., and Hon. Peleg W. Chandler, that by an act passed by a previous Legislatui-e wp have the right to oui- present location, and the Company hope oui Coiuts "vvill sustain these opinions. Then we shall have the right of way, and the jury ^vill decide what we shall pay for it, as well as for past damages. This claim is so large, and our Company has inciu-red so much expense m regard to it, it has seemed to us proper that the above facts should be stated. • The offers, or propositions for offers, which it is alleged have been made to Mr. Hazen and his counsel, by letters and other- wise, were never authorized by the Directors, nor were they knoMii to the undersigned until within a few weeks. Miscellaneous Claims. The Boston and Lowell E-aih'oad claim for damages for oiu- interfering -v^'ith theii- chartered rights in taking passengers to and fi-om Lowell by the way of Wilmington, $50,000.00, The Supreme Court of Massachusetts have decided in favor of the Boston and Lowell Railroad, and measiu'es have been taken to carry the case up to the Supreme Court of the United States. If the latter tribunal should confirm the decision of the Massachusetts Comt, we should be obliged to pay a very large sum as damages to the Plaintiffs. 3 18 The Great Falls Manvifactui'ing Company claim for land damages, |5,000.00. S. Currier has a claim for work on change of location, which is in suit. He has obtained a verdict for about $4,000 against the Company, but a new trial has been granted. There are many claims for personal damage, loss of baggage and freight, &c., some of which are omitted in the Directors' Report. We estimate the Company will have to pay, before we can be discharged from these clahns, and those of N. W. Hazen, the Boston and Lowell Railroad, the Great Falls Manufacturing Company, and Ciu'rier, not less than - - $130,000.00 Add to this the amount stated on page 16, viz. 408,738.04 Oui- Corporation is also liable as endorsers of the Bonds of the Danvers Railroad, due March 1st, 1875, for ----- - 125,000.00 We thus have the total liabihties, - - $663,738.04 Danvers Railroad. As many misconceptions exist as to oiu' position with the Danvers Railroad, we will briefly state it. In 1853, the Boston and Maine Raifroad agreed to hire the Danvers Raifroad, and pay as rent for its use, five per cent, on its cost, such cost not to exceed $150,000. Tliis rent was to be payable semi-annually, six months from the completion and delivery of the Raifroad to us, and said road was to be deemed comJ)leted when James Hayward, Joseph N. Cunningham, and Simeon Borden, or a majority of them, should certify the fact ; and the provision was made that said Haj^vaixl should at all times have Hberty to inspect the books and contracts of the Dan- vers Raifroad, and to examine the work and materials of this Raifroad, whilst in process of construction. Thus fai" we were only liable to pay rent when the Road should be completed. As is stated in the Report of the Majority, " In the progress of that work it was found that the whole enterprise would fail unless they [the Danvei's Railroad] could get aid from us." Therefore, last year, viz. in 1855, on March 1st, Ave took another lease fr'om the Danvers Railroad for 100 ycai's, from May 30, 1853, in which it was agreed to endorse $125,000 of the bonds of the Danvers Railroad. This amount would be 19 the same as the aggregate of twenty years' rent of the Dan vers RaiLroad, But before agreeing to advance any obligations by endorsing the bonds, there was no rent to ]3ay unless the Road was finished, and it could not have been comj)letcd without the Boston and Maine Raih'oad had advanced its money or obliga- tions for that purpose. It did then advance the bonds to pay for the Road before it was finished, and before the Danvers Raih'oad had compHed, on their part, with the terms of the lease. It paid for what it was not obliged to take, and paid twenty years' rent in advance. Having done this, the Boston and Maine Raikoad was fastened to the Danvers, with a further obligation, " to operate and main- tain the same, so as reasonably to accommodate the pubUc, and to pay all the expenses of so operating and maintaining said Raih'oad, and [the Boston and Maine Raih'oad] are to have all the benefits of, and are to perform all the obligations of the Danvers Raih-oad Company, nnder and by ^drtue of a contract between the Newbiu-yport Raih-oad Company and the Danvers and Georgetown Raih-oad Company of one pait, and the said Danvers Raih-oad Company of the other pai-t." It is said that the Boston and Maine Raiboad have security against any loss on these bonds by the pledge of $T,500 of its annual rent. It has been stated mider the official signatui-e of the President, that this security is " ample." The Dii-ectors' Report states, " When that Road ceases to pay the interest on the bonds, the rent stops ; and, at the matmity of the bonds, the rent ceases forever, or till the bonds ai-e redeemed." Tliis is not such a statement of all the facts that the Stockholders can understand from it their true position. It woidd seem, upon reading the statement of the President, that the secuiity is abundant to guard against loss ; that the habihty is but remote and contingent, and that we have a sinking fund wliich -nill provide for it. The truth is, that we have to pay the interest on these bonds, and they are practically a liabihty as certain and dii-ect as if the bonds were those of the Boston and Maine Raih-oad as prin- cipal. We receive no rent from the Danvers Raih-oad. The Road docs not earn any rent. It does not earn its rimning expenses. How, then, can it be said its amiual rent is lunple 20 secuiity against any loss on these bonds ? A considerable por- tion, moreover, of the earnings of the Danvers Eaikoad are derived from the passengers and fi-eight which otherwise would pass over oui- Road for a longer distance than they now do over the Danvers and our Eoad together. In fact the Dii'ectors provided the means for builduig a comj)eting road between Haverhill and Boston, which we have to maintain and operate at great expense, and then have to account for and pay to the Eastern Eaih-oad, under our contract with that Company, not the net eamhigs, for then there would be no loss, but all the receipts, deducting only therefr-om tlii-ee quarters of a cent per mile for every passenger or ton of fr'eight, mth twenty cents per ton for depot charges on each ton of freight. No allowance is made by the Eastern, for the payment to the ISTewbrnyport Eail- road for use, or risk of cai-s, though we have to pay that Company one half a cent out of the tlii-ee quai-ters of a cent allowed to us. This year we have had to pay the Eastern Eaifroad, on accomat of om- doing this business, the sum of ^10,014.81, as will appear by the Schedule in the Appendix, mai'ked Xo. 5, wliich is a statement, prepared by our Treasurer, of the results of the Danvers Eaih'oad business for the year ending June 1, 1856. The Stockholders can judge for themselves whether a Habihty is contingent, when we have semi-annually to pay interest on it ; whether there is any security in rent, when instead of oiu* receiving any rent or income fi'om the Eoad, not only is a lai'ge portion of receipts derived fr-om travel di'a's^ii off fr'om its legiti^ mate coui'se over our Eoad, but a large sum is paid to the Eastern, on account of the diversion of business fr-om its Eoad ; and, moreover, all the Danvers EaUroad receives fr'om its own business, as well as from the Eastern and Boston & Maine Eailroads, is not sufficient to pay its running expenses. By the Schedule in the Appendix, marked No. 5, it appears the loss to us of operating and maintaining this Eoad during the last year, estimating the cost of running it according to the terms of our lease A\ith that Company, was ^42,680.92. The Danvers Eailroad, by their Committee, in memorializing the last Legislatm-e, protest against the contract between this Company and the Eastern Eailroad, and state that this contract, " if carried out as the Boston &. INIaiue Eailroad has aheady 21 commenced, will etfcct the utter ruin of all interest, vj/iich the creditors or Stockholders of the Danvers Railroad Company have in the road." What possibility is there of our escaping from paying the principal as well as the interest of these bonds ? The intelligent Stockholder can Kkewise decide how valuable a sinking fund of $5,000 of the Danvers Railroad bonds is, when the Road not only camiot pay its running expenses, but the Boston & Maine Raikoad itself has to pay the interest on the bonds. These bonds discharge, however, but twenty yeai-s' rent of the Danvers Raikoad. We have not only to lose this, but affer twenty years have expu-ed we are bound by the lease to operate that Raili-oad, whatever may be the loss and cost to us, unless, in some unexpected manner, we obtain relief from this contract. This hability is not to be lost sight of in considering the value of the lease. A suit has been brought to recover damages for cotton bui-nt while being carried over the Danvers Road the past year. This is a claim against us for several thousands of dollars, growing out of the lease of this Road. xinother liabihty is omitted in the Du-ectors' Report. The Danvers Railroad have sued oui- Corporation dming the past year, and kiid their damages at $100,000. This suit is brought to recover an amount of about $40,000, expended, as is alleged by that Company, at the request of oui- President, Mr. Hayward, and under the promise fi-om him that our Company woidd pay the additional cost incui-red m building the road, which could have been saved by a change of location. Other claims for damages, also, ai'e preferred against our Company, which ai'e sought to be recovered by the Danvers. Rehef has been asked by them of the Legislatiure of Massachusetts on account of the acts of our Company, and theii' petition was postponed to the next Legislature. We hope and believe that many of the claims and complaints of the Danvers Raiboad will prove groimdless ; yet the chai-ges made against our officers by that Company, through the press, in the Legislature and Com-ts, and both in public and private places, are somxcs of annoyance and injury to our Road, and ;iiFord us reason to deplore oiu- complicated connections with it. 22 Danvers and Georgetown and Newburyport E.. E. Loan. Among tlie assets " available to pay debts," are placed iu tlie Dii'ectors' Report, three notes of the Newbiuyport E-aihoad. The amount of one is carried out as $10,392.85 ; of another, $5,456.50 ', and of the thuxl, $44,696.20 ; amoimtmg in all to $60,545.55, exclusive of interest. By turning to .Schedule No. 3, of the Report of the Investi- gatmg Committee, it will be seen that among the Notes Re- ceivable belonging to the Company, was that of the Danvers and Georgetown Raih-oad, dated August 21, 1854, for $70,000, which was endorsed by W. D. Northend, Q. I, Tenney, Samuel Little, and Gilb. Tapley. In the interval between the day of the annual meeting at Haverhill, on September 12, 1855, and its adjoiu-nment to Bos- ton, viz., on September 26, 1855, tliis claim was settled by the old Board of Dhectors. As it was settled during the last fiscal year, though before the undersigned were elected, and as we be- lieve the Company by the settlement has lost .$44,696.20 of its assets, it seems to us proper that the Dii-ectors should report upon so important a subject in detail. This loan was originally made to the Danvers and George- town Raihoad for the pm-pose of pajing for theii- ii'on. The making of the loan was objected to by one of the undersigned. Dr. WiUiam J. Walker, who was at the time a Dhector, but was not present at the meeting of the Board, when the loan was authorized, and deshes to state that he entered his dissent to the loan, on record, as soon as he heard of it. Personal seciuity was not at fii'st given for the loan. The officers of the Danvers and Georgeto-\vn Raihoad allege, that, when apphed for, it was distinctly understood the loan was not to be temporaiy, and that no personal security for the same would be given, nor any other security than on the Road and hon. A portion of the iron liaving been taken by the Danvers and Georgetown Raihoad, it was stated by ]\Ir. Hayward, oui- Presi- dent, that one of his Dhcctors objected to the loan, and security other than a supposed lien on the iron after it had been laid was dcshed. The officers of the Danvers and Georgetown Company 23 objected to tliis, and referred to the original understanding that the loan was to be made on the security of the iron. Cars and engines were offered as additional security, and these, as the officers of that Road allege, were thought to be sufficient. It was stated that a Du-ector continued to object to taking this se- curity, and the officers of the Danvers and Georgetown Company were ui-ged, as is stated in a pubhshed document of theu' Presi- dent, to give personal security till after oiu- annual meeting in 1854, which was then about to take place. It will be remembered several Diiectors stated, at this meet- ing at Lawi-ence, that this loan was abundantly secm-ed by individual obligation, in reply to Dr. Walker, who alleged that it was unsafe. It will also be seen that in the Dii-ectors' EeiDort, of 1854, made by Mr. Hayward, as President, by order of the Du-ectors, it is stated on page 4, " The financial condition of the Road ^ill be seen by the statement of its assets and liabihties. Schedule C. The property is set down at a fair valuation ; the notes are well secui-ed; and the balances of the accounts are all available." Also, on page 8 of the same Report, " The Du-ectors have in- vested a portion of the reserved fund in the stock of the Road, bought when it sold low in the market. "With other portions of it they have made temporary loans to Railroad Corporations or individuals, at 6 per cent, interest, on satisfactory security." Also on page 12, in Schedule C, referred to in the same Report, among other assets, was found this specification, " Notes amply secui-ed, _ _ _ . |222,4.37.45." Thus the Stockholders were repeatedly assured of the secu- rity of the loan. All doubt or question in respect to the secu- rity was set at rest by not only the pubhc, but the private assurances of several of the Du-ectors. The names of the en- dorsers were sufficient to secure the note ; and if there had been no private understanding between the officers of our Road and the Danvers and Georgetown, there could be no defence to the note, and no discount was necessary. If there was such a pri- vate understanding before the annual meeting, the Stockholders will decide whether the statements in the Annual Report, and at the ammal meeting of 1854, were correct or excusable on the pai-t of any who were cognizant of the agreement, that the 24 note was received merely as a temjDorary secmity till after the election, when, " if the election went right," it was to be exchanged for security of a different and inferior chai-acter. The following statement of the endorsers of this note, in reference to this loan, has been placed in our hands : — Georgetown, August 19, 1856. Gentlemen : — In answer to your inquiry, we would state that we were induced to endorse the note for $70,000 given by the Danvers and George- town Raih-oad Company to the Boston and Maine Raih-oad, dated August 21st, 1854, and payable in one year from date, solely upon the unquaHfied promise made, personally, to each of us by Mr. Hay- ward, President of the Boston and Maine Railroad, and by Mr. Minot, Attorney of said Road, that the note was desired for a tem- porary purpose only, and that security upon the property of the Danvers and Georgetown Railroad Company should be substituted for it immediately after the annual meeting of the Stockholders of the Boston and Maine Railroad, which was then about to take place. The reason assigned for requesting this personal security was, tha.t unless it was given, " Dr. Walker would make trouble with us at the annual meeting." Very truly yours, &c., GEORGE I. TENNEY, WM. D. NORTHEND. August 19, 1856. It was only upon the statement to me by Messrs. Tenney and Northend of the facts as above set forth, that I was prevailed upon to endorse said note. SAMUEL LITTLE. Mr. Northend authorizes us to pubhsh the following letter, received by him from ]\Ir. Minot, the Attorney of om- Company, in support of the above : — [private.] Boston, August 16, 1854. W. D. NORTHEND : — I have seen Mr. Kuhn this morning. You know his signature or approval is necessary to any loan. I find him insuperably set against taking security on the iron itself, or on the Road, before our Stockholders' meeting. I think, but am not certain, his mind and mine are not much unlike as to what should be done after election, if election goes right, as I presume it will. I think, therefore, that all you can get now is a loan on personal security, which, if not afterwards taken up by a lease or moi-tgage, will give you just so mucli more time to turn in. Then at election, 25 if things go right, you can very likely get a Stockholders' vote to strengtiien the Directors' hand. His objection to the loan of money on the iron would not apply to the engines and cars, as it is that practically we would not take the iron up. Yours in haste, GEORGE MINOT. The election of 1854 having " gone right," the President and Attorney of oiu" Road were called upon to perform the agreement alleged to have been made by them with the officers of the Danvers Road. This was not done ; but the claims after having been put in suit, and much angry feeling excited, were compromised, just previous to the last election, pursuant to the following instructions. H, B. Wilbur, Esq., Treasurer of the Boston and Maine Railroad, Sir, — The Committee appointed to make a settlement with the Newburyport Railroad Company hereby authorize you to give up the note of said Company dated 21 August, 1854, for seventy thousand dollars, on receiving in payment therefor a note signed by Moses Putnam, and endorsed by Geo. I. Tenney, dated Sept. 11, 1855, for fifteen thousand dollars, less interest $420, say for - $14,580.00 Cash, 15,420.00 And a new note of said Company of this date, payable in two years, with interest semi-annually, for - 44,696.20 Making the whole amount of interest and principal now due on said note, $74,696.20 It is to be a condition of this note of $44,696.20, that on the failure of the Company to pay the semi-annual interest punctually as it shall become due, the principal shall thereupon become due. All the Bonds now held as collateral security for the payment of the $70,000 note, and also any other Bonds held as collateral are to be retained ; and they ai'e also to leave with you a note of the Danvers Raih-oad Company, dated Sept. 25, 1855, for thirty-four hundred seventy-seven dollars jYq, payable to and endorsed by the Newburyport Railroad Company. You will also erase from the two notes of said Newburyport Rail- road Company, — one dated 18 June, 1853, for $10,650, and the other dated March 10, 1853, for $15,750, — the signatures of all the sureties thereon. You will also receive from said Company their Mortgage Bonds of last issue at ninety cents on the dollar, in payment for the amount due from said Company for transportation and expenses paid. No one part of this is to be done unless the whole be j^erformed by said Company. (Signed,) GEO. H. KUHN, JAMES H. DUNCAN, GEO. MINOT, Boston, Sept. 26, 1855. Committee of Directors. 4 ' 26 By this settlement our Company discharged the sureties from the Danvers and Georgetown note of $70,000, upon receiving |30,000, and took the note of the Newbuiyport Raih-oad Com- pany for the balance due, namely, $44,696.20, retaining the bonds then in their hands, and a note of the Danvers Raihoad Company for $3,477.27 as collateral. They also discharged, Sept. 26, 1855, on receiving $5,000, the sureties on the note of the Newbuiyport Eailroad for $15,750, dated March 10, 1853, payable Januaiy 1, 1854, and signed by C. J. Brockway, George I. Tenney, George Cogswell, and E. Kimball, as sm-eties, having also $20,000 Newburyport Raih-oad bonds as collateral. Interest was due on tliis note from July 1, 1854. On March 26, 1856, six months' interest was paid on the balance of tliis note. They also discharged, Sept. 26, 1855, on receiving $5,000, the same siireties on another note of the Newbiuyport Railroad, dated June 18, 1853, and secm-ed by $13,000 of their bonds. No interest had been paid on this note. On March 26, 1856, six months' interest was paid on the balance of the note. Also, on Sept. 26, 1855, a settlement was made with the Newburyport Raihoad for the balance due to oiu: Company on Passenger and Freight Account to Sept. 1, 1855, and interest, $15,235.00, we receiving therefor twenty-five dollars in cash, and $15,210 in the foui'th mortgage bonds of the Newbiuyport Raihoad, at ninety cents on the dollar. By these settlements it will be seen we have discharged sureties who were considered a year previous amply responsible, and who are now esteemed perfectly good, from balance due on $70,000 note, amounting to - - $44,696.20 also, fr-om note of $15,750, and accrued interest to Sept. 26, 1855: viz. $1,168.12 ; total, . - - - - $16,918.12 Less paid - - - - 5,000.00 ^ 11,918.12 From note of $10,650, and ac- crued interest to Sept. 26, 1855 : viz. $843,12; total, - - $11,493.12 Less paid, . - - - 5,000.00 6,493.12 Total - $63,107.44 97 Though interest was paid March 26, 1856, on the two notes last named, to the amount of f 550.65, yet we must bear in mind that we have not received what is due us on monthly accounts fi-om the Newbvuyport Railroad for sale of tickets over our Road and for freight. So that we actually provided that Road with the means of paying us the interest due on those notes. It is not expected by us that we shall receive the interest on these three notes any longer. Our Treasurer has received notice that the interest about maturing will not be paid, but will be deferred. The Stockholders, we fear, by the above-named settlement of September 26, 1855, lost, if the sui-eties on the notes were responsible, and we beheve they were, the full amoimt of $63,107.44, together with $245.98 being the amount paid to oiu- Attorney, who was a member of the above Committee, for his charges, (including $18.48 for Sheriff's fees,) and com- missions on $40,000, received by the Company for the above compromise, — unless those persons are responsible for the loss, by, or on account of, whose acts the compromise was made in behalf of oui- Road. The Report of this settlement was made by the above-named Committee to the present Boai'd on Nov. 2d, 1855, and was laid on the table. No action has since been had upon it. The Danvers & Georgeto^^ii and the Newbuj-yport Raihoads ai-e now consohdated into one Corporation, which is called the Newbmyport Raih-oad Company. The description of the bonds of the Newburyport Raih-oad which we own and hold as collateral, are as follows : Bonds of the second mortgage^ held as collateral, $20,000.00 « " " third " " " " 13,000.00 " " " foiu-th " " " " 75,000.00 Total held as collateral, - - - $108,000.00 Bonds of the fourth mortgage, owned by the Company, at 90, - - - - - 15,210.00 The action of the Directors upon the subject of the lease of the Danvers Raihoad, and the loans to the Danvers & George- town and Newbiu-yport Railroads, will appear in Schedule No. 6 of the Appendix. 28 Pay Rolls and Expenses for Laboe. In the Appendix, Schedule No. 2 shows the amoimt ex- pended for labor and ser\dces of those employed by the Com- pany dui-ing the last year, together ^v-ith some incidental expenses. These tables have been carefully prepared by a clerk employed by oui- Treasui-er, under the Directors' orders. The expenses have increased to an alarming extent, and the Stockholders must take prompt measui-es to retrench them, if they desire any income from their investments. While our receipts for the year, as will appear by the Directors' Report, have increased nominally $15,448.47, oui- expenses have actually increased $45,186.09, while there have been run 60,722 miles less than the pre\ious year. Many items, also, as we have shown, have not been charged during the last yeai" to expenses, which properly belong to Running Expenses. It will be seen that our Law Expenses, including charges for services rendered by different persons before the Massachusetts Legislatm-e dm-uig the last year, amount, with estimates for bills outstanding ]\Iay 31, to $18,190.69. The sum of $3,547.03 appears to have been paid for Ci\il Engineering and Smveys, diuing the year ; most of which, we think unnecessaiily expended. The large number of trains we run, many of which could be dispensed with, add very greatly to oiu- exj)enditiues. It seems that there have been, on an average, 681 men employed every working day during the last year-. Between one and two hundred of these could be dispensed with, and oiu- Road managed more efficiently than it has been. The expenses could at once be very lai'gely reduced by introducing discipline, energy and accountabihty into the achninistration of oiu- Road for the ensuing year ; and in succeeding yeai-s, the expenses could be still niore diminished. The following Table prepared from the annual Reports, -will show how greatly oiu" expenses have increased smce 1852, and how disproportioned they are to the increase of eiunings : 29 Total Receipts. Total Expenses. 1852, . $632,232.45 1314,594.23 1853, . 728,410.96 329,882.24 1854, . 850,007.02 404,030.11 1855, . 875,593.48 495,104.42 1856, . 891,041.95 540,290.51 Thus it appears that though otu- gross earnings were, the last year, but $41,034.93 more than in 1854, yet om- expenses have increased $136,260.40 since that time, or about 33 per cent. It will, also, not be overlooked, that the above statement of last year's earnings is swollen by what has been improperly credited to the account for interest on failed notes, as well as for uncollectable accounts due from connecting roads. More- over, the amount collected of the bondsmen of H. H. Fowle, the defaidting clerk, $5,729.84, is included in the eai-nings of the year. Freight Department. We are happy to state, that, since the month of January last, there has been a large reduction in the expenses of this depart- ment. About the middle of November last, it was placed under the charge of Mr. William J. Merriam. By referring to Schedule No. 3, it will be seen, on comparing the cost of handhng the freight the fu'st six months of the present year with the corresponchng six months of 1855, that Mr. Merriam has reduced the cost 27 per cent. ; that the total increase of tonnage handled has been 20,275 tons. By Schedule No. 4, it will be seen that the increase of earnings for the year ending Jime 1, 1856, over the previous year, was $54,055.57 ; and that, allowing for the increase of tonnage, yet the increase of earnings over that of tonnage for 1856 was $31,419.57, though there was no increase of the tariff of freight during the period. Tills great mcrease is accounted for partly by the amount received from the bondsmen of H. H. Fowle, whose defalca- tions were discovered thi'ough the sagacity of Mr. ]\Ierriam, and with the assistance of Iris clerks. The reduction of expenses under the \dgilant supervision of the Freight Agent, the diminution of the allowances or discounts made to custom(>rs for loss or damage of fix'ight, and the removal of imluithful and suspected employes by the Freight iVgent, will, 30 we think, account, in a great measure, for the large increase of net earnings beyond the increase produced by the additional tonnage. Dividends. By the Schedule hereto appended, marked No. 8, you will find om- estimate of the assets available for the payment of debts. May 31, 1856. Some of these assets were not immediately, on that day, convertible into cash to pay dividends and debts, and it would not have been judicious to dispose of others. For instance, we could not receive on demand what was due us from the Man- chester and Lawrence Railroad, nor what was due fr'om the line via Lowell under the quintuple contract, nor would it have been judicious to sell the five hundred shares of stock in our Road at the market price, although we have classed all these assets among those available to pay debts. There was, however, a dividend to be paid Jidy 1, besides back dividends and other items. The means of paying some of our previous dividends had been provided by borrowing part of the money necessary for the purpose, and issuing our notes therefor. On June 18th last, the Treasurer reported : " For available means to pay dividends, we have Cash now in banks, $65,000.00 Estimated Receipts from earnings and assets of- the Road over expenditures, in season to meet the dividend, - - - ^ - . 60,000.00 $125,000.00 This will enable us to pay a dividend of 3 per cent., which amounts to $124,671.00." But a large part of this money belonged to connecting roads, whose earnings we collect. So that, had it not been that we retained and vised the earnings of these roads, and deferred the payment of our own bills, we should have had to borrow money elsewhere to pay our last dividend. We had not the means on May 31 last, and there were not sufficient collectable assets belonging to the Company from wliich we could have then paid that dividend. 31 Summary of Financial Position. By Schedule No. 11 of the Appendix it will be seen that the Liabilities of the Company on May 31, 1856, were, according to om- estimate, $663,738.04 ; and the whole amount of assets available for the payment of the Company's debts was, as -wdll be seen by Schedule No. 8, $192,467.40 ; leaving a balance of liabilities over available assets of $471,270.64. This latter amotmt must be provided for from the earnings of the Road, and by the issue of 230 shares of stock, which we have the right to issue at par ; no other provision ha\ing been made therefor. Our immediate liabihties. May 31, 1856, as detailed in Schedule No. 1 1 of the Appendix, were— $198,738.04 Besides the above are the following liabihties : — Massachusetts State Loan, due Aug. 1, 1857, 100,000.00 1859, 50,000.00 Eben Smith for land, _ - - - 40,000.00 Bartlett & Minot, '^ _ - - . 20,000.00 We should have means constantly in oui- Trea- sury to pay "the two last items, as at any time the amounts can be demanded of us ; and, moreover, the Stockliolders, in 1849, provided particularly for them by the issue of stock. Simdiy clamis contested, but which Ave ai-e hable to pay on demand, as they may be advantage- ously compromised, or judgments recovered against us, not less than _ _ - 130,000.00 Besides the above, we are hable as endorsers of the Danvers Raih'oad bonds, due March 1, 1875, which we must seasonably provide the means to pay, ----- 125,000.00 Total Liabihties, $663,738.04 To pay the above, we have $58,500 of the bonds of the Danvers Railroad belonging to us, and we have a debt secm-ed by other bonds of the Amount carried forward, $663;738.04 32 Amount brought forward, ^663,738.04 same description, to the amount of $9,545.07 ; in all a set-oiF against oux liability as endorsers of $125,000 Danvers Raikoad bonds, of 68,045.07 $595,692.97 "We, also, had assets available for papnent of debts, per Schedule No. 8, - - - - 124,422.33 Balance, $471,270.64 Thus showing a balance of $471,270.64 which must be pro- vided for, after deducting all our assets available for the payment of debts. Of this balance, $23,000 can be paid by the issue of 230 shares, referred to in Schedule No. 8, when the stock can be sold at par. The Stockholders having made no provision for the remainder, $448,270.64, it must be paid from the earnings of the Road. As we have pre^aously stated, whatever may be collected from the claims, &c. unavailable to pay debts, as per Schedule No. 9, would not, iii oiu* opuiion, more than make good losses which may occui- m reahzing the assets classed as available, in Schedule No. 8, and provide for the possible, and perhaps prob- able excess of habihties over the moderate amount of $130,000, which we have above estimated that our Company will have to pay to discharge sundiy claims in dispute. It is our duty to notify you that a lai'ger sum than was appropriated last year must be expended from the eai-nings of the ensuing year, for renewals of rails, and to make good other loss by depreciation. Our object has been to give you a just statement of oiu* assets and Habilities, and not present them in a more unfavorable hght than we were obliged, in truth, to do. A more particular ex- pression of oiu' views upon many of the foregoing subjects could not, perhaps, be given, without exposing us to the charge of unnecessarily depreciating the property of other parties, or inju- riously affecting the interests of the Company in disputed matters. We have avoided making any statements which could have this effect. 33 Prospects of the Company. When we regard the large business legitimately belonging to the Boston and jNIaine Eailroad, its great local resources, the many hues of road and connections tributary to it, the never- failing increase which we may rely upon, aiising from the continual development of our country, and remember all the manuftictures, agricultm-al products, and commercial inter- changes which abound in the region tlu'ough wliich our Road passes, and which must find thcii' conveyance over it, we cannot doubt that our Road is unsiu-passed by any other line termi- nating in Boston, in power to afford rich retui-ns to its owTiers. If the Boston and Maine Railroad cannot be made a safe and profitable stock, then raiboad propert)^ in New England is worthless. We beheve it to be good property, and that it can be made largely productive in net income, pay hberal dividends to its Stockholders, and be placed at the head of the hst of the stocks in the market, if its affaii-s ai-e managed judiciously. But it is idle for us, while seeing in the clearest hght the in- trinsic merits of ovir Road, to shut our eyes to the true present position of its concerns. No candid mind can escape the con- viction, after examining the history of the Company, that serious mistakes have been made in its management — that of late years counsels of prudence have not been regarded as they were by the earher managers of the property — and that our very abun- dance of resoiuxes has, perhaps, made us forgetful of the neces- sity of a watchfal guard against umiecessary expenditures. To regain oiu- position, retrenchment of expenses is abso- lutely required. If subordinate officers of the Corporation cannot curtail the expenses of their several departments, others should be substituted who will. We must not extend our improvements beyond the limit necessary for economical man- agement. We must keep up the efficiency of om- Road, but we must do it at the smallest outlay. While doing what we can afford, to cherish fr-iendly relations with connecting roads, we must not, to secure or accommodate theh business, make expenditures which, in our present conchtion, are beyond our meaias ; and wc must be careful lest such connections are made 34 oppressive ratlier than beneficial to us. We must obtain a fail* recompense for the ser\dce the Eoad renders. Where competi- tion exists, we necessarily receive less than we do when we have the monopoly of the business ; yet we should be careful, in our haste to get business, that we do not perform it for less than the cost of doing it. We repeat our entire confidence in the unsurpassed value of our property, if it is placed under good management. Conclusion. The undersigned regret the necessity of being obhged to present to you this statement of your property. Entertaiiung our opinions, it "will be evident to the reader we could not coin-- aide with the Report made to you by order of oiu* associates. We have not thought it necessary to review in detail all our objections to that Report. It seems to us sufficient to have m- formed you of our views of the financial position of the Road, and to have put you in possession of facts relatmg to important subjects. We may be excused for adding, that, ha\dng been selected to serve you in an important and honorable trust, we have endeav- ored to perform the duties imposed upon us to the best of oxu* abihty, with no object in \iew but the advancement of your interests, and deshing no other reward than yoiu* approbation. All wliich is respectfully submitted. FRANCIS B. HAYES, ANDREW PEIRCE, Jr., WILLIAM J. WALKER, HENRY L. WILLIAMS, Directors of Boston and Maine R. Ri Boston, Sept. 1, 1856. APPENDIX. o P P W o CO ^ s ^ c3 ^ r^ o o -^ '^ ^o 00 r^ -^ t^ 'O (M CO i-H ?4 TO Oj o q CO 00 m O ri O HH ai Ci rH '^^ ^ l-^ CO ?J '^ -^ -* l^ ^ -JO --1 'fl 00 o 00 u oj_ iq_ ■»_ -i<^ -+^ — ^ GO q.co t>. ^ cc^cco^coco iC-T Ci ,^ CO Ci O rH O GO Ci t^ rt 1— 1 CO i-^ I-H o B ^ co" ^ ^ o o 8 o o •^SS Ci ci -s.^?§ Ci Ci 2^k i I I CO > < ■ 1 co_ 1 1 1 1 CO co" ^.fi T-l I— ( ^~ t- t^ o o o -^ o '!}' CO S i-< i-H CO o ■* q q O CO -* .£:£ » o? t^ i>^ CO o lO ci O CO ^ CO Ci O lO o O Ci O r-t GO CO 00 i-t 1 O CO 1 1 -# CO o CO CO 8 p fl O Ci O 00 o'co'' !>. GO Ci O 03 M r-f GO (N ^ 1—1 ?-l CTi Ci 00 Hi ^ GO CO ^ o -* 6 00 r-< q tJ S .-H ci o 11 1 1 1 rH t>- ■ I 1 Ci t 1 1 1 t>^-^^ I-H A c^Tco" «D '^ »0 (M -^ CO CO CO -* GO Ci 1-H I-H (>1 O '^ '^ CD q Ci t>- l-H q o CO CO (?4 CO --H GO 1-H O O GO GO ■^ 1 Ci no O o~co"G. co_ q CO q ^ aj ^ «D od" o oo GO -* CM O ^ ">*l 00 (TO^O lO 1 1 1 1 1 1 1 CO^iC^ CO p: ^H *tJD d <^c^ Go'cT GO ShH I— 1 -H lO t>. H m GO GO •^ "^ O O 'Tt* GO CO 00 CO 00 O O CO q !>; !>; ii 'd CO "^ CO »o GO d GO t~ CO 00 Ci o lO c^ GO .2 ^ '^'^'^'-is'^ ■' ■' 1 1 1 »0 I— 1 !>. ■g a co~t^">o"so"r-r GO CO o CC M (M GO CO i-H o — GO ^ m . «r> CO Ci o Ci kO CO CO o 00 CO 00 GO 1-H CO -* t^ G^I O GO E; g Ci CO < ' 1 ' ' 1 1 1 CO GO >o !S 00 o Ci lO ^ "m GO GO Tfi CO CO & Ci Ci M m ^ O Ci Ci Ci t>. oo o O -^ !>; CO q 00 lO if CO lO o >o '^ CO oo ^ ^ -^ _ CO 00 CO Ci oo t>. CO 1 1 1 1 1 1 l>. CO ■^ SI ^ d^ Go'od~ ^ m r-t lO t>. CO CO '^ t^ l-H O 40 O CO t> o a 1— 1 Ci »o »o o r-l GO ^„ cS . . GO CO GO .-1 O •C GO t>^ Ci CO ''t* b- -^ CO CO CO GO O CO rM t » 1 1 1 lO lO^ o c3 o o o >o 3 C - tl ^ CO 00 CO 00 CO CO CO 00 o 11 ^ -t-T ■s g 1 «- "S ^ ^ ^ ^ ^ ^ CO s " g S „ I— I I— t S a . rt ti h S ."^5 o S ^ ^ ,3 ^ « - ^ •- ^ ~' " a s .£532 .3 < SCHEDULE No. 2. Statement of amount paid for Labor hy the Boston and Maine Railroad, from Jane 1st, 1855, to May d\st, 1856, inclusive. Conductors. Gatemen. Aniotmt forward, $54,876.57 1855. Men. Days. 1855. Men. Days. June, 19 519 $1,031.65 June, 13 325 $293.16 July, 20 520 1,021.65 July, 16 398 326.66 Aug. 20 513^ 973.50 Aug. 16 456i 347.21 Sept. 21 538 1,126.65 Sept. 14 337i 300.83 Oct. 19 513 991.65 Oct. 14 365.^ 311.00 Nov. 20 520 1,031.66 Nov. 14 353 307.97 Dec. 21 527 1,043.74 Dec. 15 356 311.30 1856. 1856. Jan. 20 o40 1,036.65 Jan. 15 522^ 379.00 Feb. 20 500 1,036.65 Feb. 14 337^ 298.33 March, 19 494 991.65 March, 14 351 306.16 April, 20 533 1,059.15 April, 15 367 323.16 May, 19 513 976.65 May, 15 365^ 307.78 238 6,230i $12,321.25 175 4,535 3,812.56 Engineers and Firemen. Signal -men. 1855. Men. Days. 1855. Men. Days. June, 51 1,274 $2,232.65 June, 5 103i $105.25 July, 54 1,266 2,226.89 July, 5 77 83.07 Aug. 56 1,485 2,228.16 Aug. 4 81 76.75 Sept. 53 1,233 2,233.30 Sept. 6 128i 143.12 Oct. 51 1,272 2,106.62 Oct. 3 67i 75.50 Nov. 50 1,252 2,159.96 Nov. 4 170 131.00 Dec. 50 1,272 2,201.11 Dec. 3 65 76.00 1856. 1856. Jan. 51 1,327 2,254.13 Jan. 3 67i 84.50 Feb. 51 1,214 2,219.90 Feb. 3 62^ 82.50 March, 51 1,581 2,298.23 March, 3 65 83.50 April, 51 1,294 2,297.42 April, 4 65 75.50 May, 51 620 1,356 2,274.42 26,732.79 May, 5 48 173i 1,126 143.00 15,826 1,159.69 Brakemex. Watchmen. 1855. Men. Days. 1855. Men. Days. June, 26 632 $815.88 Jiuie, 18 532 $539.00 July, 32 778i 887.29 July, 20 559^ 566. 2tl Aug. 30 765 971.73 Aug. 19 561 566.70 Sept. 31 765 984.90 Sept. 18 512^ 513.25 Oct. 24 583i 731.82 Oct. 16 484 478.20 Nov. 28 607 788.33 Nov. 17 473 474.00 Dec. 26 643 862.51 Dec. 17 489^ 491.70 1856. 1856. Jan. 22 703 762.27 Jan. 25 597i 580.27 Feb. 20 500 702.50 Feb. 16 428i 453.30 March 20 516 691.84 March 17 480i 491.70 April, 23 503 667.19 April, 17 462 486.43 May, 22 304 572i 731.42 May, 18 218 46U 6,0414 476.70 7,568^ 9,597.68 6,117.45 Switchmen. Bagga Se-men. 1855. Men. Days. 1855. Men. Days. June, 22 542 $588.97 June, 23 593i $803.46 July, 30 479^ 509.12 July, 26 6274 837.86 Aug. 21 596 576.87 Aug. 23 566 741.50 Sept. 22 532| 479.33 Sept. 24 567 787.98 Oct. 20 530 521.06 Oct. 27 667 860.62 Nov. 19 47li 469.00 Nov. 26 625i 852.33 Dec. 19 469i 483.59 Dec. 24 596 812.91 1856. 1856. Jan. 21 534 516.62 Jan. 26 625 804.40 Feb. 21 502i 519.62 Feb. 25 598 816.50 March , 22 537i 515.63 March , 25 638' 840.06 April, 20 498 498.00 April, 24 585 760,00 May, 22 249 mint fc 560 547.04 May, 24 296 1 Amotintf 645i 806.79 6,2521 rricard. 6,224.85 7,3335 orward, 9,724.41 Am $54,876.57 $75,690.68 39 Amount forward, Station Agents. $75,690.68 1855. June, July, Aug. Sci)t. Oct. Nov. Dec. 1856. Jan. Feb. March, April, May, Men. 42 39 41 4(5 44 4G 4o 4G 44 ,31 47 47 Bays. 1,123 1,0()1 1,181)^ 1, ;;;;.; 1,231 1,183 1,161 1,242 1,092 1,316 1,140 l,29o U,3.30. 1,373. 1,380. 1,431, l,37;i. 1,441, 1,399, 1,384, l,38o, 1,444, 1,424, 1,440, 541 14,368f^ Engine Shop, Boston 1855. Men. Davs. June, 40 95"8.i $1,595.72 July, 42 908^ 1,541.80 Aug. 44 987|- 94l| 1,621.81 Sept. 42 1,565.96 Oct. 42 l,054i 1,008| 1,748.12 Nov. 42 1,687.11 Dec. 38 958 1,617.93 1856. Jan. 38 1,001 1,690.17 Feb. 39 9311 1,583.16 March, 39 1,0105 1,711.59 April, 39 951 1,623.66 May, 38 483 968.^ 1,600.96 11,679.^ Cak Shop, Lawrence 1855. Men. Days. June, 55 1,340| $1,922.14 July, 56 1,1675 1,681.10 Aug. 54 l,259i 1,816.64 Sept. 58 l,229.i 1,768.17 Oct. 55 1,318 1,897.48 Nov. 51 l,194i 1,737.18 Dec. 49 1,234 1,720.50 18.56. Jan. 48 1,264 1,758.62 Feb. 48 l,164i 1,628.55 March 50 . 1,134^ 1,580.77 April, 49 1,124| 1,659.94 May, 51 l,204i 1,751.86 624 14,635i Laborers and Employees, Mis- cellaneous. 1855. Men. Day.s. June, 21 498 $670.42 July, 22 511i 626.52 Aug. 26 604 761.08 Sept. 25 577 745.12 Oct. 24 57?^ 766.92 Nov. 22 509i 669.61 Dec. 17 426 570.10 1856. Jan. 18 420 569.53 Feb. 19 410i 580.09' March 20 4875 €75.87 April, 17 399.i 55G 49 May, 15 389.| 533.91 246 5,S10:i Amotmf forward, 16,830.63 Amount forward, Wood and Water in Boston. $140,757.91 19,587.99 20,922.95 (25.66 1855. June, July, Aug. Sept. Oct. Nov. Dec. 1856. Jan. Feb. Men. 32 31 28 29 27 28 26 26 24 March, 24 April, 26 May, 28 Days. 773^ 737a 743-1 684 694^ 696.i 657^ 719i 594i 611.^ 587 69U .32 825.44 779.33 762.57 760.14 770.33 734.14 789.79 668.14 685.08 661.46 823.43 329 8,190 Wood and Water not in Bostoni 1855. June, Men. 46 July, Aug. 31 27 Sept. Oct. 28 28 Nov. 31 Dec. 26 1856. Jan. 23 Feb. 23 March, 24 April, May, 24 21 332 Freight at 1855. Men. June, 114 July, Aug. 90 91 Sept. Oct. 96 125 Nov. 106 Dec. 103 18.56. Jan. 94 Feb. 91 March , 99 April, May, 101 110 Days. 777 6751 727i 68I4 738 675i 658| 594i 5815 598i 618i 560i 7,886i Boston. Days. 2,347 2,123;^ 2,3605 2,338^ 2,666 2,487i 2,330i 2,210 2,183 2,338 2,426^ 2,437i $794.49 712.75 774.85 731.83 798.57 768.38 706.28 661.26 641.00 655.90 678.28 616.81 $3,098.33 2,871.62 3,135.17 3,125.16 3,462.83 3,264.83 3,075.83 2,847.09 2,754.93 2,845.43 2,979.25 3,067.28 1,220 28,248i Freight not in Boston. 1855. June, July, Aug. Sept. Oct. Nov. Dec. 1856. Jan. Feb. March, April, May, Men. 20 12 12 11 10 10 9 10 10 Days. 327i 293i 281 237i 257i^ 214 221 218.^ 171i 169 182 248.-^ $381.00 342.63 310.72 283.12 293.09 249.36 260.50 245.24 197.60 192.62 218.00 275.78 128 2,821 9,122.17 8,540.40 36,527.75 ,757.91 j Amount forward, 3,219.66 S198,197.89 40 Amount fortcard, $198,197.89 Repairs OP Road — (^Smith.) — continued. Repairs OF E.OAD — /^Sj •nitk.J 1856. Sec. Men. Days. 1855. Sec. Men. Days. ■" Aiyiounis $208,586.2 June, 1 4 94^ $155.71 fo)-ivard, 44 983 $ L, 254.45 2 3 78 93.17 Sept. 10 3 78i 94.89 3 11 220i 278.17 11 3 76i 93.27 4 14 320i 389.59 12 3 77h 94.88 5 5 106i 122.04 13 15 337 359.02 6 8 181^ 203.52 14 34 6074 680.05 7 5 1051 122.02 15 4 102 130.89 8 5 1051 122.02 16 3 55 68.24 9 ;r 105^ 122.02 122.02 10 5 1051 109 2,317 2,775.6 11 4 825 97.87 Oct. 1 9 214i 294.50 12 15 300i 363.01 2 8 186^ 220.67 13 4 831 98.96 3 2 54 65.25 14 10 2151 262.80 4 5 112 128.58 15 13 2091 270.47 5 5 112 128.58 16 4 83| 98.96 6 7 5 112 128.58 4 112 128.58 115 2,399| 2,922.35 8 13 3091 410.34 July, 1 4 127 193.52 9 5 105 121.00 2 9 228i 284.91 10 5 112i 128.60 3 19 339 387.19 11 4 111 127.25 4 6 152 184.18 12 5 112 128.58 5 6 152 184.18 13 14 274i 337.17 6 Ik 185i 208.49 14 5 112 128.58 7 28i 624 779.24 15 5 112 128.58 8 6 152 184.18 16 6 129^ 154.20 9 5 152 161.25 184.18 10 6 152 100 . 2,281 2,759.0 11 7 152 184.18 Nov. 1 4 104 166.01 12 9 244 303.04 2 3 78 93.17 13 7 152 184.18 3 2 52 62.84 14 7 159i 192.57 4 4 92i 110.10 15 5 152 161.27 5 4 92i 110.10 16 6 152 161.27 6 4 92i 110.10 7 4 92^ 110.10 139 ', 5,275i 3,937.83 8 9 2031 252.68 Aug. 1 lOi 266i 346.02 9 9 209i 233.10 2 20^ 486 599.15 10 3 94 110.09 3 2 54 65.25 11 4 92^ 110.10 4 4i 102 118.11 12 4 89^ 106.85 5 4i 107 123.53 13 16 326 388.47 6 4 104i 121.60 14 6 14U 186.73 7 20i 444i 652.76 15 4 92i 110.10 8 4i 107 123.53 16 5 103i 126.60 Q 1h 107 123.53 10 168^ 216.91 85 l,9o6h 2,387.1 11 4i 105 121.36 Dec. 1 oh 127 199.99 12 4i 107 123.53 2 4i 110 136.90 13 4;! 107 123.53 3 H 84 106.57 14 4i 100 115.53 4 3i 84 106.57 15 25i 432 534.33 5 H 84 106.57 16 4 104 119.51 6 H 84 106.57 7 3-i 84 106.57 130 2,902i 3,528.18 8 4 84.J 106.57 Sept. 1 4 92 152.08 9 4 82i 104.62 2 6 142 193.29 10 H 84.i 106.57 3 2 50 60.41 11 3i 84i 106.57 4 12 255^ 805.88 12 3i 79 101.15 5 3 75 92.07 13 H 84 106.57 6 4 78 94.88 14 H 84 106.57 7 3 77i 94.89 15 H 84 106.57 8 7 Vilh 169.01 16 H 84 106.57 9 3 'ioh 91.94 1,821.5 foricard. 60 1,408 t forward, 44 983 ,11,254.45 •1208,586.25 Amoin $218,329.6 41 E.EPAIUS OF Road — (^Smiih.)- Amount forward, 1856. Sec. Men. Days. -continued. $218,329.62 Repairs of Road — (SwuYA,) — continned. 1856. Sec. Men. Days. Jan. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 4 3 11 3 4 3 2 8 5 3 4 3 2 5 3 25 80 81 65 70* 76i 70* 70i 93 139i 71 81i 58;^ 70;^ 79^ 70.i 88 1,391 Feb. 1 5i lOOi 2 4i 97i 3 4i 73i 5 44 73^ 6 44 73i 7 44 734 8 44 73i 9 44 73i 10 44 73^ 11 44 73i 12 44 73^ 13 44 73^ 14 44 73.i 15 44 73i 16 4j 73i $143.84 96.75 76.25 88.09 94.09 88.09 88.09 110.59 190.09 88.17 99.09 75.09 88.09 97.09 88.09 225.59 168.08 118.74 90.65 90.65 90.64 90.64 90.64 90.64 90.64 90.64 90.64 90.64 90.64 90.65 90.65 90.65 69 1,227 Mar. 1 3 78 137.84 2 3 77 92.08 3 2 52 62.84 4 3 64 78.76 5 2 64 78.76 6 3 64 78.76 7 2 64 78.76 8 3 64 78.76 9 2 56.^ 71.17 10 3 57i 71.55 11 2 64 78.76 12 3 63 77.67 13 2 64 78-76 14 3 64 78.76 15 2 64 78.76 16 7 178 244.76 45 1,138 April, 1 5^ 1184 185.25 2 4$ 101$ 123.32 3 4 785 96.75 4 n 79 96.74 5 31 701 94.32 6 3^ 78$ 96.75 7 31 671 83.57 8 121 2014 247.10 9 4 7S5 90.74 Amounts forward, 464 881 $1,120.54 1,737,09 1,555.83 Amounts forward, Apr. 10 11 12 13 14 15 16 464 881 3$ 4 3$ 31 4 3S 72$ 711 79 781 74$ 784 784 73 1,414$ May, 1 6 144.^ 2 5 118 3 4 91 4 4 91 5 4 884 6 4 91 7 4 84 8 4 91 9 4 90| 10 4 91 11 4 91 12 4 79 13 4 904 14 4 91 15 4 89 16 4 91 $1,120.54 89.02 87.40 96.75 96.74 91.91 96.20 96.08 215.93 143.19 111,69 111.69 109.01 111.69 102.60 111.68 111.68 111.69 111.68 98.19 111.68 111.69 109.01 111.69 $223,089.29 67 1,5124 Whole amount of Repairs by Smith, $28,560.83. 1,466.75 1,774,64 1,894.79 Repairs OP Road — ( Whittier.) 1855. Sec Men. Days. June, 1 9 2034 $301.03 2 7 148$ 185.68 3 11 233$ 282.07 4 8 175$ 208.25 5 7$ 175$ 208.25 6 71 175$ 208.25 7 8$ 186$ 220.13 8 7$ 175$ 208.25 9 6$ 149$ 180.17 10 6$ 149$ 180.17 11 7$ 1754 207.58 12 12$ 2674 331.20 13 12$ 2644 327.97 14 9$ 123^ 224 260.36 2,7064 3,309.36 July, 1 5 145 256.77 2 6 1644 217.13 3 5 114 137.94 4 5 133 153.73 5 5 1184 143.91 6 6 148$ 169.26 7 7 1594 190.44 8 6 146$ 167.10 9 6 1084 123.57 10 4 1024 117.20 11 4 103 117.74 12 5 114 132.81 13 4 97 111.32 14 17 384 483.02 501 91 85 2,0384 forward. Amount $232,590.02 4:2. Hepairs of Road — (^Whittier,) — continued. Amount forward, $232,690.02 Days. 195^ 1855 Au Sec. 1 2 3 4 6 6 7 8 9 10 11 12 13 14 Men. 8 9 Repairs of Road — {Whittier,) — continued. 6 7 9 9 20 189^ 192i 204i nih 188 200i 200i 197i loOi 176 2271 217 5011 297.26 226.38 225.99 227.68 198.52 209.86 223.11 225.71 219.08 169.36 196.90 261.11 249.54 645.89 1 23 3,019 Sept. 1 6 128i 226.60 2 4 105i 142.36 3 4 100 116.50 4 4 100 108.00 5 4 100 114.25 6 5 127i 144.20 7 5 126 143.47 8 7 187i 239.62 9 4 106 121.23 10 4 90 101.70 11 4 100 114.25 12 14 327i 417.08 13 8 19 1| 241.38 14 56 29 l,227i 1,395.90 ] 3,017i Oct. 1 9 239i 378.41 2 5 145 182.80 3 5 116 139.68 4 4 109 124.77 5 4 93i 113.47 6 5 135 153.12 7 5 130 146.90 8 5 134 151.47 9 4 106 121.10 10 4 108 123.39 11 4 108 123.39 12 17 392 495.48 13 4 108 123.39 14 61 136 1,1981 1,411.89 3,122f Nov. 1 9 239i 410.23 2 u 144 185.16 3 5 128i 158.84 4 4 122 147.65 5 13 326i 422.85 6 9 207i 261.23 7 6 135 164.30 8 5 118i 134.48 9 5 117 141.26 10 4 103 117.74 11 4 102 116.66 12 4 104 118.82 13 7 151 186.36 14 67 1,228| 1,404.31 147 3,226| Amount for ward, 3,576.39 3,626.54 Amount forward, 1855. Sec. Men. Days. k247,552.10 3,789.26 3,969.89 $247,552.10 Dec. 1 20 467i $730.92 2 9 209 250.63 3 7 loOl 173.41 4 9 177 198.89 5 16^ 321 450.89 6 8 149i 169.07 7 7 149f 169.98 8 8 150 169.74 9 7 150| 171.07 10 8 151 171.07 11 8 151 171.07 12 8 151 171.07 13 7 150^ 171.07 14 15 369 448.19 ] 2,8971 3,617.07 loot). Jan. 1 16 381^ 622.84 2 3 86 108.28 3 3 81 96.66 4 3 86 100.81 5 3 81 94.23 6 3 81 94.23 7 4 97 117.77 8 3 87 103.76 9 4 lOl.i 122.47 10 3 81 94.23 11 3 80 93.15 12 4 97 116.26 13 3 81 94.23 14 8 207 255.49 63 1,631 2,114.41 Feb. 1 10 243 405.49 2 3 78 97.50 3 5 114 144.96 4 4 91 109.74 5 3 75 87.25 6 3 73 84.84 7 3 74 86.17 8 3 81 95.78 9 3 74 86.17 10 3 75 87.25 11 4 75 87.25 12 3 75 87.25 13 3 72 84.01 14 6 150 168.25 56 1,350 1,711.91 Mai-. 1 11 254 i 417,87 2 2 60 76.64 3 4 88i 107.44 4 3 IH 92.56 5 3 794 92.89 6 3 78.i 91.82 7 4 83 107.39 8 3 84 100.15 9 3 79i 92.89 10 3 79i 92.90 11 3 85i 92.89 12 8 121 159.59 13 3 79i 92.89 14 Amoin 6 157i 59 1,410 it forward, 177.14 1,795.06 $256,790.55 43 Repairs of Hoab— Amount forward, 1856. Seci Men. Days. ■( IVhittier,)- -C07itinued. $256,790.55 April, 1 15 330.^^ 2 12 2313 3 3 80 4 4 79^ 5 4 80 G 3 G2^ t 5 S2.\ 8 4 79$ 9 5 71 10 3 791 11 4 82 12 3 79.f 13 4 81 14 43 112 477$ 1,903 May, 1 lOi 2711 2 n 175* 3 130i 4 H 131i 5 iH 360 6 5 lllr^ 7 m 2381 8 4 103 9 4 103i lo- H 104i ll H 104.-^ 12 5 103i 13 H 125.* 14 44 9631 $533.23 305.94 97.47 92.31 92.96 73.69 104.41 92.65 83.74 92.65 95.12 92.65 94.56 527.02 429.71 220.69 152.15 149.46 475.49 133.56 306.65 118.91 119.57 120.66 120.65 119.58 144.39 1,007.11 130 3,026$ "WTiole amount of Repairs by Whittier, $36,028.81. Repairs, Danvers Railroad. $137.96 81.80 81.80 1855 June, Sec. 1 2 3 Men. 7 5 5 Days. 119i 671 671 17 255 July, 1 2 3 131 13* 111 268 258 234 39 760 Aug. 1 2 3 5 2 2 118 64 64 9 246 Sept. 1 2 3 4 2 3 100 50 75 9 225 Oct. 1 2 3 4 2 2 94 48 54 296.26 291.95 270.88 140.06 81.74 81.74 114.25 60.25 93.50 109.27 57.09 65.07 2,378.40 Repairs Danvees Hailroad — continued. 3,618.58 8 196 Amount forward. 301.56 859.09 303.54 268.00 231.43 Amount forward, 1855. Sec. Men. Days. Nov. 1 Dec. 1856. Jan. Feb. Mar. 156 78 |!90.74 90.74 90.74 90.74 6 156 $264,751.15 181.48 181.48 $264,751.15 April, 1 2 May, 1 3 3 6 5 8 13 3 3 6 3 3 6 3 81 169 90 84 174 78 78 156 78 83 161 81 79 160 103.84 94.23 109.21 100.68 90.82 91.10 90.82 99.09 94.32 91.65 "Wbole amount of Repairs of Dan- vers Railroad, $3,292.34. Ice and Sxow. 1856. Men. Days. Jan. 71 416 $497.15 From Leger, 1 22^ 22.34 72 438i $519.49 Feb. 118 370i 413.80 From Leger, 9 216* 216.55 127 586$ 6.30.35 Mar. 94 325| 334.18 From Leger, 7 174 173.93 101 499| 508.11 April, From Leger, 6 168f 168.74 May, Law- rence, 2 If 1.75 Officers of the Corporation-. 18.55. June. Treas.&Cl'ks, $291.67 Sup't, 208.38 Clerks, 251.66 $751.66 198.07 209.89 181.92 189.91 185.97 1,828.44 Amounts forward, $751.66 $267,908.31 44 Officeks of the Corporation — continued. Amounts forioard, 1855. July. Treas.&Cl'ks, $291.67 Sup't, 208.33 President, 136.12 5 Clerks, 251.66 August. Treas. & Cl'ks, 291.67 Sup't, 208.33 5 Clerks, 251.66 September. Treas. & Cl'ks, 291.67 Sup't, 208.33 Boston, 5 Cl'ks 251.66 October. Treas.&Cl'ks, 291.67 Sup't, 166.67 5 Clerks, 251.66 NoTember. Treas. & Cl'ks, 291.67 Sup't, 166.67 President, 1,750.00 5 Clerks, 251.66 December. Treas. & Cl'ks, 291.67 Sup't, 166.67 5 Clerks, 268.33 1856. January. Treas. & Cl'ks, 291.67 Sup't, 166.67 5 Clerks, 270.83 February. Treas. & Cl'ks, 291.67 Sup't, 166.67 5 Clerks, 270.83 March. Treas. & Cl'ks, 291.67 Sup't, 166.67 £ Clerks, 270.83 April. President, 875.00 Treas. & Cl'ks, 291.67 Sup't, 166.67 6 Clerks, 270.83 May. President, 875.00 Treas.&Cl'ks 291.67 Sup't, 166.67 5 Clerks, 270.83 Law Expenses. 1855. June. S. A.Walker, $25.00 S. Bartlett, 15.00 July. G. Minot, '300.00 J. Quincy, 25.00 $751.66 $267,908.31 887.78 751.66 751.66 710.00 2,460.00 726.67 r29.l7 729.17 729.17 l,G0i.l7 Law Expenses. — continued. Amounts forward, $365.00 $280,343<59 1855. August. H. W. Muzzy, 50.00 J.H.Wiggin, 1,023.16 1,073.16 September. G. Minot, 747.25 Wiggin & "NVheeler, 21.00 David ]SIuiTaT, 3.00 S, B. Perry, 20.00 Choate & Bell, 750.00 October. G.W.Kittredge , 77.75 H. W. Muzzy, 150.00 R. H. Blake, 75.00 November. G. Minot, 65.00 A. Burlingame, 150.00 Thomas Russell, 150.00 December. A.D.PillsbuiT, 1856. January. E. Pickering, 1.75 H. C. Bacon, 141.67 0. Abbott 10.59 C. P. Judd, 204.07 H. H. Hobbs, 56.23 March. Joel Parker, 250.00 S. M. Wheeler, 124.75 1,541.25 302.75 365.00 12.69 414.31 374.75 April. Wiggin, !March & Co., 50.00 A. O. Brewster, 300.00 A. O.BreAvster, 300.00 N. P. Brj-ant, 100.00 G. Minot, 813.85 J. M. Usher, 100.00 John S. Wells, 340.00 A. T. Swan, 9.54 2,013.39 1,604.17 12,435.28 40.00 325.00 Amounts fonrard, $365.00 $280,343.59 May. N. P. BiTant, 150.00 J. H. Cliiford, 50.00 J. F. Clark, 29.65 C. P. Judd, 12.00 J. J. March, 14.74 U.K. Dana, Jr., 250.00 G. Minot, 68.00 N. P. Brvant, 250.00 N.Pvandail,Ag't,902.00 1,728.39 Estimate for Out- standing Bills. G. Mhiot, Unfinished Cases, 2,500.00 C. P. Judd, 300.00 Choatc& Bell, 1,050.00 J. A. Andrew, Bry.int, Derby & Holmes, and others, 6,150.00-10,000.00 18,190.69 Amount for tear d, $298,534.28 45 Amount forioard, $298,534.28 LiTTLK RivEu Bridge, Haverhill. 1855. .Inly. T. & J. Uoanc, Surveys, $22.01 Sept. P. Roll. Moil. Days. 15,378 2G 515i 659.04 Oct. 15,576 28 6151 769.78 "00 Su 32.97 Nov. 15,918 29 667i ! Dec. 16,174 28 626| 1856. Jau. 36 695i 752.50 T. & J. Doane, Surveys, 69.27 Feb. 802.75 833.26 779.54 821.77 802.97 16,624 30 6141 March. 16,881 27 599^786.75 Freight on Stone, G. J. R. Road, 63.00 849.75 April. 17,194 17 385^527.57 T. & J. Doaue, Surveys, 106.93 Hauling Stone, 49.50 684.00 May. 17,379 T.&J.Doano, 26.10 Stone Purchased, $472.00 Horse Power. 1855. June. For the month, $936.00 July, " " 946.50 Aug. " " 972.00 Sept. « " 900.00 Oct. " " 972.00 Nov. " " 936.00 Dec. " " 936.00 1856. Jan. " " 972.00 Feb. " " 900.00 Mar. " " 936.00 April, " " 936.00 May, <« " 19.00 On Mails 1855. July. To and fr Dm P.O. ,$201.25 Aug. (( " 15.00 Sept. Oct. It " 57.50 6.25 Nov. << << 60.00 Dec. <« K 6.00 1856. Jan. „ i, 433.75 Feb. " " 37.50 Mar. «' << 55.00 April, May, " " 162.50 30.00 6,281.19 10,361.50 Amount forward, On Rents. 1855. July. Papering & painting $1.44 Aug. «♦ " 6.00 Oct. <' 13.57 Nov. " »< 5.13 1856. May, " 7.34 On Iron Rails. 1865. Dec. Labor, re-rolling, $1 563.86 1856. Jan. « ■weighing. 19.62 Feb. re-rolling, 306.20 April. Wei ghing and re -rolling, 1,314.49 $316,241.72 Engineering and Surveys. 1855. June. T. & J. Doane, $134.09 July, " " 11.38 Oct. »' " 520.77 Dec. " " 32.00 1856. January. S. S.Hartford, $3.19 T. & J. Doane, 971.37 April, May, -974.56 476.55 286.73 Engineering is also in Ha- verhill Bridge account, 231.18 Ditto in Charles River Bridge account, 879.77 Amount forioard, 1,064.75 5316,241.72 33.48 3,204.17 2,436.08 $1,110.95 Total Eng. and Surv., $3547.03 On Stations, Mass. 1855. June. Paid for Labor, $42.43 July, " 31.68 Aug. " " 64.43 Sept. " (< 3.00 Oct. <( (( 4.90 Nov. K t< 150.62 Dec. t( t< 1.25 1856. Jan. (< <( 421.53 Feb. <( <> 36.29 Mar. << K 104.05 April, <( " 44.38 May, " " 121.08 1,025.64 On Stations, NewH IMPSHIRE. 1855. June, Sundry Bills, $39.59 Aug. " " 45.93 Sept. (< " 13.37 Oct. " K 52.10 Nov. " <' 132.86 Dec. << • < 48.17 1856. Jan. <( (( 11.15 Feb. " " 404.60 May, « " 54.11 Amount forward. 801.88 $323,742.97 46 Amount forward, $323,742.97 Repairs, Bridges, Mass. 1855. June, Suncliy Bills, $ 8.50 Aug. " " 2.99 Oct. " " 46.00 Nov. " " 33.75 1856. Jan." " 5.70 March, " " 107.00 April, " " 68.50 Repairs, Bridges, New Hampshire. 1855. June, Sundi-y Bills, $ .75 Oct. " " 10.00 1856. Feb. " " 143.13 May, " " 1.00 Repairs, Bridges, Maine. 1855. Nov. HauKng gravel. Repairs, Fences, Mass. 1855. Aug. H. Cvmningham, Repairs, Fences, New Hampshire. 1855. Sept. Sundry Bills, $ 1.00 Nov. " " 2.50 1856. Jan." " 48.75 Repairs, Road, Mass. 1855. June, Sundry Bills, $ 6.24 July, " " 1.75 Aug. " " 150.86 Sept. " " 6.88 Oct. " " 76.58 Nov. " " 37.50 1856. Jan." " 38.84 Feb. » " 17.50 April, " " 23.75 May, " " 33.75 272.44 154.88 3.00 8.64 52.25 393.65 Repairs, Road, New Hampshire. 1855. July, Sundry Bills, Aug. Sept. Oct. Nov. Dec. 1856. April, May, On Freight Department 1855. June, Sundry bills, $ July, " " $18.75 11.50 52.50 16.00 .58 63.00 1.00 3.50 156.83 Aug Sept Nov. Dec. 1856. Jan Feb. April, May, Amouni Jurward, 13.50 19.63 52.73 15.00 53.74 18.12 112.02 47.36 64.00 25.92 422.02 $325,206.68 Amount foricard, On Passenger Department. 1855. June, Sundry Bills, $105.21 July, " " 30.20 Aug. " 13.97 Sept. (< .67 Oct. (< 6.00 Nov. " " 2.00 Dec. " " 8.50 1856. Jan." «' 2.82 Feb. (( 7.35 March, " << 42.13 April, " " 72.74 May, " " 9.25 On Wood and Water. 1855. June, Sundry Bills, $16.50 July, " (< 30.20 Aug. (( 219.40 Sept. " " 24.25 Oct. " 214.25 Nov. " << 254.98 Dec. i( 239.06 1856. Jan." « 106.00 Feb. " 117.30 March, " << 64.67 April, " (( 61.68 May, " PER BriD 74.69 On Mystic Rr GE. 1855. Oct. For Labor, $3.75 Nov. " " 27.18 $325,206.68 On Stations in Maine. 1855. Nov. Labor, On Charles Rrv'ER Bridge* 1855. June. T. & J. Doane, Surveys, $253.02 Oct. " " " " $273.96 BLxby& Co., Labor, 185.00 458.96 Nov. " " " " 348.25 E. R. Robinson, Commissioner, 270.00 618.25 Dec. E. R. Robinson, Com'r, 120.00 1856. .Ian. T. & J. Do;me, Surveys, 338,12 E. R. Robinson, 215.00 -553, 135, 125. 130. 300.84 1,422.98 — 30.93 8.62 Feb. (( << Mar. (( (I Apr. May. 130.00 G. Hall, Surveying, 14.67 E. R. Robmson, ' 135.00 D. & Lcnnon, Filling up, 429.02 708.09 3,102.04 Amount forward, $330,072.09 47 Amount forward, $1 530,072.09 CoxTRACT with L. A. Koby, $4,683.75 B. Eastman, 1,472.08 "W. Pope & Sons, 1,714.23 B. Bixbv & Co., 3,080.50 W. M. Rogers, 3,738.56 " " " 1,029.32 15,718.44 Repairs on Cars. 1855. June. Portland, Saco, and Portsmouth Raihroad, GENERAL EXPENSES. AuDiTixG Accounts. 1855. August. J. S. Eaton, $ 75.00 September. J. L. Coffin, 150.00 1856. April. B. S. Sherbiim, 56.36 J. Fran's Kimball, 110.00 Mav. J.Fran's Kimball, 100.00 $491.36 Copying. 1856. April. G. M. Clark, $25.00 May. G. M. Clark, 25.00 50.00 Committee of Inyesti- gatiox. 1855. October. C. p. Judd, $170.00 C L. Woodbnn-, 310.00 John Flint, 170.00 J. McDuffee, 172.00 P T. Homer, 175.40 Printing Report, 350.00 1,347.40 92.32 Amounts forward, $1,881.76 $330,164.41 General Expenses, — continued. Amounts forward, $1,881.76 $330,164.41 Services on Committees. 1855. September. Sise, Osborn & Sanborn, .$18.30 December. J. X. Cunningham, 30.00 1856. January. P. AV. Chaiidler, 15.00 C. Hopkinson, 200.00 — 263.30 Miscellaneous. L.Eames, Extra, $50.00 1855. August. Directors on Ex- cursion, 11.00 Superintendents' Association, 50.00 September. Paj-ing off Help, 10.21 October. T. S. WiUiams, Sundries, 23.00 December. Directors at Law- rence, 6.90 1856. January. County Commis- sioners, 90.00 G. S. Hale, taking Deposition, 7.50 G. W. Nott, Ex- perimenting, 210.00 Alex. "Wads-worth, 5.00 P. "SV. Si^rague, on Location, 50.00 February. Recording at Do- ver, 25.00 May. Paj-ing ofF Help, 10.25 S. W. Dearborn, Report, 33.40—582.26- 2,734.32 $332,898.73 t.T 48 Statement of the Number of 3Ian, Number of Days, and Cost of of all the Employees on the Road for the year ending May olst, 1856, inclusive. Occupation. Conductors, . Engineers and Firemen, Brakemen, . S-witchmen, . Gatemen, Signal-Men, Watchmen, . Baggage-Men, Station Agents, Engine Shop, Boston, Car Shop, La-«Tence, Laborers, Miscellaneous, Wood and Water, Boston, . Wood and AVater out of Boston, Freight, Boston, • Freight out of Boston, . Repairs of Road, (Smith,) . Repairs of Road, ("WToittier,) Repairs, Danvers Railroad, . Ice and Snow, Bridge at Haverhill, Total, No. of Men. 238 620 304 249 175 48 218 296 541 483 624 246 329 332 1,220 128 1,080 1,301 131 308 221 9,092 No. of Days. 6,230i 15,826 7,o68i 6,252| 4,535 1,126 6,04U 14,368| ll,679i 14,635i 5,810:1 8,190 7,8864 28,248| 2,821 23,2221 29,349 2,814 l,695i 4,619* Amount. 12,321.25 26,732.79 9,597.68 6,224.85 3,812.56 1,159.69 6,117.45 9,724.41 16,830.63 19,587.99 20,922.95 7,725.66 9,122.17 8,540.40 36,527.75 3,249.66 28,560.83 36,028.81 3,292.34 1,828.44 5,911.41 210,253|- 1 $273,819.72 $34.07|. 1.30. Equal to 8,035^ men, 1 month each. Average per month, Average per day. Equal to 671 men every -working day ia the year. This includes all persons employed by the Corporation, excepting those in the Offices in Hayniarket Square Buildiiig, who are given below. President, ....._ Deduct for amount due to Jiuie 1, 1855, Statement of Amount paid Salaries of Fresident, Treasurer and 2 Clerks, Su- perintendent and 5 Clerks, for the Year ending May 'ilst, 1856, inclusive, viz: - $3,636.12 136.12 3,500.00 3,500.00 5,299.12 $12,299.12 Treasurer and Clerks, Superintendent and Clerks, RECAPITULATION. Men. Employees, as above, - - - - 9,092 President, Treasurer, Sup't, and their Clerks, 10 Days. 210,2531 3,130 Amount. |!273,8 19.72 12,299.12 Total, ■ 9,102 213,383^ $286,118.84 Equal to 8207 men one month, (26 days) each, or " " 681 " everj' Avorking day in the year. Average wages per month, $35.08. " " " day, 1.34. 49 SCHEDULE No. 3. Comparative Statement of Expense per Ton, of Handling Freight re- ceived at and sent from Boston Station, for Six Months, in \ 855, and the Six corresponding Months, in 1856. Date. No. Tons. Amount Cost Date. No. Tons. Amount 1 Cost - Pay Roll. per Ton. Pay Roll. per Ton. 1855. t Cents. 1856. Cents. Jan. 11,167 2,997.13 9rt 83 Jan. 15,675 2,704.77 j 17.25 Feb. 10,245 2,692.78 26.28 Feb. 15,307 2,584.61116.88 March, 17,341 3,048.74 17.58 March, 17,753 2,697.31 1 15.19 April, 16,139 2,919.64 18.09 i April, 21,715 2,815.03 12.96 May, 20,301 3,221.15 15.86 May, 22,044 2,847.91 12.91 June, 17,797 3,203.33 18.00 June, 20,771 2,718.55 13.08 92,990 18,082.77 19.45 113,265 16,368.18 14.43 Total increase of Tonnage, 20,275 Tons over corresponding 6 mos. Decrease of Cost per Ton, 27 per cent. " " " « " Total Expense, $1,714.59 « « « SCHEDULE No. 4. Comparative Statement of the Freight Earnings and Tonnage of the Boston and Maine Railroad, for the year ending June 1st, 1855, and June 1st, 1856. 1855. Total Freight Earnings, - - - " " " Tonnage, - 1856. Total Freight Earnings, ... - " " " Tonnage, - - t - Increase of Earnings, 1856, over 1855, " " Tonnage, " « « . . Difference between the increase of Earnings over increase of Tonnage, 1856, - - -. t 7 $274,200.64 243,706 tons. $328,256.21 263,827 tons. $54,055.57 20,121 tons. $31,419.57 50 SCHEDULE No. 5. Statement of Danvers Railroad husiness for the year ending June 1, 1856. Passengers. Freight. Total. Earnings on the Darners R.E. $9,897.90 $6,334.31 $16,232.21 " to and from " " 11,820.58 7,273.47 19,094.05 $21,718.48 $13,607.78 $35,326.26 Paid Eastern R. E. of the above from Earnings on the D. R. R. $3,106.95 $1,575.58 $4,682.53 « " to and from" 3,444.50 1,887.78 5,332.28 $6,551. 45 $3,463.36 $10,014.81 Miles run On the Danvers Raih'oad, ------ 25,471 To and from " " (estimate,) - - - - 28,300 53,771 Cost of operating and maintaining Boston and Maine Railroad, including branches and Danvers Railroad, for this year, is $1.12^ per mile. Note. — The contract with Danvers Railroad says the expenses shall be reckoned as above. Memorandum. — Danvers Railroad in account loitli Boston and Maine Railroad, Dr. To running on your road 25,471 miles, at $1.1 2i, - $28,654.87 Cr. By Passenger Receipts, - $9,897.90 Less paid Eastern Railroad, 3,106.95 $6,790.95 By Freight Receipts, - - 6,334.31 Less paid Eastern Railroad, 1,575.58 4,758.73 11,549.68 17,105.19 Add Rent one year, * 7,500.00 Loss to Boston and Maine Railroad, - - _ $24,605.19 if it costs Boston and Maine Railroad as much to operate and maintain your road as it does to operate and maintain the Boston and Maine Railroad and branches, and Danvers Railroad. 51 Danvers liailroad in account with Boston and Maine Railroad, Dr. Kunuing to and from your road 28,300 miles, at $1.12^, $31,837.50 Cr. By Passenger Rec'ts to and from, $11,820.58 Less paid Eastern Railroad, 3,444.50 By Freight Rec'ts to and from, 7,273.47 Less paid Eastern Railroad, 1,887.78 $8,376.08 5,385.69 13,761.77 Loss to Boston and Maine Raikoad, - - - $18,075.73 Total loss to Boston and Maine Railroad this year is ($24,605.19 and $18,075.73 making) $42,680.92, if it costs $1,121 per mile to run these trains and maintain the roads. SCHEDULE No. 6. Extracts from Directors' Records in respect to Lease to Danvers Railroad, and Loans to Danvers S; Georgetown and Newhuryport Railroads. May 6, 1853. — At a meeting of the Directors of the Boston and Maine Railroad, held at Boston on Friday, the sixth day of May, in the year eighteen hundred and fifty-three, — Present, the President (Southwortli Shaw) and Messrs. Flint, Hayward, Batchelder, and Kittredge, — Voted, That it is desirable to make such arrangements with the Danvers Railroad, the Danvers and Georgetown Railroad, and the Newhuryport Raih'oad, as wiU secure to this Road the traffic to and from those roads, as authorized by the Stockholders' vote of Sep- tember 8, 1852. Voted, That the President and Messrs. Hayward and Kittredge be a Committee to confer with those roads, and report what can be effected on the subject. May 26, 1853 — Present, the President, (Mr, ShaAV,) Hayward, Flint, Batchelder, and Kittredge. The Committee appointed May 6, 1853, on the subject of ar- rangements with Danvers Railroad, reported in favor of a rough draft of a lease of that Railroad ; and thereupon 52 Voted, That the President be authorized to take, execute, and deliver such a lease from the Danvers Railroad Company to the Boston and Maine Railroad, of the Danvers Railroad, as he shall see fit. June 14, 1853. — Present, the President (Mr. Shaw) and Messrs. Hayward, Flint, Batchelder, and Kittredge. The President reported that he had executed a lease of the Dan- vers Railroad, under date of May 30, 1853, and produced it ; where- upon it was Voted, That it be ratified and approved. January 5, 1854. — Present, the President (Mr. Hayward) and Messrs. Shaw, Kuhn, Walker, Batchelder, Aiken, and Kittredge. Voted, That the subject of a loan to the Danvers and Georgetown Railroad be referred to the President and Messrs. Batchelder, Kuhn, and Kittredge. April 29, 1854. — Present, the President (Mr. Hayward) and Messrs. Kuhn, Batchelder, and Aiken. Voted, That the President be authorized to loan the Danvers and Georgetown Railroad money to pay for their iron, on such security as he shall see fit. August 8, 1854. — Present, the President (Mr. Hayw^ard) and Messrs. Kuhn, Batchelder, Kitti'edge, Aiken, Walker, and Shaw\ On request of Dr. Walker, it was Voted, That he be allowed to enter his dissent on the record, to the vote of April 29, 1854, respecting a loan to the Danvers and George- town Railroad. November 14, 1854. — Present, the President (Mr. Hayward) and Messrs. Kuhn, Shaw, Kittredge, Topliff, Duncan, and Batchelder. Voted, That the subject of assisting the Danvers Railroad be referred to the President and Messrs. Kittredge and Duncan. November 18, 1854. — Present, the President (Mr. Hayward) and Messrs. Kuhn, Batchelder, Shaw, Kittredge, and Duncan. Mr. Duncan sul)raitted a report from the Committee on the Dan- vers Railroad, which was accepted. Voted, That the Committee appointed at the last meeting on the subject of aid to the Danvers Railroad, have authority to give them aid to the amount of tliirty thousand dollars, in sucli form an