REPORT 
 
 INVESTIGATING COMMITTEE 
 
 OF THE 
 
 CONCORD RAILROAD, 
 
 TO THE 
 
 STOCKHOLDERS, 
 
 DECEMBER, 185T. 
 
 CONCORD: 
 
 STEAM PRINTING WORKS OF McFARLAND & JENKS, 
 
 PHENIX BLOCK, MAIN STREET. 
 
 1857. 
 

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 REPORT. 
 
 To the Stockholders of the Concord Railroad Corporation : 
 
 In some respects, railroads are no longer an experiment. The 
 experience of more than twenty years in New-England has demon- 
 strated their capacity, utility and general importance. The facilities 
 to social and commercial intercourse which they afford, in the more 
 safe and speedy transportation of passengers and freight, render 
 them an indispensable element in the progress of civilization. Their 
 continued existence and successful management are essential to the 
 maintenance of the advanced position society has already attained. 
 To abolish them would be to destroy a large share of the comforts as 
 well as luxuries of life, to say nothing of the immense pecuniary 
 sacrifices in a thousand ways involved in such a result. Nearly 
 seven hundred millions of dollars have been invested in their con- 
 struction and equipment in the United States alone. They have 
 become a necessity of the times and of the race. The community 
 can no more exist without them than without tea, coffee and sugar, 
 shoes, hats and over-coats. To suppose that their advantages are to 
 be dispensed with — that the scream of the whistle, the sigh of the 
 exhaust pipe, and the rumbling of the cars, are no longer to be 
 heard — and that stage coaches and baggage wagons are to reappear 
 in all their pristine glory and more than pristine numbers — is sim- 
 ply absurd. Revolutions never advance backwards. That many 
 railroads, and branches or portions of many others, which ought 
 never to have been built, may be suspended or discontinued, is alto- 
 gether probable ; but that wherever there existed any real occasion 
 for their construction in the first place — wherever the public ever 
 
 
4 
 
 actually needed the services or demanded the facilities which rail- 
 roads are calculated and designed to render and furnish — they are 
 to be perpetuated, there can be no manner of doubt. 
 
 It is equally certain, that wherever railroads are needed, and for 
 that cause continued, their proprietors are destined hereafter to be 
 suitably remunerated for their investment. The idea that engines 
 and cars are to continue to run for the accommodation and con- 
 venience of the public merely, while their owners are daily, monthly 
 and yearly made poorer from their operations, is preposterous. The 
 public do not expect or desire it, nor is it for their advantage that it 
 should be so. The interests of the community and of railroad pro- 
 prietors are identical. Their rights and duties are reciprocal, and 
 not antagonistic. It is as much the duty and for the interest of the 
 public to pay railroad proprietors fairly and liberally for ensuring the 
 safety and rapidity of personal intercommunication and an inter- 
 change of useful productions, as it is the duty and for the interest of 
 railroad proprietors to ensure both in the best and most economical 
 method. Stockholders in railroads are themselves a part, and no in- 
 considerable part of the community, and it needs no argument to 
 prove that no community can ever be permanently enriched by the 
 wrongful impoverishment of any portion of its members. 
 
 There are, undoubtedly, instances where railroads are so little 
 needed that the business to be transacted upon them cannot afford 
 to pay for operating them, and at the same time secure remunerative 
 dividends, upon their cost, and others, where the improvidence and 
 reckless extravagance of managers increased the cost of construction 
 vastly beyond what was necessary for the reasonable accommodation 
 of the public. In such cases the public are under obligation and 
 can only be expected to pay adequate interest on the fair business 
 value or actual necessary cost of the works employed by them to 
 facilitate travel and transportation; and, consequently, these roads 
 must ever be regarded as intrinsically worth no more than that fair 
 value or necessary cost. But in a vast majority of cases, wherever 
 in fact the local position of railroads and their facilities for business 
 are such, that prudent sagacity ought ever to have dictated their con- 
 struction as an investment for capital, if they have been built and 
 furnished with a reasonable regard to economy, the proprietors are 
 fairly entitled to receive, and the public are in justice and equity 
 bound to pay, liberally remunerative dividends on their entire cost. 
 The beneficial influence constantly resulting from railroads in enhanc- 
 ing and sustaining the value of property, as well as of industrial 
 
5 
 
 labor, along their lines, and in promoting the comforts and multiply- 
 ing the enjoyments of all classes of the community, in connection 
 with their constant exposure to great and serious accidents, imperi- 
 ously requires this. 
 
 But, as before suggested, the rights and duties of the public and 
 of railroad proprietors are reciprocal, or, rather, mutually dependent 
 on each other. The right of the latter to demand and receive of the 
 former fully remunerative dividends for their investment, depends 
 upon the fidelity with which they discharge their own duties. The' 
 public have a right to insist upon and require, as a condition prece- 
 dent to the payment of such dividends to the stockholders of rail- 
 roads, that those stockholders shall not only so manage and operate 
 their roads as to afford reasonable facilities for the accommodation of 
 the business passing over them, but that those facilities shall be fur- 
 nished, and the whole operations of the roads be conducted, with the 
 most rigid economy compatible with the safe and reasonably expedi- 
 tious transaction of that business. The proprietors of railroads have 
 no right to complain that their investment is unproductive, if that 
 very unproductiveness is directly or indirectly attributable to the 
 improvidence, slothfulness, extravagance, recklessness, unskillful- 
 ness, incapacity, or unfaithfulness of their own agents and servants 
 in the control and management of that investment. If any consid- 
 erable share of the legitimate earnings of their property is squander- 
 ed — whether in compensation for valueless services, or those never 
 rendered ; in extravagant salaries or wasteful expenditures ; in disas- 
 trous experiments, or through loose and incompetent superintend- 
 ence; or be wasted and lost through the inactivity, indiscretion, 
 carelessness, incapacity, fraud or dishonesty of their own officers and 
 servants, the responsibility justly rests and the loss properly falls on 
 the stockholders themselves. If the chief executive or administra- 
 tive officers of railroads, or any portion of them, are selected or re- 
 tained and allowed large pay, not for their acknowledged capacity 
 and ability to discharge their respective duties successfully and effi- 
 ciently ; not for the intrinsic worth of their services, but from some 
 kind of favoritism, or from some supposed extraneous influence they 
 may be thought to possess and to be able to exert ; and if the sub- 
 ordinates, or any portion of them, hold their places rather as a re- 
 ward for their disposition to sound the praises and extol the merits 
 of their superiors, than for their energy, industry and fidelity; it can 
 not be long before every employee of ordinary intelligence will come 
 to understand the condition of things, and the result must inevitably 
 
6 
 
 be a general laxity of discipline, and a want of the necessary 
 diligence, promptitude and economy, followed, as an almost necessary 
 consequence, by looseness, if not profligacy of expenditure — per- 
 haps by positive fraud and flagrant dishonesty. U nder such circum- 
 stances it is worse than folly for stockholders to expect satisfactory 
 dividends. It is only when the affairs of railroads are conducted 
 with the same systematic skill, untiring perseverance, careful econo- 
 my, strict fidelity and unswerving integrity, that characterize the 
 business transactions of intelligent, capable, shrewd and prudent in- 
 dividuals, that their proprietors have a right to anticipate and de- 
 mand for their investments, under ordinary circumstances, those full 
 and liberal returns which the liability of even the best regulated 
 railways to extraordinary casualties, render reasonable and proper. 
 
 Entertaining such views of the mutual rights, duties and responsi- 
 bilities of railroad proprietors and the public, the Committee appoint- 
 ed by you at your last Annual Meeting to investigate the affairs of 
 the Concord Railroad, entered upon the discharge of their duties. 
 They endeavored in the first place to satisfy themselves whether your 
 Road was so located and naturally commanded such an amount of 
 business, and had been so properly constructed and at such reason- 
 able expense, that you had a right to expect fully remunerative div- 
 idends on the par value of your stock. Having become convinced, 
 beyond a doubt, on all these points, they next inquired into the 
 causes that had operated during the last four or five years to prevent 
 a realization of your just expectations in this regard ; and, after a 
 full and patient investigation and careful analysis and comparison, 
 they regret to be compelled to say they became satisfied, that, al- 
 though in many instances less compensation has been received for 
 rents, and for services rendered by the Road, than ought to have been 
 realized, and there is therefore just occasion for complaint on that 
 ground, yet the principal cause of your disappointment is to be 
 sought, neither in the small amount of business transacted over your 
 Road, nor yet in the small compensation received for doing it, but in 
 the general looseness and extravagance of expenditure, the general 
 want of proper care and strict economy in the management of almost 
 every department of the affairs of the Road during that period. The 
 committee, however, do not ask you to rely upon their opinion, but 
 exhibit for your consideration, somewhat in detail, and under dis- 
 tinct heads, the result of their investigations. If those details, and 
 the facts and figures therein embraced, do not justify the conclusion 
 at which they have arrived, the Committee will rejoice to find them- 
 selves mistaken. 
 
7 
 
 Characteristics and Business of the Concord Road. 
 
 It is quite apparent that the value of a railroad, as an investment 
 for capital, must depend on the amount of business commanded by 
 its local position, compared with its cost, length, grades and curva- 
 ture, and its capacity for performing any amount of business passing 
 over it. Now, a more desirable location than that of the Concord 
 Road, extending as it does through the valley of the Merrimack, 
 connecting the Capital with the largest and two of the principal man- 
 ufacturing towns of New-Hampshire, and forming, with its connec- 
 tions, the natural channel of communication between Lowell and 
 Boston and the whole of Central and Northern New-Hampshire and 
 Vermont, could hardly be found in New-England. It is leveller 
 than any of the principal roads in the Eastern States, and far 
 straighter than most of them. With a double track through its en- 
 tire length, and an amount of rolling stock adequate to any emergen- 
 cy, there would seem to be no reason why its operations, if judicious- 
 ly managed, should not pay satisfactorily, if it commands at fair 
 prices an amount of business proportionate to its cost and its facilities 
 for doing it. And this it does command and has always commanded. 
 
 Table No. 1 contains data for a comparison of the Concord with 
 the eight principal roads in Massachusetts, in respect to cost, track, 
 straightness, grade, curvature and business. In all these respects 
 the Concord Road compares favorably with each of them. The max- 
 imum grade is put down at 21.8 feet, while in fact that is the grade 
 for only 900 feet at Manchester, the highest grade elsewhere being only 
 15.8 feet. The average rise and fall per mile is only 5J feet, or one- 
 third less than upon the Boston & Lowell, and less than half that of 
 the Boston & Providence, which are far leveller than any of the oth- 
 ers. The cost per mile of the Concord Road, with a double track 
 the whole distance, is less than that of either of the others except 
 the Old Colony, and less than that before they reduced their stock, 
 while several have but a single track for the larger part of their 
 length. The amount of business upon the Concord Road, as repre- 
 sented by passengers and tons carried one mile, in 1854, 1855, and 
 1856, was greater in proportion to the cost of the road than upon 
 either of the other roads except the Boston & Maine. The curva- 
 ture is more favorable than upon any of the eight, except the Boston 
 & Lowell and Boston & Providence. 
 
 Possessing these advantages over the best of the principal roads in 
 Massachusetts, the Committee were entirely satisfied the Concord 
 
8 
 
 Road ought always to have paid remunerative dividends on its entire 
 cost. 
 
 They next proceeded to the inquiry why it had not done it, and 
 for this purpose first examined the annual reports of the Corporation, 
 exhibiting specifically the 
 
 Receipts and Expenditures . 
 
 The first thing which attracted the attention of the Committee on 
 this point, was the change that had taken place during the last five 
 years, since 1851, in stating in the annual reports the expenditures 
 for working the road. Until within thelast five years, every thing 
 expended on account of the operations of the road during the year, 
 was enumerated, and the aggregate set down as the total amount of 
 expenditures in operating the road. Since 1851, the result of the 
 year’s business is apparently stated and the balance struck, and from 
 that balance items varying in amount from $13,500 to nearly $30,000 
 in the various years, are afterwards deducted, as if the latter items were 
 something else than actual expenses of the road, whereas they are of 
 precisely the same character as had always before been enumerated 
 among the legitimate expenditures. This circumstance is of no 
 great consequence, except as serving to indicate the point at which a 
 marked change in the proportion of expenses to receipts occurred and 
 seemed to become permanent, and the consciousness of the authors of 
 those reports that such change had taken place. 
 
 In Table No. 2 will be found a statement of the capital stock, the 
 gross receipts, the total expenditures, the net earnings, the per cent- 
 age of net profit to the capital stock, and the proportion of expenses 
 to receipts for the fourteen years since the opening of the Concord 
 Railroad. It will be seen that for the first nine years the annual 
 average net earnings were more than ten per cent, upon the capital 
 stock of the Road; but for the last five years they were less than 
 eight per cent, upon that capital, while the average annual receipts 
 suffered no diminution. So, too, from the opening of the Road, in 
 1842, until 1849, after the opening of both the Northern and Bos- 
 ton, Concord and Montreal Roads, a period of six years, the average 
 proportion of expense to income was not quite fifty-five per cent. ; 
 from 1848 to 1853, a period of four years, with the upper Roads in 
 full operation, the average proportion of expense to income remained 
 the same, nearly fifty-five per cent. ; while from 1852 to 1857, the 
 last period of four years, the annual average proportion of expense 
 to income was nearly sixty-six per cent. — a difference of more than 
 
9 
 
 ten per cent. ; and this difference of ten per cent., had it been saved, 
 would have enabled the Road to have paid eight per cent, dividends 
 whenever it has paid only six or seven during the entire period, and 
 left a handsome surplus for contingencies. 
 
 Table No. 3 exhibits at one view the operations of the Road for 
 the last thirteen years, except that the results accomplished, and the 
 cost and income thereof, as represented by passengers and tons car- 
 ried one mile, are presented for the last seven years only. From this 
 it will be seen that while the amount of business for the last five 
 years, as represented by the total receipts, has been considerably 
 larger than for the preceding five years, the amount of earnings for 
 a given quantity of labor performed have been less, and the expense 
 of performing it greater, and of course the net profits of it very con- 
 
 siderably less than in the preceding five years. Thus — 
 
 The average receipts per mile of trains run the last five years 
 
 have been $1.59f 
 
 The average expense per mile of trains run, do. do. l.Olf 
 
 The average net profits per mile of trains run, do. do. .57| 
 While — 
 
 The average receipts per mile run of trains the preceding five 
 
 years were $1.70f 
 
 The average expense per mile of trains run, do. do. .93 f 
 
 Average net profit per mile of trains run, do. do. .87 
 
 Average receipts per mile of trains run less the last five than 
 
 the preceding five years, $ .Ilf 
 
 Average expenses per mile run greater the last five than pre- 
 ceding five years, .08f 
 
 Average net profits per mile run less last five than pre- 
 ceding five years, .29f 
 
 As the aggregate amount of business transacted the last five years 
 was considerably larger than for the preceding five, it follows that 
 the trains must have run much lighter, and yet the expense per mile 
 of running them was considerably larger. 
 
 The same result is manifest by comparing the receipts, expenses 
 and net profits per passenger or ton carried one mile the last three, 
 with the same data for the preceding four years : 
 
10 
 
 Average receipts per passenger or ton carried one mile last 
 three years, 
 
 Average expense, do. do. do. 
 
 Average net profit, do. do. do. 
 
 Average receipts per passenger or ton one mile four years 
 next preceding three last, 
 
 Average expenses, do. do. 
 
 Average net profit, do. do. 
 
 Average receipts per passenger or ton one mile less last 
 three than preceding four years, 
 
 Average expense, do., greater, do. 
 
 2.65-^ cts. 
 1.78f cts. 
 
 .87 cts. 
 
 2.99? cts. 
 1.701 cts. 
 
 1.29J cts. 
 
 .33f cts. 
 . 08 t 5 2 - cts. 
 
 Average net profits, do., less, do. .42J cts. 
 
 While such is the result of a comparison of the operations of the 
 Concord Road in former years with those of the last few years, a like 
 conclusion is reached by a comparison of those operations with those 
 of other Roads, similarly situated with the Concord, during the same 
 years. In Table No. 4 is given a synopsis of the operations of all 
 the railroads in Massachusetts for thirteen years, at intervals of 
 four years : to wit., in 1842, 1846, 1850 and 1854. From this it 
 will be seen that the results at each of those periods is more favora- 
 able upon the Massachusetts roads, taken as a mass, than upon the 
 Concord Road. How this can have been possible, considering the 
 advantages of our road in grades, curves and amount of business, is 
 somewhat surprising. 
 
 In Table No. 5 the operations of various railroads in this State 
 and Massachusetts are compared with each other, and the number 
 of men employed, with the amount of gross earnings per man, is 
 given. It is to be noticed in reference to this table, that, of the 
 roads there compared, the Old Colony handles through freight at 
 both ends ; the Boston & Maine, Western, and Fitchburg at one end 
 only, while the Eastern, Boston & Providence, (by contract,) the 
 Vermont & Massachusetts, Cheshire, Concord, Manchester & Law- 
 rence, Northern, and Boston, Concord & Montreal, handle it at neither. 
 Moreover, the local freight of the Concord, and of the Manchester & 
 Lawrence, at Manchester, is also handled by contract. It will be 
 perceived that the amount of earnings per man in 1855 was less 
 upon the Concord Road than upon any other except the Boston & 
 Maine, and in 1856 more than $100 per man less than upon either 
 
11 
 
 of them. It is also worthy of remark, that while upon a large ma- 
 jority of the roads the earnings per man are quite largely increased 
 from one year to the other, they are materially diminished upon the 
 Concord Road. 
 
 By reference to Tables Nos. 2 and 3, it will he seen that in 1854 
 a larger amount of business was performed on the Concord Road, 
 and with less profit, than in any year before or since. As a matter 
 of curiosity, and for future reference, the operations of six of the 
 principal Roads in Massachusetts during the same year are presented 
 in Table No. 6, from which it will be seen that the results tipon all of 
 them except the Boston & Lowell are much more favorable than 
 upon the Concord. The Boston and Lowell, which is leveller than 
 any other of the large roads of New-England except the Concord, 
 with more favorable curves than any of them, seems generally to 
 have been more expensive than any other. To judge merely from 
 the results upon that road and your own, it would seem that low grades 
 and easy curves are rather an injury than a benefit as regards the 
 cheapness of operating a road. 
 
 By reference to Tables Nos. 3, 4 and 6, it will be seen that the pro- 
 portion of passengers to freight is much larger on most of the Massa- 
 chusetts roads than upon the Concord ; and as the cost of transport- 
 ing a ton of freight a mile is considerably greater, including the 
 handling, than that of transporting a passenger the same distance, 
 it would evidently be unfair to compare the expense per passenger 
 or ton on the Concord, with that of a passenger or ton on most of 
 the Massachusetts roads, while, as in the returns, passengers and 
 tons are classed together. But the Western Road is an exception to 
 the other Massachusetts roads. The proportion of passengers to 
 freight upon that road was nearly the same as upon the Concord in 
 1856, and the expense of transporting the one or the other precisely 
 the same ; yet, notwithstanding the higher grades upon that road, 
 averaging about 134 feet to the mile through its whole distance of 155 
 miles, and reaching at one point a maximum of 83 feet, and its 
 sharper curves, so well were the trains arranged and so uniformly 
 loaded that the receipts per mile run were $2.06, instead of $1.48 
 upon the Concord, and the net profits per mile run more than 88 
 cents, instead of 51 cents upon the Concord ; the average passengers 
 or tons per miles run being 66 J, against 54 upon the Concord Road. 
 The proportion of expenses to receipts upon the Western Road in 
 1852 was forty-nine per cent. ; -in 1853, fifty-one per cent. ; in 
 1854, fifty-nine per cent. ; in 1855, sixty-six per cent., and in 1856 
 
12 
 
 fifty-seven per cent. — an annual average for the five years of fifty- 
 six per cent. ; while the annual average on the Concord Road 
 for the very same years is nearly sixty-four per cent., and for the 
 last four, nearly sixty-six per cent. Considering the characteris- 
 tics of the two Roads, as exhibited in Table No. 1, we have no hesi- 
 tation in expressing our unqualified conviction that if the annual 
 average proportion of expenses and receipts on the Western Road for 
 the last five years, is a fair one — and there is no reason to doubt 
 that it is large enough — the annual average of the Concord Road 
 during the same period should have been less than fifty per cent. ; 
 and we are confident, that, with prudence and rigid practical economy 
 in every department, it can and will hereafter be reduced to that, or 
 even a lower average. 
 
 Having thus satisfied ourselves, both from analysis and compari- 
 son, of the general result, that the expenses of the Concord Road 
 during the last five years had been altogether too large, the Commit- 
 tee entered upon some examination of the particular departments of 
 expenditure. They first approached that of 
 
 Fuel and Oil. 
 
 As is well known to those stockholders attending the last annual 
 meeting, and probably to most others, your Committee were first se- 
 lected and appointed on the 26th of May last, by your Directors, " to 
 investigate thoroughly all matters connected with the discharge of 
 George A. Pillsbury’s duty, since he has been Wood Agent of the 
 Concord Railroad.” Owing to previous engagements of their chair- 
 man, they were unable to commence their labors until the seventh of 
 June last, at which date they received from your President a written 
 communication, requesting that their “ inquiries might be extended 
 back to the time of the appointment of Mr. Pillsbury as Wood 
 Agent, and that the investigation should embrace all matters con- 
 nected with the system and mode of accounts kept in that depart- 
 ment, the contracts, made and prices and quality of the wood pur- 
 chased from time to time, with an accurate survey of the wood now 
 on hand, and all facts bearing in any manner on the competency, 
 faithfulness and integrity of the Wood Agent and others entrusted 
 in any way with the business of the department ;” and tendering to 
 them “ every aid and assistance in his power to render, in order that 
 as early a report as possible might be had.” 
 
 In accordance with these instructions, your Committee at once en- 
 tered upon their duties, and Jeremiah S. Noyes, Esq., of Concord, a 
 
13 
 
 gentleman of large experience as a surveyor of wood and lumber, and 
 distinguished for general intelligence and sound practical judgment 
 in business matters, having been substituted for the chairman in the 
 matter of examining, surveying and appraising the stock of wood on 
 hand, prosecuted their labors as diligently as practicable until the 2d 
 day of July last, when they made report to the Board of Directors, 
 setting forth the results of their investigations, and recommending 
 the immediate discontinuance of the office of Wood Agent. This 
 report remained in the office and possession of the President until 
 the 25th of August last, when the Committee were called together 
 by your President, and met him and Mr. Pillsbury at his office. 
 After a protracted interview and considerable discussion, their report 
 was returned to the Committee by your President, with interlinea- 
 tions and written suggestions for amendments therein, such as would 
 render the same more acceptable to himself and Mr. Pillsbury. Infer- 
 ring from the length of time that had elapsed after the report was pre- 
 pared without its having been laid before the Directors, that a new re- 
 port was not very likely to reach the Board before the adjournment of 
 your annnal meeting, and renewed inquiries having confirmed their 
 convictions of the substantial correctness of those portions of the 
 report interlined and otherwise marked for correction, the Committee 
 have omitted to present any new report to the Directors, or to return 
 the old one to your President They were more easily reconciled to 
 this course, as they learned from the Superintendent that the Wood 
 Agency had been discontinued soon after the report was originally 
 made, and were satisfied, from their own observation and the informa- 
 tion they received from others, that a decided improvement and re- 
 form had commenced, and was being perfected in the fuel depart- 
 ment. They will, therefore, only briefly state here the result of their 
 examination. 
 
 There was on hand belonging to the Associated Hoads, March 31, 
 1857, according to the annual report of your Directors, wood, includ- 
 ing 1194 cords of old sleepers, valued at $64,119.76. 
 
 To the quantity of wood on hand March 31, 1857, 17,423£ cords, 
 
 Add purchased in April, as per Mr. Pillsbury’s state- 
 ment, 860§- “ 
 
 And purchased in May, do. do. do. 956-| “ 
 
 Making a total amount June 7, 1857, of 19,240 £ cords. 
 
 Estimating the quantity consumed in April and May 
 
 and six days in June, at 2,100 cords, 2,100 cords. 
 
i 
 
 14 
 
 There should have been on hand June 7, 1857, 17, 140 £ cords. 
 
 There were surveyed by Noyes and the 
 
 Committee, 8,928§ cords. 
 
 Estimated by them, 7.290-f cords. 
 
 16,218£ cords. 
 
 Leaving a deficit, as estimated, of 922 cords. 
 
 Mr. Pillsbury estimated the quantity consubied in the two months 
 and six days so much larger than the estimate of the Committee, as 
 to avoid any deficit in the quantity on hand. 
 
 The wood on hand March 31, 1857, including 1194 cords 
 
 old sleepers, was valued in the report at $64,119.76 
 
 The 8,928£ cords surveyed by Noyes and the Committee 
 were appraised by them at the sum of $30,347.21 
 The 7,290f cords, estimated by Noyes and the 
 Committee at cost, except 500 cords on 
 the Portsmouth & Concord .Railroad, 247 
 cords at Roby’s Corner, and 643f cords 
 
 of old sleepers, amounted to $23,591.25 
 
 Making the total value of all the wood on hand, 
 
 June 7, 1857, as appraised and estimat- 
 ed by Mr. Noyes and the Committee, 
 including only 643| cords of old sleep- 
 
 ers, the sum of $53,591.25 
 
 And showing a difference in value of $10,528.51 
 
 In the 16,2181 cords estimated and surveyed by Mr. Noyes and 
 the Committee, are included the 643f cords, of old sleepers, appraised 
 by them at $1.75 per cord, while in the quantity on hand March 31, 
 1857, are included 1194 cords of old sleepers. The difference in 
 quantity between the wood on hand June 7 and March 7, 1857, was 
 l,205f cords, of which 550| cords were old sleepers. Deducting from 
 the above difference the value of the 550f cords of old sleepers at $1.75, 
 amounting to $963.17, and the value of the remaining 562 cords of 
 wood, at $3.68, the valuation per cord in the report, $2068.16, in all 
 $3031.33, the real difference in value, as found by Mr. Noyes and 
 the Committee, was about $7,497.18, to say nothing of any deficit in 
 quantity. 
 
 The method of keeping the accounts of the wood department 
 adopted by Mr. Pillsbury, and frankly exhibited by him, had the 
 merit of great simplicity, and required but a slight amount of labor, 
 being in fact little more than naked memoranda of results from 
 
15 
 
 month to month, exhibiting the quantities of wood purchased, o 
 whom, and the prices paid. Had it been fuller and more in detail, 
 it would have been more satisfactory, and presented better means of 
 investigating its correctness. The great deficiency of the entire sys- 
 tem was the absence of anything showing the location of the wood, 
 or the time, place or circumstances of the contracts for its purchase 
 and delivery. No kind of memoranda was exhibited or understood 
 to have been generally preserved by the Agent, showing the charac- 
 ter or extent of past, present or future contracts for wood ; where, 
 when, or how much was to be delivered, or its quality or price. The 
 whole matter seemed to rest entirely in the unaided memory, judg- 
 ment and discretion of the Agent ; and however honest or capable he 
 might be, it seemed to the Committee quite improper that in trans- 
 acting business for a railroad, with a great variety of persons, to the 
 amount of from $30,000 to $50,000 per annum, any gentleman 
 should undertake to rely upon the strength of his own recollection 
 only, or upon anything except written memoranda of the terms, con- 
 ditions and exact particulars of the various contracts entered into for 
 the corporation. 
 
 The Committee had little means or opportunity to investigate 
 the affairs of the wood department from the commencement of Mr. 
 Pillsbury’s administration, other than what was derived from his 
 own statements. He unhesitatingly asserted that he had never in- 
 tentionally done anything whereby the interests of the corporation 
 suffered ; there was no evidence to the contrary, and the Committee 
 are by no means disposed, without full and satisfactory evidence, to 
 controvert his position. There were some things disclosed to the 
 Committee in the course of their investigations which might excuse 
 if not justify the suspicions of stockholders and the public. Among 
 these may be mentioned the purchase of considerable quantities of 
 wood, in which employees of the road, including the Agent himself, 
 had some pecuniary interest ; his examination of wood lots prepara- 
 tory to their being purchased ; the lending of his name, and, in one 
 instance, the advancing of money by him to secure the purchase of 
 lots, from which he had previously contracted or agreed to contract 
 for a part or the whole of the wood for the road, to be measured by 
 himself ; the permission, by his authority, but with the knowledge of 
 the Superintendent, of the gratuitous use of the cars of the corpora- 
 tion to employees and others, for the conveyance of wood considera- 
 ble distances over other roads, whereby the vendors were enabled to 
 
16 
 
 obtain forty or fifty cents per cord more than other individuals not 
 thus favored could realize for wood of like quality in the same local- 
 ity ; and the distribution, in one instance, about the streets of Con- 
 cord, to the residences of persons in the employment or connected 
 with the Road, of a considerable quantity of wood that had been 
 previously surveyed to and paid for by the Corporation, no record or 
 memorandum of the transaction having been made or preserved. 
 
 Among the practices prevalent under Mr. Pillsbury’s administra- 
 tion of the wood department until prohibited by the present Super- 
 intendent, which the Committee deemed reprehensible, was one of 
 permitting contractors, who sawed wood at Manchester, Lawrence 
 and elsewhere, to sell, at trifling prices, large logs and other wood 
 deemed refuse, themselves keeping and rendering their own accounts 
 of sales, and paying over the proceeds to the Wood Agent, by whom 
 these proceeds and the avails of the wood sold by himself were fre- 
 quently disbursed. The temptation to dishonesty, both in account- 
 ing for wood sold and in disposing of good instead of refuse wood, 
 was so great that the Committee' urged an entire discontinuance of 
 the practice, and their suggestion was immediately adopted. 
 
 Another evil existing to a considerable extent during Mr. Pills- 
 bury’s charge of the fuel department, was the custom of advancing 
 money upon wood before it had been delivered or surveyed, or any 
 valid contract in express terms made for its delivery. When a man 
 was engaged in getting out a large amount of wood, receipted bills 
 for considerable quantities of it were sometimes taken and paid for, 
 in advance of the admeasurement or delivery of any portion there- 
 of. With responsible parties such a course might be safe, but would 
 be quite likely to lead to disputes and hard feelings, if to nothing 
 more disastrous to the corporation ) and, as a general rule, it is quite 
 soon enough for a road to pay for its wood on survey and delivery. 
 
 Under Mr. Pillsbury’s management, great and unnecessary ex- 
 pense was frequently incurred by repeated handling and moving of 
 the same wood. Much of the wood purchased upon the line of the 
 Portsmouth Road, for instance, was so located that it had to be moved 
 by hand once or twice over before reaching the track so that it could 
 be loaded upon cars. In some cases wood had been moved first to 
 one station and then to another, and then again to the place where 
 it was sawed, thus incurring the unnecessary expense of loading and 
 unloading two or three times the same wood, before it reached the 
 engines of the corporation. Wood enough to supply the wants of 
 the associated roads for many years, under ordinary circumstances, 
 
IT 
 
 may be purchased to be delivered at the various stations upon their 
 lines; where so much of it as may not have been originally deliver- 
 ed at such stations, may remain until removed to the stations where 
 it is sawed and used. It is far better and cheaper to pay an extra 
 price for wood thus delivered, than to incur the expenses of repeated- 
 ly handling and transporting wood obtained at considerable distances 
 from the line, or so delivered that it has to be moved once and again 
 by hand before reaching the track. The expenses of wood trains, as 
 shown by the monthly pay rolls, are truly enormous, and would of 
 themselves suffice to purchase large quantities of wood delivered 
 where needed. 
 
 In September, 1854, John L. Garland and John S. Pillsbury pur- 
 chased the Plummer lot in Hooksett, from which the Concord Road 
 have since obtained large quantities of wood, amounting to some 
 $12,000 or $15,000 in value. John S. Pillsbury is a brother of the 
 late Wood Agent of the Concord Road. The lot was purchased on 
 credit, and the two Pillsburys signed the notes. Soon afterwards 
 John S. Pillsbury went West, and has had no active participation in 
 the removal of the lumber from the lot. He appointed his brother 
 his attorney in December, 1854, and in September, 1855, mortgaged 
 to him his interest in the Plummer lot. One half or more of the 
 original purchase money of the lot still remains unpaid. Both the 
 Pillsburys assert that neither of them has ever received any portion 
 of the proceeds of the wood sold from the lot to the Concord Road, 
 but that the whole has been received and appropriated by John L. 
 Garland, although sold and delivered in the name of John L. Gar- 
 land & Co. — John S. Pillsbury constituting the company. 
 
 Wood purchased by Mr. Pillsbury from this lot was examined and 
 appraised by Mr. Noyes and the Committee, both on the Portsmouth 
 Road and at Martin’s Ferry. That upon the Portsmouth Road was 
 appraised at $2.17 per cord, although it cost the corporation $3.00 ; 
 that at Martin’s Ferry was appraised at $3.00 per cord, while it cost 
 the Road $3.50. A lot of wood on the Portsmouth Road, purchased 
 of Joseph Garland, a brother of John L., for $2.50 per cord, was 
 appraised by Mr. Noyes and the Committee at $2.17 per cord. Mr. 
 Pillsbury claimed that in the original survey of this wood, sufficient 
 deduction had been made to make it merchantable in quality. 
 
 In justice to Mr. Pillsbury, the Committee would say they are 
 satisfied his purchases of wood for the Road were generally judicious, 
 and at as low rates as wood of the same quality was purchased by 
 any one. Ordinarily it has been of good quality and well assorted. 
 
18 
 
 In the course of their labors, Mr. Noyes and the two gentlemen of 
 the Committee associated with him in surveying the wood on hand, 
 visited and examined the Groton Wood Lots, belonging to the as- 
 sociated Roads, upon which they found a large quantity of wood and 
 timber. They made inquiries as to the cost of cutting and hauling 
 wood from those lots to the Montreal Road, and the expense of trans- 
 porting the same from Groton to Concord. As the result of those 
 inquiries, the Committee are unanimously of opinion, that, even with 
 the advantages of a special contract for running their cars over the 
 Montreal Road, it is not expedient and would not be for the interest 
 of the Roads to attempt to procure wood from these lots, so long as 
 it can be obtained at anything near present prices upon the line of 
 their own tracks. Nor do the Committee believe the period will ar- 
 rive during the life-time of the present generation, if it ever does, 
 when wood shall so advance in price as to render the purchase of 
 these lots a pecuniarily profitable speculation. To the annual inter- 
 est upon their cost, and taxes, amounting to $700 per year, is to he 
 added the constant risk from fire to the standing growth upon them ; 
 and a very great change indeed must occur, before wood or timber 
 enough can annually be removed from them to make the net profits 
 upon it equal the interest upon such an accumulating fund. In the 
 judgment of your Committee, the purchase of these lots by the Con- 
 cord Road was exceedingly impolitic, and the price paid nearly, if 
 not quite, double their intrinsic value for any practically available 
 purpose. 
 
 When the Committee closed their labors in the examination and 
 survey of the wood belonging to the associated Roads, there were on 
 hand and contracted for, including 700 cords upon the Groton Lots, 
 21,436 cords. It was estimated by them that this quantity, with the 
 old sleepers to be collected in the mean time, would make very near- 
 ly a two years’ stock of wood. It was under these circumstances 
 that the Committee urged the temporary discontinuance of the Wood 
 Agency. Several thousand dollars worth have since been sold, and 
 there remained on hand September 30, 1857, as appears by the 
 survey of gentlemen selected for that purpose, 16,563-f cords. Of 
 this, considerable quantities have been lying exposed to the weather 
 from one to three years, and are already much deteriorated in value. 
 
 In confirmation of their decided conviction of the general loose- 
 ness, improvidence and expensiveness of the Wood Department for 
 the few past years, resulting from personal observation and inquiry, 
 your Committee present in Table No. 7 a statement from the Annual 
 
19 
 
 Reports of your Directors, of the annual cost of wood and oil, &c., 
 per mile of trains run, from the opening of the Road in 1842. From 
 this it will be seen that the annual average cost for those items, dur- 
 ing the first seven years of the operations of the road, was nearly 
 10 £ cents per mile run of trains; while, during the last seven years, 
 it was nearly 21 cents per mile run. From the best information 
 your Committee could obtain, the average difference in cost of wood 
 between the two periods was not far from fifty per cent. Admitting 
 the cost of oil and waste to have advanced in the same ratio, still the 
 expense per mile run ought not to have increased fifty per cent., inas- 
 much as the expense of handling and sawing have been no more 
 during the latter than the former period, and it has already been shown 
 that the trains ran lighter during the latter period. Upon these data, 
 the annual average cost per mile of trains run during the last seven 
 years ought not to have exceeded fifteen cents for fuel and oil. 
 
 Maintenance of Way and Engines and Cars. 
 
 The next items of expenditure to which your Committee directed 
 their attention, were the repairs of the Road and the expenses incur- 
 red for engines and cars wherewith to operate it. In Table No. 8 
 will be found a statement of the expenditures for these objects re- 
 spectively, and conjointly, for the last ten years. By that it appears 
 that the average annual expense for maintenance of Way, during 
 the last five years, has been 24 cents per mile of trains run, while 
 during the preceding five years it was but 17? cents; and that the 
 average annual expense for engines and cars during the last five years 
 has been 20J cents per mile of trains run, while for the preceding 
 five years it was only 13^- cents. For both objects the average annual 
 expenditure for the last five years was 44 j? cents per mile run of 
 trains, and during the preceding five years but 31 cents per mile. 
 
 In Table No. 9 are exhibited the expenses incurred for mainte- 
 nance of Way and Motive Power on the eight principal roads in Mas- 
 sachusetts, from 1846 to 1850 inclusive, a period of five years. 
 From this a comparison can readily be instituted with the Concord 
 Road. The Boston & Lowell Road alone exceeds the Concord in ex- 
 pensiveness, while on three of them the average expense for these 
 objects is less than half that of the Concord Road during the last 
 five years, and scarcely more upon a fourth. The average upon the 
 Western Road is more than eleven cents per mile less than upon the 
 Concord Road. 
 
 It will be noticed that the expenditures for maintenance of way 
 
20 
 
 during the last five years have amounted to nearly $7,500 per mile 
 for the whole distance in length of your Road, while the expenses 
 of locomotives alone, as exhibited in Table No. 3, have been equal 
 to the cost of three first class engines every year for the entire pe- 
 riod. In other words, it is apparent from the annual reports of your 
 Directors, that if it requires nine first class engines to operate your 
 Road, the whole of them must be renewed every three years, if the 
 annual expenditures for this object during the last five years have 
 been a fair average of what is necessary to maintain this department 
 of the rolling stock of the Road. 
 
 The Committee are aware that expenditures for both the above ob- 
 jects must be somewhat variable, according to the condition in which 
 the Road may happen to be at any given period. But by reference 
 to Table 8 it will be perceived that large sums have constantly been 
 expended on road repairs since 1846 ; and so for engines and cars 
 since 1848. By recurring to the Massachusetts Roads, it will be 
 found that notwithstanding the higher grades and sharper curves 
 and heavier trains of the Western Road, its average annual expendi- 
 ture for both objects during the last five years has been only 48 
 cents per mile, and for engines and cars only 21 cents, notwithstand- 
 ing the average for both objects during the preceding five years, as 
 shown in Table No. 9, was scarcely greater than upon the Concord dur- 
 ing the five years preceding 1852. On the Boston and Maine Road, 
 moreover, although the average cost for these objects in the five 
 years given in Table No. 9, was less than half the average of the 
 Concord for the last five years, and nearly ten cents per mile less 
 than the average of the Concord for the preceding five years, the 
 average annual expenditures for these purposes during the last five 
 years has been only 31 cents per mile run — precisely the same as 
 the average upon the Concord during the preceding five years — while 
 the annual average for engines and cars during the last five years 
 was only 10 cents — less than half that of the Concord Road. 
 
 But it is unnecessary to pursue this subject. Your Committee 
 feel very confident that while the expenses of road repairs during 
 the last five years have been greatly larger than they should have 
 been, considering the condition of the track at their close, the ex- 
 penditures for motive power have been at least one third greater than 
 the necessities of the road required or strict economy would justify. 
 They are satisfied, from information received from those who have 
 had large and long experience in the business, that the expenses of 
 the repair and machine shops might prudently and judiciously have 
 
21 
 
 been diminished to that extent. With more diligent and constant 
 supervision of the work of operatives, with more attention to strength 
 and durability, and less to appearance and ornament, with more of 
 impartiality and less of favoritism in the selection of laborers, with 
 a greater disposition to repair economically and save whatever was 
 valuable of the old stock, and less to utterly demolish and renew it, 
 with less frequent experiments upon new inventions and fancied im- 
 provements, and fewer high-priced overseers, performing little or no 
 productive labor, coupled with a more rigid economy in all the va- 
 rious branches of repairs, such a result might readily have been at- 
 tained. 
 
 Passenger and Freight Expenses. 
 
 In Table No. 10 will be found a statement from the annual reports 
 of your Directors of the annual expenses incurred upon your Road 
 for the last eight years in respect to passengers and freight, not in- 
 cluded in any of the foregoing items of expense. The Committee un- 
 derstand that under these heads are included the wages of the men 
 employed in running and managing the passenger and freight trains, 
 and in handling baggage and freight, selling tickets, and keeping the 
 accounts incident to both departments, together with incidental ex- 
 penses for advertising, &c. They cannot better express their con- 
 victions of the condition of things as regards these two departments, 
 than by referring to Tables Nos. 11, 12 and 13, showing the num- 
 ber, names and compensation of the men employed at the Concord, 
 Manchester and Nashua Stations respectively, to do the work of the 
 Concord Road, December 1, 1856, compared with the number, names 
 and compensation of the men employed at the same Stations to do 
 the same work for both Roads, July 31, 1857, only remarking that 
 at Nashua and Manchester, and also at Concord, the expenses in 
 these departments have been still farther reduced since that date. 
 By recurring to these tables it will be seen that the monthly ex- 
 penses had been reduced at Concord $179.28, amounting to $2,151.36 
 per annum ; at Manchester $434.55 per month, amounting to 
 $5,214.60 per annum; and at Nashua $125.74 per month, amount- 
 ing to $1,508.88 per year; making an aggregate reduction in the 
 expenses at these three Stations only of nearly $9,000 per annum ; 
 while the Committee have no hesitation in saying, both from per- 
 sonal observation and the information of others, that the business at 
 each of those Stations, including the Superintendent’s office, was 
 never more promptly and correctly transacted, or more to the satis- 
 faction of those interested therein. 
 
22 
 
 Table No. 14 contains a comparison of the Pay-Rolls of the men 
 in the employment of the Concord and of the Manchester & Law- 
 rence Railroads in July, 1856, with those of the Associated Roads 
 in July, 1857, showing the number of men employed in the differ- 
 ent departments, the number of days’ labor performed, the total 
 amount of pay received, the average days’ labor per man, and the 
 average price per day. The number of men now in the employment 
 of the Associated Roads is less than 146, instead of 346 employed 
 by the two Roads in July, 1856, and your Committee are assured by 
 the Suprintendent that they will not be increased beyond that num- 
 ber during the remainder of the present autumn and the approach- 
 ing winter. 
 
 Law Expenses . 
 
 Among other subjects to which the attention of your Committee 
 has been particularly directed by stockholders, are the legal expenses 
 of the road. For the satisfaction of those, as well as to show that 
 the expenditures in this department have kept pace with those of the 
 others, Table No. 15 will be found to contain a detailed statement of 
 the amounts paid under this head from year to year for the last eleven 
 years, specifying the names of the persons to whom paid and the ag- 
 gregate of each bill, so far as the Committee were able to obtain 
 them. Subjoined is a list of payments for the same service by the 
 Associated Roads, The Committee only remark, in relation to these 
 bills, that the charge of $150 annually for preparing the papers 
 for the taxation of the Associated Roads; a service which the 
 President or Superintendent, or any Clerk in the office, under the di- 
 rection of either of them, could have performed just as well in an 
 hour, after the circular certificates from the various Town Clerks were 
 returned to the office, seems to them extravagant and entirely un- 
 necessary. 
 
 The aggregate of law expenses, as presented in the Table, for the 
 last five years, is $9031.70, or more than $1800 per annum; for the 
 six preceding years, $3234.15, or less than $540 per annum. 
 
 Accounts of the Road. 
 
 It might be expected, that in connection with the business opera- 
 tions of the Road during the last five years, the Committee should say 
 something of the condition of the accounts in the various departments. 
 They were furnished by the Treasurer, Mr. Lovering, with free ac- 
 cess to all books and papers in his office, and with all information in 
 his power to give. They were fully satisfied that his books were 
 
23 
 
 methodically kept and properly vouched, and that every thing under 
 his control had uniformly been correctly and judiciously managed. 
 
 In regard to the books and papers in the late Superintendent’s office, 
 the Committee were unable to see any of them until a long time after 
 their appointment. Upon addressing a note to your President, in- 
 quiring if they could be allowed to examine them, they were informed 
 that they were at liberty to do so at any time. After this, they were 
 furnished with the key to a safe in which the books were supposed 
 to be deposited, but which had up to that time been in the possession 
 and control of the late Superintendent’s Chief Clerk, James W. Sar- 
 gent, Esq. Upon examination of the contents of the safe, it was 
 found to contain no ledger account of transactions since 1854, and 
 owing to the removal of Mr. Sargent from town, the Committee did 
 not obtain access to all the books for 1855 and 1856 until after the 
 printing of this Report had been commenced. Of course they had 
 no opportunity afterwards thoroughly to investigate them. Since 
 they first examined the cash book for November, 1856, the balance 
 of cash on hand at the close of that month has been diminished, by 
 deducting therefrom $833.34, as paid by Mr. Sargent to himself, in 
 addition to his regular salary, for extra services during the absence 
 of your late Superintendent in Europe one year and eight months, at 
 $500 per annum. Mr. Sargent left in the drawer of the safe, with 
 the remaining balance of cash, a receipted bill for this money, in 
 which the extra compensation of $500 per annum is alleged to have 
 been received by agreement with the late President and Superintend- 
 ent. In reply to inquiries of the Committee, he asserted that both 
 of those officers expressly promised to pay him an extra compensation 
 of that amount, though it was inferred from the non-approval of the 
 voucher, as well as from Mr. Sargent’s statements, that they do not 
 now admit the agreement. 
 
 Upon the ledger for 1853-4 was found what was denominated a 
 Suspense Account, which attracted the notice of your Committee and 
 a copy of which forms Table No. 16. This was commenced Oct. 1, 
 1853, by charging Fuel with $1000, Stock in Machine Shop with 
 $500, and Labor in Machine Shop with $500, and crediting the same 
 items to Suspense Account. Subsequently numerous items of cash 
 receipts were taken from various accounts and entered to the credit 
 of Suspense, instead of being transferred to the legitimate Income 
 Accounts to which they belonged, until at the close of the year, October 
 1, 1854, there had been passed to the credit of Suspense the sum of 
 $5108.74. Upon the opening of this account the amount of the 
 
24 
 
 three first items of credit, $2000, was also charged to Expense of 
 Manchester and Lawrence Railroad. 
 
 At the close of six months, March 31, 1854, Fuel was credited 
 back with the $1000 charged to it Oct. 1, 1853, and the same charg- 
 ed to Suspense. Sundry outstanding bills were then debited to the 
 same account, and in Oct. 1854, the balance standing to the credit 
 of this account was absorbed by the payment of several matters 
 before undisposed of, among them, survey of Railroad to Pittsfield and 
 balance paid Contoocook Valley Road for bonds, which last item is 
 hereinafter explained. None of the vouchers for any of these pay- 
 ments were found by the Committee, and Mr. Sargent informed them 
 that these payments never passed through the books of the Treasurer, 
 the account in fact using itself up in the Superintendent’s office. 
 
 The only result from this Suspense Account and its operations the 
 Committee were able to perceive, unless the charging the $2000 
 fictitious expenditure the second time to Expenses of Manchester and 
 Lawrence Road had some further effect, was to increase the expense 
 of Labor and Stock in the Machine Shop $1000 without warrant, and 
 to diminish the earnings of the road by the sum of $4108.74, and 
 provide a convenient fund for the payment of such claims as it was 
 not deemed necessary to have entered upon the invoice book and 
 pass into the Treasurer’s hands. Mr. Sargent’s impression was, that 
 the $1000 charged to Fuel, Oct. 1, 1853, was credited back to that 
 account March 31, 1854, because Mr. Pillsbury objected to have 
 his department burdened with any such fictitious charge. 
 
 Mr. Sargent informed the Committee that this account was opened 
 and the three fictitious items, amounting to $2000, credited to it under 
 the direction of your late President, Mr. Spalding, and that the latter 
 cash items were passed to its credit by the direction, and the whole 
 account closed up with the approbation of your late Superintendent. 
 
 Whether there may be anything else in the books and accounts 
 of the Road for the last five years deserving of reprehension, the 
 Committee from their limited examination are not able to say. Per- 
 haps it might be well for your Directors to employ a competent ac- 
 countant to investigate them thoroughly, although your Committee 
 were assured by Mr. Sargent that he knew of nothing wrong in 
 them. 
 
 Among the expenditures of the road in November, 1856, your 
 Committee observed that the sum of $333.33 was received by your 
 late Superintendent as the balance for his services for eight months, 
 ending Nov. 30, 1856. This was in addition to his monthly pay of 
 
25 
 
 $166.66, or $2000 per annum, and made up his annual salary for 
 the eight months at the rate of $2500 per annum. Upon examina- 
 tion of the Directors’ records, the Committee did not find any vote 
 increasing the salary of the Superintendent, and are not aware by 
 what authority this additional compensation was received, although 
 it must be presumed to have been authorized. 
 
 Post and Rails Account. 
 
 Soon after their appointment, your Committee received information 
 that there had existed at some time a kind of contingent fund, arising 
 out of the construction of a new fence for the road, the avails of 
 which had not entered into the reported doings of the corporation. 
 For the purpose of eliciting some authentic information in relation 
 to this fund, a note was addressed by their Chairman to the late Su- 
 perintendent, soliciting a statement of his knowledge on the subject. 
 Judge Upham’s reply will be found in Table No. 17. Subsequent- 
 ly the Committee were furnished, agreably to Judge Upham’s in- 
 structions, with a transcript of this account, as found in Table No. 
 18, and the vouchers, so far as there existed any to Mr. Sargent’s 
 knowledge were also exhibited to them. There were no vouchers or 
 memoranda for the first item of $795.69 on each side of the account, 
 and none for the payment of $182.73 to T. C. Gilman, Aug. 16, 
 1852. Upon inquiries made it was ascertained that Mr. Gilman 
 was the person to whom a large number of posts and rails were sold, 
 it appearing from his books that he sold of his purchase 22,322 rails. 
 Mr. Gilman is now in California. The vouchers generally related to 
 the Candia Branch survey and expenses incident to the gravel train 
 collision. That for $190.00 paid N. G. Upham, is a receipted bill 
 for “ expenditures for road on various accounts, as per bills rendered.” 
 None of the items of this account were ever entered upon any books 
 of the corporation, as the Committee understand. Your Committee 
 were informed by Mr. Sargent that a further sum of $436.89 once 
 belonged to this fund, and that the same was taken and paid over by 
 the late Superintendent to the Treasurer of the corporation, May 19, 
 1851, to meet a deficiency of cash arising from the business of the 
 preceding year, but no voucher taken therefor. For that reason 
 it does not appear on either side of the account. 
 
 Contoocook Valley Bonds. 
 
 In the letter of Judge Upham, Table No. 17, will be found his 
 explanation of a transaction, to which his attention had been called 
 
26 
 
 by the Chairman of your Committee in connection with the Post and 
 Rails account. Upon investigation, it appeared to your Committee 
 that prior to April 12, 1851, the Contoocook Valley Railroad were 
 indebted to the Concord Railroad in the sum of $520.00, upon a 
 draft dated April 20, 1850, drawn by Joseph Barnard. Jr., Agent, 
 upon John H. George, Treasurer of that corporation, and by the lat- 
 ter duly accepted, payable in twelve months from date, and also upon 
 account for stock and labor in the Machine Shop in the sum of 
 $1353.90, from which a deduction was made by agreement, reducing 
 it to $1178.90. On the 12th day of April, 1851, Henry Rolfe, Jr., 
 in behalf of the Contoocook Valley Road, wrote to the Superintendent 
 of the Concord Road, that the Valley Road could not conveniently 
 meet the draft when it became due, or at once pay the account, but 
 admitting the validity of both claims, and proposing to adjust them 
 by paying interest in advance for four months, and giving a note 
 on that time for the amount of both draft and account, $1698.90. 
 On the 17th of May, 1852, the matter was finally adjusted by the Con- 
 toocook Valley Road on that day selling to the Concord Road at 
 par, four $500 eight per cent, mortgage bonds, in satisfaction of the 
 draft, account and interest, another bill for the use of an engine, &c., 
 and $153.70 in cash. Table No. 19 contains a copy of the settle- 
 ment then made, from the files of the Valley Road. The only entry 
 which the Committee were able to find upon any of the books of the 
 Concord Road relating to the whole of this transaction was the charge 
 of $153.70 to Suspense Account in September, 1854, before referred 
 to under that head, and to be found in Table No. 16, but which never 
 went on to the Treasurer’s books. 
 
 Interest was payable on these bonds in September and March. 
 They remained in Mr. Sargent’s custody in the safe of the corpora- 
 tion until September 15, 1852, when they were taken by the late 
 Superintendent. The interest coupons for September, 1852, and 
 March, 1853, $80 at each period, were paid by the Valley Road. 
 In July, 1853, according to the statement of Joseph A. Gilmore, 
 Esq., your present Superintendent, the late Mr. R. F. Foster, of Con- 
 cord, came to him with those bonds and sold them to him for $1000, 
 $500 of which was paid in cash and a note given for the remaining 
 $500. Mr. Gilmore subsequently negotiated the bonds to a third 
 party in the way of trade at par. James W. Sargent, Esq., says 
 that in July, 1853, just before your late Superintendent went to 
 Europe, he handed to him $20 in cash and Mr. Gilmore’s note for 
 $500, and told him to collect the note and remit the proceeds and 
 
27 
 
 the $20 to the Treasurer at Boston to pay for the $520 draft of the 
 Contoocook Valley Road. It appears by the Treasurer’s books that 
 $520 was received by him in payment for that draft, July 28, 1853, 
 from Mr. Sargent. 
 
 These are all the facts your Committee have been able to obtain ; 
 from which it will be seen that for the draft and account, amounting, 
 with interest, May 17, 1852, to $1846.30, and $153.70 in money, your 
 road received through their Superintendent on the 17th of May, 1852, 
 $2,000 in Contoocook Valley eight per cent, mortgage bonds. Upon 
 those bonds $160 interest was received in September, 1852, and 
 JVlarch, 1853. In July, 1853, those bonds were sold for $1000, and, 
 of the proceeds $520 remitted to the Treasurer in lieu of the draft for 
 that amount, due April 20-23, 1851, which had previously been hold- 
 en by him. The payment of the $153.70 balance was never returned 
 to the Treasurer, but was absorbed 1 ' in Suspense Account in Septem- 
 ber, 1854. If the information of your Committee be correct, admit- 
 ting the propriety of the original settlement, and that the sale to Mr. 
 Gilmore fixed the cash value of the bonds at $1000, adding to that 
 sum $160 received for interest, and from the amount, $1160, de- 
 ducting the $520 remitted the Treasurer, there remains the sum of 
 $640, to which the corporation appears to have at least a strong equi- 
 table claim. 
 
 Your Committee have thus referred as briefly as practicable to 
 some of the numerous topics embraced in their investigations, the 
 result of which has been a strong conviction in their minds that the 
 principal cause of the non-productiveness of one of the best pieces of 
 property in New-England or elsewhere, during the last four or five 
 years, is to be found in the unskillfulness, improvidence, extrava- 
 gance, looseness of expenditure and general want of economy exhib- 
 ited in its management. But, as before suggested, these have not 
 been the only reasons for its non-productiveness. For the use and 
 occupation of its lands and tenements, as well as for the wear and 
 tear of its machinery and track, and the labor and services of its men, 
 the Road has in many cases been very poorly and inadequately paid. 
 The Committee will allude to a few instances of this sort. 
 
 Rents. 
 
 In Table No. 20 will be found a detailed statement of the aggre- 
 gate amounts of income to the Concord Road each year since its 
 opening, and the sources from whence derived, from which it will be 
 seen that the highest sum received for rents in any one year was 
 
28 
 
 $1574, in 1851. In Table No. 21 is given a description of the lands, 
 tenements, and other leased property of the Concord Road, where 
 located, by whom occupied the present year, and the price paid there- 
 for. It will be noticed that the amount of rents is $2035.67, not- 
 withstanding the rent of nearly ten acres of valuable land in Con- 
 cord has been continued to Mr. Biddle, on the ground that it had 
 been previously contracted to him by the late Superintendent, for the 
 former price of only $20, not more than one tenth its actual value. 
 This is nearly 33 per cent, more than appears ever before to have 
 been realized for the same property, and almost double the average 
 annual receipts for rents during the last fifteen years. 
 
 It will be observed that the rents in 1852, 3 and 4 are smaller 
 than for the preceding year or subsequent years. One cause for this 
 is the fact, which appears on a rent book in the late Superintendent’s 
 office, that in 1853, 4 and 5, the- sum of $325 was deducted from 
 the amount of rents when collected, and retained by Mr. Pillsbury, 
 the Wood Agent, as compensation for collecting them, in addition to 
 his regular salary, and the balance only entered upon the books of 
 the Road. Other small items also appear to have been deducted in 
 the same way. It was also suggested by Mr. Sargent that in 1854 
 the rent of some portion of the property at Nashua was adjusted in 
 a general settlement with the Nashua & Lowell Road. 
 
 In the opinion of your Committee, considerable portions of the 
 property in Concord rented to Mr. Biddle might judiciously be sold, 
 and the proceeds appropriated to the general purposes of the Road. 
 For instance, a large part of the four acres near the Machine Shop, 
 that near the Gas-Works, and that below the wood-shed, and perhaps, 
 also, that near the Sullivan house. Most of the land near the Gas- 
 Works is suitable for house-lots, and could readily be sold for a large 
 price. The old Paint Shop on Main Street, and the land near it, 
 would also sell well, although it rents this year for three times what it 
 ever did before. Perhaps also some of the tenements near the south- 
 erly end of Main Street might profitably be sold. At all events, all 
 property retained by the corporation should hereafter be rented for 
 the most that can fairly be obtained for it. 
 
 Expresses and Mails. 
 
 In Table No. 20 will also be found a statement of the amounts an- 
 nually received by the Concord Road for the transportation of Ex- 
 presses and Mails, and they seem to your Committee to have been 
 utterly disproportionate to the service rendered. 
 
29 
 
 The average sum annually received from Expresses during the last 
 ten years has been only $2,506 per annum, while the fare of messen- 
 gers three times each way daily, at $2 per messenger eacn way to and 
 from Boston, amounts annually to $3,756. Deduct one third of this 
 amount as the proportion of the lower roads, and there remains the 
 sum of $2508, which your road would have received per annnm as 
 the fare of messengers, reckoning only one messenger to each train ‘ 
 so that the Boad have actually carried the messengers and the large 
 amount of freight daily transported by the Expresses over it to and 
 from all the upper Roads, for less than the regular fare of the mes- 
 sengers alone would have been ! 
 
 The result is similar, but worse for the road, looking at the freight 
 alone, without regard to the messengers. Estimating the Express 
 Freight at an average of only one ton per train daily — and it is be- 
 lieved this estimate hardly approximates the average amount actually 
 carried — the number of tons transported daily to and from Boston 
 is six, which at $4 per ton is $24 per day, or, deducting one third as 
 the proportion of lower roads, $16 per day, amounting for a year to 
 $5,008, or nearly double the average annually received from Ex- 
 presses for the last ten years ! Admitting the correctness of the 
 foregoing estimate of the average daily weight of Express matter, 
 the Concord Road for the last ten years has carried freight for the 
 Express by its passenger trains at about half the usual charge for 
 first class freight by its own freight trains, and, as an inducement to 
 obtain this patronage, transported a messenger with each train to see 
 to its safe delivery ! And yet, your Committee are informed that no 
 written contract now exists on this subject, nor have they been able 
 to learn that any has ever existed, but the whole matter seems 
 always to have been left, as it now is, to the discretion and liberality 
 of the Express Company themselves, under some understanding 
 among them probably as to the rate of compensation, but what, is 
 unknown to your Committee. 
 
 The question of the sufficiency of the compensation paid to your 
 Road by the Express has recently engaged the attention of the Di- 
 rectors of both the associated Roads, as will be seen by the statement 
 of the Superintendent in Table No. 22, which explains the present 
 condition of this department of the affairs of the Road. 
 
 Table No. 20 likewise presents an exhibit of the amounts annual- 
 ly received by your Road for carrying the United States Mails dur- 
 ing the last twelve years. The average for the last four years was 
 only about $4000 per annum. As the best evidence of the inade- 
 
30 
 
 quacy of this price, it may be stated that the contracts have recently 
 been renewed on much more favorable terms. By reference to the 
 statement of your Superintendent in Table No. 23, it will be seen 
 that the aggregate increase of income to both Hoads from the new 
 contracts is $2710 per annum. 
 
 Inadequate Compensation for other Services. 
 
 Bents, Expresses and Mails are not the only departments in which, 
 in the opinion of your Committee, the Concord Road has been poorly 
 paid for its services during the few past years. By a kind of usage, 
 that probably grew up in the infancy of the upper roads, but which 
 has no foundation in reason or justice, your Road has been accustom- 
 ed to do all the work required in shifting out, making up and arrang- 
 ing at Concord the freight trains to and from the upper roads. A 
 careful examination of this subject by your Superintendent has 
 shown that the daily expense of this service is equal to that of run- 
 ning an ordinary freight train from Concord' to Nashua and back — 
 and yet for all this not a single cent’s compensation is or ever was 
 received. Your Road performs the same service at Nashua and Law- 
 rence, and is thus subjected to the whole of a very considerable bur- 
 den that should only be shared with connecting roads. 
 
 The New-Hampshire Central Road has never paid the Concord 
 Road anything for loading and unloading freight, or for depot ac- 
 commodations at Manchester. So also considerable sums have been 
 annually paid by the Concord Road to the lower roads for handling 
 freight to and from the upper roads, which has not been received 
 back in any shape from those upper roads. 
 
 But the chief difficulty in the way of compensation has been and 
 is in the small pay received for doing business for the upper roads, 
 especially for the tonnage from the Vermont Central and roads be- 
 yond it. It has already been shown in Table No. 3 that the propor- 
 tion of passengers to freight on the Concord Road is very much 
 smaller than upon the principal roads in Massachusetts, as exhibited 
 in subsequent tables, and that this proportion has been diminishing 
 from year to year. In Table No. 24 will be found a statement ot 
 the number of passengers and the number of tons freight, both local 
 and in connection with upper roads, on the Concord Road, during the 
 fourteen years of its operation. Table No. 25 contains a statement 
 of the compensation received by the Concord Road in July, 1857, 
 from each of the upper roads, for the transportation of passengers 
 and freight therefrom and thereto over the whole length of each of 
 
31 
 
 the associated roads. For parts of the whole length the compensa- 
 tion received was proportionally less. Table No. 26 contains a state- 
 ment of the local passenger and freight tariffs upon the Concord 
 Road from its opening until December 1, 1857. By a comparison 
 of the two last tables, deducting about one third of the local tariff 
 for passengers and about one quarter of that for freight as the pro- 
 portion of lower roads, the difference in profit to the Concord Road 
 between local and upper road business will be apparent. 
 
 This difference is, however, much more striking on freight than 
 upon passengers. For an illustration : the local tonnage upon the 
 Concord, Manchester & Lawrence Roads, for the eight months ending 
 July 31, 1857, was 60,955 tons, equal to 1,370,686 tons carried one 
 mile. The compensation received for transporting it was $91,419.78, 
 equal to $1.50 per ton, or 6.66 cents for each ton carried one mile. 
 The tonnage in connection with all the upper roads for the same 
 eight months was 132,308 tons, equal to 4,758,242 tons carried one 
 mile. The compensation received for it at the established rates was 
 $103,811.54, equal to 78 cents per ton, or 2.18 cents for each ton 
 carried one mile — showing a difference of almost four and a half 
 cents per ton transported one mile, or more than two hundred per 
 cent, between the compensation received for local tonnage, and that 
 received for tonnage from the upper roads. 
 
 Again, the average expense of transporting a passenger or ton 
 one mile upon the Concord Road for the last seven years, as shown 
 in Table No. 3, was 1.74 cents, and of two passengers or tons, double 
 that amount, or 3.48 cents. Now assuming, what is probably not 
 far from the truth, that the cost of transporting a ton of freight is 
 double that of a passenger, then the average cost of transporting a 
 passenger one mile on the Concord Road, for the last seven years, 
 may be set down as 1.16 cents, -and that of a ton of freight at 2.32 
 cents. But it has already been seen that the associated roads re- 
 ceived at the regular rates for transporting the freights of all the 
 upper roads for the eight months ending July 31, 1857, only 2.18 
 cents per ton transported one mile. It follows, therefore, that there 
 was received for transporting all the tonnage of the upper roads dur- 
 ing those eight months, fourteen hundredths of a cent less per ton 
 transported one mile than the average cost per ton per mile of such 
 transportation on the Concord Road during the last seven years ! It 
 is very clear that the only principle on which a road could make 
 money by doing business on such terms, must be the same to which 
 the old lady, who purchased eggs at ninepence a dozen, and, after 
 
32 
 
 cooking and buttering them well, sold them again for twelve cents, 
 attributed her success — that of doing a great deal of it ! 
 
 But the view of this matter which has already been taken is not 
 the worst that can be presented. You will remember that for sev- 
 eral years past, in the annual reports of your Directors, considerable 
 sums have been deducted from the nominal balance of earnings for 
 the year, as paid to the Northern Boad on contract for through busi- 
 ness. By this through business was meant that coming from the 
 Vermont Central Road, and its connections farther north and west. 
 Now, of the whole amount of freight transported for the upper roads, 
 in the eight months ending July 31, 1857, 132,308 tons, 76,833 
 tons, or more than one half, was this through business from the Ver- 
 mont Central Road and its connections. The amount received for 
 transporting these 76,833 tons was $52,350.76, or about 66 cents 
 per ton. The tons transported one mile have not been obtained, but 
 a very large proportion of it passed the entire length of the associ- 
 ated roads, so that the compensation received per ton transported 
 one mile must have been very much less then two cents. Of the 
 whole 76,833 tons for eight months, 9,943 tons were transported 
 in July, at a compensation of $5,193.94. During the same month of 
 July, the associated roads transported for the Boston, Concord & 
 Montreal Road, on the same terms as for the other upper roads, ex- 
 cept the Vermont Central and its connections, 2,074 tons, at a com- 
 pensation of $2,450.31. Had the same compensation per ton and 
 mile been received for transporting the Vermont Central freight as 
 was received for that from the Montreal Road, instead of $5,193.94, 
 the associated roads would have received $11,743.07, a difference of 
 $6,653.13, in a single month only. This difference carried through 
 the year would amount to at least two per cent, on the capital stock 
 of both the associated roads, including the Methuen branch ! 
 
 It seems to your Committee a subject deserving the serious and 
 active consideration of your Directors, whether an arrangement, so 
 clearly unprofitable to the pecuniary interests of the associate roads, 
 as that under which a very large portion of this Vermont Central 
 through business is transacted, unless essentially modified, ought long- 
 er to be continued. It is understood that while some of the busi- 
 ness from this line and such as would naturally seek it, is profitable, 
 the larger portion of it pays almost absolutely nothing to the associat- 
 ed roads. Contracts are entered into by the numerous and often 
 irresponsible runners of the Central line and its connections, for the 
 transportation of merchandise at points where there is direct and 
 
 i 
 
33 
 
 bitter competition with other lines of communication, at prices ab- 
 solutely ruinous, and your road is obliged, by contract or understand- 
 ing, to receive its pro rata proportion of such ruinous prices only. 
 Your Committee are decidedly of opinion that it would be absolutely 
 better for your road to transact only the business which it can obtain 
 at fairly remunerative prices, than, by becoming a party thereto, to 
 encourage and perpetuate a reckless system of competition and irregu- 
 lar traffic, too frequently carried on at less price to the forwarder or 
 shipper of Western produce or foreign commodities, than the actual cost 
 to the railroad companies over which the one or the other are trans- 
 ported. 
 
 There are other matters, such as too great multiplicity of trains 
 and too great rapidity of speed, wherein the interests of the Concord 
 Road do not seem heretofore to have been very effectually guarded 
 or protected, but which your Committee have not time to particular- 
 ize. 
 
 Condition of the Corporation . 
 
 In Table No. 27 will be found a statement of the present pecuniary 
 condition of your road, as shown by the trial balance of your Treas- 
 urer on the 30th September last, and which may be implicitly relied 
 upon as strictly correct. It will be seen that the corporation had a 
 considerable contingent fund after discharging all its indebtedness, 
 but as, owing to the construction of expensive Depots at Manchester, 
 the amount of wood, and stock in the Machine Shops on hand and 
 credited to the associated roads was much larger, the road would be 
 under the necessity of borrowing for a short time a portion of the 
 money wherewith to pay its next dividend. This it must continue 
 to do at the recurrence of every dividend, until the surplus of earn- 
 ings, carried to contingent fund, shall be equal to the amount of stock 
 on hand. As this money is obtained for six per cent., the only practi- 
 cal result is, that the road is obliged to pay simple interest for a few 
 months on a portion of its stock on hand, instead of receiving interest 
 from month to month on the earnings as they accrue, until they are 
 divided among the stockholders. 
 
 Operation of the Lease. 
 
 Your Committee have observed with much care, and marked with 
 diligent attention the effect, during the last ten months, upon your 
 interests, of the lease of the Manchester and Lawrence road, which 
 you so decidedly and unhesitatingly approved at your last annual 
 meeting. Not only are they satisfied that its operation has been 
 3 
 
34 
 
 beneficial, but they are fully convinced that, if it had not been enter- 
 ed into, but the inevitable competition of rival and antagonist routes 
 had continued to exist between the two roads, as heretofore, in the 
 general decline of business and travel, resulting from the financial 
 and commercial crisis through which the whole country is now pass- 
 ing, the result must have been disastrous to both. In their belief, 
 to this lease and the consequent change in the management of your 
 property incident thereto, are you mainly indebted for the dividend 
 already earned upon your stock, and still more emphatically will you 
 be indebted to the same causes for that of the next six months, if 
 one shall be obtained. In their deliberate judgment, every considera- 
 tion of wisdom and prudence should induce the stockholders of both 
 roads never to rest satisfied until the temporary union now existing 
 shall be made perpetual. Besides an annual saving of five or six thous- 
 and dollars unnecessary expense growing out of the maintenance of 
 a double organization, such a consummation is the only sure guarantee 
 of the permanent value and constant productiveness of the stock of 
 either road. With it, under proper management, and with that 
 rigid economy indispensable to the continued success of any enterprise, 
 the whole property is not less valuable, or less certain to produce 
 ample returns, than any other in New-England. 
 
 Prospects of the Road. 
 
 In Table No. 28 are given the detailed results of the business of 
 the associated roads to Sept. 30, 1857, during ten months’ opera- 
 tion of the lease, and in Table No. 29 the same results for the six 
 months ending Sept. 30, 1857. It will be seen that during the six 
 months, there were earned $101,742.87 net, a fraction more than four 
 per cent, on the entire capital stock of both roads, as fixed by the 
 lease at $2,500,000, after paying six months’ rent of the Methuen 
 Branch. The net earnings for the ten months were $161,025.33, or 
 almost 7J.per cent, for the ten months on the capital stock of both 
 roads, as fixed in the lease at $2,500,000, and the leased value of 
 the Methuen Branch, $110,000, in all $2,610,000; every dollar of 
 which has been paid in cash to the Treasurers of the associated roads. 
 
 During the ten months, two first class engines, costing $17,750, 
 were paid for and charged into the current expenses, and the sum of 
 $9,135.78 was paid on account of damages, all but $500 of which 
 accrued prior to the commencement of the lease, thus adding 
 $8,635.78 to the running expenses which had no legitimate place 
 there. Deducting this latter sum, and half the cost of the two en- 
 
35 
 
 gines from the expenses of the ten months, or, what has the same 
 effect, adding to the $161,025.33, net earnings for ten months, as 
 stated in Table No. 29, the $8,635.78, paid for damages occurring 
 prior to the lease, and $8,875, one half the sum paid for the two 
 new engines, the amount of the net earnings for the ten months was 
 $178,536.11. This exceeds, by $4,536.11, eight per cent, interest 
 for ten months on the entire capital of both roads, as fixed in the 
 lease, and the value of the Methuen branch ) so that the net earn- 
 ings for the ten months have actually exceeded eight per cent, for 
 the time on the entire capital of both roads and the Methuen branch. 
 
 This result, too, has been accomplished while the business has 
 fallen off, compared with last year, $20,913.76 in the six months 
 ending Sept. 30, 1857, and within the ten months ending at that 
 date, to the amount of $26,855.12. From this last amount it is be- 
 lieved at least $21,750 would have been clear gain, had it been re- 
 ceived, so that had the business this year been the same as last, with 
 no extra expenditures, it is not too much to say that the earnings for 
 the ten months would have been more than at the rate of nine per 
 cent, on the entire capital invested in both lines of the Associated 
 Roads. 
 
 Nor have the track, depots or furniture been permitted to deterio- 
 rate. The expenses for road repairs will be seen to have been very 
 large. More than eight hundred tons of new rails, including those 
 re-rolled, have been laid down, besides those welded in the Repair 
 Shop of the Roads. Probably the expenditures for road repairs 
 have been double for the last six months what they will need be for 
 the next six. More than $5,500 have been expended in depot re- 
 pairs, and nearly $3000 on bridge repairs. The engines, cars, depots, 
 track, and every thing connected with the road, are confidently be- 
 lieved never to have been in better condition than they now are. 
 
 While the receipts per mile run of trains the last ten months have 
 been only $1.47, more than twelve cents per mile less than the aver- 
 age for the last five years upon your own road, the expense per mile 
 run has been more than fourteen cents less than the average upon 
 your road for the last five years, and the net profit per mile run more 
 than two cents greater. The proportion of expenses to receipts for 
 the ten months was 59 per cent., and for the last six months 58 per 
 cent., against an average of nearly 66 per cent, on your own road for 
 the last four years. 
 
 The receipts per passenger or ton carried one mile during the last 
 ten months have been 3.17 cents, against an average of 2.65 cents 
 
86 
 
 for the last three years on your own road, while the expenses have 
 been 1.88 cents, against an average of 1.78f cents, for the three 
 years, and the net profits 1.29 cents, against an average for the last 
 three years of 0.87 cents on your own road. 
 
 From these comparisons it will he seen, that while, owing to the 
 falling off in business, the receipts per mile run of trains have been 
 less, and the expenses per passenger or ton greater, the proportion of 
 expenses to receipts has been diminished, and the net profit has been 
 increased, as well by a diminution in the expense of running the 
 trains, as by an increase of the compensation received per mile for 
 the transportation of a passenger or ton. 
 
 In the opinion of your Committee, while all that was desirable has 
 not been accomplished in the reduction of expenses during the last 
 ten months, all has been effected that could reasonably be expected, 
 under the embarrassing and almost disheartening circumstances in 
 which your Superintendent has been placed. They cheerfully bear 
 witness to the constant industry, unfaltering zeal and untiring perse- 
 verance with which he has devoted himself, from early morning until 
 late at night, to the interests and welfare of the associated roads. His 
 labors have been unceasing, and whatever the efforts of one man, 
 under the difficulties and embarrassments of his position and of the 
 times, could do, has been done. Under other circumstances, 
 more would undoubtedly have been at once accomplished. It is 
 always difficult to change firmly established habits and practices. 
 Especially is it difficult to economize after long indulgence in extrav- 
 agance and prodigality. What is true of an individual, is doubly so 
 of a corporation ; particularly when its executive head is in any way 
 restrained or controlled in efforts for reform by adverse influences. 
 Under all these considerations, too much commendation can hardly 
 be given Mr. Gilmore for the results that have already been real- 
 ized, while your Committee feel confident the future will develop 
 others still more satisfactory and convincing. 
 
 Among other reforms recently inaugurated, but the fruits of which 
 are not yet apparent, besides a general reduction of the wages of all 
 the men employed by the roads, is a reduction of the rate of speed 
 for both passenger and freight trains, and a diminution of the num- 
 ber of trains for the conveyance of both freight and passengers. 
 This change cannot but prove beneficial in more respects than one. 
 Not only will the expenses of transportation be thereby diminished, 
 but the liability to accidents and serious damages therefrom will, to 
 a great extent, be avoided, and the wear and tear of both track and 
 
37 
 
 machinery be greatly lessened. This wear and tear is in proportion 
 to the momentum of the trains, and their momentum is in propor- 
 tion to their weight multiplied by their velocity. Thus, suppose a 
 passenger train for the accommodation of two hundred passengers, 
 weighs, including the cars, engine and tender, one hundred and 
 twenty-five tons, and moves at the rate of thirty miles an hour — its 
 momentum would be thirty-seven hundred and fifty tons — while, if the 
 same train moved only twenty miles per hour, its momentum would be 
 only twenty-five hundred tons. So if a freight train, with two hun- 
 dred tons of merchandize, weigh, including cars, engine and tender, 
 five hundred tons, and move twenty miles an hour, its momentum 
 will be ten thousand tons. If the same train move but ten miles an 
 hour, its momentum will be only five thousand tons. It must be 
 clear to every mind that vastly less damage and less destruction of 
 the superstructure and rolling stock of a road must follow from 
 the same trains driven at the lower rate of speed than at the higher. 
 
 Accounts in the Superintendents Office . 
 
 Your Committee have examined with the highest satisfaction the 
 books in the Superintendent’s office and the various departments con- 
 nected therewith. Nothing can exceed the method and exactness 
 with which every item of receipt and expenditure, however trifling 
 or minute, is extended upon the record, and so classified and arrang- 
 ed that at the close of every month all the diversified operations of 
 the Road are compressed under a few heads, and the aggregate result, 
 as to earnings and expenditures, shown with a minuteness and cer- 
 tainty almost absolutely incapable of error. Trial balances are taken 
 and preserved monthly with the same particularity as at the close of 
 the year, and at the end of every six months an accurate inventory 
 and appraisal of the stock on hand serves to correct any possibility 
 of error in the results for that period. 
 
 What is true of the general business arrangements of the road, 
 may be said of the freight and passenger departments and the repair 
 shops separately. The whole operations of the Road are so system- 
 atized, and there is such a perfect arrangement of checks and balan- 
 ces in each department and throughout the whole, that errors or mis- 
 takes are hardly possible — while at the same time every thing is so 
 simplified as to be perfectly intelligible to any one. If any stock- 
 holder has doubts as to the entire correctness of the statements of 
 the doings of the associated roads during the last six or ten months, 
 half an hour’s examination of the books and papers in the Superin- 
 
38 
 
 tendent’s office will remove them. They are at all times open to' in- 
 spection by any stockholder, and will be exhibited with the greatest 
 pleasure. 
 
 Your Committee have received during their labors every aid and 
 facility in his power to render from your Superintendent, and they 
 cannot omit to express their obligations to him therefor, with their 
 thanks to Messrs. C. E. Twombly, Clerk, J. R. Kendrick, Master 
 of Transportation, G. G. Sanborn, Ticket Master, and John Kim- 
 ball, Master Mechanic, for their uniform courtesy, as well as much 
 valuable statistical information furnished by them. They are also 
 indebted to many other individuals, now and heretofore connected 
 with your Road, for important facts and suggestions, particularly to 
 James W. Sargent, Esq., late Superintendent’s Clerk. 
 
 Conclusion. 
 
 Before closing a Report which they fear is already too extended, 
 but which they have not had time to abbreviate, your Committee 
 take the liberty of renewedly urging upon your consideration the im- 
 portance of a thorough retrenchment of expenses, and the most rigid 
 economy consistent with prompt and efficient action, in every depart- 
 ment of the operations of the associated roads. Experience has de- 
 monstrated the fallacy of the idea that railroads are bound to pay, 
 however managed, and with it the absurdity of the equally ridiculous 
 notion, that low rates for the transportation of passengers and freight 
 are in the end more productive than higher ones. It has shown that 
 the projectors and first managers of our railroads grossly underesti- 
 mated, not only the original cost of these undertakings, but the con- 
 stant, never-ceasing burden of repairs and working expenses. Com- 
 mencing with every thing new and perfect, they did not make proper 
 allowances for the accelerating influences of time and use in hasten- 
 ing the destruction and promoting the decay of the entire superstruc- 
 ture and rolling stock. They generally failed to provide effectual 
 protection against the frauds and dishonesty of their own officers and 
 agents, or to make sufficient allowance for losses from that source, or 
 from those casualties inseparable from railway transportation. But 
 the greatest evils in railroad management have resulted from the 
 impression, that whoever had any thing to do with one was entitled 
 to the largest possible compensation for the smallest possible amount 
 of productive labor performed — the amount of pay increasing in 
 inverse proportion as the useful services rendered diminished. This 
 has been the secret of short dividends and depreciated stock, and 
 
89 
 
 this the stockholders themselves must correct, if it shall be corrected. 
 Let every officer and agent of the associated roads be held to a 
 strict accountability to see to it, that the largest practicable amount 
 of productive labor is in all cases obtained for the smallest reasona- 
 ble compensation, and that the largest possible beneficial results are 
 accomplished with the smallest practicable amount of labor, and all 
 will be well. Let this be done, and your stock will ere long com- 
 mand and maintain that high position, as a sound and amply remu- 
 nerative dividend-paying investment, which the location and natural 
 advantages of your road and the large amount of business it must 
 always secure, abundantly entitle it to hold. 
 
 From their observations during the last six months, your Commit- 
 tee are entirely satisfied the daily attendance of your President upon 
 the operations of the associated roads, is not necessary, in addition 
 to the indefatigable labors of your Superintendent. They therefore 
 recommend the abolishment of the present high salary of that officer, 
 and that he be allowed instead thereof a moderate per diem compen- 
 sation for the time necessarily devoted by him to the affairs of the 
 roads, or that such fixed salary, not exceeding five hundred dollars 
 per annum, as the two Boards of Directors may think adequate to 
 the services required, be paid him. They would also suggest to 
 those Directors the necessity of so increasing the discrimination, in 
 favor of passengers who purchase tickets before taking their seats, 
 over those who neglect to do so, as to secure an entire discontinu- 
 ance of the inconvenient and unsatisfactory practice of paying fare 
 in the cars, and that all conductors be required, under penalty of 
 instant dismissal from service, to enforce such discrimination, and 
 yield strict obedience to the laws of the State prohibiting free riding. 
 They would, moreover, urge upon those Directors a persistent adher- 
 ence to the low rates of speed recently adopted for both passenger 
 and freight trains, and the adoption of an inflexible rule, that here- 
 after the fewest possible trains be run, compatible with the reasona- 
 ble accommodation of the public and the business to be transacted 
 over their roads. 
 
 All which is most respectfully submitted. 
 
 ASA FOWLER, \ Committee 
 SETH EASTMAN, [ of 
 HIRAM BROWN, ) Investigation. 
 
 November 9, 1857. 
 
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OPERATIONS OF THE CONCORD RAILROAD FROM 1844 TO 1856 INCLUSIVE — THIRTEEN YEARS 
 
 42 
 
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TABLE No. 4. — OPERATIONS OF MASSACHUSETTS RAILROADS — THIRTEEN YEARS. 
 
 44 
 
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47 
 
 TABLE No. 7. 
 
 SHOWING EXPENSES OF FUEL, OIL, &c., PER MILE 
 RUN BY TRAINS ON CONCORD RAILROAD FROM 1843 
 TO 1856 INCLUSIVE — FOURTEEN YEARS. 
 
 Years. 
 
 Miles run. | 
 
 Fuel and Oil. 
 
 Expenses per mile run. 
 
 1843 
 
 138,528 
 
 DOLLARS. 
 
 8,864.16 
 
 CENTS. 
 
 .06+ 
 
 1844 
 
 127,296 
 
 9,704.51 
 
 .07+ 
 
 1845 
 
 124,696 
 
 10,813.08 
 
 .08+ 
 
 1846 
 
 143,251 
 
 17,256.06 
 
 .12+ 
 
 1847 
 
 199,955 
 
 18,846.54 
 
 .09+ 
 
 1848 
 
 195,500 
 
 24,625.55 
 
 .12+ 
 
 1849 
 
 164,508 
 
 26,728.75 
 
 .16+ 
 
 1850 
 
 176,296 
 
 34,377.02 
 
 .19+ 
 
 1851 
 
 184,988 
 
 40,320.40 
 
 .21+ 
 
 1852 
 
 180,000 
 
 36,734.13 
 
 .20+ 
 
 1853 
 
 202,898 
 
 42,427.62 
 
 .20+ 
 
 1854 
 
 214,708 
 
 48,840.30 
 
 .22+ 
 
 1855 
 
 218,094 
 
 46,428.61 
 
 .21+ 
 
 1856 
 
 213,973 
 
 44,069.06 
 
 .20+ 
 
 Average cost of fuel and oil per mile of trains run 
 
 last seven years, 21 cents, nearly 
 
 Average cost of fuel and oil per mile of trains run 
 
 seven years preceding, . . 10 J cents, nearly. 
 
48 
 
 TABLE No. 8. 
 
 SHOWING THE COST OF MAINTENANCE OF WAY, AND 
 EXPENSES OF ENGINES AND CARS, &c., ON THE 
 CONCORD RAILROAD FROM 1847 TO 1856 INCLU- 
 SIVE-TEN YEARS. 
 
 Years. 
 
 Miles run by 
 trains. 
 
 Way. 
 
 Do. per 
 mile. 
 
 Engines & Cars. 
 
 Do. per 
 mile. 
 
 Total 
 
 both 
 
 p’rm. 
 
 1847 
 
 199,955 
 
 DOLLARS, 
 
 25,264.24 
 
 CENTS. 
 
 12+ 
 
 DOLLARS. 
 
 17,025.00 
 
 CENTS. 
 
 08+ 
 
 CTS. 
 
 21 
 
 1848 
 
 195,500 
 
 29,378.75 
 
 15+ 
 
 15,500.00 
 
 07+ 
 
 23 
 
 1849 
 
 164,508 
 
 28,123.51 
 
 17+ 
 
 25,919.40 
 
 15+ 
 
 33 
 
 1850 
 
 176,296 
 
 38,139.35 
 
 21+ 
 
 33,184.38 
 
 18+ 
 
 40 
 
 1851 
 
 184,988 
 
 38,609.83 
 
 20+ 
 
 33,235.42 
 
 17+ 
 
 38 
 
 1852 
 
 180,000 
 
 41,974.28 
 
 23+ 
 
 32,702.01 
 
 18+ 
 
 42 
 
 • 1853 
 
 202,898 
 
 34,775.87 
 
 59,505.46 
 
 17+ 
 
 52,212.39 
 
 25+ 
 
 43 
 
 1854 
 
 214,708 
 
 27+ 
 
 48,038.11 
 
 22+ 
 
 50 
 
 1855 
 
 218,094 
 
 50,473.94 
 
 23+ 
 
 45,163.75 
 
 20+ 
 
 44 
 
 1856 
 
 213,973 
 
 60,181.71 
 
 28+ 
 
 33,922.03 
 
 15+ 
 
 44 
 
 Average annual expenditure per mile run for maintenance of Way 
 and Motive Power for the last five years, 44§ cents ; for the five years 
 next preceding, 31 cents ; for maintenance of Way alone the last 
 five years, 24 cents; the preceding five years, 174 cents; for Motive 
 Power alone during the last five years, 204 cents ; during the pre- 
 ceding five years, 13J cents. 
 
SHOWING THE COST OF MAINTENANCE OF WAY AND FOR ENGINES AND CARS ON EACH OF THE 
 FOLLOWING ROADS, PER MILE RUN BY TRAINS, FROM 1846 TO 1850 INCLUSIVE— FIVE YEARS. 
 
 49 
 
 Total per 
 mile. 
 
 "(NOJOiOOCOTfO 
 
 w CO c4 rH l>.* rji oi 
 
 Do. per 
 mile. 
 
 •®COW5C5«3 0(N(M 
 
 BThNOOSTf 
 y rH r— I 1 — I H rl 
 
 Motive Power. 
 
 DOLLARS. 
 
 $547,651 
 
 355,621 
 
 191,209 
 
 148,356 
 
 296,380 
 
 97,659 
 
 133,136 
 
 109,318 
 
 Do. per mile. 
 
 •OfM 
 
 Mo6ic-Jcoc<joc6o 
 
 OHnH NHHH 
 
 Maintenance of 
 way. 
 
 OHCDNCflO®^ 
 (NCOO^^INW 
 « r-^ CO ^ ©^ eo i>^ 
 
 j o' -T o' of of c<T «o' 
 
 £©<M©O*©rfU0Ci 
 
 Miles run by 
 trains. 
 
 3,696,713 
 
 2,063,632 
 
 1,812,422 
 
 1,557,937 
 
 1,202,088 
 
 1,356,136 
 
 1,165,079 
 
 901,543 
 
 — — ■ rr 
 
 Roads. 
 
 Western 
 
 Boston & Worcester 
 
 Boston & Maine 
 
 Fitchburg 
 
 Boston & Lowell 
 
 Eastern 
 
 Boston & Providence 
 
 Old Colony 
 
 4 
 
50 
 
 TABLE No. 10. 
 
 SHOWING THE PASSENGER AND FREIGHT EXPENSES 
 PER PASSENGER AND TON OF LOCAL FREIGHT, ON 
 THE CONCORD RAILROAD, FROM 1849 TO 1856, IN- 
 CLUSIVE, EIGHT YEARS — AS SHOWN BY ANNUAL 
 REPORTS. 
 
 Years. 
 
 No. passen- 
 gers. 
 
 Passenger ex- 
 pense. 
 
 Ex. per 
 
 pass. 
 
 Tons lo- 
 cal frei’t. 
 
 Freight Ex- 
 pense. 
 
 Expense per ton. 
 
 1849 
 
 1850 
 
 1851 
 
 1852 
 
 1853 
 
 1854 
 
 1855 
 
 1856 
 
 286,416 
 
 287,470 
 
 266,544 
 
 221,076 
 
 234,994 
 
 248,787 
 
 240,684 
 
 216,266 
 
 DOLLARS. 
 
 11,820.13 
 
 17,691.28 
 
 18,618.40 
 
 13,915.43 
 
 16.392.72 
 
 17,876.65 
 
 17,355.77 
 
 16,745.45 
 
 CENTS. 
 
 .04+ 
 
 .06+ 
 
 .06+ 
 
 .06+ 
 
 .06+ 
 
 .07+ 
 
 .07+ 
 
 .08+ 
 
 85,505 
 
 71,205 
 
 50,827 
 
 46,439 
 
 58,413 
 
 74,727 
 
 81,909 
 
 65,955 
 
 DOLLARS. 
 
 20.862.13 
 21,349.10 
 
 24.143.13 
 18,085.55 
 20,915.67 
 23,526.03 
 23,909.86 
 22,988.09 
 
 .24+ cents. 
 .29+ cents. 
 .41+ cents. 
 .36+ cents. 
 .34+ cents. 
 .31+ cents. 
 .29+ cents. 
 .34+ cents. 
 
51 
 
 TABLE No. 11. 
 
 STATEMENT OF MEN AT CONCORD STATION, DE- 
 CEMBER 1, 1856. 
 
 James W. Sargent, 
 
 . 1 mo. 
 
 
 83.33 ' 
 
 p 
 
 J. H. Elliott, . . 
 
 . 1 mo. 
 
 
 67.67 
 
 © 
 
 TS 
 
 Geo. P. Cummings, 
 
 . 1 mo. 
 
 
 66.67 
 
 at 
 
 © 
 
 w 
 
 Geo. G. Sanborn, 
 
 . . 1 mo. 
 
 
 50.00 
 
 p. 
 
 B. Biddle,* . . . 
 
 . . 27 
 
 2.00 
 
 54.00 
 
 o 
 
 © 
 
 a 
 
 M. W. Tandy, 
 
 . . 27 
 
 1.00 
 
 27.00 
 
 o 
 
 O 
 
 P. R. McQueston, . 
 
 . . 27 
 
 1.00 
 
 27.00 
 
 © 
 
 © 
 
 J. F. Peters, . . 
 
 . . 1 mo. 
 
 
 35.00 
 
 H. E. Mirick, . . 
 
 . . 27 
 
 1.25 
 
 33.75 
 
 a> 
 
 rS 
 
 Michael Blake, 
 
 . . 27 
 
 1.12* 
 
 30.37 
 
 i 
 
 J. M. Jones, . . . 
 
 . . 27 
 
 1.50 
 
 40.50 
 
 <£ 
 
 S. T. Trussed, . . 
 
 . . 27 
 
 1.25 
 
 33.75 
 
 OO 
 
 Martin Cassey, . . 
 
 . . 27 
 
 1.00 
 
 27.00 
 
 -f 
 
 Robert Blake, . . 
 
 . . 27 
 
 .75 
 
 20.25 
 
 a 
 
 ft 
 
 STATEMENT OF 
 
 MEN AT CONCORD STA- 
 
 TION, 
 
 J. R. Kendrick, 
 
 JULY 31, 
 . 1 mo. 
 
 1857. 
 
 66.67 ' 
 
 © 
 
 C. E. Twombly, . 
 
 . . 1 mo. 
 
 
 66.67 
 
 M 
 
 © 
 
 Geo. G. Sanborn, . 
 
 . 1 mo. 
 
 
 66.67 
 
 £ 
 
 © „ 
 
 B. Biddle, . . . 
 
 . . 27 
 
 2.00 
 
 54.00 
 
 to 
 
 •*-' TT- 
 c! 
 
 Michael Delaney, . 
 
 . . 27 
 
 1.25 
 
 33.75 | 
 
 TJ © 
 
 y** 
 
 S. T. Trussed, 
 
 . . 27 
 
 1.25 
 
 33.75 
 
 
 J. M. Jones, . . 
 
 . . 27 
 
 1.50 
 
 40.50 
 
 OO rO 
 
 Martin Cassey, 
 
 . . 27 
 
 1.00 
 
 27.00 
 
 CO 
 
 Charles Whittle, 
 
 . . 27 
 
 1.00 
 
 27.00 
 
 l“5 
 
 $416.01 
 
 Decrease per month in expenses, . 
 Decrease per year in expenses, . . 
 
 . . $179.28 
 . . 2,151.36 
 
52 
 
 TABLE No. 12. 
 
 STATEMENT OP MEN AT MANCHESTER STATION, 
 DECEMBER 1, 1856. 
 
 D. C. Gould, . . 
 
 . . 1 
 
 mo. 
 
 
 83.33 
 
 
 A. W. Thompson, 
 
 . 
 
 27 
 
 1.75 
 
 47.25 
 
 
 D. G. Lull, . . . 
 
 
 27 
 
 1.50 
 
 40.50 
 
 
 W. B. Boyce, . . 
 
 . 
 
 27 
 
 1.25 
 
 33.75 
 
 
 B. G. Gunnison, . 
 
 
 27 
 
 1.25 
 
 33.75 
 
 
 J. Emerson, (Sunday,) . . 
 
 81 
 
 1.00 
 
 31.00 
 
 
 Wm. Hagan, . . 
 
 
 27 
 
 1.00 
 
 27.00 
 
 
 Geo. Kimball, . . . 
 
 
 27 
 
 1.00 
 
 27.00 
 
 
 John Steele, . . 
 
 
 27 
 
 1.00 
 
 27.00 
 
 
 Thomas Larkin, . . 
 
 . . 
 
 27 
 
 1.00 
 
 27.00 
 
 
 G. G. Gordon, . . 
 
 
 27 
 
 1.00 
 
 27.00 
 
 
 Pat. Judge, . . . 
 
 
 27 
 
 .90 
 
 24.30 
 
 
 Daniel Garland, 
 
 . . 1 
 
 mo. 
 
 
 25.00 
 
 
 L. Partridge, . . . 
 
 
 27 
 
 1.25 
 
 33.75 
 
 
 John Griffin, 
 
 
 31 
 
 1.00 
 
 31.00 
 
 
 Frank Tabor, . . . 
 
 
 31 
 
 1.00 
 
 31.00 
 
 
 Francis Porter, . . 
 
 
 27 
 
 1.25 
 
 33.75 
 
 
 J. B. Kendrick, . . 
 
 . 1 
 
 mo. 
 
 
 66.67 
 
 
 C. H. Hurlburt, 
 
 . 1 
 
 mo. 
 
 
 60.00 
 
 $710.05 
 
 STATEMENT OF 
 
 MEN 
 
 AT 
 
 MANCHESTEB 
 
 
 STATION 
 
 , JULY 81, 
 
 1857. 
 
 
 
 C. H. Hurlburt, . . 
 
 . 1 
 
 mo. 
 
 
 60.00 
 
 
 G. G. Gordon, . . 
 
 • « 
 
 27 
 
 1.25 
 
 33.75 
 
 
 Levi Partridge, . . 
 
 • 
 
 27 
 
 1.25 
 
 33.75 
 
 
 D. G. Lull, . . . 
 
 
 27 
 
 1.50 
 
 40.50 
 
 
 Francis Porter, . . 
 
 » » 
 
 27 
 
 1.25 
 
 33.75 
 
 
 Bobert Gunnison, . 
 
 # , 
 
 27 
 
 1.25 
 
 33.75 
 
 
 W. B. Boyce, . . . 
 
 . 1 
 
 mo. 
 
 
 40.00 
 
 $275.50 
 
 Decrease per month in 
 
 . expenses, . 
 
 
 
 $434.55 
 
 Decrease per year in expenses, . 
 
 
 
 5,214.60 
 
 J. A. GILMORE, Supt., 
 
 By C. E. Twombly. 
 
53 
 
 TABLE No. 13. 
 
 STATEMENT OF MEN AT 
 
 NASHUA 
 
 STATION, DE- 
 
 CEMBER 1, 1856. 
 
 
 
 DAYS. 
 
 PRICE. 
 
 am’t. 
 
 0. F. Cain, Nashua, . . 
 
 27 
 
 1.25 
 
 33.75 
 
 Horace Buswell, Nashua, . 
 
 27 
 
 1.25 
 
 33.75 
 
 D. S. Webster, Nashua, 
 
 27 
 
 1.25 
 
 33.75 
 
 Ezra Davis, Nashua, . . 
 
 27 
 
 1.25 
 
 33.75 
 
 Wm. Melvin, Nashua, . . 
 
 27 
 
 1.00 
 
 27.00 
 
 0. H. Gould, Nashua, 
 
 27 
 
 500.00* 
 
 41.66 
 
 J. G. Carlton, Nashua, . . 
 
 27 
 
 1.25 
 
 33.75 
 
 F. M. Stimson, Nashua , . 
 
 27 
 
 1000.00* 
 
 83.33 
 
 Hiram Buswell, Nashua, 
 
 27 
 
 1.25 
 
 33.75 
 
 $354.49 
 
 STATEMENT OF MEN 
 
 AT 
 
 NASHUA 
 
 STA- 
 
 TION, JULY 
 
 31, 
 
 1857. 
 
 
 Horace Buswell, .... 
 
 27 
 
 1.25 
 
 33.75 
 
 Hiram Buswell, .... 
 
 27 
 
 1.25 
 
 33.75 
 
 Daniel S; Webster, . . . 
 
 27 
 
 1.25 
 
 33.75 
 
 Ezra Davis, 
 
 27 
 
 1.25 
 
 33.75 
 
 L. M. Wright, .... 
 
 27 
 
 1.25 
 
 33.75 
 
 0. H. Gould, .... 1 
 
 mo. 
 
 
 60.00 
 
 $228.75 
 
 Decrease per month in expenses, $125.74 
 
 Which amounts to $1,508.88 per year. 
 
 * Per year. 
 
54 
 
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55 
 
 TABLE No. 15. 
 
 LAW EXPENSES OF CONCORD RAILROAD, FROM 1846 TO 
 1857, INCLUSIVE. 
 
 Year ending April 1, 1847. 
 
 F. Pierce, $50.00 
 
 Pierce & Minot, 120.00 
 
 Ira Perley, 40.00 
 
 Peaslee & George, 11.00 
 
 221.00 
 
 Year ending April 1, 1848. 
 
 F. Pierce, 40.00 
 
 C. H. Peaslee, 77.50 
 
 117.50 
 
 Year ending April 1, 1849. 
 
 F. Pierce, 509.44 
 
 F. Pierce, 300.00 
 
 Peaslee & George, 239.29 
 
 Peaslee & George, 182.50 
 
 C. H. Peaslee, 22.50 
 
 C. H. Peaslee, 92.00 
 
 1,345.73 
 
 Year ending April 1, 1850. 
 
 F. Pierce, 120.00 
 
 Pierce & Minot, 320.00 
 
 Peaslee & George, 79.00 
 Peaslee & George, 163.87 
 Sawyer & Stevens, 30.00 
 
 712.87 
 
 Year ending April 1, 1851. 
 
 G. Y. Sawyer, 22.67 
 
 J. H. George, 36.00 
 
 58.67 
 
 Year ending April 1, 1852. 
 
 J. H. George, 200.00 
 
 Peaslee & George, 181.75 
 Peaslee & George, 54.00 
 Peaslee & George, 65.50 
 Peaslee & George, 228.19 
 David Jones, 12.88 
 
 David Currier, 36.00 
 
 778.32 
 
 Year ending April 1, 1853. 
 
 F. Pierce, 120.00 
 
 Pierce & Minot, 887.03 
 
 Paine & Walker, 15.90 
 
 George & Webster, 200.00 
 George & Webster, 82.00 
 
 J. H. George, 152.10 
 
 E. P. Parker, 10.00 
 
 Baker & Peabody, 150.00 
 
 Sawyer & Stevens, 69.64 
 
 Morrison & Fitch, 70.00 
 
 Asa Fowler, 10.00 
 
 H. A. Bellows, 200.00 
 
 1,966.67 
 
 Year ending April 1, 1854. 
 
 S. H. Ayer, 25.00 
 
 George & Foster, 132.00 
 
 George & Foster, 472.91 
 
 George & Foster, 80.00 
 
 J. H. George, 200.00 
 
 J. H. George, 80.00 
 
 Atherton & Sawyer, 200.00 
 
 S. H. & B. F. Ayer, 81.12 
 
 1,271.03 
 
 Year ending April 1, 1855. 
 
 George & Foster, 
 
 120.70 
 
 George & Foster, 
 
 85.00 
 
 George & Foster, 
 
 330.00 
 
 George & Foster, 
 
 230.51 
 
 A. R. Hatch, 
 
 151.96 
 
 Josiah Quincy, 
 
 150.54 
 
 Beard & Howe, 
 
 86.30 
 
 S. Dana, 
 
 12.00 
 
 B. F. Ayer, 
 
 32.07 
 
 B. F. Ayer, 
 
 17.07 
 
 D. & D. J. Clark, 
 
 200.00 
 
 1,416. 
 
 Year ending April 1, 1856.* 
 
 Sawyer & Stevens, 
 
 64.00 
 
 Asa Fowler, 
 
 54.00 
 
 George Minot, 
 George Minot, 
 
 65.00 
 
 75.00 
 
 G. Marston, 
 
 120.00 
 
 Ira Perley, 
 
 200.00 
 
 J. C. Moore, 
 
 30.00 
 
 George & Foster, 
 
 75.00 
 
 George & Foster, 
 
 220.90 
 
 George & Foster, 
 
 259.73 
 
 James Bell, 
 Josiah Quincy, 
 
 150.00 
 
 25.00 
 
 S. Dana, 
 
 25.00 
 
 1,363.63 
 
 * Considerable portion of the payments for 1855, 6 and 7, were for services in relation to 
 the bill for the union of the Concord and Manchester & Lawrence Roads, and the lease of 
 those roads. 
 
56 
 
 TABLE No. 15 — continued. 
 
 Year ending April 1, 1857. 
 
 G. Cummings, 
 
 20.00 
 
 George & Foster, 
 
 75.00 
 
 W. F. Holton, 
 
 10.00 
 
 George & Foster, 
 
 233.50 
 
 D. S. Palmer, 
 
 25.00 
 
 George & Foster, 
 
 113,50 
 
 A. Colby, 
 
 20.00 
 
 J. H. George, 
 
 44.00 
 
 G. G. Fogg, 
 
 75.00 
 
 J. H. George, 
 
 100.00 
 
 W. E. Chandler, 
 
 50.00 
 
 W. L. Foster, 
 
 100.00 
 
 Geo. H. Dodge, 
 
 60.75 
 
 H. E. Perkins, 
 
 50.00 
 
 David Davis, 
 
 50.00 
 
 John Gibson, 
 
 28.80 
 
 S. Dana, 
 
 26.00 
 
 Stevens & West, 
 
 25.00 
 
 J. C. Abbott, 
 
 25.00 
 
 Wm. Butterfield, 
 
 71.00 
 
 
 3,014.22 
 
 Warren Lovell, 
 
 195.00 
 
 Since April 1, 1857. 
 
 J. G. Gilchrist & > 
 
 110.00 
 
 George & Foster, 
 George & Foster, 
 
 420.92 
 
 als., referees, £ 
 Rolfe & Marshall, 
 
 150.00 
 
 100.00 
 
 John Mooney, 
 
 60.00 
 
 J. L. Hadley, 
 
 12.00 
 
 S. W. Dearborn, 
 
 100.00 
 
 A. A. Parker, 
 
 27.75 
 
 S. W. Dearborn, 
 
 75.00 
 
 A. C. Pierce, 
 
 40.00 
 
 N. G. Upham, 
 
 75.00 
 
 G. A. Pillsbury, 
 
 100.00 
 
 Butler & Webster, ? 
 
 1113.50 
 
 H. D. Robertson, 
 
 39.50 
 
 (Jewett case,) \ 
 
 Harry Hibbard, 
 
 300.00 
 
 S. H. Phillips, do., 
 
 113.00 
 
 G. S. Barton, 
 
 38.00 
 
 P. B. Dodge, do., 
 
 30.00 
 
 Josiah Quincy, 
 
 113.40 
 
 A. W. Sawyer, do., 
 
 9.30 
 
 Charles Lane, 
 
 136.75 
 
 N. G. Upham, do., 
 
 28.86 
 
 W. E. Chandler, 
 
 50.00 
 
 A. A. Durgin, do., 
 
 47.50 
 
 W. P. Wheeler, 
 
 46.87 
 
 L. B. Norris, do.. 
 
 33.25 
 
 G. G. Fogg, 
 
 75.00 
 
 W. H. Clarence, do. 
 
 , 45.22 
 
 W. H. Rixford, 
 
 S. Dana, 
 
 S. W. Dearborn & j 
 als., com’rs, J 
 
 150.00 
 
 50.00 
 
 ! 227.40 
 
 
 2,301.55 
 
SUSPENSE ACCOUNT. 
 
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58 
 
 TABLE No. 17. 
 
 LETTER OF JUDGE UPHAM, RELATING TO POST AND 
 RAIL ACCOUNT, AND CONTOOCOOK VALLEY BONDS. 
 
 Concord, Sept. 26th, 1857. 
 
 Dear Sir : You wished me a few days since to give you some 
 minutes in writing as to the account below. It originated as follows : 
 Some ten years since, in the summer of 1847, the Concord Rail- 
 road was constructing its second track from Manchester to Concord, 
 under the direction of John Weston, Engineer of the Road, assisted 
 by Edson Warriner, Road Master. 
 
 In August, of that year, two gravel trains came in collision in a 
 dense fog, early in the morning, on a curve near Amoskeag bridge, 
 causing the death of a number of Irishmen, and seriously maiming 
 and wounding many others. They were immediately taken to Man- 
 chester, and every means taken to provide for them and their fami- 
 lies, and to avoid claims against the Road so far as might be. 
 
 The expenses incurred on this account were charged at the time 
 by Mr. Weston against moneys he was receiving for posts and rails, 
 for which a board fence was being substituted. The expenses accru- 
 ing on account of injuries received were not fully met under two 
 years or more, and the account remained open. 
 
 The expense of some surveys made by Mr. Weston for a branch 
 route to Candia, which the Concord Road presented as a substitute 
 for the Ilooksett branch, and which was laid out by the Railroad 
 Commissioners, instead of said Hooksett branch, was included also 
 in said account, and some other bills, until the account was finally 
 closed. The receipts from posts and rails were included in it to No- 
 vember 1st, 1850. 
 
 Mr. Sargent has been instructed to furnish the account and vouch- 
 ers. — 
 
 At the time of the failure of the Contoocook Valley Road, the 
 Concord Road had an unsettled account against the Valley Road for 
 the use of cars and other services rendered, which was in controversy 
 between the roads, and against which the Valley Road claimed a set- 
 
59 
 
 off in full. The account was, however, finally discharged by some 
 Contoocook Valley Bonds. 
 
 The Concord Boad had also a prior note against the Valley Road 
 of 8540, which had been returned to the Treasurer of the Concord 
 Road as cash, and which was found to be wholly uncollectable, and 
 stood on his account as worthless. These bonds were finally disposed 
 of to Mr. Gilmore for his note, which was subsequently collected 
 and paid in to the Treasurer, as a substitute for the Valley note, thus 
 leaving the Treasurer's account good for cash. 
 
 Very truly yours, N. G. Upham. 
 
 Hon. Asa Fowler. 
 
60 
 
 Dr. 
 
 1849. 
 Dec. 27. 
 
 1850. 
 Mar. 9. 
 May 8. 
 
 June 11. 
 
 Oct. 30. 
 
 TABLE No. 18. 
 
 POST AND EAIL ACCOUNT. Cr. 
 
 To vouchers of John 
 
 Weston, 795.69 
 
 To cash and vouchers, 
 including Gilman’s 
 note, 855.69 
 
 To cash of R. Wilson, 8.64 
 T o cash of F. M . Stim* 
 
 son, 118.36 
 
 To cash of E. Warri- 
 
 ner, 20.00 
 
 TocashofJ.F. Moore, 18.00 
 
 1849. By vouchers, per file, . . 795.69 
 Dec. 27. “ do., do., branch sur- 
 vey, 301.14 
 
 1848. 
 
 Jan. 6. 
 
 a 
 
 J. Thompson’s bill, 
 
 11.50 
 
 March. 
 
 u 
 
 J.W. Sargent’s do., 
 
 69.00 
 
 April 3. 
 
 u 
 
 Porter and Rolfe’s 
 do., 
 
 5.50 
 
 Aug. 17. 
 
 H 
 
 N. Evans’ do., 
 
 11.75 
 
 t< <( 
 
 u 
 
 M. B. Hines’ do., 
 
 1.12 
 
 Sep. 21. 
 
 “ 
 
 E. Gale’s receipt,. . 
 R. Leonard’s bill, 
 
 50.00 
 
 Nov. 3 
 
 u 
 
 6.00 
 
 “ 10. 
 
 u 
 
 A. M. Mahon’s do., 
 
 2.00 
 
 “ 15. 
 
 it 
 
 R. Hoyle’s do.,... 
 
 5.00 
 
 1849. 
 
 Jan. 20. 
 
 u 
 
 N. G. Upham’s do., 
 
 190.00 
 
 Mar. 7. 
 
 <t 
 
 S. F. Leaveritt’s do., 
 
 8.00 
 
 Apr. 21. 
 
 u 
 
 J. Gallerway’s do., 
 
 2.00 
 
 July 4. 
 
 u 
 
 A. C. Pierce's do., 
 
 1.75 
 
 Sept. 4. 
 
 u 
 
 T. B. Sargent’s do., 
 Cheney & Co.’s do., 
 
 .37 
 
 “ 12. 
 
 u 
 
 .50 
 
 Oct. 15. 
 
 u 
 
 A. W. Sanborn’s do., 
 
 2.00 
 
 1850. 
 
 Feb. 4. 
 
 u 
 
 W. Harr’gton’s do., 
 
 P. Lear’s do., 
 
 Ellen Harrington’s 
 do., 
 
 15.00 
 
 Mar. 1. 
 
 it 
 
 3.00 
 
 Sept. 
 
 i€ 
 
 5.00 
 
 1851. 
 
 Jan. 4. “ W. Harr’gton’s do., 15.00 
 July. “ Mary Loud’s do.,.. 35.00 
 Sept. 12. “ Enos Blake’s do,... 17.50 
 
 Oct. “ R. Taylor’s do., . .. 18.00 
 
 “ 16. “ A. Rich’rdson’s do., 4.00 
 
 1852. 
 
 Jan. 12. “ T. Haynes’ do.,. . . 2.00 
 
 Feb. 6. “ Ellen Harrington’s 
 
 do., 10.00 
 
 Mar. 23. “ T. Haynes’ do.,. . . 8.00 
 
 Aug. 16. “ T. C. Gilman’s do., 182.73 
 “ “ N. Greenwood’s do., 12.82 
 
 Dec. 9. “ J. Davis’ do., 25.00 
 
 $1,816.38 
 
 $1,816.37 
 
61 
 
 TABLE No. 19. 
 
 CONTOOCOOK VALLEY BOND SETTLEMENT. 
 
 Contoocook Valley Railroad to Concord Railroad , Dr. 
 
 1851, April 12. For bills rendered to date, $1,858.90 
 Deduct, per agreement, 175.00 
 
 1,178.90 
 
 For note due Concord R. R. for dump 
 
 cars, given up, 520.00 
 
 1,698.90 
 
 Int. from April 12, 1851, to Jan. 1, 
 
 
 1852, on above, 
 
 78.05 
 
 
 
 1,771.95 
 
 1852, Mar. 81. 
 
 For bill rendered this date, 
 
 74.85 
 
 
 
 1,846.80 
 
 1852, May 17. 
 
 To cash to balance, 
 
 153.70 
 
 
 0 
 
 $2,000.00 
 
 Contra Cr . 
 
 1852, May 17. By four Bonds, of $500.00 each, be- 
 ing numbered as follows : 242, 248, 
 
 244, 245, $2,000.00 
 
 Settled as above : 
 
 N. Gr. UPHAM, Superintendent , 
 
 By J. W. Sargent. 
 
 Concord, N. H., May 17, 1852. 
 
SHOWING THE AMOUNT AND SOURCES OF INCOME OF THE CONCORD RAILROAD, FROM 
 
 1842 TO 1857. 
 
 '62 
 
 Total. 
 
 $70,912.36 
 
 139,080.08 
 
 181.842.00 
 228,479.27 
 290,228.70 
 
 311.236.00 
 318,257.99 
 296,908.48 
 307,862.72 
 337,884.06 
 305,805.66 
 329,744.76 
 352,032.98 
 
 ' 335,948.88 
 
 317.050.01 
 
 Interest. 
 
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 $21,808.80 
 
 65,420.60 
 
 90,099.77 
 
 115,469.17 
 
 141,117.29 
 
 159,602.12 
 
 172.950.64 
 158,641.74 
 157,277.67 
 174,665.16 
 181,107.43 
 197,206.80 
 217,511.97 
 
 207.403.64 
 194,650.31 
 
 Passengers. 
 
 $48,034.79 
 
 72,799.22 
 
 90,545.76 
 
 109,971.64 
 
 133,545.60 
 
 138,907.11 
 
 135,337.08 
 
 127,892.32 
 
 138,555.17 
 
 152,538.81 
 
 113,336.37 
 
 123,322.88 
 
 126,871.21 
 
 120,787.02 
 
 114,982.05 
 
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63 
 
 TABLE No. 21. 
 
 Tenement No. 1 , R. R. Square, Concord, occupied by J. J. Flanders, 
 
 STATEMENT OF KENTS RECEIVED BY C., M. & L. RAILROAD 
 FOR YEAR 1857. 
 
 $66.00 
 
 66.00 
 
 66.00 
 
 66.00 
 
 78.00 
 
 66.00 
 
 60.00 
 
 72.00 
 
 60.00 
 
 60.00 
 
 72.00 
 
 S. C. Colby, 
 J. Steele, 
 
 C. B. Knight, 
 J. Jones, 
 
 H. Babb, 
 
 Old Carter Tavern, one half occupied by Timothy Lynch, . 
 
 “ “ one half occupied by Thomas Fullerton, . 
 
 House near Wood Sheds, one half occupied by J. Haley, 
 
 “ u one half occupied by J. Lynch, . 
 
 House near old Carter House, occupied by Mike Cashin, 
 
 Old Paint Shop on Main St,, upper story occupied by White & Brainard, 30.00 
 
 60.00 
 . 12.00 
 
 “ “ “ lower part same by J. D. Cooper, 
 
 Land near old Paint Shop, occupied by Wm. Smith, 
 
 Land at Martin’s, occupied by J. Garland, 10.00 
 
 60.00 
 60.00 
 
 House at Nashua opposite Depot, one half occupied by C. F. Cain, . 
 
 “ “ “ one half occupied by Ezra Davis, 
 
 Restaurant at Nashua, occupied by Wm. Wilson, 200.00 
 
 “ Manchester, occupied by J. P. Eaton & Co., .... 200.00 
 
 “ Concord, occupied by J. B Marsten, 150.00 
 
 Land at Nashua, occupied by Charles M’Kean, 25.00 
 
 Land, about four acres, near Gas Works, Concord, occupied by B. Biddle . 
 
 “ 4 acres interval near Machine Shop, occupied by B. Biddle ; . .1 
 
 About one acre land below Wood Shed, occupied by B. Biddle ; . . | ' 
 
 About % acre land near Sullivan House, interval, occupied by B. Biddle j J 
 Dwelling-house and land at Bow, occupied by Samuel Hadley, known as 
 
 the Bod well place, 60.00 
 
 Tenement in Station House at Robinson’s Ferry, oc’d by Sta. Agt., no rent, 00.00 
 “ “ “ Martin’s Ferry, oc’d by Sta. Agt., no rent, 00.00 
 
 <l “ “ Amoskeag, occupied by Sta. Agt., no rent, 00.00 
 
 “ “ Goff’s Falls, occupied by Sta. Agt., no rent, 00.00 
 
 House and land at Thornton’s Ferry, occupied by Sta. Agt., no rent, 00.00 
 Land in Concord, occupied by H. W. Ranlet & Co., south lower freight 
 depot, for a Coal-Yard and Shed, 150.00 
 
 $1769.00 
 
 Nashua & Worcester Railroad to pay for use of Engine-House, Turn- 
 Table, &c., at Nashua, 8 per cent, on $2333.33, which is one third of 
 
 the estimated cost, 186.67 
 
 Pay for use of Passenger and Freight-House at Nashua, 8 per cent, on one 
 fourth of the estimated cost, which is one thousand dollars, . . . 80.00 
 
 $2035.67 
 
64 
 
 TABLE No. 2 2. 
 
 EXPRESSES. 
 
 We have no written contract with any Express Company. Che- 
 ney, Hill & Co. had a written contract for an Express between Man- 
 chester and Boston, via Lawrence, which expired February 1, 1857, 
 (and has not been renewed,) for which they paid $250 per month, or 
 $3000 per year, and the Boston and Maine claim 1 part of that. 
 Our contract with them was that they should have a given space in 
 our baggage car for their entire use, of about 5^ feet across the end 
 of the car. They have settled with us since the expiration of the 
 contract, the same as under the contract, and the amount paid by 
 them for the eight months ending July 31 is $2000. 
 
 Cheney & Co., for an Express from Concord and the roads north, 
 including the Contoocook Valley, Concord & Claremont, Northern, 
 Vermont Central, Ogdensburg, Vt. & Canada and Passumpsic, most of 
 the time, have paid us $971.55 for eight months ending July 31, 
 1857. We have no written contract with them. The account is 
 made up in Boston, and a check sent for what they make the amount, 
 for which I give them a receipt and enter the amount received for 
 account of Expresses. We have also received from Cheney & Co., 
 through the line of the Boston & Maine Railroad, during the last 
 eight months, $7 22 for business from the Boston, Concord and Mon- 
 treal, White Mountains and the Passumpsic, a part of the time. The 
 whole amount received for Expresses, eight months ending July 31, 
 1857, is $3693.55. The matter of Expresses has been brought up 
 in the Manchester & Lawrence and Concord Boards of Directors, 
 and Committees appointed to take the matter into consideration, re- 
 view the whole Express arrangement, as they shall consider most for 
 the true interest of both Companies. Up to this time, Sept. 1st, 
 1857, nothing has been effected, and settlements are made monthly, 
 as heretofore. J. A. GILMORE, Sup’t, 
 
 By C. E. Twombly. 
 
65 
 
 TABLE No. 23. 
 
 Concord, N. H., October 26th, 1857. 
 Hon. Asa Fowler, — My dear Sir : 
 
 In answer to your several inquiries in regard to Mails, our old 
 contract was, over the Manchester & Lawrence Boad fifty dollars per 
 mile, less one seventh for Sundays. Over the Concord Boad one hun- 
 dred and fifty dollars per mile, less one seventh, for Sundays, and the 
 Boad supply the side offices, which cost us $560 per year. Our present 
 contracts are, one hundred dollars per mile over the Manchester & 
 Lawrence Boad, nothing off, and one hundred and fifty dollars per 
 mile over the Concord Boad, nothing off, and the Government pay us 
 extra for side supply, or do it themselves. Under the old contracts 
 we received net, $5,340 for both roads. We now receive $8,050 per 
 year — a difference of $2,710 per year. 
 
 Yours very respectfully^ 
 
 J. A. GILMOBE, Supt. 
 
 5 
 
66 
 
 TABLE No. 2 4. 
 
 SHOWING THE NUMBER OF PASSENGERS AND 
 THE TONS OF FREIGHT, LOCAL AND IN CON- 
 NECTION WITH UPPER ROADS, TRANSPORTED 
 OYER THE CONCORD RAILROAD FROM 1842 TO 
 185T. 
 
 Years. 
 
 No. passen- 
 gers. 
 
 Local ton- 
 nage. 
 
 Upper road 
 tonnage. 
 
 Total ton- 
 nage. 
 
 Lo. ton . 
 pertr’n 
 
 *1848 
 
 89,822 
 
 f 11,774 
 
 
 11,774 
 
 424 
 
 Tear ending April 30. 
 
 
 
 
 
 1844 
 
 78,355 
 
 42,679 
 
 
 42,679 
 
 684 
 
 1845 
 
 100,843 
 
 67,544 
 
 
 67,544 
 
 109 
 
 1846 
 
 151,530 
 
 89,388 
 
 
 89,388 
 
 1444 
 
 1847 
 
 203,505 
 
 103,371 
 
 
 103,371 
 
 166| 
 
 1848 
 
 237,827 
 
 101,191 
 
 33,292 
 
 134,483 
 
 1624 
 
 1849 
 
 286,416 
 
 85,505 
 
 78,923 
 
 164,428 
 
 137 
 
 1850 
 
 287,470 
 
 71,205 
 
 93,249 
 
 164,454 
 
 114 
 
 1851 
 
 266,544 
 
 50,817 
 
 104,487 
 
 155,305 
 
 814 
 
 1852 
 
 221,076 
 
 46,439 
 
 122,371 
 
 168,810 
 
 814 
 
 1858 
 
 234^994 
 
 58,413 
 
 191,546 
 
 249,960 
 
 ; 96 
 
 1854 
 
 248,787 
 
 74,727 
 
 234,269 
 
 308,997 
 
 123 
 
 1855 
 
 240,684 
 
 81,909 
 
 260,960 
 
 342,870 
 
 133 
 
 1856 
 
 216,266 
 
 65,955 
 
 216,649 
 
 282,604 
 
 106| 
 
 1857 
 
 205,872 
 
 *46,955 
 
 *168,324 
 
 *215,280 
 
 113| 
 
 * 8 months, f 5)4 months. 
 
67 
 
 TABLE No. 25. 
 
 SHOWING THE PRICES PAID BY UPPER ROADS TO CONCORD, 
 MANCHESTER & LAWRENCE RAILROAD ON PASSENGERS 
 AND FREIGHT THE 31ST OF JULY, 1857. 
 
 
 
 Passengers. 
 
 1st c 1 a 8 s 
 freight. 
 
 2d class 
 freight. 
 
 3d class 
 freight. 
 
 Loading & 
 unloading. 
 
 *Vt. Central R. R., ) 
 
 
 
 Pro rata which aver- 
 
 20 
 
 Vt. & Canada R. R., > 
 
 Nashua, 
 
 52 
 
 aged 55 cts. per ton 
 
 20 
 
 Ogdensburg R. R., ) 
 
 
 
 on downw. over Con- 
 
 20 
 
 U u 
 
 Lawrence, 
 
 73 
 
 c’d R. R. in July, ’57. 
 
 20 
 
 Passumpsic R. R., 
 
 Nashua, 
 
 60 
 
 $1.00 
 
 $ .80 
 
 $ .80 
 
 22 h 
 
 « << 
 
 Lawrence, 
 
 81 
 
 1.57 
 
 1.21 
 
 1.12 
 
 22£ 
 
 Northern R. R., 
 
 Nashua, 
 
 60 
 
 1.12 
 
 .86 
 
 .80 
 
 20 
 
 (< «< 
 
 Lawrence, 
 
 83 
 
 1.57 
 
 1.21 
 
 1.12 
 
 20 
 
 Concord & Claremont R. R., 
 
 Nashua, 
 
 52 
 
 1.00 
 
 .80 
 
 .80 
 
 20 
 
 <( » 
 
 Lawrence, 
 
 77 
 
 1.49 
 
 1.17 
 
 1.11 
 
 20 
 
 Contoocook Valley R. R., 
 
 Nashua, 
 
 52 
 
 1.00 
 
 .80 
 
 .80 
 
 20 
 
 U M 
 
 Lawrence, 
 
 73 
 
 1.49 
 
 1.11 
 
 1.11 
 
 20 
 
 Bos., Con. & Montreal R. R. 
 
 Nashua, 
 
 60 
 
 1.12 
 
 f-.86 
 
 .80 
 
 20 
 
 <( M 
 
 Lawrence, 
 
 83 
 
 1.57 
 
 1.21 
 
 1.12 
 
 20 
 
 N. H. Central R. R.,t 
 
 j Nashua, 
 
 27 
 
 .50 
 
 .40 
 
 .40 
 
 20 
 
 a u 
 
 1 Lawrence, 
 
 52 
 
 .99 
 
 .77 
 
 .71 
 
 20 
 
 J. A. GILMORE, Superintendent , 
 
 By C. E. Twombly. 
 
 * The Ogdensbnrg freight, a large portion of it, does not pay the Concord Railroad twen- 
 ty-five cents a ton between Concord and Nashua for haulage, and the distance is thirty- five 
 miles. On freight via Lawrence it pays still less in proportion. 
 
 f The N. H. Central Railroad have never paid for loading and unloading, or depot accom- 
 modations at Manchester. 
 
68 
 
 TABLE No. 26. 
 
 SHOWING THE TARIFFS OF PASSENGERS AND FREIGHT ON 
 CONCORD RAILROAD, FROM ITS OPENING TO DEC. 1, 1857. 
 
 PASSENGERS. 
 
 From Sept. 1, 1842, to Nov. 1, 1844, the fare of passengers 
 
 between Concord and Boston was $2.50 
 
 From Nov. 1, 1844, to Nov. 1, 1845, it was .... 2.00 
 From Nov. 1, 1845, to June 1, 1848, it was ..... 1.75 
 From June 1, 1848, to Sept. 1, 1851, it was .... 1.50 
 From Sept. 1, 1851, to Sept. 1, 1854, it was .... 1.75 
 From Sept. 1, 1854, to Sept. 1, 1857, it was .... 2.00 
 Since Sept. 1, 1857, it has been 2.25 
 
 FREIGHT. 
 
 From Sept. 1, 1842, to May 1, 
 1844, the price of freight be- 1 
 tween Concord and Manches- 
 ter and Boston, was, 
 
 From May 1, 1844, to Septem- \ 
 ber 1, 1851, ( 
 
 From September 1, 1851, to ( 
 May 1, 1857, ( 
 
 Since May 1, 1857, j 
 
 First Class, 
 
 Concord. 
 
 $4.00 
 
 Manchester. 
 
 $3.00 
 
 Second Class, 
 
 3.00 
 
 2.50 
 
 First Class, 
 
 3.00 
 
 2.50 
 
 Second Class, 
 
 2.50 
 
 2.00 
 
 First Class, 
 
 3.60 
 
 3.00 
 
 Second Class, 
 
 3.00 
 
 2.40 
 
 First Class, 
 Second Class, 
 
 3.80 
 
 3.00 
 
 3.20 
 
 2.50 
 
 i 
 
69 
 
 TABLE No. 27. 
 
 SHOWING THE STANDING OF THE CONCORD RAIL- 
 ROAD SEPTEMBER 30, 1857, AS PER TREASURER’S 
 BOOKS. 
 
 CONCORD RAILROAD— BALANCES, Nov. 10, 1857. 
 
 Construction, including loan to Portsmouth and Concord Railroad, 
 
 $1,500,000.00 
 
 Cash, 15,252.94 
 
 Telegraph Stock, 2,350.00 
 
 N. G. lipham, Sup’t, including freight hills uncollected, 
 
 and balances due from other Roads, 7,375.48 
 
 Notes receivable, . 215.00 
 
 Concord, Manchester and Lawrence Railroad, - - 72,996.74 
 
 $1,598,190.16 
 
 Capital Stock, ... $1,500,000.00 
 
 Deterioration and Contingent, 42,057.50 
 
 Notes payab e, - 5,000.00 
 
 Outstanding Accounts — amount in reserve 
 
 to meet outstanding bills, 1,449.90 
 
 Unpaid Dividends — dividends uncalled 
 
 for, 1,370.00 
 
 Earnings — proportion of net earnings for six 
 months, to Oct. 1, 1857, in connection 
 with Manchester & Lawrence Road, 
 after setting aside $11,547.06 as a 
 Contingent Fund, 48,312.76 $1,598,190.16 
 
 E. E. N. P. LOVERING, Treasurer. 
 
 From the above it will be seen that there was due the Concord 
 Road, September 30, 1857, from the Associated Roads, for wood and 
 stock on hand, &c., under the lease, $72,996.74 ; from notes receiva 
 ble, fully secured by mortgage upon real estate in Concord, $215 ) in 
 
TO 
 
 the hands of N. G. Upliam, late Superintendent, due from Nashua 
 & Lowell and Boston & Lowell Hoads, $7,375.48 — amounting in all 
 to $80,587.22. There was on hand in the Treasury $15,252.94 in 
 cash, and $2,350 stock in the Vermont and Massachusetts Tele- 
 graph Company, worth in cash at least 25 per cent, of its par value, 
 or $587.50. Adding these latter items of cash and telegraph stock 
 to the $80,587.22 above, and the aggregate assets of the Road, Sep- 
 tember 30, 1857, in cash on hand and other funds believed to be 
 good, was $96,427.66. 
 
 The Concord Road was indebted, Sept. 30, 1857, on notes paya- 
 ble, in the sum of $5,000, and for outstanding unpaid dividends in 
 the sum of $1,370, making the whole amount of indebtedness the 
 sum of $6,370. To this amount add the sum since borrowed to 
 pay the present dividend, Nov. 16, 1857, $30,000, and we have an 
 aggregate of indebtedness at the date of this Report, amounting to 
 $36,370. Deducting this aggregate of indebtedness from the ag- 
 gregate amount of assets, as stated above, it will be seen that the 
 Concord Road had on hand, at the date of this Report, to say nothing 
 of the earnings since Sept. 30, 1857 — a surplus of funds, believed 
 to be undoubtedly good, over and above all indebtedness, amounting 
 to the sum of $60,057.66. 
 
 TABLE No. 28. 
 
 SHOWING THE EARNINGS AND EXPENSES OF THE CONCORD, 
 MANCHESTER AND LAWRENCE RAILROAD EOR TEN 
 MONTHS ENDING SEPTEMBER 30, 1857. 
 
 EARNINGS. 
 
 Passenger account, $142,214.65 
 
 Freight account, 244,294.65 
 
 Express account, 4,805.10 
 
 Mails account, 5,659.48 
 
 Rents account, 1,227.70 
 
 Amount of earnings in ten months, .... $398,221.58 
 
71 
 
 Amount of earnings brought forward, .... $398,201.58 
 
 EXPENSES. 
 
 Engine repairs, 
 
 Hand Car repairs, 
 
 Freight Car repairs, 
 
 Snow Plow repairs, 
 
 Passenger Car repairs, 
 
 Patterns, 
 
 Shop Tools, 
 
 General running expenses, . . . . 
 
 Stationary Engine repairs, .... 
 
 Wood account, 
 
 Depot repairs, 
 
 Advertising, 
 
 Damages, 
 
 Oil account, 
 
 Waste account, 
 
 Freight expense, 
 
 Passenger expense, 
 
 Incidental expenses, 
 
 Bridge repairs, 
 
 ’ Road repairs, 
 
 Water Fixtures, 
 
 Removing Snow and Ice, 
 
 Fence repairs, 
 
 Insurance and Taxes, 
 
 Depot Furniture, 
 
 20,356.39 
 . 356.66 
 8,940.71 
 258.00 
 5,432.33 
 175.33 
 1,297.26 
 8,950.52 
 . 275.64 
 45,641.46 
 5,512.66 
 877.79 
 
 9.135.78 
 
 8.918.78 
 1,014.12 
 
 23,709.28 
 
 20,077.71 
 
 2.683.44 
 
 2.874.45 
 64,734.90 
 . 250.10 
 
 1,185.47 
 . 106.44 
 9,324.68 
 . 91.40 
 
 Amount of expenditures in ten months, .... 237,176.25 
 Net income in ten months, $161,025.33 
 
 Proportion of expenses to receipts, for 10 months, 59 per ct. 
 
 Number of miles run by trains, 270,840 
 
 Receipts per mile run of trains, $1.47 
 
 Expense per mile run of trains, 87 A 
 
 Net income per mile run of trains, .59J 
 
 Number of passengers and ) Pas’ngers, 4,843,559 ) r A1 fini 
 
 tons carried one mile, ] Freight, 7,698,245 ) 9 
 
72 
 
 Receipts per passenger or ton one mile, . 
 Expenses per passenger or ton one mile, 
 Net income per passenger or ton one mile, 
 Percentage of net income to capital, almost 
 
 . 3.17 cts. 
 
 . 1.88 cts. 
 . 1.29 cts. 
 
 . 7J per ct. 
 
 TABLE No. 29. 
 
 Showing the Earnings and Expenses of the Concord , Manches- 
 ter and Lawrence Railroad for six months endinq September 
 30, 1857. 
 
 EARNINGS: Passengers, $98,574.23 
 
 Freight, 149,606.49 
 
 Express, 3,135.04 
 
 Mails, 3,981.84 
 
 Rents, 812.03 
 
 Amount of earnings, . . . $256,109.63 
 
 EXPENSES: Engine Repairs, 11,636.81 
 
 Hand Car do., 228.51 
 
 Freight Car do., 5,792.68 
 
 Passenger Car Repairs, 3,669.20 
 Shop Tools, 850.08 
 
 GenT Running Expense, 5,596.87 
 Wood, 26,798.43 
 
 Depot Repairs, 3,287.47 
 
 Advertising, 582.30 
 
 Damages, 5,671.98 
 
 Oil, 2,222.59 
 
 Waste, 629.19 
 
 Freight Expense, 12,305.81 
 
 Passenger, 11,755.06 
 
 Incidental Expense, 1,943.39 
 
73 
 
 Bridge Repairs, 4,149.91 
 
 Road, 44,468.21 
 
 Water Fixtures, 184.76 
 
 Fence Repairs, 106.44 
 
 Insurance and Taxes, 8,289.50 
 Depot Furniture, 37.87 
 
 Amount of Expenditures, $150,207.06 
 
 Net income over and above expenses, 
 Less amount paid Boston and Maine 
 Railroad, for use of Methuen Br., 
 6 months, to date, 
 
 Interest Account, 
 
 $105,902.57 
 
 3,300.00 
 
 859.70 4,159.70 
 
 Net income over and above every thing, for six 
 months, ending Sept. 30, 1857, $101,742.87 
 
 Proportion of expenses to receipts, for six months, 58 per ct. 
 Number of miles run by trains, . . 168,852 
 
 Receipts per mile run, .... $1.51§ 
 
 Expenses per mile run, 89 
 
 Net income per mile run, . . . . .62 f 
 
 Percentage of net income to capital, for 6 mos., over 8 per ct. 
 
74 
 
 TABLE No. 30. 
 
 SHOWING THE AMOUNT OF MONEY RETURNED BY CON- 
 DUCTORS, AS TAKEN IN THE CARS FOR PASSENGERS, 
 DURING THE YEAR ENDING OCTOBER 1, 1857. 
 
 Concord Road. Manchester and 
 
 Lawrence Road. 
 
 October, 1856, $274.61 
 
 November, 214. 10£ 
 
 December, 148.50 .... $84.05 
 
 January, 1857, 217.39 .... 78.80 
 
 February, 185.11i . . . 74.95 
 
 March, 253.27 . . . 104.45 
 
 April, 204.39 .... 74.75 
 
 May, 184.00 .... 70.40 
 
 June, 217.45 .... 66.50 
 
 July, 220.47 .... 78.05 
 
 August, . . . . i . . . 221.15 .... .78.30 
 
 September, 213.60 .... 81.20 
 
 Total Concord Road, one year, $2,549.05 $791.45 
 
 Total Manchester and Lawrence, 
 
 ten months, # . 791.45 
 
 Total on both Roads, . . 
 
 $3,340.50 
 
TABLE No. 31. 
 
 Showing the aggregate number of Passengers and Tons carried one 
 mile in 1855 and 1856, upon the Concord Road and the eight 
 principal Roads in Massachusetts , with the Gross Receipts, the Ex- 
 penses, and Net Profits, per Passenger' or Ton, carried one mile in 
 each of those years on each of said Roads. 
 
 Roads. 
 
 Passengers and 
 tons carried one 
 mile in lfe55. 
 
 Receipts per pas- 
 senger or ton. 
 
 Exp’nses per pas- 
 senger or ton. 
 
 Net profits do. 
 
 Passengers and 
 tons carried one 
 mile in 1856. 
 
 Receipts per pas- 
 senger or ton. 
 
 Exp’nses per pas- 
 senger or ton. 
 
 Net profits do. 
 
 
 
 CTS. 
 
 CTS. 
 
 CTS. 
 
 
 CTS. 
 
 CTS. 
 
 CTS. 
 
 Concord, 
 
 12,233,053 
 
 2.74 
 
 1.83 
 
 0.91 
 
 11,562,351 
 
 2.74 
 
 1.79 
 
 0.95 
 
 Western, 
 
 64,554,172 
 
 2.90 
 
 1.91 
 
 0.99 
 
 68,325,040 
 
 ; 3.09 
 
 1.79 
 
 1.30 
 
 Boston and Maine,. . . . 
 
 35,080,136 
 
 2.43 
 
 1.49 
 
 0.94 
 
 35,483,703 
 
 2.56 
 
 1.44 
 
 1.12 
 
 Boston and Worcester,. 
 
 37,803,785 
 
 2.66 
 
 1.59 
 
 1.07 
 
 37,606,957 
 
 2.94 
 
 1.78 
 
 1.16 
 
 Boston and Providence, 
 
 17,413,767 
 
 3.20 
 
 2.08 
 
 1.12 
 
 21,043,004 
 
 3.00 
 
 1.60 
 
 1.40 
 
 Fitchburg, 
 
 24,889,065 
 
 2.74 
 
 1.87 
 
 0.87 
 
 22,464,592 
 
 2.97 
 
 1.86 
 
 1.11 
 
 Old Colony 
 
 21,918,066 
 
 2.97 
 
 1.72 
 
 1.25 
 
 22,045,802 
 
 3.10 
 
 1.71 
 
 1.39 
 
 Boston and Lowell,. . . . 
 
 15,286,058 
 
 3.20 
 
 2.39 
 
 0.81 
 
 15,955,845 
 
 3.07 
 
 2.29 
 
 0.78 
 
 Eastern 
 
 18,535,681 
 
 3.49 
 
 1.84 
 
 1.65 
 
 25,712,018 
 
 2.79 
 
 1.53 
 
 1.16 
 
 Upon the Concord, Manchester & Lawrence Associated Loads, for the 
 ten months ending Sept. 30, 1857, the number of passengers carried 
 one mile was 4,843,559 ; the number of tons freight carried one mile 
 were — local, 1,796,696 ; in connection with upper Loads, 5,901,549 ; 
 total tons freight, 7,698,245 ; making a total of passengers and tons 
 carried one mile, 12,541,804. The gross receipts per passenger 
 or ton carried one mile were 3.17 cents; expenses 1.88 cents, and 
 the net profits 1.29 cents per passenger or ton carried one mile. 
 
 The aggregate net earnings in 1855, upon 12,233,053 passengers 
 and tons carried one mile over the Concord Load were $111,447, 
 and in 1856, upon 11,562.351 passengers and tons, $101,180.17 ; 
 while the aggregate net earnings in 1857, upon 12,541,S04 passen- 
 gers and tons carried one mile over the Associated Loads, were 
 $161,025.33 — a difference of nearly $50,000 in favor of the Associ- 
 ated Loads, over nearly the same amount of business on the Concord 
 Load in 1855 and 1856. 
 
 Errata. — In part of the edition, on page 43, continuation of Table No. 3, 
 transpose the first two lines of Statistical Specifications, so as to read “ Cost 
 of Hoad” first; “Receipts from Passengers,” second. 
 
 In Table No. 14, page 54, the aggregate number of men on both roads in 
 July, 1856, is incorrectly stated at “ 265,” when it should be “ 346.” 
 
 By accident, in the list of law expenses, on page 56, the items “G. G. Fogg, 
 $75,” and “ W. E. Chandler, $50,” are inserted twice — should occur but once.