(The balance sheet shows amounts of share capital and funded debt; of the former $30,000,000 are authorised.) BOSTON AND LOWELL RR. This company owns 89 and leases 280 miles of railway interconnecting Boston, Lowell, and other important points in and around Massachusetts. In 1887 its property was leased for 99 years to the Boston & Maine, which pays as rental 7 p.c. on the share capital until 1897 and 8 p.c. thereafter. This progressive rate seems justified by the increasing return upon the capital of this company, which rose by degrees. from 4 p.c. in 1881 to 6%1⁄2 p.c. in 1887. For capitalisation see under Boston & Maine. BOSTON AND MAINE RR. The Boston and Maine is a consolidation of various lines which together form the most extensive system of New England. The railway connects Boston with Portland, Me., where it meets the Maine Central (which it controls) and the Grand Trunk, and touches numerous other points and junctions in Maine, New Hampshire and Massachusetts. Until 1890 the company owned but 124 miles out of the total of 1,209 which it operated; but in 1890 amalgamation with the Eastern RR. of Massachusetts and the Portsmouth & Conway RR., which formerly had been leased, took place; in consequence the mileage owned to-day is 316 miles out of a total operated of 1,210. The present company has the same capital as the three of which it is composed, although common stock was redistributed owing to the superior value of original Boston & Maine shares. Bonds and preferred shares of the Eastern RR. simply became B. & M. securities. The property is in fair condition, steel rails of a light weight being found on all main lines. Passenger traffic is unusually large, yielding a little more than merchandise which for the greater part consists of local New England freight, carried at very good rates. Although the latter are undoubtedly declining they have not prevented the growing business from yielding more as time went on. The following traffic statistics have been issued: Traffic Statistics, Boston and Maine RR. The following table shows earnings, expenses, revenue and expenditure for the last four years, ending Sept. 30th. The capitalisation of the B. & M. consists of $17,302,300 common shares and $3,149,800 preferred, as well as $17.1 million bonds of various descriptions, including Eastern of Massachusetts and Portsmouth & Conway issues. The com. pany also guarantees 7p.c. (later 8 p.c.) rental on $5,529,400 Boston & Lowell stock (q. v.) and $7.3 million B. & L. bonds. CENTRAL VERMONT RR. This company leases all of its lines, which are mostly situated in the State of Vermont, the connection with Ogdensburg, N.Y., being the most notable exception. The system is connected by ferry with the Canadian Pacific, and at another point unites with the Grand Trunk; in consequence, the road has some through traffic for Boston which it gives to other lines, chiefly the Old Colony RR. The total length of the railways operated by the company is 731 miles. During 1890-91 earnings on 631 miles were: gross, $4,541,359; net, $1,399,405; available revenue, $1,413,917; surplus, $4,155. FITCHBURG RR. The foundation of this company was laid as early as 1842; to-day it embraces 436 miles of excellent road between Rotterdam Junction (Albany) and Boston which render it a formidable competitor of the Boston & Albany. In a measure the Fitchburg RR. is State-supported, the State of Massachusetts holding $5,000,000 of its common stock, which pays no dividend; on its preferred stock 3p.c. was paid in 1891. The capitalisation of the company can be seen from the subjoined balance sheet. The line is notable chiefly on account of the Hoosac Tunnel, one of the longest in the world, which measures 43/4 miles from end to end, took 20 years to construct, and cost $16,000,000. The expense was borne by the State because the tunnel shortens the route between New England and the West. The Fitchburg RR. works under close agreement with the Delaware & Hudson and Erie RR., which see. Subjoined are statements showing earnings, expenditure, and condensed balance sheet: Statistics of Traffic on the Fitchburg RR. |