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Article clipped from Boston Evening Transcript

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THE BOSTON AND PROVIDENCE RAILROAD CORPORTION held ita annual meeting in the president's office, over the Boston Passenger Station, this forenoon. Hon. John H. Clifford. the president, in the chair. The annual report of the directors was read by the president, also extracts from a communication made by him to the Railroad Commissioners in answer to their circular. The following is extracted from the reports At this point in the history of one of the earliest railroad enterprises of the country, it is a source of gratification to the directors to be able to state to the stockholders that no previous year since the road was operation has been last. attended with so for great a degree prosperity as the Our receipta the year have been largely in excess of those of any correponding period, while our expenditures for all objects, including many of great and permanent utility and value, increased in like proportion, have not diminished the net earnings to the stockholders below the point which makes its stock a highly remunerative and safe inveatment of their property. Beyond this point, it is not probable the Legislature will ever permit the railroad corporations of Massachusetts to appropriate their earnings, directly or indirectly, in dividends to their stockholders. Regarding them as quasi public corporations, holding their valuable franchises from the State, and with the power to contribute in a large degree to the convenience and comfort of the people through a wise, just and liberal exercise of those franchises, the Government of the State will insist. and properly insist. upon the public having their share in the prosperity of these corporations. With this view of their relative rights and obligations, bonestly acted upon by the managers of the railroads, the directors do not share in the apprehensions of some, that the recent sad disaster occurring upon one of them will lead to any adverse or hostile legislation on the part of the Government, whose interesta, as the guardians and representatives of the people, are so largely bound up with those of these recognized agents of the rapid advancement and highest prosperity of the whole Commonwealth. Since the last annual meeting, the negotiations with the City Government of Boston for the disposal of a portion of our territory te be used in the extension of Columbus avenue have been renewed, and brought to a conclusion satisfactory to both parties. A contract bas been executed, by which, for the sum of $475.000 in casb, the remission of a claim of $7190 for betterments assessed for the widening of Eliot streat, the exemption of the corporation from all claims for betterments fer the extension of Columbus avenue, eetimated at $50,000, the discontinuance of Church street, and the conveyance by the city to the corporation of its interest therein, and other considerations, the strip of land reserred to in the appendix to the last annual report has been conveyed to the city. This conveyance renders necessary the erection of a now station house in Boston, for which the directors are now making the requisite preparation, and the work will be prosecuted with eil practicable despatch. The construction of the third track between Boston and Readville, to which frequent reterence has been heretofore made in these reports, is now so far advanced as to make it quite certain that it will be completed and put in operation before the close of this month. Some unavoidable and unlooked-for delay has attended the progress of this work: but that it was unavoidable, the diligent and nnceasing efforts of the managers of the road to expedite it will bear witDe68. We now have the satisfaction of stating that through the aid of the Legislature at ite last session in extending the time within which we were authorized to take land for this purpose, we have been en• abled to settle every claim for land da mages they were numerous and vexatious resorting to legal proceedings in a single case. During the year especial attention has been given to the erection of new station-houses on the line of the road; and it is an agreeable duty on the part of the directors to state, that all causes for the reproach which so long attached to us in respect to these most conspicuous insignia of a well-managed railroad are fast disappearing along the whole length of the line. Those already completed, are: one at Sharon--one at Jamaico Plain-one at Clarendon Hills -and one at Walnut Hill -a new station on the Dedham branch. In addition to these, work has been commenced, but not completed, upon a commodious brick structure which we are erecting jointly with the Providence & Worcester Railroad, on the west aide of the track, at Pawtucket. When it in finished, the old starionhouse on the east side will be removed, and extensive arrangements made by the two corporations to better accommodate the already large and rapidly increasing freight business at this station. During the coming year new structures will be completed at Boylston etation in West Roxbury, at Hyde Park, and at Dodgeville. In additton to these we shall also be obliged to construct. in connection with the Taunton Branch Railroad (whose branch from Taunton to Attleborough has been completed, and in operation since the first of August last), a joint stationhouse at the junction of the two roads, near the site of our present station in the town of Attleborough. Before the close of the year 1974, it is hoped that we shall have rebuilt every station-house on the line of thereby terminating all our extraordinary expenses in that department for many rears to come. been All the new buildings thus far erected have built at a reasonable cost, and have received from the public the highest commendation. Four new locomotives have been added to our stock during the year- two built at our own works, and two br the Rhode Leland Locomotive Company, in Providence. We have also added eight new passenger care, with a large number of freight cars, to our equipment, in addition to our proportion of the new equipment for the Shore Line, which, since the building of the new ferry -boat at Groton, has taken its place as in every respect a first-clase all-rail line between Boston and New York. The authority given by the Legislature to increase the capital stock of the corporation for the construetion of the third track, and other purposes, has been acted upon by the directors, -of the capital fixed at four millione of which five hundred shares remain unissued, and the corporation is burdened with no funded or floating debt. The treasurer's report showed that the total expendItures of the road for the year were 019 67 and the receipts $1,415,490 86-3161,517 98 of which was from paseengers and $604,196 39 from freight, the residue having been received from rents, expresses, mails, interest and dividends of stock held in other corporations. In his anewer to the circular from the Railroad Commissionere, the president could only state, in reply to their inquiries as to the practicability of a corporation increasing its expenditures by furnishing better depot accommodations, running additional trains and introdueing new and expensive appliances for safety, convenience and comfort, while seriously diminishing the revenue by reducing the rates for passengers and freight, that for any railroad corporation, whose affatra were administered with an honest purpose to give to the public, unreservedly, its fair share of all its prosperity, and to retain for its stockholders only a moderate and just proportion of its earnings, be could not see how this feat of financial legerdemain could be accomplished. Large as had been the agency of railroads in advancing the civitization, increasing the comforts, and promoting the general prosperity of the people. and immense as had been the additions they have made to the wealth of Massaehusetts, it was only quite recently that they had been remunerative property to their owners, and it was within the experience and sbeervation of every one who had given any attention to the subject, that in order to furnish safe, speedy, and commodious means of transportation passengers and freight, they must enjoy a reasonable degree of prosperity for themselves. If by ill -considered legislation, or by andue competition, their income was reduced and their resources crippled, the stockholders in them were not the only sufferers. The public must share with them all the discomforts and perils of poverty, and submit to the lack of all the new conveniences and safeguards which they are too poor to furnish, and in the general indifference to the public safety and comfort which uncompensated service is certain to induce. The president, in conclusion, answered the specific queries of the con missioners, as follows: let. That there has been no change in the local passenger tariff of this road since the lat of August, 1859. and none in the local freight tariff alnce the lst of March, 1661, and that both these tariffs are moderate and reasonable for the oharacter cf the service to which they apply. 2d. That tor the last four years, from 1868 to 1811 inclusive, the highest rate charged per passenger, per mile, was 2.55 cents, and the lowest 1.95 cents; the average being 2.32 centa per mile for each passenger carried upon the road. 3d. That for the same period the highest rate charged for a ton of freight per mile was 3.87 and the lowest 3.45, the average being 3.69 per ton for each mile carried, including all depot charges, and that the wallunderstood cost of tiansportation leaves upon both toese averages a very moderate sum as the met earn1 of a therefrom. 4th, That the gross income received during she FalLe period from all sources was $4.914.811 62. of which $3,616.761 62, or 73.6 per cent., was expended in operating the road, in preserving and renewing it from wear and tear, in supplying it with suitable stations and equipment, in introducing upon it new and approved inventions and improvements, and in taxes, gratuities and damages, leaving $1,298,050, or 26.4 per cent. as the net earnings of the road during that period, to be distributed to its stockholders. A vote was passed accepting the act of the Legislatare of 1871, chap. 49, fixing the time of succeeding an nual meetings to the third Wednesday of Novezaber. The president then announced that Samuei T. Dana director of twenty years, and J. Huntington Walcott, who had seaved the corporation for ten years in that capacity, declined reelection, and complimented them in the highest terms for the important part they had taken in the conduct of the corporation to its present prosperone condition. At his suggestion, vote expressive of the thanks of the corporation to the retiring directors was passed. Richard Olney of Jamaica Plain, after making certain suggestions on behaif of himself and other stockholders, read a vote declaring that the public accommodation and convenience and the interests of the corporation required the operation of a third track with half-hourly trains between Boston and Forest Hills, and that better cars should be used between Boston and Stoughton, and requesting the directors to furnish these requisitions without delay. The vote was seconded by R. M. Morse, Jr., and cary ried with but one negative response, the President in brief remarks favoring its passage. The foliowing-named gentlemen were unanimonslelected directors for the ensuing Fear by a stock vote representing 7631 shares: John H. Clifford, George W. Hallet, T. P. I. Goddard, William R. Rebeson, Francis M. Weld, Joseph B. Balch and Henry A. Whitney. Adjourned.
Article from 08 Nov 1871Boston Evening Transcript(Boston, MA)
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