The road has a single track with a heavy T rail of 56 lbs. to the yard, upon chestnut sleepers of 7 feet long and 6 inches in depth, 2 feet 7 inches apart, resting upon a bed of clear gravel at least 2 feet deep. The rails are in lengths of 18 feet, and the joints are secured by a clasp chair of 20 lbs. weight. The whole cost of the road thus far has been $35,440 68. The new stock which the Boston and Lowell Rail-road Corporation were authorized to make for the purpose of defraying the expense of building this branch has not as yet been created. At the close of the accounts of the corporation for the present year, the directors, aware that a depreciation must have been going on in their stock of engines and cars, many of which have been in use ever since the opening of the road in 1835, have caused a valuation of the same to be made, to ascertain the amount of this depreciation. This valuation, made by the agent of the corporation, after a personal inspection of every engine and car, shows them to be worth at the present day, not more than $100,010. They stand charged in our books at their original cost $157,233 43. To meet a part at least of this depreciation, the directors have ordered $30,000 to be charged to the expenses and credited to this account in order to prevent this perisha ble species of property from standing charged on their books at a rate so much above its real value. The whole cost of the Boston and Lowell Rail-road, with its depots, cars, engines and appurtenances and about 58 miles of single track, amounts to $1,902,555 67, of which Road, excavation and embankment, trench walls, stone blocks and sleepers, laying rails, branch tracks at Lowell, superintendence, surveying, engineering, &c., $910,222 06 Woburn Branch Rail-road, 35,440 68 $1,902,555 67 The directors herewith submit a statement in a tabular form, show. ing the capital, income and expenses of the road from its opening on the 24th June, 1835, to this day, by which it appears that the surplus on hand on the 30th of November, 1844, after paying the dividends of that year, amounts to $18,433 36, which is the whole surplus remaining undivided after nine or ten years operations. The amount on hand in the year 1841, when it was largest, more than half of which was derived from withholding the winter dividend of 1836 (in which year only 2 per cent. was divided), has been absorbed by the necessary expense of taking up and relaying the first track on which too light a rail had originally been laid, as has been more fully stated in former reports. The cost of this work was $121,558 84, and is spread over the years 1841, '42, '43. (') Cash received for old rail iron sold. (2) Balance of interest account charged to expenses. (3) Cost of rail iron for repairs charged with rail iron for construction, and now transferrred to its proper head. (*) Depreciation in value of engines and cars. BOSTON AND LOWELL RAIL-ROAD. INCOME AND EXPENSE ACCOUNT. (*) Balance of interest account charged to expenses. (3) Cost of rail iron for repairs charged with rail iron for construction, and now transferred to its proper head. (4) Depreciation in value of engines and cars. Advance on 600 shares new stock sold at auction for account of the Corporation. The cost of a share on the 30th of November, 1835, when the first annual settlement of accounts was made after the opening of the road, including interest at six per cent. on the assessments from the time they were laid, and deducting the dividend paid for the fraction of that year, amounted to $540 75, or almost exactly eight per cent. advance on the par value. Since then, in the nine years which have followed, the dividends have averaged 7 per cent. on the par value of the shares. All which is respectfully submitted by BOSTON, November 30th, 1844. GEO. W. LYMAN, WM. APPLETON, Directors. SUFFOLK, ss., on the 26th Dec. 1844, the above named Joseph Tilden and John Bryant; on the 27th Dec., 1844, the above named George W. Lyman and William Appleton; and on the 28th Dec., 1844, the above named John A. Lowell, severally appeared and made oath that the foregoing statement by them subscribed was true, according to the best of their knowledge and belief. Before me, MOSES L. HALE, Justice of the Peace. |