IT P T E- s- ■ j fc. "O 1 ■ >í' ' "P P'p ■ Y 'Mí ■" ■ ■• '.J X_/ Ci. o., vj, -vCt v_y Í:. >, : "1. iVa.iCM ..Y ' . W. >>- , .. -v -.Lj a .. ^ NO IS 'k S ■ ^.■.''T J-.••■ \ 324683 Wi&diuAnt ^ EBBATÂ. Page 63, line 13, for " building " read " bridge." Page 65, line 26, for " first place " read " third case." Page 76, line 6 from bottom, read " In same cut, 39,000 yards too much (error in addition)." Page 77, line 4 below table, read " Error of 20,000 cubic yards too much (error in addition)." Page 83, line 25 from bottom, for " 5 " read " 4." Page 132, line 2, for " Hew " read " New." Page 148, for " Azel Amos " read " Azel Ames." ®í)c €ommontöcaltt) of iîlasoacliuectts. Boabd of Eailroad Commissioners, 20 Beacon Street, Boston, Feb. 15, 1911. Henry D. Coolidge, Esq., Clerk, the Honorable the Senate, State House, Boston, Mass. Dear Sir : — I have the honor to transmit herewith report of the Board of Railroad Commissioners, the Tax Commissioner and the Bank Commis¬ sioner, sitting as a commission under act of the General Court, 1910, chapter 652. For the Commission, W. P. HALL, Chairman. ®1}C €ommonröealtl) of iîlassacliiisetts. To the Honorable the Senate and the House of Representatives. Chapter 652, Acts of 1910, reads as follows: — An Act to validate the Present Outstanding Securities of the New York, New Haven and Hartford Railroad Company and to provide for an Examination of its Property. Section 1. The board of railroad commissioners, tax commissioner, and the bank commissioner are hereby made a commission, with all of their respective powers, whose duty it shall be to examine the assets and liabilities of the New York, New Haven and Hartford Railroad Company for the purpose of ascertaining whether and to what extent the aggregate corporate assets of said corporation are sufñeient to secure its outstanding capital stock and indebtedness, and such commission shall have all necessary au¬ thority to employ such clerical and expert assistance as it shall deem neces¬ sary. The commission may incur such reasonable expense, to be assessed upon the New York, New Haven and Hartford Railroad Company, and shall receive such reasonable compensation for services as the governor and council shall determine, to be paid out of the treasury of the commonwealth. Section 2. The commission shall file a certificate of its finding with the secretary of the commonwealth on or before the first day of January in the year nineteen hundred and eleven. Upon the filing of such certificate, the capital stock and indebtedness of the said New York, New Haven and Hartford Railroad Company is authorized to be such an amount not exceed¬ ing its present outstanding capital stock and indebtedness as said commis¬ sion shall upon examination find to be warranted by the property of said railroad company as stated in said certificate. Section 3. The commission shall, on or before the fifteenth day of Feb¬ ruary, nineteen hundred and eleven, make report of its doings to the general court, and, in connection therewith, recommend such legislation as to it shall seem wise for the future regulation of issues of capital and other obli¬ gations by railroad companies which are incorporated in and do business in this and other states. Section 4. Nothing herein contained and nothing done under authority hereof shall be held to be a waiver of, or to abridge or enlarge, any existing rights of either the commonwealth of Massachusetts or of the New York, 6 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. New Haven and Hartford Railroad Company with respect to the Massa¬ chusetts charter of the said corporation or as to any future capitalization of said company, and nothing herein contained shall authorize the invest¬ ment by savings banks in the securities aforesaid unless they are otherwise legal investments under the provisions of chapter five hundred and ninety of the acts of the year nineteen hundred and eight. Nothing herein con¬ tained, and no act done under authority hereof shall be held to authorize or empower the said New York, New Haven and Hartford Railroad Com¬ pany to embark in or do any business in Massachusetts which it may not now lawfully do therein. Section 5. This act shall take effect upon its passage. The General Court, at the legislative session of 1909, enacted chapter 144 of the resolves of that year, " Relative to the New York, New Haven and Hartford Railroad Company:" — Resolved, That the board of railroad commissioners, the tax commissioner and the bank commissioner, sitting jointly, investigate the questions sug¬ gested in that part of the report of the attorney-general for the year ending January twentieth, nineteen hundred and nine, which relates to the New York, New Haven and Hartford Railroad Company, and report to the general court on or before the second Wednesday in January, in the year nineteen hundred and ten, with such recommendations as they shall deem expedient. They shall serve without compensation other than their official salaries. They may expend for the purposes of this resolve such sum as the governor and council may approve, not exceeding five thousand dollars. Pursuant to this resolve, the Board of Railroad Commissioners, the Tax Commissioner and the Bank Commissioner, sitting jointly, duly organized and gave public hearings, duly notified, and made report to the General Court of 1910. For convenient reference the report under the resolve of 1909 will be referred to as the report of the Joint Board, and the report under Acts of 1910, chapter 652, as the report of the commission. In order that a clear understanding of the whole situation created by the relations of the Commonwealth of Massachusetts and the New York, New Haven & Hartford Railroad Company may he had, the report of the Joint Board is here inserted : — The Attorney-General of the Commonwealth, in his annual report to the General Court for the year ending Jan. 20, 1909 (Public Document No. 12), called attention to certain questions with respect to the relations of the New York, New Haven & Hartford Railroad Company and the Commonwealth, VALIDATION REPORT. 7 and gave Iiis opinion that said company had violated the laws of Massa¬ chusetts, and that its charter and franchise were subject to forfeiture. The violations of law specified by the Attorney-General may be briefly stated as follows: first, the action of the New York, New Haven & Hartford Rail¬ road Company in obtaining legislation in Connecticut which merged such corporation with and in the Consolidated Railway Company of Connecti¬ cut, a corporation of that State, in clear violation of both the express pro¬ vision of Acts of 1906, chapter 463, Part II., section 47, and of the public policy as defined in that and in other sections of the Massachusetts statutes dealing with the supervision and control of railroads by the Commonwealth;, second, the action of the New York, New Haven & Hartford Railroad Com¬ pany in increasing, without authority of the Commonwealth and in direct violation of said section 47, between 1898 and 1907, its capital stock from $47,500,000 to $121,878,000; third, the action of the New York, New Haven & Hartford Railroad Company in issuing bonds, coupon notes and other evi¬ dences of indebtedness in excess of its capital stock, in violation of Acts of 1906, chapter 463, Part II., section 66. The Attorney-General declares that these several violations of law, to¬ gether with the forfeiture of the charter of such corporation, involve ques¬ tions of public policy and the convenience of the public, " and the serious and important considerations which are material to them are peculiarly within the field of legislative inquiry and action." The questions may be briefly stated as follows : First, should the charter of the New York, New Haven & Hartford Railroad Company, granted hereto¬ fore by the Massachusetts Legislature, be repealed, or proceedings taken for its forfeiture? Second, if such action is not taken, what other action, if any, should be taken in the premises? It is to be assumed that full authority exists in this Commonwealth, by Revised Laws, chapter 109, and Acts of 1906, chapter 463, for the forfeiture or repeal, by appropriate proceedings, of the charter of the company. This result might be obtained by legislative act repealing its charter, or by pro¬ ceedings in the courts of the Commonwealth for its forfeiture. In either case the result would be substantially the same. The legislative agent, or the court's receiver, as the case might be, would proceed, under the rules of law securing to the company its property rights, to liquidate its assets. The repeal or forfeiture of the company's charter would extinguish its franchise to be a corporation in this Commonwealth. Its owned lines, if continued as a railroad, would have to be operated by governmental agency or by private enterprise. It is obvious that such a proceeding would have an immediate influence and important bearing upon the outstanding obliga¬ tions of the company and upon its existing leases. The whole situation resulting is well summarized by the Attorney-General in a single sentence: "The forfeiture of the charter of such corporation would bring heavy financial loss and possible suffering, and would probably cause great inconvenience to the public generally." 8 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The acts under which the New York, New Haven & Hartford Railroad Company assumed its present name were St. 1872, chapter 171, and Connecti¬ cut Public Acts 1871, chapter 129. In 1893 the stockholders were made a corporation under the same name in the State of Rhode Island. The com¬ pany is not incorporated under the laws of the State of New York, but oper¬ ates by virtue of a license therein. In the opinion of the learned chief justice of the Supreme Judicial Court (Attorney-General v. the New York, New Haven & Hartford Railroad Company, 198 Mass. 413) the following lan¬ guage is used : — If, without considering other provisions of the charter from Massachusetts or of the charter from Connecticut, we look first at the facts that there was a consoli¬ dation of two corporations into a single corporation, which was the creature of both States, operating a railroad extending into both, having the same capital stock to cover the property in both States, and electing its officers and managing its business as a single corporation, there is nothing that makes it any more a domestic corporation in one of the States than in the other. It is a foreign cor¬ poration in neither of them. It is a domestic corporation in each of them. It is a single corporation in most of its features; in other features it is two corpora¬ tions acting together as one. It is a single corporation with two parents, who live apart and act independently, each haHng absolute control in his own domain. It owes allegiance and is subject alike to each, and is dependent upon each alike for future favors. We are dealing now with a legislative consolidation, or merger, of two corporations, upon equal terms, which this was; and not with mere permission to a corporation of one State to enter another State and acquire property or fran¬ chises there. From the foregoing language it is to be observed that the New York, New Haven & Hartford Railroad Company is a creature of legislative con¬ solidation, created by the authority of Massachusetts and Connecticut. For many years prior to 1907 this consolidated corporation conducted practically a railroad business, and in connection therewith, from time to time, over a period of many years, acquired leased lines of railroad, both in this Com¬ monwealth and elsewhere. The company also acquired from time to time stocks of leased roads and stocks and bonds of other than leased roads both within and without the Commonwealth. While doubtless many of these transportations were lawful, it is clear that prior to 1907 the company acquired and now holds certain stocks and bonds without authority of the Commonwealth of Massachusetts and in violation of the statute of 1874 (now in substance Acts of 1906, chapter 463, Part II., section 57). For some years prior to 1907 the company pur¬ sued an active policy of acquiring a control, direct or indirect, of street rail¬ ways in other jurisdictions, and steamship lines. This policy has since been carried forward by the company. Under authority of a special act passed by the Connecticut Legislature in 1907 (House Joint Resolution No. 357) the charter of the New York, New Haven & Hartford Railroad Company was amended by a provision that such railroad " may at any time hereafter VALIDATION REPORT. 9 merge,, consolidate and make common stock with any or all corporations en¬ gaged in transportation, wherever organized, whose property it shall hold under lease, or a majority of whose capital stock it shall own; " and thereafter the company merged and consolidated with the Consolidated Railway Company of Connecticut, and by subsequent act the merged or consolidated corpora¬ tion received the name of the New York, New Haven & Hartford Railroad Company. The return of the company as of June 30, 1909, discloses: — Capital stock outstanding, $100,000,000 Bonds and debentures, ......... 234,859,875 Loans and notes payable, 5,250,000 The company, in addition to its railroad lines, controls the street rail¬ way transportation of Rhode Island and Connecticut and the water trans¬ portation of southern New England. No approval has been granted by the public authorities of Massachusetts to the issue of securities by the company, and no legislative exemption has been given by this Commonwealth reliev¬ ing the company of the prohibition of our statutes that bonds shall not ex¬ ceed in the whole the amount of capital stock actually paid in. The bonds and notes of the company were held, as of Nov. 30, 1909, by savings banks of Massachusetts, to the amount of $25,459,600; and by residents of Massa¬ chusetts, either in individual or trust capacity, to a very substantial amount. The last return of the company, as of June 30, 1909, further discloses the amount of stock held in Massachusetts as $35,544,800, and the number of stockholders in Massachusetts as 8,110. It is undoubtedly true that a very substantial portion, if not all, of the securities of the New York, New Haven & Hartford Railroad Company held in Massachusetts have been acquired in good faith, and in the conviction that the bonds and stocks of the company were obligations issued by lawful authority in Massachusetts. The bonds held by Massachusetts savings banks have, we entertain no doubt, been acquired with a conviction that they were authorized investments; and resident owners of stock have acquired their holdings relying upon the statute of the Commonwealth making these hold¬ ings non-taxable in the hands of residents of Massachusetts. No questions with respect to the holdings of these obligations were raised by either the Bank Commissioner or the Tax Commissioner prior to 1908. The New Yoi'k, New Haven & Hartford Railroad Company has stated its position at some length in a communication of its board of directors under date of Feb. 15, 1909, to the House of Representatives of the Common¬ wealth (House, No. 1329). There is merit in the suggestion therein con¬ tained, that "from time to time since the passage of this act (1874) the company has extended its railroad system by acquiring the stocks of railroad corporations (always reporting'the facts to the Railroad Commissioners of Massachusetts, to be by them annually communicated to the General Court and the public), until after thirty years of general acquiescence in this policy 10 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. this company held (as shown in the 1904 report of the Massachusetts Rail¬ road Commissioners) stock and bonds of over thirty corporations, of which a considerable number were corporations of Massachusetts." If no other valid reason existed, the situation as above indicated would present to our minds a very convincing argument ag'ainst the repeal or for¬ feiture of the charter of the New York, New Haven & Hartford Railroad Company in this Commonwealth. But there are other considerations of equal importance which bring us to the same conclusion. The New York, New Haven & Hartford Railroad Company is an interstate carrier, engaged in the business of transportation in this Commonwealth and in the States of Rhode Island, Connecticut and New York. To arbitrarily cut off its cor¬ porate lines at our State boundary would result in serious injury to the operation of the system as a whole, causing a disarrangement and disturb¬ ance of the facilities of transportation, both to the shipper and to the trav¬ elling public. The effect upon the leased lines of the company in this Com¬ monwealth and upon their stockholders by forfeiture of the charter of the New York, New Haven & Hartford Railroad Company would be extremely detrimental. Had we any doubt with respect to the advisability of repealing the charter of the New York, New Haven & Hartford Railroad'Company, or of initiating proceedings to forfeit it, that doubt would be dispelled by a careful examina¬ tion of the act of the General Court of 1909, creating the Boston Railroad Holding Company (chapter 519). This act provides, among other things, that " any railroad corporation incorporated at the date of the passage of this act under the laws of this commonwealth may guarantee the principal of and the dividends and interest upon the capital stock, bonds, notes and other evidences of indebtedness of said Boston Railroad Holding Company, and mav' acquire and hold said stock, bonds, notes and other evidences of in- debtedne.ss : provided, however, that the shares of stock of said Boston Rail¬ road Holding Company shall not be sold or transferable until said stock has been guaranteed as hereinbefore provided." This enactment was made with the full knowledge of the law-making power of Massachusetts that the New York, New Haven & Hartford Railroad Company was the only corpora¬ tion that desired to avail itself of this provision ; and it must be assumed that the railroad company contemplated in fact as the guarantor of the securities of the holding company was to be the New York, New Haven & Hartford Railroad Company, the consolidated corporation, with joint assets and joint stock. This statute is, in our opinion, a clear legislative declaration of public policy with respect to the further existence of the New York, New Haven & Hartford Hailroad Company as a corporation of Massachusetts; and, by implication at least, it may fairly be held to be a legislative answer to the question of the repeal of the charter presented in the report of the Attorney- General. . If, however, the New York, New Haven & Hartford Railroad Company is to continue as a corporation of Massachusetts, the Commonwealth should VALIDATION REPORT. 11 be secured in an effective control and supervision of such franchises and powers as do not fall within the exclusive jurisdiction of any other State. The relations of the Commonwealth and the corporation should be clearly established, to the end that the corporation itself may have its powers and duties determined, that saving's banks and investors may be secured in their property rights, and that shippers and the public generally may gain the benefit of a first-class public service, rendered by a transportation agency chartered by our laws and conducting its operations for the welfare of the whole people, and having their cordial good will and support. In this way only will the most efficient service be rendered by the carrier and the best results obtained by the public. Without further discussion, there¬ fore, the Joint Board is unanimously of opinion that upon this basis the public welfare of the Commonwealth does not demand a legislative repeal of the charter of the New York, New Haven & Hartford Railroad Company, or the initiation of proceedings by the Attorney-General for its forfeiture in the Courts. This opinion and the recommendations hereinafter made are to be exam¬ ined in connection with the final paragraph of the statement of the board of directors to the House of Representatives, hereinbefore referred to : —• In conclusion, the company respectfully submits that its true interests and those of the people of Massachusetts are identical; and that, while it will always en¬ deavor to comply with such laws as Massachusetts may choose to enact, the wel¬ fare and prosperity, both of the Commonwealth and of the company, require that the legislation of the Commonwealth shall not impair, but shall strengthen, the company's ability to provide the public with all needed transportation facilities and advantages. We take the foregoing statement of the directors to be a declaration made in good faith as to the future purposes and policies of the New York, New Haven & Hartford Railroad Company with respect to the laws of the Com¬ monwealth of Massachusetts. This Board therefore being of opinion, in answer to the primary inquiry, that the charter of the New York, New Haven & Hartford Railroad Com¬ pany should not be repealed or forfeited, we now, in conformity with the legislative reference, make such recommendations as ■we deem expedient in the premises. The situation with respect to the relations of the New York. New Haven & Hartford Railroad Company and the Commonwealth is too ■well known to require restatement. The enactment of Acts of 1907, chapter 585, "An Act to restrain the consolidation of railroad corporations," and Acts of 1909, chapter 519, " An Act to incorporate the Boston Railroad Holding Com¬ pany," have presented occasion for extensive discussion in the General Court; and the several suits of the Attorney-General against the New York, New Haven & Hartford Railroad Company in the Supreme .Judicial Court, and the suit of the United States against the same Company, are matters 12 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. of public record. It is enough to say that these legislative enactments and judicial proceedings disclose a relation between the corporation and the State that ought, if possible, to be adjusted. In the opinion of this Board, the essential factor which has in large measure created the strained relations between the corporation and the Commonwealth is to be found in the exer¬ cise of franchises and privileges granted by the State of Connecticut, and assumed and exercised by the New York, New Haven & Hartford Railroad Company in violation of the laws and public policy of Massachusetts. Those franchises in operation amount to converting the New York, New Haven & Hartford Railroad Company into a non-supervised holding com¬ pany, unless the public authorities of Massachusetts shall in some degree exercise supervision. It is too clear for discussion that the general corporate affairs of the New York, New Haven & Hartford Railroad Company, so long as it is a. corporation of Massachusetts, should be subject to the supervision and control of the public authorities of the Commonwealth. The phrase " the general corporate affairs " is intended to desig-nate and include all acts done and expenditures incurred by the corporation in the exercise of powers and franchises of a general character, whose effect is not merely local, but works changes in the relations of the company to private persons, and to the public authority in the several States in which it is incorporated. To hold otherwise would permit the New York, New Haven & Hartford Railroad Company, by a series of subsidiary companies and holding devices, to indirectly acquire, under franchises exclusively granted by the State of Connecticut, the control of the transportation facilities of New England, and issue securities therefor in such a manner as to seriously affect the pub- lie welfare and possibly jeopardize the value of its own securities and cor¬ porate assets. It does not follow from what we have said that the New York, New Haven & Hartford Railroad Company has endangered or is proposing to endanger the stability of its securities by unwise or unwaiTanted investments or financial undertakings ; but it should be precluded from such a course of conduct by adequate and complete control. Indeed, the company has already been subject to some criticism of certain of its financial transactions with respect to its general corporate affairs; and so long as it shall be a corporation of Massachusetts, coptrolling in effect the two great transporta¬ tion systems centering in Boston, by virtue of that corporation it is the part of wisdom to secure to the people of this Commonwealth, at least, full and complete protection against any opportunities to violate, under a claim of right granted by another jurisdiction, the sound public policy of the Com¬ monwealth. Upon the other hand, we must fully recognize the authority of the other States within which the New York, New Haven & Hartford Rail¬ road Company is incorporated, over matters within their exclusive jurisdic¬ tion, and with respect to such matters the public policy of Massachusetts must conform or yield. This brings us to the present situation, and calls for suggestions with respect to the future. VALIDATION REPORT. 13 Perhaps the legislation that would most completely determine the issue now presented would be such legislation as would be uniform in the States in which the New York, New Haven & Hartford Railroad Company is incor¬ porated. In view, however, of the existing relations between that company and the Boston & Maine Railroad, legislation should be uniform, not only in the above-mentioned States, but also in the States in which the Boston & Maine Railroad is incorporated. We are extremely doubtful if such legislation could he obtained, by reason of the apparent differences of public policy with respect to the control of railroad corporations in these several jurisdictions. If, however, such a method appears to the General Court to he feasible, it ought, if possible, to be followed. It would, if consummated, necessarily modify in some degree the laws of Massachusetts controlling public utilities, hut would result in a common rule of corporate conduct uniform in the several jurisdictions, mak¬ ing certain the relations of interstate public-service corporations with each and every one of the States in which they are incorporated. This suggested possible solution of the questions before us naturally leads us to federal control. The national administration has already indicated its policies, and it remains only for the Congress to take legislative action. The President of the United States has declared in favor of such national legis¬ lation and supervision as will prevent the further over-issue of stocks and bonds by interstate carriers, and recommends the enactment of federal legis¬ lation to secure such result. He states in detail in his message his views with respect to the rule of corporate conduct attaching to such issues. If the suggestions of the President should receive the approval of the Congress, it will be found that the additional federal supervision of interstate carriers will, in part at least, solve some of the questions now presented to this Board. In view, however, of the relations of the New York, New Haven & Hartford Railroad Company and the Commonwealth with respect to taxa¬ tion, and the investment by savings banks in its securities, we deem it proper to make certain recommendations for the consideration of the General Court in connection with the whole subject. It may be found that certain of these suggestions will not demand the attention of the General Court in the event of federal legislation. Certain of them, however, would appear to he distinct from any anticipated results of legislation by the Congress. The situation is greatly complicated by what we have said is the real diffi¬ culty, out of which has grown the recent conflict of views regarding the poli¬ cies of the New York, New Haven & Hartford Railroad Company, The Attorney-General of the Commonwealth declares that certain acts on the part of the company, having been entered upon without the consent of the Commonwealth of Massachusetts, are a clear violation of the express pro¬ visions of Acts of 190(1, chapter 463, Part II., sections 47, 57 and 66. The material parts of those statutes are here stated : — Section 47. If a railroad corporation owning a railroad in this commonwealth and consolidated with a corporation owning a railroad in another State increases 14 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. its capital stock, or the capital stock of such consolidated corporation, except as authorized by this act, without authority of the general court, or without such authority extends its line of railroad, or consolidates with any other corporation, or makes a stock dividend, the charter and franchise of such corporation shall be subject to forfeiture. Section 57. A railroad corporation, unless authorized by the general court or by the provisions of the following five sections, shall not directly or indirectly subscribe for, take or hold the stock or bonds of or guarantee the bonds or divi¬ dends of any other corporation. . . . Section 66. A railroad corporation, unless expressly authorized by its charter or by special law, shall not issue bonds, coupon notes or other evidences of in¬ debtedness payable at periods of more than twelve months after the date thereof to an amount which, including the amount of all such securities previously issued and outstanding, exceeds in the whole the amount of its capital stock at the time actually paid in. . . . With respect to the provisions of section 57, the following language is found in the opinion in the suit of the Attorney-General v. the New York, New Haven & Hartford Eailroad (198 Mass. at page 416): — By e.xcepting action under the five following sections, it recognizes a policy of the Commonwealth to promote, under general laws, the investing in stock or the guaranteeing of bonds in certain corporations whose business is closely connected with that of the railroad corporation or incidental to it, and also the like investing or guaranteeing for the purpose of aiding a connecting railroad, either already constructed or about to be constructed. Besides the general law permitting invest¬ ing in aid of connecting railroads under these limitations, the exception recognizes the power of the General Court, by further legislation, to authorize the holding of stock or bonds of other corporations, as such holding has often been authorized by special legislation in Massachusetts and in other States. The language found in the last sentence of this quotation would appear to be equally applicable to the power reserved by the General Court by the language found in sections 47 and 66. It therefore appears that, both with respect to the increases of capital, the holding of bonds and stock, the exten¬ sion of its railroad or a consolidation of its corporation, the General Court of Massachusetts has reserved, by express enactment, the power to consider special eases as they may be presented to it, to the end that the declared policy of Massachusetts may be so far modified as the public interest, upon any given state of facts, may warrant. This Joint Board is therefore of opinion that the New York, New Haven & Hartford Railroad Company, having committed acts in violation of these three sections, should season.ably present to the General Court of 1910 its petition for the authorization of those acts. This action of the company will be in accord with the policy heretofore pursued for many years by the other principal railroad companies of the Commonwealth, the Boston & Albany and the Boston & Maine. VALIDATION REPORT. 15 Upon the filing of such petition we suggest that it shall be ascertained by the General Court whether the outstanding obligations of the New York, New Haven «& Hartford Railroad Company are, in the aggregate, secured by the aggregate corporate assets. This information is essential, in our opinion, to a proper determination of the petition of the New York, New Haven & Hartford Railroad Company. We doubt the feasibility, in view of the long period of time during which the company has been engaged in the acquisition of securities in other companies, of making a particular examination and investigation of the specific issues of securities so held in such manner as could have been done had the company from time to time asked special authority of the General Court for each such investment. This Joint Board desires it to be distinctly understood that no implication is here intended that the New York, New Haven & Hartford Railroad Com¬ pany is not upon a sound financial basis. We recognize not only the great value of its assets as a whole, but its present and potential earning power and extensive financial resources. It is entirely proper, however, that oppor¬ tunity should be afforded for the public authorities of Massachusetts to in¬ quire into the financial affairs of certain corporations intimately associated with the New York, New Haven & Hartford Railroad Company, and make such examination as may be found necessary. Many of these corporations are foreign corporations, and make no return to the public authorities of the Commonwealth. Certain of them make no return to any public authority. The New York, New Haven & Hartford Railroad Company is in a position, being in substantial control of some of such companies, to afford the proper authorities of Massachusetts full and complete opportunity to make such investigation as may be deemed necessary. In view of the fact that there are now outstanding obligations of the New York, New Haven & Hartford Railroad Company that have been issued to a very large amount, in part at least, in violation of the laws of Massachu¬ setts, we are further of opinion that the ascertainment hereinbefore sug¬ gested should be made at the expense of the company, and that the tribunal having authority should select such engineers, accountants and other experts as it may deem necessary, and report to the General Court within such time as may be determined. Upon receipt of such report by the General Court, that body will have before it sufficient information to determine to what extent and in what manner the New York, New Haven & Hartford Railroad Company should be excepted from the provisions of sections 47, 57 and 66. We do not deem it proper to indicate at this time what the conclusions of the General Court may then be; but if it shall be found that all the outstanding obligations of the company are in the aggregate secured by the aggregate corporate assets, a substantial case, in our opinion, will be made out by the petitioner for affirmative action of the General Court. Before any change is made by the General Court in the policy of the Commonwealth with regard to bonds exceeding m the whole the amount of capital stock at the time actually paid 16 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. in, we are of opinion that consideration should be given to the advisability of securing the outstanding debentures of the New York, New Haven & Hartford Railroad Company by a mortgage upon its property. We deem it proper, however, to add that the Commonwealth can well adhere to its policy of validating no securities of the New York, New Haven & Hartford Railroad Company issued for the acquisition of any property other than for transportation, or purposes incidental thereto, or of ratifying or approv¬ ing the exercise of any franchise or power for other than such purposes. It is also, in our opinion, essential that no legislation should be enacted recognizing in any degree the further or future exercise of any of the fran¬ chises granted by the State of Connecticut to the New York, New Haven & Hartford Railroad Company which are not validated or recognized by the specific legislation herein suggested, the exercise of which results or would result in so-called future general " holding " powers. Provision should be made, however, by legislation, that will permit the New York, New Haven & Hartford Railroad Company to obtain in the future the authority to exercise such franchises without in each instance obtaining the approval of the General Court itself. This action will be found in accord with the policy of the General Court, and will secure to the New York, New Haven & Hartford Railroad Company a quick and efficient method of presenting to the public authorities of Massachusetts any applica¬ tion for approval of the exercise of such franchises, and at the same time secure to the Commonwealth itself its rights of supervision and control. Such delegation of authority should be restricted to the approval of cor¬ porate acts and corporate securities for purposes of transportation or inci¬ dental thereto. If, however, it should be made to appear by affidavit of the company that the proceeds of any issue of securities are to be wholly ex¬ pended within another State and for purposes purely local, and so within the exclusive jurisdiction of that State, the presentation of such affidavit should relieve the company from making such application. In this connec¬ tion we would recommend legislation, as suggested by the Attorney-General, providing sufficient penalties for the violation of Acts of 1906, chapter 463, Part II., sections 47, 57. If the foregoing suggestions meet with the approval of the General Court, and it appears that the public interest of Massachusetts should permit the ratification of certain corporate acts of the New York, New Haven & Hart¬ ford Railroad Company heretofore performed without the approval of the public authorities of Massachusetts, we deem it of the utmost importance that the securities of that company now outstanding shall be validated by formal act of the General Court, in such manner and to such extent as shall be warranted by the report herein suggested. By this means validity of present investments of the bonds of the company in savings banks of the Commonwealth will be determined, and trustees and individuals holding its securities will be in a position to act with assurance with regard thereto. If, however, the New York, New Haven & Hartford Railroad Company VALIDATION REPORT. 17 should continue without legislative authoi'ity to exercise franchises not rec¬ ognized by Massachusetts, there would remain no course open for this Com¬ monwealth other than for it to deem the franchises and privileges granted to the company to be forfeited, and to extinguish its right to be a corporation of Massachusetts. The effect of such legislation, both on the existing leases of the company, its bonds and stocks, and its rights with respect to the Bos¬ ton Railroad Holding Company, is too apparent for discussion. In conclusion, the Joint Board is convinced that its recommendations and conclusions, if made effective, will re-establish satisfactory and cordial rela¬ tions between the Commonwealth and the company, and, in the language of its directors, make " its true interests and those of the people of Massa¬ chusetts identical." The recommendations and conclusions of the Joint Board herein- hefore stated will he discussed in their appropriate places in the report of the commission. The report of the Joint Board was trans¬ mitted to the General Court on Jan. 17, 1910. and thereafter the New York, New Haven & Hartford Railroad Company petition the General Court in the following communication : — The New York, New Haven & Hartford Railroad Company, in view of the report of the Board of Railroad Commissioners, the Tax Commissioner and the Bank Commissioner, dated Jan. 17, 1910, respectfully petitions for an act authorizing its present outstanding capital stock and indebtedness, and for such other action in relation thereto as shall seem reasonable under the circumstances. After hearing and extended legislative debate. Acts of 1910, chap¬ ter 652, was enacted and approved by His Excellency the Governor on June 15, 1910. It is to be observed that this act does not carry into effect the recommendations of the Joint Board, but is drafted upon different theories. The General Court, however, deemed the act the best method of securing a satisfactory solution of the strained relations between the Commonwealth of Massachusetts and the New Lork, New Haven & Hartford Railroad Company; and in accord¬ ance with this act the Board of Railroad Commissioners, the Tax Commissioner and the Bank Commissioner immediately upon its enactment organized as a commission, and elected the chairman of the Board of Railroad Commissioners as its chairman and the Bank Commissioner as its secretary. Thereafter the commission proceeded to inform itself with respect to its duties under the act, and in ac- 18 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. cordance with the terms thereof examined the assets and liabilities of the New York, New Haven & Hartford Railroad Company " for the purpose of ascertaining whether and to what extent the aggregate corporate assets of said corporation are sufficient to secure its out¬ standing capital stock and indebtedness." As a preliminary to this investigation the commission studied the proceedings of tribunals of other jurisdictions that had had occasion to consider questions of like character, although not identical, with its own inquiry. Very early in its investigation the commission realized the magni¬ tude of the work involved in the reference and the novelty of many of the questions that were likely to arise in the course of its studies. The limitation of time, both with respect to the certificate and the report provided for, to a considerable degree necessarily determined the course of procedure and the limits of examination and investiga¬ tion that must be pursued. The work had to be prosecuted by the members of the commission in connection with their duties as State officials, and conducted, if possible, without detriment to the official work of their several departments. In connection with this prelim¬ inary study the commission authorized its chairman to visit other jurisdictions and inform himself with respect to similar investiga¬ tions wherever found. As a result. Prof. Mortimer E. Cooley, dean of the department of engineering of the University of Michigan, came to Boston and gave the commission a summary of his experi¬ ences in connection with the Michigan valuation of railroads, of which he was the appraiser of properties, by appointment of the Board of Tax Commissioners of that State. While the experience of Professor Cooley and others, consulted from time to time, was of great value to the commission, it was found that appraisals and val¬ uations heretofore made by State tribunals were restricted to the properties within their several jurisdictions; and that under the terms of the act of 1910 the commission as a State tribunal was to engage, for the first time so far as it was aware, in an examination of properties and ascertainment of value of assets both within and without the jurisdiction of a single State. The interstate character of the work, therefore, presented additional elements and considera¬ tions quite outside of the experience of any experts or others engaged in undertakings of this character. The assets of the New York, New Haven & Hartford Railroad VALIDATION REPORT. 19 Company naturally divided themselves into two classes, first, the railroad property itself; and second, the securities, leases and con¬ tracts arising out of the relations of that company with other car¬ riers. This situation demanded the employment of two classes of experts: first, those possessing experience in the valuation of the physical property of the railroad ; and second, those possessing expe¬ rience relative to its investments and accounts. After a careful sur¬ vey of the field a selection was made of Prof. George F. Swain of Boston as engineer in charge, and the physical valuation of proper¬ ties was placed in his hands. Messrs. Stone & Webster of Boston were selected for the investment and accounting divisions of the in¬ vestigation, with instructions to report to Professor Swain. Profes¬ sor Swain has been for many years associated with the railroad commission as its consulting engineer; has been a member of the Boston Transit Commission since its organization ; was for many years at the head of the department of civil engineering of the Massa¬ chusetts Institute of Technology, and is now professor of civil engi¬ neering at Harvard University. His education and experience eminently fitted him for the work assigned. Messrs. Stone & Web¬ ster, in addition to technical training at the Massachusetts Institute of Technology, have been for a number of years actively engaged in the investigation and appraisal of public utilities, and their expe¬ rience extends into a large field, both with respect to properties and investments and the analyzing of corporate accounts. The gentlemen in charge of these two branches of the investiga¬ tion immediately upon employment proceeded, under the direction of the commission, to perform the work assigned to them. Their reports are made a part of this document and annexed hereto under appropriate titles. The commission, however, has made its own independent examina¬ tion of the properties and securities so far as was deemed necessary. The Bank Commissioner, accompanied by seven assistants, went to Hew Haven and counted the bonds, stocks and notes represented by the schedule of assets of the company; verified the cash on hand and in national banks and trust companies by sworn certificates, and checked the total amount of bonds and capital stock issued and all other liabilities as shown on the balance sheet of the company. Members of the commission from time to time examined the physical 20 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. property of the company, both owned and controlled, including a special trip over the New York, Ontario & Western Railroad, in the State of New York, and the Central New England Railroad and the old New York & New England Railroad in New Y^ork, Connecticut and Massachusetts. Mr. Bishop of the railroad commission, in addi¬ tion to his annual inspection of the Massachusetts lines of the com¬ pany, made special trips of inspection over the main line between New York and Boston, and over substantially all of the Rhode Island and Connecticut trolley lines. He found the properties in excellent condition and well maintained. Arthur H. Weed, Esq., of the Suffolk bar was employed, with the approval of the Attorney-General, and at the request of the com¬ mission has prepared a legal history of the New YMrk, New Haven & Hartford Railroad system used in connection with the investiga¬ tion. A copy of this report is hereto annexed under appropriate title. In connection with the reports a diagrammatic chart of the New Y'ork, New Haven & Hartford system has been prepared by II. W. Hayes, engineer of grade crossings for the Commonwealth, under the direction of Mr. Weed, from the legal history of the sys¬ tem; a diagrammatic financial chart of the system has also been prepared under direction of Mr. A. S. Michener. of Stone & Web¬ ster. These charts are also submitted under appropriate titles. For convenient reference the accompanying reports of the experts and other appendices are summarized as follows : — Report of Professor Swain. Report of Stone & Webster. Map of valuation districts. Annual return of the New York, New Haven & Hartford Railroad Company. Report of Arthur H. "Weed, Esq. Diagrammatic chart of Engineer H. W. Hayes. Diagrammatic chart of Mr. A. S. Michener. Exhibits concerning physical valuation. Map of the New York. New Haven & Hartford system. The Board of Railroad Commissioners, under authority of law, has adopted a form of return identical with the form of return re¬ quired by the Interstate Commerce Commissioners, and the returns of railroad corporations ending on the thirtieth day of June, 1910, VALIDATION REPORT. 21 > now on file, are made under the interstate commerce commission forms. The return of the New York, New Haven & Hartford Rail¬ road Company for the year ending June 30, 1910, is therefore made on the interstate commerce blank. A copy of this return is hereto annexed under appropriate title. This action by the Board estab¬ lishes a system of railroad accounting uniform with that required by the federal authorities. In addition to the returns required by law tbe Board requested and received from the New York, New Haven & Hartford Railroad Company financial statements, as of the same date, of its subsidiary companies not incorporated in this Commonwealth and not making returns here. The thirtieth day of June, 1910, was therefore naturally used by the commission as a common or uniform date for examination and accounting purposes. The formal certificate has been made of June 15, 1910, in conform¬ ity with the act, as explained in said certificate. After preliminary reports had been filed in December by its ex¬ perts the commission carefully reviewed the same, and on Dec.- 30, 1910, in accordance with the provisions of section 2 of the act, filed a certificate of its finding with the Secretary of the Commonwealth. A copy of this certificate is here inserted : — COMMONWEALTH OP MASSACHUSETTS. The commission created under Acts of 1910, chapter 652, " An Act to validate thé present outstanding securities of the New York, New Haven & Hartford Railroad Company, and to provide for an examination of its prop¬ erty," now files a certificate of its finding with the Secretary of the Common¬ wealth, on this thirtieth day of December, 1910, as provided in section 2 of said chapter. This is to certify that the outstanding capital stock and indebtedness of the New York, New Haven & Hartford Railroad Company, as of June 30, 1910, which it finds to be the only practical date of ascertaining its indebted¬ ness, were as follows : — Outstanding capital stock, one hundred four million, four hundred thirty- five thousand, six hundred dollars ($104,435,600). Indebtedness, two hundred eighty-nine million, seven hundred eleven thou¬ sand, eight hundred sixty-three dollars and sixtv-three cents (.$289,711 - 863.63). And it further certifies that the outstanding capital stock as of June 15, 1910, was one hundred four million, four hundred thirty-five thousand, six hundred dollars ($104,435,600) ; and its indebtedness as of said June 15, 1910, was not in excess of two hundred eighty-nine million, seven hundred 22 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. 9 eleven thousand, eight hundred sixty-three dollars and sixty-three cents ($289,711,863.63). And it further certifies that the aggregate corporate assets of said cor¬ poration "were sufficient, as of June 15, 1910, to secure its said outstanding capital stock and indebtedness to the said amounts hereinbefore stated. (Signed) Walter Perlet Hall, Chairman. (Signed) George W. Bishop, (Signed) Clinton" White, Board of Railroad Commissioners. (Signed) William D. T. Trefry, Tax Commissioner. (Signed) Arthur B. Chapín, Secretary, Bank Commissioner. Explanatory Note. June 30, 1910, "was the date of the close of the financial year of the New York, New Haven & Hartford Railroad Company and all its subsidiary companies, and is identical in time with the financial year for which a return is required by the Interstate Commerce Commission and the Massachusetts Board of Railroad Commissioners. The return of the New York, New Haven & Hartford Railroad Company as of said June 30, 1910, disclosed capital stock to the amount of $121,878,- 100; 172,946 shares of said capital stock was on said date in the treasury of the New England Navigation Company, and 1,479 shares of said stock was in the treasury of the Rhode Island Company. By virtue of the stock owner¬ ship of said companies by the New York, New Haven & Hartford Railroad Company, certificates to said amounts have been treated as treasury stock of the New York, New Haven & Hartford Railroad Company and not as outstanding capital stock. All payments to the New York, New Haven & Hartford Railroad Com¬ pany on account of stock subscriptions and premiums thereon have been taken as indebtedness and not as capital. Payments by the New England Navigation Company have been deducted therefrom by virtue of the stock ownership by the New York, New Haven & Hartford Railroad Company. The explanatory note sufficiently indicates the scope of the certifi¬ cate, hut may require a further statement by way of amplification. The capital stock of the company that has been validated does not include a proposed issue voted by the company, and upon which pro¬ posed issue subscriptions, including- premiums, have from time to time been made. This situation will he discussed later in the report. After filing the certificate hereinbefore referred to, the commis¬ sion, in connection with its experts, proceeded to review, revise and adjust the conclusions stated in the preliminary reports; as a result V.^LIDATION REPORT. 23 of which certain values have been reduced to the figures of the com- niissioUj and others have heeu set up by the experts upou theii iudi- vidual judgmeut. The widest latitude was assured to the experts in revision and adjustment, it being distinctly understood that the judgment of the commission should not he substituted for their judg¬ ment, nor, on the other hand, their judgment for that of the com¬ mission. The commission has, however, under the act and in pur¬ suance of its duties, acted as its own board of adjustment in reach¬ ing its independent conclusion with respect to values. It is to be observed, however, that the commission is limited under the terms of the act to the duty of examination of the assets and liabilities for the purpose of validating the present outstanding securities of the company after an examination of its property, and it therefore is not incumbent upon it to make any report of the value of the assets other than to find that they are sufficient to secure its outstanding capital stock and indebtedness. The commission has found that the assets are sufficient for the purposes of the statute and filed its cer¬ tificate accordingly. The accompanying reports indicate a value of assets very largely in excess of capital stock and indebtedness, and in connection with the report of its doings under the act the commission has deemed it proper to submit these reports in full. While of necessity questions of value are to a considerable degree matters of judgment, the com¬ mission is content with a declaration that while its judgment is not necessarily in accord with that of the experts, the excess of assets over all liabilities is sufficiently ample to warrant the finding made in the certificate under the terms of the act. Before proceeding to a discussion of the other questions presented by the legislative act, the commission desires to call the attention of the General Court to the preliminary discussion in the report of Professor Swain. Without adopting in full the views there set out, the commission concurs with the reasons assigned for a physical valuation of the property. While not an exclusive method of deter¬ mining value, it has been found here as in other jurisdictions one of the best methods of securing a reliable judgment upon values of property not readily bought and sold in the market. It is so recog¬ nized by the courts, and presents to our minds the best method to be first pursued in the ascertainment of the assets of a public utility. 24 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. It is to be further observed that under the terms of the act the rule established by the General Court for the proceedings by the commis¬ sion was the ascertainment of the aggregate corporate assets for the sole purpose of determining whether the same are sufficient to secure the outstanding capital stock and indebtedness of the company. The word " assets " is of sufficiently broad definition to include the entire property of all sorts belonging to a corporation ; and would permit the commission to appraise the value of intangible assets, so called, in¬ cluding all the franchises of the corporation, together with its value as a going concern. A discussion of this aspect of the valuation will be found in Professor Swain's report. Without undertaking to place a value for any purpose upon such intangible assets, it is enough to say that taken together their value would be very large. The monopolistic character of the New York, New Haven & Hartford Railroad Company's system, the densely populated districts which it serves, the very large number of indus¬ trial and commercial enterprises along its lines and in the vicinity, and the efficiency of the management of the company are factors, al¬ though not exclusive ones, that, it will be readily conceded, make for values of an intangible character. The commission has also given due consideration to the earning power and dividend rates of the New York, New Haven & Hartford Railroad Company, its ability to borrow money and current rates therefor. In this connection it appears that the New York, New Haven & Hartford Railroad Company is one of the principal carriers in the United States whose dividends for an extended series of years have been not less than 8 per cent. The commission has, however, undertaken to value the physical property and securities of the com¬ pany only. All intangible values of every kind, nature and descrip¬ tion have been considered in its determination of corporate assets to the extent only of furnishing additional factors and sustaining data upon which those values should be ascertained. The commission has also made a careful study of the so-called contingent liabilities of the company, and a discussion of this is made in the report of Professor Swain. In closing this branch or division of the report the commission de¬ sires to make its acknowledgments to all the gentlemen who have been associated with it in its investigation, and also to the manage- VALIDATION REPORT. 25 ment of the New York, New Haven & Hartford Railroad Company for its co-operation; and to recognize the value of the appraisals of John F. Stevens, operating vice-president of the company, and the reports of Price, Waterhouse & Co., chartered accountants, of New York. The remaining duty of the commission is to " recommend to the general court . . . such legislation as to it shall seem wise for the future regulation of issues of capital and other obligations by rail¬ road companies which are incorporated in and do business in this and other States." This recommendation, it is to be observed, includes all the railroad companies incorporated in and doing business in this and other States, and is not confined to the relations of the New York, New Haven & Hartford Railroad Company with the Commonwealth. It is to be further observed that the legislative inquiry is restricted to the future regulations of issues of capital and other obligations. This, again, is not in accordance with the suggestions of the Joint Board in 1909, the inquiry now before us being in large measure re¬ stricted and circumscribed by the legislative act. While the statute includes all railroad companies incorporated in and doing business in this and other States, no serious controversy with respect to capital and other obligations arises or has arisen ex¬ cept out of the conduct of the New York, New Haven & Hartford Railroad Company, due almost exclusively to the exercise by that company imder a claim of right of certain franchises not recognized by the public authorities of Massachusetts and in contravention of the declared public policy of this Commonwealth. This status arises from the differences in the declared public policy of the State of Con¬ necticut and the Commonwealth of Massachusetts, and from the atti¬ tude of the management of the New York, New Haven & Hartford Railroad Company itself. Under the laws of Connecticut and the present charter of the New York, New Haven & Hartford Railroad Company in that State, a corporation has been created and is now do¬ ing business as a non-supervised holding corporation; issuing bonds in excess of paid-in capital, holding the securities of railroad and other corporations and issuing its own securities therefor, and per¬ forming many other corporate acts under authority of the laws of Connecticut. As a result of this course of corporate conduct the New York, New Haven & Hartford Railroad Company has acquired, by a 26 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. series of purchases, leases, contracts and stockholding devices, a prac¬ tical monopoly, by sea and land, of transportation and its incidents in the two Southern States of New England. No question appears to have been raised in Rhode Island with respect to the corporate acts that have secured such control. This monopoly encroached upon the domain of Massachusetts and was stayed from complete achieve¬ ment by the decision of the Supreme Judicial Court (198 Mass. 413) in the so-called trolley merger case. Many of the acts of the New York, New Haven & Hartford Railroad Company, committed in pur¬ suance of its policy of acquisition, are in violation of the declared public policy of the Commonwealth of Massachusetts or of the stat¬ utes of the Commonwealth, or both. The company has never made application to the Massachusetts Board of Railroad Commissioners for the approval of issues of stocks and bonds, the proceeds of which were to he applied to many of its acquisitions ; and had such applica¬ tion been made, it is manifest that the Board of Railroad Commis¬ sioners would have been without authority in the premises to entertain such applications or give its assent thereto, by reason of the public policy and prohibitive legislation of the Commonwealth. Recently, the acquisition by the New York, New Haven & Hartford Railroad Company of the majority control of the Boston & Maine Railroad was authorized by the so-called Boston Railroad Holding hill and its amendment (Acts of 1909, chapter 519; Acts of 1910, chap¬ ter 639). By virtue of these last-named acts the New York, New Haven & Hartford Railroad Company and the Boston & Maine Rail¬ road have legalized intercorporate relations, and unity of manage¬ ment has recently become effective. The acquisition by the New York, New Haven & Hartford Railroad Company of steamship lines on the North Atlantic seaboard, taken in connection with this unity of railroad control, has practically resulted in an extension of the transportation monopoly of the company by sea and land into the States of Massachusetts, New Hampshire and Maine, which, taken in conjunction with the lines of the Boston & Maine Railroad in Vermont, practically means the dominant control of the transporta¬ tion of New England. The inquiry of the General Court, rephrased, therefore, amounts to this : what legislation should the Commonwealth of Massachusetts provide for the future regulation of issues of capital and other obliga- VALIDATION REPORT. 27 tions by a railroad company having a dominant control of the trans¬ portation of all New England and operating within the several States in that territory? It is to he observed that the New York, New Haven & Hartford Railroad Company is incorporated in Massachu¬ setts and Connecticut; its stockholders are incorporated in Rhode Island, and the Boston & Maine Railroad is incorporated in Massa¬ chusetts, New Hampshire and Maine. In addition to these two car¬ riers, many subsidiary companies are held and operated by one or the other of these principal carriers. Many of these companies have lines that are interstate, with incorporation acts granted in more than one jurisdiction. The action and conduct of all the New England States tends to the recognition of this transportation monopoly. It has, however, been recognized by some jurisdictions completely, and by others only partially. Eor example, the control of the so-called trolley lines by the New York, New Haven & Hartford Railroad Company appears to be the declared policy of Connecticut, acquiesced in by Rhode Island within its jurisdiction, and prohibited with re¬ spect to Massachusetts trolley lines by this Commonwealth. Certain trolley lines in the State of New Hampshire are controlled by the Boston & Maine Railroad, and enabling acts therefor have been passed by the General Court of Massachusetts. No State in New England of which we are aware, other than the Commonwealth of Massachu¬ setts and the State of Vermont, has prohibited the holding by railroad corporations of stocks in other corporations, unless specially author¬ ized by legislative act ; and to this extent, at least, the acquisition of steamship lines on the North Atlantic seaboard has been permitted by other New England States. In the acquisition by the New York, New Haven & Hartford Rail¬ road Company of its control of the transportation of New England, bonds to an amount largely in excess of capital have been issued. No State in New England other than Massachusetts has prohibited the issue of bonds in excess of capital actually paid in, and the principle of equality of bonds and stocks is not adopted, so far as we are aware, in any other State in the Union. The Commonwealth of Massachu¬ setts finds itself, therefore, confronted by a situation which amounts, upon restatement, to the recognition by all the New England States, other than Massachusetts, of a practical monopoly of railroad and water transportation ; recognized by Massachusetts to the extent, at 28 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. least, of authorizing a practical combination of the two great railroad systems serving it, and a tacit or implied recognition by its public authorities of all other aspects of a practical monopoly with the single exception of the holding and guaranteeing the securities of domestic trolley lines. The report of the Attorney-General to the General Court, the report of the Joint Board to the same tribunal, and subse¬ quent action of that body resulting in the passage of Acts of 1910, chapter 652, under which this report is made, taken in connection with previous legislation, amounts in effect to a declaration by the public authorities of this Commonwealth that the New Y^ork, New Haven & Hartford Railroad Company's franchises in this State should not be revoked, and that no proceedings should be taken in our courts for a judgment of ouster against that company; while on the other hand the securities of the company have been authorized and provision has been made by this reference for a report relative to the future relations of the company and the Commonwealth arising solely through or out of issues of capital and other obligations. This summary would be incomplete without directing attention to the withdrawal by the United States authorities of its suit against the New York, New Haven & Hartford Railroad Company and the Bos¬ ton & Maine Railroad since the report of the Joint Board, and the abandonment by the Attorney-General of the Commonwealth of pro¬ ceedings against the New York, New Haven & Hartford Railroad Company since the passing of the Boston Railroad Holding Company act. Whether this commission or any individual members of it may agree with the situation is immaterial. The answer is found in the fact that it exists ; and in the opinion of the General Court should continue to exist rather than risk the effect of a change of policy af¬ fecting the whole people, and the serious and important considera¬ tions which are material to them, involving questions of taxation, savings banks investments and other investments, whether by trus¬ tees or individuals, which might result in heavy financial loss and possible suffering and great inconvenience to the public generally. We come then to a discussion of the ways and means of adapting the laws of the Commonwealth to its modified public policy. It by no means follows from what has been said above that in con¬ forming the laws of the State to the policy of the State, the New York, New Haven & Hartford Railroad Company or any other public VALIDATION REPORT. 29 utility is to be relieved from the supervision of the public authorities of this Commonwealth with respect to its security issues, other than to the extent that jurisdictions of equal sovereignty are entitled to ex¬ ercise such jurisdiction each in its own domain. Massachusetts ought to concede as of right to the other New Eng¬ land States, exercising jurisdictional authority of a character sover¬ eign with our own, each in its own domain, the right to declare within its jurisdiction the policy that shall obtain with respect to the re¬ lations of the State and its common carriers; but the authority to control the general corporate affairs of any carrier engaged in the business of transportation from State to State is equally tbe right of all States within which such carrier operates, until such time as the Congress of the United States shall exercise its rights under the Con¬ stitution to exclusive control by federal authority. With respect to interstate rates, and the like. Congress has already acted, while with respect to the supervision of securities the Congress has not yet as¬ sumed to act. It is therefore clear that Massachusetts as of right is entitled to an equal or concurrent authority over the corporate af¬ fairs of a carrier whose lines and business extend without the State as well as within it, when those corporate affairs relate to the issu¬ ance of securities and the application of the proceeds thereof on the general corporate account of the company. It is not of course denied that the Commonwealth of IMassachu- setts has complete authority under the terms of any existing or future franchise granted to the New York, New Haven & Hartford Railroad Company in Massachusetts to make such additions, re¬ strictions, regulations and limitations with respect to the exercise of those franchises as it may desire; but in the absence of an acquiescence in such restrictive franchises by sister States, jurisdic¬ tional questions are at once raised, the sole result of which will be to create such relations between States and tbeir carriers as now exist in tbe case of the New York, New Haven & Hartford Railroad Company. The foregoing principles were discussed to some extent in the report of the Joint Board, in connection with its suggestion as to effective means to establish a uniform rule of corporate action. The first suggestion there made was naturally that of federal control, and attention was called to the Presidential message and the recom- 30 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. mendations therein contained. Since that report was issued a national commission has been established to consider and report upon the question of federal supervision of the securities of inter¬ state carriers. If this commission should report affirmatively upon the proposition, and the Congress should legislate, many if not all of the questions now before us upon this part of the reference would be settled. For while questions of taxation and savings banks in¬ vestments would not necessarily be disposed of by federal action, yet we are of opinion that these questions would ultimately and automatically adjust themselves. We again refer to federal super¬ vision as perhaps upon the whole the best solution of the situation; but in view of the doubt that must necessarily exist both with re¬ spect to the conclusions of the securities commission and any pos¬ sible action of the Congress based thereon, a further suggestion in the report of the Joint Board merits additional discussion. This further suggestion was the enactment of uniform legislation in States in which the New York, New Haven & Hartford Railroad Company is incorporated, and also, in view of the existing relations between that company and the Boston & Maine Railroad, the addi¬ tional uniform legislation in States in which the Boston & Maine Railroad is incorporated. The Joint Board expressed its doubt whether such legislation could be obtained, by reason of the apparent differences of public policy with respect to the control of railroad corporations in these several jurisdictions, but added, " in the event such a method appears to the General Court to be feasible, it ought, in the public interest, to be followed," and " it would, if consummated, necessarily modify in some degree the laws of Massachusetts controlling public utilities, but would result in a common rule of corporate conduct uniform in the several jurisdictions, making certain the relations of interstate public-service corporations with each and every one of the States in which they are incorporated." With respect to the feasibility of this method of control the com¬ mission still entertains grave doubt ; but it presents so many attrac¬ tive features that we again submit its consideration to the General Court. The legislation of the General Court of 1910 has in our opinion made uniform action more probable. While the States are precluded from contracting with each other, some tribunal with ample VALIDATION REPORT. 31 and sufficient powers might be established, by concurrent action of the New England States, to discuss and consider this all-important question ; and, having agreed upon a standard of uniform policy and statute, submit the same for enactment to the several legislative tribu¬ nals of the New England States. If such uniform legislation should be enacted, it would, pending federal action by the Congress, com¬ pletely quiet the unsettled relations now existing and establish a uni¬ form rule of action for the States and for the carriers. "While perhaps somewhat outside its province, the commission ventures to suggest that the General Court or His Excellency the Governor might be instrumental in the initiation of such a tribunal, conferring upon the representatives from Massachusetts such full and ample powers as might be necessary to secure effective legislation in this Common¬ wealth. If, however, the foregoing recommendation does not appear to merit further consideration of the General Court by reason of in¬ herent difficulties or the length of time required for its consummation, nothing remains for Massachusetts to do other than to undertake to establish a new relation with the New York, New Haven & Hartford Railroad Company, at least. We assume, without deciding, that the act validating the securities by necessary implication authorized the exercise of existing franchises to the extent of issuing the outstanding securities and permitting the New York, New Haven & Hartford Railroad Company to expend the proceeds in the manner in which the same have been applied, including among other things, all cor¬ porate acts of that company, both with respect to bonds in excess of capital paid in and the holding and guaranteeing of the stocks and bonds of other corporations, now so held or guaranteed. Two obvious methods of adapting the laws of the Commonwealth to its modified public policy suggest themselves : first, an amendment and modification of the charter of the New York, New Haven & Hartford Railroad Company in Massachusetts ; second, a repeal or modification of Acts of 1906, chapter 463, Part II., sections 47, 57 and 66. We believe it will be altogether better and more within the terms of the reference to suggest the modification of existing statutes rather than any special legislation for the New York, New Haven & Hartford Railroad Company. The remaining practical question, therefore, is to what extent, if 32 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. any, shall the future relations of the Commonwealth with railroad companies which are incorporated in and do business in this and other States be changed, with respect to issues of capital and other obligations. The Joint Board, under the resolve of 1909, in its report used this language: " If it shall be found that all the outstanding obligations of the company are in the aggregate secured by the aggregate corporate assets, a substantial case, in our opinion, will be made out by the peti¬ tioner ; " the petitioner therein referred to being the New York, New Haven & Hartford Railroad Company. Attention is again directed to the report of the Joint Board and the suggested modifications of the laws of the Commonwealth. After a careful review of the prin¬ ciples governing the modifications suggested therein we find ourselves in accord, and proceed to discuss the same, in view of the act of 1910, chapter 652, limiting the inquiry, and at the same time disposing of certain of the suggestions made in the report of the Joint Board. Before proceeding, however, to the consideration of sections 47, 57 and 66 and their legislative history, the commission desires to dispose of certain suggestions that have been made from time to time relative to the control of the Commonwealth of Massachusetts over the New York, New Haven & Hartford Railroad Company. The first proposal of importance is that a company be incorporated under the laws of Massachusetts, which shall be in effect both an operating and a holding corporation; and it is urged in favor of this suggestion that it would secure to the Commonwealth a company incorporated in this Commonwealth solely, a number of resident directors, and would result in the removal of the principal offices of the New York, New Haven & Hartford Railroad Company from New Haven to Boston. We have given this proposal careful study; but instead of removing many of the difficulties now existing it would result, in our opinion, in one more complication. If this argument did not dispose of the proposal for a new company we should still not favor it, for we are far from believing that the other New England States are prepared to surrender the entire con¬ trol of the company and its several lines in their jurisdictions; neither do we think that granting larger powers to the Boston Railroad Holding Company would necessarily secure the desired results. VALIDATION REPORT. 33 We cannot adopt the suggestion of the management of the New York, New Haven & Hartford Railroad Company that the juris¬ diction of Massachusetts should be limited to the approval of securi¬ ties only when the proceeds of the same are to be expended within the Commonwealth. Such a policy would leave Massachusetts help¬ less in the hands of a company over which it would have no proper supervision, and would amount in practice to the exclusive super¬ vision, under existing conditions, by the State of Connecticut over all the interstate security issues of the company. Neither are we impressed with the suggestion that the concurrent action of other States in supervising security issues of the company would be found impracticable in operation. The history of the Boston & Maine Railroad and the Boston & Albany Railroad is conclusive evidence to the contrary. The commission now proceeds to a discussion of the sections here¬ inbefore referred to, 47, 57 and 66, first dealing with their legisla¬ tive history. In the Massachusetts Senate, on Eeb. 14, 1871, an order was intro¬ duced that the committee on railways inquire whether any legislation was expedient to prevent or control the further consolidation of cor¬ porations owning roads in the State of New York and the Boston & Albany Railroad Corporation, and after concurrence by the House of Representatives the committee submitted a report to the Massachu¬ setts Senate. After a statement relative to certain consolidations of corporations, and a discussion of the law, the committee recommended the passage of an act with respect thereto. The bill submitted with the report is similar to the law as it now stands, excepting that it provided that if such a railroad corporation should increase its capital stock, etc., without the authority of the Legislature of this Common¬ wealth, " the charter and franchise of such corporation shall be for¬ feited and become null and void." The bill was amended by the Legislature so that it read " shall be subject to be forfeited and be¬ come null and void," and as thus amended it became a law. Attorney-General Knowlton, in a discussion of this statute in an opinion rendered to the Legislature, upon an order adopted Eeb. 1, 1894, used this language; "It is scarcely necessary to say that as amended the law amounts to nothing more than a declaration of the policy of the State, and that it does not pretend to prohibit, much 34 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. less to make unlawful, the acts of a consolidated corporation done in another State, and under the lawful authority of the Legislature of that State." This opinion is found in Opinions of Attorney-General of Massachusetts, volume 1, page 118, and the following pages, in which, in speaking of Public Statutes, chapter 112, section 61, of which the section above quoted is a re-enactment, he fully discussed the matter, and also said that such section and certain other sections " if applicable to consolidated corporations . . . contain the implied exception that they are not intended to prohibit or invalidate acts law¬ fully done under the authority of another State, legislating upon mat¬ ters over which it has full jurisdiction." The extent of the implied exception above mentioned is discussed in the case of Attorney-General v. New York, New Haven & Hartford Railroad Company, 198 Mass. 41-3, at page 422, where the court says : — As to sueli rights and powers as pertain only to local matters, like the location of the railroad, the possession and management of real estate, the crossing of highways and other railroads, the State in which they were to be exercised wonld have exclusive jurisdiction. . . . How far this implied authority to grant powers and franchises without the co-operation of the sister State should be held to extend it is unnecessary in this case to decide. Whether it should go so far as to include the acquisition of other railroads within the State where the power is granted, or the location and construc¬ tion of new lines and extensions there, and an increase of the capital stock for such purposes, is a question upon which it is not necessary to express an opinion. Powers and franchises of a general character, whose effect upon the corporation would not be merely local, but would work changes in its relations to private persons and to the public authority in both States alike, stand differently. It is not easy to maintain that under these statutes there is implied authority to the corporation to receive such powers from either State alone, and hold them in such a way that they will have full effect in both States. If any such general powers can be so granted and held without legislative action in both States, it seems plain that they are only such as are not in conflict with the laws or the declared public policy of the State which does not grant them. In this case the court was passing upon the legality of certain acts authorized by the laws of Connecticut and done in Massa¬ chusetts contrary to the provisions of statutes here enacted, and it expressly refused to pass upon the right of a consolidated corpora- VALIDATION REPORT. 35 tion to extend its lines or effect further consolidation outside Mas¬ sachusetts, and under authority of the States within which such extensions or consolidations were to be effected. It is clear, however, that the court did not regard the provisions of section 47 as conclusively prohibiting any such consolidations, hut left its effect to be determined when it should be definitely decided where a line was to be drawn between " local matters " and " powers and franchises of a general character." If the line be drawn broadly in favor of the exclusive jurisdiction of each of the several States by which a consolidated corporation has been created, by admitting that the exclusive jurisdiction of each extends to and includes all matters necessary to the continuance of its fran¬ chise therein, including extensions of lines and even the acquisition of other railroads if required by the Legislature of any State, as was held by Mr. Knowlton (see 1 Op. Atty-Gen., 118, 137 ; see also, Attorney-General v. Boston & Maine Railroad, 109 Mass. 99), such jurisdiction would not extend to corporate franchises and purposes other than those embodied in the several reciprocal charters; and, while the acquisition and control of railroads under the view above taken might be authorized within its jurisdiction by one State alone, the jurisdiction of any one State could hardly extend to permit a corporation to enter upon the exercise of a new and distinct corporate franchise or business. Under the laws of this Commonwealth street railway corporations have always been distinguished from railroad corporations, and a corporation chartered to carry on a railroad could not, without further authority, establish, acquire or operate a street railway. Therefore, even upon the broadest view which may properly be taken of the implied concessions to the State of Connecticut with respect to the control in that State of the consolidated corporation, the New York, New Haven & Hartford Railroad Company, such con¬ cessions would not extend to the acquisition and operation of street railway corporations in Connecticut by purchase, consolidation, lease or otherwise ; and the exercise of authority granted by the State of Connecticut in the premises would be the exercise of what the court has termed " powers and franchises of a general character, whose effect upon the corporation would not be merely local, but ■would work changes in its relations to private persons and to the 36 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. public authority in both States alike." It follows, therefore, that to legalize such holdings there must be some direct authority from the Commonwealth of Massachusetts. It is to be observed, however, that section 41 does not invalidate or even forbid the acts therein described, but only provides that they may be a basis for a forfeiture of the charter. If such for¬ feiture is not sought, the acts would appear to rest upon the same basis as any act which is legal where accomplished, but ultra vires with respect to Massachusetts. In 1814 the Board of Railroad Commissioners presented a bill to revise and consolidate into one act the provisions of the general statutes and certain general acts relating to railroads, in conformity with the resolve passed in 1873. This was little more than a codify¬ ing act, and changed the existing law in no substantial particulars, but established substantially the wording of section 47, Part II. of chapter 463, Acts of 1906. In 1905 the General Court passed a joint order appointing a joint special committee to sit during recess, and to revise, consolidate and arrange the general laws pertaining to railroad and street railway corporations, and to consider the ex¬ pediency of such legislation in amendment thereof as would better protect the interests of the public and investors. This joint recess committee made its report to the Legislature of 1906. The com¬ mittees on railroads and street railways, sitting jointly, declared their policy was not to introduce changes of a controversial char¬ acter, but to codify the laws and secure a better arrangement. The joint recess committee, however, submitted a bill to " remove the present legal restrictions and to permit directly what has already been accomplished or is being accomplished indirectly," referring to the relations of steam railroads and street railways. In speaking of the proposed bill legalizing the acquisition of street railway stock or property by railroad corporations, the last- named committee said ; " Should a situation arise in which it would be desirable to permit street railway companies to purchase the stock or lease the property of railroad corporations, it may readily be met by amendment." The General Statutes of the Commonwealth, 1860, contained no reference to the holding of stock or the guaranteeing of bonds of one railroad corporation by another. Acts of 1868, chapter 347, pro- VALIDATION REPORT. 37 vides that " any railroad corporation chartered by this coninionwea,lth shall have authority to subscribe an amount not exceeding five per cent, of its capital stock, to the capital stock of any incorporated line of steamships chartered under the laws of this commonwealth for the purpose of carrying freight, passengers and mails between any port in this commonwealth and Europe," etc. Further legislation is found in Acts of 1871, chapter 384. In 1872 the Legislature passed an act, chapter 53, authorizing the forma¬ tion of railroad corporations. Section 17 provides that " no other railroad corporation shall subscribe for, take or hold any stock or bonds of any railroad corporation organized under this act, whether directly or indirectly, unless specially authorized by the legislature." This legislation appears to be the enactment upon which the present statute is founded. Since that enactment certain exceptions have been made by general law. The present laws on the subject are sub¬ stantially the same as in the codification of 1874, founded on acts of that year, chapter 351, section 2, with the addition of chapter 384 of that year. The principles discussed in connection with section 47 are applicable to this section, which was the basis of proceedings in Attor¬ ney-General V. the New York, New Haven & Hartford Railroad Company, already referred to. From time to time, both before and since the passage of the statute, many railroads have been authorized to take and hold the stock of other corporations. The provisions of section 66 seem to have originated in a petition filed in the year 1854 by the directors of the Hampshire & Hampden Railroad " praying for leave to issue bonds on the credit of their rail¬ road for such sum as may be necessary for completing the same." The legislative committee in reporting the bill said : " The petition ofFered is one which ought to be vested as a matter of right in all rail¬ road corporations, inasmuch as other petitions are now before the Legislature for similar powers ; " and in order to obviate the necessity of such application to this and future Legislatures they recommended legislation which resulted in the passage of Acts of 1854, chapter 286 : " Any railroad corporation established by the laws of this com¬ monwealth may issue bonds for the purpose of funding its floating debt or for money which it may borrow for any lawful purpose ; " and provided that the bonds so issued shall not in any case exceed the amount of capital stock actually paid in by the stockholders. Fur- 38 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. ther legislation upon this subject is found in General Statutes, chap¬ ter 63, section 120; Acts of 1871, chapter 384; Acts of 1874, chapter 372, sections 53-57. In the notes accompanying a draft bill then before the Legislature it was stated as follows: " Concerning sections 49-56, the provisions of law of these subjects are somewhat confused and require revision. They are here presented substantially as they now stand upon the statute books, but with some attempt to preserve a methodical order and consistency. The rule stated in section 41, that the amount of bonds issued shall not exceed the capital paid in, is stated in express terms in the General Statutes, chapter 63, section 120, which has at no time been formally amended or revised ; but it is well known that by authority of special acts of the Legislature or otherwise many of the railroad corporations have a bonded indebtedness in excess, and sometimes largely in excess, of their capital." The foregoing lan¬ guage is that of the railroad commission in 1874. Chapter 462, Acts of 1894, requires the approval by the Railroad Commissioners of the issue of stock and bonds to prevent so-called stockwatering, and pro¬ vides as follows : " Railroad and street railway companies, whether such companies are organized under general laws or under special charter, and however authorized to issue capital stock and bonds, shall hereafter issue only such amounts of stock and bonds as may from time to time, upon investigation by the board of railroad commis¬ sioners, be decided and voted by them to be reasonably requisite for the purpose for which such issue of stocks or bonds has been author¬ ized." The foregoing citations and comments, disclosing in part the legal history of sections 47, 57 and 66, throws some light upon the pol¬ icies of Massachusetts prior to and shortly after the creation of the Board of Railroad Commissioners. Sections 47 and 57 both appear to be declarations of public policy, and 57, in part at least, a statutory declaration of the common law. The provisions of section 66 are first found in legislation before the creation of the Board of Railroad Com¬ missioners and prior to the authority to organize a railroad under the ¡provisions of general law. It is also to be considered that these stat¬ utes were all enacted in substance before the passage of the interstate commerce law (1887) and its subsequent amendments. In view, therefore, of the history of this legislation, the modified public policy of Massachusetts since its passage, and the present VALIDATION REPORT. 39 situation as we find it, the Board is of opinion that there should he general legislation enacted as follows : — First. — To authorize such issues of capital stock and bonds and such consolidations and extensions of road by a consolidated corpo¬ ration chartered in two or more States, including authority to sub¬ scribe for, take and hold the stock, bonds or other evidences of in¬ debtedness or guarantee the bonds or dividends of any other corpo¬ ration engaged in the business of transporting passengers or freight or both as a common carrier, or in any business properly incidental thereto, as the public policy of any one of such States, as evidenced by legislative acts, may require of or permit to such consolidated corporation within the exclusive jurisdiction of that State. Second. — To authorize a consolidated corporation to subscribe for, take and hold the stock, bonds or other evidences of indebtedness or guarantee the bonds or dividends of any corporation engaged in the business of transporting passengers or freight or both as a common carrier, or in any business properly incidental thereto, such other corporation or corporations to be designated by the Leg¬ islature of Massachusetts and of any other State or States in which such consolidated corporation may be chartered. Third. — Both of these provisions should be conditioned upon the supervision by Massachusetts authority to an extent sufficient to secure a proper value for all investments in the securities of other corporations and for all expenditures for the purchase of franchises or property in connection with consolidations or extensions of lines, which supervision would be in effect an approval by Massachusetts of stock or bond issues in respect of the value of the rights, fran¬ chises or property received therefor. Provision should, however, be made to authorize the issue of capital and other obligations which have been duly authorized or required by the laws of any other State within which a consolidated corporation has been chartered where the proceeds of the securities so issued are to be exclusively expended in such State, upon the filing with the designated authority in Massachusetts of satisfactory proof by affidavit or otherwise that the proceeds are to be so expended and for purposes of transporta¬ tion or incidental thereto. Fourth. — Provision should also be made to authorize the issue of bonds in excess of the amount of capital stock, if approved by 40 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. competent authority to be designated by the Legislature for that purpose. Nothing herein suggested contemplates delegating the authority of the General Court to approve the acquisition of stocks or bonds or the guaranteeing of the same of street railway companies incor¬ porated in and doing business in this Commonwealth, or any au¬ thority to acquire the franchises and properties of said companies. The foregoing suggestions for legislation, if enacted into law, would establish a sound rule of corporate conduct for railroads in¬ corporated in and doing business in this and other States, and establish a clear and certain relation of such carriers with the Com¬ monwealth of Massachusetts. It would at the same time prevent future unsupervised transactions, like the relationship between the New York, New Haven & Hartford Railroad Company and the New England Navigation Company, and prevent unrestricted stock transactions similar to the New York, New Haven & Hartford Railroad Company's acquisition of the so-called Rhode Island trolley systems. It would likewise remove any ground for a claim like that recently made by the New York, New Haven & Hartford Rail¬ road Company, asserted in attempting the control of the Massachu¬ setts trolley lines. On the other hand it would make certain what corporate acts might be authorized by the public authorities of Mas¬ sachusetts, and would permit this Commonwealth an opportunity to fully review and be completely informed with respect to the corpo¬ rate acts of that companj. This brings us to a discussion of the proposed issue by the New York, New Haven & Hartford Railroad Company of an increase in capital stock referred to in the first part of this report in connec¬ tion with the certificate of the commission. This proposed increase of capital has been authorized by the company, and subscriptions and premiums to a large amount have been paid in on account of the same. The commission has refused to validate this proposed issue of stock, and now suggests that if the legislation hereinbefore recommended should be enacted the company must receive the ap¬ proval of the Massachusetts authorities for its issue, or file an appropriate affidavit that the proceeds of the same are to be expended for purposes outside the Commonwealth and exclusively within the local jurisdiction of some other State. While we have no reason to VALIDATION REPORT. 41 anticipate the failure of the New York, New Haven & Hartford Railroad Company to conform to the modified public policy of Mas¬ sachusetts, and to the foregoing legislation if enacted, yet in the opinion of the commission sufficient and certain safeguards should he placed upon our statute books to prevent a recurrence of the situation which we are now undertaking to adjust. The Joint Board has already declared its conviction that the forfeiture of the charter of the New York, New Haven & Hartford Railroad Company is not desirable. Indeed, upon refiection, it would work greater hard¬ ship to the Commonwealth and its citizens than to the company it¬ self. Our method of securing the enforcement of our laws is to be found in sufficient penalties for non-compliance with them. We therefore recommend that the General Court, in connection with the suggested legislation, enact ample penalty clauses which, upon fail¬ ure by the New York, New Haven & Hartford Railroad Company or other carrier of the class referred to, to obey, shall automatically make the stock of any such company taxable in the hands of resident holders, and close the savings banks and other financial institutions under the jurisdiction of the Commonwealth against their securities ; and shall make personally liable the directors and proper officers of the company or companies. In this connection reference may be made to the somewhat ampler powers of the public-service commis¬ sions of New York, with respect to common carriers, railroads and street railways. Laws of 1910 (New York), chapter 480, article 3, sections 53-56, among others, may be referred to. The commission deems the foregoing discussion and conclusions to set out fully its views with respect to the primary questions submitted to it by the Legislature of 1910. It only remains to call legislative attention to section 4 of the act. The Bank Commissioner has, in connection with the duties of his department, requested the opinion of the Attorney-General with respect to the effect, if any, of said act upon the bonds of the New York, New Haven & Hartford Railroad Company as an authorized investment for savings banks and institu¬ tions for savings of the Commonwealth. In the event of the law officer of the Commonwealth holding that section 4 of the act does not authorize the investment by savings banks and institutions for savings of the Commonwealth in the securities of the New York, New Haven & Hartford Railroad Company to an extent greater than that per- 42 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. mitted before the passage of the act, the commission calls the atten¬ tion of the General Court to this phase of the whole situation, and recommends that if its foregoing suggestions are to be enacted into law, provisions should be made for a determination of the validity of these investments. It is to be observed, however, that sound cor¬ porate finance does not necessarily determine sound savings banks investment ; for it may well be that the bonds of a public utility may exceed its stock, with complete protection to the public interest, with¬ out necessarily making such excess bonds a proper investment for savings banks. In the specific case of the New York, New Haven & Hartford Railroad Company, however, we are convinced that its bonds to the amount of outstanding capital authorized by the commis¬ sion, plus premiums (Acts of 1908, chapter 620), may be properly held by savings banks and institutions for savings. In this connection the commission desires to call the attention of the General Court to the suggestion of the Joint Board, as follows; " Before any change is made by the General Court in the policy of the Commonwealth with regard to bonds exceeding in the whole the amount of capital stock at the time actually paid in, we are of opinion that consideration should be given to tbe advisability of securing the outstanding debentures of the New York, New Haven & Hartford Railroad Company by a mortgage of its property." If a mortgage of the property of the New York, New Haven & Hartford Railroad Company was made for the purpose of securing outstanding bonds in excess of capital, any argument favoring the excess bonds as an investment for savings banks would be materially strengthened. The length of this report, made necessary by the complicated legal questions involved in and arising out of the relations of the Common¬ wealth and railroad corporations incorporated here and in other States, leads the commission to restate and summarize the foregoing discussion, both of principles and policies, to the end that the General Court may have before it in concise form our primary conclusions, and the essential reasons underlying them. Fifty years of railroad progress and development has resulted, by force of economic conditions, in consolidation of properties and con¬ centration of management. New England reflects the results of this economic force in as large measure as any portion of the United VALIDATION REPORT. 43 States. Prior to 1908, the consent and acquiescence of certain other New England States in the corporate conduct of some of the principal railroad corporations of New England resulted in the practical mo¬ nopoly of transportation within those States ; the action of Massachu¬ setts in creating the Boston Railroad Holding Company, and its subsequent action in validating the outstanding securities of the New York, New Haven & Hartford Railroad Company, has extended this practical monopoly of transportation within and over the whole area of the New England States, by land and sea. This monopoly falls short of complete achievement by the action of the public authorities of Massachusetts, resulting in the decree of devestment in the so- called trolley merger case. The New York, New Haven & Hartford Railroad Company, incorporated in Massachusetts and other States, controls this transportation monopoly, and the primary issue to he now determined is whether the Commonwealth of Massachusetts shall maintain a concurrent control of the New York, New Haven & Hart¬ ford Railroad Company. Whenever the exercise of its franchises, wherever granted, aifects the whole area served by it, the Common¬ wealth of Massachusetts is entitled as of right, in the absence of fed¬ eral supervision and with due regard to the comity that exists between States, to exercise a concurrent governmental control with those other States in which the company is incorporated or carries on its business. It is, however, the right of each of these States to exercise exclusive jurisdiction within its domain over the corporate acts of the company that are purely local. To illustrate: the public authorities of Con¬ necticut rightfully may require of the company the improvement of its station facilities at New Haven without the approval of the public authorities of Massachusetts. This Commonwealth may rightfully require the electrification of the company's lines at Boston without the acquiescence of the State of Connecticut. But the company shoiüd not be permitted or suffered to engage in transportation by water from the port of Boston to the port of New York, nor to issue its cor¬ porate securities for the acquisition of the business facilities and properties necessary therefor, without the approval of Massachusetts. It is not denied that the public authorities of Connecticut, for ex¬ ample, may have the right of concurrent control ; but neither that State nor any other ought to exercise exclusive control over a trans¬ action of this character. 44 NEW YORK, NEW HAVEN & HARTFORD R.R. Co. We are well aware that the New York, New Haven & Hartford Railroad Company has made the claim of single State control, and no douht a substantial portion of the investing public will contend that the modifications of statute suggested in this report do not go far enough, and will tend to handicap and restrict the expenditures by the company for improvements both in this Commonwealth and elsewhere. With this position we do not find ourselves in accord; for we are convinced that the demands for improvements in trans¬ portation, within the Commonwealth, at least, will be better and more speedily secured by stringent regulation and supervision under our modified laws than otherwise. If we, however, shared their opinion, our conclusions would be the same, for it is more important that the Commonwealth of Massachusetts should hold in her hand the direction of her affairs than that a corporation acting under the larger latitude of other laws should parcel out gratuities to her people. The corporate history of the Boston & Maine Railroad and the Boston & Albany Railroad Company is complete and conclusive evidence that corporations subject to the laws of several jurisdic¬ tions, hut whose managements have been found to be in accord with the policies of Massachusetts, can conduct their corporate affairs without creating strained relations with this Commonwealth. In our opinion the New York, New Haven & Hartford Railroad Com¬ pany can do the same. That they will undertake to accept and acquiesce in our policies and laws we are not only hopeful hut con¬ fident. In the event, however, of that company's undertaking to assert a right conferred by another State as paramount to the policies and laws of this Commonwealth, we urge upon the General Court the enactment of sufficient penalty sections, making the stock of the company taxable in the hands of resident holders ; closing the doors of the savings banks of Massachusetts against its bonds; and making its principal officers and directors, as well as the corpora¬ tion itself, liable for violation of our laws. If the recommendations of the commission receive the approval of the General Court, and Massachusetts modifies its laws to con¬ form to its now declared public policy, a new, and we believe, per¬ manent relation will he established with its dominant carrier and the State itself, under which improvements may be properly VALIDATION REPORT. 45 financed, tJie securities therefor sufficiently regulated, and a situa¬ tion alike embarrassing to the State and the carrier finally adjusted. Massachusetts claims nothing other than her rights, in common with her sister States; hut she does demand that a corporation that is not exclusively the creation of any one of those States shall obey her laws and conform to her policies so long as such company shall avail itself of the privileges granted by her franchises and claim the protection of her laws. The New York, New Haven & Hartford Railroad Company is a corporation owning and controlling prop¬ erties of great value, and its present management has repeatedly declared that its transportation monopoly would result in a renewed and vigorous growth of New England. The General Court of Mas¬ sachusetts, by its action, shares this view. That it may be consum¬ mated, co-operation between the company and the State is essential. This report has accordingly been drafted upon the principle that this essential co-operation can now be secured, and that Massachu¬ setts wiU do its part in the development of New England. In conclusion, therefore, we recommend first, that the General Court give attention, in the absence of federal supervision, to the feasibility of uniform legislation in the several New England States ; and second, in the event of such legislation being considered unfeasi¬ ble, that Acts of 1906, Part II., sections 47, 57 and 66, together with the necessary modification of other sections incidental thereto, be amended in accordance with the report of the Joint Board and the report of this commission. WALTER PERLEY HALL, Chairman, GEORGE W. BISHOP, CLINTON WHITE, Board of Railroad Commissioners. WILLIAM D. T. TREFRY, Tax Commissioner. ARTHUR B. CHAPIN, Secretary, Bank Commissioner. Feb. 15, 1911. APPENDIX. EEPOET TO THE JOINT BOAED ON THE VALIDATION OF ASSETS AND LIABILITIES OP THE NEW YORK, NEW HAYEN & HARTFORD RAILROAD COMPANY, Undee Chapter 652, Acts or 1910. By Geobge F. Swain, LL.D., M. Am. Soc. C. E., Engineer in Charge. Eepoet of Geoege r. Swain, LL.D., M. Am. Sog. C. E. To the Joint Board on the Valuation of the New 1 ork, New Haven d' Hart¬ ford Railroad Company. Gentlemen : — I beg leave to submit the following final report with reference to the work that you have placed in my hands : — Immediately upon receiving your request that I should undertake this work, I proceeded to organize a force of experts and assistants to carry it on. Owing to a fortunate combination of circumstances, I was able to secure, with little or no delay, the services of men experienced in railroad valuation, as well as railroad construction. The various branches of the work were entrusted to experts in the dif¬ ferent lines. The greater part of the office work has naturally been done in Hew Haven, where all the records were easilj^ available. The office work in Hew Haven was placed in charge of Mr. A. Mordecai, M. Am. Soc. C.E., and the outside work of checking up Mr. Stevens's appraisal was placed in charge of Mr. Hörschel Eoberts. The appraisal of the buildings was assigned to Mr. Geo. S. Hubbell. Mr. Mordecai had assisting him in the office work, Messrs. A. F. Proctor, W. K. Eunyon, E. A. Kunze, Eobert G. Meggy, H. S. Eogers, A. H. Metcalfe and C. G. Chamberlain, together with a stenographer. The appraisal of the real estate was placed in charge of Mr. J. Frank Aldrich of Hew York, a gentleman who has had much experience in real estate transactions, and in the purchase of real estate for railroad com¬ panies. The appraisal of the trolley properties was placed in charge of Mr. G. F. Wells, who has had experience in the management, as well as in the valuation, of properties of this character. He was assisted in his exam¬ ination of the properties by Mr. T. J. Forde, a stenographer, who accom¬ panied him. The appraisals of the signals has been checked by Mr. Azel Ames, formerly signal engineer of the Boston & Albany Eailroad, now a member of the Block Signal and Train Control Board, under the Interstate Commerce Commission. The appraisal of the rolling stock has been done by Mr. T. B. Purves, Jr., of East Longmeadow, formerly superintendent of rolling stock of the Boston & Albany Eailroad, assisted by Miss B. L. Marten. 52 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The appraisal of the steamers and other floating equipment has been done by Mr. James Donald, a naval architect of large experience, a mem¬ ber of the Society of Naval Architects and Marine Engineers in New York, and of the Institution of Naval Architects of London. The examination of the accounts has been undertaken by the firm of Stone & Webster of Boston, who, as you know, are engaged in the man¬ agement of public-service properties all over the United States. The market value of securities quoted on stock exchanges have been looked up for me by Estabrook & Company. In my office in Boston I have been assisted by Mr. E. W. Fisher and Mrs. A. B. Harrington. In Exhibit 7 there will be found a list of the force employed on this work, together with a record of the experience of most of them. In addition to the above, M.r. W. F. Sherman has examined and re¬ ported to me regarding several hydroelectric plants, and Mr. A. L. Willis- ton regarding the valuation of shop tools. I hand you herewith the following: — Exhibit 1. General balance sheet as of June 30, 1910, in the form submitted by the company in its animal report. The various items are numbered on the left, so that they can easily be referred to. Exhibit 2. Table showing average rates of interest paid by the New York, New Haven & Hartford Railroad Company for money during the past ten years. Exhibit 3. Summary of appraisal of floating properties. Exhibit 4. Summary of appraisal of equipment. Exhibit 5. Summary of valuation of road structures, land, etc. Exhibit 6. Modified balance sheet, with schedules giving inventory of secu¬ rities, and appraised value. Exhibit 7. List of employees and statement of their experience. Exhibit 8. Summary of physical appraisal of certain leased lines. In connection wdth the items on the original balance sheet, I would make the following statement as to what has been done to verify them : — Assets. Working Assets. Nos. 5, 6, 7, 8. The cash and cash balances have been checked, and statements received from the banks where deposits are made. The cash in transit has been checked from the detailed schedules from passenger agents and freight agents. Cash in hands of paymaster has been checked, and the special deposits for payment of interest and dividends have been compared with the bank state¬ ments. All of these have been found correct. VALIDATION REPORT. 53 Investments. Nos. 3, 4, 9, 10, 17. These have been appraised in Exhibit 6. Loans and Bills Beceivahle. No. 11. These consist of demand and miscellaneous notes. All of these have been examined and found correct. Net Balance due from Agents and Conductors. No. 12. Detailed schedules have been received, cheeked and found correct. Miscellaneous Accounts Beceivahle. No. 13. Schedule of these has been received, carefully examined and found correct. Material and Supplies. No. 14. Schedule of these has been received and looked over, consisting of a list of all the items of supplies now on hand. Other Working Assets. No. 15. Schedule of these has been received and checked. Accrued Income not due. No. 16. Schedule of this item has been received, checked and compared with the schedule of securities. Working Funds. No. 18. This consists of funds left with agents, and the schedule of the same has been received and cheeked. Rents and Insurance paid in Advance. No. 19. Schedule of these has been received and cheeked. Cash and Securities in Sinking and Redemption Fund. No. 20. List of these has been received and checked, and the certificates of the banks examined. Cash and Securities in Insurance and Other Reserve Funds. No. 21. These items offset the first three items of liabilities under the heading " Appropriated Surplus," namely : insurance fund, accident and casualty fund, and coal insurance fund. Schedule of these funds has been received, examined and checked. The securities in these funds have been appraised and found to exceed the value given; as these items appear on the other side of the balance sheet, no change has been made in the totals. Other Deferred Debit Items. No. 22. A complete schedule of these has been received and cheeked. Improvements on Leased Roads Chargeable to Income. No. 23. This item consists of amounts spent for impi-ovements on leased roads, which is chargeable to the income of the New York, New Haven & Hartford Railroad, and not paid by leased companies. These amounts are being gradually charged off from income. Liabilities. Capital Stock, Mortgage Debt and Debentures. Nos. 24, 27, 28, 29 These items have been compared with the certificates of registrars and trust companies, and all have been found correct. Receipts Outstanding for Instalments Paid. No. 25. 54 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Premium Bealized on Capital Stock Sold. No. 26. These items have been verified from the treasurer's books, and found correct. Obligations for Advances received for Construction, Equipment and Betterments. No. 30. This item represents expenditures for electrification, paid for by the Con¬ necticut Company and to be accounted for by the New Haven. It is balanced by a corresponding' entry in the balance sheet of the Connecticut Company. Loans and Bills Payable. No. 31. Traffic and Car Service Balances due Other Companies. No. 32. Audited Vouchers and Wages Unpaid. No. 33. Miscellaneous Accounts Payable. No. 31. Matured Interest, Dividends and Bents Unpaid. No. 35. Matured Mortgage, Bonded and Secured Debt unpaid. No. 36. Unmatured Dividends, Interest and Bents Payable. No. 38. Schedules of these items have been examined and checked. Other Working Liabilities. No. 37. This represents amount retained by European depositories to pay expenses of advertising and commissions for payment of coupons on account of 4 per cent. 15-year European loan of 1907. Deferred Credit Items. No. 39. - Instalments Account New Capital Stock received in Advance. — This rep¬ resents payments of the third and fourth instalments of subscriptions for new capital stock paid in advance, for which no stock receipts have been issued. Other Deferred Credit Items. No. 40. This item consists of sums which are being temporarily carried in sus¬ pense. They are represented by entries among the assets, but instead of being placed among the liabilities, under profit and loss, they are carried in suspense accounts until finally settled. If found good, these suspense accounts will be wiped out, and the sums credited to profit and loss. If found bad, they will be wiped out on both sides of the balance sheet. Insurance Fund. No. 41. Accident and Casualty Fund. No. 42. Coal Insurance Fund. No. 43. These are sums which have been appropriated for special purposes, and they balance item No. 21 under the assets. Connecticut Bailway and Lighting Company Sinking Fund. No. 44. The New Haven road assumed the obligation of the sinking fund of the Connecticut Kailway and Lighting Company, under the term of the lease. Beserve for Equipment and Personal Property taken over with Leases. No. 45. The equipment and other personal property of leased roads (locomotives, cars, etc.) have been assumed as property of the New Haven railroad, and included in the asset item " Eoad and Equipment." That is to say, the ap- VALIDATION REPORT. 55 praisal of the rolling stock includes not only the locomotives belonging to and running on the New Haven system proper, but also all those running on the Old Colony and other leased roads. The above item is a reserve to pro¬ vide for such equipment and personal property, which, of course, must be returned to the lessor companies at the expiration of the leases. Profit and Loss. No. 46. This account represents the unappropriated surplus. THE PHYSICAL VALUATION. GENERAL PRINCIPLES. The physical valuation of a property may be undertaken for any one of a number of different purposes, or for a combination of several of them. For example, it may be undertaken — 1. To serve as a basis for taxation. 2. To serve as a basis for justifying existing capital. 3. To serve as a basis for the issue of securities. 4. To serve as a basis for fixing rates for service. 5. To sei've as a basis for an estimate of the wealth of the nation. 6. To serve as a basis for a sale of the property. The principle upon which such a valuation should be made will differ according to which of the above purposes is in view. It should be re¬ marked, however, that a physical valuation alone, by any method, is not a proper scientific basis for some of the above purposes, or, perhaps, for any of them. In the case of Smyth v. Ames, the Supreme Court of the United States indicated that the physical valuation was only one of a number of elements to be taken account of in determining reasonable rates, and the same would hold true, in greater or less degree, for valua¬ tions for the other purposes named. That such is the case, and that different methods of valuation should be used, according to the object in view, are points which it may be well to discuss briefly. 1. VTiether the physical valuation is a proper basis for taxation will depend upon the tax laws. In some States the tax may be based to some extent, and possibly entirely, upon the physical value, exempting securi¬ ties, franchises and value as a " going " concern, while in other States the tax may be based entirely upon earnings, or upon the value of the securities, perhaps with little or no reference to the physical property. If the physical valuation is made for taxation purposes, however, the present value of the property, taking account of depreciation, and probably with the addition of some amount to represent intangible values, would prob¬ ably be considered a reasonable basis for such valuation, as far as it goes. 56 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Two properties, identical in all respects, one of which is capable, on ac¬ count of its favorable location, of earning a large return, while the other, on account of its unfavorable location, is operated at a loss, would not, and should not fairly, be taxed equally. Taxation, it will probably be admitted, should recognize earning power as well as physical value. 2. Physical valuation does not, in general, appear to be a fully adequate basis for justifying existing capital, for such capital generally depends upon the historical development of the property, and some or much of it may represent property which has been abandoned, or machinery which has been made useless, by necessary relocations, or by improvements in mechanical appliances. A railroad company may, for instance, be built to-day and operated by steam locomotives, and the capital may represent the exact sums spent for the property ; but in the course of ten or twenty years it may become advisable to substitute electricity as a motive power, or the company may be forced to do so by legislation, rendering large expenditures necessary, and the abandonment of its steam locomotives. Or the law may require electrification only in a metropolitan district, requiring large expenditure, but not allowing of any material reduction in the service by steam locomotives, because the steam runs would be the same as before, with a few miles cut off at the end. It would be reasonable that the additional expenditure in such cases should be capitalized (tem¬ porarily, at least, subject to retirement out of earnings), yet the physical value of the resulting property might be no greater than before, or even less than the final capital. In the development of a railroad many experi¬ ments may have to be made and lines built which seem wise at the time, and which require the expenditure of capital ; yet this additional capital, though proper and reasonable, may in the end prove to be wasted, as the arts progress and the system develops. Further, improvements made after a railway is in operation, such as additional tracks, the elimination of grade crossings, etc., may be very much more expensive to effect than they would have been if made at the beginning, so that the final physical value, if measured simply by the cost of reproduction, may be much less than the capital properly expended upon them. On the other hand, property such as real estate may be acquired by the company at a low price, and may greatly appreciate in value as popula¬ tion grows, so that in the end its physical value may far exceed the cap¬ ital expended for its acquisition. How far these and other conflicting elements may counterbalance is entirely uncertain, depending upon the circumstances of each case, but it seems clear that the physical valuation at any given time is not a VALIDATION REPORT. 57 proper scientific measure of the justifiable capital, which may be more or less. It is safe to say, however, that if the existing capital and debts of a corporation are found to be less than the present physical valuation of the actual property, for the purposes for which it is used, together with cash and other assets, allowing for the appreciation of land, and disre- gardin_g all abandoned property, the concern would be solvent in case of liquidation, provided it is also able to earn a fair return, — that is to say, if its securities are in demand at good prices. A railroad traversing a desert, with no traffic upon it, might have physical assets in excess of the capital, and yet, having no business, might be insolvent. 3. Neither is a physical valuation a fair criterion for justifying or not justifying the further issue of securities. If actual improvements are needed upon a railway property in order to enable it to render proper service, or in order to effect operating economies, it would seem that new capital to meet those requirements should be authorized, independent of the existing capital. It is reasonable to assume that past over-capitaliza¬ tion in excess of physical value should not prevent a proper development of facilities, or the realization of operating economies, if these in them¬ selves justify the increased capital. Whether rates should be bigh enough to pay dividends upon such excessive total capital is, of course, another question. 4. If the physical valuation is to be used for the purpose of aiding in fixing rates for service, earning power is not to be considered. Rates and earning power are interdependent, and one cannot be considered an element in fixing the other. But there are a number of reasons why a physical valuation does not seem a reasonable basis for determining rates. As has been shown, the existing capital, even if it only represented actual and legitimate expenditure, may be more than is represented by the physi¬ cal valuation, and if the rates are not in themselves excessive, a reason¬ able return should generally be allowed upon the total capital, and enough to compensate for the risk involved in the undertaking. Also, the value of the franchise itself may be large; it is in some cases subject to taxa¬ tion, and upon it a return should be expected, though it is, of course, outside of any physical valuation. In the development of a railroad system, it not infrequently happens that a portion of the original line is abandoned. The interests of the public justify the reconstruction of a certain portion of the old line, re¬ ducing the grades, and perhaps serving new localities, and in the end the old line is abandoned. This old line, however, is represented by capital which has been issued, and upon which a return has been paid since the 58 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. beginning. It would not seem reasonable to require the reduction of rates on account of the abandonment of the old line. The capital repre¬ senting this line is still entitled to a return, and if it is held that this capital should be retired out of earnings, the rates should rather be in¬ creased, for a time at least, in order to effect this result. Whichever ground is taken, that is to say, whether it is held that the capital repre¬ senting the abandoned line is no longer entitled to a return, or that this capital should be retired out of earnings, the carrying out of improve¬ ments will be discouraged, for the increase of rates to retire capital out of earnings will probably be difficult to effect, and the actual result may be a reduction of dividends. Further, in mercantile business a normal price may, perhaps, fairly be considered to be that which could be charged by a new concern starting in business withont the advantages of location of the established concern, and without the disadvantages of old machinery and methods, or capital representing discarded property. If this basis is applied to the rate question on railroads, it might and probably would be the case that the existing line had found the best location, and that any new line would have to adopt a location not so favorable, reciuiring increased amounts of earthwork and generally increased cost of construction. On this basis, therefore, the estimate should not be of the physical value of the existing property based on the cost of reproducing it, but an estimate of the cost of building a new line in a location probably less favorable. Suppose, for instance, that two railroad lines connect the same termi¬ nals, but that the line first constructed has taken advantage of the only economical location, so that the second line has been obliged to spend a great deal more for construction, making its physical valuation greater than that of the first line. If the rates were made tO depend upon physical valuation alone, the first and less expensive line would be required to charge lower rates than the newer and more expensive line, so that the former would probably attract all the business and the latter would be ruined. As a matter of fact, the two lines would probably charge the same rates for the same service between terminals, so that the less ex¬ pensive line woiild gain the advantage accruing from its more favorable location and lower cost. A further illustration, showing the different principles which should govern a physical valuation made to justify capitalization, and a physical valuation made as a basis for rate-making, is afforded by the treatment of leased property. Suppose that a railroad company leases its terminal lands and buildings. If a physical valuation is made of the property, for the purpose of justifying capitalization, it must be recognized that this lease represents no capital. Its value, therefore, is simply the present VALIDATION REPORT. 59 value of the lease, taking accoimt of the rental paid and the length of term. This value may be stated to be such a sum of money as, if put at interest at rates v.'hicli the company has to pay for mone}', and used as a fund which is credited with interest, and charged with the rentals for the property, would be just extinguished at the termination of the lease. The value of a short-term leasehold would therefore be small. If, how¬ ever, the physical valuation is to be used in fixing rates, it would have to be recognized that the company must have these terminals, or terminals of equal cauacity and value, so that at the expiration of the lease it must be renewed, or the company must issue new capital and buy the property, or ecjuivalent property. Rates, therefore, must be fixed so as to enable it to earn an income sufficient to include this rental, or a fair return on a new capital issued for buying the propertj'. In other words, the value of the lease for purposes of rate-making is the same as the value of the property itself, or its rental capitalized at current rates; while for the purpose of justifying existing capitalization, the value of the lease, if the term is about to expire, ma}' be little or nothing. 5. The physical valuation is not a scientific basis for an estimate of the public wealth, because that wealth depends upon the value of the prop¬ erty as a " going " concern, and this depends upon its earning capacity, not its physical valuation. For this reason the United States census reports estimate the value of railroad property by capitalizing the net earnings. Depreciation. 6. The treatment of depreciation, and of abandoned property in par¬ ticular, should reasonably differ according to ihe purpose of the appraisal. As above stated, if the object is to fix the tax rate, or to serve as a basis for the sale of the property, the depreciated value should be taken, while abandoned property should not be included. A study of depreciation is especially important when a piece of property is to be purchased, for a careful investigation might show that the depreciation had been excessive, that the property had not been properly maintained, and that large sums would be immediately needed to rehabilitate it. In such case the price to be paid should, of course, be correspondingly lower than if the prop¬ erty were in good condition. In other words, depreciation is an important factor in estimating the market value of a property, or of the securities which represent it. In this case, also, the value as a " going " concern is of great importance, that is, good will and franchise values must be given great weight, as well as physical valuation. If the object is to justify existing capital, or to serve as a basis for the issue of new securities, or to fix rates of service, it seems reasonably clear, however, that depreciation should not be allowed for. Rates should be 60 NEW YORK, NEW HA^Y:N & HARTFORD R.R. CO. large enough to cover operating expenses, a proper charge for deprecia¬ tion and a fair return on the capital invested. The depreciation charge is, of course, based upon the cost of the property new. Suppose, however, that a new concern is organized, the capital fixed and the rates adjusted under public supervision; but that after five or ten years of operation it is found that although the charge for depreciation had been fixed as accurately as it was possible to foresee, and the rates adjusted in accord¬ ance therewith, this depreciation charge was not large enough, so that the property had not been properly maintained and had much depre¬ ciated in value. The rates should have been higher. If, now, the rates are directly dependent upon depreciated value, the greater the deprecia¬ tion the less the rate, and after depreciation has taken place the rates would be less, whereas it is clear that the reverse should be the case. It would make a great difference whether the depreciation had been due to excessive dividends or too low rates in the first instance. In any case, the charge for depreciation should be based on the cost of reproduction new. With reference to justifying existing capital or new securities, the argu¬ ments which may be adduced in favor of estimating only the depreciated value may, perhaps, be fairly stated as follows : — First. — It may be said that if the physical valuation of the property is to be made, such physical valuation must take account of the fact that the property is not new, but that many of its parts have depreciated more or less. Rails are partly worn out, ranging all the way from new ones to those just ready to be taken out of the track. Ties, buildings, rolling stock and other parts of the physical property are likewise depreciated. If the railroad were built new it would be worth more than the railroad in its present condition. The object is to find its value now, and this is the proper basis for capital. In answer to this argument the following may be said : it is true that certain parts of the physical property are not as good as new. Other parts, however, are better than new, such as cuts and fills, which have been seasoned by use, at much larger expense than would have been nec¬ essary to simply move the present yardage originally. This seasoning may or may not be included in the physical valuation. If it is not, the entire property at the present moment may be, in fact, notwithstanding the depreciation of certain parts, as good as new, or even better than new. The physical valuation, however, sometimes, and properly, includes an item for seasoning, although this item is very uncertain and difficult to estimate. This seasoning is not an appreciation in value, like the appre¬ ciation of real estate, but it represents money actually paid out annually for a number of years, and charged to operation. If this seasoning is VALIDATION REPORT. 61 allowed for in the valuation, it may be urged that in this case the depre¬ ciation of the other elements should certainly be allowed for. But, even in this case, it is not at all certain that the existing track in its depre¬ ciated condition is not as good as a new track would be. The existing track is fitted for high-speed traffic, and has become so fitted by a process of adjustment from year to.year, involving an annual expense for main¬ tenance, which is not included in the element of seasoning. A new track would not at once be fitted for carrying trains at 60 or 70 miles an hour, unless in the estimate an allowance had been made for bringing it to this condition. The usual cost fgr materials and for track laying would not produce as perfect a track as the existing depreciated track of a first-class railroad. Briefly, then, in favor of a 100 per cent, valuation, it may be urged that, even allowing for seasoning of roadbed, but using the ordinary figures for materials and track laying, the estimate of cost of reproduction new does not represent a track any better than the existing depreciated track. With reference to buildings and rolling stock, the above arguments for a 100 per cent, valuation would not apply. Second. — It is urged in favor of using depreciated values that certain elements of the physical property, notably real estate, have appreciated in value without any expenditure, and that if this appreciated value is al¬ lowed in the valuation, the depreciation of the elements subject to depre¬ ciation should equally be allowed for. To allow the appreciation of elements which have appreciated without outlay, and not to allow depre¬ ciation of elements which have depreciated, would give an excessive valuation. In answer to this the following may be urged in favor of a 100 per cent, valuation ; as for the appreciation of real estate it may be urged that the company, in many States, is taxed on the appreciated value, and that therefore such appreciated value should be used in a physical valuation made for the purpose of fixing capital or rates. Moreover, in connection with this matter it may be said that it would not be fair to prevent the company from gaining a benefit from the appreciation of property largely brought about by the very facilities which the company furnishes. If an individual or a corporation buys a piece of property, the investment is not the price of it, but is the property itself. If the property appreciates in value, the concern should legitimately expect and be allowed to earn a proper income upon its appreciated value. If it is not able or allowed to do this, it would naturally sell the property for its increased value, and put the money into something which would bring the proper return upon that value. If a railroad company bought its terminals many years ago at a low price, and if it is only to be allowed to earn a low return on the 62 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. actual money invested, it might reasonably take the ground that it would sell those terminals for their increased value, and invest the proceeds in land elsewhere, upon the cost of which it would expect to be allowed to earn such a return. If an individual or a concern buys a piece of property and pays the taxes upon it, it may claim to be reasonably entitled to any appreciation of value which takes place. This is the case with property left entirely unimproved, in which the appreciation of value is due entirely to the growth of the community. If allowed in such a case, how much more justifiable is it if the property has been utilized, and how much more still if the growth of the community is itself largely due to that use, as in the case of railroads, which afford facilities that are the main cause of the growth of communities. A similar illustration (given by Mr. J. C. Lawrence, member of the Railway Commission of Washington)^ will show very clearly that a rail¬ road must be allowed the benefit of an appreciation in value of lands and other similar elements which increase in value with time. Suppose an established line has terminals which were acquired years ago at a very low cost. A new line is built between the same terminal points, but, in order to acquire terminal lands of value equal to that of the established road, it has to pay perhaps ten times as much. If the newer road were not allowed the value actually paid for these terminals, it would be de¬ prived of a return of a sum actually and necessarily invested in acquiring its property, and in that way it would be, in fact, deprived of the prop¬ erty itself. If the newer road were allowed to earn a return on the amount paid for its terminals, while the older road were not allowed to earn on the appreciated value of its terminals, the rates on the latter would have to be fixed lower than on the newer road, and the traffic would all go to the older one, so that the construction of new roads would be effectively discouraged. If the valuation is to justify existing capital, real estate acquired years ago at low prices is not represented by capital expended equal to its in¬ creased value. But if the above arguments are sound, and the company is to be allowed the benefit of increased value which it itself has largely created, as a partial or perhaps entire compensation for the risk of the initial undertaking, it might fairly claim the right to issue new securi¬ ties to its stockholders, on the basis of such increased value, to cover ex¬ penditure due to obsolescence. Suppose, for instance, a railroad company builds a bridge suitable for its traffic. It maintains it in good condition, and the depreciation is practically nothing. In the course of years, ' Railway Age Gazette Feb. 8, 1910, page 359. VALIDATION REPORT. 63 however, it becomes necessary to increase the weight of rolling stock, and the bridge is too light to carry such increased weight. Its construction is such that it cannot he strengthened, and the only thing to do is to replace it entirely by a new and heavier structure. The bridge is per¬ fectly good for its original purpose; it has been kept painted, and neces¬ sary repairs have been promptly made; it is practically as good as new for the purpose for which it was originally constructed. Nevertheless, it is necessary to renew it entirely. According to the rules of the Inter¬ state Commerce Commission, quoted below, the cost of renewing it in kind, that is to say, the cost of building a new bridge exactly like the old one, must be charged entirely to operating expenses, and only the addi¬ tional cost of building a heavier bridge can be capitalized. But there is no need of renewing the building in kind, since it is perfectly good for its original purpose. In such a case as this, it may be urged with fairness, it would seem that the entire cost of renewal, if offset by increased value of other property, such as land, might be charged to capital. In other words, it may be fairly claimed that the company should be given the benefit in capitalization of the value left in the original property for the purpose for which it was originally intended. If the bridge had not de¬ teriorated, this remaining value would be its original value. If the bridge had deteriorated, it would be less. This principle, where applicable, might be formulated by saying that a depreciation fund, real or imaginary, should he created for the bridge, and added to from year to year, according to one of the established meth¬ ods, in such a way that it would be sufficient to renew the structure in kind at the date when it would be worn out through use for the purpose for which it was designed; and that if replaced before this date, because advances in the art then make it unsuitable for the new purposes for which it is desired to use it, the charge to capital should be the cost of rebuilding it less the amount then in the depreciation fund. Most companies not recently organized have in the course of their de¬ velopment acquired proj)erty of one kind or another which has become obsolete, not by wearing out, but through advances in the art, but which has nevertheless been paid for, and is repre.sented by capital. This capi¬ tal would not he represented in any physical valuation. It seems clear, therefore, that if other portions of the investment, such as land, have appreciated in value, the benefit of this appreciation should he allowed as an offset to property which has been abandoned or become obsolete. The main argument in favor of using an undepreciated valuation, however, has not yet been given, and will now be discussed. When a rail¬ road is once built it is, or should be, thereafter kept as good as new for 64 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. purposes of operation, and the cost of doing this should be charged to operating expenses. This brings up the subject of the method of charg¬ ing for renewals, already briefly suggested. With reference to capitalizing renewals, three methods may be fol¬ lowed : — (1) There may be charged to capital the excess of the cost of renewal over the actual depreciated value of the old structure. (2) There may be charged to capital the excess of the cost of renewal over the original cost of the old structure. (3) There may be charged to capital the excess of the cost of renewal over the cost of renewing the structure as it was when new. The first method, unless, as above suggested, the cost of renewing in kind is offset by appreciated values of other elements, such as land, and the renewal is rendered necessary, in part, at least, by advances in the art, seems an improper method. It would mean that even if cost of labor and materials should remain absolutely stationary, the company would not make renewals in kind (i.e., renewing structures and machines when needed, exactly as they were when new) without a continual increase of capital not represented by physical value. Under this method there might be no ultimate limit to the capital, with no greater value of the property. It is not necessary here to pursue further the question as to how far an appreciation in land should justify capitalization of renewals in kind, in case there has been no advance in the art which renders such renewals necessary before the element renewed is worn out for its original pur¬ pose. There is certainly something to be said, however, in favor of this position. If, however, this first method is used, the valuation for fixing capi¬ talization should, of course, allow for full depreciation, because it would not be fair to allow unearned appreciation of some elements and not allow for depreciation of other elements, if those elements which depre¬ ciate are to be renewed in kind partly by issue of new capital. The second and third methods of capitalizing renewals would give identical results if costs of labor and material are the same as t ie original costs. Under this assumption, if old ties were replaced by new ones, the cost of the new ones, if the same as the cost of the old ones for ties of the same size and quality as the old ones, would not be capitalized. The same would be true of rails, buildings, rolling stock, etc., so that the property would be simply kept up in its original condition with no in¬ crease of capital. The cost of renewals, charged to operating expense, would be the cost of the new structure or machine, including the cost of labor in making the change, less the value of the old one as scrap. If, VALIDATION REPORT. 65 however, an element is renewed with an increased capacity, the excess cost would be capitalized, this excess being the difference between the actual cost of replacing the old and the cost of replacing it by new of the same capacity, or the original cost, which would be the same thing. If, however, as is in fact generally the case, the cost of labor and mate¬ rials has changed, then the second and third methods give different re¬ sults. If labor and materials should have appreciated, the second method would require an increase of capital whenever a structure were renewed, just as it was originally; in other words, to maintain the property as it was originally would involve an increase or decrease of capital according as costs had increased or decreased, and capital would correspond with changes in cost of reproduction. Betterments, of course, would be charged to capital, and thereafter the capital expended therefor would follow the same law. If costs of labor and materials change, the third method would only allow an increase of capital if the property were made better than its original condition. The capital, therefore, would not follow the changes in actual value of the property due to change in costs, as it would in the second case. If the cost of a station should double, and it required re¬ newal on the old, there being no salvage, the capital representing that station would be but half its actual value. To state it otherwise, in the third case, the property would be renewed as good as new, entirely out of earnings, only betterments over the original condition being capitalized. In the second case, the property would be renewed to cost as much as token new, entirely out of earnings, only in¬ creased costs being capitalized. Jn the first place, to maintain the prop¬ erty as good as new, earnings alone must be sufficient, as no additional capital can be issued for the purpose. According to the rules prescribed by the Interstate Commerce Com¬ mission, the third method of capitalizing renewals is to be followed, as will be evident from the following quotations : — 4. Property retired and replaced. — When property other than land or equipment, a betterment of which would be chargeable to the accounts of this classification, is abandoned, demolished or otherwise retired from service for the purpose of or by reason of its replacement by property of like purpose of a better kind, or higher type, the cost of replacing in kind the property so abandoned or withdrawn from service, less the salvage, if any, should be charged to operating expenses. If, however, a reserve for abandonment, as provided in paragraph 8 of these instructions, or a reserve for accrued depre¬ ciation has been created with respect to such property, the reserve account should be first debited with an amount equal to the credits thereto made with respect to the property abandoned or withdrawn and replaced; but if no 66 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. reserve has been created in advance of the retirement of such property, and the amount chargeable to operating expenses is relatively large, so much of the amount as may be authorized under the conditions outlined in paragraph 9 may be carried in suspense for distribution to the operating expenses of succeeding years. A 33. Equipment. — To this account should be charged the cost of all newly acquired equipment, such as steam locomotives, electric locomotives, passenger-train cars, freight-train cars, work equipment (for general use), floating equipment and the necessary appurtenances, fixtures and furniture first to fit out for service, including the cost of inspection, setting up and trying out, and transportation over foreign lines; also, the cost of additional devices and apparatus applied to equipment, such as electric headlights, power brakes, vestibules, machinery of self-propulsion, heating and lighting apparatus, and the like; and the excess cost of improved appliances and parts or appurtenances over the cost of replacing in kind the appliances and parts or appurtenances removed. To this account should be credited the original cost (estimated, if not known) of any equipment destroyed, sold or otherwise permanently retired from service; but if the value (the original cost) of any equipment as car¬ ried in the accounts representing the cost of equipment has been written down in consideration of depreciation accrued previously to July 1, 1907, the de¬ preciated value at that date, instead of the original cost, should be credited to this account; proper account should be taken of any salvage, and the " reserve for accrued depreciation " account should be debited with an amount equal to the amount previously credited thereto with respect to the equipment retired. The difference between the actual depreciation (original cost or depreciated value on July 1, 1907, less salvage) and the reserve for accrued depreciation should be charged to the appropriate account in operating ex¬ penses, if the difference is due to depreciation in service since July 1, 1907 ; to profit and loss, if due to depreciation in service before that date, and if not readily assignable, the amount should be prorated between operating ex¬ penses and profit and loss on the basis of the time in service after and before that date. It is evident from these quotations that the Interstate Commerce Com¬ mission requires railroad companies to keep their property as good as new, so far as operating is concerned. Suppose, now, a railroad is new and about to be put in operation ; it may be maintained in favor of esti¬ mating depreciated value that a depreciation fund should at once be es¬ tablished out of earnings, and that in any physical appraisal the depre¬ ciation of the property would be balanced by the amount of this fund. This argument appears sound in the case of any element which consti¬ tutes a very large proportion of the physical plant, and which must, at some time or other, be completely renewed, as, for instance, a steamer VALIDATION REPORT. 67 or a power plant. In the case of a railroad, however, the track, road¬ bed, bridges, buildings and possibly also the equipment, come under a different category. The ties do not all wear out at once, or have to be replaced at one time, and the same is true of the other elements men¬ tioned. After being operated a number of years, the expenditure for renewals of these items comes to be a nearly constant annual charge. The amount properly to be expended out of earnings for maintenance and renewal of the property is about the same each year, and can be foretold with tolerable accuracy. The renewal of one engine or of one bridge is not a heavy item in a system on which there are 2,000 engines and per¬ haps 1,000 bridges. In other words, the charge for maintenance and renewals, instead of coming due at one time, becomes a constant dis¬ tributed charge. Since this had to be met out of earnings, and since the original capital had to be sufficient to build the road new, it would seem that in justifying existing capital, or the issue of new capital, the cost of reproduction new and not depreciated should be taken, and no depreciation fund is required. As already stated, in the case of an element which constitutes a large portion of the physical valuation, this would not be true. A deprecia¬ tion fund would here seem desirable, and the depreciated value should reasonably be taken in a physical appraisal made for the purpose of justifying existing capital. By the rules of the Interstate Commerce Commission equipment is placed in a somewhat different category from roadbed and track, and here also it may be reasonable to allow for depre¬ ciation. The renewal of a locomotive is a miTch more important matter than the renewal of a tie or a rail. It may be mentioned, however, that even in the case of such elements as those just referred to, that is to say, those which constitute an im¬ portant fraction of the original plant, it may be argued with some force that a depreciation fund is not necessary, and that the cost of reproduc¬ tion new is the proper basis in justifying capitalization, provided it is definitely required by law that renewals of these large items must be made out of earnings. For a depreciation fund must be set aside and deposited in some repository for safe keeping, to be used when occasion demands. Why, then, should it not be distributed to stockholders, they forming the repository, but being under obligation to furnish the money when the demand arises ; that is to say, to replace the element in ques¬ tion out of earnings, even if it should require a reduction, or a suspen¬ sion of dividends, or even an assessment? Such a contention seems strictly logical. The only objection to it in practice is that it would obscure the real condition of the company from the knowledge of the 68 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. public, and, indeed, of all except those intimately acquainted with the details of its physical and financial condition. In the interest, there¬ fore, not of logical consistency hut of publicity, and for the protection of investors, it is unquestionably wise to set up a depreciation fund in such cases, and to take depreciated values in the physical valuation. If, then, the company is to keep its railroad as good as new, so far as operating is concerned, or perhaps in view of what has previously been adduced better than new, charging the cost of repairs and renewals in kind to operating expenses, it certainly ought to be allowed a capital corresponding, and to charge rates sufficient to allow of such repairs and renewals. It is the duty of the railroad company to maintain this prop¬ erty practically as good as new, and the State has power to compel the owners of the property to do so. Portions which are worn out must be replaced out of operating expenses, and for purposes of operation the property is always as good as new. If, therefore, the valuation is for the purpose of justifying rates or capital, 100 per cent, valuation should be taken. From the above discussion it would appear that the physical valua¬ tion, either for purposes of justifying rates or capitalization, should fairly allow the appreciated value of real estate and any other elements which have appreciated, without a corresponding allowance for de¬ preciation of elements which have depreciated, provided the property is maintained in good condition ; and that repairs and renewals in kind must be charged to operating expenses, as is required under the power of the State and the rules of the Interstate Commerce Commission; ex¬ cept in the case of large items, like steamers and equipment. Physical valuations have been undertaken in several of the western States, as follows : — In Michigan a valuation was made in 1900, to be used as a basis for taxation. Depreciated values were here used, but intangible or non- physical values were added sufficient to almost exactly balance the depre¬ ciation. This valuation covered 7,411 miles of line, with a total single track mileage of 11,293. In Texas the railroads have been in process of valuation for a number of years, for the purpose of regulating capitalization. According to a paper presented before the American Society of Civil Engineers by the engineer of the railroad commission, no depreciation is used ; but, on the other hand, no allowance is made for seasoned roadbed, and land is valued in accordance with the current market value of adjoining prop¬ erties. thus allowing for appreciation, but not for the cost of acquiring land for railroad purposes at prices above its value for other purposes. VALIDATION REPORT. 69 In Wisconsin, in 1903, the railroads of that State vera appraised for purposes of taxation, as in Michigan. In 1907 the railroads in the State of Minnesota were appraised for the purposes of fixing rates and capitalization. Within a few years the railroads in the State of M^ashington have been appraised, under the direction of the railroad commission, as a means of judging of the reasonableness of rates. Many other elements, however, in addition to the physical appraisal, were taken into consider¬ ation. METHOD OF MAKING THE PHYSICAL APPRAISAL. I. Egad and Equipment. The object of the physical appraisal has been to ascertain the cost of reproducing the property new at the present time, and also to apply such percentage of depreciation as would fairly represent the present depreciated value in case your Board should wish to use this figure. This work had to be completed by the middle of December, subject to checking and final revision later. There was, therefore, available for this work only a period of between two and three months from the time when the work could be fairly started. Considerable time at the begin¬ ning was necessary in selecting and arranging with experts to take charge of the various branches of the work. In the short time available it was out of the question to attempt to make an original appraisal. Fortunately, however, an original appraisal was not necessary for your purposes, inasmuch as the company had already had such appraisals made. These consisted of — 1. The appraisal made under the direction of Mr. John F. Stevens, vice-president of the company, covering all the physical property of the railroad proper, brought down to the date of March 31, 1908, for the land, and Oct. 31, 1907, for the remainder. This appraisal had been carefully reviewed by Price, Waterhouse & Co., chartered accountants, the items reclassified by districts according to the classification of the Interstate Commerce Commission, numerous adjustments made, and the whole brought down to date of June 30, 1908. 2. Complete appraisals made by Westinghouse, Church, Kerr & Co., a prominent firm of engineers, covering all the trolley properties owned by the New York, New Haven & Hartford Railroad Company as of Jan. 1, 1908. These appraisals, like those of Mr. Stevens, had been reviewed by Price, Y aterhouse & Co.. and brought down to date of June 30, 1908. 3. An appraisal by Mr. Stevenson Taylor, an eminent consulting and naval architect and marine engineer, on the floating equipment owned by 70 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. steamship companies controlled by the New A'ork, New Haven & Hart¬ ford Railroad Company, as well as of the floating equipment belonging to the parent company. 4. An appraisal of the equipment of the company, specifying each item, made by Mr. A. E. Mitchell, formerly superintendent of motive power of the Lehigh Valley Railroad. An examination of these appraisals revealed the fact that they had been very carefully made, and in great detail. It would have been en¬ tirely unnecessary to attempt to duplicate them, aside from the fact that it could not have been done in the time available. It was evident that all that was necessary would be to carefully examine these appraisals, to have the various items checked, the properties looked over, the unit prices and valuations corrected if necessary, the depreciated value ad¬ justed, and the whole brought down to date of June 30, 1910. In making the examination of the previous appraisals, therefore, it was necessary to test them at as many points as might be deemed nec¬ essary to ascertain their correctness, to check the values obtained for the original quantities, and in general to satisfy ourselves as to what changes, if any, should be made in these appraisals, besides bringing them down to date. This work has been done as thoroughly and carefully as the time al¬ lowed. All of the physical property of the company has been inspected, the cost of additions made between June 30, 1908, and June 30, 1910, has been ascertained from the auditor, and the presence of the property represented by such cost has been verified. In a work of this magnitude, however, it will be of course understood that absolute accuracy is impossible, and it would be a miracle if some mistakes had not been made. I am convinced, however, that the results given in this report are substantially correct. The force of men em¬ ployed has included men of experience in this work, and they have worked earnestly and faithfully. My thanks are here tendered to them for the assistance which they have given, and for the thoroughness and care with which they have done the work committed to them. The appraisal by Mr. Stevens, which occupied a period of over a 3'ear, was based upon a complete resurvey of the railroad property. All of the lines were carefully gone over, and a complete inventory made. Pro¬ files of the various lines were prepared, taken along the center line, show- ino- the cuts and fills ; and the location of all structures, side tracks, new O ^ buildings, etc., was noted on these profiles. Based upon these, the quan¬ tity of earth work was computed, and its cost valued on assumed unit prices. The valuation of the land was entrusted by Mr. Stevens to several VALIDATION REPORT. 71 real estate firms, and the work was divided up among a large number of men. Every piece of real estate belonging to the company was shown upon maps, and its value was appraised. Complete schedules were made out, giving lists of all bridges, buildings and other structures, together with weights of bridges, and description of buildings, including mate¬ rial, dimensions and method of construction. These complete inventories, which are deposited in the office of the company, were, of course, available for our work. It was not attempted to resurvey the line, hut our work consisted in testing, checking and sum¬ marizing the previous work, using new unit prices where it seemed desirable. The New York, New Haven & Hartford Railroad Company owns cer¬ tain lines, and controls others in various ways; some by lease, some by the ownership of all the securities, and some by the ownership of a con¬ trolling interest. It also has minor holdings of securities in some of the leased lines and in other property. Our physical appraisal was limited to the lines owned by the New York, New Haven & Hartford Railroad Company, with the addition of five lines, or combinations of lines, con¬ trolled either by complete ownership or by the ownership of a majority of the securities. These five lines are specified below. The lines of the New York, New Haven & Hartford Railroad Com¬ pany itself were divided into 13 districts, comprising the first 13 on the list, while the 5 remaining districts comprise the owned or otherwise controlled lines referred to. Districts. District 1.—Main line from Woodlawn (junction with New York & Har¬ lem Railroad) to New Haven (James Street), with Belle Dock branch and Manufacturer's Railroad (62.03 miles). District 2. — Main line from New Haven (James Street) to Providence, and Providence Tunnel line to East Providence (113.6 miles). District 3. — Branch lines from Stamford to New Canaan, Wilson Point to Brookñeld Junction, Branchville to Ridgefield, Hartford to Fenwiek, Au¬ burn to Hope, Harbor Junction branch at Providence, Old Groton Ferry line, loop at Stonington, Wickford Junction to Wickford Landing (105.05 miles). District 4. — Line from New Haven (Silver Street yard) to junction with Berkshire Railroad at the State line north of Canaan (83.58 miles). District 5. — Lines from Hawleyville to Litchfield and Bridgeport to Bots- ford (46.94 miles). District 6. — Line from Naugatuck Junction to Winsted and branch Water- bury to Watertown (60.81 miles). District 7. — Line from New Haven (north town line) to Springfield and branch Windsor Locks to Suffield (64.54 miles). 72 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. District 8. — Line from New Haven (Quinnipiac River) to Willimantie and branch Turnerville to Colchester (54.86 miles). District 9. — Line from Waterbury to Middletown and branch Westfield to Berlin (33.89 miles). District 10. — Lines from Woonsocket to Harrisville and from Providence to Douglas Junction (37.18 miles). District 11. — Line from Valley Falls, R. I., to Massachusetts State line south of Franklin, excepting that portion in Massachusetts near Adamsdale (7.07 miles). District 12. ■— Line from Boston to Hopewell Junction and branch from Wicopee Junction to Fishkill Landing (215.83 miles). District 13. ■—• Lines from Berlin to New Britain, East Hartford to Spring¬ field, Melrose to West Street, Rockville, Rockville to Vernon, Providence to Willimantic, East Thompson to Southbridge, Newton Highlands to Woon¬ socket, Islington to Dedham, W^est Roxbury to Needham Junction, Dedham Junction to Dedham (155.-52 miles). District 14. — Berkshire railroad : main line from the Connecticut and Mas¬ sachusetts State line just north of Canaan to Pittsfield; branch from Van Deusenville to State line of Massachusetts (46.23 miles). District 15. — Central New England Railroad: main line from Campbell Hall to Hartford; branches from Tariffville to Agawam Junction, Duchess Junction to State line, Rhineclifi: to Silver Nails, Poughkeepsie Junction to Hopewell, Poughkeepsie to Boston Corners (277.33 miles). District 16. — Harlem River & Port Chester Railroad: Harlem River to New Rochelle (11.17 miles). District 17. — Milford, Franklin & Providence Railroad : from Bellingham to Franklin. Woonsocket Railroad : Bellingham to Ashland. Rhode Island & Massachusetts Railroad: Franklin to Rhode Island State line (26.30 miles). District IS. — New Haven & Northampton Railroad: main line from New Haven to Shelburne Falls; branches from South Deerfield to Turner's Falls, Northampton to Williamsburg, Farmington to New Hartford (127 miles). Total length, 1,528.93 miles. Accompanying this report is a map on which are indicated all the steam lines owned or controlled by the New York, New Haven & Hart¬ ford Railroad Company, and on which the 18 districts are differently colored. Of the lines in the last 5 districts, steps have already been taken to consolidate the Berkshire, the New Haven & Northampton, and the lines in District 17 with the New York, New Haven & Hartford Railroad. The Harlem River & Port Chester is owned entirely by the New York, New Haven & Hartford Railroad Company, while the Central New Eng¬ land, and, through it. the Hartford & Connecticut Western are con¬ trolled by an ownership of a majority of the securities. It will bo observed that the appraisal did not cover the leased lines, including the Old Colony system, the Providence & Worcester, Norwich VALIDATION REPORT. 7.3 & Worcester, and other lines ; nor did it cover the New York, Ontario & Western, which is controlled through an ownership of the majority of the stock. Lines leased are, of course, not represented by any capital ex¬ pended. The value of the lease to the lessee may be very large, but is in the nature of an intangible asset, which, if taken account of at all, must be arrived at by a consideration of earnings, and of the strategical value of the property, or its value, not by itself, but in connection with and as a part of the New York, New Haven & Hartford Railroad Company. The following statements will indicate the method by which each item in the physical appraisal has been checked : — 1. Engineering. — Engineering belongs to the class of overhead charges, and it will be convenient to discnss it in connection with the other over¬ head charges, mentioned below. 2. Right of Way and Station Grounds. 3. Real Estate. As already mentioned, the valuation of the real estate was placed in charge of Mr. J. Frank Aldrich of New York. At his disposal were the detailed sheets which accompanied Mr. Stevens's appraisal, on which was shown every piece of real estate, with its appraised value. It was mani¬ festly impossible for Mr. Aldrich to personally reappraise these parcels, many thousands in number. Yet he states that he has been able to " inspect the greater part of them ; and through correspondence and conference with real estate men, savings bank officials and others " to satisfy himself concerning the values. Mr. Aldrich went over the entire line in a special train, running at slow speed, accompanied by Mr. Sutherland, a gentleman who has been for many years in the employ of the real estate department of the railroad. Mr. Aldrich also visited the large cities and towns, and personally interviewed several of the appraisers who did the work for Mr. Stevens, obtaining from them explanations of the principles and methods used by them in arriving at their results. Inasmuch as the Stevens appraisal of land was made by a number of different persons, it was found that the results were irregular, and. had not all been made upon the same basis. Mr. Aldrich endeavored to equalize the valuations as far as practicable. His endeavor was to arrive at the value of the real estate for railroad purposes, taking account of the fact that the prices obtained for lands purchased for railroad purposes, whether as a result of negotiations, or through values fixed by jury, are generally in excess of their value for the purposes for which they would be used if the road were not there. With reference to this matter, there is a considerable amount of evi¬ dence on hand, which may be adduced, indicating that the prices which railroad companies are obliged to pay for land varies from slightly above 74 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. its value for other purposes up to five or ten times that value, or even a larger sum. Thus, Prof. W. D. Taylor, who had charge of the Wiscon¬ sin appraisal, in a discussion of a paper before the American Society of Civil Engineers, made the following statement : — The writer made a thorough investigation in Wisconsin to determine what this right-of-way ratio had actually been in the case of the three most im¬ portant pieces of railway construction done in the State in recent years. All these lines were constructed in 1900-01. One was constructed in the south¬ eastern part of the State, in good farming lands, in a locality already well supplied with railroad facilities. The next was in the northwest central portion of the State, where the land was owned in larger areas, and was not nearly as valuable. The third was in the east central portion of the State, and the land was very variable. Portions of the last two lines ran through country already well supplied with railroad facilities, and portions were in new country. The disposition of the land owners toward the construction of the road was probably gen¬ erally favorable in the last two cases and unfavorable in the first. Quota¬ tions are here made from the circular letters announcing the result of the investigations to the several railroads of the State. The first investigation covered 32 miles of line. The direction in which the road runs, northwest and southeast, necessitated cutting into the farms at inconvenient angles. In the investigation, all transfers not bona fide sales, such as where the consid¬ eration was $1, were excluded. Village right-of-way land was also excluded, and some cases where excessive rates per acre were paid for very small corners of land were excluded. . . . We have 74 bona fide sales along the line of road from one land owner to another during the five-year period ending June 30, 1902, which included 5,604.5 acres of farming land, at a total cost of $304,323, giving an average price per acre along the line of road for farming lands of $54.30. One hundred and sixteen bona fide sales of right-of-way to the railway included 382.57 acres, at a total cost of $108,614.07 ; which gives an average price of right- of-way land through the two counties of $283.90. Thus the road paid by ordinary purchase an average of 522 per cent, of the market value of the farming land for its right-of-way land. The second investigation covered 35 miles of line. Forty-one land sales, in the said five-year period, contiguous to the line of the road, included in the transfer of 10,775 acres, at a cost of $108,927.01, making an average price per acre of $10.11. The largest transfer in the above was 738 acres, and there were 10 of the 41 transfers which included 280 acres or more. Twe.nty- six transfers of right-of-way to the railroad company included 247.14 acres, at a cost of $10,166.50, making an average price per acre of $41.14. Thus the ratio of the right-of-way value to the market value for the right of way actually purchased . . . was 407 per cent.. VALIDATION REPORT. 75 The third investigation covered 82 miles of line. Four hundred and eighty-eight iona fide sales of farming land, during the five- year period, contiguous to the road, included the transfer of 39,155.7 acres, at a total cost of $452,309.70, giving an average price per acre of $11.55. Two hun¬ dred and thirty-nine right-of-way sales included 971.37 acres, at a total cost of $35,493.13, giving an average price per acre for the right of way purchased in lona fide sales of $36.54. This gives a right-of-way ratio for the whole line . . . of 316 per cent. It should be stated here that at a hearing before the State Board of Assess¬ ment of various representatives of the railroad companies of the State in January, 1904, it was claimed by the railroads that the results of an investi¬ gation made by them showed that the property owners of the State, knowing that the assessment of their properly for taxation was made up largely from data furnished by an examination of the records of sales, had generally fallen into the habit of recording the consideration in sales at amounts much below those actually paid. Evidence was brought forward tending to support the conclusion that the records of sales throughout the State would show a land value of not more than two-thirds of the real value. If that contention is correct, the foregoing ratios should be changed from 522, 407 and 316 per cent, to 348, 272 and 210 per cent, respectively. Mr. Aldrich's appraisal shows an advance over the figures given by Mr. Stevens, and he states that this advance is due mainly to two things : — First. —■ The abnormally low values placed on much of the right of way as they appear in Stevens's report; and Second. — The material advance in values at New York and in West Chester County, and particularly to the growing value of terminal and dock properties in the large cities. It should be mentioned here that assessed valuations were not available as a basis for this appraisal. Most of the real estate appraised was in Connecticut, and in that State assessments are not made on the real estate used exclusively for railroad purposes. In Massachusetts and New York it has been possible to consult the assessed values, but Mr. Aldrich found them so variable that the}' did not serve as a satisfactory basis. Altogether, after a careful study of Mr. Aldrich's result, I feel con¬ vinced that the real estate owned hy the railroad company coiild not be duplicated for less than the appraised values, and that very likely to do so would cost a much greater sum. 4. Grading. — This, with the exception of real estate and equipment, is the largest single item in the cost of the road. It was therefore sub¬ jected to a very careful examination. 76 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. It has been already stated that the Stevens appraisal was accompanied by a complete set of profiles, with field books and schedules compiled from actual surveys. All the lines owned by the New York, New Haven & Hartford were gone over in a special train by Mr. Roberts and Mr. Hubbell, accompanied by Mr. Aldrich and Mr. Sutherland, and on each division by the division engineer. "With the profiles in hand, the classifi¬ cation of the cuts into earth, solid rock -and loose rock was checked, and the general accuracy of the profiles substantiated. From the one hundred and sixteen profiles representing the entire line, forty, repre¬ senting the more difficult portions, were selected and checked. The original figures were found substantially correct, with the exception of two profiles covering each about 12 miles of road. The results for these two are shown as follows : — Division No. 1, Section No. 2. — Mamaroneck to Cos Cob. [Methods used: errors of less than 5,000 cubic yards not changed; no cuts checked less than 50,000 cubio yards; no fills checked less than 50,000 cubic yards.) Earth. Loose Rock. Solid Rock. Mr. Stevens's estimate, .... Present estimate 275,176 cubic yards 245,257 cubic yards 80,222 cubic yards 80,222 cubic yards 447,021 cubic yards 452,947 cubic yards Mr. Stevens's estimate greater by Present estimate greater by . 12.2 per cent. - 1.3 per cent. Errors found ; — In one cut, 30,000 cubic yards. Too much earth. In one cut, 46,000 cubic yards (three errors). Too little rock. In same cut, 39,000 cubic yards. Too much in addition. Net error, 7,000 cubic yards. Too little rock. In one embankment, 36,000 cubic yards too little. In same embankment, 29,000 cubic yards too much (error in addition).. Net error, 7,000 cubic yards too little. In one embankment, 17,000 cubic yards too little. VALIDATION REPORT. 77 Division No. 2, Section Ko. 3. —Lyme to New London. [Methods used: errors of less than 5,000 cubic yards not changed; no cuts less than 50,000 cubic yards checked; no fills less than 50,000 cubic yards checked.] Earth. Loose Rock. Solid Rock. Mr. Stevens's estimate, .... 475,900 cubic yards None 178,365 cubic yards Present estimate, ..... 463,258 cubic yards None 178,140 cubic yards Mr.'Stevens's estimate greater by 2.74 per cent. - 1 Practically the same as present. Errors found : — In one cut, 19,000 cubic yards. Too little earth. In one cut, 13,900 cubic yards. Too little earth. Error of 20,000 cubic yards. Too much in addition. Total net error, 12,600 cubic yards too much. On the remaining sixty-six profiles, the quantities in the large cuts and embankments were checked, and found practically correct. The basis of estimating the earth work and the unit prices adopted are somewhat different from those used by Mr. Stevens. His valuation was based on a price of 1 cent per cubic yard of excavation for each 100 feet of overhaul, beyond a distance of 500 feet. In other cases where a scar¬ city existed for a given embankment, and an excess of material at a given cut, frequently a long distance away, such excess was taken to be " train- hauled" from the cut to embankment, at a cost of 23 cents per cubic yard, so as to reduce the quantity of material required to be borrowed. We considered this method of estimate to he somewhat impracticable, since it involved more cost of preparation to make train-hauling possible than would have been involved in wasting the excess from the cut, that is, depositing it in a dump near by, and borrowing the material required from the fill. Moreover, Mr. Stevens's valuation made no allowance for shrinkage of earth when transferred from an excavation to an embank¬ ment, nor for the swelling of rock when so transferred. The inclusion of this feature was found to materially modify the quantities required to be wasted or borrowed, and the quantities on which overhaul or train- haul should be charged. In our estimate, therefore, we eliminated overhaul and train-haul, and substituted a somewhat higher price for all earth excavation and such borrowed material as might be found neces¬ sary, allowing also for shrinkage and swelling. On this basis all the profiles were revised, involving a large amount of time and labor. 78 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The inspection of the lines owned occupied a period of twelve days, with a special train. The examination disclosed the fact that some changes would have to be made in the classification of the material of the cuts, the Stevens valuation showing too little rock and too much earth. These differences were taken account of in our final figures. Without considering any new work, or any abandoned lines, the net results of our reclassification and change of basis of valuation for grad¬ ing has been as follows : — Solid Rock. Loose Rock. Earth. Borrow. Overhaul. Train- haul. Waste. Original quantity, . 7,277,677 2,107,373 36,756,400 16,991,810 153,710,891 15,911,027 3,361,810 Revised quantity, . 8,380,408 1,476,761 36,311,407 20,779,790 None None 7,180,588 Revised, excess, 1,102,731 ~ - 3,787,980 - - 3,818,978 Original, excess, - 630,612 444,993 - 153,710,891 15,911,027 - The foregoing covers only the revision of Mr. Stevens's profiles, but does not cover any lines abandoned nor improved between 1907 and 1910. Í Summary of Original and Revised Quantities and Original and Revised Prices. Original Quantities and Prices. 6,030,241 yards solid rock .$1.20, . 1,247,436 yards solid rock @ .$1.45. . 2,107,373 yards loose rock @ $0.65, . 36,756,400 yards earth @ $0.25, .... 16,991,810 yards borrow @ $0.22, 153,710,891 yards overhaul @ $0.01, . 15,911,027 yards traiii-haul @ $0.23, . Revised Quantities and Prices. 7,246,291 yards solid rock @ $1.15, . 1,134,117 yards solid rock @ $1.30, . 1,476,761 yards loose rock @ $0.65, . 36,311,407 yards earth @ .$0.32, .... 20,779,790 yards borrow @ $0.32, . $7,236,289 20 1,808,782 20 1,369,792 45 9,189,100 00 3,738,198 20 1,537,108 91 3,659,536 21 $28,538,807 17 . $8,333,234 65 1,474,352 10 959,894 65 . 11,619,650 24 6,649,532 80 Excess by revision, $29,036,664 44 $497,857 27 VALIDATION REPORT. 79 From this it will be seen that the excess by revision, not covering new work nor lines abandoned, is $497,857.37. It is interesting to note that if we should take Mr. Stevens's original quantities and apply our prices to them, after eliminating overhaul and train-haul, the original estimate would be $28,538,807, and the revised figures $27,125,663; but if we add to the revised figures the excess of borrow made necessary by the elimination of train-haul, all at the re¬ vised price of 32 cents, the two estimates come within about $200,000 of each other. The above figures do not take account of new work, of which a con¬ siderable amount has been done since the Stevens appraisal. Thus, the Harlem River & Port Chester Railroad was a double-track line at the time of the Stevens appraisal, but now has six main tracks throughout. Much of the old value has therefore disappeared, and much new value has been added. Similarly, in District 6, between Naugatuck Junction and Waterbury, a great deal of new work has been done, and the line has been double-tracked and straightened ; and on the Midland Division, between Waterbury and Bristol, the line has been practically recon¬ structed. Cases like these were treated by first deducting from the orig¬ inal valuation everything which had disappeared or which had been rendered useless, and adding the value of the new work, in most cases ob¬ tained from the auditor's classified expenditures therefor. In connection with District 6, and the changes between Naugatuck Junction and Waterbury, opportunity was taken to check the accuracy of the present revision and unit prices. Mr. Roberts makes the following statement with reference to this : — This portion of this district is 27.10 miles long, and except about 4 miles on the southerly end it has all been rebuilt and double tracked during the past ten years. This work replaced a single-track railway for its entire length, but the old line was so crooked and its grades so erratic that practically none of it could he utilized in the new work. Yet it was, nntil 1900, an operative railway that represented a considerable amount of capital, and which was probably as good when built as the prospects of the territory it was built to serve then warranted. Prior to Mr. Stevens's valuation this work had been completely rebuilt from Naugatuck Junction to Naugatuck, and since then has been completed from Naugatuck to Waterbury. On the latter section the total value of the old line as incorporated in the new is assumed as the equivalent of 5,000 yards each of earth and rock excavation. As it was not feasible to remeasure the graduation, recourse was had to the auditor's books for its valuation. 80 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The bridges, track siijjerstructure. ballast, etc., were taken as of adopted standards and prices for their several kinds. This whole work has been done so recently that the records of its actual cost are in excellent shape. It was therefore selected — with some misgivings as to results — for comparison with the present valuation. It was a matter of much gratification to find that after making suitable allowance for the graduation of the old part still in use north of Naugatuck Junction, the actual cost was found to be practically identical with the present valuation. 5. Tunnels. — The increase in the item for tunnels is due to the addition of new work on the tunnel at Providence, and on the tunnel near Terry ville, between Waterbury and Bristol. 6. Bridges, Trestles and Culverts.—A complete list was available of the bridges on the line, giving weights and material. The assumed unit prices were applied to these, and the result shows some decrease as compared with the Stevens estimate, as adjusted by Price, Waterhouse & Co. This is notwithstanding the fact that considerable new work has been done since the Stevens appraisal. This difference is probably due to the difference in unit prices. 7. Ties. — This item shows some increase over the Stevens appraisal, probably due to new work. The prices used have been those now actually being paid. It is worthy of note, in this connection, that if the road were to be reconstructed new, the contiguous territory, which now affords a sufficient supply of ties to provide for annual renewals, would not pro¬ vide a sufficient supply for new construction. Additional ties would therefore have to be procured from other parts of the country, at higher prices, so that this item might easily be increased by a million dollars or more. 8. RaAls. 9. Frogs and Switches. 10. Track Fastenings and Other Material. These items show some changes as compared with the Stevens ap¬ praisal, mostly due to new work. 11. Ballast. — The differences in this item are chiefly due to the dif¬ ference in unit prices. 12. Track Laying and Surfacing. — The differences in this item are due to additional tracks laid and to differences in the unit price. 13. Roadway Tools. — This item has not been checked, but, being small, it has been taken from the Stevens appraisal. The latter gives the depreciated value, and has been taken as the present depreciated value. The cost of reproduction new has been computed assuming a deprecia¬ tion of 20 per cent. VALIDATION REPORT. 81 14. Fenciti'j Right of Way. — The kind and quantity of fencing were all stated in the schedules prepared by Mr. Stevens. It was assumed that no material change had been made in this item. Unit prices have been taken slightly different from those assumed by Mr. Stevens, and the depreciated value resulting is less than that given in Price, Water- house & Co.'s adjustment. 15. Crossings and Signs. — This item covers crossings and signs for crossings at grade and over the tracks. The principal portion of it, therefore, is made up of the cost of overhead bridges. Complete sched¬ ules of these accompanied the Stevens appraisal, and they have been carefully gone over. Our depreciated value, however, is considerably less than that of Mr. Stevens, the reason for which cannot now be stated. 16. Interlocking and Other Signal Apparatus. — The valuation of the interlocking and signal apparatus was made for Mr. Stevens by Mr. Eosenberg, a signal engineer of experience. His estimate has been gone over by Mr. Azel Ames, and brought down to the required date. 17. Telegraph and Telephone Lines. — This small item has not been checked, hut the depreciated value has been taken from the Stevens ap¬ praisal; and the cost of reproduction new has been assumed the same. 18. Station Buildings and Fixtures. 19. General Office Buildings. 20. Shops, Engine Houses and Turntables. 22. Water Stations. 23. Fuel Stations. 24. Grain Elevators. 26. Dock and Wharf Property. 27. Electric Light Plants. 30. Gas-producing Plants. 31. Miscellaneous Structures. The valuation of these items has been made by Mr. George S. Hub- bell. Mr. Hubbell accompanied Mr. Eoberts in his special trip over the lines, and made as careful a personal examination of the whole property as the time would permit, based upon the complete schedules accom¬ panying Mr. Stevens's appraisal. 21. Shops, Machinery and Tools. — This is a small item, and com¬ prises largely the machinery in shops at Eeadville. A copy of this in¬ ventory was placed in the hands of Mr. A. L. Williston, M. Am. Soc. M. E., a mechanical engineer of experience in the purchase and use of tools, and for a number of years director of the Pratt Institute in Brooklyn, N. Y. Mr. Williston inspected the shops at Eeadville, with the inven¬ tory in hand, compared the values placed upon the different tools and machines with quotations on identical machines and on those of equal 82 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. size and grade. He reports' that he found in every instance that the number of tools and machines is at least as great as the inventory called for, -with some additions. He states that the tools are in good condition, and the Stevens estimate conservative, and actually below the real value. The Stevens estimate for the depreciated value has therefore been as¬ sumed 'without further question, and the cost of reproduction new taken at a round figure, which allows a depreciation of about 18 per cent. 28. Electric Power Plants. — This item includes the buildings of va¬ rious power plants not elsewhere inventoried. They were estimated by Mr. Hubhell. 29. Electric Power Transmission. — This item represents the cost of electrification, and has been inventoried at the cost of such work given by the auditor. The principal item, of course, is the electrification of the main line between New York and Stamford, hut it also includes several branch lines. This item having been taken from the books of the com¬ pany, and representing actual cost, has been assumed to include all overhead charges. Undoubtedly, however, there should be some such charges properly added to cover the cost of engineering, even in connec¬ tion with this work by the company's force. 35. Earnings and Operating Expenses during Construction. — This item occurs in Price, Waterhouse & Co.'s adjustment of the Stevens ap¬ praisal, and may be presumed to represent the charge to cost of property due to loss in operating during construction. This seems to be an un¬ certain element, and I have omitted it. SR. Marine Equipment. — This property was apparently not valued by Mr. Stevens. I have included it, giving the figures put upon the property by Mr. Donald. 37. Electrification of New York, New Haven <£■ Hartford Lines, oper¬ ated hy the Connecticut Company, hut not Elsewhere appraised, — This represents the cost of electrifying certain lines owned by the New Haven hut operated by the Connecticut Company. 38. Small Trolley Lines owned hy New York, New Haven & Hart¬ ford Railroad Company. — These items represent small trolley lines owned by the New York, New Haven & Hartford Railroad Company, and not elsewhere appraised. Solidification. It is quite customary in the valuation of a railroad property to include an item for so-called adaptation and solidification. This is intended to take account of the fact that after the road is opened, the embankments will settle, the slopes will slide in, the ditches become obstructed, and VALIDATION REPORT. 83 various other changes take place, requiring an annual expenditure for maintenance for a number of years, which should properly be charged to capital. How much this charge should be is exceedingly uncertain. In the Minnesota valuation, out of a total estimated cost of reproduction new, for road and structures, of about $282,000,000, this item was al¬ lowed for in the engineer's report at a figure of $11,743,000, or about 4 per cent. The total cost of grading was estimated at about $56,000,- 000, so that about 20 per cent, of this was allowed for solidification. This item is certainly a real one, and should be included. The only question is as to its amount. I have taken it at the very low figure of $500 per mile, which means that, taking interest at 6 per cent., and sup¬ posing that the annual charge continues for five years, at the expiration of which time the roadbed has become fully seasoned and no further charge need be made, there would be an annual expenditure of about $110 per mile for these five years. This, it will be seen, is a very low charge. The annual cost per mile during the first years of operation necessary to take care of the settlement, slips, etc., in excess of the usual cost of maintenance on a seasoned roadbed would certainly be more than this. The total figure for this item is $805,000. Comparing with the Minnesota estimate, 4 per cent, of the total for road and structures would be about $8,000,000, while 20 per cent, of the cost of grading would be about $6,000,000. The figure given is certainly low. Equipment. The equipment is inventoried at the figures put upon it by Mr. Purves, a summary of which is given in Exhibit 5. Overhead Charges. The overhead charges include the following: 1. Engineering; Contin¬ gencies; 43. Legal Expenses; 47. Interest and Commissions; 48. Gen¬ eral Expenditures. These cover the more or less uncertain charges nec¬ essary to construct the plant, over and above the cost of the physical elements. The New York Public Service Commission of the Second District, in a recent report, makes the following statement bearing upon this matter : — "When the amount of the actual cost of the physical construction of the proposed road has been determined, we are still far from having determined the amount of capitalization which should be allowed. There are many ele¬ ments of cost attendant upon bringing into existence a new railroad addi¬ tional to the cost of mere physical construction. Some of these elements may be enumerated as follows: (1) expense of organization; (2) incorpo- 84 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. ration tax; (3) expense of obtaining a certificate of public convenience and necessity; (4) preliminary engineering expenses; (5) expense of procuring the authorization of issue of stock and bonds; (6) expense of marketing the securities; (7) discount upon the bonds, provided they cannot be sold at par; (8) interest upon the bond issue during the period of construction and prior to the beginning of operations; (9) compensation of officers of road during the construction period; (10) incidental expenses during construction period; (11) expense of obtaining local franchises and consents. In addition to the foregoing matters there should be provided upon the commencement of operation a fair and reasonable amount of working capital. The operation of the company can be conducted with far greater efficiency, more to the satisfaction of the public and with better results to the stock¬ holders, if it has at all times in its treasury a working capital sufficient and adequate to meet the requirements of the road. Experience has demonstrated this so many times that insistence upon it or elaborate demonstration of its truth is not required at this time. Another subject of great interest and importance is the compensation, if any, to which the promoters of the enterprise should be entitled for their services. Promotion has been so extensively abused, and has been so uni¬ versally used as a cover for abuses in capitalization, that it has come to be regarded as a term of reproach, and as a device to work schemes of robbery upon the investing public. No reason is apparent why this should necessarily be so. The honest services of a capable promoter are indispensable to the dotation of every comprehensive and far-reaching scheme of development in the railroad world or elsewhere. A clear vision to see opportunities, ability to demonstrate them to others, and energy to push to completion works un¬ tried but of great moment, are indispensable to material development, and should be fairly and even liberally rewarded by the public which receives the benefit of those works. Such rewards, however, should be put upon a clear basis of business jDrinciple, should be of sufficient magnitude to encourage rather than to discourage enterprise, and should not be so great as to make an exorbitant demand which is perpetual in its nature upon the community to be served. They are to be treated simply as just payment for services performed for the corporation, which services are valuable and in many cases even indispensable. Such services should be paid for upon the basis of what they are fairly worth, having regard to all the circitmstaiices of the case. The allowance which has been made for overhead charges is as follows : — Overhead Charges. Engineering : — 5 per cent, on the total cost, excepting the land and equipment. Contingencies; — 5 per cent, on the total cost, with the exception of the land and equip¬ ment, that is to say, the same charge as for engineering. VALIDATION REPORT. 85 Legal expenses ; — 1 per cent, ou tlie total cost, with the exception of land and equipment, plus 2 per cent, on the cost of the land. General expenses : —• 1 per cent, on the total cost, with the exception of land and equipment, plus 3 per cent, on the cost of the land. Interest and commissions : — 12 per cent, on the total cost, including land, hut excluding equipment, and including also engineering, contingencies, legal and general ex¬ penses. There is, of course, more or less uncertainty with regard to the proper value to be assigned to these charges, and opinions and experience will differ regarding them. I am convinced that the above values are con¬ servative and proper. Engineering. — The charge for engineering is a necessary one in the execution of any engineering work. It includes the salaries of engineers, draftsmen, inspectors, etc., and in general all the expert services required for design and superintendence. The amount of this charge will, of course, vary according to the kind of work. In the case of a railroad it is generally as large as has been assumed, if not larger. In the first place, a large expense has to be incurred for preliminary surveys, to determine the proper location of the line. The expense of this work will vary according to the topography. In a level country, as in our west¬ ern States, where a railroad can be located an3Tvhere, the expense may be comparatively small, while in a mountainous country a large sum may be expended before the proper location is found. After a prelimi¬ nary survey has fixed the route approximately, the precise location has to be determined and the line laid down upon the ground. Contracts and specifications are then prepared, designs made for the different portions of the work, and contracts let for its construction. These con¬ tracts require supervision on the part of the engineering force, and esti¬ mates of quantities to serve as a basis of payments to the contractor. Inspectors are also necessary to see that the specifications are properly carried out. Five per cent, is a common charge for engineering, used in preliminary estimates of cost. Actually, as explained, the charge may be greater or less, but is frequently greater. For instance, to give some examples, the following have been the engineering charges for work in Boston and vicinity : — East Boston tunnel, ....... about 6.4 per cent. Washington Street tunnel, ...... about 6.1 per cent. Metropolitan water works, about 6.2 per cent. 86 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. In the latter case, the percentage is estimated on the total cost, exclu¬ sive of overhead charges, but of this total cost nearly 50 per cent, was for the purchase of existing water works, on which there was no engineering charge, so that the engineering charge on the balance would be nearly 12 per cent. A charge of 5 per cent, will therefore be seen to be low. Personally, I believe it should not be less than 6 per cent. Contingencies. — In engineering estimates a charge for contingencies is always added, this charge being sometimes combined with that for engineering, and entitled " engineering and contingencies." The charge for engineering and contingencies is rarely, if ever, taken less than 10 per cent., frequently 15 and even 20 per cent. The element termed " contingencies " is, as its name implies, intended to take account of ex¬ penses which cannot be foreseen, and the amount of the charge will depend upon the character of the work, and upon whether it involves elements which are novel or uncertain. It might perhaps be supposed that in an appraisal of existing property no allowance should be made for contingencies. This, however, is not the case, for there are many elements which would enter into the cost which are not represented in the inventory. Among these may be men¬ tioned the following: damages incidental to the work, such, for instance, as interfering with a farmer's water supply, or cutting off access to his land; temporary structures which have been built in the progress of the work, but which are afterwards removed ; foundations of structures, the difficulties incident to which are entirely uncertain, since the founda¬ tions themselves are below ground or below water and inaccessible; dredging incident to the construction of foundations in water; expense incident to the presence of quicksand or water in cuts, which after the cut has been made and the ground drained are not easily realized; sub¬ sidence of embankments where they pass over swamps; temporary sta¬ tions, bridges and other structures required, in case work such as double tracking, or the elimination of grade crossings, should be carried on sub¬ sequent to the original construction of a portion of the road; similarly, expenses incident to other improvements if made subsequent to first construction, such as reducing grades, involving lowering cuts while maintaining traffic, in which case, especially if the cut is in rock, the expense is enormously greater than it would be to construct the line in its final form in the first instance; increase in quantity of ballast over that estimated, due to the fact that some of it gradually works into the grading; and many other elements which might be enumerated. In the Michigan valuation of 1900 the charge of 10 per cent, was made for contingencies, and while this has by some been considered as exces- VALIDATION REPORT. 87 sive, those in charge of the work believe, in the light of their subse¬ quent experience, that it has been fully justified. In most of the other State appraisals, if not in all, a charge has been made for contingencies, and I do not consider it proper to omit it, if it is desired to estimate correctly the cost of reproduction new. Personally, I believe this charge, like that for engineering, should be more than 5 per cent., but I have taken it at the latter figure. Legal Expenses. ■— This item is a proper charge, and includes the preliminary legal expenses incident to organization, obtaining a charter, and the innumerable charges for legal services which would arise in the construction of the work. Land may have to be taken by right of emi¬ nent domain; many cases of damages may have to be settled, and many suits may have to be tried. In connection with the acquirement of real estate, both engineering and legal expenses would be incurred. Surveys of the land would have to be made, deeds transferred and proper maps and records kept. I have, however, made no engineering charge on the land values, but have covered the total of overhead charges on real estate by a percentage which I have divided between legal expenses and the general expenses, assigning arbitrarily 2 per cent, to the former, and 3 per cent, to the latter, this including the engineering charges. In connection with the construction of the metropolitan water system of Boston, a large amount of real estate had to be acquired, and the legal, conveyancing, court and other similar expenses in connection there¬ with amounted to about 4.8 per cent, of the remaining cost. While the legal expenses might be distributed differently from the manner which I have assumed, I feel convinced that the total charge is low, rather than high. General Expenses. — General expenses include expenses of organiza¬ tion, management, administration, taxes during construction, and in general all the other overhead charges. I have assumed them to be 1 per cent, on the cost of the road, plus 3 per cent, on the cost of the land. Here again the distribution may be incorrect, but taking the entire sum allowed for the overhead charges thus far discussed, I am convinced that they are very low, and that in any reproduction of the property they would be materially exceeded. Interest and Commissions. — This item covers interest on the capital required prior to the opening of the road. It is based on an assumed rate of 6 per cent, per annum, and the further assumption that it will take four years to complete the road, making an average charge of 6 per cent, for two years on the entire cost, including the present overhead 88 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. charges, but not including equipment, which would be the last thing purchased. This is the same figure which was used by Price, Water- house & Co. With reference to this charge, it must be remembered that the rate of interest to be assumed is not that which the New York, New Haven & Hartford Railroad Company to-day would have to pay for money. It is, on the contrary, the rate which a new company intending to build a road would have to estimate upon. On this basis, 6 per cent, is certainly not too high. This item also includes the legitimate charges of marketing the securities, not including, however, any discount on those securities, except so much as may be the legitimate commission to the bankers for the expense of marketing. It is recognized that discount on securities is not a proper charge to capital, but is simply an adjustment of interest, for if the securities can be sold at all, the rate of interest which they carry may be made such that they would sell at par. Elimination of Grade Crossings. In the appraisal which has been made, the endeavor has been to ascer¬ tain the cost of reproduction new of the existing lines. The existing line, however, includes some elements involved in the elimination of grade crossings which have been partly paid for by the State, and by the cities and towns. In Massachusetts, for instance, 35 per cent, of the cost of eliminating grade crossings is paid for by the Commonwealth and the city or town. In this valuation, however, it has not been considered that the Commonwealth or the town has thereby acquired any perpetual or proprietary interest in the property of the railroad, but that its con¬ tribution was for the purpose of remunerating the company for the destruction of existing property involved in the change, and for the cost of protecting traffic during the alterations, as well as for the better ac¬ commodations and greater safety afforded to the public. It would have been impossible to adopt any other course, and the one described seems eminently fair. It is not contended, I presume, that where grade cross¬ ings are abolished the Commonwealth or the town becomes thereby the owner of any portion of the railroad. Unit Prices. The unit prices adopted in this valuation have been based upon the average ruling prices for the various elements during the past few years. They are, of course, more or less uncertain, but I believe they are low. In some cases they were based upon the figures given by the chief engineer of the railroad company as to the actual prices which the company has VALIDATION REPORT. 89 been paying. A complete list of these prices was finally submitted to Vice-President E. H. McHenry for criticism, and were returned by him with a number of suggestions, based irpon the experience of the company. In each case the suggestion was that the price was too low. This was in all probability the fact. Nevertheless, in order to be conservative, the prices originally determined upon have been retained. Depreciation. The depreciation percentages likewise have been carefully determined, and represent, in my opinion, a very conservative judgment. These per¬ centages will, of course, vary with each different railroad, depending upon the excellence with which it has been maintained. It is the unanimous testimony of every one concerned in this work, who has examined the line or any part of it, that the property is maintained in remarkably good condition. The depreciation percentages have been fixed accord¬ ingly. The mistake must not be made of comparing these percentages with those iTsed elsewhere, without discrimination. For instance, it will be noted that no depreciation has been allowed for tunnels, while in some of the western valuations a considerable depreciation has been allowed for them. The difference is probably due to the fact that in the West there are many tunnels lined with wood. On the New Haven system, however, there are no tunnels lined with wood. The case is similar with reference to other items. Taking the cost of the road as a whole, omitting equipment and all general expenses except engineering, it will be noted that the depre¬ ciated value is about 91 per cent, of the cost of reproduction new; while taking the grand total, the depreciated value is about 86 per cent, of the cost of reproduction new. Using the grand total in the Michigan ap¬ praisal, the depreciated value was 82 per cent, of the cost of reproduction new ; while in the Minnesota appraisal it was 87.6 per cent., and in the Wisconsin appraisal it was 82.5 per cent. Value of Trachage Rights from Woodlawn to the Grand Central Terminal. The New York, New Haven & Hartford Railroad joins the Harlem branch of the New York Central at Woodlawn, and its trains run over the New York Central tracks from that point to the terminal at 42d Street. The New York, New Haven & Hartford Railroad Company does not own any portion of this line, but has a perpetual right to run its trains over it, and pays a percentage of all taxes assessed upon it. 90 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. based on the amount of its traffic and the proportion which such traffic bears to that of the New Yorli Central Railroad. The right to run over this line is a legitimate asset of the New York, New Haven & Hartford Railroad Company, and a very valuable one. The loss to the company which would result if it were obliged to stop its trains at Woodlawn, and the cost which would be necessary if under such circumstances it were obliged to secure a new entrance to New York City, would be enor¬ mous. Some figure, therefore, for the value of this right should be in¬ cluded in the physical valuation. As above stated, the actual value of this right is very large. Without attempting to go into it very much in detail, however, it may be said that the proportion of the taxes on real estate and distribution system paid by the New York, New Haven & Hartford Railroad amounts to $99,682.44. The details with refer¬ ence to this are given in the following table: — Assessed Valuation, 1909. Total Tax paid. Per Cent, paid by New Haven. Tax paid by New Haven. Mott Haven yard, .... Grand Central terminal, Distribution system, .... $933,000 11,488,500 $15,636 11 192,781 59 41.160 41.656 $6,444 05 80,305 10 12,933 29 $12,421,500 - - $99,682 44 From these figures it appears reasonable to place the value of this property to the New Haven Railroad at least equal to the following: — Mott Haven yard, 41.160 per cent, of $993,000, . . . $384,022 80 Grand Central terminal, 41.656 per cent, of $11,488,500, . 4,785.649 56 Distribution : —• A tax of $12,933.29 on same basis as Grand Central terminal represents a value of ... . 770,756 00 Total value to New York, New Haven & Hartford Railroad Company, ...... .$5,940,428 00 From this it is evident that the value of this right to the New York, New Haven & Hartford Railroad Company, based merely upon the taxes which it pays thereon, m.ay be safely placed at $6,000,000. This figure, however, has not been added to the appraisal of road and equip¬ ment, since it represents no capital. It is rather in the nature of a very real, though intangible, asset. Other such assets will be discussed far¬ ther on in the report. VALIDATION REPORT. 91 Final Remarks. According to the discussion which has been given, it is the opinion of the writer that, in estimating allowable capital no depreciation should be allowed except upon marine equipment and rolling stock. That is to say, the cost of the road should be taken at the cost of reproduction new, less the depreciation for these two items. This would make the total cost of the road as inventoried $279,871,566, not including value of trackage rights between Woodlawn and Grand Central station. The depreciated figures, however, have been given to enable your Board, if it deems proper, to arrive at a different conclusion. A table giving percentages of depreciation used in this and other appraisals is given below. The appraisal which has been described in these pages has been made with as much care as the time would admit, and, in my opinion, is an exceedingly fair and reliable one. I am convinced that the figures given for the cost of reproduction new are low, and that the property could not be reproduced for any such sum. In any case, the endeavor has been made to be conservative both in the original figures, the percentages for overhead charges and the depreciation figures. I believe that you may rely upon this estimate with confidence, in forming your judgment as to whether the assets of the company are sufficient to justify its liabilities. Valuation of New Varie, Netv Haven S Hartford Railroad Per Cent, of Present Value to Reproduction, compared with Figures used in Other Appraisals. Account. Michi¬ gan. Wiscon¬ sin. Minne¬ sota. Northern Pacific. Pro¬ posed. 1. Eniineering 100 ~ 100 100 100 2. Right of way and station grounds, . 100 100 100 100 100 3. Real estate, ...... 100 - - - - 4. Grading, ....... 100 100 100 110 100 5. Tunnels, 95 98 85 100 100 6. Bridges, trestles and culverts, . 79 74 74 85 85 7. Ties, 54 52 55 50 60 8. Rails, 76 79 76 80 80 9. Frogs and switches, 71 65 69 80 65 10. Track fastenings and other material, 78 70 76 80 70 11. Ballast, ....... 100 67 100 100 100 12. Track laj'ing and surfacing. 97 100 100 100 100 92 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Valuation of New lork, New Haven & Hartford Railroad, etc. — Concluded. Account. Michi¬ Wiscon¬ Minne¬ Northern Pro¬ gan. sin. sota. Pacific. posed. 13. Roadway tools, . - - 75 - 80 14. Fencing right of way, .... 59 48 51 55 70 15. Crossings and signs, 70 56 - 55 70 16. Interlocking and other signal apparatus, . 89 77 74 85 90 17. Telegraph and telephone lines. 52 53 75 75 - 18. Station buildings and fixtures, . 76 71 70 81 80 20. Shops, engine houses and turntables. 68 71 72 67 75 21. Shop machinery and tools, 80 58 81 65 82 22. Water stations, 72 64 71 65 70 23. Fuel stations, 66 65 71 77 70 24. Grain elevators, 75 74 - - 67 25. Storage warehouses, ..... 71 75 - - - 26. Dock and wharf property,^ 69 76 89 75 70 27. Electric light plants, ..... - - 82 - 90 28. Electric power plants - - - - 90 29. Electric power transmission. - - - - 90 30. Gas-producing plants, .... - - - - 80 31. Miscellaneous structures, .... 69 61 78 61 75 43. Law expenses, ...... - - - - - 48. Other expenditures: — Locomotives, ...... 56 66 74 1 1 Passenger equipment, .... 71 69 69 67 70 Freight equipment, .... 69 66 73 1 II. Appraisal of the Securities held. Exhibit 6 gives a modified balance sheet, with a list of the securities held in the treasury of the New York, New Haven & Hartford Railroad Company. In appraising the value of these securities three methods have been used. 1. In case the holding represents a comparatively small interest, and if the security is sold on the stock exchange so that its fair market value is ascertainable, such market value has been used in the appraisal. 2. In some cases the earning power of the company whose security is to be appraised has been used as a basis. In capitalizing this earning power, allowance has been made for a sufficient charge to maintenance, and the net earnings above all charges have been capitalized at 4% per cent. This figure has been taken, because Exhibit 3 indicates that the VALIDATION REPORT. 93 rate which the New York, New Haven & Hartford Railroad Company has had to pay for money has averaged some 4.3 per cent. To be con¬ servative, therefore, a rate of 4V2 per cent, has been used in capitalizing. 3. In certain cases in which the New York, New Haven & Hartford Railroad Company has a complete, or nearly complete, ownership in the property, the physical appraisal of that property has been used as a basis, if practicable. It may be objected to the first and second methods that if market value or earnings are to be used as a basis of valuation, the same basis might be used in the whole of this work, and applied to the securities of the New York, New Haven & Hartford Railroad Company, thus ren¬ dering unnecessary any physical valuation whatever. On this basis, however, since the securities of the New York, New Haven & Hartford Railroad Company are selling for more than their par value, it would have required no investigation to answer the question propounded by the Legislature. Market value, or earning power, is undoubtedly in general the basis upon which the public judges the value of the securi¬ ties of a corporation, due account being taken of essential dilferences between securities of different kinds. The object of this investigation was to ascertain whether a market value of par is justified by actual property, and therefore a physical valuation has been resorted to. In the case of many of the securities held, however, no other method was possible, in the time at command, except to use the market value or the net earnings as a basis. Referring now to Exhibit 6, the various securities will be considered, explaining the basis upon which the appraised value has been fixed. As securities of the same company, in some instances, appear in more than one schedule, the companies will be taken up in alphabetical order. 1. Alhany & Hudson Railroad Company (Schedule IV.). — The stock of this railroad was acquired by the New Haven in a merger with the Consolidated Railway Company. It is a small holding, and appears to have little or no value, and none is assigned to it. 2. Bennington £ North Adams Street Railway Company. — The New York, New Haven & Hartford Railroad Company carries in its accounts the following entries relating to this street railway : — Par Value. Book Value. 6,500 shares capital stock (Schedules I. and IX.), Notes (Schedule IV.), ....... Unpaid interest (Schedules VI. and IX.), . Accrued interest (not due) (Schedules VII. and IX.), S351.498 18 8,684 95 7,247 18 $650,000 00 $564,505 54 Less reserve, . $367,430 31 89,033 07 $278,397 24 $278,397 24 94 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Ihis road is a trolley road, with about 20 miles of single track, all of the capital stock being owned by the New Haven, which also holds, as shown above, notes of the company amounting to $351,498.18. There is also unpaid interest and accrued interest due, but item 40 of the balance sheet contains a reserve set up against these securities, amounting to $89,033.07. The company has a further obligation termed " Chas. L. Livingstone deficiency judgment," amounting to $363,389.03, the ex¬ planation of which is as follows : —■ The New Haven owned all the bonds of the Bennington & North Adams Street Railway Company. By consent of the bond-holders, the property in the State of Vermont was released from the mortgage so that the lien was only upon the property in the State of New York. The interest due Feb. 1, 1910, was defaulted. The New Haven delivered the bonds to Charles L. Livingstone, in trust for its benefit. The mort¬ gage was foreclosed and the property sold to Charles L. Livingstone, who assigned it to the Hoosick Falls Railroad Company, a newly organ¬ ized. company ; capital stock to be issued for the property when author¬ ized by the New ITork Public Service Commission. Mr. Livingstone is to account to the New Haven for $463,290.50 by whatever securities are issued to him by the Hoosick Falls Railroad Company and the Ben¬ nington & North Adams Street Railway Company. This amount, $463,- 290.50, is included in miscellaneous accounts receivable by the New Haven; of this amount the Bennington & North Adams Street Railway Company carries $363,389.03 as a liability in the manner shown above. The company was operated for the year ending June 30, 1910, with gross earnings of $75,068.04. There was an operating deficit of $252.85, and a total deficit over taxes and interest charges of $38,406.44. The deficit for the previous year was $32,010.40. When the Hoosac Tunnel is electrified, it is understood that power will be furnished to this trolley road at a cost much below its present cost for power. The appraisal of the property shows that the cost of reproduction new would be $1,662,- 396. Even allowing for depreciation, the present value of the property is in excess of the total interest held by the New Haven road, and if appraised physical values are consistently used throughout this investi¬ gation, the securities of this company held by the New Haven must be considered worth their par value. When the company receives its power from the plant used for the electrification of the Hoosac Tunnel, it may be that the investment of the New Haven will prove justified. Consid¬ ering, however, that the property has for two years shown a considerable loss in operation, it would seem conservative to eliminate the stock, and to consider the value of the New Haven holdings as simply equal to the VALIDATION REPORT. 95 value of the notes plus accrued interest less reserve, namely, $278,394.24, as shown above. 3. Berhshire Railroad Company (Schedule I.). — This steam rail¬ road, which extends from Van Deusenville to Pittsfield, and from the Connecticut State line via West Stockbridge to State Line, Mass., is 46.23 miles long, and is operated under direct lease to the New Haven. Since June 28 last steps have been taken to merge it. The lease pro¬ vides for payment of 6 per cent, on stock, together with taxes and a small annual cash payment. The New Haven owns 8,561 shares of the capital stock, out of a total of 10,787 shares. The property of this com¬ pany has been appraised for the purpose of this report, and the cost of reproduction new is found to be $3,223,485, while the depreciated value is $2,955,884. The latter would give a value per share of $274. Since the New Haven has received dividends of 6 per cent, on the par value of these shares, this, if capitalized on the basis of 4^/2 per cent., would indicate a value of $133 per share., It is taxed by the State of Massachusetts at $162. This road is undoubtedly of considerable in¬ direct value to the New Haven as a feeder, and its value per share is probably not less than that indicated by the physical property. However, for the purposes of this report it is appraised at its taxed value, namely, $162 per share, a total of $1,386,882. 4. Berhshire Street Railway Company (Schedule I.). — This street railway company has a total single track mileage of 97.5 miles. It has outstanding securities as follows ; — Owned by New Haven. Total. Shares. Amount. 19,481 shares capital stock, par $100, . . . . Berkshire Street Railway Company 6rst mortgage 5s, Hoosac Valley Street Railway first mortgage 5s, Pittsfield El, Street Railway first mortgage 4s, . Hoosac Valley Street Railway ref. 4s, . Berkshire Street Railway Company debenture 5s, Berkshire Street Railway Company notes payable. $1,948,100 800,000 100,000 300,000 300,000 200,000 496,067 19,288 $1,928,800 $4,144,167 $1,928,800 Book valuation of securities owned by New Haven: — 19,288 shares @ $149.90 $2,891,226 88 The physical valuation of this property shows the cost of reproduction new to be $4,235,441.77. Using a depreciation of 20 per cent., the pros- 96 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. ent value would be $3,388,353.42. The road extends from Great Bar- rington to Pittsfield, and North Adams to the Vermont line, and in¬ cludes the city lines of Pittsfield. It is in excellent condition. If the 5 per cent, bonds are taken at par, the 4 per cent, bonds at 80, and the notes at par, the total of these amounts to $2,076,067, which, deducted from the depreciated physical valuation, leaves a physical value of $1,- 312,286 for the stock, or $67.40 per share. The gross earnings have increased from $433,042.43 for the year end¬ ing June 30, 1909, to $557,019.93 for the year ending June 30, 1910, and the net earnings from $18,966.87 to $42,619.20. The latter sum means 2.2 per cent, on the stock. The maintenance charges in 1910 have been nearly 20 per cent, of the gross earnings, or amply sufficient to maintain the property. If the earnings are capitalized at 4y2 per cent., the value of the stock per share is about $49. This value is less than the physical value com¬ puted above, and in the appraisal the latter value is used. It is less than half the book value to the New Haven, and seems amply conserv¬ ative. 5. Birmingham Water Power Company (Schedule II.). — This com¬ pany formerly did a water-power business, but its property was acquired by the New Haven for the construction of a freight yard, and tlie busi¬ ness discontinued. The New Haven purchased all of the 2,160 shares of stock for $54,000, and advanced $50,500 to purchase all outstanding leases of water, the latter amount being charged to real estate. This real estate is included in the physical valuation of the railroad, and no value is therefore given to it here. 6. Boston & Providence Railroad Corporation (Schedule I.). — This steam railroad between Boston and Providence, with branches, having a total length of 63.23 miles, is operated by the New Haven under lease to the Old Colony Railroad Company. Its capital stock is $4,000,000, of which the New Haven owns 2,178 shares, having a par value of $217,800 and a book value of $665,970.85. The stock of this corporation is quoted in the market and is very steady. It is largely held by trustees. It was quoted June 30 last at $292, and the average price during the last two years has been about $295. It was taxed this year at $298. It is inventoried at $295. The stock pays 10 per cent, dividend under the lease, and the earnings for the year ending June 30, 1910, were slightly more than sufficient to pay this rate, together with the interest on outstandins; bonds. 7. Boston Railroad Holding Cnm^pany (Schedules II. and IV.).— This company was incorporated under authority of the Legislature of VALIDATION REPORT. 97 Massachusetts for the purpose of acquiring and holding capital stock and other securities of the Boston & Maine Railroad. The entire capital stock of the Boston Railroad Holding Company is owned by the New Haven. This investment, having been authorized by the Commonwealth, has been inventoried at its book value. 8. Boston Terminal Company (Schedule I.). — The New Haven owns 2,000 shares of the capital stock of this company, or 40 per cent, of the total outstanding, the balance being owned equally by the Old Colony, the Boston & Providence, and the Boston & Albany Railroad companies. There being 5,000 shares at a par value of $100 per share, the par value of the stock is $500,000. There are also $14,000,000 worth of bonds out¬ standing. The company is taxed for $15,079,100. If there are no other debts, the stock of this company, based on the above valuation, would be over $200 a share. It is carried on the hooks at par, and, in order to be conservative, has been so appraised in the schedule. 9. Bridgeport Post Publishing Company (Schedule IV.). — This stock was acquired by the New Haven in a merger with the Consolidated Rail¬ way Company, and is listed at its book value. It paid dividends of 6 per cent, in the year ending June 30, 1910, and also in the previous year. 10. Bristol & Plainville Tramway Company (Schedule II.). — The New Haven owns 819 shares out of a total of 3,750, which it carries on its books at $155.59 per share, par being $100. It receives dividends at the rate of 7 per cent., which, capitalized at 41/0 per cent., would indicate a value of $155 per share, or practically the book value. It has been inven¬ toried at this value. 11. Central Netv England Railway Company (Schedules I. and IV.). — This steam railroad, about 150 miles long, operates under lease the Hartford & Connecticut Western Railway Company, about 124 miles additional. It is operated independently of the New Haven, the latter owning 93 per cent, of the total outstanding securities. The outstanding securities are as follows : — 37,500 shares preferred stock, par $100, 48,000 shares common stock, par $100, Central New England Railway Company first mortgage 5s, . Central New England Railway Company general income 5s, . Poughkeepsie & Eastern Railway Company first mortgage 5s, Dutchess County Railroad Company first mortgage 4y2S, Newburgh, Dutchess & Connecticut Railroad income mortgage 6s, ........... . Notes payable, $3,750,000 00 4,800,000 00 1,250,000 00 7,250,000 00 500,000 00 350,000 00 1,164,500 00 2,592,388 96 Total, $21,656,888 96 98 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Of the above securities, the New Haven owns the following: — Character. Par Value. Book Value. 34,710 shares preferred stock, $100, Preferred scrip, .... $3,471,000 001 $25 35 184 57J $879,769 25 44,885)^ shares common stock, $100 Common scrip, 4,488.550 001 15 64 125 93 J 702,297 64 Central New England Railway Company first mortgage 5s, 192,000 00 201,592 50 Central New England Railway Company general income 5s, . Scrip 7,037,000 001 442 39 J 5,303,945 87 Poughkeepsie & Eastern Railway Company first mortgage 5s, . 500,000 00 500,000 00 Newburgh, Dutchess & Connecticut Railroad income 6s, 1,164,500 00 405,992 50 Notes payable, 2,592,388 96 2,592,388 96 $19,446,191 85 $10,585,986 72 The outstanding securities of the Hartford & Connecticut Western are the following:— Par Value. Appraised Value. Capital stock, 29,670 shares, $100, Bonds, i}4 per cent., Convertible bonds, $2,967,000 00 700,000 00 3.000 00 $1,335,150 00 700,000 00 3,000 00 $3,670,000 00 $2,038,150 00 It will he seen that the stock of the Central New England was ac¬ quired by the New Haven at a very low price, the preferred standing at about $25 a share and the common at about $16 a share. When the New Haven acquired this road,'the Poughkeepsie bridge required exten¬ sive strengthening to superstructure and substructure to enable it to carry heavy trains. This strengthening was carried out at a cost of over $1,000,000, and was only completed a year or two ago. The cost of the work was charged entirely to operating expenses, though a large part of it, if not the whole, might have been capitalized, inasmuch as it was to increase the capacity of the structure. The bridge being now suited for heavy traffic, the control of the Central New England enables the New Haven to relieve the freight congestion on its lines out of New York by diverting freight traffic from the Lackawanna and the Central Railroad of New Jersey from Harlem River over the New York, On¬ tario & Western to Campbell Hall, and thence over the Poughkeepsie VALIDATION REPORT. 99 bridge. This change has resulted in a diminution of the freight to be ferried around New York, and in economy to the New Haven, and has greatly increased the earning power of the Central New England. For the year ending June 30, 1910, the net income after all charges was about $415,000. After crediting this, the company still has a deficit amounting to about $1,113,000. This will undoubtedly be soon wiped out from the earnings of the road, should they continue to increase. Had the above net income of $415,000 been distributed, the rate of return on the preferred stock would have been 7 per cent., the rate of return on the common stock 3 per cent, on their par value; or 27.6 per cent, and 19.17 per cent, respectively on the book value of these stocks to the New Haven. On the basis of earnings, therefore, capitalized at 4^ per cent., the stock should be taken at 155 for the preferred and 67 for the common. The appraisal shows the cost of reproduction new of the road, in¬ cluding the Hartford & Connecticut Western, to be $31,033,950, and the depreciated value to he $19,015,331. The bonds of this road seem undoubtedly good. They pay their full interest, and the notes carry 4 per cent. Taking the first mortgage 5s of the Central New England and the Poughkeepsie & Eastern at 100, the general income 5s at 80, the first mortgage 41/08 of the Dutchess County Railroad at 90, and the income 6s of the Newhurgh, Dutchess & Connecticut at 100, and applying these prices to the entire issue of each of these securities, give the total of funded debt and notes of the Central New England as $11,631,889. The outstanding securities of the Hartford & Connecticut Western are stated above. Taking the bonds of this road at par, and the stock, which under the terms of the lease pays 3 per cent., at 45, gives an ap¬ praised value of $3,038,150 for all the securities of the Hartford & Con¬ necticut Western. The physical valuation of the Central New England with its leased line, the Hartford & Connecticut Western, does not include equipment, which is all inventoried with the equipment of the New Haven, although a portion of this was undoubtedly taken over with the lease of the Central New England, and a reserve is set up in the accounts of the New Haven against all such equipment taken over with leased lines. The total physical value of the property, therefore, may be conservatively assumed to be approximately, at least, $31,000,000 new, and $19,000,000 depre¬ ciated. Although, according to the discussion which has been given, depreciation should not be considered, nevertheless, taking the latter fig¬ ure and deducting the appraised value of bonds and notes of the Central New England, and the appraised value of all the securities of the Hart- 100 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. ford & Connecticut Western, leaves for the stock $5,339,961, which corre¬ sponds to a price of about $100 for the preferred and $33.50 for the common. We have therefore the following values for the stocks of the Central New England : — Preferred. Common. On the basis of earnings, ......... S155 $67 00 On the basis of physical appraisal, $100 $33 50 Whichever basis is assumed, there seems no escape from the conclusion that the securities of this company should be appraised far above their book value to the New Haven. The lease of the Hartford & Connecticut Western expires in 1940, but the majority of its stock is owned by the Central New England, and it could not be profitably operated as an independent line. The perpetuity of the connection between these two lines, and of the connection of both with the New Haven, must therefore be assumed. In view of the above statements, and the fact that the road is steadily increasing in value as a western connection for the New Haven, it is certainly conservative to appraise the preferred stock at $90 and the common at $30 per share, and these values have been used. 12. The City and County Contract Company (Schedule I.). — This is a construction company through uhich the New York, Westchester & Boston Bailway Company is being constructed. It was organized April 12, 1904, under the New York laws, with rights under its charter to build and construct railroads, to deal in stocks, bonds and securities of railroad corporations, and to deal in realty. The stock of this company, namely, 6,900 shares, par value $100, is owned by the New York, Westchester & Boston Bailway Company. It has $205,000 notes payable, of which the New Haven owns .$150,000 and the Westchester Northern Eailroad Company owns $55,000. The case of this concern is that of a new company engaged in con¬ structing its line, the money has been expended, the line authorized by the Public Service Commission of New York. It seems reasonable to list this investment at its book value. 13. The Connecticut Company (Schedule I.). — This company oper¬ ates, through ownership or under lease to the New Haven, Connecticut trolley lines with a total length, computed as single track, of 745.67 miles. VALIDATION REPORT. 101 The outstanding capital liability of the company is 400,000 shares of capital stock, par value $100 per share, or $40,000,000. All of this stock is owned by the New Haven and carried on its books at par. The outstanding capital liabilities of the companies purchased and merged are assumed by the New Haven. The list of companies purchased and the list of companies leased, which comprise the Connecticut Company sj'stem, are shown on the chart which accompanies this report. The leased companies listed (with exception of the West Shore Rail¬ way and the South Manchester Light, Power and Tramway Company), together with the list of leased companies operated by the Housatonic Power Company (except the AVaterbury Gas Light Company), also shown on the chart, are under lease from the Connecticut Railway and Lighting Company to the Consolidated Railway Company, which latter company was merged with the old New Y^ork, New Haven & Hartford Railroad Company May 31, 1907. On Feb. 28, 1910, the leased trolley properties were sublet to the Con¬ necticut Company, and the leased electric light, power, gas and water companies were sublet to the Housatonic Power Company. The company earned for the year ending June 30, 1910, 3.9 per cent, on the capital stock, after making sufficient charges for maintenance. Capitalizing this at 41^ per cent, gives a value of $86.50 per share, which gives a valuation of $34,600,000. The appraised value, including overhead charges, is $27,464,613.99 for cost of reproduction new, but this only includes properties owned. The gross earnings are increasing and the property is in excellent condition. The stock is inventoried at the cost of reproduction new, nameh', $27,464,613.99, or considerably less than the earnings for the last year would justify, and undoubtedly less than the true value. 14. The Consolidated Raihvatj Company (Schedule HI.). — This company was merged with the New Haven in 1907. A small amount of debenture scrip is held in the New Haven treasury as a part of an out¬ standing issue of $972,000. This is a very small item and has been in¬ ventoried at the hook value. 15. Harlem River cP Port Chester Railroad Company (Schedules I. and AHII.). — This steam railroad is 11.17 miles long, and is operated by the New Haven under direct lease for ninety-nine years from 1873. The outstanding capital liabilities of the company are as follows : — 102 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Par Value. Owned by New Haven. 10,000 shares capital stock, $100, Notes payable, Advances on account second mortgage, . $1,000,000 00 $1,000,000 00 23,555,833 38 23.555,833 38 779,000 00 779,000,00 Book value. $25,334,833 38 $25,334,833 38 The physical appraisal of the property, which has been made for the purposes of this report, gives the cost of reproduction new as $41,222,191 and the depreciated value $40,391,558. The depreciation on this prop¬ erty is very small, because it is comparatively new. As the New Haven owns this entire property, which forms a very important portion of its system, comprising its freight terminals in New York City and the line leading to it, the only proper thing to do seems to be to appraise this property at its physical valuation, as has been done with the rest of the physical property of the New Haven. As shown by the above table, the book value of the obligations of the Harlem Elver & Port Chester, all of which are owned by the New Haven, is $25,334,833.38. On the basis of cost of reproduction new, these obligations must be appraised at a total of $41,222,191. If the property of this company had not been separately considered, but had been merged with the rest of the New Haven property, there would stand on the liability side, just as there does at present, bonds, stocks and other securities which have been sold to the public and the proceeds used to construct this line. But on the asset side this property would be represented in the item "road and equipment," and would there have been appraised at $41,222,191, being the cost of reproduction new. Owing to the fact that this company has not been consolidated with the New Haven, its cost is represented on the asset side by notes and stocks which have been taken by the New Haven to represent the money spent, and the appreciation is the appreciation in value of the whole property. This appreciation is, of course, largeR, if not entirely, in the land. The track and structures have been largely reconstructed within a few years and are, therefore, practically new. The road was leased in 1873. I cannot state the date of its original construction. It is quite certain, however, that the right of way and other real estate, originally acquired many years ago, has appreciated enormously with the growth of values in upper New York. In 1873 land in the vicinity was selling at very low figures compared with present prices. The real VALIDATION REPORT. 103 estate appraisal, as made for this report, is not greatly in excess of the assessed values. Physical valuation, as has already been explained, is a proper basis for the investigation upon which you are now engaged, having for its object to ascertain whether the assets of a company are suiBcient to justify its liabilities. The above statement will probably explain and justify the appraisal which has been put upon the Harlem River & Port Chester road. 16. Hartford & Connecticut ^Vestern Railroad Company (Schedule I.). — This steam railroad, 109.75 miles long, is operated by the Cen¬ tral New England Railway Company under lease for fifty years from Aug. 30, 1890, the terms being 2 per cent, on the capital stock, interest on bonds, taxes, organization expenses, etc. At termination of the lease the lessor shall pay a fair value for all betterments, improvements and additions made by the lessee. The New Haven owns 705 shares out of a total of 29,670 shares. Par value, $100, or $70,500 00 Book value to New Haven, $49.22, or 34,703 01 The company pays dividends on this stock at the rate of 2 per cent, per annum, which is approximately 4 per cent, on the book value of the investment. Of the 29,670 shares outstanding, the Central New England Railway Company owns 16,400 shares, which are pledged for the Central New England Railway Company first mortgage and general mortgage income bonds. The dividends of 2 per cent, per annum capitalized at 41^ per cent, give a value of $45 for the stock. It is quoted at about $42, although not actively dealt in. As the item is small, it is appraised at $45. 17. Holyol-e <& Westfield Railroad Company (Schedule I.). — This steam railroad, connecting Holyoke with the New Haven & Northamp¬ ton Railroad, and giving the New York, New Haven & Hartford Rail¬ road Company access to all of the mills by means of a spur track, is 10.59 miles long, and is operated by the New Haven under lease. It is of great value, and has paid dividends as follows ; 1908, 24 per cent. ; 1909, 14 per cent.; 1910, 14 per cent. If capitalized at 41/2 per cent., earnings of 14 per cent, indicate a value per share of $311, giving a val¬ uation for the 200 shares of $62,200, and this value has been used. 18. Iron Works Aqueduct Company (Schedule IV.). — No value has been assigned to this item. 104 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. 19. Milford, FranMin £ Providence Railroad Company (Schedules I. and IV.). — This steam railroad, which extends from Milford to Franklin, Mass., is 4.65 miles long, and was operated by the New Haven June 10, 1910, without a lease. Since that time it has been merged with the New Haven Company, which owns all the securities, namely: — Par Value. Book Value. 1,000 shares capital stock, $100, $100,000 $49,716 47 First mortgage 4s, 10,000 10,000 00 Total, $110,000 $59,716 47 The appraisal of the property, adjusted by Price, Waterhouse & Co. to June 30, 1908, was $141,152. These securities have been arbitrarily appraised at par, as the amount is small. 20. Milford £ Woonsochet Railroad Company (Schedules I. and IV.). — This steam railroad, 15.13 miles long, extending from Milford to Woonsocket, was, June 30, 1910, operated by the New Haven without a lease. Since that time it has been merged with the New Haven, which owns all the outstanding stock and bonds. The Stevens appraisal, ad¬ justed by Price, Waterhouse & Co. to June 30, 1908, gave a value of $361,239 for this property. These securities have been arbitrarily ap¬ praised at par, as the amount is small. 21. Millbroolc Company (Schedule I.). — This is a construction com¬ pany which it is proposed to use as the constructing company in connec¬ tion with building the Westchester Northern Railroad Company, the proposed line running from White Plains, having one terminus at Brewster, N. Y., and the other at Danbury, Conn. It was organized Nov. 3, 1906, under the New York laws, with rights under its charter to build railroads and other works of public utility, to acquire same by purchase and to acquire the securities of railroads or similar corporations. It is to undertake to purchase the right of way for the Westchester Northern Railroad and construct same at the cost price thereof, and re¬ ceive in exchange therefor cash to the amount of $1,000,000 and bonds of an issue not to exceed $10,000,000. It bears the same relation to the Westchester Northern Railroad Companv as the City and County Contract Company does to the New York, Westchester & Boston Rail¬ way Company. All the stock is owned by the New Haven. It is comparatively small item, and is arbitrarily appraised at its par value. VALIDATION REPORT. 105 22. Narragansett Pier Railroad Company (Schedule II.). — This steam railroad connects the main line of the New Haven Company with Narragansett Pier in Rhode Island. The New Haven owns 187 shares out of a total of 1,338. It is carried on the books at par. In 1907 dividends of 6 per cent, were paid, and in 1908, 1909, 1910, 4 per cent. On the basis of 4% per cent, this would indicate a value of about $89 per share for the stock, or $16,643 for the New Haven's holdings, which has been taken in the appraisal. 23. New England Navigation Company (Schedule II.).—-This com¬ pany was incorporated May 14, 1901, as Colonial Commercial Company, organized at New London May 13, 1903. The name was changed to the New England Navigation Company, Oct. 18, 1904, by order of the Superior Court of Connecticut. It operates the following marine prop¬ erties, which it acquired at various dates : — Providence & Stonington Steamship Company. Norwich & New York Transportation Company. New Haven Steamboat Company. New London Steamboat Company. Bridgeport Steamboat Company. Old Colony Steamboat Company. In addition, it owns securities of various other companies, as invest¬ ments, which are described below. The New Haven owns its entire capital stock, namely, 530,000 shares. The New England Navigation Company owns a controlling interest in the following companies : — (1) The Hartford & New York Transportation Companv. — This company is an independent operating steamship company. Of its secu¬ rities, the New England Navigation Company owns the entire capital stock and a note for $200,000. There is also outstanding, not owned by any company in the New Haven system, $200,000 of first mortgage 4y2 per cent, bonds. (2) The Maine Steamship Company of Maine. — This is another independent operating marine companv. Its entire capital stock is owned by the Hartford & New York Transportation Company, which also owns all its outstanding notes and $16,000 of an outstanding issue of $225,000 first mortgage 6 per cent, bonds. There are also outstand¬ ing, not owned by any company in the New Haven system, $325,000 first mortgage 5 per cent, bonds of the Portland Consolidated Steamship Company. Of these two issues of bonds, $77,000 of the first mortgage 6s and $56,000 of the first mortgage 5s, with interest, are held in sinking 106 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. funds b}' the Portland Trust Compan}-, trustee, and the Merchantile Trust Company^ trustee. (3) Merchants & Miners Transportation Company. — This is another independent operating marine company, of which the New England Navigation Company owns one-half the capital stock, namely, 25,000 shares, par $100, or $2,500,000. The Navigation Company also owns $3,250,000 of a total issue of $4,250,000 4 per cent, debentures. (4) The Billard Company. — The Navigation Company owns $14,- 250,000 of registered gold bonds of the Billard Company, dated Oct. 1, 1909, and due April 1, 1924. These notes bear interest at the annual rate of 3 per cent, to April 1, 1914; 4 per cent, from that date to April 1, 1919 ; and 5 per cent, from the latter date to maturity. They are carried on the books of the Navigation Company at par. (5) Housatonic Power Company. — This company operates, through ownership or under lease to the New Haven, various Connecticut electric light, power, gas and water companies. The Navigation Company owns the entire capital stock and notes payable of this company, which also has outstanding $1,000,000 first mortgage 5 per cent, bonds of the New Milford Power Company. (6) Worcester & Connecticut Eastern Railway Company. — The Nav¬ igation Company owns $40,000 first mortgage bonds of the Worcester & Connecticut Eastern Railway Company (the former name of the Con¬ solidated Railway Company). The total outstanding issue of these bonds is $1,992,000. They were issued by the New Haven in the merger with the Consolidated Railway Company. (7) The New England Navigation Company also owns 172,946 shares of the New York, New Haven & Hartford Railroad Company stock, and has fully paid its subscription to 56,893 additional shares. This security is carried on its books at $36,941,397.01. In Schedule II. this amount has been eliminated from the book value of New England Navigation Company stock, and its various items transferred to the balance sheet of the New Haven, and there eliminated from the liabilities. This has been done because all the stock of the New England Navigation is owned by the New York, New Haven & Hartford Railroad Company, so that New Haven stock owned by the Navigation Company is practically treasury stock of the New Haven. This is fully described in the sheet explaining the construction of the modified balance sheet. These shares, therefore, need not be here considered. Eor the purposes of this report, the floating property of the various marine companies, and also the physical propertv of the Housatonic Power Company, have been appraised. It will, therefore, probably be clearest to consider the New England Navigation Company and its sub- VALIDATION REPORT. 107 sidiary companies as one concern. The following table shows the total outstanding securities of all these companies, together with the amount of such securities held by any of the New Haven companies, at their par and book values : — Total Outstanding Securities of the New England Navigation Company and Subsidiary Companies. ! ! Total Par. Held by New Haven Companies. Par Value. Book Value. New England Navigation Company: — 530,000 shares stock, par $100, .... 4 per cent. 50-year debentures 4 per cent, gold debentures, 4 per cent, debenture, Providence Securities Com¬ pany. (Also $90,000 first mortgage 6 per cent, bonds of New London Steamboat Company. These are eliminated because funds have been deposited with the New York Trust Company, trustee, to redeem them.) $53,000,000 GO 675,000 00 3,600,000 00 19,899,000 001 $53,000,000 00 $54,510,969 39 $77,174,000 00 $53,000,000 00 $54,510.969 39 Hartford & New York Transportation Company: — 131,320 shares stock, par $25, .... 4 per cent, first mortgage bonds Notes payable, . . . . $3,283,000 00 200,000 00 200,000 00 $3,283,000 00 200,000 00 $3,519,954 69 200,000 00 $3,683.000 GO $3,483,000 00 $3,719,954 69 Maine Steamship Company of Maine: — 6,667 shares stock, par $50, ..... 6 per cent, first mortgage bonds (less $77,000 in sinking fund). 5 per cent, first mortgage bonds of Portland Con¬ solidated Steamship Company (less $56,000 in sinking fund). Notes payable, $333,350 00 148,000 00 269,000 00 119,090 38 $333,350 00 16,000 00 119,090 38 $1,146,387 33 17,300 00 119,090 38 $869,440 38 $468,440 38 $1,282,777 71 Merchants & Miners Transportation Company: — 50,000 shares stock, par $100, 4 per cent, debentures, $5,000,000 00 4,250,000 00 $2,500,000 00 3,250,000 00 $2,500.000 00 3,250.000 00 $9,250,000 00 $5,750,000 00 $5,750,000 00 The Billard Company: — Notes payable, $14,250,000 00 $14,250,000 00 $14,250,000 00 $14,250,000 00 $14,250,000 00 $14,250,000 00 * Of these bonds, $719,000 are in reserve funds of the New Haven. 108 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Total Outstanding Securities of the Xew England Navigation Company and Subsidiary Companies — Concluded. Total Par. Held by New Haven Companies. Par Value. Book Value. Housatonic Power Company: — 30,000 shares stock, par $100, .... 5 per cent, first mortgage bonds of New Milford Power Company. Notes payable, ....... $3,000,000 00 1,000,000 00 979,565 23 $3,000,000 00 979,565 23 $3,000.000 00 979,565 23 $4,979,565 23 $3,979,565 23 $3,979,565 23 Worcester & Connecticut Eastern Railroad Com¬ pany: — ^y2 per cent, first mortgage bonds, $1,992,000 00 $40,000 00 $42,487 50 A statement of net assets may now be made from the balance sheets of the New England Navigation Company and subsidiary companies, using appraised values for physical property. In examining this balance sheet, the following should be observed : — Good will has been entirely eliminated. With regard to the value of pier leases, an appraisal was made of such value in the case of the piers of the New England Navigation Company in New York City, and this appraisal shows a valuation but little below that carried on the books. The value of the leaseholds of the Hartford & New York Transportation Company have therefore been entered at their book value. Franchises of the Housatonic Power Company, carried on the books at $1,084,737.69, have been omitted as being intangible elements. This item will be considered later. In estimating the value of stocks and bonds, market values have been taken where practicable. The stock of the Merchants & Miners Trans¬ portation Company, which paid SVa per cent, for the year ending June 30, 1910, is quoted at about 74, and this value has been used in the combined balance sheet. The 4 per cent, bonds of the same company have been assumed at 90. The bonds of the Worcester & Connecticut Eastern Eailroad, of which a small amount are held, are quoted at about 103, and this value has been assumed. With reference to the Billard Company, it will be noted that the stock of this company pays 3 per cent, until 1914, and is said to fully earn this VALIDATION REPORT. 109 amount. Upon a basis of capitalization of 4% per cent., as has been used in valuing other securities, these debentures are therefore worth about 67, and this value has been assumed. Combined Balance Sheet of Kew England Navigation Company and Sub¬ sidiary Companies. Steamboats and other floating equipment, appraised: — New England Navigation Company, .... $11,733,500 00* Maine Steamship Company, 800,000 00 * Hartford & New York Transportation Company, 1,209,400 00* Property: — Hartford & New York Transportation Company, . $994,358 76 Maine Steamship Company piers, 17,620 88 Maine Steamship Company office and wharf fixtures, . 4,420 82 Leaseholds: — New England Navigation Company (appraised), . $1,005,846 73 Hartford & New York Transportation Company (book) 248,920 20 Property and plant, Housatonic Power Company: — Property (appraised), ....... $1,971,966 08' Advances, Connecticut Railway and Lighting Company, 506,702 61 Advances, XJ. Gas and Imp. Company, 657,351 69 Investments: — New England Navigation Company: — $3,250,000 Merchants & Miners 4 per cent, debentures, at 90 $2,925,000 00 25,000 shares Merchants & Miners stock, quoted at 74, . 1,850,000 00 $14,250,000 debentures of the Billard Company, at 67, . 9,547,500 00 $40,000 bonds Worcester & Connecticut Eastern Railroad, quoted at 103, 41,200 00 Hartford «fe New York Transportation Company: — $16,000 bonds Maine Steamship Company, quoted at 90, Maine Steamship Company of Maine: — Franklin Wharf Company, Housatonic Power Company: — Stocks and bonds (Waterbury Gas), Materials and supplies, .... Cash and current assets: — New England Navigation Company, Less accrued interest, Hartford «fe New England Transportation Company, Maine Steamship Company, ..... Housatonic Power Company, ..... Accrued interest and dividends. Miscellaneous items, $13,742,900 00 1,016,400 46 1,254,766 93 3,136,020 38 $14,363,700 00 14,400 00 64,000 00 113,178 22 14,555,278 22 329,340 46 $1,005,762 20 164,503 02 $841,259 38 241,024 92 76,360 07 739,461 63 1,898,106 00 178,608 61 477,139 38 $36,588,560 44 Depreciated. ' Cost of reproduction new. 110 NEW YORK, NEW & HARTFORD R.R. CO. Current liabilities: — New England Navigation Company, .... $674,794 19 Hartford & New York Transportation Company, . 83,010 08 Maine Steamship Company of Maine 67,515 75 Housatonic Power Company, 331,865 20 $1,157,185 22 Accrued liabilities: — New England Navigation Company, 151,460 00 Hartford & New York Transportation Company, .... 1,906 11 Maine Steamship Company of Maine, ....... 6,540 78 Housatonic Power Company, 65,936 83 $1,383,028 94 Suspense account : — Hartford & New York Transportation Company, . $6,113 12 Housatonic Power Company, ..... 201,115 07 Reserve accounts: — New England Navigation Company, .... $1,800 48 Housatonic Power Company, ..... 503,886 80 207.228 19 505,687 28 $2,095,944 41 Balance for securities, ............ $34,492,616 03 Securities, excepting those ovmed hy New Haven Companies. New England Navigation Company: — 4 per cent. 50-year debentures, $675,000 00 4 per cent, gold debentures, ......... 3,600,000 00 4 per cent, debentures. Providence Securities Company, . , . 19,899,000 00 Hartford & New York Transportation Company: — 4K per cent, first mortgage bonds, ....... 200,000 00 Maine Steamship Company: — 6 per cent, first mortgage bonds, ..... $225,000 00 Less amount held in sinking fund, .... 80,962 37 — 144,037 63 5 per cent, first mortgage bonds Portland Con. Steam¬ ship Company, $325,000 00 Less amount held in sinking fund, .... 60,596 44 264,403 56 Housatonic Power Company: — First mortgage 5 per cent, bonds of New Milford Power Company, . 1,000,000 00 25,782,441 19 Balance, representing value of New Haven holdings in properties, . . . $8,710,174 84 It appears from the above that the total value of all the New Haven holdings in the New England Navigation Company and subsidiary prop¬ erties is This represents the value of 530,000 shares of New England Navigation stock, including — 131,320 shares Hartford & New York Transportation Company. $200,000 note Hartford & New York Transportation Company. 30,000 shares Housatonic Power Company. VALIDATION REPORT. Ill $979,565.23 note Housatonic Power Company. 6,667 shares Maine Steamship Company of Maine. $119,090 notes Maine Steamship Company of Maine. The above value has been entered on the schedules as the appraised value of the New England Navigation Company stock. An estimate of the value of this stock, based on earnings, is unsatis¬ factory, because the income includes the income received from holdings of stock of the New York, New Haven & Hartford Railroad. The above estimate is believed to be conservative. It involves a re¬ duction of the book value, after eliminating the New A'ork, New Haven & Hartford Railroad Company stock, from $17,569,572.38 to $8,710,- 174.84. 24. New Haven & Noriliampton Company (Schedules I., II. and VIII.). — This steam railroad, 127 miles long, extends from New Ha¬ ven to Turner's Falls and Conway, with two branches. It was operated June 30, 1910, under direct lease, hut has since been merged with the New Haven, which owns the entire capital stock. The outstanding liabilities of the company are as follows: — Par Value. 24,600 shares capital stock, $100, $2,460,000 4 per cent, refunding bonds, ........ 2,400,000 Northern Extension 5 per cent, bonds, 700,000 $5,560,000 Of these securities, the following are owned by the New Haven: — Par Value. Book Value. 24,600 shares capital stock, $100, ....... The New Haven has also made advances, ..... $2,460,000 00 64,922 33 $984,000 00 64,922 33 In addition, $54,000 of the Northern Extension bonds are held in the New Haven accident and casualty fund. According to the terms of the lease, the stock receives dividends of 4 per cent., which is 10 per cent, on its book value. The physical appraisal shows a cost of reproduction of $9,540,785 and a depreciated value of $8,798,575. Deducting the par value of bonds and advances, namely, $3,164,922.33, from the cost of reproduction new, leaves a balance of $6,375,863 as the value of the stock, or nearly $260 per share. This seems a very high price but it is the figure to be con- 112 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. sistently used if physical valuation is assumed as the basis, and it has therefore been entered in the appraisal. 25. The New York Connecting Railroad Company (Schedules I. and VIII.). — This is a steam railroad under construction, and owned jointly by the New Haven and the Pennsylvania Railroad companies, each own¬ ing half of a total of 30,000 shares. The capital stock and obligations owned by the New Haven are as follows : — Par Value. Book Value. 15,000 shares capital stock, $100, $1,500,000 00 $1,527,204 33 Notes payable, 491,292 07 491,292 07 Advances, ............ 113,480 34 113,480 34 $2,104,772 41 $2,131,976 74 The line of this road extends from Harlem River across Long Island to a point from which a ferry will connect with the Pennsylvania ter¬ minal at Greenville, on the west side of the Hudson River. The real estate for this line has been largely, or perhaps entirely, acquired, and when the line is built and connected by a bridge across Hell Gate with the Harlem River and Port Chester, the New Haven and Pennsylvania railroads will have a freight connection involving only a short ferry transfer between Bay Ridge and Greenville, thus saving the expensive transfer of freight by car floats around New York City. This line will also afford a through passenger connection between the Pennsylvania and the New Haven railroads, via the tunnels under the East and Hudson rivers and under Manhattan Island. Money for this road has been advanced, and it seems proper to treat it as a new road, for which the capital has been authorized and issued. Tlie securities of this company have therefore been listed at their hook value. 26. New York, Ontario cP ^Yestern Railway Company (Schedule I.). — This railroad, which connects with the Central New England Rail¬ road at Campbell Hall, and extends to Oswego on Lake Ontario, with a branch to Scranton, Pa., and other branches, has trackage rights over the West Shore road to its terminals at Weehawken, opposite New York City. The New Haven owns 22 shares of the preferred stock, out of a total of 40, and 291,600 shares of the common, out of a total of 581,- 139-®yio.ooo lieing 50.1 per cent, of the common stock. VALIDATION REPORT. 113 The market value of the preferred stock is about $140, but has been valued at its book value of $146. Dividends were received upon it, dur¬ ing the year ending June 30, 1910, of 6 per cent. The common stock was purchased by the New Haven at about $48 a share. Prom this was written off a dividend deducted shortly after the purchase, so that it stands on the books at about $45 a share. The con¬ trol of this road gives the New Haven a western connection across the Poughkeepsie bridge, and also entry to the terminals on the Hudson Eiver at Weehawken. It thus enables it to divert much freight which would otherwise have to be ferried around New York, carrying it via Campbell Hall and into New England across the Poughkeepsie bridge. It also gives the New Haven its own line to the heart of the Pennsyl¬ vania coal fields. The purchase of this stock was financed by the issue of 4 per cent, bonds at about par, and as the stock receives dividends of 2 per cent, annually, this is equivalent to a value of $50 per share, on the basis of the securities issued to purchase it. There seems little doubt that con¬ trol of this road is worth more than what the New Haven paid, but it is entered at the book value for the common stock. The market value of the common stock was $42 June 30, 1910, and averaged perhaps $44 during the past two years. 27. New Yorh, Providence & Boston Railroad Company (Schedule III.). — This company was merged with the New Haven in 1893. There are $1,000,000 general mortgage 4 per cent, bonds outstanding, which were assumed by the New Haven, of which $201,000 are held in its treasury. The bonds of this company were quoted, June 30, 1910, at $98, and averaged during the past two years about $101. They have been taken at par. 28. Yew Yorl: LocTc Company (Schedule IV.). — No value has been assigned to this item. 29. New Yorh £ Stamford Railway Company (Schedules I. and IV.). — This street railway has a total length of 28.98 miles single track. It leases from the New Haven that portion of the Greenwich Tramway Company west from Mianus River to the New York State line. Its entire capital stock is owned by the New Haven. Its oiatstanding liabilities are the following: — 114 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Total. Owned by New Haven. Capital stock, $100, .......... Bonds: — First mortgage 5 per cent., due Oct. 1, 1931, . . . . First ref. mortgage 4 per cent., due Nov. 1, '58, Notes payable, .......... $500,000 00 426,000 00 274,000 00 290,030 47 $500,000 00 27,000 00 290,030 47 $1,490,030 47 $817,030 47 For the year ending June 30, 1910, its net income was $35,198; the previous year it was $16,057. The maintenance charges for the year ending June 30, 1910, were 16.95 per cent., which is not as large as is generally considered necessary permanently. Charging from the earn¬ ings an additional 3 per cent, of gross earnings for a maintenance fund, leaves net earnings of about $17,300, which is equivalent to 3.7 per cent, on the capital stock. On the basis of JVa per cent, this makes the stock worth $83.14 per share. This makes the value of the stock held by the New Haven $410,700. The physical appraisal of this property gives a cost of reproduction new of $1,381,318, and a depreciated value of about $1,034,794. If we deduct from the cost of reproduction new the par value of bonds and notes, we have a balance of $291,188 for the stock, or about $58 per share. If we deduct the par value of bonds and notes from the depreciated value, we have a balance of only $34,974, or about $7 per share. As already explained, I believe the cost of reproduction new is the proper basis, and have therefore listed the stock at $50 per share. The bonds are quoted at about $91, making their value $24,570, and they are listed at that figure. The notes are listed at their face value. 30. New Yorl:, ^Yes^c^les^er é Boston Railway Company (Schedule I.). —This is an electrified railroad in process of construction, which, it is stated, will be ready for operation by the fall of 1911. Beginning in Harlem, one branch will have IVhite Plains as a termi¬ nus and the other Port Chester as a terminus. This company was incorporated March 20, 1873, under the New York laws, and consolidated with the New York & Port Chester .Tan. 19, 1910, by act of the Legislature in 1909. Its franchise in New York City runs twenty-five years from Aug. 3, 1904, with the privilege of renewal for a further period of twenty-five years upon a fair revaluation of " rights and privileges of the road." The New Haven owns 49,248 shares of the capital stock, out of a total VALIDATION REPORT. 115 of 49,453y2 shares, and all of the company's honds. These stand on the books at the following figures ; — Par Value. Book Value. 49,248 shares capital stock, $100, ...... $4,924,800 00] y $120 20 $5,920,094 62 Capital stock and scrip, 137 50 J First mortgage 5s 15,000,000 00 15,000,000 00 Temporary bond, 5 per cent., ....... 100,000 00 100,000 00 $20,024,937 50 ?21,020,094 62 The following statement from the second annual report of the New York Public Service Commission for the Second District will aid in an understanding of the situation : — New York, Westchester & Boston Railway Company, controlled by New York & Port Chester Railroad Company through ownership of capital stock. Incorporated March 20, 1872. Capital stock, $1,000,000. Began construction and proceeded therewith until on or about March 23, 1875, when a receiver was appointed in a judgment creditor's action. Original articles of associa¬ tion were invalid for want of proper certificate. This defect was cured by filing affidavit pursuant to chapter 627, laws 1903, and property taken from receiver Jan. 14, 1904. Franchise obtained from city of New York Aug. 2, 1904, and consent of the Board of Railroad Commissioners obtained Nov. 16, 1904, to making a mortgage of $20,000,000 and increasing capital stock to $20,000,000. This mortgage and increase were made. Pursuant to contract between the company and the City and County Contract Company, the latter undertook to construct a railroad from 177th Street to Port Chester for $15,000,000 bonds and .$19,000,000 stock. Owing to an application to the Attorney-General of the State to institute an action attacking the corporate existence of the company, construction was delayed until about June, 1905. Obtained franchise from city of Mount Vernon Sept. 1, 1905, and from city of New Rochelle Nov. 27, 1906. The construction of the road was financed through the City and County Contract Company, the latter selling $15,000,000 bonds and $6,000,000 stock to an underwriting syndicate for $13,500,000. A portion of this underwriting has been paid in on various calls and the proceeds used by the Contract Company. The company has met with great difficulty in acquiring right of way, and has been involved in protracted litigation instigated by rival corporations and minority stockholders. Grad¬ ing has been done over all the available right of way and bridges erected over all streets where the company owns a right of way for abutments. Prior to Aug. 2, 1906, the company expended over $1,000,000 in construction within the city of New York. It appears that the New Haven has expended $21,020,094.62 in cash on this road fo7' .franehises, real estate and construction. 116 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The companies comprising the New York, Westchester & Boston and the Westchester Northern system, including the two construction com¬ panies, are as follows : — • , New York, Westchester & Boston Kailwaj' Company. Westchester Northern Eailroad Company. Mt. Vernon & Eastern Railroad Company. The City and County Contract Company. Millbrook Company. The tangible assets of these companies are stated to be $12,326,481.18, the detail of which is as follows ; — Real estate, $5,650,692 59 Construction (including right of way and fixed capital), ...... 4,669,882 57 White Plains branch, 1,498,020 99 Stocks and bonds of other corporations. 151,047 29 Cash, 260,340 37 Due from other companies and individuals, . 9,366 83 Accrued income on securities owned. 1,160 84 Prepaid insurance, ...... 2,221 22 Westchester Northern Railroad Company cons., 233,269 67 $12,476,002 37 Less : —• Audited vouchers, 149,581 18 $12,326,421 18 To have verified these figures would have involved an extended audit for which there was no available time. Against this total of $12,326,- 421.18 of tangible assets, the New Haven has an investment of $21,- 279,594.62, as follows : — City and County Contract Company notes, .... $150,000 00 Millbrook Company stock, 109,500 00 New York, Westchester & Boston stock, 5,920,094 62 New York, Westchester & Boston bonds, .... 15,100,000 00 $21,279,594 62 The difference between the total cost of the New Haven's investment, viz., $21,279,594.62, and the tangible assets, viz., $12,386,421.18, may be considered to be the cost of the franchises control of the situation, etc. There is a large element of undetermined value_ here. Deducting VALIDATION REPORT. 117 from the $12,336,431.18 the appraised values given for the City and County Contract Company investment and the Millbrook Company in¬ vestment, viz., $359,500, leaves $13,066,931.18, which may be considered as representing the value of the New Haven's investment in the New York, Westchester & Boston Railway Company. 31. Norwich & Worcester Railroad Company (Schedules I. and II.). — This steam railroad, 70.91 miles long, extending from Norwich, Conn., to Worcester, Mass., with a branch to Southbridge, is operated under lease. The New Haven owns 693 shares of its preferred stock, out of a total of 30,000 shares, and has advanced in addition the sum of $495,937.74 to the company. Dividends of 8 per cent, are paid on this stock, which was quoted June 30 last at $310, and at about $313 on the average for the past two years. It is listed at the latter figure, and advances at the book value. 33. Old Colony Railroad Company (Schedules I. and VIII.). — This steam railroad, having a mileage of 517.31 miles, is operated under direct lease to the New Haven. It controls all the steam railroad lines in south¬ eastern Massachusetts, with branches reaching to Pitchburg and Lowell. The New Haven owns 77,494 shares, out of a total of 303,640, which were quoted .lune 30 last at about $189, and on an average during the past two years at about $193. It was taxed in 1910 at the latter figure. This stock pays 7 per cent., and has been here appraised at $193. The New Haven has advanced the sum of $334,958.85 to the Old Colony Railroad Company on its betterment account, which, according to the terms of the lease, is recoverable, and this is listed at its book value in Schedule VIII. 33. Pennsylvania Railroad Company (Schedule IV.). — The New Haven owns 964 shares of the stock of this company. This stock is actively dealt in on the stock exchange, and was quoted at $138 June 30 last, and at about $134 on an average for the past two years. The par value being $50 per share, a valuation of $134 would make the holdings of the New Haven worth $64,588, and they have been appraised at this figure. 34. Providence, Warren & Bristol Railroad Company (Schedules I. II. and IV.). — This steam railroad, extending from Providence to Pall River, is 14.44 miles long, and is operated under lease to the Old Colony Railroad Company. The stock pays 6 per cent., indicating, on a basis of 4y2 per cent., a valuation of $133 per share. The 5 shares owned by the New Haven have been listed at this figure. In addition, the notes of the company held by the New Haven, and the advances made, have been listed at their book value in schedules II. and IV. 35. Providence S Worcester Railroad Company (Schedule I.). — This lis NEW YORK, NEW HAVEN & HARTFORD R.R. CO. steam railroad, which extends from Providence to Worcester, through a thickly populated manufacturing district, is 47.9 miles long, and is operated under direct lease to the New Haven, which owns 3,118 shares of the capital stock, out of a total of 35,000. The company has out¬ standing $1,500,000 first mortgage bonds. The stock pays 10 per cent, and was quoted June 30, 1910, at $260, the average during the past two years having been about $265. It has been appraised at the latter figure. 36. Quincy Quarries (Schedule IV.). — This stock is quoted at $20 to $30. It has been listed at the former figure. 37. The Rhode Island Company (Schedule I.). — This company oper¬ ates, through ownership or under lease, Ehode Island trolley lines with a total length, computed as single track, of 320.58 miles. The compa¬ nies owned are as follows : Woonsocket Street Railway Company ; Colum¬ bian Street Railway Company; Providence & Burrillville Street Railway Company. The companies leased are as follows: Union Railroad Company; Rhode Island Suburban Railway Company; Pawtucket Street Railway Com¬ pany. The term of the leases is nine hundred and ninety-nine years. The interest and rentals on these leased properties amount to $1,061,- 642 per annum. The New Haven owns all the capital stock of the Rhode Island Company, and the latter has no other capital liability. The outstanding stock is as follows: — 96,855 shares, par value $100, $9,685,500 00 96,855 shares, book value to the New Haven $250.07, . . 24,220,978 90 e The gross earnings and the net income over all charges have been as follows for the past four years, the amount for 1907 being taken from Poor's Manual : — Gross EarDÍngs. Net Income. 1907 S3,859.715 00 $98,814 00 1908, 4,194,503 23 178,420 89 1909 4,160,785 27 469,206 85 1910 4,440,809 12 573,565 33 The company only charged to maintenance, however, about 13 per cent, in the year ending .June 30, 1910, whereas 20 per cent, is generally considered necessary. This may have been all that was necessary for this year, considering the large amount recently spent to improve the prop- VALIDATION REPORT. 119 erty, but if we charge an additional 6 per cent, of the gross earnings to a maintenance fund, the net earnings will be reduced to about $300,000. This would give a little over 3 per cent, on the capital stock, and would make its value $67 per share, if capitalized at 4y2 per cent., which would make the total value of the New Haven stock $6,489,285. The matter may be considered from another point of view. The appraised value, or cost of reproduction new, June 30, 1910, of the properties owned is $1,719,831 33" The amount spent by the New Haven for betterments on leased properties, since the execution of the lease, June 24, 1902, is 7,834,574 37 Since these betterments are recoverable in case of termina¬ tion of lease for other cause than default of lessee, they may practically be considered the property of the lessee, not being among assets of the property leased, and the total physical value in the property owned by the New Haven may be taken to be the sum of these, or . . $9,554,405 70 The balance sheet shows an excess of working assets above physical property over liabilities of ... . 818,328 22 Making a total value to the New Haven of . . . . $10,372,733 92 Or something above the par value of the stock. The excess of working assets is found from the balance sheet as follows : — Securities owned : — 10,141 shares United States Traction Company stock @ 100, . . . $1,014,100 00 $106,000 Un. Trac. Elec. Co. 5 per cent. bonds @ 104, 110,240 00 $3.000 Rhode Island Suburban Company first mortgage 4 per cent, bonds @ 87, 2,610 00 — $1,126,950 00 Cash, 492,514 92 Marketable securities : — 1,479 shares New York, New Haven & Hartford Railroad (omitted from con¬ sideration here, and treated as New Haven treasury stock). 130 shares Union Trust Company voting certificates @ 150, .... $19,500 00 Union Trust Company contingent cer¬ tificates, 28,215 42 120 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Marketable securities — Con. 5 shares Norton & Taunton Street Rail¬ way Company, - Vanity Fair Amusement Company, . . - $47,715 42 Miscellaneous accounts receivable, 82,804 GO Balance due from agents and conductors, .... 21,313 42 Materials and supplies, 367,845 70 Deferred debit items, 285,743 81 $2,424,887 27 $465,214 88 18,414 85 61,784 00 1,061,145 32 1,606,559 05 $818,328 22 There is still another point of view which may be taken regarding this property. The leased lines were not appraised for this report, but taking the appraisal of "Westinghouse, Church, Kerr & Co., as adjusted by Price, Waterhouse & Co. to June 30, 1908. the depreciated values were as follows ; —■ Property owned, $1,597,777 04 Property leased, 18,292,614 27 $19,890,391 31 To the above add the betterments from June 30, 1908, to June 30, 1910, 251,084 66 Making a total physical valuation, June 30, 1910, of say . $20,141,475 97 Using this value the balance sheet would stand about as follows: — Assets. Total physical property, $20,141,475 97 Securities owned, 1,126,950 00 Current liabilities paid under leases, 979,275 22 Working assets : — Cash, 492,514 92 Marketable securities, 47,715 42 Miscellaneous accounts receivable, 82,804 00 Balance due from agents and conductors, . . . 21,313 42 Materials and supplies, 367,845 70 Deferred debit items, 285,743 81 Total assets, $23,545,638 46 Less ; — Working liabilities. Accrued liabilities, . Deferred credit items, . Reserve for. equipment leased. VALIDATION REPORT. 121 Less : —■ Working liabilities, Accrued liabilities, . Deferred credit items, . Reserve for equipment leased. $465,214 88 18,414 85 61,784 00 1,061,145 32 1,606,559 05 Net value of property represented by securities, . . $21,939,079 41 The securities outstanding against properties leased are the fol¬ lowing : ^ — 90,000 shares Union Railroad Company, par $100, . . $9,000,000 5,000 shares Pawtucket Street Railway Company, par $100, 500,000 50,000 shares Rhode Island Suburban Street Railway Com¬ pany, par $100, 5,000,000 2 shares Providence Cable Tramway Company, par $100, 200 $4,682,000 Rhode Island Suburban 4s, 4,682,000 247,200 Pawtuxet Valley El. Street Railway 5s, . . . 247,200 69,000 Cumberland Street Railway Company 6s, . . . 69,000 $19,498,400 Deducting the above par value of securities from net assets leaves a sum of $2,440,679 for the stock of the Rhode Island Company. According to the general principles laid down in the introduction to this report, however, the cost of reproduction new should be used as a basis, and not the depreciated value. The cost of reproduction new will be at least 20 per cent, above the depreciated value, so that on this basis about $3,978,000 should be added, making the value of the stock $2,440,- 679 plus $3,978,000, or $6,418,679, or almost exactly what was obtained on the basis of earnings. It may be objected that the above securities should not be taken at par, but at some market values based on income. These values might be taken so as to leave no value for the stock. The answer to this is that if a value above par is to be taken for the underlying securities, then the earn¬ ing power of the property, above charges, should be taken as a measure of the value of the stock. The earning power, as already explained, gives a value of $67 per share. From four difEerent points of view we thus get the value of the Rhode Island Company stock, as follows : —■ » There are no other securities outstanding: which are a lien on the property. There are $254,000 outstanding bonds of the T*rovidence & Burrillville Street Railway, i)ut against these funds of equal amount have been deposited with the Rhode Island Hospital Trust Company for redemption. 122 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. From earnings, $6,489,285 From appraised value of property owned and betterments on leased lines, 10,372,734 From depreciated value of all ]iroperty, less outstanding securi¬ ties, 2,440,679 From cost of reproduction new of all property, less outstanding securities, 6,418,679 The value of the Rhode Island Company stock is thus seen to be quite uncertain. However, when it is considered that the lines have a mileage of 320 miles of single track, serving the second largest city in New Eng¬ land; that the earnings are increasing; that the property has been put in excellent condition; and that the leases are for a very long term, it seems probable that the ultimate value of the property will be great. For the purposes of this report, which is designed to be very conservative, however, the value of these shares is placed at $6,000,000, or about $62 a share, that is to say, about one-fourth the cost to the New Haven. 38. Rhode Island £ Massachusetts Railroad Company (in Massachu¬ setts) (Schedule I.). — This steam railroad, which extends from Frank¬ lin, Mass., to the Rhode Island State line, is 6.52 miles long, and was, .June 30, 1910. operated witliout a lease, hut has since been merged with the New Haven, which owns the entire capital stock. The road was ap¬ praised, and the adjusted value given by Price, Waterliouse & Co. as of .June 30, 1908, was $137,431. It has been listed at this figure. 39. Roxhury Central Wharf (Schedule I.). 40. South Bay Wharf Terminal Company (Schedule I.). No value has been placed on these securities. 41. Trustees Parle Square Real Estate Trust (Schedule II.). — The New Haven owns the entire capital stock of this trust, nameh' : — Par Value. Book Value. 52,000 shares, SlOO, .......... Notes payable $5,200,000 00 500,000 00 $5,071,331 87 500,000 00 $5,700,000 00 $5,571,331 87 This property is taxed by the city of Boston on a valuation of $4,472,- 000. Both the stocks and notes are entered at their book value. 42. United Button Company (Schedule IV.). 44. Village Water Company (Schedule IV.). 45. Vanity Fair Amusement Company (Schedule IV.). VALIDATION REPORT. 123 47. Waterbury Republican (Schedule IV.). 48. Wirt Manufacturing Company (Schedule IV.). No value has been placed upon these securities. 43. The United States Transportation Company (Schedule II.).— All the property of this company, with the exception of certain pier leaseholds, was sold to the Hartford & New York Transportation Com¬ pany. It owes the New Haven a balance of $89,949.81. Since June 30, 1910, it has paid $74,900.54, and this sum has been entered in the ap¬ praisal. The balance is being carried in suspense. 46. Waterbury Hotel Corporation (Schedule IV.). — I am informed through the Citizens' National Bank of Waterbury that this stock is worth about $30 per share, and it has been appraised at that figure. 49. Wood River Branch Railroad (Schedule II.). — This is a little switching road 5.71 miles long, from Wood River Junction to Hope Val¬ ley in Rhode Island. It is here inventoried as of no value, its real value being uncertain. 50. The Westchester Street Railroad Company (Schedules I. and IX.). — This street railway company has a total length, computed as single track, of 21.37 miles. The company was organized Dec. 8, 1909, to acquire the major portion of the property of the Tarrytown, White Plains & Mamaroneck Railway Company under foreclosure proceedings. No stock has yet been issued. Application is now pending before the New York Public Service Commission, Second District, for authority to issue capital stock. The New Haven has advanced $907,840.43, which was to be repaid in stock or bonds. To June 30, 1910, the" company has been under operation two hundred and four days. The net income for this period was $13,904.08. The advances made are appraised at their book value, less the liability item (Schedule IX.) of $23,252.74. The cost of re¬ production new as appraised is $932,043. In the preceding pages reference has been made to the appraisals of trolley roads. These appraisals have been based upon those made by Westinghouse, Church, Kerr & Co., which were in great detail and entirely reliable. Some changes have been made, however, in the overhead charges. Por these charges, Westinghouse, Church, Kerr & Co. used the fol¬ lowing : —■ Engineering, 5 per cent, on total, including land, road and equipment, and property not used in operation. Legal and general expenses, 4 per cent, on total, including land, road and equipment, and property not used in operation. 124 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Interest, 5 per cent, per annum for an average of two years, or 10 per cent, in all. Commissions, 10 per cent. As the interest would apply not only to the property but to the engineer¬ ing and other overhead charges, except commissions, the total percentage would be about 30. Price, Waterhouse & Co. adjusted these overhead charges by making the charge for interest and commissions 7 per cent., instead of 20, assum¬ ing an average interest for only one year. They therefore used a total overhead charge of about 16 per cent, on the entire cost of reproduction. No contingencies were used in either of the above estimates. Mr. Wells believed that the overhead charges used by Westinghouse, Church, Kerr & Co. were too low. He recommends and uses the fol¬ lowing ; —• Administration, engineering and contractors' profit, 15 per cent, on total physical cost. Insurance during construction, 1 per cent, on total physical cost. Legal and general expenses, 1 per cent, on total physical cost. Interest during construction, 6 per cent, on total physical cost. Total of the above, 23 per cent, on total physical cost. To this he adds brokerage 8 per cent, of physical cost plus the above overhead charges, or about 10 per cent, of physical cost, making a total overhead charge of about 33 per cent, of the physical cost of reproduction. In order to be amply conservative, the following percentages have been used in this report, and Mr. Wells's figures were modified in accordance with them, namely : —• Engineering, 5 per cent, of physical cost of reproduction. Contingencies, 5 per cent, of physical cost of reproduction. Legal and general expenses, 3 per cent, of physical cost of reproduction. Total of the above, 13 per cent, of physical cost of reproduction. Interest, 6 per cent, of physical cost of reproduction plus the above, or about 7 per cent, on physical cost of reproduction. Commissions for marketing securities, 3 per cent, of physical cost of repro¬ duction. Making a total of about 23 per cent, of physical cost of reproduction. This is less than that used by Westinghouse, Church, Kerr & Co. and by Mr. Wells, but somewhat more than that used by Price, Waterhouse & Co., which I am convinced is entirely too low. ^^ALIDATION REPORT. 125 Contingent Liabilities. The report of the New York, New Haven & Hartford Railroad Com- panj' mentions some so-called contingent liabilities, and some question may be raised as to their effect upon the above valuation. In order to elucidate this, the contingent liabilities will be enumerated, with a state¬ ment of the manner in which they have been considered. TJre contingent liabilities consist of the following : — 1. Boston Terminal Company. — Bonds, $14,000,000, on June 30, 1910. Jointly liable with other roads for any deficiency on foreclosure. (This liability was fully considered in the appraisal of the property, which is taxed for over $15,000,000. See page 97.) 2. Springfield Railway Companies. — Preferred stock. Guarantees 4 per cent, dividends on $3,387,950 and payment of principal at 105 per cent, on liquidation. 3. New England Investment and Security Company. — Preferred stock and fifteen-year funding gold notes. Guarantees 4 per cent, divi¬ dends on $4,000,000 and payment of principal at 105 per cent, on liqui¬ dation. Guarantees payment of principal $3,000,000 and interest of fif¬ teen-year funding gold notes dated April 1, 1909. Guarantees payment of an additional $13,250,000 and interest of same notes when requested to do so by John L. Billard, as per contract. (With reference to Nos. 2 and 3, the companies referred to are stated to be earning in excess of the interest on these securities, and the chance that they will ever constitute a real liability upon the New York, New Haven & Hartford Railroad Company is very remote.) 4. Providence Securities Company. — Pour per cent, fifty-year gold debentures, $19,899,000, dated May 1, 1907. Guarantor by endorse¬ ment. (These liabilities have been fully considered and allowed for in the appraisal of the shares of the New England Navigation Company. See balance sheet, page 110.) 5. New England Navigation Company. — Gold debentures, $3,600,000. Guarantees payment of principal and interest in case of termination of Old Colony Railroad Company lease. (These liabilities have been fully considered and allowed for in the appraisal of the New England Navigation Company. See page 110.) 6. New Haven & Northampton Company. — Four per cent, fifty-year refunding gold bonds, dated June 1, 1906. Guarantor by endorsement to the amount of $2,400,000. In addition, the New Haven & Northampton Company has outstanding $700,000 of 5 per cent. Northern Extension 126 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. bonds, of which $.54,000 are held in the New Haven Accident and Cas¬ ualty Fund. (All of these have been taken account of in the appraisal of the New Haven & Northampton Company. See page 111.) 7. New York & Stamford Railroad Company. — Four per cent, fifty- year first and refunding gold bonds, dated Nov. 1, 1908. Guarantees pay¬ ment of principal and interest to the amount of $274,000. (These have been taken account of in the appraisal. See page 114.) 8. The Harlem River & Port Chester Railroad Company. — Four per cent. thirt,y-year second mortgage bonds, dated June 1, 1881. Guarantees payment of principal ($1,000,0001 and interest. The principal and inter¬ est to maturity has been deposited by the New York, New Haven & Hart¬ ford Railroad Company with the Farmers Loan and Trust Company, trustee. (This is really no liability, since the principal and interest for re¬ demption have been deposited with a trustee for payment.) 9. Boston Railroad Holding Company. — Stock, bonds, notes and other evidences of indebtedness. Under the provisions of section 4, chapter 519 of Acts of the. General Court of the Commonwealth of Massa¬ chusetts passed at its 1909 session, the New York, New Haven & Hart¬ ford Railroad promises, when they shall be sold, to guarantee the prin¬ cipal of, and the dividends, and the interest upon the capital stock, honds, notes and other evidences of indebtedness of Boston Railroad Holding Company held by it. (As all the outstanding securities of the Holding Company are owned by the New Haven, there is no present liability.) Intangible Assets. No attempt has been made in the above discussion to estimate the intangible assets of the company, although these may amount to a very considerable item. In the appraisal of the railroads in Michigan in 1900, the intangible assets were estimated by Professor Adams, who gave a rule for their determination, based upon the net earnings. In a total physical valuation of $202,716,262 for cost of reproduction new, or $166,398,156 for depreciated value, the non-physical, or intangible, ele¬ ments were estimated at $35,814,043. The latter, therefore, just about made up for the depreciation. Reference has been made, however, in the previous pages to one ele¬ ment of intangible value of a different kind, namely, that which is due to the permanent right of the New York, New Haven & Hartford Rail¬ road to run over the New York Central tracks into the Grand Central VALIDATION REPORT. 127 station, which, on the basis of property taxed, was estimated to represent about $6,000,000. In concluding this report, mention should be made of the fact that our investigations have indicated that the Stevens appraisal was a very con¬ servative one. Evidently no attempt was there made to unduly increase the appraised value of the property, but, on the contrary, the figures were almost always low. I desire also to express here my appreciation of the services of those who have assisted me in this work, and especially of those who have had charge of the important branches. They have labored faithfully and conscientiously to obtain reliable and conservative results, and although the time has been very short, the conclusions which have been reached are, I believe, safe and reliable. My thanks' are also due to the officials of the company, who have ren¬ dered every assistance in their power to facilitate the preparation of this report. A large amount of information has been asked for, the prepara¬ tion of which required considerable time, but it has been cheerfully furnished. Eespectfully submitted. GEO. F. SWAIN. 128 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. EXHIBIT 1. General Balance Sheet, June 30, 1910. Assets. Property Investment. 1. Road and equipment, $170,222,450 56 Floating equipment, street railways and other proper¬ ties 6.346,362 90 $176,568,813 46 2. Less reserve for accrued depreciation of equipment, 1,872,720 54 $174,696,092 92 3. Securities: — Securities of proprietary, affiliated and controlled companies: — Stocks (Schedule I.), $105,651,624 78 Funded debt, 15,100,000 00 Miscellaneous 25,394,996 35 146,146,621 13 4. Other investments (Schedule II.): — Advances to proprietary, affiliated and controlled companies for construction, equipment and betterments, $1,161,671 82 Miscellaneous investments: — Securities, 63,504,856 83 64,666,528 65 Total property investment $385,509,242 70 Working Asseis. 5, 6, 7, 8. Cash, 9. Securities issued or assumed, held in treasury (Schedule III.), 10. Marketable securities (Schedule IV.), 11. Loans and bills receivable, .... 12. Net balances due from agents and conductors, 13. Miscellaneous accounts receivable, . 14. Materials and supplies, 15. Other working assets, ..... Total working assets, .... $18,099,040 97 211,715 00 29,565,205 50 10,797 96 2,248,770 27 4,206,251 21 3,461,208 42 382,266 67 58,185,256 00 Accrued Income not due. 16. Unmatured interest, dividends and rents receivable. 970,843 49 Deferred Debit Items. 17. Temporary advances to proprietary, affiliated and con¬ trolled companies, ....... $1,218,315 61 18. Working funds (Schedule V.), ..... 134,426 82 $1,352,742 43 19. Rents and insurance paid in advance, ....... 87,991 66 20. Cash and securities in sinking and redemption funds: — Harlem River & Port Chester R.R. bonds, special deposit, ......... $229,840 00 Conn. Railway and Lighting Co. sinking fund, . 403,509 48 Worcester & Conn. Eastern Railway sinking fund, . 38,000 00 21. Cash and securities in insurance and other reserve funds: — Insurance fund, ..... ... $1,435,753 30 Accident and casualty fund 523,118 75 Coal insurance fund, ....... 19,654 92 671,349 48 1,978,526 97 22, 23. Other deferred debit items, ........ 2,008,424 20 Total deferred debit items, 6,099,034 74 $450,764,376 9$ VALIDATION REPORT. 129 Liabilities. Stock. 24. Capital stock, ........ $121,878,100 00 25. Receipts outstanding for installments paid, . . . 22,139,325 00 $144,017,425 00 26. Premium realized on capital stock sold (since July 1, 1909), . . 20,630,720 25 Total stock and premium realized since July 1, 1909, . . . $164,648,145 25 Mortgage, Bonded and Secured Debt. 27. Mortgage bonds, including bonds of merged roads as¬ sumed (Scbedule V.), ...... $158,661,000 00 28. Plain bonds, debentures and notes, including debentures of merged roads assumed (Schedule VI.), . . . 173,380,000 00 29. Miscellaneous funded obligations (real estate mortgage), 11,500 00 $232,052,500 00 30. Obligations for advances received for construction, equipment and bet¬ terments, 474,803 98 Total mortgage, bonded and secured debt 232,527,303 98 Working Liabilities. 31. Loans and bills payable, $5,780,364 28 32. Traffic and car service balances due other companies, .... 1,387,085 06 33. Audited vouchers and wages unpaid, ....... 4,124,853 02 34. Miscellaneous accounts payable, 86,000 00 35. Matured interest, dividends and rents unpaid, ..... 4,481,063 20 36. Matured mortgage, bonded and secured debt unpaid, .... 19,621 41 37. Other working liabilities, 49,785 26 Total working liabilities 15,928,772 23 Accrued Liabilities not due. 38. Unmatured interest, dividends and rents payable, ....... 2,885,825 89 Deferred Credit Items. 39. Advance payments of third and fourth installments of subscriptions to new capital stock $7,067,062 50 40. Other deferred credit items, ......... 1,289,268 32 Total deferred credit items 8,356,330 82 Appropriated Surpltis. Reserves from income or surplus: — Invested in sinking and redemption funds: — 44. Conn. Railway and Lighting Co. sinking funds $284,545 91 Invested in other reserve funds: — 41. Insurance fund, ........ $1,435,753 30 42. Accident and casualty fund 523,118 75 43. Coal insurance fund, 19,654 92 1,978,526 97 Total appropriated surplus 2,263,072 88 45. Equipment and personal property leased 9,958,672 41 46. Profit and loss account, 14,196,253 47 $450,764,376 93 130 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. EXHIBIT 2. The New York, New Haven & Hartford Railroad Company. Average Rates of Interest on Money raised by Bonds, Debentures and Notes (Per Cent.). Bonds. Debentures, j Notes. Total. 1901, - 3.64 - 3.64 1902 - - - - 1903, - - 4.25 4.25 1904 4.00 3.67 4.54 3.88 1905, 4.00 3.50 3.67 3.70 1906, 4.28 3.82 4.38 3.97 1907 4.32 4.12 4.91 4.31 1908, 4.36 5.34 5.00 4.97 1909 4.17 6.00 4.00 5.19 1910, - 6.00 4.42 4.71 Average, ....... 4.28 4.36 4.13 4.30 Note. Bonds and Debentures. — These averages are found on the increases shown June 30 of each year over June 30 of the previous year. Notes. — These averages are found on notes outstanding on June 30 of each year, but excluding loans from subsidiary companies. EXHIBIT 3. The New Yobk, New Haven & Hartford Railroad Company. Summary of Appraisal of Floating Equipment. Page. Type. COMPANT. Original Cost. Owners' Valu¬ ation, June 30, 1908. Owners' Valu¬ ation, June 30, 1910. Valuation November, 1910 •^ 702,297 64 1,346,565 00 30 and scrip. Central New England Ry. Co. preferred 34,710 879,769 25 3,123,900 00 90 scrip. The Connecticut Co 400,000 40,000,000 00 27,464,613 99 ap. 69 The Harlem River & Port Chester R.R. Co., 10,000 1,000,000 00 1,000,000 00 _i Hartford & Conn. Western R.R. Co., . 705 34,703 01 31,725 00 45 Holyoke & Westfield R.R. Co., 200 20,000 00 62,200 00 311 Milford, Franklin & Prov. R.R. Co., . 1,000 49,716 47 100,000 00 100 Milford & Woonsocket R.R. Co., . 1,486 73,253 07 148,600 00 100 Millbrook Co., 1,000 109,500 00 100,000 00 100 New Haven & Northampton Co., 24,600 984,000 00 6,375,863 00 260 The New York Connecting R.R. Co., 15,000 1,527,204 33 1,527,204 33 bk. New York, Ontario & Western Ry. Co. com¬ 291,600 13,105,185 62 13,105,185 62 45 mon. New York, Ontario & Western Ry. Co. pre¬ ferred. 22 3,212 00 3,212 00 146 New York & Stamford Ry. Co., . 5,000 610,643 00 250,000 00 50 » Par, see below. 138 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Securities of Proprietary, Affiliated and Controlled Companies — Concluded. Number of i Shares. Book Value. Appraised Value. Price. New York, Westchester & Boston Ry. Co. stock and scrip. Norwich & Worcester R.R. Co. preferred, . 49,248 692 $5,920,094 62 158,229 22 $146,704 92 212 Old Colony R.R. Co., ..... 77.494 9,299,983 53 14,956,342 00 193 Prov., Warren & Bristol R.R. Co., 5 912 67 665 00 133 Providence & Worcester R.R. Co., 3,118 912,426 43 826,270 00 265 The Rhode Island Company, 96,855 24,220,978 90 6,000,000 00 62 Rhode Island & Mass. R.R. Co (Mass. Div.), 1,000 191,700 00 137,431 00 ap. Roxbury Central Wharf Co., 7 7 00 - - South Bay Wharf & Terminal Co., 9 9 00 - - Total - $105,651,624 78 $80,235,883 94 - Funded Debt. New York, Westchester & Boston Ry. Co. : — Par Value. 5 per cent, first mortgage bonds, . $15,000,000 00 $15,000,000 00 $12,066,921 18 - 5 per cent, first mortgage gold bonds, . 100,000 00 100,000 00 - - Total - $15,100,000 00 $12,066,921 18 - Miscellaneous. The City & County Contract Co. notes, - $150,000 00 $150,000 00 - The Harlem River & Port Chester R.R. Co. notes. Add difference between physical appraisal and total investment H. & P. C. R.R. Co. The New York Conn. R.R. Co. notes, - 23,555,833 38 491,292 07 23,555,833 38 15,887,357 62 491,292 07 - New York & Stamford Ry. Co. notes, - 290,030 47 290,030 47 - The Westchester St. R.R. Co. advances, $907.840 43 907,840 43 - - Less items in "other deferred credit items" for adjustment of interest in connection with acquisition of Westchester St. R.R. Co. 23,252 74 884,587 69 Total, $25,394,996 35 $41,259,101 23 Grand total, $146,146,621 13 $133,561,906 35 VALIDATION REPORT. 139 Schedule II. Other Investments. Number 1 of j Book Value. I Shares. Appraised Value. Advances to Proprietahy, Affiliated and Controlled Companies for Construction, Equipment and Better¬ ments. New Haven & Northampton Co., Norwich & Worcester R.R. Co., ...... Providence, Warren & Bristol R.R. Co Total advances Miscellaneous Investments. Stocks:— Boston R.R. Holding Co., Bristol & Plainville Tramway Co., Birmingham Water Power Co., Narragansett Pier R.R. Co., The New England Navigation Co., Book value, Liess New Haven stock and paid subscrip¬ tions to additional shares transferred to New Haven balance sheet, 172,946 shares deducted from capital stock. Excess above par on same charged to "pre¬ miums realized on capital stock sold." Receipts for paid first and second installments on subscriptions to 56,893 shares new stock deducted from "receipts outstanding for installments paid" at par. Paid third and fourth installments on sub¬ scriptions to above 56,893 shares new stock deducted from "advance payments of third and fourth installments on subscrip¬ tions to new capital stock." Balance in the N. E. N. Co. paid installments account. $54,510,989 39 17.294,600 00 12,535,166 51 3,555,812 50 3,555,812 50 5 50 Balance Trustees of the Park Sq. Real Estate Trust, . The U. S. Transportation Co.,.... Wood River Branch Railroad, . . . . Total, . . $36,941,397 01 Miscellaneous. Trustees of the Park Sq. Real Estate Trust notes. Wood River Branch Railroad notes, Total, Total miscellaneous investments. Grand total, .... $64,045 91 $64,045 91 - 495,937 74 495,937 74 - 601,688 17 601,688 17 - $1,161,671 82 $1,161,671 82 31,065 $3,106,500 00 $3,106,500 00 819 127,428 26 127,428 26 2,160 54,000 00 — 1 187 18,700 00 16,643 00 530,000 17,569,572 38 8,710,174 84 52,000 5,071,331 87 5,071,331 87 18,200 89.949 81 74,900 54 336 21,477 50 - - $26,058,959 82 $17,106,978 51 _ $500,000 00 $500,000 00 - 4,500 00 - - $504,500 00 $500,000 00 - $26,563,459 82 $17,606,978 51 - $27,725,131 64 $18,768,650 33 ^ Included in physical appraisal of road and equipment. 140 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Schedule III. Securities Issued or Assumed, Held in Treasury. Par Value. Book Value. Appraised Value. Funded Debt. The Consolidated Railway Co. 3 per cent., 3H per cent. and 4 per cent, debenture scrip. New York, Providence & Boston R.R. Co. 4 per cent, general mortgage bonds. S700 00 201,000 00 $665 00 211,050 00 $665 00 201,000 00 - $211,715 00 $201,665 00 Schedule IV. Marketable Securities. Number of Shares. Book Value. Appraised Value. Price. Stocks. Iron Works Aqueduct Co., V12 interest, . Pennsylvania R.R. Co., ..... Quincy Quarries Co Wirt Mfg. Co Albany & Hudson R.R. Co., 27®5^4o,ooo shares stock. Bridgeport Post Pub. Co., 10 shares stock, Waterbury Hotel Corp., 15 shares stock, Waterbury Republican, 10 shares stock, . 964 38 97 $100 00 48,203 87 2,110 00 966 13 2,785 92 1,000 00 1,.500 00 1,000 00 $64,588 00 760 00 1,000 00 450 00 134 20 100 30 Total, ....... $57,665 92 $66,798 00 - Funded Debt. Par Value. Boston R.R. Holding Co. 4 per cent, debentures, Central New England Ry. Co. 5 per cent, in¬ come bonds. Central New England Ry. Co. 5 per cent, first mortgage bonds. Central New England Ry. Co. (P. & E.) 5 per cent, first mortgage bonds. Central New England Ry. Co. (N. D. & C.) 6 per cent, income bonds. Milford, Franklin & Prov. R.R. Co. 4 per cent. first mortgage gold bonds. Milford & Woonsocket R.R. Co. 4 per cent, first mortgage gold bonds. New York & Stamford Ry. Co. 4 per cent, first and refunding mortgage gold bonds. $20,012,000 00 7,037,442 39 192,000 00 500,000 00 1,164,500 00 10,000 00 60,000 00 27,000 00 $20,012,000 00 5,303,945 87 201,592 50 500,000 00 405,992 50 10,000 00 60,000 00 30,957 77 $20,012,000 00 5,629,954 00 192,000 00 500,000 00 1,164,500 00 10,000 00 60,000 00 24,570 00 80 100 100 100 Total, ........ - $26,524,488 64 $27,593,024 00 - Miscellaneous. Bennington & North Adams St. Ry. Co. notes. Central New England Ry. Co. notes, New York Lock Co. bond, .... Providence, Warren & Bristol R.R. Co. note, . United Button Co. bond and stock. The Village Water Co. assessment, . Vanity Fair Amusement Co. bond. - $351,498 18 2,592,388 96 1 00 38,617 77 540 03 4 00 1 00 $278,397 24 2,592,388 96 38,617 77 - Total, $2,983,050 94 $2,909,403 97 - Grand total, $29,565,205 50 $30,569,225 97 - VALIDATION REPORT. 141 Schedule V. Net Balance due from Agents and Conductors. Book Value. Appraised Value. Net balance due from agents and conductors, . . $2,248,770 27 Less reserve set up in "other deferred credit items" as 65,931 82 estimated proportion not recollectible from other companies. $2,248.770 27 $2,182,838145 Xotal, ............ $2,248,770 27 $2,182.838 45 Schedule VI. Miscellaneous Accounts receivable. Book Value. Appraised Value. Miscellaneous accounts receivable 34,206,251 21 $4,206,251 21 Less the following: — Reserve set up in "other deferred credit items" against item of interest on bonds of N. Y., Westchester & Boston Ry. in miscellaneous accounts receivable, Against item of interest on notes of Bennington & North Adams St. Ry. in miscellaneous accounts re¬ ceivable. Reserves set up in "other deferred credit items" for consigned tools and patterns. Due from post-office department (in dispute). 374,722 21 8,684 95 50,811 45 114,146 67 Less also the item of Chas. L. Livingstone, purchasing trustee, in miscellaneous accounts receivable. 463,290 50 $1,011,655 78 $3,194,595 43 Total, ......... $4,206,251 21 $3,194,595 43 Schedule VII. Accnced Income not Dm. Book Value. Appraised Value. Accrued income not due, ...... $970,843 49 $970,843 49 Less the following, included in reserves set up in "other deferred credit items" against item of Bennington & North Adams St. Ry. (jo. Against item of N. Y., Westchester & Boston Ry. bonds. 7,247 18 74,120 90 $81,368 08 $889,475 41 Total, .... $970,843 49 $889,475 41 142 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Schedule VHI. Temporary Advances to Proprietary, Affiliated and Controlled Companies. Book Value. Appraised Value. The Harlem River & Port Chester R.R. Co. advances account 4 per cent. second mortgage bonds. New Haven & Northampton Co. net advances account sinking fund, . New York Connecting R.R. Co. advances Old Colony R.R. Co. betterment account Total, ............ $779,000 00 876 42 113,480 34 324,958 85 $779,000 00 876 42 113,480 34 324,958 85 $1,218,315 61 $1,218,315 61 Schedule IX. Other Deferred Credit Items. Total as per books, 31,289,268 32 Less: — Deductions from "miscellaneous accounts receivable" as follows: — Interest on bonds N. Y., Westchester & Boston 3374,722 21 Interest on notes Bennington & North Adams St. Ry. Co., . . . 8,684 95 Consigned tools and patterns, 50,811 45 Due from post-office department (in dispute), 114,146 67 Deduction from "net balance due from agents and conductors," . . 65,931 82 Deduction from "accrued income not due" as follows: — Bennington & North Adams notes 7,247 18 N. Y., Westchester & Boston Ry. bonds, ....... 74,120 90 Deduction from "securities of proprietary, affiliated and controlled com¬ panies:" — Westchester St. R.R. Co. advances, ........ 23,252 74 Deduction from "marketable securities:" — Bennington & North Adams St. Ry. Co. notes, 73,100 94 792,018 86 Total, $497,249 46 VALIDATION REPORT. 143 The New York, New Haven & Hartford Railroad Company Alphabetical List of Investments in Schedules I., II., III., IV. and VIII., June 30, 1910. Modified Balance Sheet Schedule. Book Value. Appraised Value. Albany & Hudson R.R. Co.; — 27 shares stock IV. $2,785 92 Bennington & North Adams St. Ry. Co.: — 6,500 shares capital stock, ...... Notes I. IV. 564,505 54 351,498 18 $278.397 24 Berkshire R.R. Co.: — 8,561 shares capital stock, ...... I. 1,526,094 65 1,386,882 00 Berkshire St. Ry. Co.: — 19,288 shares capital stock, ...... I. 2,891,226 88 1,300,011 00 Birmingham Water Power Co.: — 2,160 shares capital stock, ...... II. 54,000 00 _ 1 Boston & Providence R.R. Corp.: — 2,178 shares capital stock, ...... I. 665,970 85 642,510 00 Boston R.R. Holding Co.: — 31,065 shares capital stock, ...... $20,012,000 4 per cent, debentures, II. IV. 3,106,500 00 20,012,000 00 3,106,500 00 20,012,000 00 Boston Terminal Co.: — 2,000 shares capital stock, ...... I. 200,000 00 200,000 00 Bridgeport Post Publishing Co.: — 10 shares stock, IV. 1,000 00 1,000 00 Bristol & Plainville Tramway Co. : — 819 shares capital stock II. 127,428 26 127,428 26 Central New England Ry. Co.: — 34,710 shares preferred stock and scrip, .... 44,88514 shares common stock and scrip, $192,000 C. N. E. Ry. first mortgage 5s, . $7,037,000 C. N. E. Ry. general income mortgage 5s and $442.39 scrip, $500,000 P. & E. Ry. first mortgage 5s, .... $1,164,500 N. D. & C. income 6s, .... . Notes, I. I. IV. IV. IV. IV. IV. 879,769 25 702,297 64 201,592 50 5,303,945 87 500,000 00 405,992 50 2,592,388 96 3,123,900 00 1,346,565 00 192,000 00 5,629.954 00 500,000 00 1,164,500 00 2,592,388 96 The City & County Contract Co.: — Notes, ...... I. 150,000 00 150,000 00 The Connecticut Company: — 400,000 shares capital stock, I. 40,000,000 00 27,464,613 99 The Consolidated Ry. Co.: — $700 3 per cent., 3^ per cent, and 4 per cent, debenture scrip, III. 665 00 665 00 The Harlem River & Port Chester R.R. Co.: — 10,000 shares capital stock, Notes Advances, .... I. I. VIII. 1,000,000 00 23,555,833 38 779,000 00 41,122,191 00 Hartford & Conn. Western R.R. Co.: — 705 shares capital stock, . I. 34,703 01 31,725 00 Holyoke & Westfield R.R. Co.: — 200 shares capital stock, I. 20,000 00 62,200 00 Iron Works Aqueduct Co.: — Ms interest, IV. 100 00 - ^ Included in physical appraisal of road and equipment. 144 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The New York, New Haven & Hartford Railroad Company — Continued. Alphabetical List of Investments in Schedules II., III., IV. and VIII., June 30, 1910 — Continued. ' Modified Balance Sheet Schedule. Book Value. Appraised Value. Milford, Franklin & Prov. R.R. Co.: — 1,000 shares capital stock, ...... $10,000 first mortgage 43, ...... i. iv. $49.716 47 10,000 00 $100,000 00 10,000 00 Milford «fe Woonsocket R.R. Co.: — 1,486 shares capital stock, $60,000 first mortgage 43, I. IV. 73,253 07 60,000 00 148,600 00 60,000 OO Millbrook Co.: — 1,000 shares capital stock, ...... I. 109,500 00 100,000 00 Narragansett Pier R.R. Co.: — 187 shares capital stock, II. 18,700 00 16,643 00 The New England Navigation Company: — 530,000 shares capital stock, . $54,510,969 39 Less New Haven stock and paid sub¬ scriptions to additional shares trans¬ ferred to New Haven balance sheet, 172,946 shares deducted from capital stock 17,294,600 00 Excess above par on same charged to "premiums realized on capital stock sold," 12,535,166 51 Receipts for paid first and second install¬ ments on subscriptions to 56,893 shares new stock deducted from " receipts out¬ standing for installments paid" at par, 3,555,812 50 Paid third and fourth installments on subscriptions to above 56,893 shares new stock deducted from "advance payments of third and fourth install¬ ments on subscriptions to new capital stock," ....... 3,555,812 50 Balance in the N. E. N. Co. paid install¬ ments account, ..... 5 50 11. $36,941.397 01 $17,569,572 38 $8,710,174 84 New Haven «fe Northampton Co.: — 24,600 shares capital stock, Advances, . . . . Net advances, account sinking fund, .... I. II. VIII. 984,000 00 64,045 91 876 42 6,375,863 00 64,045 91 876 42 The New York Connecting Railroad Company: — 15,000 shares capital stock, Notes Advances, ......... I. I. VIII. 1,527,204 33 491,292 07 113,480 34 1,527,204 33 491,292 07 113,480 34 New York, Ontario «fe Western Ry. Co.: — 22 shares preferred stock, ...... 291,600 shares common stock, ...... I. I. 3,212 00 13,105,185 62 3,212 00 13,105,185 62 New York, Providence Newai^ Ballston Spa /í Herkimer vSy rac'iise* Bratilehoro Keene ■/ Keowoodtf 2 allev Min» PI MuddsHÍ ; srCorii e yàg^ I Ja^riaviliel^h I ^atoul^r KandallsrlHry /Eiirlvlll^^ / Sniyrua%' turne Four CoruersR < Skaned^cles ft. Amsterdam vWiudhani Altica P r Richfield Sprs, BeiiiiiiigtOM.'.? Wiiiniiiglou Ullford CanandaiguiT lohiisunv.iilel Rotlenl;el a II so ^^Wa^crliHI L y . GeolgelownV lS.Lawrence \ \ söw'"' A \ Greenville South Vèruoir ^inehendon lo Norilifield Auams VvtoooAC Tunnel / Valley n > WCooiïeraiown ./ jpEdmeston ^(#AmbIer Vi t J^Piltsfield \ ( ^»NewUeHin \\ V ^ ^Sage's Corncrst) ^|r New Berlin Ceiitre tiMDavis* Crossing I jFSonlli New BerlLli •^Holniesville »White's Store/'^^'lTpXolIiera Je. ■■ Í Latham's Cor^y^^5^"Vr^fv J 'Rockwell^^^us Op Davenport Centec Mount Udtmi ®o# \ RocktlaftT \ ^ !olioes ^ Troy Ken.sselaer Schohnrle .ähbumhain^ ^ock)>ort luucortter .Turiners Falls » - rj—'/ e- Mont^e-Clly Wtbol [i^ifpeide / |«erlield / outli Deerfiela Shelbiume FaUs^ Cobleakill Fjtcbburgr'' a.FiicliUur^j ' v\Levniiiiäter \ Pratts Jf. Sterling. StvnJIng Je. Galena Cou way Jîorwich Middleburg y¡ Piusficîd f hj^ New\Lenox i4j^* L^ho.^ lienuj\0ale ^ L^ei 1 \ Lee SLockbridge Glgj^tdale ^ Hoiisatouic ^ , V;in l>ens«uvillc Oxfordm > y Guilford^ à Parker^j ]Vew Berlin y SldnM /Suiith A- /^Yoiings^'ï^ / */i y wood% • V /v // FraiiklinA \ / vW . ■ \ / . / Norlhfield® Walton J ItliaCH ÜeUa>t' Spi'iugville* "ClMlhaníVl/ i \jr h IS^e Lliicy' * I "^^itockbridgej ludsoi • IJ _ \ Aniherat EWstlmmptoiix. i >Walkiii' "o^Siamforfl Cairo Pj Uornell J^n>elhl De Lan cy ^Ä^Haniden {^■^Hawîey's Colchester Great Barringtou) Incetowa (Cheiiango Porka Well^ville fía Beerstoui Addison' Olean HorieheAds ArkvIUeóA:: Bin.ifhamton tThieiiirift Elmlra Falls Village . Límcl VRock S(â* \ |B1 Mciiitœe' o Orsor Pleasa it Mount U ilondalel Po est City Carb »ndaleJ White BritM . tajñeidV ^ ermvD^ At( hbaldJP>' V _ W rtoiS» * \PeckN lila^ L v.ljpbaini^ l Di«K6on^ Y^hrootij» ¿r South" y-t f ÍDgtOD ■ J ^PlantsV , Mtlldale ^ OaHlín iflU ílole IcT aW I Mt. [ Carmel Seymour eoaoo A&sonia J^rby Hunesüale Jobiiaonburg Ijtrragaiisett fl Plçr Enif^rium. \ \ PSInneniahonlni \rDrlftwood Pro\\icfbnc< \ParkV|ace Plltttlon !H¿5íí "M'Ukeshnrre)^^^ jBethel Beddiofl .TÍ>pstonm Rldgway* BejV®*WíA vVlll ^Derb) '"'íi Tnriier 'Peclcsktll »jkaconsci MANS LAND íaveratrawi Book Haveti ^ FWewCit S»ifern\^ I VSprlng^ller I » j 3i^i ftctll^tg Purest. )^u Bol# Funxsiitawney h McOeefiV \ . Two Bridges lampton j/Pvn Wading Riv^ ■ÍTíBamon ^WHI ts WOOíf £atton Strondsbiirg Mauel Korthiunbe rUui PatersoTT Xehlgbton 0y^ej>3l Wa^liiul^oa PorGand «ex Pal^^ ™ ^ "WeeKí w.Orrtiige Jersey < Newark^ Sbenaudoab Mauuuka Cbuii^ Pottsville Washington 'hllHpsburg Kauton Lewístown Je. Xyrone- ■Al1ento\ym 'WllMametown Bouhd Brook Betlilenen? 31il)erHlnti-g JSeadhig fórk Beacb. év/y 'Matuachuseíté "^ston ■®"í' i^hTvnro ,W''' 1 curo St\uùi Truro "r NvL'iÍMllMln le#!'. i BLOCK L Heliotype Co., Boston. jL//?eô Co/? fro//<^c/óy f/?e/V. Ç/. A/.//. o/?d/i./f.yi.Co. CoJoree/- > The New York. New Haven & Hartford Railroad Operated and Controlled Lines. ¿//?es ûw/içrf h(/ T/}e' /\/.y. A/H 0/?c?' /A /R./?.Co. co/û/ec/. ¿//pG'S /eosec/ to t/?e A/. (J /Vtf. c?/7gí A/ /9. Ai.Co. co/orect, .¿/nGS ai^e/- iv/^?cñ t/7e A/y A/. At otic//f-1?./?. Co A OS frocAo^e r/'yAts coÁore>c/ \ C/ne^s CO/??/^o//ec/A $117,848 33 $755 32 10,110 91 $99,461 40 $8,839 95 27,415 45 $132,474 46 $9,820 24 20,478 37 $318,919 39 $11,567 21 20,411 57 $301,999 45 $15,962 01 11,564 82 $10,866 23 $36,255 40 $30,298 61 $31,978 78 $27,526 83 $106,982 10 $63,206 00 $2,559 07 $102,175 85 $1,466 66 43,967 81 $286,940 61 $1,466 66 6.000 00 $274,472 62 $1,449 72 50,000 00 $106,982 10 $2,559 07 $60,646 93 $45,434 47 $56,741 38 $7,466 66 $279,473 95 262,640 00 $51,449 72 $223,022 90^ 196,980 00 $106,982 10 $60,646 93 $56,741 38 $16,833 95 $26,042 90 * Deficit. Maine Steamship Company of Maine. General Balance Sheet, June 30, 1910. Assets. Total. Liabilities. Total. Vessels and properties: — Steamship "North Star," Steamship "North Land," Pier, Portland, Me., ..... Pier 32, East River, Office and wharf fixtures. Investments: — Franklin Wharf Co., .... $300,000 00 371.694 48 5,200 00 12,420 88 4,420 82 Capital stock, ........ Bonds: — First mortgage 6s, Maine Steamship Co., First mortgage 5s, Portland Consol. Steamship Co., $225,000 00 325,000 00 $333,350 00 550,000 00 54,458 46 32,798 18 $693,736 18 64,000 00 Audited vouchers, Reserve account, depreciation, Sinking funds: — Portland Trust Co., trustee, Mercantile Tru.st Co., trustee, . $80,962 37 60,596 44 141,558 81 76,360 07 Notes payable, ........ Accrued interest on bonds and debentures, 119,090 38 3,375 00 Cash and current assets: — Cash, ....... Working fund, assistant treasurer, . Agents and pursers, ..... Miscellaneous, ...... $29,834 53 15,937 70 23,376 17 7,211 67 Accrued taxes, ........ Accrued interest on current liabilities. Accounts payable: — Sundry, ......... Suspense, ........ $1,515 50 760 79 1,656 96 1,508 82 Deferred charges to income: — $12,783 59 2,475 34 2,276 29 Prepaid rentals, 15,258 93 32,680 34 Uncollected tickets: — $8,603 50 2,177 50 Marine insurance claims, .... Rooms, ......... 10,781 00 Stores and supplies: — Fuel in barge, 320 86 Interest accrued, 2,540 94 Profit and loss, 82,838 96 $1,109,295 09 $1,109,295 09 VALIDATION REPORT. 205 Maine Steamship Company of jVLíine. Comparative Income Statement, Years ending June 30, 1908, 1909, and 1910. 1908. 1909. 1910. Gross earnings, $585,642 11 $669,016 17 $681,810 44 Operating expenses, ....... 555,081 42 566,759 27 598,955 24 Net earnings, $30,560 69 $102,256 90 $82,855 20 Other income 10,450 82 9,403 37 12,955 18 Gross income $41,011 51 $111,660 27 $95,810 38 Fixed charges: — Proportion of taxes, ....... $2,161 57 $2,244 85 $5,953 38 Interest on bonds, ....... 29,750 00 ■29,750 00 29,750 00 Other interest 1,467 76 3,930 77 3,774 38 $33,379 33 $35,925 62 $39,477 76 Balance, $7,632 18 $75,734 65 $56,332 62 Depreciation, ........ - 30,399 10 22,399 08 Net income, $7,632 18 $45,335 55 $33,933 54 Merchants & Miners Transportation Company. General Balance Sheet, June 30, 1910. Assets. Total. Liabilities. Total. Property and equipment: — Real estate, wharves and appurtenances, Steamships, ........ Tugs, lighters, etc., ....... Boston & Phil. S. S. Co. property, .... Office furniture and fixtures, ..... S2.746,489 29 5,621,445 82 171,859 83 1,051,064 94 34,146 11 $9,625,005 99 171,390 28 53,447 47 39.954 76 Capital stock, ....... Bonds, ........ Current liabilities: — Accounts payable, Pay roll, Notes payable, Unclaimed wages, ...... Due to foreign lines claims, .... Mortgages payable Passenger accounts, ..... $284,039 23 18,347 91 834,450 55 4,253 69 10,926 16 610,000 00 17,790 80 $5,000,000 00 4,250,000 00 Improvements to property, ..... Investments, ........ Materials and supplies, ...... 1,779,808 34 54,585 17 104,580 00 225,545 08 Current assets: — Cash on hand and on deposit, .... Cash in transit, ....... Agents, Traffic balances, ....... Due from individuals and companies. Funds with Supt. P. Steward, .... P. A. &, S. port and commercial agents, . Fast Freight Line deposit funds, United States government and transportation account, ......... Due from foreign lines claims, .... $179,541 88 23,824 36 148,914 06 53,700 96 40,189 52 775,000 00 11,450 00 3,968 85 Other liabilities: — Accrued interest on bonds, .... Accrued interest, miscellaneous, Repairs and renewals of ships accrued, . Accrued rentals, ...... $32,416 66 10,538 44 102 77 11,527 30 Reserve: — Depreciation, ....... Suspense claims, ...... $98,580 00 6,000 00 7,052 84 6,904 40 1,250,546 87 274,173 22 Profit and loss, ....... Other assets: — Taxes paid in advance, ...... Interest paid in advance, ..... Insurance paid in advance, ..... Unexpired premium indemnity bonds, . Accrued income from investments and rentals, Repairs to piers 18 and 20, Phil., accrued, Claims against underwriters, .... Unadjusted claims, freight claim agent, . $15,038 76 6,293 28 118.088 86 5,439 04 123 91 13,370 73 82,941 12 32,877 52 $11,414,518 59 $11,414,518 59 VALIDATION REPORT. 207 Merchants & Miners Transportation Company. Comparative Income Statement, Years ending Dec. SI, 1906, 1907, 1908 and 1909. 1906. 1907. 1908. 1909. Gross earnings §3,512,268 56 $4,208,873 18 $3,663,050 43 $4,404,414 11 Operating expenses 2,821,456 30 3,663,434 26 3,174,808 36 3,617,899 22 Net earnings from operation, .... §690,812 26 $545,438 92 $488,242 07 $786,514 89 Other income . 30,214 29 61,184 44 27,732 62 24,229 73 Gross income, ....... §721,026 55 $606,623 36 $515,974 69 $810,744 62 Deductions from income: — Interest on bonds, ..... $12,000 00 $98,666 66 $142,000 00 $142,000 00 Taxes 31,014 62 45,723 61 60,412 29 66,532 53 Interest on notes payable, .... 9,912 40 30,821 86 55,197 95 57,407 13 Rental of terminal property, 114,242 25 145,877 80 155,407 04 155,421 44 $167,169 27 $321,089 93 $413,017 28 $421,361 10 Net income to profit and loss, $553,857 28 $285,533 43 $102,957 41 $389,383 52 Housatonic Power Company. General Balance Sheet, June 30, 1910. Assets. Property and plant: — Cost of property, .... Cost of franchises, .... Stocks and bonds of other companies, Notes and accounts receivable: — Notes receivable, ...... Bills collectible, ...... Accounts receivable, ..... United Gas Imp. Co., lease account, Accounts receivable, light and water departments, Consumers' accounts, electric and water depart¬ ments, ...... Consumers' accounts, gas department, U. S. Fidelity & Guaranty Co., Southern N. E. Tel. Co., . Paymasters' account, $2,869,844 68 1,084,737 69 113,178 22 Advances for improvements and betterments: — Conn. Ry. & Ltg., additions, improvements and betterments, ........ United Gas Imp. Co., improvements and better¬ ments, ......... Materials and supplies: — United Gas Imp. Co., working capital. General stores, ..... Scrap account Gas by-product stock. Fuel inventory, .... $506,702 61 657,351 69 $76,426 98 46,040 09 173 03 4,035 72 7,747 85 $453,177 62 127,592 45 665 84 6,944 30 7,369 96 70,965 84 8,280 72 49 20 96 00 10 60 $4,067,760 59 1,164,054 30 134,423 67 675,152 53 Suspense accounts: — Suspense account, Conn. Ry. & Ltg. Co., Auditor's suspense account, . Pay roll suspense, ..... Power suspense, ..... Capital stock, First mortgage 5 per cent, bonds. New Milford Pr. Co., . Notes payable, ........... Accounts payable: — Accounts payable, ....... $2,603 32 Vouchers payable, 319,730 17 Freight charges on fuel, ...... 342 42 Meter deposits, ....... 7,929 29 Percentages retained under contracts, . . . 1,260 00 Bills and earnings not yet due: — Accrued insurance, . Prepaid rents, .... Prepaid earnings. Prepayment sales, . Accrued interest on funded debt. Accrued interest on floating debt. Accrued water rental. Accrued rental of leased lines. Coupon account. New Milford Pr. Co. bonds, Wages unclaimed, ...... $2,526 42 160 54 705 75 128 81 20,833 33 19,545 52 354 34 21,103 77 525 00 53 35 $195,305 73 106 94 2,666 89 3,035 51 Accrued income and advance payment accounts: — Accrued income on securities owned, Accrued rent of land and buildings, Advance telephone rental, ..... $7,644 65 37 50 6 GO 7,688 15 64 89 Reserve accounts: — Rehabilitation fund Electric rebate reserve, .... Gas rebate reserve, ..... $502,777 62 611 58 497 60 503,886 80 4,072 54* Suspense Profit and loss prior to Aug. 1, 1906, Cash and cash items: — Cash, Cash in transit, ....... Local cashiers, ........ Working funds, ....... Central Trust Co. of N. Y., deposit account, coupons, ........ $33,770 54 1,118 11 3,394 45 495 GO 25,525 00 64,303 10 Profit and loss, 35,150 64 $6,113,447 23 $6,113,447 23 * Deficit. 210 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Housatonic Poweb Company. Comparative Income Statement, Years ending June 30, 1909 and 1910. 1909. 1910. Gross earnings, ........... $781,489 89 $947,837 76 Operating expenses, 322,388 13 468,379 27 Net earnings, ........... $459,101 76 $479,458 49 With the exception of the New ^lilford Power Company, which was operated independently, the companies comprising the present Housatonic Power Company were operated by the Connecticut Com¬ pany to Feb. 28, 1910, under an operating agreement with the New York, New Haven & Hartford Rail¬ road Company. On that date the Housatonic Power Company purchased such of these properties as were owned by the New Haven, and leased those of which the New Haven was lessee. In orderte ascertain the actual net income of these properties for the year ending June 30, 1910, in the figures below we have combined other income on account of these properties as shown by the New Haven, the Conn- necticut Company and the Housatonic Power Company for the year, and in the same manner have com- bined taxes and rental of leased companies. Net earnings (as above), Other income, . Gross income, . Taxes, Balance, . Interest charges, Balance, . Rental of leased companies, Net income. $479,458 49 154,047 04 $633,505 53 54,720 20 $578,785 33 82,464 26 $496,321 07 291.041 67 $205.279 40 New York, Ontario & Western Railway Company. General Balance Sheet, June SO, 1910. Assets. Property investment: — Road and equipment: — Investment to June 30, 1907: — Road $69,856,568 75 Equipment, .... 6,966,360 82 Investment since June 30, 1907: — Road, ...... $1,772,904 52 Equipment, .... 974,458 85 General expenditures, . 18,900 00 $76,822,929 57 2,766,263 37 Reserve for accrued depreciation, credit (equip¬ ment), ........ Securities: — Securities of proprietary, affiliated and controlled companies, pledged: — Stocks, ......... Funded debt, Securities of proprietary, affiliated and controlled companies, unpledged; — Stocks, ......... Funded debt, ....... Miscellaneous, ....... Other investments: — Advances to proprietary, affiliated and controlled companies for construction, equipment and betterments, ..... Miscellaneous investments. Working assets: — Cash, Loans and bills receivable. Traffic and car service balances due from companies, ..... Net balance due from agents and conductors Miscellaneous accounts receivable, . Materials and supplies, .... Other working assets, .... Deferred debit items: — Advances, ....... Rents and insurance paid in advance. Cash and securities in sinking and redemption funds, Other deferred debit items, ..... other $79,589,192 94 426,805 81 $1,895,000 00 4,975,000 00 417,137 97 3,570,000 00 144,640 03 $40,060 50 105,884 81 $781,496 27 10,374 03 1,162,139 12 106,035 51 229,574 12 906,270 20 595,045 83 $6,173 75 12,014 17 4,000 00 9,726 80 Total. $79,162,387 13 11,001,778 00 145,945 31 3,790,935 08 31,914 72 $94,132,960 24 Liabilities. Total. Stock:— Capital stock, common $58,113,982 84 Capital stock, preferred, ..... 4,000 00 Mortgage, bonded and secured debt: — Mortgage bonds, $23,948,000 00 Collateral trust bonds, ...... 2,375,000 00 Working liabilities: — Loans and bills payable, $944,894 81 Traffic and car service balances due to other com¬ panies, 99,637 80 Audited vouchers and wages unpaid, . 2,217,216 89 Matured interest, dividends and rents unpaid, . 47,314 58 Accrued liabilities not due: — Unmatured interest, dividends and rents payable. Deferred credit items: — Operating reserves, .......... Profit and loss balance, ......... $58. 26, 117,982 84 323,000 00 5,309,064 08 325,156 56 164,617 92 >,893,138 84 $94,132,960 24 New Yobk, Ontaeio & Western Railway Company. Comparative Income Statement, Years ending June SO, 1905, 1906, 1907, 1908, 1909 and 1910. 1905. 1906. 1907. 1908. 1909. 1910. Gross earnings, ......... Operating expenses and taxes, ...... Net earnings, ......... Income on stocks and bonds owned, Total net earnings and income, ...... Bond and sundry interest and rentals, .... Net income, ..... Dividends, ..... Balance, ..... $7,090,888 89 5,050,749 32 $7,265,057 57 5,233,287 02 $8,202,360 83 5,644.345 86 $8,121,494 06 5,586,951 65 $8,290,170 26 5,832,261 43 $8,578,782 97 6,093,840 09 $2,040,139 57 451,216 66 $2,031,770 55 453,216 67 $2,558,014 97 453,716 67 $2,534,542 41 475,333 57 $2,457,908 83 428,410 30 $2,484,942 88 403,316 76 $2,491,356 23 1.210,079 45 $2,484,987 22 1,297,486 40 $3,011,731 64 1,356,949 41 $3,009,875 98 1,489,286 64 $2,886,319 13 1,543,192 06 $2,888,259 64 1,575,462 16 $1,281,276 78 871.765 50 $1,187,500 82 1,162,296 00 $1,654,782 23 1,162,302 00 $1,520,589 34 1,162,308 00 $1,343,127 07 1,162,322 00 $1,312,797 48 1,162,328 00 $409,511 28 $25,204 82 $492,480 23 $358,281 34 $180,805 07 $150,469 48 New York & Stamford Railway Company. General Balance Sheet, June SO, 1910. Assets. ■ Total. Property owned as investment: — Physical property owned,. .... Additions and betterments, current year, . $1,350,705 91 173,598 64 $1,524,364 55 11,120 78 Expenditures on leased lines: — The N. Y., N. H. & H. R.R. Co., . Working assets: — Cash, Balance due from agents and conductors. Miscellaneous accounts receivable, . Materials and supplies, . .... $27,157 80 1,043 01 7,304 04 45,270 61 80,775 46 6,N6 42 Deferred debit items: — Rents and insurance paid in advance. Taxes paid in advance, ..... Other deferred debit items, .... Unamortized debt, dis. and exp., $875 41 457 80 262 45 5,250 76 $1,623,107 21 Liabilities. Total Capital stock, ........ $500,000 00 Mortgaged, bonded and secured debt: — Funded debt, ........ 700,000 00 Working liabilities: — Loans and notes payable (N. Y., N. 11. & H. R.R.), Audited vouchers and wages unpaid. Miscellaneous accounts payable, .... Matured interest, dividends and rents unpaid. Other working liabilities, ..... $290,030 47 31,230 82 319 69 550 00 5,787 28 327,918 26 12,366 90 Accrued liabilities not due: — Unmatured interest, dividends and rents payable, Deferred credit items, ...... 4.335 00 Surplus: — Income account, current year, .... 78,487 05 $1,623,107 21 ts3 t—I CO 214 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. New York & Stamford Railway Company. Comparative Income Statement, Years ending June 30, 1909 and 1910. 1909. 1910. Gross earnings, ........... $260,471 75 $266,325 97 Operating expenses, .......... 179,451 95 164,253 70 Net earnings, $81,019 80 $102,072 27 Other income, ........... 53 56 942 48 Gross income, $81,073 36 $103,014 75 Taxes, ............ 9,685 19 11,996 82 Balance, ............ $71,388 17 $91,017 93 Interest charges and rentals, 55,331 49 65,819 92 Net income, $16,056 68 $25,198 01 New York, Westchester & Boston Railway Company. General Balance Sheet, June 30, 1910. Assets. Total. Liabilities. Total. Fixed capital, main line. $2,475,743 83 Capital stock, common. $4,945,250 00 Fixed capital, White Plains branch. 79,986 26 First mortgage bonds, . 15,100,000 00 Investment, real estate. 109,912 55 Real estate mortgages, . 15,000 00 City of New York, stock, i 24,468 75 Reading-Jersey Central Collateral 21,000 00 Trust bond loan. The City and County Con. Co., 690,000 00 capital stock. The City and County Con. Co., 350,000 00 contract. Comptroller, city of New York, . 21,000 00 Interest suspense. 4,312,500 00 The City and County Con. Co., con¬ 32,733,820 45 tract. Accrued interest on N. Y., W. & B. 28,843 13 bonds. The City and County Con. Co., ac¬ 25,597 47 crued interest on N. Y., W. & B. Bills payable, 3 .... 283,223 24 bonds. Sundry accounts, .... 13,155 32 Income on securities owned. 437 50 Audited vouchers. 6,060 22 Cash, ...... 3,436 86 Auditor's suspense,* 14,682,619 62 Working funds, .... 750 00 Corporate deficit, 2 3,592,497 86 $39,757,651 53 $39,757,651 53 1 $25,000 registered bonds, city of New York, covering East River Bridge 3^ per cent, deposited with comptroller, city of New York, by N. Y. & P. C., account of franchise, New York City. 2 Mostly the accrued interest on first mortgage bonds. 3 To Cit^y & County Con. Co., $87,723 24 To Millbrook Co 195,500 00 $283,223 24 < Consists largely of adjustments in the matter of cancelled stock. The Rhode Island Company. General Balance Sheet, June SO, 1910. Assets. Total. Property owned a-s investment: — Physical property owned, Securities owned,' ..... Expenditures on leased lines: — Additions and betterments, Net current liabilities paid under leases, Working assets: — Cash, ....... Marketable securities, 2 . . Miscellaneous accounts receivable, . Balance due from agents and conductors, Materials and supplies, .... Deferred debit items: — insurance premiums paid in advance, Cash and securities in sinking fund, etc.. Advances, ....... «4,505,176 98 1,182,727 50 $4,012,421 17 979,275 22 $492,514 92 300,706 42 82,804 00 21,313 42 367,845 70 $14,075 59 266,700 00 4,968 22 $5,687,904 48 4,991,696 39 1,265,184 46 285,743 81 $12,230,529 14 Liabii ities. Capital stock, ...... Working liabilities: — Audited vouchers and wages unpaid. Miscellaneous accounts payable. Matured dividends, interest, etc., unpaid, Other working liabilities. Matured mortgage bonds unpaid, . Accrued liabilities not due: — Dividends, interest and rents accrued, . Deferred credit items: - Operating reserves, . Items in suspense, . Reserve for equipment leased, . Surplus: — Profit and loss account since ac(iuisition. Income account, current year, $83,857 34 2,833 92 107,325 00 4,498 62 266,700 00 $60,828 73 955 27 $364,904 76 573,565 33 Total. $9,685,500 00 465,214 88 18,414 85 61,784 00 1,061,145 32 938,470 09 $12,230,529 14 1 10,141 shares United Traction Elee. Co. stock, .... $1,073,982 50 United Traction Elec. Co. 5 per cent, bonds, ..... 106,000 00 $3,000 face value R. I. Suburban Co. first mortgage 4 per cent, bonds 2,745 00 $1,182,727 50 a 1,479 shares N. Y., N. H. & H 130 shares Union Trust Co. voting trust certificates. Union Trust Co. contingent certificates, 7 shares Norton & Taunton St. Ry. Co., Vanity Fair Amusement Co. securities. $252,640 00 19,500 00 28,215 42 350 00 1 00 1300,706 42 to Ol 216 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The Rhode Island Company. Comparative Income Statement, Years ending June 30, 1907, 1908,1909 and 1910. 1907.1 1908. 1909. 1910. Gross earnings, ...... $3,859,715 00 $4,194,503 23 $4,160,785 27 $4,440,809 12 Operating expenses, ..... 2,419,221 00 2,573,674 26 2,313,954 23 2,537,686 01 Net earnings from operation,.... $1,440,494 00 $1,620,828 97 $1,846,831 04 $1,903,123 11 Miscellaneous income - 22,519 34 32,172 72 62,113 52 Gross income, ....... $1,440,494 00 $1,643,348 31 $1,879,003 76 81,965,236 63 Deductions from income: — Taxes, $260,310 00 $286,997 20 $293,444 31 $304,832 96 Rentals of leased lines, .... 1,061,642 00 1,061,642 00 1,061,642 00 1,061,642 00 Interest on funded debt, .... Interest on current liabilities, 1 19,727 00 f 20,700 00 1 95,588 22 20,700 00 34,010 60 12,700 00 12,496 34 $1,341,680 00 $1,464,927 42 $1,409,796 91 $1,391,671 30 Net income, ....... $98,814 00 $178,420 89 $469,206 85 $573,565 33 Dividends, ....... - - 425,520 00 510,624 00 Surplus for year, $98,814 00 $178,420 89 $43,686 85 $62,941 33 1 Taken from Poor's Manual. Westchester Northern Railroad Company. General Balance Sheet, June 30, 1910. Assets. Total. Liabilities. Total. Fixed capital, .... Cash Bills receivable, .... $725 00 4,275 00 55,000 00 Capital stock, .... $60,000 00 $60,000 00 $60,000 00 The Westchestee Steeet Raileoad Company. General Balance Sheet, June SO, 1910. Assets. Total. Liabilities. Total. Property owned as investment: — Physical property owned, .... Additions and betterments, current year, Working assets: — Cash, ........ Balance due from agents and conductors, Miscellaneous accounts receivable, . Materials and supplies, ..... Deferred debit items: — Rents and insurance paid in advance, Other deferred debit items, .... S929.631 40 4,500 00 $11,630 57 591 75 2,906 26 12,874 91 $425 06 2,890 41 $934,131 40 Mortgaged, bended and secured debt: — Advances received for construction. Working liabilities: — Loans and notes payable (the Connecticut Co.), . Audited vouchers and wages unpaid, Miscellaneous accounts payable, .... Other working liabilities, ..... $21,208 00 17,701 98 161 35 1,404 93 $907,840 07 40,476 26 2,891 95 340 00 13,902 08 28,003 49 Accrued liabilities not due: — Unmatured interest, dividends and rents payable, Taxes accrued, ....... $40 12 2,851 83 3,315 47 Deferred credit items, ...... Surplus: — Income account, current j^ear, .... $965,450 36 $965,450 36 218 NEW YORK, NEW HA\^N & HARTFORD R.R. CO. The Westchester Street Railroad Company. Statement of Income for 20^ Days, ending June 30, 1910. Gross earnings, $92,513 02 Operating expenses, 75,269 55 Net earnings, ................ $17,243 47 Other income 150 68 Gross income, $17,394 15 Taxes, ................. 3,443 73 Balance, $13,950 42 Interest charges and rentals 48 34 Net income, $13,902 08 The New Yoek, New Haven & Hartford Railroad Company. General Balance Sheet, June SO, 1910. Assets. Property investment: — Road and equipment, Floating equipment, street railways and other properties. $170,222,450 56 6,346,362 90 $176,568,813 46 1.872,720 54 Less reserve for accrued depreciation of equipment, .... Securities: — Securities of proprietary, affiliated and controlled companies (Schedule I.): — Stocks $105,651,624 78 Funded debt, .... 15,100,000 00 Miscellaneous, .... 25,394,996 35 - $174,696,092 92 Other investments (Schedule II.): — Advances to proprietary, affili¬ ated and controlled companies for construction, equipment and betterments. Miscellaneous investments, se¬ curities, ..... Total property investment, . 146,146,621 13 $1,161,671 82 63,504,856 83 64,666.528 65 held Working assets: — Cash, . • . Securities issued or assumed, (Schedule III.) Marketable securities (Schedule IV.), Loans and bills receivable, . . . . Net balance due from agents and conductors, Miscellaneous accounts receivable, . Materials and supplies, . . . . , Other working assets, . . . . , Total working assets, . . . . . treasury $18,099,040 97 211,715 00 29,565,205 50 10,797 96 2,248,770 27 4,206,251 21 3,461,208 42 382,266 67 Total. $385,509,242 70 58,185,256 00 Liabilities. Total. $121,878,100 00 22,139,325 00 Stock: — Capital stock, . Receipts outstanding for install¬ ments paid, .... Premiums realized on capital stock sold (since July 1, 1909) Total stock and premiums realized since July 1, 1909, - $144,017,425 00 20,630,720 25 Mortgaged, bonded and secured debt: — Mortgage bonds, including bonds of merged roads assumed, . . $58,661,000 00 Plain bonds, debentures and notes, including debentures of merged roads assumed, .... 173,380,000 00 Miscellaneous funded obligations (real estate mortgage), . . 11,500 00 Î Obligations for advances recei ved for construction, equipment and betterments. Total mortgaged, bonded and secured debt, Working liabilities: — Ijoans and bills payable, ..... Traffic and car service balances due other com¬ panies, ........ Audited vouchers and wages unpaid, Miscellaneous accounts payable, .... Matured interest, dividends and rents unpaid. Matured mortgaged, bonded and secured debt un¬ paid, ......... Other working liabilities, ..... Total working liabilities, ..... Accrued liabilities not due: — Unmatured interest, dividends and rents payable, - $232,052,500 00 474,803 98 $5,780,364 28 1,387,085 06 4,124,853 02 86,000 00 4,481,063 20 19,621 41 49,785 26 $164,648,145 25 232,527,303 98 15,928,772 23 2,885,825 89 The New Yoek, New Haven & Haetford Railroad Company — Concluded. General Balance Sheet, June SO, 1910 — Concluded. Assets. Total. Liabilities. Total. Accrued income note due: — Unmatured interest, dividends and rents receivable, Deferred debit items: — Temporary advances to proprietary, affiliated and controlled com¬ panies (Schedule V.), . . $1,218,31561 Working funds, .... 134,426 82 $1,352,742 43 Rents and insurance paid in advance, . . 87,991 66 Cash and securities in sinking and redemption funds : — Harlem Riv. & Port Chester R.R. bonds, special deposit, . $229,840 00 Conn. Ry. & Ltg. Co. sinking fund, 403,509 48 Worcester & Conn. Eastern Ry. sinking fund 38,000 00 671,349 48 Cash and securities in insurance and other reserve funds: — Insurance fund $1,435,753 30 Accident and casualty fund, . 523,118 75 Coal insurance fund, . . . 19,654 92 1,978.526 97 Other deferred debit items 2,008,424 20 Total deferred debit items, $970,843 49 6,099,034 74 Deferred credit items: — Advance payments of third and fourth installments of subscriptions to new capital stock, . . $7,067,062 50 Other deferred credit items, ..... 1,289,268 32 Total deferred credit items, .... Appropriated surplus: — Reserves from income or surplus: — Invested in sinking and redemption funds: — Conn. Ry. & Ltg. Co. sinking fund, . . $284,545 91 Invested in other reserve funds: — Insurance fund, . $1,435,753 30 Accident and casualty fund, . 523,118 75 Coal insurance fund, . 19,654 92 1,978,526 97 Total appropriated surplus, .... — Equipment and personal property leased, Profit and loss account, ......... $8,356,330 82 2,263,072 88 9,958,672 41 14,196,253 47 $450,764,376 93 $450,764,376 93 VALIDATION REPORT. 221 The New York, New Haven & Hartford Railroad Company. Schedule I. — Securities of Proprietary, Affiliated and Controlled Companies. Number of Shares. Book Value. Stocks. Bennington & North Adame St. Ry. Co., 6,500 $564,505 54 Berkshire Railroad Co., .......... 8,561 1,526,094 65 Berkshire St. Ry. Co., 19,288 2,891,226 88 Boston & Providence R.R. Corp., . 2,178 665,970 85 Boston Terminal Co., .......... 2,000 200,000 00 Central New England Ry. Co. common stock and scrip, 44,885H 702,297 64 Central New England Ry. Co. preferred stock and scrip, . 34,710 879,769 25 The Connecticut Co., 400.000 40,000,000 00 The Harlem River & Port Chester R.R. Co., ..... 10,000 1,000,000 00 Hartford & Conn. West. R.R. Co., 705 34,703 01 Holyoke & Westfield R.R. Co., ........ 200 20,000 00 Milford, Franklin & Prov. R.R. Co., ....... 1,000 49,716 47 Milford & Woonsocket R.R. Co., ........ 1,486 73,253 07 Millbrook Co., 1,000 109,500 00 New Haven & Northampton Co., 24,600 984,000 00 The New York Conn. R.R. Co., 15,000 1,527,204 33 N. Y., Ontario & West. Ry. Co., common 291,600 13,105,185 62 N. Y., Ontario & West. Ry. Co. preferred 22 3,212 00 New York & Stamford Ry. Co 5,000 610,643 40 New York, Westchester & Boston Ry. Co. stock and scrip, 49,248 5,920,094 62 Norwich & Worcester R.R. Co. preferred, 692 158,229 92 Old Colony R.R. Co., .......... 77,494 9.299,983 53 Prov., Warren & Bristol R.R. Co., . 5 912 67 Providence & Worcester R.R. Co., ....... 3,118 912,426 43 The Rhode Island Co., .......... 96,855 24,220,978 90 R. I. & Mass. R.R. Co. (Mass. Div.) 1,000 191,700 00 Roxbury Central Wharf Co 7 7 00 South Bay Wharf & Terminal Co., 9 9 00 Funded Debt. N. Y., Westchester & Boston Ry. Co: — 5 per cent, mortgage bonds, Par Value. $15,000,000 00 $15,000,000 00 5 per cent, first mortgage gold bond 100,000 00 100,000 00 Total . $15,100,000 00 222 NEW YORK, NEW HA\TEN & HARTFORD R.R. CO. New Yobk, New Haven & Hartfoed Railroad Company — Concluded. Schedule I. — Concluded. Number of Shares. Book Value. Miscellaneous. The City & County Contract Co. notes, - $150,000 00 The Harlem Riv. & Port Chester R.R. Co. notes - 23,555,833 38 The New York Conn. R.R. Co. notes, - 491,292 07 New York & Stamford Ry. Co. notes, ....... - 290.030 47 The Westchester St. R.R. Co. advances, ...... - 907,840 43 Total, ............ - $25,394,996 35 Grand total, - $146,146,621 13 The New York, New Haven & Hartford Railroad Company. Schedule II. — Other Investments. Number of Shares. Book Value. Advances to Proprietary, Affiliated and Controlled Companies for Con¬ struction, Equipment and Betterments. New Haven & Northampton Co., ....... - $64,045 91 Norwich «fe Worcester R.R. Co., - 495.937 74 Providence, Warren . (Punch'd^s) tEllenviile & Kingston R.R.Co. f » 905) tPortJervis. Monticello aSummitville R.R.Cb. ( " 905) Wharton Valley Ry. Co. ( » 8d8) Pccksport Cbnnecring R.R.CO. ( 896) ♦All stock and bonds of this company pledged in the M.Y.0.8tW. Refunding Mortoaoe tAll srocksand bonds of these companies pledged in the N.Y. O a w. General Mortgage i First ftur companies operated under leases. ' MILLBROOK CO! OUTSTANDING Capital stock (Par*100.) Notes Payable City & County Contract Cb. I58,000.OO ivlt.Vernon frEastern R.R.Cb. 50.012.26 *Con5truction Company to construct the Westchester 8c Northern R.R.Co. TOTAL OWNED BY N.Y.NilAH. *100.000.00 208,072.26 *100.000.00 WOOD RIVER BRANCH R.R. OUTSTANDING Capital stock (Par *ioa) Bonds: Ist. Mtg.due July!,1924. Notes Payable TOTAL OWNED BY N.YN.H.&H. *60.000.00 55500.00 4,500.00 ^3600.00 4,500.00 ' MEMORANDUM OF CERTAIN OTHER INVESTMENTS THE CITY & COUNTY CONTRACT CO? OUTSTANDING WESTCHESTER NORTHERNURXOf OUTSTANDING Capital stock (Par* 100) ■Votes Payable N.Y.N.H.atH. *150,000. Westchester Northern 55,000. ♦Construction Company, construc¬ ting the N.Y.W.&B. TOTAL OWNED BY N.Y.W.&B. Capital stock (Par *100.) TOTAL OWNED BY C.BcC.C.CO. *690,00a00 ♦esftooaoo *6o.ooaoo *60.000.00 205,DOaOO ♦Construction not yet begun Pirk Squan; Real Esh Trust ew York Connecting R.R.Co. oston Terminal Co. jxbury Central Wharf Co .»jth Bay Whaif^TerminalCo. L STREET RAILWAY COMPANIES NEWYORKft STAMFORD RAILWAY CO. OUTSTANDING (!apHal Stock (Rar*!00.) Bonds: Ist.Mtg. 5% Due Oct. 1,1931. lst.Ref.Mig.4% 1. Nov. 1,1958. Notes Payable TOTAL OWNED BY N.Y;RH.aH. *50o,ooaoo 426.000.00 274,000.00 290,03047 *500,00000 27,00000 290,03047 THE RHODE ISUND CO. OUTSTANDING Capital stock (Par *100.) Bonds: Providence fit Burrillville St.Ry. 5% Bonds * 254POO.OO Funds deposited with R.I. Hospital Trust Co. to redeem *254,000.00 TOTAL OWNED BY N.Y.N K&H. *9,685,500.00 *9,685,500.00 LEASED PROPERTY That portion of The Greenwich Tramway Co. west from Mianus River to M.Y. State Line. THE WESTCHESTER STREET RAILROAD CO. Orcanized Dec.8,l909 toaquire major portion of theprop- eifi of the Tarrytown, White Plains fit Mamaroneck Ry Co. unter foreclosure. Apjlication now pending before the New York Public Ser¬ vice Commission, 2é District, for authority to issue Capi¬ tal Stock. Noes Payable *21.208,00 due The Connecticut Go. Caih Advances from The New York, New Haven & Hartford R î.Co. * 907,840.43 to be paid in capital stock of company. THE CONNECTICUT CO. OUTSTANDING I LEASED PROPERTIES Unibn Railroad Co. Rhode Island Suburban Railway Co. Pawtucker Sh Ry. Co. 999 year3 from June 24, i9o2. Total Annual Rental *1,061,642.00 PROPERTIES PURCHASro ' WoonsqckeT St. Ry. Co. Columbian St.Ry.Co . Providence firBurrill ville St-.Ry.Co. I TOTAL OWNED BY N.Y.N.HÄH. *40,000,000.00 1 0 0 0 BERKSHIRE STREET RAILWAY CO. OUTSTANDING PROPERTIES LEASED ♦Bridgeport Traction Co. •Shelton St.Ry.Cb. •Milfbrd St.Ry. Co. * Westport & saugatuck St, Ry.Co. ♦Derby St. Ry. Co. «Norwalk StfRy.Cb. •Norwalk Tramway Co. •Southinoton & Plantsville Tramway Co. ♦ Cheshire St. Ry.Cb. ♦Naugatuck Valley Elcc.Ry.Cb, ♦Thomaston a Watertown dec. Ry. Co. ♦waterbury Traction Cb.CStneet Ry-Oept.) ♦The Central Rallwav&Elec.co.( street Ry. Dept) ♦West Shore fjy. Co. ♦South Manchester Light.Power & Tramway c». •All except last two Companies were leased to Consolidated Ry.Cb. by Connecticut fty.Bc lig Cb. fer 999 years from Aug.l,i906 and sublet toThe Connecticut Co. byThe n.y.n.h.& h.r.r.q), +99 years from Dec. 15,1895. *25 years from May 15,1895. 1 Capital Stock (Par^iDO.) Bonds I due Berkshire St.Ry. Ist. Mtg.5)l Junel.i922 HoosactelleyStRy..' ' 5%Jiiiyi.i9i7 ' PitefieldQ.St.Ry. « •• 47.Juiyi.i9Z3 ttoosacValieyify.l&f. »47.5^311.1924 Debentures: Berkshire St.Ry. 5% Notes Payable 1 TOTAL OWNED BY N.Y.N.H&H. *1,948.100.00 *1,928,80800 8oo,ooaoo 100,000,00 300,000.00 300,00800 200,000.00 496,067.00 BENNINGTON &NORTH ADAMS 5TRY.C0. OUTSTANDING Capital Stock (Par *100.) Ñores Payable Livingstone Deficiency Judgment TOTAL *650,00a00 351,49a 16 363,389.03 OWNED BY N.Y.N.M.&H. *650.000.00 35l,49a!& 363,389.03 PROPERTIES PURCHASED The Columbia Traction Co. The Peoples Tramway co. Portion South of w.niorapm» The Danielson & Norwich St.Ry.Co. The Wallingford Tramway Co. The Winchester Ave. r.r.Co. The föir Haven erWestville r.r.Co. Meriden Electric r.r.Co. The Norwich St.Ry.Co. Montville St. Ry, Co. New London St. Ry.Co. The Middletown 5t.Ry.Co. Hartford St.Ry.Co. The East Hartford &61astonbury St.Ry.Co. The Greenwich Tramway Co. ( Equipment and that portion of line west to trie Mianus River) The Branford Lighting ftWater Co. (Railway portion only and exclusive of Povier House) Stamford .St. R.R.Cb Willimantic Traction Co. The Hartford & Middletown St. Ry.Cb The Hartford. Manchester 8 Rockville Tramway Co. The Waterbury 8 Pomperaug Valley 5t.Ry.Cb. The Torrington 8c Winchester St. Ry. Co. The Meriden.Southington BCompounœTiamway Co The Stafford Springs St.Ry.Co. The Farmington St.Ry.Co. PROPERTIES MERGED HoosacValley St.Ry.Co. Pittsfield Electric Sf.Ry.Co. PROPERTIES MERGED Hoosick Railway Go. Bennington Electric Ry.Co. I tHEGREENWICHIRMAWAyCO Ttiat porhdn west from Mianus River to N .Y. State. Line. No Stock or liabilities. Leased to N.Y.St Stamford Ry.Co. THE HOOSICK FALLS RAILROAD CO. Application to New York Public Service Commis sion,2^ District, for auttiority to issue, *100,000.00 Capital Stock Organized May 17.1910, to acquire property of Bennington fctloriti Adams StRyCb. m the state of N.V.under foredosure of mortgage. when stock :s issued It is to go to THESUFFIELDST.Rlf.CO. No stock or liabilities. From just south of Suffield to Mass. State Line. THE PEOPLES TRAMIWV CO. That portion from Wfest Thompson, Conn, to North Grosvenordale. jSVreet railway line from North 'Grosvenordale to Massachusetts Slate Line. MARINE COMPANIES THE NEW ENGLAND NAVIGATION CO.' OUTSTANDING •53.000,000.00 f53.000,000.00 * 90.00Ü.OO Capital stock (Pariioo.) Bonds: Mew LondonSteamboat to.lst.Mtg.6*A Jiin. i,)9l6 Debentures N.E. Nav. Co. 50year 47« Jtn.l, 1955 N. E. Nav. Co. Gold 47» NnV.B. 1955 Providence Securities Co. 47o kay 1,1957 T incorporated as Colonial Commercial (¿.May 14.1901. Name changed to above 0chi8,i904. ♦ Funds to redeem ttiese bonds deposited witti New York jrust Co. Trustee. ♦Owned by Old Colony R.R.Co. IntaTSsf under terms of lease of Old Colony prop¬ erty is payable to The N.Y. N.H.a H. R. R.Co. *Owned by the Norwidr 8tWorcester Railroad Co. Interesfunder terms of lease of Norwich &Worcester property is payable toTtieN.Y.N.tt.Sctt.R.R.Cb. TOTAL *675,000.00 *3.600,000.00 19,899,000.00 OWNED BY N.T.N.HAH. IN N.Y,N,HÄH RESERVE FUNDS 719,000.00 memorandum The New England Navigation Co. owns BO% of Merchants Oc Miners Transportation Cb. THE HARTFORD & NEW YORK TRANSPORTATION CO. OUTSTANDING Capital stock ( Par*25.) Bonds-lst.Mtg.4k% dueMaylJ934. Notes Payabfo TOTAL OWNED BY N.E.N. CO. *3.283,000.00 200,000.00 200,000.00 *3,283,00800 200,000.00 1 MAINE STEAMSHIP CO. OF MAINE OUTSTANDING Capital Stock (Par *50.) Bonds: M.S.Co.of Maine Ist.Mtg. 67o Due Apr. 1,1926. Portland Consol.SS.Co.kt.Mtg 5% Due July 1,1921. Notes Payable Slnkm5r,nd WMI,.6;4*VS;1|ÊS Sinking Fund i'st Mfg.5's *52,000. TOTAL OWNED BY HÄN.Y.T.CO. *333,350.00 ♦225,000.00 ♦325,000.00 119,090.38 *333.350.00 16,O00.00 119,090.38 J T ELECTRIC LIQHT,POWER, OAS \ WATER COMPANIES. PROPERTIES PURCHASED Providence 8 Stoningfon Steamship Cb. Norwich & Mew York Transportation Cb. New Haven St;amboatCb. New London .Steamboat Cb. foridqeport :>teamboatCb. Old colony Steamboat CO. 1 HOUSATONIC POWER CO. •OUTSTANDING Capital Stock (Par 4100.) Bonds: New Milfbrd P0werCG.l5t.Mtg.57» due Aug.i.i932. Notes Payable X I TOTAL *3,000,000.00 i.ooo.ooaoo 979.565.23 OWNED 8Y N.E.N.CO. *3.000,000.00 979,565.23 PROPERTIES LEASED Norwalk & South Norwalk Elec. Light Co. Norwalk Gas Light Co. The Central Railway &Elec.Co.CLi9htin9 Dept.) Greenwich Gas 8= Hec. Lighting Co. Naugatuck Electric Light Co. Waterbury Traction Cb.(Lfehting Dept.) Operated by United Gas öc improvement Cb, for the benefit of H.RCo.- waterbury Gas Light Co. 1. PROPERTIES PURCHASED The Branford Lighting SrWaterCo. CUghHng & Water portion Power station.) Village Water Co. of Suffield New Milford Power Co. fbwer Station acTransmission Line atQuassapoag Nofe;- Ttie data given on tills chart was obtained from such sources of information as were available as of Juneso.ioio, and was comp led and arranged by STONE 8cWEBSTER B O STON, IkOLS S. Heliotvpc Co., Boston. EETÜRN OF THE EW YORK, NEW HAYEN & HARTFORD RAILROAD COMPANY FOK THE YEAR EXDIAG Juííe 30, 1910. RETURN of the NEW YORK, NEW HAYEN & HARTFORD RAILROAD COMPANY For the Year ending June 30, 1910. History. 1. Exact name of common carrier making this report. The New York, New Haven & Hartford Railroad Co. 2. Date of organization. See History. 3. Under laws of what Government, State or Territory organized? If more than one, name all. Give reference to each statute and all amendments thereof. See History. 4. If a consolidated company, name the constituent companies. Give reference to charters of each, and all amendments of same. See History. 5. Date and authority for each consolidation. See History. 6. If a reorganized company, give name of original corporation and refer to laws under which it was organized. See History. New York, New Haven & Hartford Railroad Company. 1. Exact name of common carrier making this report. — The New York, New Haven and Hartford Railroad Company, 2. Date of organization. — 1907. 3. Under laws of what government, state, or territory organized? If more than one, name all; give reference to each statute and all amendments thereof. — See History. 4. If a consolidated company, name the constituent companies. Give reference to charters of each, and all amendments of same. — See History. 5. Date and authority for each consolidation. — See History. History. The name of the common carrier making this report is The New York, New Haven and Hartford Railroad Company. On May 31, 1907, The Consolidated Railway Company, organized August 31, 1901, and The New York, New Haven and Hartford Railroad Company, organized August 6, 1872, merged under the name of The New York, New Haven and Hart¬ ford Railroad Company. The charter and amendments thereto of the merging company first above named are to be found in Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, pp. 145, 706; Vol. XV, p. 489. This company was chartered as The Thompson Tramway Company, and the corporate name was changed by the Superior Court for New Haven County, Janu¬ ary 24, 1902, to The Worcester and Connecticut Eastern Railroad Company, and was again changed by the Superior Court for New Haven County on May 18, 1904, to the Consolidated Railway Company. 230 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The charter and amendments thereto of the merged company second above named are found in Conn. Public Acts, 1871, Chaps. 129, 152; do. 1889, Chap. 166- 1899, Chaps. 198, 226, Sec. 18; Special Laws of Conn., Vol. VII, pp. 465, 688; Vol! VIII, p. 411; Vol. X, p. 1298; Vol. XI, p. 32; Vol. XII, pp. 348, 642; Vol. XIIl! p. 41; Vol. XIV, pp. 15, 869; Vol. XV, p. 40; Mass. Acts and Resolves, 1872 Chap. 171; 1898, Chap. 399; 1901, Chap. 231 ; 1905, Chap. 252; 1906, Chaps. 16o' 220, 237; 1907, Chap. 441. R. I. Acts and Resolves, Jan., 1892, p. 389; 1893 pp' 377,379,380; 1895, p. 165; 1897, p. 93; 1899, pp. 30, 35; 1900, pp. 79, 98; iW p. 103; 1905, p. 209; 1907, pp. 140, 184. The constituent companies of The New York, New Haven and Hartford Rail¬ road Company are: The New York and New Haven Railroad Company: Special Laws of Conn Vol. IV, pp. 1020, 1025, 1029, 1031; Vol. VI, pp. 88, 137, 226, 319, 716; Conn! Public Acts, 1871, Chaps. 129, 152. Laws of New York, 1846, Chap. 195; 1848, Chap. 143. Mass. Acts and Resolves, 1872, Chap. 171. The Hartford and New Haven Railroad Company, which had itself been con¬ solidated with the Hartford and Springfield Railroad Corporation in 1847; with The Branch Company in 1850; with The Middletown Railroad Company in 1850; with Middletown Extension Railroad Company in 1861; with New Britain and Middletown Railroad Company in 1868; and with Windsor Locks and Suffield Railroad Company in 1871: Special Laws of Conn., Vol. I, pp. 1002, 1005, 1006; Vol. IV, pp. 874, 899, 900, 901, 903, 916, 917, 918, 919, 934, 938, 954, 967; Vol. V, pp. 32, 36, 570; Vol. VI, pp. 323, 578, 594, 791; Vol. VII, p. 688; Conn. Public Acts, 1871, Chap. 129; Mass. Acts and Resolves, 1839, Chap. 101; 1844, Chap. 28; 1845, Chap. 42; 1847, Chap. 244; 1852, Chap. 87; 1868, Chap. 355; 1872, Chaps. 127, 171. The Stamford and New Canaan Railroad Company, successor of New Canaan Railroad Company: Special Laws of Conn., Vol. VI, pp. 10, 22; Vol. VIII, p. 196; Vol. IX, p. 682. The Hartford and Connecticut Valley Railroad Company, successor of Connecti¬ cut Valley Railroad Company; Special Laws of Conn., Vol. VI, pp. 398, 548; Vol. VIII, pp. 348, 420; Vol. IX, pp. 203, 679. Mass. Acts and Resolves, 1876, Chap. 43; 1881, Chap. 116; 1882, Chap. 118. New York, Providence and Boston Railroad Company: Special Laws of Conn., Vol. I, pp. 1019, 1023; Vol. IV, pp. 975, 978, 979, 1032, 1033; Vol. V, pp. 47, 205, 227, 243, 592; Vol. VI, p. 374; Vol. VII, p. 938; Vol. VIII, p. 4; Vol. IX, pp. 28, 503. Mass. Acts and Resolves, 1889, Chap. 345. R. I. Acts and Resolves, June, 1832, p. 67; June, 1833, p. 10; June, 1836, p. 3; Jan., 1840, p. 83; Jan., 1841, p. 8; Oct., 1842, p. 68; Oct., 1846, p. 86; May, 1847, p. 57; Oct., 1847, p. 48; Jan. 1848, p. 32; June, 1851, p. 44; May, 1858, p. 51 ; Jan., 1862, p. 239; May, 1864, p. 32; Jan., 1865, p. 261; May, 1868, p. 27; Jan., 1872, p. 184; May, 1872, p. 69; Jan., 1873, p. 206; Jan., 1875, p. 261; May, 1875, p. 42; Jan., 1876, p. 191; May, 1879, pp. 38, 39; Jan., 1880, pp. 141, 142; Jan., 1881, pp. 174, 178; Jan., 1885, p. 197; Jan., 1888, p. 245; May, 1888, p. 91; Jan., 1891, pp. 240, 244, 322; May, 1891, pp. 39, 41; Jan., 1892, p. 389. The Company for Erecting and Supporting a Toll Bridge from New Haven to East Haven: Special Laws of Conn., Vol. I, pp. 241, 242, 243; Vol. Ill, p. 283; Vol. VI, p. 182; Vol. XII, p. 632. The Union Wharf Company in New Haven and The Contractors to Rebuild and Support Union Wharf and Pier in New Haven: General Assembly, Colony of Conn May, 1760; do. May, 1772; do. State of Conn., 1790. Special Laws of Conn., Vol. I, pp. 497, 498, 502, 523, 525; Vol. VI, p. 9; Vol. XII, p. 632. Shore Line Railway Company, successor in 1864 to The New Haven, New Lon¬ don and Stonington Railroad Company, which was formed by a merger in 1856 of New Haven and New London Railroad Company with New London and Ston¬ ington Railroad Company: Special Laws of Conn., Vol. IV, pp. 967, 973, 974, 975, 979; Vol. V, pp. 47, 243, 590, 766; Vol. VI, pp. 327, 394, 906; Vol. VIII, p. 364; U. S. Statutes at Large, Vol. IX, p. 165. The Housatonic Railroad Company: Special Laws of Conn., Vol. I, p. 1025; Vol. IV, pp. 921, 922, 924, 925, 926, 927, 928; Vol. V, pp. 578, 609; Vol. IX, p. 617; Conn Private Acts, 1870, p. 115. Mass. Acts and Resolves, 1847, Chap. 272; 1885, Chap. 338; 1886, Chap. 335; 1892, Chap. 227. Shepaug, Litchfield and Northern Railroad Company, successor of Shepaug VALIDATION REPORT. 231 Valley Railroad Company and Shepaug Railroad Company: Special Laws of Conn., Vol. VI, pp. 96, 395, 790, 849; Vol. VII, pp. 3, 463; Vol. IX, p. 800; Vol. X, pp. 478. 847, 1342. New Haven and Derby Railroad Company: Special Laws of Conn., Vol. V, p. 653; Vol. VI, p. 171, 826; Vol. VII, pp. 114, 343; Vol. VIII, p. 55; Vol. X, p. 23. Danbury and Norwalk Railroad Company: Special Laws of Conn., Vol. I, p. 998; Vol. IV, pp. 885, 887; Vol. VI, pp. 48, 373, 655; Vol. VIII, p. 418; Vol. IX, pp. 329, 949. Colchester Railway Company: Special Laws of Conn., Vol. VIII, p. 34. The Rockville Railroad Company: Special Laws of Conn., Vol. V, pp. 139, 557; Vol. VIII, p. 418; Vol. X, p. 1107. Rhode Island and Massachusetts Railroad Company, R. I. Div., incorporated under name of Rhode Island Mining Railroad Company: R. I. Acts and Resolves, Jan., 1865, p. 238, May, 1871, p. 54; Jan., 1872, p. 209; Jan., 1875, p. 254; May, 1875, p. 44; Jan., 1880, p. 143; Jan., 1882, p. 225; Jan., 1887, p. 242; Jan., 1888, p. 292A; Jan., 1890, p. 278; Jan., 1891, p. 322, Mass. Acts and Resolves, 1873, Chap. 214; 1890, Chap. 340. The Naugatuck Railroad Company: Special Laws of Conn., Vol. IV, pp. 944, 949, 950, 951, 952; Vol. V, pp. 75, 753; Vol. VI, pp. 8, 9. 23, 293, 709. The Watertown and Waterbury Railroad Company: Special Laws of Conn., Vol. VI, p. 647; Vol. XI, p. 31; sold under foreclosure of mortgage by Treasurer State of Conn, to Naugatuck Railroad Company in 1893. Providence and Springfield Railroad Company, successor in 1872 to Woonas- quatucket Railroad Company: R. I. Acts and Resolves, Jan., 1857, p. 62; May, 1865, p. 133; Jan., 1872, pp. 142, 215; May, 1874, p. 32; Jan., 1890, p. 264; Jan. 1891, pp. 241, 242; May, 1891, p. 43. Special Laws of Conn., Vol. X, p. 560. Mass. Acts and Resolves, 1891, Chap. 387. Woonsocket and Pascoag Railroad Company: R. I. Acts and Resolves, May, 1887, p. 16; 1891, p. 245. The Middletown, Meriden and Waterbury Railroad Company, formerly The Meriden and Cromwell Railroad Company and the Meriden and Waterbury Rail¬ road Company, consolidated, 1887, under name of The Meriden, Waterbury and Connecticut River Railroad Company; sold under foreclosure of mortgage and came into possession of Middletown, Meriden and Waterbury Railroad Company in 1898; original companies organized under general laws of State of Conn.: M. and C., July 10, 1882; M. and W., May 24, 1887; M., M. and W., November 3, 1898. Amendments, Special Laws of Conn., Vol. IX, p. 767; Vol. X, pp. 481, 745, 814. Boston and New York Air Line Railroad Company, successor of New Haven, Middletown and Willimantic Railroad Company: Special Laws of Conn., Vol. VI, pp. 286, 329, 652; Vol. VII, pp. 2, 31, 273, 543, 767, 885; Vol. XII, p. 515. The Providence Terminal Company, incorporated as New York, Providence and Boston and Old Colony Railroad Terminal Company: R. I. Acts and Re¬ solves, May, 1891, p. 39; Jan., 1904, p. 103. The Manufacturers Railroad Company, successor to The Manufacturers Street Railway Company of New Haven: Special Laws of Conn., Vol. XI, p. 861; Vol. XII, pp. 295, 1017; Vol. XIII, p. 817; Vol. XIV, p. 123. Pawtuxet Valley Railroad Company: R. I. Acts and Resolves, May, 1868, p. 42; Jan., 1869, p. 207; May, 1872, p. 69; Jan., 1873, p. 203; May, 1875, p. 40; May, 1879, p. 23; Jan., 1880, p. 141; Jan., 1900, p. 98. The New Kngland Railroad Company, successor in 1895 to the New York and New England Railroad Company: Special Laws of Conn., Vol. XII, p. 8. Mass. Acts and Resolves, 1895, Chap. 484; 1908, Chap. 554. R. I. Acts and Resolves, May, 1895, p. 12. (The New England Railroad Company is lessee for one hun¬ dred years from February 1, 1869, of the property of the Norwich and Worcester Railroad Company; for five years from April 1, 1902, of the property of the Mil- ford and Woonsocket Railroad Company; for five years from April 1, 1902, of the property of the Milford, Franklin and Providence Railroad Company; also operates Rhode Island and Massachusetts Railroad, in Massachusetts, pending lease.) The People's Tramway Company: Special Laws of Conn., Vol. XI, p. 1045; Vol. XII. p. 1037; Vol. XIII, p. 387. The Putnam and Thompson Street Railway Company: Special Laws of Conn., Vol. XI, p. 746; Vol. XII, pp. 395, 1026. 232 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. The Danielson and Norwich Street Railway Company: Special Laws of Conn. Vol. XIII, p. 800. The Winchester Avenue Railroad Company: Special Laws of Conn., Vol. X p. 1224; Vol. XI, p. 995; Vol. XII, pp. 391, 1041; Vol. XIII, p. 902; Vol. Xiv' p. 390. New Haven and West Haven Horse Railroad Company: Special Laws of Conn Vol. V, p. 741; Vol. VI, pp. 64, 140, 619, 793; Vol. VII, pp. 787, 788; Vol. VHl' pp. 105, 215; Vol. IX, p. 167; Vol. X, pp. 1129, 1322; Vol. XI, p. 994. The Fair Haven and Westville Railroad Company: Special Laws of Conn., Vol. V, pp. 370, 498, 502, 620, 627, 655; Vol. VI, pp. 51, 404, 949; Vol. VII, pp. 382, 899; Vol. X, pp. 326, 356, 959, 1203; Vol. XI, pp. 863, 1040, 1066, 1160; Vol. XH pp. 472, 1019; Vol. XIII, pp. 369, 1024; Vol. XIV, p. 389. The New Haven Street Railway Company, including State Street Horse Rail¬ road Company, New Haven and Morris Cove Railroad Company, Edgewood Street Railroad Company, Lake Saltonstall Railroad Company, New Haven and East Haven River Railway Company: Special Laws of Conn., Vol. VI, pp. 344, 346, 792; Vol. VII, pp. 63, 145, 314, 675, 787, 813, 873; Vol. VIII, p. 374; Vol. IX, p. 167; Vol. X, p. 1040; Vol. XI, pp. 843, 846, 863, 1042, 1065, 1066, 1070; Vol. XII, pp. 473, 919, 1015; Vol. XIII, p. 369. The New Haven and Centerville Street Railway Company: Special Laws of Conn., Vol. V, p. 701; Vol. VI, pp. 98, 404, 611, 954; Vol. VII, pp. 619, 742, 776, 787, 890; Vol. IX, pp. 167, 802; Vol. XI, p. 1027; Vol. XII, p. 478; Vol. XHI, p. 369. Meriden Electric Railroad Company: Special Laws of Conn., Vol. X, pp. 332, 744, 839, 1293; Vol. XI, p. 894; Vol. XII, p. 73; Vol. XIII, pp. 529, 1185; Vol. XIV, p. 471. The Wallingford Tramway Company: Special Laws of Conn., Vol. XIV, p. 239. New London Street Railway Company: Special Laws of Conn., Vol. VII, p. 565; Vol. X, p. 318; Vol. XI, p. 976; Vol. XII, p. 739; Vol. XIII, p. 202; Vol. XIV, p. 478. The Norwich Street Railway Company: Special Laws of Conn., Vol. V, pp. 575, 762; Vol. VI, pp. 304, 575, 828; Vol. IX, pp. 614, 887; Vol. X, p. 1067; Vol. XI, p. 852; Vol. XII, pp. 313, 1193; Vol. XIII, p. 273; Vol. XIV, p. 87. Conn. Private Acts, 1870, p. 196; 1875, pp. 4, 72. Montville Street Railway Company: Special Laws of Conn., Vol. X, p. 1135; Vol. XI, p. 840; Vol. XII, p. 620; Vol. XIII, p. 50. The Middletown Street Railway Company, including Portland Street Railway Company: Special Laws of Conn., Vol. VII, p. 26; Vol. X, pp. 178, 345, 724; Vol. XI, pp. 858, 865; Vol. XII, pp. 349, 398, 631; Vol. XIII, pp. 340, 998; Vol. XIV, p. 411. Hartford Street Railway Company, including part of The Newington Tramway Company: Special Laws of Conn., Vol. V, pp. 306, 492, 506, 619, 743; Vol. VI, pp. 179, 838; Vol. VII, p. 265; Vol. X, pp. 69, 431; Vol. XI, pp. 1035, 1082; Vol. XII, pp. 208, 682, 686; Vol. XIII, p. 335; Vol. XIV, pp. 277, 820. The East Hartford and Glastonbury Street Railway Company: Special Laws of Conn., Vol. VI, pp. 85, 180, 344, 734; Vol. X, p. 271; Vol. XI, p. 675; Vol. XHI, p. 48; Vol. XIV, pp. 228, 820. The Greenwich Tramway Company: Special Laws of Conn., Vol. XI, p. 888; Vol. XII, pp. 420, 1023; Vol. XIII, pp. 229, 230, 632; Vol. XIV, pp. 122, 257, 883. The Brandford Lighting and Water Company: Special Laws of Conn., Vol. XII, pp. 104, 846, 1012; Vol. XIII, pp. 334, 791; Vol. XIV, pp. 204, 652. Stamford Street Railroad Company: Special Laws of Conn., Vol. X, pp. 236, 637, 1199; Vol. XI, p. 1100; Vol. XII, pp. 315, 495, 1193; Vol. XIII, pp. 323, 655; Vol. XIV, pp. 310, 1061. The SufBeld Street Railway Company: Special Laws of Conn., Vol. XIII, p. 1093; Vol. XIV, pp. 183, 555. Willimantic Traction Company: Special Laws of Conn., Vol. XIII, p. 1099; Vol. XIV, p. 683. The Hartford and Middletown Street Railway Company: Special Laws of Conn., Vol. XIV, p. 997. The Hartford, Manchester and Rockville Tramway Company: Special Laws of Conn., Vol. XI, pp. 752, 968; Vol. XII, pp. 346, 876; Vol. XIV, pp. 87, 670. The Waterbury and Pomperaug Valley Street Railway Company, formerly VALIDATION EEPORT. 233 The Woodbury and Seymour Street Railway Company, includes The Woodbury and Waterbury Street Railway Company: Special Laws of Conn., Vol. XIV, pp. 187. 315. The Torrington and Winchester Street Railway Company: Special Laws of Conn., Vol. XII, p. 676; Vol. XIII, p. 640; Vol. XIV, pp. 33, 37. The Meriden, Southington and Compounce Tramway Company: Special Laws of Conn., Vol. XII, p. 863; Vol. XIII, pp. 386, 1217; Vol. XIV, pp. 471, 1088. The Village Water Company of Suffield: Special Laws of Conn., Vol. XII, p. 252; Vol. XIII, p. 854; Vol. XIV, p. 183. The Stafford Springs Street Railway Company: Special Laws of Conn., Vol. XIII, p. 916; Vol. XIV, pp. 275, 890. The dates and authorities for the consolidations are as given above and as follows: The New York, New Haven and Hartford Railroad Company with and in The Consolidated Railway Company, under the name of The New York, New Haven and Hartford Railroad Company, May 31, 1907: Special Laws of Conn., Vol. XIII, p. 747; Vol. XV, p. 40. The Hartford and New Haven Railroad Company with and in The New York and New Haven Railroad Company under the name of The New York, New Haven and Hartford Railroad Company, August 6, 1872: Conn. Public Acts, 1871, Chap. 129. Mass. Acts and Resolves, 1872, Chap. 171. The New York, New Haven and Hartford Railroad Company with: The Stamford and New Canaan Railroad Company, October 1, 1890: Special Laws of Conn., Vol. X, p. 1298. The Hartford and Connecticut Valley Railroad Company, December 21, 1892: Special Laws of Conn., Vol. X, p. 1298. New York, Providence and Boston Railroad Company, February 13, 1893: Special Laws of Conn., Vol. X, p. 1298. R. I. Acts and Resolves, Jabuary, 1892, p.389; do. January, 1893, p.377. The Company for Erecting and Supporting a Toll Bridge from New Haven to East Haven, October 18, 1895: Special Laws of Conn., Vol. XII, p. 632. The Union Wharf Company in New Haven and The Contractors to Rebuild and Support Union Wharf and Pier in New Haven, October 18, 1895: Special Laws of Conn., Vol. XII, p. 632. Shore Line Railway Company, March 18, 1897: Special Laws of Conn., Vol. X, p. 1298. The Housatonic Railroad Company, March 28, 1898: Special Laws of Conn., Vol. X, p. 1298. Shepaug, Litchfield and Northern Railroad Company, July 9, 1898: Special Laws of Conn., Vol. X, p. 1298. New Haven and Derby Railroad Company, November 3, 1905: Special Laws of Conn., Vol. XIV, p. 869; Vol. XV, p. 40. Danbury and Norwalk Railroad Company, October 26, 1905: Special Laws of Conn., Vol. XIV, p. 669; Vol. XV, p. 40. Colchester Railway Company, December 16, 1905: Special Laws of Conn., Vol. XIV, p. 869; Vol. XV, p. 40. The Rockville Railroad Company, November 6, 1905: Special Laws of Conn., Vol. XIV, p. 869; Vol. XV, p. 40. Rhode Island and Massachusetts Railroad Company (R. I. Div.), November 3, 1905: Special Laws of Conn., Vol. XIV., p. 869. The Naugatuck Railroad Company, January 31, 1906: Special Laws of Conn., Vol. XIV, p. 869; Vol. XV, p. 40. Providence and Springfield Railroad Company, October 30, 1905: Special Laws of Conn., Vol. XIV, p. 869. Woonsocket and Pascoag Railroad Company, November 3, 1905: Special Laws of Conn., Vol. XIV, p. 869. The Middletown, Meriden and Waterbury Railroad Company, November 3, 1905: Special Laws of Conn., Vol. XIV, p. 869; Vol. XV, p. 40. The Providence Terminal Company, December 29, 1906: Special Laws of Conn., Vol. XIV, p. 869. Boston and New York Air Line Railroad Company, January 30, 1907: Special Laws of Conn., Vol. XIV, p. 669; Vol. XV, p. 40. The Manufacturers Railroad Company, April 30, 1907: Special Laws of Conn., Vol. XIV, p. 869. 234 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Pawtuxet Valley Railroad Company, February 5, 1907: R. I. Acts and Resolves January, 1907, p. 184. ' The Consolidated Railway Company with: The People's Tramway Company, September 29, 1902: Special Laws of Conn Vol. XIII, p. 747. The Danielson and Norwich Street Railway Company, September 29, 1902: Special Laws of Conn., Vol. XIII, p. 747. The Wallingford Tramway Company, May 14, 1904: Special Laws of Conn Vol. XIII, p. 747. The Winchester Avenue Railroad Company, May 20, 1904: Special Laws of Conn., Vol. XIII, p. 747. The Fair Haven and Westville Railroad Company, May 23, 1904: Special Laws of Conn., Vol. XIII, p. 747. Meriden Electric Railroad Company, June 29, 1904: Special Laws of Conn Vol. XIII, p. 747. The Norwich Street Railway Company, September 29, 1904: Special Laws of Conn., Vol. XIII, p. 747. Montville Street Railway Company, September 29, 1904: Special Laws of Conn., Vol. XIII, p. 747. New London Street Railway Company, October 22, 1904: Special Laws of Conn., Vol. XIII, p. 747. The Middletown Street Railway Company, November 28, 1904: Special Laws of Conn., Vol. XIII, p. 747. Hartford Street Railway Company, September 19, 1905: Special Laws of Conn Vol. XIII, p. 747; Vol. XIV, p. 706. The East Hartford and Glastonbury Street Railway Company, September 19, 1905: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The Greenwich Tramway Company, September 19, 1905: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The Branford Lighting and Water Company, September 19, 1905: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. Stamford Street Railroad Company, September 19, 1905: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The SuflSeld Street Railway Company, September 19, 1905: Special Laws of Conn,, Vol. XIII, p. 747; Vol. XIV, p. 706. Willimantic Traction Company, December 6, 1905: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The Hartford and Middletown Street Railway Company, March 13, 1906: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The Hartford, Manchester and Rockville Tramway Company, March 26, 1906; Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The Waterbury and Pomperaug Valley Street Railway Company, April 28, 1907: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, p. 706. The New York, New Haven and Hartford Railroad Company with The Tor- rington and Winchester Street Railway Company, June 28, 1907; Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, pp. 706, 869. The Meriden, Southington and Compounce Tramway Company, June 28, 1907 : Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, pp. 706, 869. The Village Water Company of Suffield, January 31, 1908: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, pp. 706, 869; Vol. XV, p. 40. The New England Railroad Company, April 1, 1908: Mass. Acts and Resolves, 1905, Chap. 252. Special Laws of Conn., Vol. XIV, p. 869; XV, p. 40. The Stafford Springs Street Railway Company, June 30, 1908: Special Laws of Conn., Vol. XIII, p. 747; Vol. XIV, pp. 706, 869; Vol. XV, p. 40. The New York, New Haven and Hartford Railroad Company also controls, by leases, the railroads and railways of the following corporations: Harlem River and Port Chester Railroad Company, ninety-nine years from October 1, 1873. The New Haven and Northampton Company (lessee in perpetuity of the Hol- yoke and Westfield Railroad Company), ninety-nine years from April 1, 1887. Providence and Worcester Railroad Company, ninety-nine years from July 1, 1892. Old Colony Railroad Company (lessee for ninety-mne years from April 1, 1888, of property of Boston and Providence Railroad Corporation, for ninety-five years VALIDATION REPORT. 235 nine months from July 1, 1891, of property of the Providence, Warren and Bristol Railroad Company, and for ninety-nine years from December 1, 1892, of property of the Plymouth and Middleborough Railroad Company), ninety-nine years from March 1, 1893. Berkshire Railroad Company, ninety-nine years from April 1, 1893. The New England Railroad Company (lessee for one hundred years from Feb¬ ruary 1, 1869, of the property of the Norwich and Worcester Railroad Company; for five years from April 1, 1902, of the property of the Milford and Woonsocket Railroad Company; for five years from April 1, 1902, of the property of the Mil- ford, Franklin and Providence Railroad Company; also operates Rhode Island and Massachusetts Railroad, in Massachusetts, pending lease), ninety-nine years from July 1, 1898. The New York, New Haven and Hartford Railroad Company operated The Chatham Railroad Company under a contract dated June 16, 1905, continuing until June 30, 1910, and thereafter until terminated by notice. Directors. Name. Post-Office Address. Date of Expiration of Terra. William Rockefeller, . J. Pierpont Morgan, . Geo. Macculloch Miller, Nathaniel Thayer, Charles F. Brooker, . George J. Brush, I. De Vor Warner, Edwin Milner, . William Skinner, D. Newton Barney, . Charles S. Mellen, Robert W. Taft, John H. Whittemoro, ^ James S. Elton, James S. Hemingway, James McCrea, . A. Heaton Robertson, Frederick F. Brewster, Henry K. McHarg, . Lewis Cass Ledyard, Charles M. Pratt, Amory A. Lawrence, Alexander Cochrane, John L. Billard, George F. Baker, New York City, Now York City, New York City, Boston, Mass., . Ansonia, Conn., New Haven, Conn., Bridgeport, Conn., Moosup, Conn., Holyoke, Mass., Farmington, Conn., New Haven, Conn., Providence, R. I., Naugatuck, Conn., Waterbury, Conn., New Haven, Conn., Philadelphia, Pa., New Haven, Conn., New Haven, Conn., Stamford, Conn., New York City, New York City, Boston, Mass., . Boston, Mass., . Meriden, Conn., New York City, 4th Wednesday in October. 1 Deceased. Principal Officers. Title Name. Official Address. Chairman of the Board, President, . Vice-President, . Vice-President, . Vice-President, . Vice-President, . Vice-President, . Secretary, . Treasurer, . General Counsel, General Auditor, General Manager, Chief Engineer, . General Superintendent, Freight Traffic Manager, General Freight Agent, General Passenger Agent, Commissioner, C. S. Mellen, C.S.Mellen. T. E. Byrnes, H. M. Kochersperger, E. H. McHenry, . E. G. Buckland, . B. Campbell, J. G. Parker, A. S. May, . E. D. Bobbins, . J. M. Tomlinson, S. Higgins, . Edward Gagel, . B. R. Pollock, R. T. Haskins, L. H. Kentfield, . A. B. Smith, A. A. Maxwell, . New Haveu, Conn. New Haven, Conn. Boston, Mass. New Haven, Conn. Now Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New Haven, Conn. New York, N. Y. New Haven, Conn. New Haven, Conn. New Haven, Conn. 236 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Officer to whom correspondence concerning this report should be addressed: Name. Title. Address. J. M. Tomlinson, .... General Auditor, New Haven, Conn. Transportation Corporations controlled by Respondent. Control. Name. Sole or How estab¬ Extent. Direct or Joint. lished. Indirect. Active Corporations. The Harlem River & Port Chester R.R. Co., Sole. Capital Stock. ioc% Direct. New Haven and Northampton Co., The New England Navigation Co., " The Connecticut Co " New York, Westchester & Boston Ry. Co., 99.6 Bennington and North Adams St. Ry. Co., 100 The Westchester Street Ry. Co.,i. New York and Stamford Ry. Co., Rhode Island and Mass. R.R. Co. (in Mass.), . Milford, Franklin & Providence R.R. Co., . Milford & Woonsocket R.R. Co., .... The Rhode Island Co Berkshire R.R. Co., ...... 79.3 Central New England Ry.'Co., .... 93 Wood River Branch R.R. Co., .... 56 New York, Ontario & Western Ry. Co., 50.1 Berkshire Street Ry. Co 99 Indirect. The Hartford & New York Transportation Co., . 100 Mt. Vernon and Eastern R.R. Co., ' "3 Westchester Northern R.R. Co., .... *' "4 Maine Steamship Co., "5 1 Securities not yet issued. * City and County Contract Co.' 2 The New England Navigation Co. ^ The Hartford and New York Transportation Co. 8 Miilbrook Co. Facts pertaining to Control of Respondent. 1. Date of last meeting of stockholders for election of directors. Oct. 27th, 1909. 2. Date of last closing of stock books before end of year for which this report is made. Oct. 14th, 1909 to Oct. 27th, 1909; both dates inclusive. 3. Total number of stockholders of record i^t the date required in answer to question 2. 16,258. 4. Has each share of stock one vote? Yes. 5. Has any issue of securities contingent voting rights? No. 6. Has any issue of securities special privileges in the election of directors? No. 7. Did any other corporation or corporations, transportation or other, control the respondent on June 30, 1910? No. 8. Did any individual, association, or corporation, as trustee, control the re¬ spondent on June 30, 1910? No. Road operated. Name of Every Railway Com-pany the Operations of which are included in This Report, In giving roads below, observe the following classification and order: 1. Line owned by respondent: A. Main line. R. Branches and spurs. 2. Line operated by respondent but owned by another corporation, control being secured through stock ownership. 3. Line operated under lease for specified sum. 4. Line operated under contract or agreement, or where the rent is contingent upon earnings or other considerations. 5. Line operated under trackage rights. The New York, New Haven and Hartford Railroad Company. Steam Roads operated June 30th, 1910. > Ö > H i—i O 1:0 W O H Name. 1-A. N. Y., N. H. & H. R.R., New Canaan Branch, Berkshire Branch, Bridgeport Branch, Brookfield Branch, Litchfield Branch, New Britain Branch, Middletown Branch, Valley Branch, . Suffield Branch, . Pawtuxet Valley Branch, Harbor Jet. Branch, . Conn, with B. & P., P. & W. and P.. W. & B., Harrisville Branch, ..... Termini. Woodlawn Jet., N. Y., Cedar Hill Jet., . New Haven, Ct., Stamford, Ct., Botsford, Ct., Botsford, Ct., Brookfield, Jct.^ Hawleyville, Ct., Berlin, Ct., . Berlin, Ct., . Hartford, Ct., Windsor Locks, Auburn, R. I., Auburn, R. I., Providence, Woonsoeket, R. I., To — Providence, R. I., Springfield, Ma8.s., New Canaan, Ct., Mass. State Line, Bridgeport, Ct., . Danbury, Ct., Litchfield, Ct., New Britain, Ct., Middletown, Ct., Fenwick, Ct., Suffield, Ct., Hope, R. I., Henderson St., R. T., East Providence, At East Providence, Harrisville, R. I., Miles of Road. 173.45 60.27 7.92 59.63 14.66 3.98 32,28 2,50 9.70 46.20 4.27 10.36 3.58 1.88 .30 9.45 Miles of Each Class. 233.72 to CO M Road operated — Continued. Termini. Miles of Road. Miles Name. of Each From — To — Class. Meriden Branch, .......... Westfield, Ct Waterbury, Ct., 24.19 Rockville Branch, Vernon, Ct., ..... Rockville, Ct., ..... 4.60 Danbury Branch, .......... Danbury, Ct So. Norwalk, Ct., .... 22.99 Wilsons Point Branch So. Norwalk, Ct., .... Wilsons Pt., Ct., .... 2.44 Ridgefield Branch, .......... Branchville, Ct., .... Ridgefield, Ct 4.16 Naugatuck Branch, .......... Naugatuck Jet., Winsted, Ct., 55.99 Watertown Branch, .......... Waterbury, Ct., ..... Watertown, Ct., ..... 4.82 Berkshire Branch, .......... New Haven Union Station, Botsford, Ct 23.95 Colchester Branch, .......... Turnerville, Ct., .... Colchester, Ct., 3.59 Pascoag Branch, ........... Providence, Dike St., Douglas Jet., Mass., .... 27.73 Franklin Branch, .......... Valley Falls, Mass. State Line, .... 7.07 Air Line Branch, New Haven, Ct., .... Willimantic, Ct., .... 51.27 Needham Jet., Mass., Cook St., Mass., ..... 3.90 Wickford Branch, .......... Wickford Jet., ..... Wickford Landing, .... 3.42 South Boston Frt. Branch, Boston, South Boston, ..... 1.04 Providence Branch Providence, R. I., Willimantic, Ct., .... 57.76 Needham Jet. Branch, ......... West Roxbury, Mass., Needham, Mass., .... 4.53 Southbridge Branch, .......... East Thompson, Ct., .... Southbridge, Mass., .... 17.36 Springfield Branch, .......... E. Hartford, Ct., .... B. & A. Jet., Springfield, 28.31 Melrose Branch, ........... Melrose, Ct., West St., Rockville, .... 7.22 Dedham Branch, .......... Dedham Jet., Mass., .... Dedham, Mass 1.53 Islington Branch, .......... Islington, Mass., .... Dedham, Mass., ..... 2.00 Woonsocket, R. I., . Needham Jet., Mass., 24.77 Boston, Mass., ..... Hopewell Jet., N. Y., 214.18 805.53 3 N. H. & Northampton, ......... New Haven, Ct., .... Shelburne Jet 94.12 New Hartford Branch Farmington, Ct., .... New Hartford, Ct., .... 15.19 Williamsburg Branch, Northampton, Mass., .... Williamsburg, Mass., .... 7.70 Turners Falls Branch, So. Deerfield, Mass., .... Turners Falls, Mass., .... 9.99 H. R. & P. C. R.R., Harlem River, N. Y., New Rochelle, N. Y., 11.17 Milford, F. & Providence Branch, ....... Bellingham, Mass., .... Franklin, Mass., ..... 4.65 Milford & Woonsocket Branch, ........ Bellingham, Mass., .... Ashland, Mass., .... 15.13 R. I. & Mass. R.R. in Mass., ........ Franklin, Mass . . W. Wrentham, Mass., .... 6.52 Berkshire R.R., Conn. State Line, .... N. Y. State Line, .... 23.17 Van Deusenville, .... Pittsfield, ...... 23.06 Providence & Worcester R.R., ........ Providence, ..... Worcester, . . . . . . 40.90 E. Providence Branch, ......... Valley Falls E. Providence 7.00 1 p., W. & B. R.R., P., W. & B. Branch, . Boston & Providence R.R., India Pt. Brancii, West Roxbury Branch, Dedliam Branch, Connection with Midland Div., Stoughton Branch, Old C. R.R. Main L., Old 0. R.R. Main L., Old C. R.R. Main L.. Old 0. R.R. Main L., Old C. R.R. Main L., Old C. R.R. Main L., Old 0. R.R. Main L., Old C. R.R. Main L., Dorchester & Milton Branch, Stoughton Branch, Shawraut Branch, Bridgewater Branch, Brockton Branch, Granite Branch, . Hyannis Branch, Woods Hole Branch, Hanover Branch, Fairhaven Branch, Easton Branch, . P. & M. R.R. Extension Middleboro & Taunton Branch, Attleboro, Whittenton Y Branch Sterling Branch, . Lancaster Branch, Marlboro Branch, Prison Branch, . Wrentham Branch, Wrentham Branch, Walpole & Dedham, Fall River Branch, Warren Branch, , Conn. Southampton St., Boston Nantasket Beach R.R., Plymouth & Middleboro, Norwich & Worcester, Holyoke & Westfield, . India Pt., R. I., . India Pt., R. I., . Boston, East Jet., Mass., . Forest Hills, Mass., Readville, Mass., Canton Jet., Mass., Boston (Ft. Pt. Chan Mayflower Park, Middleboro, Mass., Raynham, Mass., Braintrec, Mass., So. Braintree, Mass., Frarningham, Mass., New Bedford, Mass., Neponset, Mass., Stoughton Branch Jcl Harrison Square, Whitman, Mass., Elmwood, Mass., Atlantic, Mass., Yarmouth, Mass., Buzzards Bay, Mass., No. Abington, Tremont, Matfield, Middleboro, Attleboro Jet., Attleboro Jet., Pratts Jet., . Lancaster, . Marlboro Jet., So. Framingham Walpole Jet., No. Attleboro, Walpole Jet., New Bedford, Fall River, . Nantasket Jet., Plymouth, . Groton, Ct., Holyoke, Bristol, R. I., Bristol, R. I., Providence, India Pt., R. I., Dedham, Mass., Dedham, Mass., At Readville, Mass., Stoughton, Mass., Newport, R. I., . Somerset Jet., Provincetown, Whittenton Jet., . Kingston, Mass., Plymouth, Mass., Lowell, Mass., Fitchburg.Mass., Mattapan, Mass., Stoughton, Mass., Shawmut & Mil. J., Bridgewater, I. W., Westdale, Mass., . Braintree, Mass., Hyannis, Mass., . Woods Hole, Hanover, Fairhaven, Mass., Easton, At Middleboro, . M. & T. Jet., Attleboro, . Whittenton, Sterling Jet., Lancaster Mills, . Marlboro, Women's Reformatory No. Attleboro, Adamsdale, Jet., Norwood Jet., Fall River, . Warren, Boston, Pemberton, Middleboro, Worcester, Mass., Westfield, 14.02 .42 41.89 8.05 5.37 2.47 1.40 4.05 67.60 36.31 85.66 3.38 32.31 26.04 26.12 91.25 3.30 1.65 2.39 6.12 .75 5.41 5.05 17.54 7.80 15.17 7.56 .42 8.04 8.60 .98 5.03 1.63 1.47 .65 11.88 3 86 5.76 12.25 7.95 .43 6.95 15.03 70.91 10.59 Road opebated —• Concluded. Termini. Miles of Road. Miles Name. From — To — of Each Class. 4 Chatham R.R,., ........... Harwich, Mass., ..... Chatham, Mass., .... - 7.07 5 New York & Harlem U.R., Central New Eng. R.Il., ......... Central New Eng. R.R., Boston Terminal Co., .......... Boston & Albany R.R., ......... Boston & Albany R.R., ......... Boston & Albany R.R., ......... Boston & Albany R.R., ......... Boston & Albany R.R., Boston & Maine R.R Boston & Maine R.R., ......... Boston & Maine R.R., Woodlawn Jet., ..... Hopewell Jet., ..... Poughkeepsie Jet., .... Ft. Pt. Channel, .... Junction to Sta., .... Junction to Sta., .... Junction to Sta., .... Junction to Sta., .... Cook St. to Sta., .... Junction to Sta., .... Sterling Jet., Mass., .... Shelburne Jet., Mass., Grand Central Depot, Poughkeepsie Poughkeepsie, ..... Boston Station, ..... Ashland, Mass., Worcester, Mass., .... Springfield, Mass., .... Springfield, Mass., .... Newton Highlands, .... Lowell, ...... Worcester, ...... Shelburne Falls, 12.03 12.00 1.30 .42 .22 .15 .17 .59 .31 .57 11.94 4.67 44.37 Total Road operated, ........ Road operated in Massachusetts. The New York, New Haven and Hartford Railroad Company. Steam Roads operated — June 30th, 1910. Termini. Miles of Road. Miles Name. From — To — of Each Class. N. Y-, N. H. & H. U.R.. . 1-A. New Haven, Springfield fi 95 5.95 Pascoag Branch, . So. Boston Frt. Br., . Southbridge Branch, . Springfield Branch, Dedham Branch, Islington Branch, 1-B. Dike St., Prov., ..... Needham Jet., Mass., Boston, Mass., ..... West Roxbury, ..... E. Thompson, Conn., E. Hartford, Conn., .... Dedham Jet., Mass., .... Islington, Mass., ..... Woonsocket, R. I., Boston, Mass., ..... Douglas Jet., Mass Cook St., Mass So. Boston, Mass., .... Needham, Mass., .... Southbridge, Mass B. & A. Jet., Springfield, . Dedham, Mass., ..... Dedham, Mass., ..... Needham Jet., ..... Hopewell Jet., 1.63 3.90 1.04 4.53 12.01 8,14 1.53 2.00 23.70 51.28 109.76 N. H. & Northampton Co., Williamsburg Branch, Turners Falls Branch, ......... Milford, Franklin & P., . . . Milford & Woonsocket, . . . Rhode Island & Mass., ......... Berkshire R.R Berkshire R.R., ........... P. &W. R.R., Boston & Prov. R.R., ......... India Pt. Branch, .......... West Roxbury Branch, Dedham Branch, .......... Connection with the Midland Division, Stoughton Branch, .......... New Haven, ..... Northampton, ..... So. Deerfield, ..... Bellingham, Mass., .... Bellingham, Mass., .... Franklin, Mass., ..... Conn. State Line, .... Van Deusenville, .... Providence, ..... Boston, ...... East Jot., Mass., ..... Forest Hills, Readville, ...... Canton Jet., Mass., .... Shelburne Jet., Williamsburg, Turners Falls Franklin, Mass., Ashland, Mass., ..... W. Wrentham, Mass., .... New York State L., . Pittsfield, Mass., .... Worcester, ...... Providence, India Pt., R. I., . Dedham, ...... Dedham, ...... Readville, Mass., .... Stoughton, Mass., .... 43.38 7.70 9.99 4.65 15.13 6.52 23.17 23.06 26.00 38.70 3.49 5.37 2.47 1.40 4.05 Road operated in Massachusetts—Concluded. Name. Old Colony R.Il., Dorchester & Milton, Stoughton Branch, Shawmut Branch, Bridgewater Branch, Brockton Branch, Granite Branch, . Hyannis Branch, Woods Hole Branch, Hanover Branch, Fairhaven Branch, Easton Branch, . Ex. of P. & M. R.R.. . Middleboro & Taunton Attleboro Branch, Whittenton Wye Br., Sterling Branch, . Lancaster Branch, Marlboro Branch, Prison Branch, . Wrentham Branch, Wrentham Branch, Walpole & Dedham Brand Fall River Branch, Warren Branch, . . . . . Connec. Southampton St., Boston Di Nantasket Beach R.R., Plymouth-Middleboro R.R., Norwich & Worcester R.R., Holyoke & Westfield R.R., Boston (Ft. Pt. Ch.), Mayflower Park, Middleboro, Mass., Raynham, Mass., Braintree, Mass., So. Braintree, Fraraingham, New Bedford, Neponset, Mass., Stoughton Br. Jet., Harrison Square, Whitman, Mass., Elm wood, Atlantic, Mass., . Yarmouth, . Buzzards Bay, North Abington, Tremont, Mass., . Matfield, Mass., . Middleboro, Mass., Attleboro Jet., Attleboro Jet., Pratts Jet., . Lancaster, Mass., Marlboro Jet., So. Framingham, Walpole Jet., No. Attleboro, Walpole Jet., New Bedford, Fall River, Mass., Nantasket Jet., . Plymouth, Mass., Groton, Conn., . Holyoke, Mass., . Newport, R. I., . Somerset Jet., Provincetown, Whittenton Jet., . Kingston, Plymouth, Mass., Lowell, Mass., Fitchburg, Mass., Mattapan, Mass., Stoughton, Mass., Shawmut & Mil. Jet., Bridgewater I. Wks., Westdale, Braintree, Mass., Hyannis, Mass., . Woods Hole, Hanover, Mass., . Fairhaven, . Easton, Mass., Middleboro, Mass., M. & T. Jet., Mass., Attleboro, Mass., Whittenton, Mass., Sterling Jet., Lancaster Mills, . Marlboro, Mass., Women's Reformatory No. Attleboro, Adamsdale Jet., . Norwood Jet., Mass., Fall River, Mass., Warren, R. I., Boston, Mass., Pemberton, Mass., Middleboro, Mass., Worcester, Mass., Westfield, Mass., Miles of Road. 51.41 36.31 85.66 3.38 32.31 26.04 26.12 91.25 3.30 1.65 2.39 6.12 .75 5.41 5.05 17.54 7.80 15.17 7.56 .42 8.04 8.60 .98 5 03 1.63 1.47 .65 11.88 3.86 5.76 12.25 5.82 .43 6.95 15.03 17.75 10.59 Miles of Each Class. 757.44 Chatham R.R., Boston Terminal Co., Boston & Albany R.R., Boston & Albany R.R., Boston & Albany R.R., Boston & Albany R.R., Boston & Albany R.R., Boston & Maine R.R., Boston & Maine R.R., Boston & Maine R.R., Total Mileage operated, State of Massachusetts, Harwich, Mass., Fort Pt. Channel, Junction to Sta., Junction to Sta., Junction to Sta., Junction to Sta., Cook St. to Sta., Junction to Sta., Sterling Jet., Shelburne Jet., . Chatham, Mass., Boston Station, . Ashland, Mass., . Worcester, Mass., Springfield, Mass., Springfield, Mass., Newton Highlands, Lowell, Mass., Worcester, Mass., Shelburne Falls, . 7.07 .42 .22 .15 .17 .59 .31 .57 11.94 4.67 7.07 899.26 <1 hH Ö HH O Í0 M O ÍS H Outside Operations and Other Properties. A. Outside Operations. Designation. Character of Business. Title. State or Territory. Ferry between Fairhaven and New Bedford, Mass. Sleeping car operation, .... 1 Parlor car operation, . . . . [ Dining and buffet car operation, . . J Restaurants in stations at Bridgeport, Water- bury and Hartford, Conn. Midway boarding house, ..... Rest rooms in Boston Passenger Station, Midway Icing Plant, Lighterage in New York Harbor, Periodical advertising, ..... Common to a ferry, ....... Leased, .... Massachusetts. Operating cars of character named in passenger trains, Serving meals for the accommodation of passengers, . To accommodate employees at this point, . To accommodate employees Icing refrigerator cars, ....... Lighterage of miscellaneous sliipments. Advertising on magazine covers in parlor cars, etc., . Owned, ^ .... Owned, .... Owned, .... Station owned jointly with B. & A.R.R. Owned Owned, .... Owned, .... States through which cars are run. Connecticut. Connecticut. Massachusetts. Connecticut. New York. States through which cars are run. 1 In addition to the equipment owned by tliis Company cars of the Pullman Company are operated in certain trains, this Company's proportion of the revenue being included in "Outside Operations." to co Road acquired by Respondent for Operation through Lease or Other Agreement. Name of Owning Company. Harlem River & Port Chester R.R., Berkshire R.R. Co., New Haven & Northampton Co., Holyoke & Westfield R.R., Providence & Worcester R.R., Old Colony R.R Boston & Providence R.R., Prov., Warren & Bristol U.R., Chatham R.R., Plymouth & Middleboro R.R., Norwich & Worcester R.R., R. I. & Massachusetts R.R., Milford & Woonsocket R.R., Milford, Franklin & Prov. R.R., West Shore Railway, 2 Connecticut Railway & Lighting Co.,2 Miles of Line. 11.17 46 23 127.00 10.59 47.90 517.31 63.23 14.44 7.07 15.03 70.91 6.52 15.13 4.65 3.66 162.08 Lease or Agreement. Date. Sept. 29, 1873 Feb., 1893 May 14. 1887 June 1, 1907 Dec. 17, 1892 Feb. 15, 1893 April 7. 1888 July 1. 1891 Jan. 5, 1888 Nov. 30, 1892 Feb. 9, 1869 Dec. 14, 1895 Dec. 19, 1906 Term. 99 years, 99 years, 99 years, Perpetual, 99 years, 99 years, 99 years, 95 years and 9 mos.. Terminates on 30 day notice. 99 years. ' written 100 years. 99 years, 999 years. Concise Summary of Provisions. Interest on bonds, principal of bonds, 7% dividend on stock (all the stock is owned by The N. Y., N. H. & H. R.R.Co.),taxes, etc. 6% on capital stock, taxes and annual cash payment of $250. Bond interest, taxes, etc., 1% on capital stock for tliree years, 2% for the second three years, 3% for the third three years and 4% thereafter; $15,000 yearly account of sinking fund.* $46,000 per annum and taxes. 10% on capital stock, bond interest, cash payment $6,000, taxes, etc. 7% on capital stock, interest on funded debt and other legal obligations, taxes, expense of maintaining organization, etc. $400,000 per annum, interest on indebtedness, taxes, organization expenses, etc. 5% on common and preferred stock for 10 years and 6% thereafter, interest on indebtedness, taxes, organization expenses, etc. 30% of gross earnings. Interest on bonds for 25 years, then 30% of gross earnings, taxes, organization expenses. 8% on capital stock, interest on bonds and floating debt, organi¬ zation expenses. Operated without a lease; stock all owned by N. Y., N. H. & H. R.R. Operated without a lease; interest on bonds paid by the N. Y., N. H. & H. R.R., which owns all the stock. Operated without a lease. Interest on bonds paid by the N. Y., N. H. & H. R.R., which owns all the stock. Dividends on stock, interest on bonds, taxes. 1st year, $975,000; 2nd & 3rd years, $1,045,000; 4th year, $1,175,000; 5th year, $1,250,000; 6th year, $1,350,000; 7th & 8th years, $1,375,000 ; 9th year and yearly thereafter, $1,400,000 and taxes. * Sinking fund requirements terminated April 1st, 1909. 2 Rental paid by Connecticut Co. from March 1st, 1910. Road assigned to Another Carrieb for Operation through Lease or Other Agreement. Name of Operating Company. Termini. Miles of Line. (Single Track.) Lease or Agreement. From — To — Date. term. Concise Summary of Provisions. From — To — New York and Stamford Ry. Co., Central New England Ry. Co., N. Y. State Line, Wicopee Jet., N. Y., . Mianus River, Conn. Fishkill Land¬ ing, N. Y. 5.62 1.65 Dec. 16, 1906 Sept. 15,19061 Jan. 1, 1907 Jan.-1, 2006 Leased for 99 years; lessee to main¬ tain property, pay taxes and a rental of $20,000 per annum. Lessee to maintain the property, pay taxes and a rental of $1,000 per an¬ num. <1 t-i HH Ö > H hH O id w O id H 1 No lease; simply an agreement. to Ol Capital Stock. * Kind. Number of Shares author¬ ized by Votes of Company.' Par Value of One Share. Total Far Value authorized by Votes of Company.' Total Par Value Outstand¬ ing. Total Par Value held by Respondent. Total Par Value not held by Respond¬ ent. Dividends declared during the Year. In Treasury. Pledged as Collateral. In Sinking or Other Funds- Rate. Amount. Common, ..... Receipts outstanding for install¬ ments paid, Total, .... 2,389,364 $100 $238,936,400 $121,878,100 22,139,325 - - $123,625 $121,878,100 22,015,700 8% $1 per share. $9,312,686 00 446,395 00 2,389,364 $238,936,400 $144,017,425 - - $123,625 $143,893,800 $9,759,081 00' 1 The whole capital stock results from the merger on May 31st, 1907, of The Now York, New Haven and Hartford Railroad Company with The Consolidated Railway Company. * By law not fixed. 5 Dividends declared during the Year: Amount. 2% on $100,000,000 $2,000,000 00 2% on 121,878,100 2,437,562 00 2% on 121,878,100 2,437,562 00 2% on 121,878,100 2,437.562 00 50c per share on 446,363 shares, 223,181 50 50c per share on 446,427 shares 223,213 50 $9,759,081 00 Funded Debt. B-31-A. Class of Bond or Obligation. Mortgage Bonds. N. Y.. N. H.&H. — H. R, & P. C. 1st Mort. N. v., P. & B. R.R. Co. Gen. Mort. Shore Line Ry. Co. 1st Mort. Housatonlc R.R. Co. 1st Mort. Housatonic R.R. Co. Cons. Mort. Danbury & Norwalk R.R. Co. Cons. Mort. Danbury & Norwalk R.R. Co. Gen. Mort. Danbury & Norwalk R.R. Co. 1st Ref. Mort. Woonsocket & Pascoag R.R. 1st Mort. New Haven & Derby R.R. Co. Cons. Mort. Prov. & Springfield R.R. Co. 1st Mort. Naugatuck R.R. 1st Mort. Bos. & N. Y. A. L. R.R. Co. 1st Mort. Term. Total Par Value author¬ ized. Total Par Value Out¬ standing. Total Par Value held by Respondent. Total Par Value not held Interest. Date of Issue. Date of Maturity. In Treas¬ ury. In Sinking or Other Funds. by Respond¬ ent Corporation. Rate. When Payable. Amount accrued during the Year. Amount paid during the Year. May 2, 1904 May 1, 1954 $15.000,000 $15,000,000 - _ $15,000,000 4% May & Nov. $600,000 00 $600,000 00 Apr. 1, 1892 Apr. 1, 1942 4,000,000 1,000,000 $201,000 - 799,000 4% Apr. & Oct. 40,000 00 40,000 00 Mar. 1, 1880 Mar. 1, 1910 200,000 *200,000 - - 200,000 m Mar. & Sept. 6.000 00 9,000 00 Apr. 1, 1885 Apr. 1, 1910 700,000 *100,000 - - 100,000 i% Apr. & Oct. 3,000 00 4,000 00 Nov. 1, 1887 Nov. 1, 1937 3,000,000 2,839,000 - - 2,839,000 5% May & Nov. 141,950 00 141,950 00 July 1, 1880 July 1, 1890 July 1, 1892 Apr. 1, 1885 July 1, 1920 July 1, 1920 Apr. 1, 1925 1 500,000 150,000 Í 100,000 \ 200,000 [ 200,000 150,000 - - 1 100,000 J 400,000 150,000 6% 5% 5% Jan. & July Jan. & July Apr. & Oct. 6,000 00 20,000 00 7,500 00 6,000 00 20,000 00 7,500 00 June 1, 1905 June 1, 1955 350,000 350,000 - - 350,000 4% June & Dec. 14,000 00 14,000 00 Oct. 1, 1890 Oct. 1, 1910 100,000 100,000 - - 100,000 5% Apr. & Oct. 5,000 00 5,000 00 May 1, 1888 May 1, 1918 800,000 575,000 - $1,000 574,000 5% May & Nov. 28,750 00 28,750 00 July 1, 1892 July 1, 1922 750,000 750,000 - - 750,000 5% Jan. & July 37,500 00 37,500 00 May 2. 1904 May 1, 1954 2,500,000 2,500,000 - 1,000 2,499,000 4% May & Nov. 100,000 00 100,000 00 Aug. 1, 1905 Aug. 1, 1955 5,000,000 3,777,000 - - 3,777,000 4% Feb. & Aug. 151,080 00 151,080 00 * on page 249. bO Fdnded^Debt — Continued. Class of Bond or Obligation. Term. Total Par Value author¬ ized. Total Par Value Out¬ standing. Tot.a-l Par Value held by Respondent. Total Par Value not held by Respond¬ ent Corporation. Interest. Date of Issue. Date of Maturity. In Treas¬ ury. In Sinking or Other Funds. Rate. When Payable. Amount accrued during the Year. Amount paid during the Year. Mortgage Bonds—Con. $160,000 00 Prov. Terminal Co. 1st Mar. 1, 1906 Mar. 1. 1956 $7,500,000 $4,000,000 - - $4,000,000 4% Mar. & Sept. $160,000 00 Mort. 88,785 00 Wore. & Conn. Ea. Ry. Oct. 1, 1902 Jan. 1, 1943 3,100,000 1,992,000 - $38,000 1,954,000 4H Jan. & July 89,640 CO Co. 1st Mort. 25.COO 00 Win. Ave. R.R. Co. 1st Nov. 1. 1892 Nov. I, 1912 500,000 500,000 - 500,000 5% May & Nov. 25,000 00 Mort. New Haven St. Ry. Co. Sept. 1, 1893 Sept. 1, 1913 600,000 600,000 - - 600,000 5% Mar. & Sept. 30,000 00 3C,000 00 1st Mort. 12,500 00 New Haven St. Ry. Co. June 1, 1894 June 1, 1914 250,000 250,000 - - 250,000 5% June & Dec. 12,500 CO Cons. Mort. 14,150 00 N. H, & Centreville St. Sept. 1, 1893 Sept. 1. 1933 625,000 283,000 - - 283,000 5% Mar. & Sept. 14,150 00 Ry. 1st Mort. 4,250 00 Meriden Horse R.R. Co. Oct. 1, 1891 Oct. 1, 1911 100,000 85,000 _ - 85,000 5% Apr. & Oct. 4,250 00 1st Mort. 20,750 00 Meriden Horse R.R. Co. Jan. 1, 1894 Jan. 1, 1924 500,000 415,000 - - 415,000 5% Jan. & July 20,750 00 Cons. Mort. Norwich St. Ry. Co. 1st Oct. 2, 1893 Oct. 2, 1923 350,000 350,000 _ - 350,000 6% Apr. & Oct. 17,500 00 17,500 00 Mort. 12,500 00 Montville St. Ry. Co. 1st May 1, 1900 May 1, 1920 350,000 250,000 _ - 250,000 5% May & Nov. 12,500 00 Mort. New London St. Ry. Co. Oct. 2, 1893 Oct. 2, 1923 150,000 150,000 150,000 5% Apr. & Oct. 7,500 00 7,500 00 1st Mort. Middletown Horse R.R. Dec. 1, 1894 Dec. 1, 1914 150,000 150,000 _ 150,000 5% June & Dec. 7,500 CO 7,500 00 1st Mort. 1,500 00 Portland St. Ry. Co. 1st Nov. 1, 1896 Nov. 1, 1916 75,000 30,000 _ 30,000 5% May & Nov. 1,500 00 Mort. 10,000 00 Hart., Man. & Rock. Tram Oct. 1. 1894 Oct. 1. 1924 300,000 200,000 _ _ 200,000 5% Apr. & Oct. 10,000 00 Co. 1st Mort. 100,000 00 Hartford St. Ry. Co. Ist Sept. 1, 1900 Sept. 1, 1930 3,000,000 2,500,000 - - 2,500,000 4% Mar. & Sept. 100,000 00 Mort. 16,000 00 Greenwich Tramway Co. July 1, 1901 July 1, 1931 400,000 320,000 - - 320,000 6% Jan. & July 16,000 00 1st Mort. Branford Electric Co. 1st Mort. Branford Lt. & Water Co. Ist Cods. Mort. Torrington & Win. St. Ry. Co. 1st Mort. Mer., South. <6: Com.Tram. Co. 1st Mort. Pawtuxet Val. R.R. Co. Ist Mort. New England R.R. Co. Cons. Mort. New England R.R. Co. Cons. Mort. Stafford Spr. St. Ry. Co. 1st Mort. Roxbury Cent. Whf. Co. 1st Mort. Gd. Notes. Oct. 1, 1897 Oct. 1, 1937 100,000 63,000 - - 63,000 5% Apr. & Oct. 3,150 00 3,150 00 Aug. 1. 1901 Dec. 1, 1897 Aug. 1, 1951 Dec. I, 1917 500,000 150,000 307,000 150,000 _ « 307,000 150,000 5% 5% Feb. ác Aug. June & Dec. 15,350 00 7,500 00 15,350 00 7,500 00 Aug.15. 1898 July 1. 1928 200,000 175,000 - - 175,000 5% Jan. & July 8,750 00 8,750 00 Apr. 1, 1900 Sept. 2, 1895 Sept. 2, 1895 Jan. 1, 1007 Sept. 1. 1897 Apr. 1, 1925 July 1, 1945 July 1, 1945 July 1, 1956 Sept. 1, 1912 160,000 10,000,000 7,500,000 500,000 400,000 160,000 10,000,000 7,500,000 400,000 290,000 - - 160,000 10,000,000 7,500,000 400,000 290,000 4% 4% 5% 5% 5% Apr. & Oct. Jan. & July Jan. & July Jan. & July Mar. & Sept. 6,400 00 400.000 00 375,000 00 20,000 GO 14,500 00 6,400 00 400,000 00 375,000 00 20,000 00 14,500 00 $58,961,000 $201,000 $40.000 $58,720,000 - - $2,540,220 00 $2,543,365 00 • I^ess paid during year, . - - - 300,000 - - 300,000 - - - - Total Mtge. Bonds,. - - - $58,661,000 $201,000 $40,000 $58,420,000 - - $2,540,220 00 $2,543,365 00 B-Sl-C. Debentures. N. Y., N. H. & H. R.R. Jan. 15, 1908 Jan. 15, 1948 $39,029,600 $39,029,000 - $600,800 $38,428,200 6% Jan. & July $2,326,841 07 $2,290,793 14 Co. Conv. Deben. N. Y., N. H. & H. R.R. Jan. 1, 1906 Jan. 1, 1956 30,000,000 30,000,000 - 589,100 29,410,900 3H Jan. & July 1,050,014 18 1,050,078 44 Co. Conv. Deben. N. Y., N. H. & H. R.R. Feb. 1, 1904 Feb. 1, 1914 5,000,000 5,000,000 _ 45,000 4,955,000 4% Feb. & Aug. 200,000 00 200,000 00 Co. Non Conv. Deben. N. Y., N. H. & H. R.R. Mar. 1, 1897 Mar. 1, 1947 5,000,000 5,000,000 - - 5,000,000 4% Mar. & Sept. 200,000 00 200.000 00 Co. Non Conv. Deben. N. Y., N. H. & H. R.R. Mar. 1, 1901 Mar. 1, 1947 5,000,000 5,000,000 - 9,000 4,991,000 m Mar. & Sept. 175,000 00 175,000 00 Noil Conv. Deben. Funded Debt—Concluded. Class of Bond or Obligation. Term. Total Par Value author¬ ized. Total Par Value Out¬ standing. Tot.al Par Value held by Respondent. Total Par Value not held by Respond¬ ent Corporation. Interest. Date of Issue. Date of Maturity. In Treas¬ ury. In Sinking or Other Funds. Rate. When Payable. Amount accrued during the Year. Amount paid during the Year. Debentures — Con. N. Y., N. H. & H. R.R. Apr. 1. 1904 Apr. 1, 1954 S10,000,000 $10,000,000 - $2,100 $9,997,900 3H Apr. & Oct. $350,000 00 $350,000 00 Non Conv. Deben. N. Y., N. H. & H. R.R. July 1, 1905 July 1, 1955 15,000,000 15,000,000 - - 15,000,000 4% Jan. & July 600,000 00 600,000 00 Non Conv. Deben. N. Y., N. H. & H. R.R. May 1. 1906 May 1, 1956 15,000,000 15,000,000 - - 15,000,000 4% May & Nov. 600,000 00 600,000 00 Non Conv. Deben. N. Y., N. H. & H. R.R. Jan. 9, 1907 Jan. 9, 1909 •10,000 - - 10,000 5% Jan. & July - 250 CO Co. 2 yr. Deb. Notes. N. Y., N. H. & H. R.R. Jan. 9, 1907 Jan. 9, 1910 _ ♦3,500,000 > - - 3,500,000 5% Jan. & July 91,875 00 174,875 00 Co. 3 yr. Deb. Notes. N. Y., N. H. & H. R.R. Jan. 10, 1907 Jan. 10, 1910 - ♦50,000 - - 50,000 5% Jan. & July 1,319 44 2,500 00 Co. 3 yr. Deb. Notes. N. Y., N. H. & H. R.R. May 5, 1908 May 5, 1911 _ 2,000,000 - _ 2,000,000 4H May & Nov. 90,000 00 90,000 00 Co. 3 yr. Deb. Notes. N. Y.. N. H. & H. R.R. Jan. 9, 1907 Jan. 9, 1911 _ 1,350,000 - 55,000 1,295,000 5% Jan. & July 67,500 00 67,500 00 Co. 4 yr. Deb. Notes. N. Y., N. H. & H. R.R. Jan. I, 1907 Jan. 1, 1912 _ 300,000 _ 300,000 5% Jan. & July 15,000 00 15,000 00 Co. 5 yr. Deb. Notes. N. Y., N. H. & H. R.R. Jan. 9, 1907 Jan. 9, 1912 6,400,000 _ 80,000 6,320,000 5% Jan. & July 320,000 00 320,000 00 Co. 5 yr. Deb. Notes. N. Y., N. H. & H. R.R. Apr. 1, 1907 Apr. 1, 1922 27,985,000 27,985,000 _ 27,985,000 4% Apr. & Oct. 1,121,689 84 1,121,689 84 Europ. Loan Con. Deb. Naugatuck R.R. Non Oct. 1, 1902 Oct. 1, 1930 2,000,000 234,000 _ _ 234,000 SVi Apr. & Oct. 8,190 00 8,190 00 Conv. Deb. Hartford St. Ry. Non Sept. 1, 1900 Jan. 1, 1930 145,000 ♦145,000 _ - 145,000 4M Jan. & July 271 88 3,262 50 Conv. Deb. Hartford St. Ry. Non Sept. 1, 1900 Jan. 1, 1930 165,000 165,000 - - 165,000 4% Jan. & July 6,600 00 6,600 00 Conv. Deb. í 907 > Consolidated St. Ry. Non Feb. 1, 1905 Feb. 1, 1930 1,000,000 972,000 $700 971,300 d/o I 3H} Feb. & Aug. 31,620 02 29,955 22 Conv. Deb. i 4%J 1 1 Consolidated St. Ry. Non July 1, 1904 July 1, 1954 5,000,000 4,255,000 - - 4,255,000 4% Jan. & July 173,753 00 173,753 GO Conv. Deb. Consolidated St. Ry. Non Jan. 2, 1905 Jan. 1, 1955 4,000,000 2,309,000 - - 2,309,000 4% Jan. & July 93,831 44 93,831 44 Conv. Deb. Consolidated St. Ry. Non Apr. 1, 1905 Apr. 1, 1955 3,500,000 1,340,000 - - 1,340,000 4% Apr. & Oct. 53,635 89 53,645 89 Conv. Deb. Consolidated St. Ry. Non Jan. 1, 1906 Jan. 1, 1956 10,000,000 2,011,000 - - 2,011,000 4% Jan. & July 83,921 22 83,921 22 Conv. Deb. The Farmington St. Ry. July 1, 1904 July 1, 1924 - 30,0002 - - 30,000 5% Jan. & July 750 00 750 00 Co. Deb. - - - $177,085,000 $700 $1,381,000 $175,703,300 - - $7,661,812 98 $7.711,595 69 • Less paid during year, . - - - 3,705,000 - - 3,705,000 - - - - Total Debentures, - - - $173,380,000 $700 $1,381,000 $171,998,300 - - $7,661,812 98 $7,711,595 69 1 $10,000 included in matured Funded Debt unpaid. 2 Called for payment January 1st, 1911. Miscellaneous Funded Obligations. B-Sl-F, Real estate mortgages. Dec. 17, 1906 June 6, 1911 - $11,500 - - $11,500 4% Juno & Dec. $460 00 $460 GO Mortgage bonds. - - - $58,661,000 $201.000 $40,000 $58,420,000 - - $2,540,220 00 $2,543,365 00 Debentures, - - 173,380,000 700 1,381,000 171,998,300 - - 7,661,812 98 7,711,595 69 Miscellaneous, . - - - 11,500 - - 11,500 - - 460 00 460 00 Grand Total, . - - - $232,052,500 $201,700 $1,421,000 $230,429,800 - - $10.202,492 98 $10,255.420 69 Note. — Certain property of this company is subject to a lien under a mortgage of the New York and New England Railroad Company to secure Boston Terminal bonds of that company to the amount of $1,500,000 due April Ist, 1939, bearing interest at 4%. Note. — The bonds held in Treasury, par value $201,700, are shown on balance sheet page 289, Item B-8, at book value of $211,715 with income of $2,079.56. Recapitulation of Funded Debt. ^ Kind op Bond or Obligation. Total Par Value Out¬ standing. Total Par Value held bt Respondent. Total Par Value not held by Respond¬ ent. Interest. In Treas¬ ury. Pledged as Collateral. In Sinking or Other Funds. amount acci the Charged to Income. lued during pear. Charged to Con¬ struction. Amount paid during the Year. Mortgage bonds, ....... Plain bonds, debentures and notes, Miscellaneous funded obligations, .... Total, $58,661,000 173,380,000 11,500 $201,000 700 - $40,000 1,381,000 $58,420,000 171,998,300 11,500 $2,540,220 00 7,661,812 98 460 00 - $2,543,365 00 7,711,595 69 460 00 $232,052,500 $201,700 - $1,421,000 $230,429,800 $10,202,492 98 - $10,255,420 69 Purpose of the Issue.^ Total Par Value issued during the Year. Cash realized on Amount issued during the Year. Total Par Value Outstanding. Total Cash realized. Issued for cash, Total $1,430,825 30,0003 $1,430,825 - - $1,460,825 $1,430,825 - - 1 Funded Debt decubased during the Year as per Page 252; Amount. Paid off during year, $4,262,500 00 Transferred to matured funded debt unpaid, 17,200 00 Ij6ss; ' $4,279,700 00 Issued during year (see page 286), $1,460,825 00 Ileal estate mortgage, 11,500 00 ^ ' '■ ' 1,4/a,o¿O UU Net Decrease, $2,807,375 00 2 It is impossible to ascertain the purpose of the issue of a large proportion of the bonds of this company, same having been assumed by various mergers of other companies. 3 $30,000 Farmington Street Ry. Co. Debentures. Liability assumed through purchase of the property. VALIDATION REPORT. 253 Recapitulation of Capitalization. Account. Total Par Value Out¬ standing. Assignment. Amount per Mile of Line. To Rail¬ ways. To Other Properties. Miles. Amount. Capital stock — page 246, . Funded debt — page 252, . Total, .... $144,017,425 232,052,500 1 Assignm ent cannot be made acc urately. $376,069,925 Premium on Securities. Class of Stock. Net Amount of Premium. Capital stock since July 1, 1909 $20,630,720 25 Security for Funded Debt. Road mortgaged. Class of Bond or Obligation. From — To — First Mortgage N. Y., N. H. & îl. — H. R. & P. C. U.R. Co. General Mortgage N. Y., Prov. & Boston R.R. Co. Consolidated Mort. Bonds Housa- tonic R.R. Co. Consolidated Mort. Bonds, General Mort. Bonds, First Refunding Mort. Bonds Danbury & Nor- walk R.R. Co. First Mort. Bonds VVoonsocket & Pascoag R.R. Consolidated Mort. New Haven & Derby R.R. First Mort. Bonds Providence & Springfield R.R. First Mort. Bonds Naugatuck R.R. First Mort. Bonds B. & N. Y. Air Line R.R. First Mort. Bonds Providence Ter¬ minal Co. Harlem River, ...... Providence, R. I., . Bridgeport, Conn., Danbury, Conn., Woonsocket, R. T., . New Haven, Conn., ..... Providence, R. I., Naugatuck Jet., Conn., .... New Haven, Conn., New Rochelle, New London, Conn., . M.ass. State Lino, Wilsons Point, Conn., Harrisville, R. T., Huntington, Conn., . Douglas Jet., Mass., . Winsted, Conn Willimantic, Conn., , First Mort. Bonds Worcester & Conn. Eastern Ry. Mass. State Line Norwich, Conn., First Mort. Bonds Winchester Ave. R.R. First Mort. Bonds, Consolidated Mort. Bonds New Haven St. Ry. First Mort. Bonds New Haven & Centerville St. Ry. Winchester Avenue R.R., New Haven Street Railway, New Haven & Centerville, - Miles. Amount of Mort¬ gage per Mile of Line. Equipment, Income, Securities and Other Property mortgaged. 11.17 $1,342,883 Road and Equipment. 62.23 16,069 Road, not Equipment. 87.67 32,382 Road and Equipment. 29.59 33,795 Road and Equipment, 9.45 10,582 Road, not Equipment. 14.55 39,519 Road, not Equipment. 27.73 27,046 Road, not Equipment. 60.77 41,138 Road, not Equipment. 51.27 73,668 Road, not Equipment. 30.54 12.89 65,225 38,789 Lands, etc., at Providence, R. I., also leases, trackage and oper¬ ating agreements. Road and Equipment, Leases, stocks and bonds of Webster & Worcester and Webster & Dudley St. Ry. Cos. and power plant. Road and Equipment. 21.83 38,937 do do 5.11 55,381 do do First Mort. Bonds Consolidated Mort. Bonds Mariden Horse R.R. First Mort. Bonds Norwich Street Railway. First Mort. Bonds Montville Street Ry. First Mort. Bonds New London St. Ry. First Mort. Bonds Middletown Horse Ry. First Mort. Bonds Portland Street Ry. First Mort. Bonds Htfd., Man. & Rockvillo Tr. Co. First Mort. Bonds Hartford Street Ry. First Mort. Bonds Greenwich Tram¬ way Co. First Mort. Bonds Branford Elec¬ tric Co. First Con. Mort. Bonds Branford Light & Water Co. First Mort. Bonds Torrington & Winchester St. Ry. First Mort. Bonds Mer., Southing- ton & Com. Tr. Co. First Mort. Bonds Pawtuxet Valley R.R. Consolidated Mort. Bonds New England R.R. First Mort. Bonds Stafford Springs St. Ry. First Mort. Gk)ld Notes Roxbury Central Wharf Co. Meriden Horse R.R., Norwich Street Railway, Montville Street Ry., New London St. Ry., Middletown Horse Ry., Portland St. Ry., II., M. & R. Tramway Co Hartford Street Ry., Greenwich Tramway Co., Branford Electric Co., Branford Light & Water Co., Torrington & Winchester St. Ry Meriden, South. & Compounce Tram. Co., Pontiac, R. I., . All property of the former New England Rockville, Conn., Real Estate, Boston, Mass., Hope, R. I., R.R., .... Stafford Springs, Conn., 20.30 24,630 do do 17.00 20,588 do do 10.46 23,900 do do 6.26 23,962 do do 7.01 21,398 do do 2.80 10,714 do do 16.89 11,841 do do 59.44 42,059 do do 9.10 35,164 do do 5.15 71,844 do do 12.41 12,087 do do 11.64 15,034 do do 5.67 28,219 do do 364.25 48,043 do do 12.90 31,007 do do - - Real Estate 0 wncd. 256 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Expenditures for Additions and Betterments during the Year. Account. Through Issue of Securi¬ ties. From Current Funds. From Special Appro¬ priations. Total. 1. Right of way and station grounds, 2. Real estate, ....... 3. Widening cuts and fills 4. Protection of banks 5. Grade revisions and changes of line, . 7. Bridges, trestles and culverts, 8. Increased weight of rail 9. Improved frogs and switches, 10. Track fastenings and other material, . 11. Ballast, 12. Additional main tracks 13. Sidings and spur tracks, .... 14. Terminal yards 15. Fencing right of way 16. Improvement of over and under grade crossings, 17. Track elevation, elimination of grade cross¬ ings, etc 18. Interlocking apparatus, .... 19. Block and other signal apparatus, 20. Telegraph and telephone lines, . 21. Station buildings and fixtures, 22. Shops, enginehouses and turntables, . 23. Shop machinery and tools, .... 24. Water and fuel stations, .... 25. Grain elevators and storage warehouses, 26. Dock and wharf property, .... 27. Electric light and power plants, . 28. Electric-power transmission, 31. Miscellaneous structures, .... 33. Equipment, Cost of road purchased, .... Total, Cann ot be separ ated. $291,131 00 28,626 83t 5,590 79 9,711 54 344.210 74 83,662 19 12,833 90 1,360 24 107 67 153,808 79 247,748 97 43,490 77 15,421 09 1,834 06 13,519 81t 260,516 69 10,734 06 42,012 13 3,979 01 206,602 96 34,449 15 3,391 38 27,240 08 81 01 61,117 94 626,639 72t 29,994 21t 32,752 69t 1,953,476 20 47,761 44 $3,130,740 54 t Credit. Road and Equipment — Investment since June 30, 1907. Account. Expenditures for New Lines or Extensions during the Year. Through Issue of Securities. Road: 1. Engineering, 2. Right of way and station grounds, . 3. Real estate, ...... 4. Grading, 5. Tunnels, ....... 6. Bridges, trestles and culverts, . 7. Ties, 8. Rails, 9. Frogs and switches, . . . . . 10. Track fastenings and other material, 11. Ballast, ....... 12. Track laying and surfacing, 13. Roadway tools, . ... . 14. Fencing right of way, . . . . 15. Crossings and signs, . . . . 16. Interlocking and other signal apparatus, 17. Telegraph and telephone lines, 18. Station buildings and fixtures, 19. General office buildings and fixtures, 20. Shops, enginehouses and turntables, 21. Shop machinery and tools, 22. Water stations, 23. Fuel stations 24. Grain elevators, . ... . 25. Storage warehouses, . . . . . 26. Dock and wharf property, 27. Electric-light plants, . . . . 28. Electric-power plants, . . . . 29. Electric-power transmission, 31. Miscellaneous structures, . . . . 36. Cost of road purchased, . . . . Total, From Current Funds. From Special Appropriations. Expenditures for Additions and Better¬ ments during the Year. «54,921 41 288.104 95 28,626 83t 205,331 28 404,7.53 99 143,211 07 37,424 63 26,882 37 3,380 51 + 11,385 23 63,281 59 62,246 04 510 52 4,963 92 169,941 57 63,881 05 4,351 66 214,182 06 11,655 63 15,655 28 8,313 25 12,772 90 81 01 54,502 20 628,139 40t 41,971 22t 30,414 81t 47,761 44 $1,173,582 28 Total Expenditures, July 1, 1907, to June 30, 1909. Total Expenditures, July 1, 1907, to June 30, 1910. $130,939 25 599,139 87 2,204,329 57 1,015,364 45 940,639 55 1,214.956 85 105,786 30 308,813 87 4.5,176 20 86,749 55 90,637 69 184,752 35 385 96 15,354 33 330.940 72 459,510 58 9,871 95 769,836 50 7,661 55 74,935 87 163,781 69 39,313 07 12,9.59 25 428 64 26 67 12,346 72 2,094 97 496,187 27 2.55,854 66 12,866 94 24,758.040 59 $34,349,683 43 $185,860 66 887,244 82 2,175,702 74 1,220,695 73 1,345,393 54 1,358,167 92 143,210 93 335,696 24 41,795 69 98,134 78 153,919 28 246,998 39 896 48 20,318 25 500.882 29 523.391 63 14,223 61 984,018 56 7,661 55 86,591 50 179,436 97 47,626 .32 25,732 15 509 65 26 67 66,848 92 2.094 97 131,952 13t 213.883 44 17,547 87t 24,805,802 03 $35,523,265 71 t Credit. Road and Equipment — Investment since June 30, 1907 — Concluded. Account. Expenditures for New Lines or Extensions during the Yeau. Expenditures for Additions and Better¬ ments during the Year. Total Expenditures, July 1, 1907, to June 30, 1909. Total Expenditures, July 1, 1907, to June 30, 1910. Through Issue of Securities. From Current Funds. From Special Appropriât ions. II. Equipment: 37. Steam locomotives 38. Electric locomotives, ...... 39. Passenger-train car.s, ...... 40. Freight-train cars 41. Work equipment, Total III. General expenditures: 43. Law expenses, ....... 47. Interest and commissions 48. Other expenditures, Total, . Recapitulation. I. Road, II. Equipment, . III. General expenditures Total, . - - - $3,340 48 53,021 55 293,102 13 1.576,993 .59 27,018 45 $435,320 85 2,666,373 09 18,103,994 22 9,975 28 $3,340 48 488,342 40 2,959,475 22» 19,680,987 81 36,993 73 - - - $1,953,476 20 $43 OS 3,638 98 $21,215,663 44 $1,976 65 77,383 48 275,451 38 $23,169,139 64 $2,019 73 77,383 48 279,090 36 - - - $3,682 06 $1,173,582 28 1,953,476 20 3,682 06 $354,811 51 $34,349,683 43 21,215,663 44 354,811 51 $358,493 57 $35,523,265 71 23,169,139 64 358,493 57 - - - $3,130,740 54 $55,920,158 38 $59,050,898 92 * Includes expenditures of $144,121.21 this year for "Motor Cars ; " also $2,329.12 shown originally in last year's report as "Motor Cars," but afterwards transferred to "Passenger Train Cars." VALIDATION REPOim';;.. 259 Summart of Road and Equipm,ent.. Account. Amount. Investment to June 30, 1907: Koad, . . Equipment, Investment since June 30, 1907, . Total Reserve for accrued depreciation — Cr., Net Total, Cost per mile of line (1,040.90 miles), $78,378.611 83 32,792,939 81 59,050,898 92 $170,222,450 56 1,872.720 54 $168,349,730 02 $161,734 78 Income Account. Operating Income: Rail operations: Operating revenues—page 261 $60,693,667 55 Operating expenses —page 276 38,689,215 76 Net Operating Revenue, . . . $22,004,451 79 Outside operations—page 277, A: Revenues, . . . $2,223,306 62 Expenses, . . . 914,836 61 Net Revenue from Outside Oper.ations, 1,308,470 01 Total Net Revenue, .... $23,812,921 80 Taxes accrued — page 284, A, . . . 3,983,877 01 Operating Income, ....... Other Income: Rents accrued from lease of road—page 277, $21,000 00 Other rents — credits: (a) Hire of equipment — balance — page 283, . $1,055 42 (b) Joint facilities — page 277 3,082 20 (c) Miscellaneous rents — page 277, . . . 308,043 03 312,180 65 Separately operated properties — profit—page 280 2,254,278 58 Dividends on stocks owned or controlled — page 269 3,504,568 52 Interest accrued on funded debt owned or controlled — page 269, . . . . 887,103 94 Interest on other securities, loans and ac¬ counts 2,012,293 50 Total Other Income, ....... Gross Corporate Income carried Forward, $19,329,544 79 8,991,425 19 $28,320,969 98 260 NEW Yoas: NEW HAVEN & HARTFORD R.R. CO. Inocime Account — Concluded. Gross Corporate Income Brought Forward, Deductions from gross corporate income: Rents accrued for lease of other roads — page 279 Other rents — debits: (6) Joint facilities — page 278 $1,474,39."; 00 (c) Miscellaneous rents— page 279, . . . 228,034 76 Interest accrued on funded debt — page 252, Other interest, ...... Other deductions —• page 279, 5,133,717 31 1,702,429 76 10,202,492 98 474,965 77 10,489 81 Total Deductions from Gross Corporate Income, Net Corporate Income, ..... Disposition of net corporate income: Dividends declared —■ page 246 : (a) On common stock — 2 per cent payable Sept. 30, 1909, . . . $2,000,000 00 2 per cent payable Dec. 31, 1909, . . . 2,437,562 00 2 per cent payable Mar. 31, 1910, . . . 2,437,562 00 2 per cent payable June 30, 1910, . . . 2,437,562 00 (d) On receipts outstanding for installments paid : 50o per share payable Mar. 31, 1910, . . $223,181 50 50c per share payable June 30, 1910, . . 223,213 50 1,312,686 00 446,395 00 Balance for Year carried Forward to Credit of Profit and Loss, ....... $28,320,969 98 17,524,095 63 $10,796,874 35 9,759,081 00 $1,037,793 35 Profit and Loss Account. Debit. Deductions for year: Investment in Ridgefield and New York R.R. Co. written off. Premium on Worcester and Conn. Eastern Railway Co. bonds, purchased for sinking fund, ...... Extraordinary renewals in prior years on Street Ry. properties in Connecticut, ........ Balance credit, June 30,1910, carried to general balance sheet — page 291, $14,539,195 37 VALIDATION REPORT. Profit and Loss Account — Concluded. 261 $12,999,443 02 1,037,793 35 12,050 00 310,416 67 159,932 33 19,560 00 $14,539,195 37 Operating Revenues. Account. Total Receipts. Total Deductions. Total Revenues. I. Revenue from Transportation. 1. Freight revenue, $30,291,951 79 $181,363 49 $30,110,588 30 2. Passenger revenue, ...... 3. Excess baggage revenue, ..... 5. Mail revenue, ....... 6. Express revenue,....... 7. Milk revenue (on passenger trains), . 8. Other passenger-train revenue, .... $24,942,196 13 191,328 66 645,571 89 3,029,967 47 131,748 96 121,963 44 $56,331 39 446 65 108 45 $24,885,864 74 190,882 01 645,571 89 3,029,967 47 131,748 96 121,854 99 Total Passenger Service Train Revenue (Accounts Nos. 2 to 8), $29,062,776 55 $56,886 49 $29,005,890 06 9. Switching revenue, ...... 10. Special service train revenue, .... 11. Miscellaneous transportation revenue, $257,389 66 13,877 08 1,350 98 ~ $257,389 66 13,877 08 1,350 98 Total Revenue from Transportation (Ac¬ counts Nos. 1 to 11) $59,627,346 06 $238,249 98 $59,389,096 08 II. Revenue from Operations Other than Transportation. 12. Station and train privileges, .... 13. Parcel-room receipts, . . . 14. Storage — freight, 15. Storage — baggage 16. Car service, ........ 17. Telegraph and telephone service, 18. Rents of buildings and other property, 19. Miscellaneous, ....... $123,998 37 12,855 25 37,342 11 11,406 96 269,946 36 52,051 42 86,346 26 438,651 86 $5 05 231 06 $123,998 37 12,855 25 37,342 11 11,401 91 269,715 30 52,051 42 86,346 26 438,651 86 Total Revenue from Operations Other than Transportation, $1,032,598 59 $236 11 $1,032,362 48 21. Joint facilities revenue — Or., .... $272,208 99 - $272,208 99 Total Operating Revenues, $60,932,153 64 $238,486 09 $60,693,667 55 Credit. Balance June 30, 1909, ........ Balance for year brought forward from income account. Additions for year: Premium on The Consolidated Railway Co. debentures pur¬ chased and retired, ....... Interest on bonds of the Poughkeepsie & Eastern Ry. Co., prior to July 1, 1909, but received during present fiscal year, .......... Premium on 6 per cent convertible debenture certificates ac¬ quired and sold, ........ Payment to trustees sinking fund, Worcester and Conn. East¬ ern Railway Co. bonds, charged against income in prior year, Operating Revenues — Concluded. Deductions from Total Receipts. Name of Revenue Account. Classification of Repayments. Total Deductions. Overcharges and Over- collections. Switching Charges absorbed. Allowances and Arbitrarios. Transfers. Uncollected Earnings. Fares re¬ funded and Tickets re¬ deemed. Other Re¬ payments. 1. Freight revenue, 2. Passenger revenue, 3. Excess baggage revenue, ..... 8. Other passenger-train revenue, .... 15. Storage — Baggage, 16. Car service. Total $161,471 39 34 40 108 45 5 05 - - _ $19.892 10 58 25 231 06 $43,650 39 363 55 $12,622 75 48 70 $181,363 49 56,331 39 446 65 108 45 5 05 231 06 $161,619 29 - - - $20.181 41 $44,013 94 $12,671 45 $238,486 09 Securities owned — Stocks. Not held in Sinking or Other Funds, Name of Corporation and Security. B4-A. Stock of Proprietary, Affiliated and Controlled Companies held for Investment. Railway Companies, Active: Berkshire Railroad Co., Boston & Providence Railroad Corp'n, Boston Terminal Company, Central New England Railway Co. Common, Central New England Railway Co. Preferred Harlem River and Port Chester Railroad Co., Hartford and Connecticut Western Railroad Co Holyoke and Westfield Railroad Co., .......... Milford, Franklin and Providence Railroad Co., ....... Milford and Woonsocket Railroad Co., New Haven and Northampton Co New York Connecting Railroad Co., .......... New York, Ontario and Western Railway Co. Common, New York, Ontario and Western Railway Co. Preferred, ...... Norwich and Worcester Railroad Co., ......... Old Colony Railroad Co., ............ Providence, Warren and Bristol Railroad Co., ........ Providence and Worcester Railroad Co., . . Rhode Island and Mass. Railroad Co. (Mass. Div.) Total, Other than Railway Companies, Active: Bennington and North Adams St. Railway Co., Berkshire Street Railway Co Connecticut Company, ..... Millbrook Company, ...... New York and Stamford Railway Co., New \ork, Westchester and Boston Railway Co., The Rhode Island Co., ..... Total, Unpledged. Total Par Value. $8.56,100 00 217,800 00 200,000 00 4,488,675 93 3,471,184 57 1,000,000 00 70,500 00 20,000 CO 100,000 00 148,600 00 2,460,000 00 1,500,000 00 29,160,000 00 2,200 00 69,200 00 7,749,400 00 500 00 311,800 00 100,000 00 $51,925,960 50 $650,000 00 1,928,800 00 40,000,000 00 100,000 00 500,000 00 4,924,937 50 9,685,500 00 $57,789,237 50 Cost or Book Value. $1,526,094 65 665,970 85 200,000 00 702,297 64 879,769 25 1,000,000 00 34,703 01 20,000 00 49,716 47 73,253 07 984,000 00 1,527,204 33 13,105,185 02 3,212 00 158,229 92 9,299,983 53 912 67 912,426 43 191,700 00 $31,334,659 44 $564,505 54 2,891,226 88 40,000,000 00 109,500 00 610,643 40 5,920,094 62 24,220,978 90 $74,316,949 34 Dividends. Rate. 10% 7% 2% 14% 4% 6% 8% 7% 6% 10% i'Afo 6% Amount. $49,648 60 20,412 50 70,000 00 1,410 00 2,800 00 98,400 00 132 00 4,842 00 512,879 50 30 00 28,827 50 $789,382 10 $600,000 00 510,624 00 $1,110,624 00 Securities owned — Stocks — Concluded. Name of Corporation and Security. Unpledged. Dividends. Total Par Value. Cost or Book Value. Rate. Amount. Other than Railway Companies, Inactive: Roxbury Central Wharf C-o., ............. South Bay Wharf and Terminal Co., ............ Total, Grand Total B6-C. Miscellaneous Inveslments. Stocks of Companies not Proprietary, Affiliated or Controlled, held for Investment. Railway Companies — Active: Narragansett Railroad Co., ............. Wood River Branch Railroad Co., ............ Total Other than Railway Companies — Active: Boston Railroad Holding Co., Bristol & Plainville Tramway Co., ............ Birmingham Water Power Co .......... New England Navigation Co., ............. Trustees of the Park Square Real Estate Trust, United States Transportation Co Total, Grand Total, $700 00 900 00 $7 001 9 00» - - $1,600 00 $16 00 - - $109,716,798 00 $18,700 00 .33,600 00 $105,651,624 78 $18,700 00 21,477 50 4% $1,900,006 10 $748 00 $52,300 00 $3,106,500 00 81,900 00 .54,000 00 53,000,000 00 5,200,000 00 $40,177 50 $3,106,500 00 127,428 26 54,000 00 54,510,969 39 5,071,331 87 89,949 81 4% 7% m% $748 00 $124,260 00 5,733 00 1,365,000 00 $61,442,400 00 $62,960,179 33 - $1,494,993 00 $61,494,700 00 $63,000,356 83 - $1,495,741 GO 1 Nominal value. The N. Y., N. H. & H. R.R. owns entire property. Securities owned — Funded Debt. Not held in Sinking or Other Funds. Name of Corporation or Security. Unpledged. Interest accrued. Total Par Value. Cost or Book Value. Rate. Amount. B4-B. Funded Debt of Proprietary, Affiliated or Controlled Companies held for Investment. Other than Railway Companies, Active: New York, Westchester & Boston Ry. Co.: First Mortgage Bonds, First Mortgage Gold Bonds $15,000,000 00 100,000 00 $15,000,000 00 100,000 00 $15,100,000 00 $15,100,000 00 - - Dividends declared on Stocks owned or controlled. Name of Stock owned or controlled and of Corporation responsible therefor. Par Value of Amount held. Rate of Dividend. Income for Respondent. West Shore Railway Company, New Bedford, Martha's Vineyard and Nantucket Steamboat Company, ..... Union Freight Railroad Company, ............ Merchants & Miners Transportation Company . ... Providence, Warren & Bristol Railroad Company, . , . $27,075 00 40,000 00 287,000 00 2,500,000 00 337,100 00 6% 7% 2H% 6% $880 42 2,400 00 20,090 00 62,500 00 20,226 00 Sold during year. Held by Old Colony R.R.» Held by Old Colony R.R.* Sold during year. Held by Old Colony R.R.» $106,096 42 * The income from these securities accrues to The New York, New Haven & Hartford R.R. Co. through the terms of the lease. to Ci 05 Interest Accrued on Bonds Owned, or Controlled. g « H K 5?P w ;> o id Ö id O o Name of Bonds owned or controlled and of Corporation responsible therefor. Date of Maturity of Bond. Interest. Amount held at Par. Income for Respondent. Rate % Per Annum. Date. Merchants & Miners Transportation Co. Debentures, New England Navigation Company Debentures, New England Navigation Company Debentures, Harlem River & Port Chester R.R. Co., . May 1, 1932 Nov. 13, 1955 Jan. 1, 1955 June 1, 1911 4 4 4 4 May & Nov. May & Nov. Jan. & July June & Dec. $3,250,000 00 3,600,000 00 675,000 00 779,000 00 $115,194 45 144,000 00 27,000 00 31,160 00 Sold during year. Held by Old Colony R.R.i Held by Norwich & Worcester R.R.^ Held by Trustees. $317,354 45 * The income from these securities accrues to The New York, New Haven & Hartford R.R. Co. through the terms of the lease. VALIDATION REPORT. 267 Unpledged. Name op Corporation and Security. Book Value. Income. B4-C. Miscellaneous Securities of Proprietary, Affiliated and Controlled Companies. Railway Companies, Active: Harlem River and Port Chester Railroad Co. Notes, . New York Connecting Railroad Co. Notes $23,555,833 38 491,292 07 $648,939 45 15,874 20 Total $24,047,125 45 $664,813 65 Other than Railway Companies, Active: City and County Contract Co. Notes New York and Stamford Railway Co. Notes, Westchester Street Railroad Co. Advances, .... Millbrook Co. Notes, The Rhode Island Co. Notes, $150,000 00 290,030 47 907,840 43 $250 00 13,447 45 327,391 241 2,464 991 Total $1,347.870 90 $343,553 68 Grand Total, $25.394.996 35 $1,008,367 33 B6-C. Miscellaneous Investments, Railway Companies, Active: Wood River Branch Railroad Co. Notes $4,500 00 $240 00 Other than Railway Companies, Active: Boston Railroad Holding Co. Notes New England Navigation Co. Notes, Trustees of the Park Square Real Estate Trust Notes, $500,000 00 $98,407 451 521,936 241 16,583 34 Total, $500,000 00 $636,927 03 Grand Total, $504,500 00 $637,167 03 B9-C. Marketable Securities. Railway Companies, Active: Central New England Railway Co. Notes Providence, Warren and Bristol Railroad Co. Notes, . $2,592,388 96 38,617 77 $101,870 87 1,544 70 Total, $2,631,006 73 $103,415 57 Other than Railway Companies, Active: Bennington & North Adams Street Railway Co. Notes, New York Lock Co. Bond, ....... United Button Co. Bond i . Village Water Co. Assessment, Vanity Fair Amusement Co. Bond, $351,498 18 1 00 540 03 4 00 1 00 - Total, $352,044 21 - Grand Total, $2,983,050 94 $103,415 57 1 Paid off during year. Note. — The par value of the above is same as the book value with exception of New York Lock Company Bond par value $100, and Vanity Fair Amusement Co. Bond par value $486.50 268 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Securities owned. Marketable Securities — Stocks, Name op Corporation and Security. Par Value Cost or Book Value. Dividends declared. of Securities owned. Rate. Amount. B-9A Stocks. Railway Companies — Active: Pennsylvania Railroad Co., $18,203 87 $48,203 87 6% $2,602 50 Other than Railway Companies — Ac¬ tive: Albany & Hudson R.R. Co., Iron Works Aqueduct and Water Co., . Post Publishing Co Quincy Quarries Co., .... VVaterbury Hotel Corporation, . Waterbury Publishing Co., Wirt Manufacturing Co $2,785 92 100 00 1,000 00 1,900 00 1,500 00 1,000 00 970 00 $2,785 92» 100 00 1,000 001 2,110 00 1,500 00» 1,000 001 966 13 5M% 6% 3% $5 50 60 00 57 00 Total $9,255 92 $9,462 05 - $122 50 Grand Total, .... $57,459 79 $57,665 92 - $2,725 00 ^ îîeld as Lessee Conn. Ry. and Lighting Co. Marketable Securities — Funded Debt. Name of Corporation and Security. Par Value Cost or Book Value. Interest accrued. of Securities owned. Rate. Amount. B9-B Bonds. Railway Companies — Active: Central New England Ry. Co. In¬ come Bonds, . . . . • Central New England Ry. Co. First Mortgage Bonds, .... Central New England Ry. Co. (P. & E. Ry.) First Mortgage Bonds, Central New England Ry. Co. (N. D. & C.) Income Bonds, Milford, Franklin & Providence R.R. Co. 1st Mtg. Gold Bonds, Milford & Woonsocket R.R. Co. 1st Mtg. Gold Bonds, .... $7,037,442 39 192,000 00 500,000 00 1,164,500 00 10,000 00 60,000 00 $5,303,945 87 201,592 50 500,000 00 405,992 50 10,000 00 60,000 00 5% 5% 5% 6% 4% 4% $352,747 19 9.525 41 25,000 00 69,870 00 400 00 2,400 00 Total, $8,963,942 39 $6,481,530 87 - $459,942 60 Other than Railroad Companies — Ac- y.tive: Boston Railroad Holding Co. Deben¬ tures, ...... New York and Stamford Railway Co. First and Refunding Mortgage Gold Bonds, ...... $20,012,000 00 27,000 00 $20,012,000 00 30,957 77 4% 4% $105,927 33 1,800 00 Total, $20,039,000 00 $20,042,957 77 - $107,727 33 Grand Total, .... $29,002,942 39 $26,524,488 64 - $567,669 93 VALIDATION REPORT. 269 Summart of Securities owned. Not held in Sinking or Other Funds, Kind of Security. Par Value. Dividends or Interest. Stocks: Stocks of railway companies — active — pages 263, 264 and 268, Stocks of other than railway companies — active — pages 263, 264 and 268, ........... Stocks of other than railway companies — inactive — page 264, Dividends on stocks owned or controlled — page 265, . Total, Funded Debt: Funded debt of respondent "In treasury" — page 252, Funded debt of railway companies — active—page 268, Funded debt of other than railway companies — active — page 268 Interest on bonds owned or controlled — page 266, Total, Miscellaneous Securities: Miscellaneous securities of railway companies — active, Miscellaneous securities of other than railway companies—active. Total, 252,026,464 37 119,240,893 42 1,600 00 $792,732 60 2,605,739 50 106,096 42 8171,268,957 79 S201,700 00 8,963,942 39 35,139,000 00 $3,504,568 52 $2,079 56 459,942 60 107,727 33 317,354 45 $44,304,642 39 $26,682,632 18 2,200,499 61 $887,103 94 $768,469 22 980,480 71 $28,883,131 79 $1,748,949 93 Does the respondent own or control any railway securities (stock, funded debt or miscellaneous) through any intermediary which does not make an annual report to the Interstate Commerce Commission? Yes. Insert below a list of such holdings, if any, giving name of corporation and of security held, par value of holdings, and name of intermediary through which control of such securities is established. Name of Corporation. Name of Se¬ curity. Par Value of Securities held. Name of Intermediary. Mt. Vernon & Eastern R.R. Co., New York & Westchester Town Site Co., ..... Subway Westchester Construc¬ tion Co City & County Contract Co., Westchester Northern R.R. Co., Capital Stock, . Bonds, Capital Stock, . Capital Stock, . Capital Stock, . $50,000 00 12,500 00 400,000 00 690,000 00 60,000 00 Milibrook Company. Millbrook Company. City and County Contract Company. New York, Westchester & Boston Railway Co. City and County Contract Company. 270 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Sinking and Other Funds. Accident and Casualty Fund, Liabilities: Reserve for outstanding claims, . . . . $770,363 21 Assets (excluding securities) : Cash on hand, ...... $43,023 98 Accrued interest, ..... 12,322 64 55,346 62 $715,016 59 Insurance Fund. Liabilities: Reserve for unsettled losses, $160,416 34 Unearned premiums received from companies. 25,732 41 $186,148 75 Assets (excluding securities) : Cash on hand, ...... $82,345 69 Accrued interest and dividends, . 15,489 27 Prepaid insurance, ..... 4,509 05 102,344 01 $83,804 74 Sinking and Other Funds — Continued, Assets on June 30, 1910. Name of Fund, Securities in Fund. Par Value. Cost. Cash in Fund. Amount of Fund June 30, 1910. Worcester & Conn. Eastern Ry. Sinking Fund, Trustees Sinking Fund account Harlem River & Port Chester R.R. Bonds, ....... Conn. Railway & Lighting Co. Sinking Fund, 1st Mortgage Bonds Wore. & Conn. Eastern Ry., 1st and Refunding Mortgage Bonds of the Conn. Ry. & Lighting Co.. $38,000 00 341,000 00 $38,000 00 341,000 00 $229,840 00 62,509 48 $38,000 00 229,840 00 403,509 48 $671,349 48 Sinking and Other Funds — Concluded. Assets on June SO, 1910 — Concluded. Name op Fund. Secueities in Fund. Liabilities in Excess of Cash and Assets excluding Securities. Aûîount of Fund June 30, 1910. Name. Par Value. Cost. Accident & Casualty Fund, Insurance Fund, Ist & Refunding Mort. Bonds, C. R. & L. Co., 1st Mortgage Bond, Naugatuck R.R., ........ N. Y., N. H. & H. R.R. Debentures, 1956 1948 1911 1912 1914 1947 Providence Securities Co. Debentures, 1957, American Tel. & Tel. Co. Bonds, 1936, ........ Chicago & Ea. Illinois R.R. Bds., 1937, ........ Chicago, Burlington & Quincy R.R. (Illinois Division) Mortgage Bonds, 1949, Chicago, Rock Island & Pacific Ry. Gen. Mtge. Bonds, 1988, .... New Haven & Derby R.R Consol. Mort. Bonds, 1918, ..... New Haven & Northampton Co. Northern Extension Bonds, 1911, City National Bank, Holyoke, Mass., 100 shares New Haven Water Co., 341 shares, ......... New Haven Water Co., 69 shares 66^^ paid, ....... New Haven Gas Light Co., 846 shares, ........ Westinghouse Air Brake Co., 6 shares, ........ Subscription to Convertible Debentures (Series D) New Haven Gas Light Co., Subscription to 958 shares stock N. Y., N. H. & H. R.R. Co. with rights and interest, .............. Prov. Securities Co Debentures,1957, ........ N. Y., N. H. & H. R.R. Co. Debentures, 1912, ...... N. Y., N. H. & H. R.R. Co. Debentures, 1954, ...... N. Y., N. H. & H. R.R. Co. Debentures (Scrip) 1954, ..... N. Y., N. H. & H. R.R. Co. Con. Debentures, 1956, ..... N. Y., N. H. & H. R.R. Co. Con. Debentures, 1948, ..... Subscription to 1,502 shares N. Y., N. H. & H. R.R. Co. Stock, including rights and interest, $50,000 1,000 254,800 213,200 55,000 30,000 45,000 9,000 200,000 35,000 22,000 14,000 38,000 1,000 54,000 10,000 17,050 3,450 21,150 600 7,100 95,800 $50,687 50 1,000 00 236,369 92 284,475 00 54,613 75 29,803 75 42,750 00 7,740 00 157.817 49 32,550 00 25,300 00 12,810 00 38,000 00 1,050 00 54,540 00 11,500 00 31,798 25 3,463 20 35.750 40 882 00 5,325 001 119,909 08 $1,177,150 $519,000 50.000 2,000 100 334,300 377,600 150,200 $1,238,135 34 $449,624 38 50,000 00 1,823 32 92 00 346.266 85 483,930 67 187,820 82 $715,016 59 $523,118 75 $1,433,200 $1.519,558 04 1 $83,804 74 1 $1,435,753 30 Coal Insurance Fund, Total Securities, Total, .... N. Y., N. H. & H. R.R. Debentures, 1948 Subscriptions to 25 shares N. Y., N. H. & H. R.R. Co. Stock including interest Cash on hand, Accrued Interest, Due from N Y., N. H. & H. R.R. Co 110,000 2,500 $13,400 00 789 16 512,500 $14,189 16 4,331 55 225 00 909 21 $19,654 92 $10,654 92 $1,978,526 97 1 Three installments paid. 274 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Reserves. Designation. Amount. Reserves from Income or Surplus. (а) Invested in sinking and redemption funds: Sinking Fund for C. R. & L. Co. Bonds, ...... Total (б) Invested in other reserve funds: Insurance fund, ........... Accident and casualty fund, Coal insurance fund, .......... Total $284,545 91 $284,545 91 $1,435,753 30 523,118 75 19,654 92 11,978,526 97 Advances to Prophietart, Affiliated and Controlled Companies. Advances for Construction, Equipment and Betterments, Name of Company. Amount. New Haven & Northampton Co., Norwich & Worcester R.R. Co., .......... Providence, Warren & Bristol R.R. Co., ........ Total, $64,045 91 495,937 74 601,688 17 $1,161,671 82 Temporary Advances for Various Purposes. Harlem River & Port Chester R.R. Co. account second mortgage bonds, New Haven and Northampton Co., ......... New York Connecting R.R. Co., ......... Old Colony R.R. Co., Total, $779,000 00 876 42 113,480 34 324,958 85 $1,218,315 61 Obligations for Advances from Other Companies. Advances for Construction, Equipment and Betterments. Name of Company. Amount. The Connecticut Co. Total, $474,803 98 $474,803 98 VALIDATION REPORT. 275 Operatino Expenses. Ratio to Ratio to Total Total Account. Amount. of General Operating Account Expenses (Per Cent). (Per Cent). I. Maintenance of Way and Structures. 1. Superintendence, ....... $211,929 64 02.97 00.55 2. Ballast, ........ 49,087 14 00.69 00.13 3. Ties, ......... 1,004,444 71 14.C8 02.60 4. Rails, ......... 315,278 88 04.42 00.81 5. Other track material 304,196 24 04.26 00.79 6. Roadway and track, 2,151,408 35 30.16 05.56 7. Removal of snow, sand and ice, .... 175,177 04 02.46 00.45 8. Tunnels, ........ 11,943 07 00.17 00.03 9. Bridges, trestles and culverts 322,034 38 04.52 00.83 10. Over and under grade crossings, .... 91,229 09 01.28 00.24 11. Grade crossings, fences, cattle guards and signs,. 132,757 67 01.86 00.34 12. Snow and sand fences and snowsheds. 94 10 00 00 00.00 13. Signals and interlocking plants, .... 352,793 29 04.95 00.91 14. Telegraph and telephone lines, .... 62,176 74 00.87 00.16 15. Electric power transmission, .... 132,297 71 01.86 00.34 16. Buildings, fixtures and grounds 834,361 66 11.70 02.16 17. Docks and wharves 184,395 07 02.58 00.48 18. Roadway tools and supplies, .... 62,658 42 00.88 00.16 19. Injuries to persons, ...... 42,633 36 00 59 00.11 20. Stationery and printing, ..... 4,114 74 00.06 00.01 21. Other expenses, ....... 95,988 82 01.35 00.25 22. Maintaining joint tracks, yards and other facili¬ ties — Dr., ........ 593,606 01 08.32 01.53 23. Maintaining joint tracks, yards and other facili¬ ties— Cr., ........ 2,230 49 00.03 00.01 Total Maintenance op Way and Structures, 37,132,375 64 100.00 18.43 II. Maintenance op Equipment. 24. Superintendence, . $180,758 18 02.80 00.47 25. Steam locomotives — repairs 2,209,833 14 34.20 05.71 26. Steam locomotives — renewals, .... 836 33 00.01 00.00 27. Steam locomotives — depreciation. 59,956 58 00.93 00.16 28. Electric locomotives — repairs, .... 140,983 20 02.18 00.37 31. Passenger-train cars—repairs, .... 893,110 70 13.82 02.31 32. Passenger-train cars — renewals, .... 48,327 65 00.74 00.12 33. Passenger-train cars—depreciation, . 139,568 70 02.16 00.36 34. Freight-train cars — repairs, .... 1,315,842 99 20.36 03.40 35. Freight-train cars — renewals, .... 66,733 38 01.03 00.17 36. Freight-train cars — depreciation. 400,987 03 06.20 01.03 37. Electric equipment of cars — repairs, . 41,635 24 00.64 00.11 40. Floating equipment — repairs, .... 265,680 56 04.11 00.69 42. Floating equipment—depreciation, . 85,064 59 01.32 00.21 43. Work equipment—repairs, 45.449 25 00.71 00.11 44. Work equipment — renewals, .... 10,104 98 00.16 00.03 45. Work equipment — depreciation. 6,368 92 00.10 00.02 46. Shop machinery and tools 265,258 82 04.11 00.69 47. Power plant equipment, ..... 36,758 00 00.57 00.09 48. Injuries to persons, ...... 16,895 10 00.26 00.04 49. Stationery and printing, ..... 1,155 35 00.02 00.01 50. Other expenses, ...... 232.247 29 03.60 00.60 51. Maintaining joint equipment at terminals — Dr., 1,878 79 00.03 00.01 52. Maintaining joint equipment at terminals — Gr., 3,662 55 00.06 00.01 Total Maintenance op Equipment, $6,461,772 22 100.00 16.70 III. Traffic Expenses. 53. Superintendence, $146,876 69 41.85 00.38 54. Outside agencies, 60,598 90 17.27 00.16 55. Advertising, ........ 89,202 59 25.42 00.23 56. Traffic associations. ...... 10,125 94 02.89 00.03 59. Stationery and printing, 43,559 83 12.41 00.11 60. Other expenses, 579 10 00.16 00.00 Total Traffic Expenses, .... $350,943 05 100.00 00.91 - 276 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Operating Expenses — Concluded. Ratio to Ratio to Total Total Account. Amount. of General Operating Account Expenses (Per Cent). (Per Cent). IV. Transportation Expenses. 61. Superintendence. ...... $290,513 34 01.22 00.75 62. Dispatching trains, ...... 151,939 75 00.66 00.39 63. Station employees, ...... 4,478,827 64 19.52 11.58 66. Station supplies and expenses, .... 373,080 53 01.63 00.96 67. Yardmasters and their clerks, .... 359,518 25 01.57 00.93 68. Yard conductors and brakemen, 936,774 67 C4.08 02.42 69. Yard switch and signal tenders. 197,731 38 00.86 00.51 70. Yard supplies and expenses, .... 30,645 56 00.13 00.08 71. Yard enginemen, ...... 509,849 69 02.22 01.32 72. Enginehouse expenses — yard, .... 125,749 56 00.55 00.33 73. Fuel for yard locomotives, ..... 722,580 22 03.15 01.87 74. Water for yard locomotives, .... 27,101 13 00.12 00.07 75. Lubricants for yard locomotives, 13,644 11 00.06 00.04 76. Other supplies for yard locomotives, . 10,347 04 00. C5 00.03 77. Operating joint yards and terminals — Dr., 778,800 63 03.39 02.02 78. Operating joint yards and terminals — Cr., 44,714 87 00.19 00.11 79. Motormen, ........ 141,890 29 00.63 00.37 80. Road enginemen, ...... 1,786,881 50 07.79 04.62 81. Enginehouse expenses — road, .... 604,952 83 02.63 01.56 82. Fuel for road locomotives, ..... 4,259,994 21 18.57 11.01 83. Water for road locomotives, .... 283,576 35 01.24 00.73 84. Lubricants for road locomotives, 77,475 01 00.34 00.20 85. Other supplies for road locomotives, . 74,806 33 00.33 00.19 86. Operating power plants, ..... 230,075 71 01.00 00.59 87. Purchased power, ...... 97,280 57 00.42 00.25 88. Road trainmen, ....... 2,452,910 51 10.69 06.34 89. Train supplies and expenses, .... 656,279 39 02.86 01.70 90. Interlockers and block and other signals — oper¬ ation, ........ 596,172 54 02.59 01.54 91. Crossing flagmen and gatemen, .... 370,022 61 01.61 00.96 92. Drawbridge operation, 63.564 22 00.28 00.16 93. Clearing wrecks, ....... 53,326 28 00.23 00.14 94. Telegraph and telephone — operation, 157,574 40 00.69 00.41 95. Operating floating equipment, .... 655,539 97 02.90 01.69 97. Stationery and printing, ..... 241,221 29 01.05 00.62 98. Other expenses, ....... 14,544 34 00.06 00.04 99. Loss and damage — freight, .... 334,565 87 01.46 00.87 100. Ix)ss and damage — baggage, .... 2,967 56 00.01 00.01 101. Damage to property, ...... 116,865 15 00.51 00.30 102. Damage to stock on right of way. 586 67 00.00 00.00 103. Injuries to persons, 518,611 72 02.26 01.32 104. Operating joint tracks and facilities— Dr., 190,334 40 00.83 00.49 105. Operating joint tracks and facilities — Cr., 1,733 41 00.00 00.00 Total Transportation Expenses, . $22,942,674 94 100.00 59.30 V. General Expenses. 106. Salaries and expenses of general officers, $181.683 06 10.09 00.47 107. Salaries and expenses of clerks and attendants,. 510,382 81 28.33 01.31 108. General office supplies and expenses, 38,441 17 02.14 00.10 109. Law expenses, 254,362 23 14.12 00.66 110. Insurance, ........ 336,220 32 18.66 00.87 112. Pensions, ........ 100,048 54 05.55 00.26 113. Stationery and printing, ..... .55,873 60 03.10 00.15 114. Other expenses, ....... 305,651 43 16.97 00.79 115. General administration joint tracks, yards and 01.04 00.05 terminals — Dr., ...... 18,786 75 Total General Expenses, .... $1.801,449 91 100.00 04.66 Recapitulation of Expenses. 18.43 I. Maintenance of way and structures, . $7,132,375 64 - II. Maintenance of equipment, .... 6,461,772 22 - 16.70 III. Traffic expenses, ....... 350,943 05 - 00.91 IV. Transportation expenses, ..... 22,942,674 94 - 59.30 V. General expenses, 1,801,449 91 ~ 04.66 Total Operating Expenses, .... $38,689,215 76 - 100.00 Ratio of operating expenses to operating revenues, 63.74 per cent. VALIDATION REPORT. 277 Summart of Revenues and Expenses of Outside Operations and Other Properties. Outside Operations. Net Designation. Revenues. Expenses. Revenue or Deficit. 2. Ferry lines, 82,592 03 $7,302 74 $4,710 71á 7. Sleeping-car service, ...... 560,289 48 87,467 76 472,821 72 8. Parlor and chair car service 1.022,338 16 294,727 46 727,610 70 9. Dining and special car service, .... 513,797 89 436,502 68 77,295 21 16. Hotels and restaurants, ..... 86,223 14 81,237 38 4,985 76 Miscellaneous: Midway Icing Plant, ..... 4,674 70 4,407 27 267 43 Lighterage, 30,732 87 - 30,732 87 Periodical advertising, ..... 846 50 1,048 26 201 76d Boston dormitories (or rest rooms), 1,811 85 2,143 06 331 21d Total, 82,223,306 62 $914,836 61 $1,308,470 01 d Deficit. Rents Receivable. 1. From Joint Facilities. Facility leased. Location. Name of Lessee. Amount. Joint Tracks. Use of tracks. Total, Acton Jet. to Concord Jet., Boston and Maine R.R. Co., $3,082 20 $3,082 20 2. From Lease of Road. Road leased. Location. Name of Lessee. Amount. N. Y. State Line to Mi- anus River, Conn. Wicopee Jet. to Fishkill Landing. Total, State of Connecticut, State of New York, New York and Stamford Ry. Central New England Ry.,. $20,000 00 1,000 00 $21,0C0 00 3. Miscellaneous Rents. Description of Property. Location. Name of Lessee. Amount. Total, $308,043 03 $308,043 031 * This amount covers rents received from a large number of tenants in amounts from $1.00 up. Rents Payable. 1. For Joint Facilities. Facility leased. Location of Property. Name of Lessor. Item. Total. Joint Tracks. Tolls, Use of Tracks, ..... Woodlawn Jet. to G. 0. Station, ..... Sterling Jot. to Worcester, Mass., ..... Hopeisell Jet. to Poughkeepsie, ...... N. Y. & Harlem R.R Boston & Maine R.R., Central New England Ry., $35P,649 69 25,000 00 4,241 16 $387,890 85 Joint Yards and Terminals. Grand Central Station, . . . ] Mott Haven Yard, . . . . [ Distributing System, ... J Station Accommodations, do ... do ... ... do ... do ... do ... do ... do ... do ... Station Facilities, do ... do ... do . . ! do ... Terminal Facilities, .... do ... Station & Track Facilities, New York City, 125th St.. N. Y. City Springfield. Mass., ........ Pittsfield, Mass., ........ Worcester. Mass., ........ Ashland, Mass., Westfield, Mass., ........ Newton Highlands. Mass., ...... So. Framingham, Mass., Lowell, Mass., ......... Northampton. Mass., ........ Fitchburg. Mass., ........ North Acton, Mass., Shelburne Falls, Mass., ....... Campbell Hall Transfer, N. Y., ..... Hopewell Crossing, N. Y., ...... Sterling Jet., Mass. Boston, Mass., ......... New London, Conn. N. Y., C. & H. R. R.R do ... do ... do ... do ... do ... do ... do ... do ... Boston & Maine R.R., do ... do ... do ... Boston & Maine R.R., Central New England Ry., Boston & Maine R.R., Boston Terminal Co., New London Union Station, $662,909 95 9,242 97 13,500 00 1,999 95 9,600 00 748 02 1,755 00 450 00 1,406 25 600 00 800 00 800 06 5 00 100 04 1,958 00 146 64 384 24 374,006 25 6.091 78 1,086,504 15 $1,474,395 00 VALIDATION REPORT. 279 Rents Payable — Concluded. S. For Lease of Road. Guaranteed Guaranteed Road leased. Interest Dividends Cash. Total. on Bonds. on Stock. Old Colony R.R. Co., $586,720 00 $1,391,005 00 $10,263 04 $1,987,988 04 Boston & Providence R.R., 86,800 00 400,000 GO 9,919 20 496,719 20 Providence «fe Worcester R.R., . 60,000 00 350,000 00 6,000 00 416,000 00 Norwich o o u d -, ® -o 0) 1910. Number Fitted with — Item, o flfC (m a o 3 CÖ-- aj .5 a p *5 bo a ^ a p c co o 4) x^? P P o ad câ u M a â H t.' o o s ^9 p c Locomotives — owned or leased. Passenger, ....... Freight, ....... Switching, ....... Electric, ....... 533 4.53 199 43 1 1 6 2 2 528 451 197 44 528 451 197 44 528 451 197 44 Total Locomotives in Service, Less locomotives leased, .... 1,228 159 2 10 5 1,220 154 1,220 154 1,220 154 Total Locomotives owned, 1,069 2 5 1,066 1,066 1,066 Cars — owned or leased. In passenger service: First-class cars, ...... Combination cars, ..... Dining cars, ...... Parlor cars, ...... Sleeping cars, Baggage, express and postal cars. Other cars in passenger service, ^ 1,490 294 19 163 49 322 100 2 5 114 25 3 4 4 1,467 291 19 159 49 323 214 1,467 291 19 159 49 323 214 1,467 291 19 159 49 323 214 Total, 2,437 121 36 2,522 2,522 2,522 In freight service: Box cars, ....... Flat cars Stock cars, ...... Coal cars, ....... Refrigerator cars 21,120 2,684 1 9,878 501 2,419 1 511 119 257 1 23,028 2,565 1 9,622 500 23,028 2,565 1 9,622 500 23,028 2,565 1 9,622 500 Total, 34,184 2,420 888 35,716 35,716 35,716 In company's service: Officers' and pay cars, .... Gravel cars, ...... Derrick cars, ...... Caboose cars, ...... Other road cars, 15 305 48 335 510 1 2 20 13 2 15 53 16 303 50 340 470 16 298 37 336 434 16 303 50 340 470 Total 1,213 36 70 1,179 1,121 1,179 Total Cars in Service, Less cars leased, ...... 37,834 1,345 2,577 994 208 39,417 1,137 39,359 39,417 Total Cars owned, .... 36,489 2,577 786 38,280 - - 1 97 milk cars previously shown in freight service under "Box Cars" are transferred to "Other cars in passenger service." VALIDATION REPORT. 297 Description op Equipment — Continued. Single-expansion Locomotives. Class. Number. Tractive Power (Pounds). Grate Surface (Sq. Ft.). Heating Surface (Sq. Ft.). Weight exclusive of Tender (Tons). Weight on Drivers (Tons). Class A2, O O ^ . 22 330,567 264 19,134 745 745 Class A3. O O O ^ 156 4,151,137 3,401 252,518 8,992 8,992 ClassB3, OOOo^ - 358 9,621,186 10,131 683,234 25,083 21,487 Class B4, O O O O o . 39 1,219,654 1,216 81,051 2,885 2,592 Class C2. O O o o ^ 425 7,095,405 8,445 596,273 22,165 14,204 Class C3, O O O o o . 104 2,434,132 2,845 211,880 6,918 5,259 Class r2, o O O o o ^ 12 296,040 648 38,652 1,200 633 Class F3, o O O O o o ^ - 3D 946,500 1,620 117,690 3,443 2,138 Class G2, o o O O 9 104,158 148 9,646 323 323 Total, 1,155 26,198,779 28,718 2,010,078 71,754 56,373 Average per Loco- motive, . - 22,683 25 1,740 62 49 Four-cylinder Compound Locomotives. Class C3, O O O o o ^ . 2 44,200 69 5,330 161 119 Total, 2 44,200 69 5,330 161 119 Average fer Loco¬ motive, . - 22,100 35 2,665 81 60 Two-cylinder Compound or Cross-compound Locomotives. Class A3, OOO 19 542,735 536 29,678 1,290 1,290 Total, 19 542,735 536 29,678 1,290 1,290 Average per Loco¬ motive, . - 28,565 28 1,562 68 68 Description of Equipment — Concluded. Cars in Freight Service classified on the Basis of Capacity. Item. Class I. Capaci- _ ties in the 10.000's of Pounds. Class II. Capaci¬ ties in the 20,000's of Pounds. Class III. Capaci¬ ties in the 30.000's of Pounds. Class IV. Capaci¬ ties in the 40,000's of Pounds. Class V. Capaci¬ ties in the 50,000's of Pounds. Class VI. Capaci¬ ties in the 60,000's cf Pounds. Class VII. Capaci¬ ties in the 70,000's of Pounds. Class VIII. Capaci¬ ties in the 80.000's of Pounds. Class IX. _ Capaci¬ ties in the 90,000's of Pounds. Class X. Capaci¬ ties in the 100,000's of Pounds. Class XI. Capaci¬ ties in the 110,000'3 of Pounds. Class XII. Ca pac i- ^ ties in the 120.000's of Pounds. Total All Classes. Box cars; Number, .... Aggregate capacity, tons, . - - 105 1,575 784 15,680 11 275 20.141 604,230 - 1,987 79,480 - - - - 23,028 701,240 Flat cars: Number, . Aggregate capacity, tons, . - - 24 360 208 4,160 9 225 482 14,460 - 1,841 73,640 - - - 1 63 2,565 92,908 Stock cars: Number, ..... Aggregate capacity, tons, . - - 1 15 - - - - - - - - - 1 15 Coal cars: Number, , Aggregate capacity, tons, . - 3 30 19 285 676 13,520 1 25 3,897 116,910 - 4,950 198,000 - 76 3,800 - - 9,622 332,570 Refrigerator cars: Number, ..... Aggregate capacity, tons, . - - - : - 500 15,000 - - - - - - 500 15,000 Total: Number, ..... Aggregate capacity, tons, . - 3 30 149 2,235 1,668 33,360 21 525 25,020 750,600 - 8,778 351,120 - 76 3,800 - 1 63 35,716 1,141,733 Mileage. A. Mileage of Road operated {All Tracks). Line owned. Line of Pro¬ prietary Com¬ panies. Line operated under Lease. Line operated under Contract, etc. Line operated under Trackage Rights. Total Mileage operated. New Line con¬ structed during Year. Rails. Main Line. Branches and Spurs. Iron. Steel. Line in Use. Miles of single track, ...... Miles of second track, ..... Miles of third track, ...... Miles of fourth track Miles of fifth track, ...... Miles of sixth track, ...... Miles of yard track and sidings. Total Mileage operated (All Tracks), 233.72 232.96 62.26 61.87 285.10 805.53 211.58 .11 .11 436.44 - 950.11 309.74 32.72 31.65 8.90 8.90 681.54 7.07 44.37 29.41 12.64 12.45 2,040.80 783.69 107.73 106.08 8.90 8.90 1,403.08 - 219.41 1,996.43 754.28 95.09 93.63 8.90 8.90 1,183.67 875.91 1,453.77 - 2,023.56 7.07 98.87 4,459.18 - 219.41 4,140.90 B. Mileage of Line operated — hy States and Territories {Single Track). State or Territory. Connecticut, ....... Massachusetts, ....... Rhode Island, ....... New York, ........ Total Mileage operated (Singie Track), 169.71 5.95 44.00 14,06 577.98 109.76 89.03 28.76 _ 119.09 757.44 62.41 11.17 7.07 19.04 25.33 866.78 899.26 195.44 79.32 _ - 866.78 880.22 195.44 53.99 233.72 805.53 - 950.11 7.07 44.37 2,040.80 - - 1,996.43 Mileage — Concluded. C. Mileage of Line owned — hy States and Territories (Single Track). Line owned. Rails. Main Line. Branches and Spurs. Total Mileage owned. New Line constructed during Year. ' Iron. Steel. State or Territory. Connecticut, ..... Massachusetts, Rhode Island, .... New York, ..... 169,71 5.95 44.00 14.06 577.98 109.76 89.03 30.411 747.69 115,71 133.03 44.47 - - 747.69 115.71 133.03 44,47 Total Mileage owned (Single Track) 233.72 807.18 1,040.90 - - 1,040.90 1 Includes 1.65 miles of track from Wicopee Jetn. to Fishkill Landing owned by The N. Y., N. H. & H. R.R. but operated by the Central New England Ry. Co. VALIDATION REPORT. 301 Renewals of Rails and Ties. New Rails laid during Year. Kind. Tons. Weight per Yard (Pounds). Average Price per Ton at Distributing Point. Steel 59.273 13.189.550 6,675.780 8.230 529.060 .710 415.880 5.700 22.880 385.180 141 100 90 86 80 79 78 74 70 68 $50 00 31 25 25 30 74 23 30 15 30 25 27 75 3G 25 19 00 27 50 Total Steel 21,292.243 $29 28 New Ties laid during Year. Kind. Number. Average Price at Distributing Point. No. 1 oak, ......... No. 1 oak, 7x9, No. 1 chestnut, ....... No. I chestnut, 7x9, No. 2 oak, No. 2 chestnut, ....... Creosoted Southern pine, 367,455 34,930 736,014 69,964 99,300 198,896 80,375 $0 55 80 55 80 35 35 1 35 Total, 1,586,934 SO 57 Consumption of Fuel by Locomotives. Co.\l (Tons). ( Wood - — cord.s. Fuel Oil (Gallons). Average Pounds consumed per Mile. Locomotives. Anthracite. Bituminous and Coke. Hard. Soft. consumed (Tons). Miles Run. lievenue service: Freight, ........ Passenger, ........ Mixed, ......... Special Switching, ....... Nonrevenue service, ...... 28,850.1397 11,896.1483 810,237.941 632,067.1190 8,550.380 855.36 205,703.1174 52,624.286 - - - 810,237.941 632,067.1190 8,550.380 855.36 234,554.571 64,520.1769 7,595,391 15,506,962 194,324 46,441 5,107,835 1,186,915 213.35 81.52 88.00 36.82 01.84 108.72 Total, 40.747S8%ooo 1,710,038'v^ooo - - - 1,750,785««y2ooo 29,637,868 118.15 Average coat at distributing point, S3.795 Bit. S2.9041 Coke $3.3125 - - - $2.9337 - - v^tlakacrjíiitia'ihj» l»j?' xvuau. Working Divisions or Branches. Alinement. Profile. From — To — Miles. Num¬ ber of Curves. Aggre¬ gate Length of Curved Line (Miles). Length of Straight Line (Miles). Length of Level Line (Miles). ascending grades. descending grades. Num¬ ber. Sum of As¬ cents (Feet). Aggre¬ gate Length of As¬ cending Grades (Miles). Num¬ ber. Sum of De¬ scents (Feet). Aggro- gate Length of De¬ scending Grades (Miles). Shore Line Div. Woodlawn Jot., N. Y., Stamford, Conn., 22.81 30 7.34 15.47 2.93 13 212.33 9.72 11 250.14 10 16 Harlem River, N. Y., . New Rochelle Jet., N. Y., . 11.17 18 3.45 7.72 2.69 8 150.58 5.44 6 90.71 3.04 Stamford, Conn., New Canaan, Conn., . 7.92 18 3.45 4.47 .62 3 269.55 6.68 i 6.12 .62 Stamford, Conn., New Haven, Conn., . 37.12 39 12.66 24.46 3.49 24 305.0 17.45 21 336. 16.18 Bridgeport, Conn., West. Div. Term., Conn., . 1.71 5 .64 1.07 .20 2 34.0 1.20 1 11. .31 Naugatuck Jot., Conn,, West. Div. Term., Conn., . .18 1 .18 - - 1 2.0 .18 - - - Danbiiry Yard Limit, . South Norwalk, Conn., 22.99 61 8.81 14.18 4.29 8 150.0 3.10 11 510.0 15.60 South Norwalk, Conn., Wilsons Point, Conn., 2.44 10 1.39 1.05 .24 2 18.0 .70 2 32.0 1.50 Branchville, Conn., Ridgefield, Conn., 4.16 18 2.02 2.14 .54 1 332.0 3.62 - - - New Haven Term. W. E., . New Haven Term. E. E., . 3.26 10 1.43 1.83 .73 1 29.0 1.77 3 16.0 .76 Cedar Hill Yard Sw., . Cedar Hill Yard Lim., .43 - - .43 - - - - 1 17.0 .43 Cedar Hill Jet., Cedar Hill Yard, .56 1 .21 .35 - 1 11.0 .34 1 7.0 .22 New Haven Pass. Sta., West. Div. Term. (A), 1.74 5 .58 1.16 - 1 15.0 1.74 - - - New Haven, Silver St., Point Sw. on (.A.), 1.21 2 .76 .45 - 1 10. 1.21 - - - New Haven Term., Midway Yard Limit, . 51.15 59 18.29 32.86 11.13 26 4.53.0 19.44 25 442. 20.58 Groton, Conn Midland Div. Limit, . .64 2 .40 .15 - - - - 1 14. 64 New Haven Term., Springfield, Mass., 55.96 39 19.28 36.68 11.36 30 440.0 25.70 26 292. 18.90 Middletown, Conn., Berlin, Conn., 9.70 13 4.10 5.60 3,54 8 47.0 2.04 13 83. 4.12 Windsor Tiocks, Suffield, Conn., . 4.27 5 .93 3.34 .60 5 99.0 2.75 2 17. ,92 Hartford (Mid. Div. Limit), Fenwiek, Conn., 44.46 91 14.57 29.89 18.61 26 306 0 12.11 25 335. 13.74 Meriden Branch, . Meriden, Conn., . 1.23 6 .60 .63 .45 1 15.0 .30 1 26. .48 Meriden, Conn., . Westfield, Conn., 7.56 15 3.64 3.92 0.78 2 232.0 3.93 5 111. 2.85 Midland Div., Middletown, Conn., .66 1 27 .39 .26 1 - - 1 15. .40 Berlin Branch, Berlin, Conn., .39 1 ^21 .18 _ 1 1.0 .13 1 4. .26 New Haven Term., Shelburne Jet., . 94.12 159 24.16 69.96 29.96 1 57 1,030.0 37.74 49 802. 26.42 Characteristics of Road — Continued, Working Divisions or Branches. Alinement. Profile. Aggre¬ gate Length of Curved Line (Miles). ascending grades. descending grades. From — To — Miles. Num¬ ber of Curves. Length of Straight Line (Miles). Length of Level Line (Miles). Num¬ ber. Sum of As¬ cents (Feet). Aggre¬ gate Length of As¬ cending Grades (Miles). Num¬ ber. Sum of De¬ scents (Feet). Aggre¬ gate Length of De¬ scending Grades (Miles). Shore Line Div. — Con. Farmington, Conn., Westfield, Mass., . Northampton, Mass., . South Deerfield, Mass., New Hartford, Conn., Holyoke, Mass., . Williamsburg, Mass., . Turner's Falls, itlass., 15.19 10.59 7.70 9.99 46 15 25 16 8.41 2.05 3.39 2.14 6.78 8.54 4.31 7.85 3.00 3.41 .56 4.46 13 5 3 8 252.0 190.0 368.0 81.0 9.73 3.63 7.14 2.81 6 2 5 67. 225. 116. 2.46 3.55 2.72 Total 431.31 711 145.45 285.86 103.85 251 5,052.46 180.60 220 3,824.97 146.86 Western Dry. Danbury Yd. Limit, Berkshire Jet., Meriden W. Main St., . Naugatuek Jet. Yd. Limit, . Waterbury, .... New Haven Yd. Limit, Bridgeport Yd. Limit, Van Deusenville, . Hawleyville, Hartford Yd. Limit, Berlin, Conn., Danbury Station, Brookfield Jet., . Waterbury, Dublin St., Winsted, .... Watertown, .... Pittsfield, Mass., Botsford, .... State Line, . . . Litchfield, .... Hopewell Jet., N. Y., New Britain, Conn., . .73 3.25 15.40 55.81 4.82 117.32 12.95 9.54 32.28 97.00 2.11 3 6 57 224 9 306 49 25 135 183 4 .66 .77 7.29 27.57 2.59 55.13 7.57 5.12 14.49 39.87 .43 .07 2.48 8.11 28.24 2.23 62.19 5.38 4.42 17.79 57.13 1.68 .44 7.51 .43 23.83 5.606 13.83 27 58 5 81 11 22 1 491. 922. 219. 1,799. 919. 1,866.68 115. 8.37 36.84 3.84 54.90 20.584 41.29 2.11 26 42 4 58 7 18 310. 234. 18. 806. 326.1 1,673.68 6.59 11.46 .55 38.59 6.09 41.88 Total, .... 351.21 1,001 161.49 189.72 51.646 205 6,331.68 167.934 155 3,367.78 105.16 Providence Div. Boston Switch, Providence, .... Providence, .... Valley Falls, Adamsdale Jet., . Readville Transfer, Midway, .... Worcester, .... Franklin, .... Norwood Jet.. 29.29 59.11 43.40 13.59 21.50 11 43 91 29 29 3.35 13.66 17.09 4.07 8.75 25.94 45.45 26.31 9.52 12.75 5.32 6.47 9.96 2.59 2.36 10 47 21 7 9 227.3 402.0 519.0 88. 376. 14.24 25.54 28.48 2.90 8.87 9 61 5 12 10 251.0 381.2 67.0 296.0 377.0 9.73 27.10 4.96 8.10 10.27 Valley Falls, East Providence, 7.00 15 2.45 4.55 .16 5 49.6 2.21 3 117.8 4.63 East Junction, India Point, 8.0.5 7 .95 7.10 1.95 2 5.0 .21 5 99.0 5.89 Providence, .... East Providence, 1.88 3 .44 1.44 .16 2 9.5 .72 2 12.4 1.00 Attleboro, .... Attleboro Jet., 8.60 7 1.00 7.60 1.92 10 121. 3.82 9 73. 2.86 India Point, Prov., Bristol, R. I., . 14.02 19 4.74 9.28 3,87 8 95. 5.59 9 98. 4.56 Warren, R. I., . . . Fall River, .... 7,95 16 2.45 5.50 .53 6 103. 3.94 6 126. 3.48 Providence, .... Douglas Jet., 27.73 74 13.31 14.42 6.04 23 689. 18.01 11 126. 3.68 Auburn, .... Hope, ..... 10.36 34 4.57 5.79 .62 41 279. 6.18 26 142. 3.56 Woonsocket, .... Needham Jet., 24.77 25 5.99 18.78 6.30 10 333.6 8.51 10 335.2 9.96 Woonsocket, .... Harrisville, .... 9.45 19 3.83 5.62 .21 8 247. 6.21 10 93. 3.03 Conn., B. & P. and P. & W., 1 11.0 .30 P. W. & B., East Providence, .30 1 .30 - - - - - Franklin, .... Ashland, .... 19.78 53 8.25 11.53 4.89 14 338. 7.04 14 437. 7.85 Providence, .... Division Line, Dike St., 1.35 4 .70 .65 .11 3 17. 1.01 1 .5 .23 Auburn, .... Henderson St., . 3.58 2 .85 2.73 1.97 - - - 3 41. 1.61 Branch of P. W. (t B. R.R.,. In Providence, .42 - - .42 .12 1 3 .17 1 7. .13 Worcester, .... Div. Limit Nor. Br., . 2.18 4 .55 1.63 .52 1 9. .45 2 15.7 1.21 Wickford Jet., Wickford Landing, 3.42 12 1.49 1.93 1.23 1 1.5 .09 3 82. 2.10 Total, .... 317 73 498 98.79 218.94 57.30 229 3,912.50 144.19 213 3.188.8 116.24 Midland Div. Readville, Mass., . Hartford Yd. Limits, 107.66 143 36.94 70.72 11.90 35 1,770.0 48.03 29 1,821.0 47.73 Hartford, Conn., South., Avon St. Yd. Limits, . 1,74 8 .74 1.00 1.27 1 3. .19 1 3. .28 Hartford, Conn., South., Fishfry St. Yd. Limits, 3.75 6 2.32 1.43 .61 2 8. .45 2 42. 2.69 East Hartford, Springfield, 28.31 28 5 04 23.27 5.31 15 305. 8.21 15 327. 14.79 Melrose, .... West St., Rockville, 7.22 13 2.01 5.21 2.73 3 208. 3.38 3 45. 1.11 Vernon, .... Hockville, .... 4.60 10 1.49 3.11 .08 1 152. 2.83 1 74. 1.69 Worcester Yd. Limit, . Groton, Conn., . 68.09 114 22.61 45.48 15.05 17 193. 13.84 27 634. 39.20 East Thompson, . Southbridge, 17.36 39 7.74 9.62 3.39 11 220. 8.21 8 207. 5.76 Turnerville, .... Colchester, .... 3.59 8 1.02 2.57 .74 4 44. .95 5 85. 1.90 Cedar Hill, Conn., Air Line Jet., 50.18 87 19.79 30.39 4.78 18 112.0 26.21 18 939. 19.19 Dike St., Providence, . Willimantic, 56.41 54 25.39 31.02 9.60 4 714. 23.69 7 514.0 23.12 Total, .... 348 91 510 125.09 223.82 55.46 111 3,729.0 135.99 116 4,691.0 157.46 Boston Div. Boston, Mass., Readville Transfer, 10.10 11 2.60 7.50 .90 5 87.2 5.33 6 50.8 3.87 Forest Hills, .... Dedham, .... 5.37 12 2.18 3.19 1.11 2 100.0 2.70 1 49.0 1.56 Readville, .... Dedham, .... 2.47 6 .93 1.54 .19 1 41.0 2.05 1 4.0 .23 Cook St., .... Needham Jet,. 3.90 5 .97 2.93 .98 3 87.76 1.64 4 42.36 1.28 West Roxbury, Needham Jet., 4.53 4 .87 3.66 1.07 3 74.0 2.50 2 40.00 .96 Boston, Mass., Readville Yd. Limits, 9.52 16 3.18 6.34 2.67 7 154.0 4.0 8 70.0 2.85 Dedham Jet., Dedham, .... 1.53 4 .76 .77 .87 I 7.0 .40 1 5.0 .26 Islington Jot., Dedham, .... 2.00 2 .45 1.55 .29 2 22.0 .87 2 22.0 .84 Characteristics of Road — Continued. Working Divisions or Branches. From - To- Boston Div.- Boston Frt. Br., Boston, So. Braintree, Neponset, Harrison Sq., Atlantic, Braintree, Nantasket Jot., Southampton St., Midland Div., Conn., Total, . Con. Old Colony Division. So. Braintree, Cohasset, So. Braintree, Mayflower Park, Whitman, Elm wood, No. Abington, Matfield, Plymouth, . FiXtension P. & M Middleboro, . Yarmouth, . Buzzards Bay, Tremont, So. Braintree, O. C. Div. Yd. Limits Mattapan, . Milton Jot., Braintree, Cohasset, Pemberton, So. Bay Jot., Readville, . Newport, Kingston, . Plymouth, . Somerset Junction, Bridgewater Iron Works, Westdale, Hanover, Easton, Middleboro, Middleboro, Provincetown, Hyannis, Woods Hole, Fairhaven, . Miles. 1.04 11.44 .42 3.30 2.39 5.41 12.11 6.95 .43 1 40 84.31 56.16 20.20 25.62 36.31 6.12 .75 7.80 7.56 15.03 .42 85.66 5.05 17.54 15.17 Ai.inement. Profile. Num ber of Curves. Aggre¬ gate Length of Curved Line (Miles). Length of Straight Line (Miles). Length of Level Line (Miles). ascending grades. descending grades. Num¬ ber. Sum of As¬ cents (Feet). Aggre¬ gate Length of As- ■ cending Grades (Miles). Num¬ ber. Sum of De¬ scents (Feet). Aggre¬ gate Length of De¬ scending Grades (Miles). 2 17 11 8 12 21 26 1 5 .35 3.13 .42 .87 1.05 2.00 4.00 3.05 .07 .35 .69 8 31 2.43 1.34 3.41 8.11 3.90 .36 1.05 .51 3.30 1.13 .32 1.27 4.42 .05 1 10 1 4 1 6 11 5 1 2 9.0 94.55 6.0 41.0 51.0 131.0 114.95 10.0 1.88 52.0 .19 5.60 .27 1.62 1.00 3.08 4.07 .83 .08 1.40 1 8 3 I 5 12 6 1 12.0 35.97 2.07 15.0 .54.0 66.0 170.41 38. 3.58 .34 2.54 .15 .55 1.39 2 01 6.77 1.70 .30 164 27.23 57.08 19.08 66 1.084.34 37.63 63 680.19 27.60 58 14.65 41.51 9.62 47 510. 21.65 49 599.0 24.89 40 5.29 14.91 2.22 22 365. 8.73 22 353. 9.25 17 4.15 21.47 6.92 18 160. 7.60 23 235. 11,10 29 9.02 27.29 4.11 24 350. 13.67 25 426. 18.53 6 .58 5.54 .64 6 69. 2.62 6 83. 2.86 1 .64 .11 .44 1 10. .31 0 - - 17 2.78 5.02 .73 9 123. 2.41 11 192. 4.60 9 3.06 4.50 1.53 8 103. 3.69 7 57. 2.34 19 3.59 11.44 1.73 9 288. 6.68 10 233. 6,62 .42 _ 1 18. .42 - - - 85 26.03 59.63 17.32 67 1,110. 36. 33.02 70 1,198. 35.32 6 1.37 3.68 .45 4 1.65 6 75. 2.95 6.14 11.40 1.19 15 247. 7.53 15 249. 8.82 8 2.60 12.57 2.94 7 159. 6.03 6 213. 6.20 Harwich Cbathani, .... 7.07 15 1.98 5.09 .59 11 139. 3.62 8 119. 2.86 Raynham, .... Whittenton, 3.38 6 1.58 1.80 .60 3 31. 1.35 3 43. 1.43 New Bedford, Fitehburg, .... 91.25 134 26.87 64.38 18.86 45 1,190. 44.99 39 701. 27.40 Middleboro Mid. & Taunton Jet., . 8.04 4 1.16 6.88 .42 4 79. 2.63 6 130. 4.99 Stoughton Br. Jet., Stoughton 1.65 5 0.43 1.22 .15 2 51. 1.40 1 1. .10 Wbittenton Switch, Attleboro Br. Jet., .98 2 .34 .64 .05 1 24. .93 0 - - New Bedford. Fall River, .... 12.25 8 2.78 9.47 2.31 10 221. 6.21 10 117. 3.73 Framinghara, Lowell, .... 26.12 55 7.81 18.31 7.10 16 296. 9.10 17 373. 9.92 Canton Jet., .... Stoughton, .... 4.05 8 2.03 2.02 .36 2 134. 3.48 1 6. .21 Pratt's Jet Sterling Jet., 5.03 7 1.69 3.34 1.55 2 60. 1.98 3 52. 1.50 Lanca-ster Br. Jet., Lancaster Mills, . 1.63 7 .80 .83 .64 2 31. .41 1 55. .58 Marlboro Jet., Marlboro, .... 1.47 6 .82 .65 .12 2 94. 1.35 - - - So. Framingham, . Women's Reformatorv, .65 4 .36 .29 .11 1 26. .46 1 1. .08 Total, .... 462.96 571 128.55 334.41 82.70 339 5,924. 193.92 340 5,511. 186.34 Grand Total, 1,996.43 - - - - - - - - - - ö > H W W •tí DO O Characteristics of Road — Concluded. Bridges, Trestles, Tunnels, etc. Item. Number. Aggregate Length (Feet). Minimum Length (Feet). Maximum Length (Feet). Item. Number. Height of Lowest above Surface of Rail. Feet. Inches. Bridges: Stone, ..... Iron, ..... Wooden, .... Total, .... Trestles, Tunnels, 297 1,133 294 8,718 90,403 10,961 7 10 10 580 1,543 552 Overhead highway crossings: Bridges Conduits, Trestles, Total, Overhead railway crossings: Bridges, ....... Conduits, ...... Total, Tunnels, ....... 660 7 49 14 14 14 4 3 4 1,724 195 6 110,082 44,647 7,335 13.6 176 3,207 5,078 716 61 1 14 15 - 7 14 8 Gage of track, 4 feet, 87 inches, 1,996.43 miles. ^ This includes only those "Overhead Railway Crossings" which form a part of the roadbed of Foreign Companies. VALIDATION REPORT. 309 Telegraph. Owned by Another Company, hut located on Property of Road making this Report. Miles of Line. Miles of Wire. Name of Owner. Name of Operating Company. 2,257.02 23,352.03 Western Union Telegraph Co., Western Union Telegraph Co. Signatures and Oath to Return. We hereby certify that the statements contained in the foregoing return are full, just and true. C. S. MELLEN, D. NEWTON BARNEY, A. HEATON ROBERTSON, J. S. ELTON, EDWIN MILNER, GEO. .1. BRUSH, ROBERT W. TAFT, CHAS. F. BROOKER, I. DE VER WARNER, JOHN L. BILLARD, WILLIAM SKINNER, JAMES S. HEMINGWAY, FRED'K F. BREWSTER, Directors. A. S. MAY, Treasurer. J. M. TOMLINSON, Chief Accounting Officer. State of Connecticut. County of New Haven, ss. New Haven, Conn., Oct. 5, 1910. Then per¬ sonally appeared the above-named A. S. May and J. M. Tomlinson, and severally made oath that the foregoing certificate by them subscribed is, to the best of their knowledge and belief, true. Before me, ARTHUR W. BOWMAN, Notary Public. State of New York. County of New York, ss. Oct. 7, 1910. Then personally appeared the above-named C. S. Mellen, D. Newton Barney, A. Heaton Robertson, J. S. Elton, Edwin Milner, Geo. J. Brush, Robert W. Taft, Chas. F. Brooker, I. De Ver Warner, John Ii. Billard, William Skinner, James S. Hemingway and Fred'k F. Brewster, and severally made oath that the foregoing certificate by them subscribed is, to the best of their knowledge and belief, true. Before me, FRANK E. HALL, Notary Public. Oath. State of New York, 1 County of New York, / We, the undersigned, H. M. Kochersperger, vice-president, and J. M. Tomlin¬ son, general auditor, of the New York, New Haven > , good will having been acquired by the latter company in March, 1908. The company is now in process of liquidation. Constituent Companies. — None. Maine Steamship Company. (334) Incorporated 1868. — Special Laws of Maine, 1868, c. 410, author¬ izing the corporation to carry on the business of navigation by vessels propelled by steam or otherwise to and from the city of Portland or to and from any other port in the United States or in Europe, subject to the general laws of the State. Ownership. — The entire capital stock of this company is owned by the Hartford & New York Transportation Company. Constituent Companies. — None. Merchants & Miners Transportation Company. (335) (336) The New England Navigation Company has acquired 50 per cent, of the stock of the Merchants & Miners Transportation Company. The Merchants & Miners Transportation Company in turn owns the entire capital stock of the Boston & Philadelphia Steamship Company. THE BILLARD COMPANY. Special Laws of Connecticut, 1909, p. 1106, incorporating the Billard Company. Resolved 'by this Assembly: Section 1. That John L. Billard, Sam¬ uel Hemingway, C. F. Linsley, and Fred H. Billard, with such other persons as may be associated with them, are hereby constituted a body politic and corporate by the name of The Billard Company, to be located in the town of Meriden, in the county of New Haven, with all the powers described in sections three and fifty-nine of chapter one hundred and ninety-four of the public acts of nineteen hundred and three; provided, however, that bonds issued, by said company shall not exceed seventy- five per centum of the market value of the property secured thereby. Section 2. Said company is authorized to acquire, hold, and dispos'e of real and personal property and to subscribe for, purchase, hold, pledge, and sell shares of the capital stock of other corporations and other secu¬ rities. Section 3. That capital stock of said corporation shall be divided into shares of one hundred dollars each, which shall be personal property and shall be transferable only upon the books of said corporation in Buch manner as the by-laws shall prescribe. Said corporation may com- 520 NEW^ YORK, NEW IÎAVEN 8- ~ ^TFORD R.R. CO. menee business with a capital stock of fifty thousand dollars, and may increase its authorized capital stock in the way and to the same extent as may the corporations affected by section seventy-four of chapter one hundred and ninety-four of the public acts of nineteen hundred and three, upon filing with the secretary of the state a certificate fully stating all the facts of such increase. All the capital stock at any time issued by said corporation shall be paid for in full either in cash or in property at the fair value thereof. If any stock shall be paid for otherwise than in cash, a majority of the directors shall make and sign upon the record book of the corporation a statement showing particularly of what the property received in payment for stock subscriptions consists, and that it has an actual value equal to the amount for which it is so received, and a copy of such statement, duly acknowledged by the president or vice-president or treasurer or secretary of said company, shall be filed for inspection by the public in the office of the secretary of the state. The judgment of the directors as to the value of property accepted in payment of stock shall be final; but the directors concurring in the judgment of such value, in case of fraud in the over-valuation of such property, shall be jointly and severally liable to the corporation for the amount of the difference between the actual value of any property so accepted in payment at the time of such acceptance and the amount for which it is received in payment. The secretary shall keep a record of the names of the directors concurring in such judgment of value. {Ap¬ proved Aug. 2Jf, 1909. IM WMtm m «SUSKTCOtIPAKr. fcw INCff »OWTtD 1ft54. .Umted6wlmerevcn«*nfce.efPhiU.bta»^ tyÔ"Sdnw '•^*"1' 266 , jubsijueony »r OM MAUfiAT o< »Aurr OKIDIC RAILWAYCDMMNY. "A iMCOR ORATIO 1903 ftuil*" ,o. ((-_ |iiig.G,.und»r termi oFiH Im6* Í» T'»« siib»io««nM* t«r»kwn»d undtf M»« »»"«* totntCôn »Y Co. w 999 yan. 9Cq 5RID6EP0RT TRACTION OMKWHY FORMED bf merotf and consoiidahon of fhe Bndotpor^Ry H)e Bndqraprf Hor»K.R.Co.«ndthtCasrend H\ Co \n it95- Aj( proMrÑT^nrs and franchi of mi» eo. punma «cd ay the Cawn. wy- » Cighling Co 7$A COMHEaiCUT U6HTINÖ ft POWER COMPANY fORMCO bychanoe of name in ISSS. NAME CHANOC0 to Conn. Ry.&Lipbhng Cb.m 1901. \j(j THE OAS SUPPLY COMPANY. IMCORPORATtO 1895. NAME CHAN9E0 to Conn. Ui^Hn^ fr PoMST u>. in 1839. ore CDNNEaiCüT RAILWAY ft LlOHTINö COMPANY. FORMED IN 1901 b* Change of name. LEASED to the Qjnjplidared Ry.Cb. tor 399 years ttom Aug. 1,1906-Lease dated gec-i9.i3Qe. '•n oec THE WEST SHORE RAILWAY COMPANY. INCORPORATED 1893. LEASED to the WinehestorAre.R.R.Cb fbr 93year3 from Dec.l6.IB95. 9^ MIDDLTTOWN ftMIDDLEnELD TRAaiOK COMPANY. INCORPORATED 1903. All the nghto in this charter were assigned by the incor- poraforé tolhe Cbnsolidatod Ry.Qp. irrigo». w THE WATERTOWN ft UTCHHELD TRAMWAY COMPAKY. JNCORPORATEO 1897- AU the fMhto under this disrter vere assigned iniDOA brmr incorpofators tp the QjnaoI'dated Ry. Cb • ?C9 ■!«£ MIMinoWN a MERIKN TRACTION COMMNY INCORPORATED 1901. All the riohfe gnRft th« Incorpordrors TO trie ConsoMatoo Ry.Cb.in T90A, Z6I WtimtEY AVENUE HORSE RAILWAY COMPANY. INCORPORATED 1871. The entire capital stocKcffhisGs. was owned by IheCdnsoli- dated^y-^^aFdate of merger. THE HEW HAVEN ftHORTH HAVEN STREET RAILROAD CD mCORPORATEO 1893. The entire capital stodc of this Go. was owned by the Csrtsolida- ted Ry.OB. at'date of merger. m THE C0N50U0ATED RAILWAY COMPANY. FORMED by change of ns.ne in i904-. MEROEDwith the ti.Y,M.H.ftH.R.R.Co. t«ay 31.1907. 001 THE TH0MP50N TRAMWAY COMPANY. INCORPORATED 190I. KÄME CKAN6E0 Jan.24.l902tothe Worcester OrCbnrt E n.Py.Cb. 999 WORCESTER ftCONNECTKUT EASTERN RAILWAY CO. FORMED by change of name Jan. 24.1902. NAMECHAN6E0 to The Consolidated Ry.ûs. May ia,i9o4. 999 THE PEOPlf'S TRAMWAY COMPANY. INCORPORATED »893- CoNvnto to the Worcester 8rCbnn.£7».Ry.Cb.oct.io,i8w. 99J THl PUTNAM&TH0MP50N STREET RAILWAY ODMPAHT. At* incorporated 1893 CONTEYEO to the PeopirsTtamwy Q). Oct. to.ieso. 99 e THE QANIE150N ft NORWICH STREET RAILWAY COMPANY. INCORPORATED »901. CONVETED tottie Worcester iCör»n.E'n.Ry.09. Sept. 29 ]S02. i ?7fi WmCHESTERAVENUE RAILROAD COMPANY Ato incorporated 1889. CONVEYED to the Consolidated Ry.Co. May 20.1904. 997 NEW HAVEH ft WEST HAVEN HORSE RAILROAD CO. mCORPORATEO »865. CONYEYED tothe Winchester Are. R.R.Co. 1832. 990 THE FAIRHAYEH ft WE5TVILLE RAILROAD COMMNY. LtO mcORPORATtD I860. CONVEYED tottte Consolidated Ry Co. May 23.1904. 99Q NEW HAVEN STREET RAILWAY COMPANY. A" »NCORPORATtO »893. CONSOLIDATED with 235 and 228 under name of ftie l^irhircr awestviiie R.n-Co. oct.3iJ698. 970 DERBY • ANSONIA STREET RAILWAY COMPANY. Hw^'' »876 as the Birmingham »Ansonia PURCHA^l?*t .toe'^toyStmet- Ry.Cb. 9A1 WESTPOfVT&SAÜOATUCK STREET RAILWAY COMPANY. 6^1 tNCCftK)fiATCDasthtWes>pQrtfrSaii9alvcktl(rseRP.(*.«8M PUPCNASEO by the Cbnn.Ry. & LigbtviQ Co. WATERBURY TRACTION COMPANY INCORPORATED »884 as the Walerbarr tioiseR.R Cd. PURCKASED by the Conn.Ry. ft Llgtifmg Co. 290' «yo KRBY utET RAILWAY (DMPANV. INCORPi UTEO leSBasttie Derby HorMRillnav Cb. PURCHASED b; the Cbon. Py.&LÍ9.Cb. 777 CNESNII : STREET RAJLWAY COMPANY IHCOt .ORATCO 1901. PURCHASED b b1cCbnn.fty.8rLS9.CD. 776 newimíiok tramway comwnt. mCOI^RATEO 1893 77Ç IRE PU inilE ELECTRIC LI6HT & POtVER OMPANY. ''' INCORiORATED 1893. PURCHASED by Hí Cnbral Ry.8 El«c.. PURCHASEDby haíbnbal Ry.» El.Cb, 77Ï CENTRji. railway 8 ELECTRIC COMPANY INCWoftATCO 1886 »S Hie BwBriljimramiyäyQi. PURCHASED In ,lit Cbnn. Ry. & LHr.Os. 777 BRID6E ORT RAILWAY COMPANY. IHC0R!)|!ATED.1893. OHSOC'DATn LOSS wiH) Hie Bndqeporl Horse R-R-to andHte SSL End Ry.oo ^onTng rn. BndQ^bTr Trachon Co. 77) THE BRrYiEPORT HORSE RAILROAD COMPANY. y" INOT orated I86A. toHWUDASED HlH Hie BndaMorr Ry.to.and the EasL End Ry. (L. fonning tl| Brtdaeporr Ttodun co. m 1833. 770 THE EAIr END RAILWAY COMPANY INCOIHjRATCO 1985 ES Ihe iridgeportHtetäb«*! Horse R.R.CO. ^ II IMS with IheBrtdgipert Ry.Co and the Bridgeport- Neraa R.b.Q>. Ijrmtfty the »rideapOTt tVaction Co. 2gg TH0MA5T0N TRAMWAY COMPANY, INCORPORATED 1805. hat porHon of ttie riohband franchises oFttn'sOs.authorízinga ihry. withinCityofWatufbury puirtused byP» Q»ftn.Ry-8Y»-torCo- TOA S0CTHÍN6T0N ft PLANTSVHIE TRAMWAY OMPANY. '00 incorporated »887. PURCHASED by the Conn. Ry. ft Lig. Co. SHCLTON STRtET RAILWAY COMPANY. mCORPORATEO »693. 287 PURCHASED by the Conn.Ry.&Ltg.Qi 9oe NORWALK TRAMWAY COMPANY. WJ*' INCORPORATED »889- PURCHASEDby the Conn. Ry. ecL.g.Co. AOC NORWALK STREET RAILWAY COMFWNY. INCORPORATED l864astheNorMalkHorseR.R.. PURCHASED by the Conn. Ry. ft Ltg. Co. 9^ NORWALK OAS UûHT COMPANY. INCORPORATED 1856. PURCHASED by the (bnn.Ry. ftLtg.ûs. AAl NORWALK ftSOUTH NORWALK ELECTRIC U6HT CO. mCORPORATE01887. PURCHASED by the Conn.i^. ftLtg.Co. 9M7 NAUOATUCK ELECTRIC LIGHT COMPANY INCORPORÄTEO 1887. PURCHASED by the Conn. Ry. ft Ltg. Co. 9ft! MlLfCRO STREET RAILWAY COMPANY. INCORPORATtO 1895 PURCHASED by the Osnn. Ry. ft Ltg. Co. 9flA GREENWICH OAS ft ELECTRIC LiOHTlNä COMPANY. INCORPORATED 1885. PURCHASED by the Osnn. Ry. ft Ltg.Co. THE CONSOLIDATED RAILWAY SYSTEM Tin STWET HORSE RAILRIMD COMMMY. IHL'mPOMTEO 1668. Conveyed h )f)f New tiaven st-.Ry.tb in i893. 7»! THE m lb |UY£N&MORRIS COVE RAlUWBCOMPdNY. INajRpORATED >889. CONVEYED tr * mcw Haven St. Ry. GO- in 1893. W7 EWEViOOD HORSE RAILROAD COMPANY. »WCORpoRATEO 1671. CONVEYIO tothe New Haven St.Ry.Qj.in i894. nX SHLT0N5TALL RAILROAD COMPANY. incorporated 1893. CONVEYeo lb L-He Men Heren SL. Ry. Ib.in I89A. J% THE Nlw WYCN &U5T HAVEN RIVER RAILWAY CO. riv INWORATED 1897. ri9lVs in Hiis Co. acquired by Hie Hew Haren R.lïy.Qs. in 7« THE NEW HAVEN i CEHTREYiaE STREET RAILWAY CO. IHCORftoRATED 1893. CONSOLlOATBh vAfith 229 and 226 under the name of the Fairharen ac^eahriUe R.R.co. ot>. at- ift»6. nf, NEWHtEtN&aNTRlWLLEHORSERAItRDADCO. LOO mCOIpoBATED 1865. TAKEN 0^ h »he New Haven ft Centreville 5t, Ry.Cb.. a corpo ration fgnned* inetfliltee.bondholders of the Hew Haven ft Centrevlaa til « R.R.Co. Wi HOFORD TRAMWAY COMPANY. »NQ JRATTD 1903 CONvrfco to eWorcesterftOonn.En Ry.Cb. May I4,i904. 237 72ft meriin horse railroad company. INOp ORATfO 1886. NAMECtiANBit) Meriden dec.R.R.Ot.in 1895. 9tq MtKlDTtLfCTWC RAILROAD COMPANY. row by change ofname in 1895. CONVETCO to t Û1 isoHdated Ry.Ca. June29.1904. 7/0 THE NORWICH HORSE RAILROAD COMPANY. ™ IhCORPORATO) 1864 Sold on fsreclosure in i862 and taken over by the Nonvkh Sf.Ry.tt>. 9J| THE NORWICH STREET RAHW/y COMPANY. iNCOWORATtD 1882 CONVEYID to ttie ttmsobdatert Ry. Cb. Scf t. 29,19o4 9d9 THE MONTVlUE STREET RAILWAY COMPANY, k*' INCORPORATtO 1669.85 the Montville Norse R.R.Co. CONVEYtD to the Consolidated Ry.Co. Sept. 29.I904. 7AX THE NEW LONDON STREET RAILWAY COMPANY. 4*3 incorporated 1886,as the NewLondonHorse Ry.Co- COMWCYED tothaConsolidaled Ry.Co. Od-.22,l9o4. nti THE MIOOLtTOWN HHEET RAILWAY COMPANY. INCORPORATED l87i.a»1heMidAÍIetown Hor»eR.R.Co. CONVEYED tothe Consolidated Ry.Co. Nov.28.i904. 7d|: THE PORTIAHD STREET RAILWAY COMPANY. INCORPORATED 1893. CONSOLIOATCO wito the Middletown St. Ry. Cb. Jan. 29.1898. 246 TNE HARTFORD STREET RAILWAY COMPANY. INCORPORATED 1859. as the HarHbrd ft Nethersfield Horse 747 NEWINQTOH TRAMWAY COMPANY. incorporated »893. frirttoo of its roBd between Newinoton Church and Hartford sold tothe Hartford St.Ry.to.in 1697 ?lt THE EAST HARTFORD ft GLASTONBURY STREET RY.-CO. INCORPORATED 1866 as the East HdrtfbtoftQIastonburyhDQe R.RCo. COHVEVED totheCnsolidated Wy.Co. Sept i9,ieoy. 710 THE GREENWICH TRAMWAY COMPANY. INCORPORATED 1893. Conveyed totheCbnsolidatcd Ry.Oo. Sept. 19.1905. Ml WESTCHESTER NORTHERN RAILROAD COMPANY. IHCOPPORATED 1910, Stock G»nheltei by the N.Y. N.H. ft H. R f^.Cb. 2A7 HEWYDRKftNRT CHESTER RAILROAD COMPANY IMCWDRtTED 1901. CON^lOAVED *aN.T..Vtoah:he»ter ftbtoton Ry.Q>. 2ni HnVYORK.WESTEHESTERP-BOSTDNRAIlWAYCOMPANY. INCORPORATED 1872. CBNSOLigATEb with tttatth€ster ft pcaton Rv.Co. inn NEW YORK.WESTCHíSTERftBOSTON RAILWAY COMPANY. FORMEDJan.l9»9IO.byacor)so(idatK>nof301 andSOZ. Amajorityc/ttiecapital stock is owned bytheN.r.N.kft)Utlt4) TOq URCHMONT HORSE RAILWAY COMPANY. »MCORPORATED '888- CONSOLIDATED wiNi the Port Chester St. A. R.co 298 POPI CHESTER STREET RAILROAD COMPANY. IffCORIORATtD JULY 14 l896. 707 NEW YORKft STAMFORD RAILWAY COMPANY. roRMED inl90l by COn30i«dation oF theLarchmoWHone ^.Co. and the (^t Qtiestor St, iT.R.Co. TfrnennmapcWsiPffofttH» o í» owned by the H.tk.M.bM.t.Bib. TOA TARRYTOWNJrHITEPUINSftMAMARONECKRAILWAYCO. HKDRPORATTO OnNov.S J909.tlM pnMrty of Hiisto.was said on torecJosure.and cotweyecon Dec,y.raoe tothetfegttester st.r.r.co. TOft WESTCHESTER STTfEET RAILROAD COMPANY. INIDRPMATEO 1903. The N.Y,NN ftN.R.t.Co.toaoguire the enhre cac«^» stock of this Cofnparty uywn »nsent ef ttw Public Service CcÑgñnssTen of N.Y. 7Q J ft pnTTiaO ELECTRIC STREET RAILWAY COMPANY. mClRPORATEO 1886. coNSDUOATEDwfth the Berkshire St.Ry.Co. May >7,1910. 1704 A HOOSAl VALLEY STREET RAILWAY COMPANY. IMC RPORATED 1886. COHSOKBATtc With the Berkshire St. Ry. Co. June 30, i906. 701 BERKSF RE STREET RAILWAY COMPANY. INCO'PORATTO 1901. Arrujor^ty^^^capilaiifDckoflhisto.isowned by TheN.Y. 9ie ELLENWlLEftKlNGSIONRAILROADCOMPANT. VNCORPORATTD 1901 leases totoeMewYoik.onlario&Htestem Ry.Cb. which owns the tature capital albck. ^ 1 lOSTON&PHILADaPHUSTCAMSKlPCDMPANY. Cnhi) .agitai stock owned by Wfdianteft Minei» Ttan». Co 315 PORTJERViS.MONTiauO B^uMUnVIÜf RAILROAD CO. INCdRPORATÍD 1902. LEASED tvsoyears from July 1.1905 to New York. Ontanoftiüestem ky,Ca.,wnich tnvns the ef»hre Catiiwi stock. ■I lU PECKSPOPT C0NNECTIN6 RAILWAY COMPANY. IHCORPORATCD «96. entire Capital slock owned bytoe New Tort,Ontario ft wester» Ry.Co. ' 1IÎ SCRANTONftFOREST CITY RAILROAD COMPANY INCORPORATED I0B8. ûpWpusATTO in «99 with ihe Hancock ft Penn. p.R. Co. and the RKestCky ftäateune R.R.Co..tormingthe Ontarlo,Carbondaie^ jftScranfen Ry. Co. FOREST CITY ftSTATE UNE RAILROAD COMPANY. INCORPORATED 1889. 312 CONSOlioÁTEO in ^ with ttwtiancock ft Perm. R.R.Cc. and the Somhm ft fOrtot ory R.R.Cd. termino ihe OnMHo, carbon dale ftSciar>ton Ry.ft. Sil HANCOCK ftPENNSYLVANIA RAILROAD COMPANY. ilfCORPORATED (869. CONSOUDATRO mlhea wilh Hie frrestuty ftStateLine R.R.Cb. and the Scranton ftFörestOty R.RX9-fbrmjng the Ontario,Carbon daifcft Scranton Ry. Co/» JJJ MERCHANTS ft MINERS TRANSPORTATION COMPANY. •0*4 aptial 5toch owned by N. E -Navigah'Mt Co. MAINE STEAMSHIP COMPANY. INCORPORATED 1868. Enhr rpital Stock owned try Hartford ftN.Y. Trans Co. 535- UNITED STATES TRANSPORTATION COMPANY. INCORPORATED 1906.(lnprocessof iiguidation) Cntiri apiMSrockoivnedbyttartford ftN.Y.Ttons.cb. 712 -NEW MILFORO POWERCOMPANY. INCORPORATED 1893. ProM y lights and ftoncht'ses conveyed to The tiousatenic Power Co. 0» ♦ar»»09. 5tockownedbvth«N.E.Na».Co. THE MOUSATONIC POWER COMPANY. iNCORPOhATn) 1893. ÎI2 IMCORPORATED 1893. Th« tahre capllal stock of this companv ¿5 owned by the New Cnaland Navlgahon^. On feb.2e;t9lo, Htc N.Y.N.H.ft H.R.A.ca. convcMd IoHyi» company ad me eitcrric light, gas l-gHT ar power plants owned try it- in {he of Conn. L ^ Sift ONTARIQ,CAR60NDALE&SCRANTON RAILWAY COMPANY. ^ " IHCORPORATED (Consolidation ) 1889. LEASED to ttie New York,Ontario ftWestem Rv Co- ter 99years from June 50.1890. 271 THE HOOStCK FALLS RAILROAD COMPANY. In process of orgaoiration. Contr Ned by the i4.Y.,N.H.ftK.R.R.co. 3W WHARTON VALLEY RAILWAY (OMPAHf. INCORPORATED 1888. LEASED for 99 Years from Oct.!.iSBR.to the Newrorfc.Dr>tario& ftestem Wy.Co. whieh evwi- the ennre capital atodt. 9ftO ROME ftaiNTON RAILROAD COMPANY. INCORPORATED 1868. LEA5ED in perpetuity ta The Delaware ft Hudson co. and subleased fc ttve N.Y..O.ft w.Ry.a. 35yeets ftomJüne I. i»ea. INCORPORATED 1868. LEASED in perpetuity toThe Dawäre ftHudsonCo. and sub- leased to thé H-Y.b.ft w.kY.Co.fdf Hyears ftomJunci, 1884. tftC WEST SHORE RAllROAD COMPANY. INCORPORATED »885. By agreement dated Jan.i,iB86,and reafTirmed Jan.ift. teaCT, ttM New York.Ontario ft Western Ry.Co.acouired onreoroanization fjile tothe road from widdietomto Comwad.and also traehaae rigttts from the Wesr Shot« RaHroad Company oyer Ine lines from Cornwal toVteehaw- k«n. togettier with fermmal factlitirs. tm; NEW YORK ftOSWEGO MIDLAND RAILROAD COMPANY. incorporated 1866. SOLD ON FORfClOSURC Nov. 3,1879, and ttfien over by N .Y..a ft W.Ry.Cb. which was incoRbORATED for the pui^oU. I7f) 4ENNIN0T0N ELECTRIC RAILROAD COMPANY. INCORPORATED 1034. CONSOi OATU in tadTAWtth The Hoosick Ry.Co.forming the ftervn tgten ft Hoostck VaMay Ry.Co. ^ lift THE HOOSICK RAILWAY COMPANY. INCORPORÄTEO 1893. CMS« 0«rç0 in 1897 with the Bennington Elet-R.R.Co fbrmirtg the » nnmgton ftHoooick vaaey Ry.^. lift jSENNINGTON &HOOSICK VALLEY RAILWAY COMPANY. IHC0aP0RATED(byn^.jn >904. 7 IWDDUIOWN EXTENSION RAILROAD COMPANY. ' INCORPORATED «57. MER6ED wUh ibeHarffbedanditewKfven R.R.Cb ifl »861. 277 BRIDGEPORT STEAMBOAT COMPANY. . ***•* INCORPORATED 1865. CONVtYEO to N.E.Navigation .(ef «M) ^^L^^^gertj^westaf^ew^toneaBveyedenfeTeckHure 7ft NEW HAVEN ft NEW LONDON RAíLRGAO COMPANY 4v INCORPORÄTEO «48. MER6E0 wNh torNewtondonftSoninglDn R.R.Go. terming the New Haven. Newlondofi ft Staningtefi R.R.Cb.m 1856. ^ S SHORE UNE RAILWAY COMPAKY. mCCRPORATCD 1864. MtR«EO wHh the N.Y.N.H.ftN R.R.Cb, March 18,1897. Ift NEW LONDON ftSTONiNSION RAUKMO a)MWNY.(of«64) INCDRpOfiATED 1064. PROPERTY CONYFYEPtoth« NMterk.PiwidenceftBostwi R.RCb Dec. I. «64. jc NEW YORK ft STDNINOTQN X JIPOAD COMMNY. INCORPORATED 1832. MCR6C0 vrilhthe litewYork.PiwideteB ft Boston R.ft.(b.ir> «33. Î7 NEW YORK,PROVIDENCE ftBOSTON RAILROAD COMPANY. INCORPORATED «32. NCRftCO wHh theN.YN.H.ftH.R.R.6.l90S. Ik mandfactukrs'street railway ■ .mmny. » INCORPORATED 1893. NAME CHAMBEO 1897 fo Maftufadurtrs' R.R. iC ROOfYILLE BRANCH RAILROAD COMPANY. *3 INCORPORATED «57. NAME CHAH6ED to Rockville R R Cb. m »63. U ROCKVILLE RAILROAD COMPANY. ^ FORMED in 1863 by charge of name PURCHASED by the N.Y. N.H ftH. R.R.Û). Nov. 6,1905. 42 NEW HAVEN & DERBY RAILROAD COMPANY. INCORPORATED 1864. PURCHASED by the H Y-N-M ftH.R.R.Ûj. Nov.3.l90S. ^ MERIDEN ftWATERBURY RAllROAD COMPANY. * INCORPORATTD 1887 MCRW with the Meriden ftCtomweH R.R Go. fbrming the nAendtn.WaterbwryftCbnn.RlverR.R.CB.in ma. 41 MERIDEN ft CROMWEU RAILROAD COMPANY. INCORPORATED l682. MER6EDwjlh the Meriden ft Naterbury R.R.Co.tenning toe Meriden.»eaterbury ft Conn. River RlR.Cb. in 1888. ^ MERIDEN,WATERBURY ftCDNNECTICUT RIVER RAILROAD CO. ^ INCORPORATED 1868 on by the Middletown. Meriden & M MIDDiaOWN,MERIDEN ftWATERBURY RAllROAD (DNFANf INCORPORATED «98. PURCHASED bytoe H.Y.ti.H.ftH.R.R Cb.NoV.S. »905. 2R W00NS0CKCT&PA5CQAG RAllROAD COMPANY. ^ INCORPORATED 1887. niRCKASeD by toe N.Y.N.H.ftH.R.R.Co. Nov.3,1905. MMANUFACTURERS'RAILROAO COMP. NY. FORMED 1697 by Change of narr i MCRftEDwito toe NY.N.H.&H R.R GO-^ r. 30.1307. Ö NEWYORK,PROVIDENCE&80SÍ0N ft C ) ÚXONY R.R.TERMINAl COMPANY. INCORPORATED «9 NAME CHANÔCO to Providence Terminal CA in 1904. M OmiONftNEWYDRK CENTRAL RAliROAO COMPANY. WCOftPORATEO «54 COMVEYEO Nev.l,«50.tettieMidland R.R.co.(of »58) 77 BOmHARÏÏORDftEKmENSIONRAlUKMDaMMNY. < ' INCORPOiUTED m. cmwcvcb JuH/ »64 to toe Beden.Harfteniftine R.R.Cb. KEAST THOMPSON RAIIROAO COMPANY. INCORPORATED 1853. In IBS8 succeeded by the Midland R.R.Cb.(of 1858) MUIDUND RAllROAD COMPANY (of 1658) INCORPORATE D-ISSB. KCDCO Jufteii.1862 to the Midland Land Damage Co. HPROVIOEMa TERMINAL COMRANY RIRMED BY Change of name in 004. MCROeO with toe N.Y.K H ft H.RR Co 0« 291906. ß MIDLAND LAND DAMAGE COMPANY. INCORPORATED 1861. NAME CHANOED to Southern Midland R.R Co-ín 1863. C] PAWTUIET YALLEY RAILROAD COMPANY. INCORPORATED 1868. MERöEDwito the N.Y.N.K.ft-H.R.R.Co. Apr.«.1907. K SOUTHERN MIDLAND RAILROAD COMPANY. FORMED »663 by change of name. CONvercOtotoedoston.HarttbrdftEhe R.R.Cb.in 1863. M NEW HAYEN.MIDOLEIDWNftWILUUANTIC RAILROAD CO. INCORPORATED »067. taken oyer by the Boston ft N.Y. Air Line R. R.Cb. on feredosure 40 THEGOSTON&NEWYORKAIRLINÍRAILROAOCOMMNY. INCORPORATtJ 1875. MEUOeo with the N.Y.N.H.ft H.R.R.Co. Jan. 3o. 1307. AO WATERTOWN ftWATERBURY RAllROAD COMPANY. ^ INCORPORATED 1869. TAKEN OVER on foreclosure in )893 by the Naugatuck ff.R.Q>. 47 NAUGATUCK RAILROAD COMPAN\. INCORPORATED 1845. PURCHASED by the N.Y.N.H.ftH.R.R.Co. Jin. 51. t906. ftl PROVIDENCE &PLAINFIELD RAILROAD COMPANY. INCORPORATED 1846, MER6fD with the Martferd.Providence ft Fj'shkill R.R.CO.in CA new YORK ft HARTFORD RAILROAD COMPANY. INCORPORATED 1845. CQ MANCHESTER RAILROAD COMPANY. INCOflPORATED 1833. Powers andpriviieges ohginaMyotanted b this company were given fe the tiarHbraftftoviaerKC B.Rib.by to diartrf. » HARTFORD ft PROVIDENCE RAILROAD COMPANY. INCORPORATED 1847- ^^UOATEO in 1849 with the N.Y&HarHbrd RJt.Co fbtming the Hartfetd. Providence ft: ftshkill B-R.Co. ' 27 THE HARTFORD,PROVIDENCE anSHKILLRAlLROAD CO. INCORPORATED 1849. DEEDED totheB(»ten Hartford ft Erie R.R.C6 Aug.28,i865. qnl NEVnY)in'ftWK3v. ftlMfoester R.R.Co.of R.I. bom ineor^afiidm i644. . _ , teased telheH.Y.R.H.atag.R.Cp.fer »ra-famJuiyi.issk. , — J ^W ENGLAND SYSTEM RC BOSTON.HARTFOROftERIE RAILROAD COMPANY. INCORPORATED 1863. CONIFrt^w Ibeactedure in «73 to ttte New Ybrk SrNew Cng- -Tf. OURLES RIVER BRANCH RAHROAD COMPANY. INCORPORATED 1849- MERftED with the Charles River Railroad Compwy In 1853. TE CHARLES RIVER RAILROAD COMPANY. INCORPORATED I8SI, MCRBED wirh the New YbH< ft Boston R.R.Cb. Oct.5.i6S5. ÎM WOONSOCKET UNION RAILROAD COMMNY. I"'** INCORPORATED 1850. MER6E0 with toe New York ft Boston in «53. 72 NEW YORK&805T0N RAILROAD COMPANY. '3 INCORPORATED «46. teEMEO with the Boston.HartfordftEne R.R.Cb.in 1865. 77 THOMPSON ft WILUMANTIC RAIIROAO COMPANY. ' *• INCORPORATED «57- DEEDED Se^. 8,1863, to the Boston. Hartford ft Ene R. R (b. 71 MEOWAY BRANCH RAILROAD COMMNY. ' ' INCORPORATED 1848. THe entire opitei stock owned by the Boston Hartford ftErie R.R.Co. cH^new operated) 7ft WALPOLE RAILROAD COMMNY. INCORPORATED 1846. MER6eD vvith theNorfblkCbuntf R.R.Cb.in 1847 00 NORFOLK COUNTY RAllROAD COMMNY. INCORPORATED 1847 CONSOUOATEO DecQ.iftSSwitotoeSautttorwjge&Bladcsktee WXb.aÄ toeMir¡anáR.RC-'-**~^ ' - " New Y^ Cental R.e.Co. R.R CaXof iBÏo) tormingfm Boelt'n ft «SOUDISRIDGE ft BIAQOTONE RAILROAD COMPANY. INCORPORATIO «49. consoudATED itec 12,1853. mto jtK tfatrfiNkttunlyRaihoad (0 and tMMid[MidRR.(!D.(ófl85b)jQmirM the mfdn ftNewterk r«»iii.t Don. £7 MIDLAND RAILROAD COMMNY C* «50) INCORPORATED «50. CONSOLIDATED Oec.i2.)es3 -With theNfldUt &tiwty R.R.Ç>4nd toe 5outobridge ftftlaclutene R R.Gs.fbrmiiKi the Besren ft New York oèmral R.R .Co'. MMKFQRD.FRANKUN ftPROYIKNCE MilRQAO COMPANY. INCORPORATED «82. LEASED Apr. 1.1902. to the New EMind R R.Cb. for 5 rears Since Aff I,>907 operated mtooorieas«. WTNEHOPKINTONftMlLfORO EAllROAD COMMNY. INCORPORÄTEO «67. CONSOLIDATED w4h the H^intm Branch R.9.0> in «70 femiiftg the Mopicinfon Wë'co- M HOPNNTÜN BRANCH RAILROAD COMPANY INCORPOMTCD 1869. CONSOLIDATED with thetfopkintonftMilteid R.R.Cb.in 1870.ferawe toe Hopfcmton R.R C». 07 HpPKlNTDN RAllROAD COMPANY. •' INCORPORÄTEO 1870- CONVEYCD to toe Milfbntft woonsodcetl ROiMav i6.i884.onW KMILFORD ftWOONSOCKÍT RAILROAD COMMNY. INCORPORATED «55 LEASED Atf.1.1902,^ Syears tothe New England R.R.Co. Since Apr.',>907.operated wiTtiout lease. »WORCESTERficNORWICM RAILROAD COMMNY. INCORPORATED «33 CONSiXiDATn) wilh ftw Boston,Norwich ftNewLotidon flR. Co. in 636 wrmtwe the Worwkb ft woroesler R Jt.Co ■ M BOSTON.NORWICH ftNEW LONDON RAILROAD COMPANY. INCORPORATED 1832. CONMiDATEO wito the Woicester & Norwich R.R.(b.m«36. tonmng the Norwi^ ftwonaeater r.RjOb. ttl NORWiCH ft WORCESTER RAILROAD COMMNY. INCORPORATED 1836. LEASED toft>e Boston, Harhbrd ft Erie R.R.Cb. Feb. 9.1869 for »00 years. 01 CONNECTICUT CENTRAL RAILROAD COMPANY. ®' INCORPORATED 1871. CONVEYED under fbredosure to toe New York ft New England R.R.Qa. Dec. 12.1887. OA SPRINGFIELD ft NORTHEASTERN RAILROAD COMPANY. INCORPORATED 1878- fterlten of ik read from StJamcsAve.fo Summer St. SaritwfieW sold to the wew^ ft HewCngiend R.R.cp. in 1895- 7Q SPRtNGHELD ftNEW LONDON RAHPOAD COMMNY. INCORPORATED 1875. COtfYEYEO July 29 »887-to the New York »New England R.RCb. 70 NEW YDRKftNEW ENGLAND RAILROAPCOMPANY. INCORPORATtO «73. ONVEYEP IN 1895 to the New England R.R.Cb. WHEW ehglamd RMLROAD cqmpam/. incorporated 1895. MERbCD with the N.Y.N.H.ftH.R.R.Q).Apr.Ll908- CORPORATE CHART OF THE M YORK.NEWHAVENaHARTFORD RAILROAD COMPANY JUNE 30,1910 ocft THEBRANFORO LIGHTING &WATER COMMNY. A3" iNuORPORATtO »895 as tt»e Branfbrd OectncCo. Allits property, rights and irartdiises.iiidudi'ngrlghls in Banford El.ly. Co..ajnv»ve906. MCROED with tlteConsoliOated Ry.Ce.Apr.Z3,|9aT. m THE VILLAGE WATER COMPANY. INCORPORATED 1898. MCRMD vrlththettY-N-H ftH R R-Çd. Feb "B.toOB. 7CCL WOÛOeérr ft SEYMOUR street railway company. INCOR0ORATED1903. NAME CHANtCCHbPlRterbu^fttomperaugVaieyRy.to in «06. 717 THE STAFFORD SPRINGS STRUT RAHWAY COMPANY, tel' INCORPORATED 1901. MEMEP with the tt.Y..NH.ftH.R.R.C0.JulylB.I90a. 7CQ IWODBU-^r BWAnRTDWN STRCET RARJVAY COMPANY. te33 iNCORItoRATED 1903- CONVCYCO Oec.i4,i3P8,tottteiMoodburyftS«vmcur5t.Ry.Co. 71« THE FARMINOTON STREET RAILWAY COMPANV tel" mCORPORATfO IB90. ftanchiMsand property conveyed tothe NY-N.HftM.R.tJb Dec.ftl, 07 NEW HAVEN ft NORTHAMPTON COMPANY tNCOftPORATtO 1862. LEASED te the N.Y.N.H.ftK.R.R.Cb.for 99yearsfibm Apr.!, «87- BOSTON a MAINE S\"STEM OOimOLlf D THROUIiH THE BOSTON RAIIPOAD HOLDING CO, Acts 1909, Chapter 519, 1910, Chapter 639. 07 HAMPSHIRE ft HAMPDEN RAILROAD CORPORATION . »NCORPORATTD 1853. to 1862 this (^.was consorted wifh the New Haven ft North «"fi^CJ''*rCb7ofQ>fio.) forming ttie Hew HavenftNorth. atapton&.woepcfateswidertháteWsotPeto (¿rin.ftteass. Û2 NEW HAVEN ftNORTHAMPTON (M lÄOAlDCO. ( IN CONN.) INCORPORATED 1846. to 1062 tois Ca.twas united with theHsmj jkiie fttlamsden r.r. Qi HEW lUVEN ft NORTH*MPIDM(aNAL) ajMPANY. •" INCORPORÄTEO 1836. In l8S3aH ihproperN.mMass.vya^ conveyed to the Kampdwe ftrtaropden RR-ttrp-WMMdJantiin 1046 the HewHaTehft Northampton fcanapu». of Oown.becr lamptonfCbniaJfo.QfCpnn-becarne a R.R.Cbrp. qc FARMINGTON CANAL COMMNY. mCORPORATED 1822. All lt>€ prgperFy and franchises of this company were convey^ to iextotfwNewHarenftN0flta>p<6iC^)^. qe HAMPSHIRE ft HAMPDEN CANAL COMMNY. INCORPORATtO 1822. In 1836 alt the properly and franchises oF this company were conveyed to Ihe HewHavenftHormawptonCanaljOS. qo HAMPDEN RAILROAD COMPAIIY. ^ tNCORPORATED 1852. Merged in 1953 with tbe NorttiamehmftWestfieid RJt.Cbrp fxanwig tot tempshtfc ftHawpd«w t.P.corp. qq HORTHAMPTDK ftWESTFIELD CORPORATION. INCORPORATTD «52. MCRSEO.iry 1853 with thettampden R.R.Q} tormt'rro the inn fARMlNGTON VALLEY RAILROAD OMPANY. INCORPORÄTEO «52. IftAsEDfbr 999yeai3 from March 7-1855 -oJos-E-Shefffeld tease In raasesaljned tettie Mewlterenftworthatopten Co. inr HOLYOKE a WCSTFIELO RAILROAD COMPANY. INCORPORATED 1869. , LU5ED Dec.3.1870,in perpetuity,to the New Haven ft- Northampton Co. r ..J n OLD COLOOT SYSTEM \ T .J \ f iqn RHODE ISUND COMPANY. WV INCORPORATED ÍMI- Ah Cifitai Stock owned by theN Y.,N.N.ftH.K.|.&. 7IQ HARTFORD ft WEST lURTTDRD HORSE RAILRMD 9- te" HMDOPORITÍO 1863. r iqi UNION RAILROAD COMPANY. FORMED by cgnsalidation in 1866 LEASED In the Rbedt Island ter MOycaia o* June aa.iSW. 19? THE PROVIDENCE ft PÁWTUXET HORSE BAILBOAO CO INCORPORATLD 1864. 19} TNI ELMWOOD HORSE RAILROAD COMPANY- INCORPOIATEO 1864. CONSOLlMÍTEO with 192,194.195 ana I96 m i«65, formina the Union !<»tlro>d Co. ^ IQi mr PROVIDENCE ft CRANSTON RAllROAD COMPANY. INCORPORATED »64. ÇftNSOUOATEO Witt) 192.19ft. 195 arte 196 in 1665. fomino the Itotee WIroad fia. * iqc THE SOUTH MAIN STREET HDRSEMILRIMD COMMNY W INCORPORÄTEO 1864- CeN^'-lOATÈD vñih 192,19ft, 194and 196.in Iftas.fbrming the Union lU'lmao Co. ^ I AC TVE BROADWAY ft PROVIDENCE RAILROAD COMPANY. mCORPORATF.O 1861. '♦8?^ ira.íííd 'S: 107 HE PROVlOENCE.PAWTUCKETft CENTRAL fAUS R.R.CD. INCQRPORATtD 1861. ftiCk 0 vAth the Union Railroad CO.in 1872 L._ IQil THf PROYIDtNte CABLE TRAMWAY COMPANY LMCpRPBRATFb 168*. L£AS to ttya Unión R R.Q}. tor 50 years in I88S. I fÎM HWTUCKn STREET RAILWAY COMPANY. I -i INCORPORATED 1685. LtAs 1 for 999 years to the Rhode Island Cbten June24,l9« . 7An THE RHODE ISLAND SUBURBAN RAIltVAYCOMPANY. teWM INCORPORATED 1898. LXASEO for 999years tothe Rhode Island Co.on Jgnt ft«, laot. PAWTUÏET VALLEY ELECTRIC STREET RAILWAY COMPANY. INCORPORATED 189» ■ AH pnperty.nghbtehBnchUes.and atieice^ IS shares of stock oflTií» wrf^any, have been acgiiired by the R.l.Siibuiban ty Co. m THE CUMBERLAND STREET RAILWAY COMPANY. INCORPORATED 1658. All the pmperty.noiesabd franchises.and aM thecapitalstockof .. . Kr^r . by »»e g.i.l>,&. Ry.S: this &>• hive bcetV ÎW 8A8RINGT0N,WARREN ft BRISTOL STREET RAILWAY CO. mCORPORATED 1698. pwteerty,rights and ^iKhises.andaNcapdai stock of tl ye been acquired by ttw Rhode island Sub R y CO. 7fV4 THE INTERSTATE CONSOLIDATED STREET RY.CO.dN R.I.) '■W INCORPORATED 1895. All ptoperty. rights and franchises of tti is comp gutiea faythe Rtwde Island Suburban R'y c 7ftC THE OAKLAND BEACH BRANCH (SoCalled) teW mCORPORATED (6ee 2o and 2l) This road from Provideneetoftulfonwoods.nithaNrighb &c acgui red bv the R.I.Sub Ry.G». by purtbase Ifom me M.Y.N5i.ftH.e aft. on 6*e. 2a.ia09. 7fl RHODE ISLAND aNTRAl RAllROAD COMMNY. teM IHCORPORATED «79. Note; D«c.26.t899, this brandi road builf under the charter of toe WariirkKR.e.Co.«*ass«ldbvtoeNY.N.n.aH.R.eCe.lD>i«cRI.Swb. Hy.Co. ŒNTMrmMG RAILWAY SYSTEM , ^ 71 WARWICK RAllROAD COMPANY. te* INCWPORATtO 1873. 6«c toe Rhode Island cenlrai r.r.Co.) Succoeded by Rhode islarYd Central R R ft in i679. INCORPORATED IB86. SOLO to ttie Rhode Island Oampariy June 29. <907 NOTE Aquisition by Merger, Purchase or by purchase of entire Capital Stock shown thus Control by purchase of one half or a majority of the Capital Stock shown thus - Possession under Lease shown thus 207 THE PROVIDENCE ft BURWLLVIUE STREO RAILWAY CO. INCORPORATED »902. SOLD to the Rhode »eland Co. June 2a.>907. 177 CEHT1ÍAL HEW EHGIANO RAILWAY COMPANY. "te INCORPORATED 1899. Amsnrity ofttie shares of hteopilal stock of teis company tav iKc New York.Mew tiaven ec rtartfen) r.r.ca. m PHILADELPHIA,BEADINOftNEWENGLAND RAILROAD CO. FORMED in «92 by consolidation of ihe Cbntrai New Engtaad ft We»tomR.K-Co Md the Ptau9hkew>'sÍeBrídge&P.R.Go. SOlDonfofeciosure 0ch6,m98.and»ubsequently taken over by toe cenlrai N.g.By.to. ^ I7A CENTRAL NEW ENGLAND &WESTERN RAILROAD CD. FORMED in IBB9 byconsoiidatibn oFtoe Hudson Connecting R.R (0. and ttie Poughkmsle ft Conn. R.R.Cd. CDNSOLiOATEO nith toe pauáhireepsíe bridge ft R.R.Co, in 1892, under toe name or Hie Phiia..Readin9 ftN.g.R.R.Co. 17c HUDSON CONNECTING RAILROAD COMPANY. INCORPORATED 1867. CONSOLiOATCO with the itoughkeepsie ftConn.R.R.Co.in 1889, forwing toc Central Ww England ftWestem R r.Co. P0U0HKEEP5IE ft CONNEaiCUT RAILROAD COMPANY. INCSRPORAltD «86. CONSOLIDATED viHh the Hudson OsnnectinQ R.R.Cb.in 1889, forming toe Central New England ft Wesf<&n R r.Gb. 176' 177 POUGHKEEPSIE BRIOGEftRAIlROADÍDMPANY. INCORPORATED 1892. CONSOLMTiD with the Cantial New England ft Wasfcm R.R.Ca.tn 1892 uteer nam« ef Phka-Readmg ftNewEngland R.R.Co. rro POUftHNCCPSIE BRIDGE COMPANY. "te* mcORPORklEO 1871. SOLD on fertdosure June bo. 091 .and taken over by toc tough Mecytle Bridge ft R.R.Ce. 7fift COLUMBIAN STREET RAILWAY COMPANY. te^tel mCORPORATED 1893. 50L0 to toe Rhode island C». June 29,1907. POUOHKttPSlE BRIDGE RAILROAD COMPANY. INCORPORATTD 1888. MERQCD wito toe Central New England Ry.Cb. June 23.1907- 179' lot WINDSOR LOCKS RAILROAD COMPANY INCORPORATED 1902. The entire capital stock of this company i» owned by the Central New England Ry.Co. Dissolved I IR9 HARTFORD ft CONNECTICUT WESTERN RAILROAD CO. L.. '®te incorporated«8». LEASED tothe Central New England Ry.Co.until Aug. bo.i940 Ift CONNECTKUT WESTERN RAILROAD COMPANY. INCORPORÄTEO 1868. SUCceCDED by the Hartford ftConnecticut Western RJt.ft.iniaei.a corp. formed py toe first roertgaqe bondhowers of the Conn.W-r R.R.Co. to take over toe propcrryoTY foreclosure. IAÁ HHINEBECK ftCONHEaiCUT RAILROAD COMPANY. ÏO** INCORPORATED »BTO. CONVEYED to toe HarHbrd ftConn.Western R.R.Go.m 1882. 185 POUOHKEEPSlE.HAim'ORD ftBOSTDN RAllWAD COMPANY. Note'. In IBB4 IheHartfbnJ ftCben-Wn PA.Cb purtoased tovtpor- rionoftterailraid of thePM.ftb.R R.CQ.fermerWtl« tovghkeeysieft Cn S R.ft.,extending from 8oNon cemers te the Stete Une 186 fttASTLRN RAILROAD COMPANY, INCORPORATED 1866. See fbughkeepste .Hartford ft Boston R.R.Co. MEB8C0 wlto toe Central New England Ry.Co. June 26.1907. 107 DUTCHESS COUNTY RAILROAD COMPANY. INCORPORATED B90, MCROLD with the Central New England Ry.Co. June2S.I907- lOû NEWBURött .DUTCHESS ft COHHKTIÜJT RAILROAD CO. INCORPORATED 1877. MErqeo wrih theC^nhal New England Ry.Qs. Jur>e 25,1907. lOA EASTGRANBf ftSUFnCLT^RAlLROAD COMPANY. »0M vNCORPORATED l«l. Theerdire tsp'ital sfodc oflhts company is owned by fhv Centra» New EngHite Ry. C» Dhaelved. lAQ DUTCHESS&C0LUM6IARAILROAD COMPANY. INCORPORATED »866. SOU) at foredosure sale March 24.1878. and taken over by toe Newburgh,Putdws5 ftftnnedkut R.R,CO. \(\X OLD COLONY RAILROAD CORPORATION (of «44) INCORPORATED ßU. CONSOLIDATED In I8S4 With ttie Falltover R.fi.ft.;,.termiftgthe OM Cotorty ftrail RiVer R.g.Co. IÍ17 ' IOl p BERKSHIRE RAILROAD COMPANY. FORMED June7.l905 by consolidation of ftre Berk- 8hire Railrudd Co. Cot 1837), ttie StocKbridge ft Piltefield P^R.Co.,8nd +t»e West Stockbridge Railroad Corporation, me constituent companies t>8d each been leased to the N.Y.,N.H .8t K. D.R.ft. for 93 years ftwn Apr. 1. IB93. at the dateef consolidation. XCX BERKSHIRE RAllROAD COMPANY.(of 1837). INCORPORATED 1837- LEASED tothe N.YN H.ft)I.R.p.Q>.lbr99years from Apr. 1,1893. Iti STOCKBRIDGE ftPlTTSflElD RAILROAD COMPANY. INCORPORATED 1847. LEASfO totoeNr,H.Hfttl R.Rft.for 99yearsftom Apr 1,1893. ICC WEST STOCKBRIDGE RAILROAD CORPORATION. 'MM incorporated 1636. LEASED to toe NY.H.Hftc H.R R.Co. for 99 years ftom Apr. 1.1899. ini nu RIVCR RMLROW COMPAKY(of te46) w INCORPORATED 1846. ObNSOUOATED jn 1664 with the Old (btony R.R.Cory forming toe Old ftiony ft FaR River R.R.Co- lOB' FALL RIVER BRANCH RAILROAD COMPANY INCORPORATED 1844 CONSOUDATED with the Middlcboro R.R.Cbrp. and toc Randoleh 8r Sridgewater R.R,a>Tp.forming in 1644 toe FaH River R.R.Cb. Ifu: MIDDLEBORO RAILROAD CORPORATION. INCORPORATED 1045 ONSOUDATED with the FailNfver Bnncn ft.fi.Cb.andtoe Randolph ft Bndqewater R-R.Qarp. tbrmlwg the fan River R.Rjft. in 1848, in7 RANDOLPH ft BRIDGEWATER RAKROAD CORPORATION. iHC0RP0ftATEDl84S. CftNSOlipATED with toc Middlebot« R.Rfttp.and Ihe Fall River Btanch R.R.CB.m ia46.formingtheFalt Hiver R.n.ft. ICC CHATHAM RAILROAD COMPANY. mCORPORATED 1807 operated by toe N.Y.,N.tl ftti.R R.Go.urtder contractdatedJuneb.iSOS. and continuing until June 90.i9iO,and thereafter until lerrainated by notice. 167 RHODE ISLAND ft MASSACHUSETTS RAlLROAOCD.fofMais.) INCORPORATED 1876. I DID COLONY ft FALL RIVER RAllROAD COMPANY ' INCORPORATED I0S4. MEMO) wtik the Newport ft Fal River NaitteM u).,.(af R.l.) fonrong **•" Old Cotofiy ft Newport tly. Co. in 1869. iftQ tlORCHCSTER &M1U0N BRANCH RAllROADCOMPANY. INCORPORATtO »846. CONVEYED tothe Old CDtony ft tell River R-ftm in 1863 en foretlov 110* NEWPORT ftTAU RIVER RAILROAD COMPANY. INCORPORATED «46. roNSOLiDATED with the Old ûDNmy ft fSlI River R.R.Co.Ccif Na»a.} fofwmg toeOld(alonyftNewport1l\Xs (w 1868. ICO WDGtflELD ftNEW TÜRK RAILROAD COMPANY. INCORPORATED «67. A majority rf ttie shares of toc capital steck of tha company ai owned by the N.Y.,H.K 8rH.R.R& r ICQ NEW YORK CONHECTIHG RAILROAD COMPANY. 'M3 INCORPORATED «92. The shares of this companyare owned. oneJiaif by the N.|,n.h, ftRR.R.Do.arte One-half by the Pennsylvania a.H Co. 17« BOSTON TERMINAL COMPANY. "M incorporated «96. long'f¿''í»teHY steck of tois cgmpato be- N.HÁH.R R.fo.and'it» lewr companies. m WOOD RIVER BRANCH RAILROAD COMPANY. INCORPORATED «72. A iiu)oriN of fhe shares of the capilai Slock of toi» 'ompany bolones tetoc N.Y.,R.M fcM .R-H.Co. m OLD COLONY ft NEWPORT RAILWAY COMPANY. INCORPORATED «63 NAME CHANbED m «TCtotoe Old Calony N.R.Ce. Itc CAPE COO RAILROAD COMPANY. FORKO by change of rvime m I8.64- MER8E0 with the Old Colofty K MeWfiort Cn in «72. 117 CAPE COO BRANCH RAILROAD COMPANY. INCORIÍORATEO 1846. NAME ChAiwEO tci Cape Cod R.R. Co. in «S4 ■ 110 aPE coo CENTRAL RAILROAD COMPANY. INCORPORATED «6». CONVrrEO to the Cape Cod RMlroad company in K HQ PLYMOUTH ft VINEYARD SOUND RAILROAD COMPANY. FORMED by change ofname in »868. ROAOPOROIASEO by the Cape Cod R.R . Co-in «71- |7n VINEYARD 50UND RAILROAD COMPANY •AM IHCORPORATED 1861. NAtdE CHMMCO fo Ptymouto ft Vmcyan] Sound R.R.Cb.in Mft. I JL n\ ao COLONY RAILROAD COMPANY. 'tel tol67Ztoenamcofthe014(b>ony ftNewportky.Ca. was changed to Old CoIenyR R.Co. LEASED to tne H.Y,W.H ftH B e.Co for 99 yrar» from March >, .y 177 MIDOIEBORO ftlAUNTOh RAILROAD CORPORATIOU. •tete FORMED by change of name in 1853. ROADCONVrreb to toe CMd Colony R.R.(b. April 6.I874. 179 TAUNTON ftMIOOLEBORO RAILROAD CORPORATION 'teo INCORPORATED 1648- KÄME CKANeeO in 1893 fo Middleboro ftTlunton R-R.CMp. 174 SOUTH SHORE RAILROAD COMPANY, 'te* INCORPORATtO 1846 CONVEYEDtothe Old Coiony R.R.tt. Apr. 30.1877 117 DI6KTQN ftSOMERSn RAILROAD COMPANY- "te incorporated 1863. MER6ED With toe Old GDlony ftNevrport Ry Cb. in >665, 17c OUXDURY ftCOHASSn RAILROAD COMPANY. 'teJ INCORPORATED »867 CONYIYEOfotheOM Coiony R.R.Cb. fbb 23 ]9aa. 112 GRANITE RAILWAY COMPANY. INCORPORATED «26. Portion of Road PURCHASED bfttre Old (blany & Newport Ry.Co 17c BOSTON,CLINTON,fITCHBUW ftNEW BEDFORD RAIUHADOD. 'teO mCORPORATED »076. MEWED witb the Old Cbiony R.R.Cd. March 5.1883. Iiyi EASTON BRANCH RAILROAD COMPANY. • INCORPORATED »854. PUROtASEO by the (nd Cblony & Newport Ry.fo.in t67t. 177 BOSTON,CUNTOH ft nTCHBURO RAILROAD tOMPAN". Itel formed by of in 1867. CONSOLlDATEb wilh the New Bedfetd R.R.Cb.fomima theBasfon. Ctnfon.rîtenbargftNcwBedtbid K.n.te. June 1. «ra. SHAWMUT RAILROAD COMPANY. INCORPORATED «70. This Road was builFby the OldCbtorryft Newport Ry,Co.in 1872. 115 I7Q nTCHBURO ftWORCESTER RAILROAD COMPANY. 'te3 INCORPOWTtO 1640. meroED with toeBoston.CKnkinftFiltobursR.tt.co. July 1,1669. IIA MANyiELD ftFRAMINOHAM RAILROAD COMPANY. FORMED by change of name in 1667- MER6ED with the Boston.CMm ftFthMurg R.R.Co. Juwel,1875. iai fOXBORO BRANCH RAILROAD COf^POfUTION. *3* INCORPORATED 1062. NAM CNAN6ED in 1867 toMansfietd ftrnmingham R.R.CO. 127 NEW BEDFORD RAILROAD COMPANY, ■•'te INCORPORATED »873. CONSOLiOATeo with NieBasten.ainten ftFifchburg RJMb.fofmino the Posten.Clinten.FiHhbuig fc Mew Bedford R.RA.Jun«l,«76. 122 NEW BEDFORD ftTAUNTOH RAILROAD CORPORATION. FORMED by chinoeof name in «39. CONVEYED March 20.«73.fo the New Bedford R.R.Co. jli OU) COIONY RAILROAD CORPORATlOnl .(of 1838) IHCORPORATED 1838. NAME ouNflCO fo New Bedford ftTaunton R.R.Corp. in »639. IlK FAIRHAVEN BRANCH RAILROAD COMPANY. INCORPORATED »49. CONVEYED to ttie New Bedford ftTaunlon R.R.Oirp. In 166!. I2C HEW BEBFORD ftFAIRHAVEN FERRY. INCORPORATTO 1832. PURCHASED by the Fairtwven Branch R.R.Cb. May is, «54. 127 TAUNTON BRANCH RAIIROAO CORPORATION. INCORPORATED «35. MER6CD wilh toe New Bedford R.R.Oo. fbb 1,1674. ru. 120 WEIR BRANCH RAILROAD CORPORATION. incorporated 184T. The Weir Branch wasbuilF by the NewBedfbrt ftTaunton R .R. Qprp. and ttie'raunfon Brarxh R.R.Ceyp.in 1847-8. 17a A6RICULTURAI BRANCH RAILROAD COMPANY. 'teO incorporated «47. NAMr.CHANbCD May 20.1687. fo theBoSton.Clirifon ftfiltobtog RJI.Ce. 120 LOWELL&FRAM1N0HANRAILROADCOMMNY. '•'^ INCORPORATED 188! MEMED with the Old Colony R.R.ifo. Feb. 27.1666. 110 FRAMINGHAMftLOWELL RAILROAD COMPANY. INCORPORATED «70. ROAO DCEDEO on execution sale fo the Doshn.Ginlon.hidibutDftlien Bedford R R.(b Sept.io.>Bet,Mtd comreyed by the telle (b-tothe Lowei'ft rYaminghem K.R.Ca. Oet.a.lBSI. Ml HANOVER BRANCH RAILROAD COMPANY. INCORPORATED 1846. CONVCYCO to hie Old Colony R.R.tt>. June Bo. »867. \A0 FAllR(VER,WARREN &PROVIDENCE RAllROAOCDMPANY. •^te INCORPORATTO 1862. CONVEYED to the Old Gdlbny R.R.Co.by tnoftgagee'sdead Junel J693 112 WARREN ftFAU RIVER RAILROAOCOMPANT. INCORPORATED »856. OONSpUOATED With fAURiver ftWarren R.R.QkCof Mas».)inl662 forming the fah River. Wbrran ft Providence R .R.O». ^ 1^ FALL RIVER ftWARREN RAILROAD COMPANY. ^ INCORPORATED «BT- CONSOUOATEO wilh ttie Warren ft foil River R.R.(b.(oFR.i.)in »a62,fbnnin9the Fall Rtvef Warren ft Providence r.r.Co. lie FAli RIVER RAILROAD COMPANY (of 1074) INCORPORATED «74. CONVEYED tothe Old Colony R R.Co. Nov. I2,1896. NANTASKET BEACH RAILROAD COMPANY. INCORPORATED 1881. CONVEYED on fbredosure tothe Old Cbiony R.R.CD.feb.a4,1906. II7 THE NANTASKET BEACH RAILROAD COMPANY.(of 1080) "« INCORPORATED 1880. gtoj^iPMED.mlh tot Hud ft Nant^ 5^ Ite n ftHuU R.R.fo, foming toe ttidaftet Bdêdi R.R.Cofof 1861) lift BOSTON.HINGHAM ftHUURAILROAD COMPANY INCORPORATED 1880. OONSOUDATED with the Nanta»ket Beach R.R.(«.(of 1660) and the Hull ftNantaahet Beach R R.(b. fbrming toeNantaakct Beech R.R.(b^ot(6BI.) 149 Huaec NANTASKET BEACH RAILROAD COUPANT. INCORPORATED 1880. CONSOUOATEO wito the Nantaiket Beach R.R.(b.(of i8eo)a«d the 80s ton.Hingham ftnult R.R.Co, forming the Nwduket 6^ R-R.(b.(aFiMO ISO UNIOK FREIOHT RAILROAO COMPANT. INCORMRATEO 1872 On March 1.1093, thcdaleon vvhidi Hie 0.c.RJt.Co.waslea9ed tothe N.Y,N H.ftH.R.RXp.,thco«dCBtonrltR-owncd K»5»hart9Dtthccapi tat Mock ef rhe Union rreighr B.Rte.thcaamebeinga majority. IC t BOSTON ft PROVIDENCE RAllROAD CORPORATION. INCORPORÄTEO 1831. UAsro to the OtdCbiony R-R.CD,(br99yMr5frotn Apr.7.i888. 1» BOSTON &PROVIDENCE RAILROADCDRPORATlON(ofR.l) 'Jte INCORPORATED 1853. The entire capital sfock of the B.ftP.R.R.CbrpfofR.i,)isovrned by toe ftftP. R.R.cnrp.Cof Ma»».) IM BOSTONftPROVlOCNCERAILRWDftTRANSPORTATlONCD. iNCORPOfUTEO 1834. NAME CMANacO tb Boston ft Providence R.R.(i*p.(of R.l. )inl8S3 SCEKONK BRANCH RAILROAO COMPANY. INOIRPORATED 1836. 154 CONVEYED to ttie 8oslor> ft Proridence R.A.GsrD.foTbft««! Apr. 10-1639. its, 5TOU6HTDN BRANCH RAILROAD COMPANY. '•W INCORPORATED 1844. CONVEYEO fo tha Boston ft Providence R.R.^rp.Cof Me»s.) In 1673. n ICC PROVIDENCE.WARRENftBRISTOLRAILROAOODMPANY. INCORPORATED «54. LEASED ft) toe OM Colony R.R.tt.for 95year» and dmofitHs from Ju»y »> 1891 ■ --I IC7 PROVIDENCE,WARRCN&fiRISTDLRAiLROAOa).(cfR.l) *** FORMCD BY ChaMe ef name in 1852. CONSOLIDATED wito to* ffovidcnce.vtorren ftftrisfol R.R.Cp.(<^ Maas.) forming owe corpYi, toe Prov. Warren ft BriNo» R.R.ce. h ICI) PROVIDENCE ftBRISTDL RAILROAD COMPANY, (of R.l.) *'0 INCORPORATED 1850. NAME CHANtiED in 1852 te Pfovidenc*. Warren ftOrisM R.R. g». icq PftOVIDENCE.WARREN ft BRISTOL RAILROAD CO.ÍOf MASS) FORMED by change of name in 1053. CONSOLIDATED wilh Hie P.W.BrftR.RXb.foFR.i.) forming onecbrp^ bratron, tht ProvidtTKe. Warren ft 6rt»tet R.B.Co. NeTTfo. 1594 itA PROVIDENCE ftBRISTOLRAIlROADCOMFANT.(ofMASSj INCORPORATED 1861. NAME CHAN6CD in 1853 to Providence,lMarTenft6ri»tel R.R.co. tct PLYMOUTH ftMIDDLEBORO RAILROAD COMPANY. WI mCORPORATED 1890. LEASED tothe Old Coiony R.R.(b.1'br99vearsttom0ec.l,ra92. I ,1. MISCELLANEOUS DATA. VALUATION OF NEW YORK, NEW HAVEN & HARTFORD RAILROAD. Valuation of Real Estate. Right of Way and Station Grounds. District Number. Franchises. Right of Way and Station Grounds. Total. Real Estate. Remarks. 1. .... $541,809 $19,204,122 -488,688 -495,164 138.604 $853,000 6,106 Mr. Aldrich's original valuation. Deduct for lands at New Haven owned by N. H. & N. R.R. Deduct for charges to N. H. & H. R. R.R. in east cut. New Haven. Add purchases since 1907. $541,809 $18,358,874 $18,900,683 $859,106 2 $459,031 $5,900,491 455,491 75,017 $341,327 1.875,476 Add difference between appraisal and actual cost of lands. Providence Tunnel Line. Add purchases since 1907. Add for lands at East Providence (Fox Pt. and India Wharf). $459,031 $6,430,999 $6,890,030 $2,216,803 3 $103,873 $2,002,468 5,376 $203,758 Add purchases since 1907. $103,873 $2,007,844 $2,111,717 $203,758 4, $39,930 $658,804 33,751 $35,975 Add purchases since 1907. $39,930 $692,555 $732,485 $35,975 5 $19,640 $705,898 6,157 $14,960 Add purchases since 1907. $19,640 $712,055 $731,695 $14,960 VALUATION OF NEW YORK, NEW HAVEN & HARTFORD RAILROAD —Concluded. Valuation of Real R&tate —Concluded. Right OF Way and Station Grounds. District Number. Franchises. Right of Way and Station Grounds. Total. Real Estate. Remarks. 6, $29,480 $2,375,436 5,075 $72,270 Add purchases since 1907. $29,480 $2,380,511 $2,409,991 $72,270 7 $170,473 $2,607,419 —31,593 38,365 $8,575 31,593 Gravel pits transferred from right of way to real estate. Add purchases since 1907. $170,473 $2,614,191 $2,784,664 $40,168 8, $13,850 $282,787 550 —9,240 $18,770 9i240 Add purchases since 1907. Gravel pits transferred from right of way to real estate. $13,850 $274,097 $287,947 $28,010 9 $18,565 $237,722 $256,287 $195 10, $13,219 $269,691 $282,910 $12,492 n - $73,957 $73,957 - 12 $124,598 $22,897,142 61,548 16,066 1,291,849 $213,183 50,000 1,000,000 5,969,2971 Add purchases since 1907. Add lands, Worcester to Boston switch. Lands on Boston & Providence R.R. Amount advanced on Atlas Stores property. For Boston gas property (Union Freight Line). For lands on Boston & Providence R.R. - 24,266,605 —1,500,000 - Deduct for mortgage not assumed by N. Y., N. H. & H. R.R. $124,598 $22,766,605 $22,891,203 $7,232,480 13, $59,173 $4,292,052 12,350 71,872 $83,828 7,500 Add purchases since 1907. Add for additional yard grounds at Woonsocket. $59,173 $4,376,274 $4,435,447 $91,328 $1,593,641 - $62,789,016 $10,807,545 Total, N. Y., N. H. & H. R.R. 14 $19,610 $890,590 4,300 - Add purchases since 1907. $19,610 $894,890 $914,500 - 15 $5,550 $1,453,580 300 $99,784 Add purchases since 1907. $5,550 $1,453,880 $1,459,430 $99,784 16, $362,200 $20,214,707 30,218 $115,120 Add purchases since 1907. $362,200 $20,244,925 $20,607,125 $115,120 17 - $54,989 $54,989 $4,223 18 $72,617 $854,917 7,705 488,688 495,164 $93,375 Add purchases since 1907. Add lands of N. H. & N. R.R. deducted from District No. 1. Add charges to N. H. & N. R.R. deducted from District No. 1. $72,617 $1,846,474 $1,919,091 $93,375 $2,053,618 - $87,744,151 $11,120,047 Grand total. * Park Square, $5,567,493, deducted and appraised separately in final report. 526 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. VALUATION OF NEW YORK, NEW HAVEN & HARTFORD RAIL¬ ROAD. Tabulation of Quantities and Values. District No. 1. (4) Grading. 283 acres clearing, at $40, 39 acres grubbing, at $160, 3,311,555 cu. yds. earth excavation, at $0.32, 1,134,117 cu. yds. solid rock excavation, at $1.30, 145,712 cu. yds. solid rock excavation, at $1.15, 87,222 cu. yds. loose rock excavation, at $0.65, 2,324,679 cu. yds. borrowed, excavation, S0.32, 84,810 cu. yds. 2d class retaining wall, at $8, 36,616 cu. yds. 3d class retaining wall, at $6, 28,733 sq. yds. sodding, at $0.30, . Auditor's statements, etc., . Total, .... $11,320 6,240 1,059,698 1,474,352 167,569 56,694 743,897 678,480 219,696 8,620 1,343,543 . $5,770,109 (5) Tunnels. cu. yds. excavation, at $5, . Total, ..... (6) Bridges, Trestles and Culverts 11,446.55 tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, 9,061.25 tons 1st class through girders, at $75, tons 2d class through girders, at $65, 12,698,50 tons 1st class trussed bridges, at $80, 4,691.30 tons draw and lift bridges, at $120, 2,922.85 tons counter-weights bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90, 508 lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, M. f. b. m. stringers, at $50, 35 tons I. beam stringers, at $50, 32,658 cu. yds. 1st class masonry, at $15 115,682 cu. yds. 2d class masonry, at $8, 18,146 cu. yds. 3d class masonry, at $6, 23,595 cu. yds. riprap, at $2.50, 365 sq. yds. paving, at $1.75, 79,508 cu. yds. wet excavation, at $1, 33,550 cu. yds. dry, at $0.50, 563.610 M. f. b. m. timber, at $50, . 94,449 lin. ft. piling, at $0.40, 105,354 lbs. bolts, at $0.05, . 444 lin. ft. C. I. pipe culverts, 24" and under, at $3.65 lin. ft. C. I. pipe culverts, over 24", at $11 4,318 lin. ft. sewer pipe culverts, under 24", at $0.85, 50 lin. ft. sewer pipe culverts, 24" and over, at $3.57 Auditor's statements, etc., .... $801,529 679,594 1,015,880 562,956 146,143 5,080 1,750 489,870 925,456 108,876 58,988 639 79,508 16,775 28,181 37,780 5,268 1,621 3,670 178 1,125,243 T otal. $6,094,715 VALIDATION REPORT. 527 Tabulation of Quantities and Values — Continued. District No. 1 — Continued. (7) Ties. 736,388 main tracks, at $0.60, 272,010 sidings, at $0.45, 3,011.900 M. f. b. m. switch ties, at $22, 53,483 lin. ft. bridge floor, at $3, Auditor's statements, etc., . Total, (8) Rails 243.85 miles main track, 100 lb., at $4,790, miles main track, 79-80 lb., at $3,830, miles main track, 74-78 lb., at $3,590, miles main track, 66-72 lb., at $3,210, miles main track, 50-65 lb., at $2,880, 24.82 miles sidings, over 75 lb., at $3,590, 44.46 miles sidings, 66-75 lb., at $3,210, 31.31 miles sidings, 50-65 lb., at $2,880, Total, .... (9) Frogs and Switches. Turnouts: — 374 100 lb. raü, at $223, . 3 79-80 lb. rail, at $196, 74^78 lb. rail, at $178, 667 66-72 lb. rail, at $147, 97 50-65 lb. rail, at $140, Derails: — 24 100 lb. rail, at $18, 4 66-80 lb. rail, at $15, . 11 50-65 lb. rail, at $12, . Slips; — 30 100 lb. rail, at $500, . 3 74r-80 lb. rail, at $300, 6 50-72 lb. rail, at $300, Total, (Î0) Track Fastenings, etc. Main track: — 243.85 miles 100 lb. rail, at $680, . miles 74-80 lb. rail, at $430, miles 66-72 lb. rail, at $397, miles 50-65 lb. rail, at $344, Sidings: — 24.82 miles, over 75 lb. rail, at $430, 44.46 miles 66-75 lb. rail, at $397, 31.31 miles 50-65 lb. rail, at $344, Auditor's statements, etc., . Total, $221,656 528 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 1 — Concluded. (.11) Ballast. 237.60 miles stone, at $2,900, ........ $689,040 80.55 miles gravel, at $1,450, ........ 116,798 25.14 miles other, at $1,000, ........ 25,140 Total, $830,978 (IS) Track Laying and Surfacing. 242.70 miles main line, at $800, ........ $194,160 100.59 miles sidings, at $600, ........ 60,354 » — Total, $254,514 (IJi) Fencing. 58.66 miles wire, at $300, ......... $17,598 2.75 miles tight board, at $1,800, ....... 4,950 8.63 miles open, at $1,000, ........ 8,630 16.67 miles stone, at $3,000, ........ 50,010 Auditor's statements, etc., ........ 27,627 Total, $108,815 (15) Crossings and Signs. 3,869.70 tons metal in bridges, at $70, ....... $270,879 130.00 tons metal in bridges, at $60, ....... 7,800 1,475.920 M. f. b. m. timber in bridges, at $50, ...... 73,796 11.438 M. f. b. m. timber in crossings, at $30, ..... 343 16,826 eu. yds. 1st class masonry, at $15, ...... 252,390 43,101 eu. yds. 2d class masonry, at $8, . . . . . . . 344,808 1,864 eu. yds. 3d class masonry, at $6, . . . . 11,184 sq. yds. paving, masonry, at $1.75, ...... - 13,844 cu. yds. dry excavation, at $0.50, ...... 6,922 1,755 cu. yds. other excavation (wet), at $1, ...... 1,755 1,425 cu. yds. other excavation (rock), at $2.50, ..... 3,563 cattle guards, per pair, at $30, ....... - 850 lbs. bolts, at $0.05, ......... 43 6,000 lin. ft. piling, at $0.50, ........ 3,000 Miscellaneous signs, etc., . . . . . • 3,727 Auditor's statements, etc., ......•■ 398,608 Total, $1,378,818 VALIDATION REPORT. 529 Tabulation of Quantities and Values •— Continued. District No. S. {4) Grading. 548 acres clearing, at $40, ........ $21,920 128 acres grubbing, at $160, ........ 20,480 4,082,362 cu. yds. earth excavation, at $0.32, ...... 1,306,355 1,175,895 cu. yds. solid rock excavation, at $1.15, ..... 1,352,279 77,045 cu. yds. loose rock excavation, at $0.65, ..... 40,079 2,433,297 cu. yds. borrowed excavation, $0.32, ...... 778,655 11,659 cu. yds. 2d class retaining wall, at $8, ...... 93,272 27,234 cu. yds. 3d class retaining wall, at $6, ...... 163,404 13,786 cu. yds. riprap, at $2.50, ........ 34,465 Auditor's statements, etc., ........ 46,260 Total, $3,857,169 (5) Tunnels. 55,819 cu. yds. excavation, at $5, . . . . . . . . $279,095 Auditor's statements, etc., ........ 1,097,149 Total $1,376,244 {6) Bridges, Trestles and Culverts. 4,323.70 tons 1st class deck girders, at $70, ...... $302,659 tons 2d class deck girders, at $60, ...... - 1,826.35 tons 1st class through girders, at $75, ...... 136,976 tons 2d class through girders, at $65, ...... - 7,805.35 tons 1st class trussed bridges, at $80, ' . . . . . . 624,428 3,734.50 tons draw and lift bridges, at $120, ...... 448,140 1,462.50 tons counter-weights bridges, at $50, ...... 73,125 200.00 tons viaducts, at $75, ........ 1,500 lin. ft. Howe truss bridges, at $90, ...... - 4,757 lin. ft. timber trestles, at $10, ....... 47,570 1,162 lin. ft. solid floor, at $12, ........ 13,944 2,539.160 M. f. b. m. stringers, etc., at $50, ...... 126,958 36 tons I. beam stringers, at $50, ....... 1,800 18,690 cu. yds. 1st class masonry, at $15, ...... 280,350 67,616 cu. yds. 2d class masonry, at $8, ....... 540,928 33,630 cu. yds. 3d class masonry, at $6, ....... 201,780 29,000 cu. yds. riprap, at $2.50, ........ 72,500 sq, yds. paving, at $1.75, ........ - 92,991 cu. yds. wet excavation, at $1, . . . . . . . 92,991 15,403 cu. yds. dry, at $0.50, ........ 7,702 16.145 M. f. b. m. timber, at $30, ........ 484 321,537 lin. ft. piling, at $0.40, 128,615 183,060 lbs. bolts, at $0.05, ......... 9,153 904 lin. ft. C. I. pipe culverts, 18", at $3.65, ..... 3,300 167 lin. ft. C. I. pipe culverts, 24", at $4.53, ..... 757 36 lin. ft. C. I. pipe culverts, 30", at $6.69, ..... 241 7,295 lin. ft. sewer pipe culverts, under 24", at $0.85, .... 6,201 1,252 lin. ft. sewer pipe culverts, 24" and over, at $3.57, . . . 4,470 Auditor's statements, etc., ........ 1,246,172 Total, $4,372,744 530 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and ValuesConiinwd. District No. 2 — Continued. (7) Ties. 702,794 main tracks, at $0.60, 261,251 sidings, at $0.45, 1,200.700 M. f. b. m. switch ties, at $22, 22,027 lin. ft. bridge floor, at $3, Auditor's statements, etc., . Total, (S) Rails 230.34 miles main track, 100 lb., at $4,790, 0.60 miles main track, 79-80 lb., at $3,830, miles main track, 74—78 lb., at $3,590, miles main track, 66-72 lb., at $3,210, miles main track, 50-65 lb., at $2,880, 16.20 miles sidings, over. 75 lb., at $3,590, 40.85 miles sidings, 66-75 lb., at $3,210, 26.85 miles sidings, 50-65 lb., at $2,880, $421,676 117,563 26,415 66,081 12,000 $643,735 $1,103,329 2,298 58,158 131,129 77,328 Total, $1,372,242 (9) Frogs and Switches. Turnouts: — 188 100 lb. rail, at $223 $41,924 17 79-80 lb. rail, at $196 3,332 52 74-78 lb. rail, at $178 9,256 61 66-72 lb. rail, at $147, 8,967 126 50-65 lb. rail, at $140 17,640 Derails : — 9 100 lb. rail, at $18 162 4 66-80 lb. rail, at $15 60 9 50-65 lb. rail, at $12, 108 Slips: — 14 100 lb. rail, at $500 7,000 1 74-80 lb. rail, at $300 300 2 50-72 lb. rail, at $250, 500 Total, $89,249 (10) Track Fastenings, etc. Main track: — 230.34 miles 100 lb. rail, at 1 0.60 miles 74-80 lb. rail, at Í miles 66-72 lb. rail, at $397, miles 50-65 lb. rail, at $344, Sidings : — 16.20 miles, over 75 lb. rail, at $430, 40.85 miles 66-75 lb. rail, at $397, 26.85 miles 50-65 lb. rail, at $344, Auditor's statements, etc., . $156,631 258 6,966 16,217 9,236 5,600 Total, $194,908 VALIDATION REPORT. 531 Tabulation of Quantities and Values — Continued. District No. 2 — Concluded. (îl) Ballast. 122.46 miles stone, at $2,900, ■ . . . . . . . . $355,134 198.71 miles gravel,-at $1,450, ........ 288,130 32.45 miles other, at $1,000, ........ 32,450 Total, $675,714 (12) Track Laying and Surfacing. 230.94 miles main line, at $800, ........ $184,752 83.90 miles sidings, at $600, ........ 50,340 Total, $235,092 (14) Fencing. 109.79 miles wire, at $300, $32,937 2.95 miles tight board, at $1,800, ....... 5,310 9.32 miles open, at $1,000, ........ 9,320 23.41 miles stone, at $3,000 70,230 Auditor's statements, etc., ........ 1,182 Total, r . $118,979 (15) Crossings and Signs. 909.25 tons metal in bridges, at $70, ....... $63,448 tons metal in bridges, at $60, ....... — 943.200 M. f. b. m. timber in bridges, at $50, ...... 47,160 106.939 M. f. b. m. timber in crossings, at $30, ..... 3,208 196 cu. yds. 1st class masonry, at $15, ...... 2,940 26,055 cu. yds. 2d class masonry, at $8, ....... 208,440 17,670 cu. yds. 3d class masonry, at $6, . . . . . . . 106,020 sq. yds. paving, masonry, at $1.75, ...... - 14,022 cu. yds. dry excavation, at $0.50, ...... 7,011 35 cu. yds. other excavation, at $1, ....... 35 50 cattle guards, per pair, at $30, ....... 1,500 32,067 lin. ft. piling, at $0.50, ........ 16,034 15,560 lbs. bolts, at $0.05, ......... 778 Miscellaneous signs, etc., ........ 17,090 Auditor's statements, etc., ........ 21,268 Total, $512,022 532 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation op Quantities and Values-—Contintied. District No. 3. (4) Grading. 582 acres clearing, at $40, ........ $23,280 173 acres grubbing, at $160, ........ 27,680 2,316,629 cu. yds. earth excavation, at $0.32, ...... 741,321 313,786 cu. yds. solid rock excavation, at $1.15, ..... 360,854 72,267 cu. yds. loose rock excavation, at $0.65, ..... 46,974 1,562,340 cu. yds. borro-wed excavation, at $0.32, ..... 499,949 cu. yds. 2d class retaining -wall, at $8, ...... - 15,801 cu. yds. 3d class retaining wall, at $6, ...... 94,806 32,851 cu. yds. riprap, at $2.50, ........ 82,128 Total, $1,876,992 (o) Tunnels. cu. yds. excavation, at $5, ....... . - Total, .......... - {6) Bridges, Trestles and Culverts. 1,108.60 tons 1st class deck girders, at $70, ...... $77,602 37.00 tons 2d class deck girders, at $60, ...... 2,220 813.70 tons 1st class through girders, at $75, ...... 61,027 tons 2d class through girders, at $65, ...... - 287.15 tons 1st class trussed bridges, at $80, ...... 22,972 tons draw and lift bridges, at $120, ...... - tons counter-weights bridges at $50, ...... - tons viaducts, at $75, ........ - 322 lin. ft. Howe truss bridges, at $90, ...... 28,980 3,337 lin. ft. timber trestles, at $10, ....... 33,370 lin. ft. solid floor, at $12, ........ - 87.236 M. f. b. m. stringers, etc., at $50, ...... 4,362 10.00 tons I. beam stringers, at $50, ....... 500 257 cu. yds. 1st class masonry, at $15, ...... 3,855 14,925 cu. yds. 2d class masonry, at $8, ....... 119,400 40,860 cu. yds. 3d class masonry, at $6, . . . . . . . 245,160 cu. yds. riprap, at $2.50, ........ - 2,143 sq. yds. paving, at $1.75, ........ 3,750 9,923 cu. yds. wet excavation, at $1, ....... 9,923 9,472 cu. yds. dry, at $0.50, ........ 4,736 31.317 M. f. b. m. timber, at $30, ........ 9^0 2,040 lin. ft. piling, at $0.40, ........ 1,761 lbs. bolts, at $0.05, 4,664 lin. ft. C. I. pipe culverts, 18", at $3.65, ..... 17,024 375 lin. ft. C. I. pipe culverts, 24", at $4.53, ..... 1,699 96 lin. ft. C. I. pipe culverts, 30", at $6.69, ..... 642 2,682 lin. ft. sewer pipe culverts, under 24", at $0.85, .... 2,280 328 lin. ft. sewer pipe culverts, 24" and over, at $3.57, . . ■ 1.171 Total, $642,517 VALIDATION REPORT. 533 Tabulation of Quantities and Values — Contimied. District No. 3 — Continued. (7) Ties. 301,661 main tracks, at $0.60, $180,997 124,733 sidings, at $0.45, ......... 56,130 1,157.900 M. f. b. m. switch ties, at $22, ....... 25,474 8,056 lin. ft. bridge floor, at $3, ........ 24,168 Total, $286,769 (5) Rails. nviles main track, 100 lb., at $4,790, ...... - 23.81 miles main track, 79-80 lb., at $3,830, ...... $91,192 66.74 miles main track, 74-78 lb., at $3,590, ...... 239,597 5.52 miles main track, 66-72 lb., at $3,210, ...... 17,719 10.64 miles main track, 50-65 lb., at $2,880, ...... 30,643 4.47 miles sidings, over 75 lb., at $3,590, ...... 16,047 24.79 miles sidings, 66-75 lb., at $3,210, ...... 79,576 31.01 miles sidings, 50-65 lb., at $2,880, ...... 89,309 Total, $564,083 (9) Frogs and Switches. Turnouts: — 6 100 lb. rail, at $223 $1,338 8 79-80 lb. rail, at $196, 1,568 73 74-78 lb. rail, at $178 12,994 154 66-72 lb. rail, at $147 22,638 232 50-65 lb. rail, at $140 32,480 Derails: — 100 lb. rail, at $18, ......... - 1 66-80 lb. rail, at $15, ......... 15 6 50-65 lb. rail, at $12 72 Slips: — 100 lb. rail, at $500, ......... - 74-80 lb. rail, at $300, ........ - 50-72 lb. rail, at $250 Total, $71,105 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ — 90.55 miles 74-80 lb. rail, at $430, ....... $38,937 5.52 miles 66-72 lb. rail, at $397, ....... 2,191 10.64 miles 50-65 lb. rail, at $344, ....... 3,660 Sidings: — 4.47 miles, over 75 lb. rail, at $430, ....... 1,922 24.79 miles 66-75 lb. rail, at $397, ....... 9,842 31.01 miles 50-65 lb. rail, at $344, ....... 10,667 Total, $67,219 534 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. S — Concluded. (11) Ballast. 1.42 miles stone, at $2,900, ........ $4,118 128.19 miles gravel, at $1,450, ........ 185,876 23.91 mUes other, at $1,000 23,910 Total $213,904 (12) Track Laying and Surfacing. 106.71 miles main line, at $800, ........ $85,368 60.27 miles sidings, at $600, ........ 36,162 Total, $121,530 (14) Fencing. 103.34 miles wire, at $300, ......... $31,002 0.97 miles tight board, at $1,800, ....... 1,746 6.78 miles open, at $1,000, ........ 6,780 21.34 miles stone, at $3,000, ........ 64,020 Total $103,548 (IS) Crossings and Signs. 121.000 tons metal in bridges, at $70, tons metal in bridges, at $60, 268.000 M. f. b. m. timber in bridges, at $50, 136.017 M. f. b. m. timber in crossings, at $30, 92 cu. yds. 1st class masonry, at $15, 1,724 cu. yds. 2d class masonry, at $8, . 4,750 cu. yds. 3d class masonry, at $6, . sq. yds. paving, masonry, at $1.75, 2,597 cu. yds. dry excavation, at $0.50, 890 cu. yds. other excavation (wet), at $1, 119 cattle güards, per pair, at $30, Miscellaneous signs, etc.. Auditor's statements, etc., . 13,400 4,081 1,380 13,792 28,500 1,299 890 3,570 6,645 37,564 Total, $119,591 VALIDATION REPORT. 535 Tabulation of Quantities and Values — Continued. District No. 4- (4) Grading. 162 acres clearing, at $40, ........ $6,480 46 acres grubbing, at $160, ........ 7,360 1,537,628 cu. yds. earth excavation, at $0.32, ...... 492,041 282,228 cu. yds. solid rock excavation, at $1.15, ..... 324,562 133,611 cu, yds. loose rock-excavation, at $0.65, ..... 86,847 443,773 cu. yds. borrowed excavation, at $0.32, ..... 142,007 657 cu, yds. 2d class retaining wall, at $8, ...... 5,256 7,865 cu. yds. 3d class retaining wall, at $6, ...... 47,190 60 cu. yds. riprap, at $2.50, ........ 150 Auditor's statements, etc., ........ 55,199 Total, $1,167,092 (5) Tunnels. 2,064 cu, yds, excavation at $5, Total, $10,320 $10,320 (d) Bridges, Trestles and Culverts. 488.00 tons 1st class deck girders, at $70, . . , , $34,160 tons 2d class deck girders, at $60, .... - 190.45 tons 1st class through girders, at $75, .... 14,284 32,50 tons 2d class through girders, at $65, . . , , 2,113 2,159.90 tons 1st class trussed bridges, at $80, .... 172,792 tons draw and lift bridges, at $120, .... . tons counter-weights bridges, at $50, .... . tons viaducts, at $75, ...... . lin. ft. Howe truss bridges, at $90, .... . 12,283 Un. ft. timber trestles, at $10, . . . . 122,830 lin. ft. solid floor, at $12, ...... . 68.256 M. f. b. m. stringers, etc., at $50, .... 3,143 tons I. Beam stringers, at $50, ..... . 6,639 cu. yds. 1st class masonry, at $15, .... 99,585 16,877 cu. yds. 2d class masonry, at $8, ..... 135,016 21,939 cu. yds. 3d class masonry, at $6, ..... 131,634 cu. yds. riprap, at $2.50, ...... . sq. yds. paving, at $1.75, ...... . 4,723 cu. yds. wet excavation, at $1, . 4,723 4,296 cu. yds. dry, at $0.50, ...... 2,148 40.287 M. f. b. m. timber, at $30, ...... 1,209 1,200 lin. ft. piling, at $0.40, ...... 480 2,446 lbs. bolts, at $0.05, ....... 122 1,158 lin. ft. C. I. pipe culverts, 24'' and under, at $3.65, 4,227 101 lin. ft. C. I. pipe culverts, over 24", at $11, . 1,111 295 lin. ft. sewer pipe culverts, under 24", at $0.85, 251 150 lin. ft. sewer pipe culverts, 24" and over, at $3.57, 536 Auditor's statements, etc., ...... 5,760 Total $736,124 536 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation op Quantities and Values — Continued. District No. 4 — Continued. (7) Ties. 237,579 main tracks, at $0.60, ........ $142,547 88,836 sidings, at $0.45, ......... 39,976 836.000 M. f. b. m. switch ties, at $22, ....... 18,392 14,992 lin, ft. bridge floor, at $3, ........ 44,976 Total $245,891 (5) Rails 14.30 miles main track, 100 lb., at $4,790, 11.03 miles main track, 79-80 lb., at $3,830, 52.08 miles main track, 74-78 lb., at $3,590, 7.00 miles main track, 66-72 lb., at $3,210, miles main track, 50-65 lb., at $2,880, miles sidings, over 75 lb., at $3,590, 22.88 miles sidings, 66-75 lb., at $3,210, 10.77 miles sidings, 50-65 lb., at $2,880, $68,497 42,245 186,967 22,470 73,445 31,018 Total, $424,642 (9) Frogs and Switches. Turnouts : — 100 lb. rail, at $223, . 79-80 lb. rail, at $196, 234 74-78 lb. rail, at $178, 28 66-72 lb. rail, at $147, 29 50-65 lb. rail, at $140, Derails : —• 100 lb. rail, at $18, . 7 66-80 lb. rail, at $15, . 14 50-65 lb. rail, at $12, . Slips ; — 100 lb. rail, at $500, . 8 74-80 lb. rail, at $300, 50-72 lb. rail, at $250, $41,652 4,116 4,060 105 168 2,400 Total, $52,501 (10) Track Fastenings, etc. Main track : — 14.30 miles 100 lb. rail, at $680, $9,724 63.11 miles 74-80 lb. rail, at $430, .....•• 27,137 7.00 miles 66-72 lb. rail, at $397, 2,779 miles 50—65 lb. rail, at $344, ...•■•■ Sidings: — miles, over 75 lb. rail, at $430, 22.88 miles 66-75 lb. rail, at $397, 10.77 miles 50-65 lb. rail, at $344 3,705 Total, $52,428 VALIDATION REPORT. 537 Tabulation of Quantities and Values — Continued. District No. 4 — Concluded. (11) Ballast. miles stone, at $2,900, ........ — 97.20 miles gravel, at $1,450, ........ $140,940 20.73 miles other, at $1,000, ........ 20,730 Total, $161,670 {12) Track Laying and Surfacing. 84.41 miles main line, at $800, ........ $67,528 33.65 miles sidings, at $600, ........ 20,190 Total, $87,718 {14) Fencing. 69.79 miles wire, at $300, ......... $20,937 0.25 miles tight board, at $1,800, ....... 450 1.28 miles open, at $1,000, ........ 1,280 10.81 miles stone, at $3,000, ........ 32,430 Auditor's statement, ......... 92 Total $55,189 {15) Crossings and Signs. 467.40 tons metal in bridges, at $70, ....... $32,718 tons metal in bridges, at $60, ....... — 445.000 M. f. b. m. timber in bridges, at $50, ...... 22,250 45.851 M. f. b. m. timber in crossings, at $30, ..... 1,376 4,631 eu. yds. 1st class masonry, at $15, ...... 49,465 8,501 cu. yds. 2d class masonry, at $8, ....... 68,008 186 cu. yds. 3d class masonry, at $6, ....... 1,116 sq. yds. paving, masonry, at $1.75, ...... — 3,367 cu. yds. dry excavation, at $0.50, ...... 1,684 300 cu. yds. other excavation (wet), at $1, . . . . . . 300 88 cattle guards, per pair, at $30, ....... 2,640 Miscellaneous signs, etc., ........ 4,379 Auditor's statements, ........ 24,023 Total, $227,959 538 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continmd. District No. 5. t4) Grading. 196 acres clearing, at $40, ........ $7,840 71 acres grubbing, at $160, ........ 11,360 336,119 ou. yds. earth excavation, at $0.32, ...... 107,558 155,468 cu. yds. solid rock excavation, at $1.15, ..... 178,788 28,833 cu. yds. loose rock excavation, at $0.65, ..... 18,741 124,215 cu. yds. borrowed excavation, at $0.32, ..... 39,749 cu. yds. 2d class retaining wall, at $8, ...... - 2,692 cu. yds. 3d class retaining wall, at $6, ...... 16,152 111 cu. yds. riprap, at $2.50, ........ 278 Auditor's statements, etc., ........ 21,433 Total $401,809 (5) Tunnels. 3,420 cu. yds. excavation, at $5, . . . . . . . . $17,100 Total $17,100 (6) Bridges, Trestles and Culverts. 956.00 tons 1st class deck girders, at $70, 39.75 tons 2d class deck girders, at $60, 313.35 tons 1st class through girders, at $75, tons 2d class through girders, at $65, 627.85 tons 1st class trussed bridges, at $80, tons draw and lift bridges, at $120, tons counter-weights bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90, 12,283 lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, 302.940 M. f. b. m. stringers, etc., at $50, tons I. beam stringers, at $50, 240 cu. yds. 1st class masonry, at $15, 6,887 cu. yds. 2d class masonry, at $8, . 7,137 cu. yds. 3d class masonry, at $6, . cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75, 2,477 cu. yds. wet excavation, at $1, 3,073 cu. yds. dry, at $0.50, 28.660 M. f. b. m. timber, at $30, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, 649 lin. ft. C. I. pipe culverts, 18", at $3.65, 38 lin. ft. C. I. pipe culverts, 30", at $6.69, 193 lin. ft. C. I. pipe culverts, 36", at $8.94, 1,033 lin. ft. sewer pipe culverts, under 24", at $0.85, 45 lin. ft. sewer pipe culverts, 24" and over, at $3.57 Total, $392,790 VALIDATION REPORT. 539 Tabulation of Quantities and Values — Continued. District No. 6 — Continued. (7) Ties. 124,652 main tracks at $0.60, ......... $74,791 25,851 sidings, at $0.45, ......... 11,633 263.400 M. f. b. m. switch ties, at $22, ....... 5,795 3,708 lin. ft. bridge floor, at $3, ........ 11,124 Total $103,343 (5) Rails. miles main track, 100 lb., at $4,790, ...... — 0.30 miles main track, 79-80 lb., at $3,830, ...... $1,149 34.64 miles main track, 74-78 lb., at $3,590, ...... 124,358 6.60 miles main track, 66-72 lb., at $3,210, ...... 21,186 5.40 miles main track, 50-65 lb., at $2,880, ...... 15,552 0.43 miles sidings, over 75 lb,, at $3,590, ...... 1,544 3.26 miles sidings, 66-75 lb., at $3,210, ...... 10,465 6.06 miles sidings, 50-65 lb., at $2,880, ...... 17,453 Total, $191,707 (9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223, ......... - 42 79-80 lb. raü, at $196, $8,232 74-78 lb. raü, at $178 18 66-72 lb. raü, at $147, 2.646 42 50-65 lb. rail, at $140, 5,880 Derails: — 100 lb. rail, at $18, ......... - 5 66-80 lb. rail, at $15, 75 23 50-65 lb. raü, at $12 276 Slips: — 100 lb. rail, at $500, ......... - 2 74-80 lb. raü, at $300, 600 50-72 lb. rail, at $250, ........ Total $17,709 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ — 34.94 miles 74-80 lb. rail, at $430, ....... $15,024 6.60 miles 66—72 lb. rail, at $397, ....... 2,620 5.40 miles 50-65 lb. rail, at $344, ....... 1,858 Sidings:— 0.43 miles, over 75 lb. rail, at $430, ....... 185 3.26 miles 66-75 lb. rail, at $397, ....... 1,294 6.06 miles 50-65 lb. rail, at $344, ....... 2,085 Total, $23,066 540 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation or Quantities and Values — Continued. District No. 5 — Concluded. til) Ballast. miles stone, at $2,900, ........ - 51.15 miles gravel, at $1,450, ........ $74,168 5.54 miles other, at $1,000, ........ 5,540 Total $79,708 {lê) Track Laying and Surfacing. 46.94 miles main line, at $800, ........ $37,552 9.75 miles sidings, at $600, ........ 5,850 Total $43,402 (14) Fencing. 55.54 miles wire, at $300, ......... $16,662 miles tight board, at $1,800, ....... - 0.88 miles open, at $1,000, ........ 880 3.61 miles stone, at $3,000, ........ 10,830 Total $28,372 (15) Crossings and Signs. tons metal in bridges, at $70, tons metal in bridges, at $60, 11.000 M. f. b. m. timber in bridges, at $50, 54.171 M. f. b. m. timber in crossings, at $30, cu. yds. 1st class masonry, at $15, cu. yds. 2d class masonry, at $8, . 91 cu. yds. 3d class masonry, at $6, . sq. yds. paving, masonry, at $1.75, 50 cu. yds. dry excavation, at $0.50, cu. yds. other excavation, . 56 cattle guards, per pair, at $30, Miscellaneous signs, etc.. $550 1,625 546 25 1,680 3,233 Total, $7,659 VALIDATION REPORT. 541 Tabulation of Quantities and Values — Continued. District No. 6. (4) Grading. 141 acres clearing, at $40, 13 acres grubbing, at $160, 1,419,444 cu. yds. earth excavation, at $0.32, 184,481 cu. yds. solid rock excavation, at SI.15, 4,441 cu. yds. loose rock excavation, at $0.65, 476,458 cu. yds. borrowed excavation, at $0.32, 16,062 cu. yds. 2d class retaining wall, at $8, . 15,959 cu. yds. 3d class retaining wall, at $6, . 32,855 cu. yds. riprap, at $2.50, Auditor's statements, etc., . Total, ..... $5,640 2,080 454,222 212,153 2,887 152,467 128,496 95,754 82,138 303,216 $1,439,053 (5) Tunnels. cu. yds. excavation, at $5, . Total, ..... {6) Bridges^ Trestles and Culverts. 1,307.65 tons 1st class deck girders, at $70, ...... $91,536 28.50 tons 2d class deck girders, at $60, ...... 1,710 1,105.15 tons 1st class through girders, at $75, ...... 83,886 tons 2d class through girders, at $65, ...... - 1,968.35 tons 1st class trussed bridges, at $80, ...... 157,468 tons draw and lift bridges, at $120, ...... - tons counter-weights bridges, at $50, ...... - tons viaducts, at $75, ........ - 42 lin. ft. Howe truss bridges, at $90, ...... 3,780 5,244 lin. ft. timber trestles, at $10, ....... 52,440 lin. ft. solid floor, at $12, ........ - 192.130 M. f. b. m. stringers, at $50, ....... 9,607 10 tons I. beam stringers, at $50, ....... 500 3,137 cu. yds. 1st class masonry, at $15, ...... 47,055 19,167 cu. yds. 2d class masonry, at $8, ....... 153,336 14,907 cu. yds. 3d class masonry, at $6, ....... 89,442 cu. yds. riprap, at $2.50, ........ - sq. yds. paving, at $1.75, ........ — 8,248 cu. yds. wet excavation, at $1, . . . . . . . 8,248 4,098 cu. yds. dry, at $0.50, ........ 2,049 14.164 M. f. b. m. timber, at $30, ........ 425 lin. ft. piling, at $0.40, ........ - 3,056 lbs. bolts, at $0.05, ......... 153 860 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, . . . 3,139 137 lin. ft. C. I. pipe culverts, over 24", at $11, ..... 1,507 1,743 lin. ft. sewer pipe culverts, under 24", at $0.85, .... 1,482 124 lin. ft. sewer pipe culverts, 24" and over, at $3.57, . . . 443 Auditor's statements, etc., ........ 22,976 Total, $730,182 242 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 6 — Continued. (7) Ties. 250,177 main tracks, at $0.60, ........ $150,106 115,245 sidings, at $0.45, ......... 51,860 833.800 M. f. b. m. switch ties, at $22, ....... 18,344 9,927 lin. ft. bridge floor,^ at $3, ........ 29,781 Total, $250,091 (8) Rails miles main track, 100 lb., at $4,790, ...... - 18.10 miles main track, 79-80 lb., at $3,830, ...... $69,323 62.72 miles main track, 74-78 lb., at $3,590, . . . . . ■ 225,165 4.40 miles main track, 66-72 lb., at $3,210, ...... 14,124 2.92 miles main track, 50-65 lb., at $2,880, ...... 8,410 4.40 miles sidings, over 75 lb., at $3,590, ...... 15,796 14.60 miles sidings, 66-75 lb., at $3,210, . . - - • ■ 46,866 24.22 miles sidings, 50-65 lb., at $2,880, ...... 69,754 Total, $449,438 (P) Frogs and Switches. Turnouts: — 3 100 lb. rail, at $223, . 12 79-80 lb. rail, at $196, 216 74-78 lb. rail, at $178, 66-72 lb. rail, at $147, 64 50-65 lb. rail, at $140, Derails: — 1 100 lb. rail, at $18, 3 66-80 lb. rail, at $15, . 32 50-65 lb. rail, at $12, . Slips: — 100 lb. rail, at $500, . 13 74r-80 lb. rail, at $300, 50-72 lb. rail, at $250, Total, $54,776 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, 80.82 miles 74-80 lb. rail, at 4.40 miles 66—72 lb. rail, at $397, .....•■ ^ 2.92 miles 50-65 lb. rail, at $344, Sidings: — 4.40 miles, over 75 lb. rail, at $430, .....-• cVoa 14.60 miles 66-75 lb. rail, at $397, 24.22 miles 50-65 lb. rail, at $344, ' Total • ■ • • ®53.524 VALIDATION REPORT. 543 Tabulation of Quantities and Values — Continued. District No. 6 — Concluded. (ÎÎ) Ballast. miles stone, at $2,900, ........ — 117.98 miles gravel, at $1,450, ........ $171,071 13.29 miles other, at $1,000, ........ 13,290 Total, $184,361 {12) Track Laying and Surfacing. 88.14 miles main line, at $800, ........ $70,512 43.12 miles sidings, at $600, ........ 25,872 Total $106,384 {14) Fencing. 24.41 miles wire, at $300, ......... $7,323 miles tight board, at $1,800, ....... — 0.67 miles open, at $1,000, ........ 670 0.37 miles stone, at $3,000, . . . . . . ... 1,110 Auditor's statements, etc., ........ 1,036 Total, $10,139 {15) Crossings and Signs. 212.50 tons metal in bridges, at $70, ....... $14,875 tons metal in bridges, at $60, ....... — 102.000 M. f. b. m. timber in bridges, at $50, ...... 5,100 43.985 M. f. b. m. timber in crossings, at $30, . . . . \ . 1,320 388 cu. yds. 1st class masonry, at $15, ...... 5,820 3,266 cu. yds. 2d class masonry, at $8, ....... 26,128 2,319 cu. yds. 3d class masonry, at $6, . . . . . . . 13,914 sq. yds. paving, masonry, at $1.75, ...... - 1,785 cu. yds. dry excavation, at $0.50, ...... 893 cu. yds. other excavation, ........ - 5 cattle guards, per pair, at $30, ....... 150 Miscellaneous signs, etc., ........ 5,614 Auditor's statements, etc., ........ 2,323 Total, $76,137 544 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 7. (4) Grading. 75 acres clearing, at $40, ......... $3,000 20 acres grubbing, at $160, ........ 3,200 1,457,525 cu. yds. earth excavation, at $0.32, ...... 466,408 80,565 cu. yds. solid rock excavation, at $1.15, ..... 92,650 cu. yds. loose rock excavation, at $0.65, ..... - 1,449,032 cu. yds. borrowed excavation, at $0.32, ..... 463,690 4,757 cu. yds. 2d class retaining wall, at $8, ...... 38,056 14,564 cu. yds. 3d class retaining wall, at $6, . . . . . . 87,384 7,340 lin. ft. piling, at $0.40, ........ 2,936 55.890 M. f. b. m, timber, at $50, ........ 2,795 Auditor's statements, etc., ........ 59,962 Total, $1,220,081 (5) Tunnels. 2,307 cu. yds. excavation, at $0.50, ....... $1,154 5,079 cu. yds. 2d class masonry, at $8, ....... 40,632 1,600 cu. yds, brick lining, at $15, ....... 24,000 Total $65,786 (6) Bridges, Trestles and Culverts. 4,317.20 tons 1st class deck girders, at $70, ...... $302,204 17.00 tons 2d class deck girders, at $60, ...... 1,020 218.90 tons 1st class through girders, at $75, ...... 16,418 tons 2d class through girders, at $65, ...... - 408.000 tons^ 1st class trussed bridges, at $80, ...... 32,640 tons draw and lift bridges, at $120, ...... tons counter-weights bridges, at $50, ...... tons viaducts, at $75, ........ - lin. ft. Howe truss bridges, at $90, ...... 24 lin. ft. timber trestles, at $10, ....... 240 lin. ft. solid floor, at $12, ........ 2.000 M. f. b. m. stringers, at $50, ....... 100 0.75 tons I. beam stringers, etc., at $50, ...... 38 8,211 cu. yds. 1st class masonry, at $15, ...... 123,165 21,374 cu. yds. 2d class masonry, at $8, ....... 170,992 17,459 cu. yds. 3d class masonry, at $6, ....... 104,754 cu. yds. riprap, at $2.50, ........ " sq. yds. paving, at $1.75, ........ 3,702 cu. yds. wet excavation, at $1, ....... 3,702 11,148 cu. yds. dry, at $0.50, ........ 5,574 3.080 M. f. b. m. timber, at $30, 02 lin. ft. piling, at $0.40, ........ *" lbs. bolts, at $0.05, ......... 1,219 lin. ft, C, I. pipe culverts, 18", at $3.65, ..... 4,449 60 lin. ft. C. I. pipe culverts, 24", at $4.53, ..... 272 113 lin. ft, C. I. pipe culverts, 36", at $8.94, . . . ■ • 1,010 1,811 lin, ft. sewer pipe culverts, under 24", at $0.85, .... 1,539 lin, ft. sewer pipe culverts, 24" and over, at $3.57, ... ~ Total, $768,209 VALIDATION REPORT. 545 Tabulation of Quantities and Values ■— Continued. District No. 7 ■— Continued. (7) Ties. 380,625 main tracks, at 80.60, ........ 8228,375 239,971 sidings, at 80.45, ......... 107,987 1,694.800 M. f. b. m. switch ties, at 822, ....... 37,286 7,785 lin. ft. bridge floor, at S3, ........ 23,355 Total 8397,003 (5) Rails. 120.60 miles main track, 100 lb., at 84,790, ...... 8577,674 miles main track, 79-80 lb., at $3,830, ...... — 0.20 miles main track, 74-78 lb., at 83,590, ...... 718 miles main track, 66-72 lb., at 83,210, ...... - 4.07 miles main track, 50-65 lb., at $2,880, ...... 11,722 16.43 miles sidings, over 75 lb., at $3,590, ...... 58,984 40.63 miles sidings, 66-75 lb., at 83,210, ...... 130,422 32.22 miles sidings, 50-65 lb., at $2,880, ...... 92,794 Total 8872,314 (9) Frogs and Switches. Turnouts: — 208 100 lb. rail, at $223, $46,384 25 79-80 lb, rail, at $196 4,900 76 74-78 lb. rail, at $178, 13,528 22 66-72 lb. rail, at $147, 3,234 324 50-65 lb. rail, at $140 45,360 Derails: — 3 100 lb. rail, at 818, ......... 54 66-80 lb. rail, at 815, ......... - 50-65 lb. rail, at $12, Slips: ■— 4 100 lb. rail, at $500, 2,000 7 74-80 lb. rail, at 8300, 2,100 7 50-72 lb. rail, at 8250, 1,750 Total, $119,310 (W) Track Fastenings, etc. Main track: — 120.60 miles 100 lb. rail, at 8680, ........ 882,000 0.20 miles 74-80 lb. rail, at $430, ....... 86 miles 66-72 lb. rail, at $397, ....... - 4.07 miles 50-65 lb. rail, at $344, ....... 1,400 Sidings: — 16.43 miles, over 75 lb. rail, at $430, ....... 7,065 40.63 miles 66-75 lb. rail, at $397, 16,130 32.22 miles 50-65 lb. rail, at $344, 11,084 Total, $117,773 546 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 7 — Concluded. (11) Ballast. 116.20 miles stone, at $2,900, ........ $336,980 71.36 miles gravel, at $1,450, ........ 103,472 26.59 miles other, at $1,000, ........ 26,590 Total, $467,042 (12) Track Laying and Surfacing. 124.87 miles main line, at $800, ........ $99,896 89.28 miles sidings, at $600, ........ 53,568 Total, $153,464 (H) Fencing. 57.65 miles wire, at $300, ......... $17,295 0.34 miles tight board, at $1,800, ....... 612 2.63 miles open, at $1,000, ........ 2,630 0.28 miles stone, at $3,000, ........ 840 Total, .......... $21,377 (IB) Crossings and Signs. 287.95 tons metal in bridges, at $70, ....... $20,157 14.00 tons metal in bridges, at $60, ....... 840 195.000 M. f. b. m. timber in bridges, at $50, ...... 9,750 50.736 M. f. b. m. timber in crossings, at $30, ..... 1,522 en. yds. 1st class masonry, at $15, ...... - 953 cu. yds. 2d class masonry, at $8, . . . . . . • 7,624 5,348 cu. yds. 3d class masonry, at $6, . . . . . . • 32,088 square yds. paving, masonry, at $1.75, ..... - 2,664 cu. yds. dry excavation, at $0.50, ...... 1,332 cu. yds. other excavation, ........ ~ 60 cattle guards, per pair, at $30, ....... 1,800 Miscellaneous signs, etc., ........ 10,972 Auditor's statements, etc., ........ 55,789 Total, $141,874 VALIDATION REPORT. 547 Tabulation of Quantities and Values — Continued. District No. 8. (4) Grading. 209 acres clearing, at $40, ........ $8,360 80 acres grubbing, at $160, . . ' . . . . . . 12,800 1,471,992 cu. yds. earth excavation, at $0.32, ...... 471,037 572,124 cu. yds. solid rock excavation, at $1.15, ..... 657,943 12,536 cu, yds. loose rock excavation, at $0.65, ..... 8,148 1,538,287 cu. yds. borrowed excavation, at $0.32, ..... 492,252 cu. yds. 2d class retaining wall, at $8, ...... - 2,689 cu. yds. 3d class retaining wall, at $6, ...... 16,134 660 cu. yds. riprap, at $2.50, ........ 1,650 3,162 sq. yds. sodding, at $0.30, ........ 949 Total, $1,669,273 (5) Tunnels. cu. yds. excavation, at $5, ........ - Total, .......... ~ {6) Bridges, Trestles and Culverts. 526.05 tons 1st class deck girders, at $70, ...... $36,824 tons 2d class deck girders, at $60, ...... - 47.50 tons 1st class through girders, at $75, ...... 3,563 tons 2d class through girders, at $65, ...... — 877.50 tons 1st class trussed bridges, at $80, . . . . . . 70,200 tons draw and lift bridges, at $120, ...... - tons counter-weights bridges, at $50, ...... - 1,245.00 tons viaducts, at $75, ........ 93,375 lin. ft. Howe truss bridges, at $90, ...... - 413 lin. ft. timber trestles, at $10, ....... 4,130 lin. ft. solid floor, at $12, ........ - 195.000 M, f. b. m. stringers, at $50, ....... 9,750 6 tons I. beam stringers, at $50, ....... 300 cu. yds. 1st class masonry, at $15, ...... - 43,212 cu. yds. 2d class masonry, at $8, ....... 345,696 37,850 cu, yds. 3d class masonry, at $6, ....... 227,100 cu. yds. riprap, at $2.50, ........ - sq. yds. paving, at $1.75, ........ 23,294 cu. yds. wet excavation, at $1, . . . . . . . 23,294 11,047 cu. yds. dry, at $0.50, ........ 5,524 4.170 M. f. b. m. timber, at $30, ........ 125 31,200 lin. ft. piling, at $0.40, ........ 12,480 10,000 lbs. bolts, at $0.05, ......... 500 686 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, . . . 2,504 62 lin. ft. C. I. pipe culverts, over 24", at $11, . . . . . 682 132 lin, ft. sewer pipe culverts, under 24", at $0.85, . . . . 112 32 lin. ft. sewer pipe culverts, 24" and over, at $3.57, ... 114 Total, $836,273 548 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values ■— Continued. District No. 8 — Continued. (7) Ties. 170,077 main tracks, at SO.60, ......... S102,046 47,177 sidings, at $0.45, ......... 21,230 380.800 M. f. b. m. switch ties, at $22, ....... 8,378 5,210 lin. ft. bridge floor, at $3, ........ 15,630 Total, $147,284 (S) Rails. miles main track, 100 lb., at $4,790, ...... - miles main track, 79-80 lb., at $3,830, ...... - 54.20 miles main track, 74-78 lb., at $3,590, ...... $194,578 2.45 miles main track, 66—72 lb., at $3,210, ...... 7,865 3.44 miles main track, 50-65 lb., at $2,880, ...... 9,907 1.32 miles sidings, over 75 lb., at $3,590, ...... 4,739 1.65 miles sidings, 66-75 lb., at $3,210, ...... 5,296 14.77 miles sidings, 50-65 lb., at $2,880, ...... 42,538 Total, $264,923 (S) Turnouts: —• 100 lb. rail, at $223, . 79-80 lb. rail, at $196, 80 74-78 lb. rail, at $178, 66-72 lb. rail, at $147, 64 50-65 lb. rail, at $140, Derails: — 100 lb. rail, at $18, 11 66-80 lb. rail, at $15, . 50-65 lb. rail, at $12, . Slips: — 100 lb. rail, at $500, . 2 74-80 lb. rail, at $300, 50-72 lb. rail, at $250, Total, {10) Track Main track: — miles 100 lb. rail, at $680, . 54.20 miles 74-80 lb. rail, at $430, 2.45 miles 66—72 lb. rail, at $397, 3.44 miles 50—65 lb. rail, at $344, Sidings: —• 1.32 miles, over 75 lb. rail, at $430, 1.65 miles 66-75 lb. rail, at $397, 14.77 miles 50-65 lb. rail, at $344, Total, Frogs and Switches. . . $14,240 !!!!.... 8,960 !!'!...• 165 600 $23,965 Fastenings, etc. $23,306 973 1,183 568 655 5,081 $31,766 VALIDATION REPORT. 549 Tabulation of Quantities and Values — Continued. District No. 8 — Concluded. (11) Ballast. 3.30 miles stone, at $2,900, ........ $9,570 63.86 miles gravel, at $1,450, ........ 92,597 9.37 miles other, at $1,000, ........ 9,370 Total, $111,537 (12) Track Laying and Surfacing. 60.09 miles main line, at $800, ........ $48,072 17.74 miles sidings, at $600, ........ 10,644 Total, .......... $58,716 (14) Fencing. 72.54 miles wire, at $300, ......... $21,762 0.64 miles tight board, at $1,800, ....... 1,152 0.57 miles open, at $1,000, ........ 570 miles stone, at $3,000, ........ — Total $23,484 (15) Crossings and Signs. 98.45 tons metal in bridges, at $70, ....... $6,892 tons metal in bridges, at $60, ....... - 260.000 M. f. b. m. timber in bridges, at $50, ...... 13,000 7.300 M. f. b. m. timber in crossings, at $30, ..... 219 cu. yds. 1st class masonry, at $15, ...... - 12,224 cu. yds. 2d class masonry, at $8, ....... 97,792 1,191 cu. yds. 3d class masonry, at $6, ....... 7,146 sq. yds. paving, masonry, at $1.75, ...... - 11,726 cu. yds. dry excavation, at $0.50, ...... 5,863 cu. yds. other excavation, ........ - 52 cattle guards, per pair, at $30, ....... 1,560 Miscellaneous signs, etc., ........ 2,136 Auditor's statements, etc., ........ 20,321 Total, $154,929 550 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 9. (4) Grading. 156 acres clearing, at $40, ........ $6,240 17 acres grubbing, at $160, . . . . . . . . 2,720 459,523 cu. yds. earth excavation, at $0.32, ...... 147,047 36,952 cu. yds. solid rock excavation, at $1.15, ..... 42,495 cu. yds. loose rock excavation, at $0.65, ...... 239,618 cu. yds. borrowed excavation, at $0.32, ..... 76,678 cu. yds. 2d class retaining wall, at $8, ...... - 5,771 cu. yds. 3d class retaining wall, at $6, ...... 34,626 Total $309,806 (5) Tunnels. cu. yds. excavation, at $5, ........ - Total, .......... - (6) Bridges, Trestles and Culverts. 304.50 tons 1st class deck girders, at $70, ...... $21,315 22.50 tons 2d class deck girders, at $60, ...... 1,350 371.50 tons 1st class through girders, at $75, ...... 27,863 tons 2d class through girders, at $65, ...... - 75.00 tons 1st class trussed bridges, at $80, ...... 6,000 tons draw and lift bridges, at $120, ...... tons counter-weights bridges, at $50, ...... - tons viaducts, at $75, ........ - 105 lin. ft. Howe truss bridges, at $90, ...... 9,450 4,577 lin. ft. timber trestles, at $10, ....... 45,770 lin. ft. solid floor, at $12, ........ - 56.336 M. f. b. m. stringers, at $50, ....... 2,817 tons I. beam stringers, at $50, ....... - 94 cu. yds. 1st class masonry, at $15, ...... 1,410 8,977 cu. yds. 2d class masonry, at $8, . . . . . . . 71,816 5,951 cu. yds. 3d class masonry, at $6, . . . . . . . 35,706 cu. yds. riprap, at $2.50, ........ ~ sq. yds. paving, at $1.75, ........ " 2,769 cu. yds. wet excavation, at $1, . . . . . . • 2,769 2,141 cu. yds. dry, at $0.50, ......•• 1,071 46.610 M. f. b. m. timber, at $30, ........ 1,398 47,013 lin. ft. piling, at $0.40, ......■■ 18,805 934 lbs. bolts, at $0.05, 148 lin. ft. C. I. pipe culverts, 18", at $3.65, ..... 48 lin. ft. C. I. pipe culverts, 24", at $4.53, ..... 217 64 lin. ft. C. I. pipe culverts, 36", at $8.94, ..... 572 lin. ft. sewer pipe culverts, under 24", at $0.85, .... "" lin. ft. sewer pipe culverts, 24" and over, at $3.57, ... Total, $248,916 VALIDATION REPORT. 551 Tabulation of Quantities and Values — Continued. District No. 9 — Continued. (7) Ties. 85,920 main tracks, at $0.60, ........ $51,552 36,089 sidings, at $0.45, ......... 16,240 L87.000 M. f. b. m. switch ties, at $22, ....... 4,114 7,088 lin. ft. bridge floor, at $3, . . . . . . . . 21,264 Total $93,170 (5) Rails, miles main track, 100 lb., at $4,790, ...... — miles main track, 79-80 lb., at $3,830, ...... - miles main track, 74-78 lb., at $3,590, ...... - miles main track, 66-72 lb., at $3,210, ...... - 33.89 miles main track, 50-65 lb., at $2,880, ...... $97,603 miles sidings, over 75 lb., at $3,590, ...... - miles sidings, 66-75 lb., at $3,210, ...... - 13.67 miles main track, 50-65 lb., at $2,880, ...... 39,370 Total, .......... $136,973 {9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223 79-80 lb. rail, at $196, ........ - 74-78 lb. rail, at $178, ........ - 66-72 lb. rail, at $147, ........ - 85 50-65 lb. rail, at $140 $11,900 Derails: — 100 lb. rail, at $18, ......... — 66-80 lb. rail, at $15, ......... - 18 50-65 lb. rail, at $12 216 Slips; — 100 lb. rail, at $500, ......... - 74-80 lb, rail, at $300, ........ - 50-72 lb. rail, at $250, ........ - Total, $12,116 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ......... - miles 74-80 lb. rail, at $430, ....... - miles 66-72 lb. rail, at $397, ....... — 33.89 miles 50-65 lb. rail, at $344, ....... $11,658 Sidings: — miles, over 75 lb. rail, at $430, ....... — miles 66-75 lb. rail, at $397, ....... - 13.67 miles 50-65 lb. rail, at $344, ....... 4,702 Total, $16,36a 552 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 9 — Concluded. (11) Ballast. 1.14 miles stone, at S2,900, ........ $3,30& 29.57 miles gravel, at $1,450, ........ 42,877 16.85 miles other, at $1,000, ........ 16,850 Total, $63,033 (lê) Track Laying and Surfacing. 33.89 miles main line, at $800, ........ $27,112 13.67 miles sidings, at $600, ........ 8,202 Total, $35,314 {IJf) Fencing. 45.14 miles wire, at $300, ......... $13,542 0.09 miles tight board, at $1,800, ....... 162 0.19 miles open, at $1,000, ........ 190 miles stone, at $3,000, ........ - Total $13,894 (15) Crossings and Signs. 29.000 tons metal in bridges, at $70, tons metal in bridges, at $60, 495.000 M. f. b. m. timber in bridges, at $50, 15.344 M. f. b. m. timber in crossings, at $30, cu. yds. 1st class masonry, at $15, 9,046 cu. yds. 2d class masonry, at $8, . 98 cu. yds. 3d class masonry, at $6, . sq. yds. paving, masonry, $1.75, . 1,901 cu. yds. dry excavation, at $0.50, 1,286 cu. yds. other excavation (wet), at $1, 20 cattle guards, per pair, at $30, 10,060 lin. ft. piling, at $0.40, Miscellaneous signs, etc.. 24,750 460 72,368 588 951 1,286 600 4,024 1,447 Total, $108,504 VALIDATION REPORT. 553 Tabulation of Quantities and Values — Continued. District No. 10. (4) Grading. 327 acres clearing, at S40, . - , . . . . . . . $13,080 62 acres grubbing, at $160, ........ 9,920 791,576 cu. yds. earth excavation, at $0.32, ...... 253,304 55,099 cu. yds. solid rock excavation, at $1.15, ..... 63,364 6,139 cu. yds. loose rock excavation, at $0.65, ..... 3,990 344,324 cu. yds. borrowed excavation, at $0.32, ..... 110,184 cu. yds. 2d class retaining wall, at $8, ...... - 2,228 cu. yds. 3d class retaining wall, at $6, ...... 13,368 150 cu. yds. riprap, at $2.50, ........ 375 Total, $467,585 (5) Tunnels. cu. yds. excavation, at $5, . Total, ..... {6) Bridges, Trestles and Culverts 284.00 tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, 28.05 tons 1st class through girders, at $75, tons 2d class through girders, at $65, tons 1st class trussed bridges, at $80, tons draw and lift bridges, at $120, tons counter-weights bridges, at $50, tons viaducts, at $75, 834 lin. ft. Howe truss bridges, at $90, 672 lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, 73.000 M. f. b. m. stringers, at $50, 3.75 tons I. beam stringers, at $50, cu. yds. 1st class masonry, at $15 2,294 cu. yds. 2d class masonry, at $8, 18,333 cu. yds. 3d class masonry, at $6, 830 cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75, 3,352 cu. yds. wet excavation, at $1, 2,734 cu. yds. dry, at $0.50, 12.429 M. f. b. m. timber, at $30, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, 499 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, lin. ft. C. I. pipe culverts, over 24", at $11, . lin. ft. sewer pipe culverts, under 24", at $0.85, lin. ft. sewer pipe culverts, 24" and over, at $3.57, Total, $244,941 554 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values ■— Continued. District No. 10 — Continued. (7) Ties. 102,777 main tracks, at $0.60, ........ $61,666 20,724 sidings, at $0.45, ......... 9,326 186.700 M. f. b. m. switch ties, at $22, ....... 4,107 2,451 lin. ft. bridge floor, at $3, . . . . . . . . 7,353 Total, $82,452 (S) Rails. miles main track, 100 lb., at $4,790, ...... - 11.20 miles main track, 79-80 lb., at $3,830, ...... $42,896 9.90 miles main track, 74-78 lb., at $3,590, ...... 35,541 6.10 miles main track, 66-72 lb., at $3,210, ...... 19,581 9.98 miles main track, 50-65 lb., at $2,880, ...... 28,742 miles sidings, over 75 lb., at $3,590, ...... - 2.39 miles sidings, 66-75 lb., at $3,210, ...... 7,672 5.46 miles sidings, 50-65 lb., at $2,880, ...... 15,725 Total, $150,157 {9) Frogs and Switches. Turnouts : — 100 lb. rail, at $223, ......... - 2 79-80 lb. rail, at $196, S392 35 74-78 lb. rail, at $178, 6,230 3 66-72 lb. rail, at $147, 441 31 50-65 lb. rail, at $140, 4,340 Derails: — 100 lb. rail, at $18, ......... - 66-80 lb. rail, at $15, ~ 31 50-65 lb. rail, at $12, 372 Slips; — 100 lb. rail, at $500, ......... ~ 74-80 lb. rail, at $300, 50-72 lb. rail, at $250, Total, $11,775 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ 21.10 miles 74-80 lb. rail, at $430 $9,073 6.10 mües 66-72 lb. rail, at $397 2,422 9.98 miles 50—65 lb. rail, at $344, ....... 3,433 Sidings; — miles, over 75 lb. rail, at $430, ....... 2.39 miles 66—75 lb. rail, at $397, .....*• ^^2 5.46 miles 50-65 lb. rail, at $344 1-878 Total, $17,755 VALIDATION REPORT. 555 Tabulation of Quantities and Values — Continued. District No. 10 — Concluded. (11) Ballast. miles stone, at $2^900, ........ - 28.37 miles gravel, at 81,450, ........ 841,137 16.63 miles other, at 81,000, 16,630 Total 857,767 t (12) Track Laying and Surfacing. 37.18 miles main line, at 8800, ........ 829,744 7.85 miles sidings, at 8600, ........ 4,710 Total, 834,454 (14) Fencing. 36.03 ipiles ívire, at 8300, . . ., . ... . . . 810,809 0.37 miles tight board, at 81,800, ....... 666 2.80 miles open, at 81,000, ........ 2,800 1.32 miles stone, at 83,000, ........ 3,960 Total 818,235 (15) Crossings and Signs. tons metal in bridges, at 870, ....... - tons metal in bridges, at 860, ....... - 19.000 M. f. b. m. timber in bridges, at 850, ...... 8950 49.714 M. f. b. m. timber in crossings, at 830, ..... 1,491 eu. yds. 1st class masonry, at 815, ...... - cu. yds. 2d class masonry, at 88, ....... - 111 cu. yds. 3d class masonry, at 86, ....... 666 sq. yds. paving, masonry, at 81.75, ...... — 60 cu. yds. dry excavation, at 80.50, ...... 30 cu. yds. other excavation, ........ - 7 cattle guards, per pair, at 830, ....... 210 Miscellaneous signs, etc., ........ 1,990 Total, 85,337 556 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and —Continued. District No. 11. (4) Grading. 84 acres clearing, at $40, ........ $3,360 15 acres grubbing, at $160, ........ 2,400 144,871 cu. yds. earth excavation, at $0.32, ...... 46,359 cu. yds. solid rock excavation, at $1.15, ..... - cu. yds. loose rock excavation, at $0.65, ..... 11,071 cu. yds. borrowed excavation, at $0.32, ..... 3,543 cu. yds. 2d class retaining wall, at $8, ...... cu. yds. 3d class retaining wall, at $6, ..... . ~ Total, ■ . $55,662 (5) Tunnels. cu. yds. excavation, at $5, . Total, ..... (ß) Bridges, Trestles and Culverts. 7.45 tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, tons 1st class through girders, at $75, tons 2d class through girders, at $65, tons 1st class trussed bridges, at $80, tons draw and lift bridges, at $120, tons counter-weights bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90, lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, 7.000 M. f. b. m. stringers, at $50, tons I. beam stringers, at $50, 112 cu. yds. 1st class masonry, at $15 300 cu. yds. 2d class masonry, at $8, 1,554 cu. yds. 3d class masonry, at $6, cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75, 107 cu. yds. wet excavation, at $1, 124 cu. yds. dry, at $0.50, .557 M. f. b. m. timber, at $30, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, 31 lin. ft. C. I. pipe culverts, 24" and under, at $3.65 lin. ft. C. I. pipe culverts, over 24", at $11, . 145 lin. ft. sewer pipe culverts, under 24", at $0.85, lin. ft. sewer pipe culverts, 24" and over, at $3.57, Total, $14,698 VALIDATION REPORT. 557 Tabulation of Quantities and Values — Continued. District No. 11 — Continued. (7) Ties. 18,600 main tracks, at $0.60, ........ $11,160 2,191 sidings, at $0.45, ......... 986 28.600 M. f. b. m. switch ties, at $22, ....... 629 141 lin. ft. bridge floor, at $3, . . . . . . . . 423 Total $13,198 (8) Rails. miles main track, 100 lb., at $4,790, ...... - miles main track, 79-80 lb., at $3,830, ...... — miles main track, 74-78 lb., at $3,590, ...... - miles main track, 66-72 lb., at $3,210, ...... — 7.07 miles main track, 50-65 lb., at $2,880, ...... $20,362 miles sidings, over 75 lb., at $3,590, ...... - miles sidings, 66-75 lb., at $3,210, ...... - 0.83 miles sidings, 50-65 lb., at $2,880, ...... 2,390 Total $23,252 (9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223, . 79-80 lb. rail, at $196, 74-78 lb. rail, at $178, 66-72 lb. rail, at $147, 13 50-65 lb. rail, at $140, Derails: — 100 lb. rail, at $18, 66-80 lb. rail, at $15, . 50-65 lb. rail, at $12, . Slips: — 100 lb. rail, at $500, . 74-80 lb. rail, at $300, 50-72 lb. rail, at $250, ,820 Total, ,820 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ - miles 74-80 lb. rail, at $430, ....... - miles 66-72 lb. rail, at $397, ....... — 7.07 miles 50-65 lb. rail, at $344, ....... $2,432 Sidings: — miles, over 75 lb. rail, at $430, ....... - miles 66-75 lb. rail, at $397, ....... - 0.83 miles 50-65 lb. rail, at $344, ....... 286 Total, $2,718 558 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 11 —Concluded. (11) Ballast. miles stone, at $2,900, 7.48 miles gravel, at $1,450, 0.43 miles other, at $1,000, $10,847 430 Total, $11,277 {12) Track Laying and Surfacing. 7.07 miles main line, at $800, ........ $5,656 Total, $6,154 (14) Fencing. 12.89 miles wire, at $300, ......... $3,867 miles tight board, at $1,800, ....... - miles stone, at $3,000, Total $5,297 {15) Crossings and Signs. tons metal in bridges, at $70, ....... - tons metal in bridges, at $60, ....... - 20.000 M. f. b. m. timber in bridges, at $50, . . . . . . $1,000 10.653 M. f. b. m. timber in crossings, at $30, ..... 320 eu. yds. 1st class masonry, at $15, ...... cu. yds. 2d class masonry, at $8, ...... . 73 cu. yds. 3d class masonry, at $6, . . . . . . . 438 sq. yds. paving, masonry, at $1.75, ...... - 37 ou. yds. dry excavation, at $0.50,....... 19 ou. yds. other excavation, ........ - cattle guards, per pair, at $30, ....... - Miscellaneous signs, etc., ........ 964 0.83 miles sidings, at $600, 498 1.43 miles open, at $1,000, 1,430 Total, $2,741 VALIDATION REPORT. 559 Tabulation" of Quantities and Values — Continued. District No. 12. (4) Grading. 1,459 acres clearing, at S40, 277 acres grubbing, at $160, 6,779,441 cu. yds. earth excavation, at $0.32, 2,058,282 cu. yds. solid rock excavation, at $1.15, 614,098 cu. yds. loose rock excavation, at $0.65, 5,909,413 cu. yds. borrowed excavation, at $0.32, 5,497 cu. yds. 2d class retaining wall, at $8, . 465 cu. yds. 1st class retaining wall, at $15, 55,116 cu. yds. 3d class retaining wall, at $6, . 2,595 cu. yds. riprap, at $2.50, 11,544 sq. yds. sodding, at $0.30, . Auditor's statements, etc., . Total, $9,047,959 (5) Tunnels. î,050 cu. yds. excavation, at $5, ........ $40,250 Auditor's statements, etc., ........ 443,449 Total, ........ . $473,699 (Ö) Bridges, Trestles and Culverts. 5,838.10 tons 1st class deck girders, at $70, .... . $408,737 95.00 tons 2d class deck girders, at $60, .... 5,700 4,028.25 tons Ist class through girders, at $75, .... 302,119 tons 2d class through girders, at $65, .... . 4,602.95 tons 1st class trussed bridges, at $80, .... 368,236 709.60 tons draw and lift bridges, at $120, .... 85,152 tons counterweights bridges, at $50, .... . tons viaducts, at $75, ...... . 291 lin. ft. Howe truss bridges, at $90, .... 26,190 4,952 lin. ft. timber trestles, at $10, ..... 49,520 133 lin. ft. solid floor, at $12, ...... 1,596 488.664 M. f. b. m. stringers, at $50, ..... 24,433 50 tons I. beams stringers, at $50, ..... 2,500 Fort Point bridge masonry, ..... 115,276 16,274 cu. yds. 1st class masonry, at $15, .... 244,110 124,073 cu. yds. 2d class masonry, at $8, ..... 992,584 169,649 cu. yds. 3d class masonry, at $6, . . 1,017,894 236 cu. yds. riprap, at $2.50, ...... 590 4,602 sq. yds. paving, at $1.75, ...... 8,054 41,826 cu. yds. wet excavation, at $1, ..... 41,826 59,437 cu. yds. dry, at $0.50, ...... 29,719 102.419 M. f. b. m. timber, at $30, ...... 3,073 92,620 lin. ft. piling, at $0.40, ...... 37,048 15,350 lbs. bolts, at $0.05, ....... 768 7,212.4 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, 26,325 879.5 lin. ft. C. I. pipe culverts, over 24", at $11, . 9,674 28,434 lin. ft. sewer pipe culverts, under 24", at $0.85, 24,169 207 lin. ft. sewer pipe culverts, 24" and over, at $3.57, 739 Auditor's statements, etc., ...... 793,354 Total $4,619,386 560 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values ■— Continued. District No. 12 — Continued. (7) Ties. 1,021,517 main tracks, at $0.60, ........ $612,910 549,456 sidings, at $0.45, 247,255 3,932.000 M. f. b. m. switch ties, at $22, ....... 86,511 26,189 lin. ft. bridge floor, at $3, ........ 78,567 Total $1,025,243 (8) Rails 55.44 miles main track, 100 lb., at $4,790, 107.62 miles main track, 79-80 lb., at $3,830, 218.64 miles main track, 74-78 lb., at $3,590, 1.65 miles main track, 66-72 lb., at $3,210, miles main track, 50-65 lb., at $2,880, 31.35 miles sidings, over 75 lb., at $3,590, 84.36 miles sidings, 66-75 lb., at $3,210, 89.33 miles sidings, 50-65 lb., at $2,880, Total, . . . . ■ $265,558 412,185 784,918 5,297 112,547 270,796 257,270 $2,108,571 (9) Frogs and Switches. Turnouts ; — 169 100 lb. rail, at $223, . 249 79-80 lb. rail, at $196, 663 74-78 lb. rail, at $178, 137 66-72 lb. rail, at $147, 294 50-65 lb. rail, at $140, Derails: — 4 100 lb. rail, at $18, 25 66-80 lb. rail, at $15, . 54 50-65 lb. rail, at $12, . Slips: — 7 100 lb. rail, at $500, . 19 74-80 lb. rail, at $300, 1 50-72 lb. rail, at $250, $15,387 48,804 118,014 20,139 41,160 72 375 648 3,500 5,700 250 Total, $254,049 (10) Track Fastenings, etc. Main track: — 55.44 miles 100 lb. rail, at $680 $37,699 326.26 miles 74-80 lb. rail, at $430, 140,292 1.65 miles 66-72 lb. rail, at $397 ®55 miles 50-65 lb. rail, at $344, .....•■ Sidings : — 31.35 miles, over 75 lb. rail, at $430, 13,481 84.36 miles 66-75 lb. rail, at $397 33,491 89.33 miles 50-65 lb. rail, at $344 30,730 Total »256,348 VALIDATION REPORT. 561 T,\bulation of Quantities and Values •— Continued. District No. 12— Concluded. {11) Ballast. 2.60 miles stone, at $2,900, ........ $7,540 512.32 miles gravel, at $1,450, ........ 742,865 72.25 miles other, at $1,000, ........ 72,250 Total, .......... $822,655 (12) Track Laying and Surfacing. 383.35 miles main line, at $800, ........ $306,680 205.04 miles sidings, at $600, ........ 123,024 Total $429,704 {14) Fencing. 265.07 miles wire, at $300, ......... $79,521 1.77 miles tight board, at $1,800, ....... 3,186 12.48 miles open, at $1,000, ........ 12,480 16.06 miles stone, at $3,000, ........ 48,180 Auditor's statements, etc., ........ 10,410 Total, $153,777 {15) Crossings and Signs. 1,337.05 tons metal in bridges, at $70, ....... $93,594 306.50 tons metal in bridges, at $60, ....... 18,390 2,063.794 M. f. b. m. timber in bridges, at $50, ...... 103,190 304.420 M. f. b. m. timber in crossings, at $30, ..... 9,133 1,132 cu. yds. 1st class masonry, at $15, ...... 16,980 23,053 cu. yds. 2d class masonry, at $8, ....... 184,424 19,629 cu. yds. 3d class masonry, at $6, . ...... 117,774 sq. yds. paving, masonry, at $1.75, ...... - 13,747 cu. yds. dry excavation, at $0.50, ...... 6,874 740 cu. yds. other excavation, at $1, ....... 740 171 cattle guards, per pair, at $30, ....... 5,130 Miscellaneous signs, etc., ........ 26,553 Auditor's statements, etc., ........ 1,420,362 Total $2,003,144 562 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 13. (4) Grading. 889 acres clearing, at $40, 212 acres grubbing, at $160, 4,055,085 cu yds. earth excavation, at $0.32, 728,651 cu. yds. solid rock excavation, at $1.15, 57,088 cu. yds. loose rock excavation, at $0.65, 1,108,700 cu. yds. borrowed excavation, at $0.32, 2,478 cu. yds. 2d class retaining wall, at $8 6,765 cu. yds. 3d class retaining wall, at $6 5,721 cu. yds. riprap, at $2.50, 1,163 sq. yds. sodding, at $0.30, . Auditor's statements, etc., . Total, .... $35,560 33,920 1,297,627 837,949 37,107 354,784 19,824 40,590 14,303 349 309,250 $2,981,263 cu. yds. excavation, at 1 Total, (5) Tunnels. 2,014.30 27.00 257.20 627.50 272.50 781 991 201.550 28 1,455 41,723 80,613 25 69 22,048 20,273 35.372 6,000 1,012 90 4,239 310 (6) Bridges, Trestles and Cuheris. tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, tons 1st class through girders, at $75, tons 2d class through girders, at $65, tons 1st class trussed bridges, at $80, tons draw and lift bridges, at $120, tons counter-weights, bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90, lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, M. f. b. m. stringers, at $50, tons I. beam stringers, at $50, cu. yds. 1st class masonry, at $15 cu. yds. 2d class masonry, at $8, cu. yds. 3d class masonry, at $6, cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75, cu. yds. wet excavation, at $1, cu. yds. dry, at $0.50, M. f. b. m. timber, at $30, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, lin. ft. C. I. pipe culverts, 24" and under, at $3.65 lin. ft. C. I. pipe culverts, over 24", at $11, . lin. ft. sewer pipe culverts, under 24", at $0.85, lin. ft. sewer pipe culverts, 24" and over, at $3.57, $141,001 1,620 19,290 50,200 20,438 70,290 9,910 10,078 1,400 21,825 333,784 483,678 62 121 22,048 10,137 10,612 300 3,693 990 3,603 1,107 Total, . $1,216,187 VALIDATION REPORT. 563 Tabulation of Quantities and Values — Contmued. District Xo. 13 — Continued. (7) Ties. 453,656 main tracks, at SO.60, ........ S272,194 147,217 sidings,, at $0.45, . . . . . . . . . 66,248 1,295.200 M. f. b. m. switch ties, at S22, . . . . . . . 28,494 6,634 Un. ft. bridge, floor, at S3, ........ 19,902 Auditor's statements, etc., ........ 2,860 Total S389,698 (8) Rails. miles main track, 100 lb., at $4,790, ...... - 49.53 miles main track, 79-80 lb., at $3,830, ...... $189,670 56.21 miles main track, 74-78 lb., at $3,590, . . ... • - 201,794 18.82 miles main track, 66-72 lb., at $3,210, ...... 60,412 37.79 miles main track, 50-65 lb., at $2,880, ...... 108,945 0.61 miles sidings, over 75 lb., at $3,590, ...... 2,190 23.82 miles sidings, 66-75 lb., at $3,210, ...... 76,462 31.32 miles sidings, 50-65 lb., at $2,880 90,202 Total $729,675 (9) Frogs and Switches. Turnouts: — 4 100 lb. rail, at $223, . 130 79-80 lb. rail, at $196, 74^78 lb. rail, at $178, 66-72 lb. rail, at $147, 406 50-65 lb. rail, at $140, Derails: — 1 100 lb. rail, at $18, 10 66-80 lb. rail, at $15, . 63 50-65 lb. raü, at $12, . Slips: — 100 lb. rail, at $500, . 1 74-80 lb. rail, at $300, 3 50-72 lb. rail, at $250, Auditor's statements, etc.. 25,480 56,840 18 150 756 300 750 7,500 Total, $92,686 (10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ - 105.74 miles 74-80 lb. rail, at $430 $45,468 18.82 miles 66-72 lb. raü, at $397 7,571 37.79 miles 50-65 lb. rail, at $344, 13,000 Sidings: — 0.61 miles, over 75 lb. rail, at $430, ....... 262 23.82 miles 66-75 lb. rail, at $397 9,457 31.32 mfles 50-65 lb. raü, at $344 10,774 Total, $86,532 564 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 13 — Concluded. (11) Ballast. miles stone, at $2,900, ........ - 161.56 miles gravel, at $1,450, ........ $234,262 56.48 miles other, at $1,000, ........ 56,480 Total, $290,742 (12) Track Laying and Surfacing. 162.29 miles main line, at $800, ........ $129,832 55.75 miles sidings, at $600, ........ 33,450 Total, $163,282 (IJf) Fencing. 194.25 miles wire, at $300, ......... $58,275 3.13 miles tight board, at $1,800, ....... 5,634 11.73 miles open, at $1,000, ........ 11,730 14.53 miles stone, at $3,000, ........ 43,590 Total $119,229 (15) Crossings and Signs. 389.40 tons metal in bridges, at $70, ....... $27,258 tons metal in bridges, at $60, ....... - 417.888 M. f. b. m. timber in bridges, at $50, ...... 20,894 203.950 M. {. b. m. timber in crossings, at $30, ..... 6,119 258 cu. yds. 1st class masonry, at $15, ...... 3,870 9,909 cu. yds. 2d class masonry, at $8, . . . . . . . 79,272 9,484 cu. yds. 3d class masonry, at $6, . . . . . . . 56,904 sq. yds. paving, masonry, at $1.75, ...... - 7,582 cu. yds. dry excavation, at $0.50, ...... 3,791 1,180 cu. yds. other excavation (wet), at $1, . . . . . . 1,180 85 cattle guards, per pair, at $30, ....... 2,550 720 lin. ft. piling, $0.40, ......... 288 Miscellaneous signs, etc., ........ 17,676 Auditor's statements, etc., ........ 30,919 Total, $250,721 VALIDATION REPORT. 565 Tabulation op Quantities and Values — Continued. District No. 14. {4) Grading. 109 acres clearing, at $40, 27 acres grubbing, at $160, 585,587 cu. yds. earth excavation, at $0.32, 41,520 cu. yds. solid rock excavation, at SI.15, 9,508 cu. yds. loose rock excavation, at SO.65, 280,505 cu. yds. borrowed excavation, at $0.32, 901 cu. yds. 2d class retaining wall, at $8, . 603 cu. yds. 1st class retaining wall, at $15, 6,564 cu. yds. 3d class retaining wall, at S6, . 301 cu. yds. riprap, at S2.50, 340 sq. yds. sodding, at $0.30, . Auditor's statements, etc., . Total, $405,130 (5) Tunnels. cu. yds. excavation, at $5, . Total, ..... {6) Bridges, Trestles and Culverts. 426.05 tons 1st class deck girders, at $70, ...... $29,823 4.50 tons 2d class deck girders, at $60, ...... 270 348.80 tons 1st class through girders, at $75, ...... 26,160 tons 2d class through girders, at $65, ...... - 140.50 tons 1st class trussed bridges, at $80, ...... 11,240 tons draw and lift bridges, at $120, ...... - tons counter weights bridges, at $50, ...... - tons viaducts, at $75, ........ - 87 lin. ft. Howe truss bridges, at $90, ...... 7,830 1,111 lin. ft. timber trestles, at $10, ....... 11,110 lin. ft. solid floor, at $12, ........ 26.300 M. f. b. m. stringers, etc., at $50, ...... 1,315 5.00 tons I. beam stringers, at $50, ....... 250 5,516 cu. yds. 1st class masonry, at $15, ...... 82,740 7,338 cu. yds. 2d class masonry, at $8, ....... 58,704 8,978 cu. yds. 3d class masonry, at $6, ....... 53,868 cu. yds. riprap, at $2.50, ........ - sq. yds. paving, at $1.75, ........ - 5,719 cu. yds. wet excavation, at $1, ....... 5,719 3,098 cu. yds. dry, at $0.50,. ........ 1,549 4.405 M. f. b. m. timber, at $30, ........ 132 580 lin. ft. piling, at $0.40, ........ 232 1,150 lbs. bolts, at $0.05, ......... 58 627.7 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, . . . 2,291 270.5 lin. ft. C. I. pipe culverts, over 24", at $11, ..... 2,976 120 lin. ft. sewer pipe culverts, under 24", at $0.85, .... 102 lin. ft. sewer pipe culverts, 24" and over, at $3.57, ... - Total, $296,369 566 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 14 — Continued. (7) Ties. 132,485 main tracks, at $0.60, ........ $79,491 58,898 sidings, at $0.45, ......... 26,509 478.600 M. f. b. m. switch ties, at $22, ....... 10,529 3,272 lin. ft. bridge floor, at $3, ........ 9,816 Total, $126,345 (5) Rails. 1.50 miles main track, 100 lb., at $4,790, ...... $7,185 miles main track, 79-80 lb., at $3,830, ...... - 44.53 miles main track, 74-78 lb., at $3,590, ...... 159,863 miles main track, 66-72 lb., at $3,210, ...... - 0.20 miles main track, 50-65 lb., at $2,880, ...... 576 miles sidings, over 75 lb., at $3,590, ...... - 3.06 miles sidings, 66-75 lb., at $3,210, ...... 9,823 19.25 miles sidings, 50-65 lb., at $2,880, ...... 55,440 Total, $232,887 (9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223 79-80 lb. rail, at $196, ........ - 106 74-78 lb. rail, at $178 $18,868 66-72 lb. rail, at $147 73 50-65 lb. rail, at $140 10,220 Derails; — 100 lb. rail, at $18, ......... - 66-80 lb. rail, at $15, ......... 19 50-65 lb. rail, at $12, ......... 228 Slips : — 100 lb. rail, at $500, ......... 74^80 lb. rail, at $300 50-72 lb. rail, at $250 Total «29,316 (10) Track Fastenings, etc. Main track: — 1.50 miles 100 lb. rail, at $680, $1,020 44.53 miles 74-80 lb. rail, at $430 10,148 miles 66—72 lb. rail, at $397, 0.20 miles 50-65 lb. rail, at $344 00 Sidings : — miles, over 75 lb. rail, at $430, ....... "" 3.06 miles over 66-75 lb. rail, at $397, ....•• 1,215 19.25 miles 50-65 lb. rail, at $344 0'022 Total, $28,074 VALIDATION REPORT. 567 Tabulation of Quantities and Values — Continued. District No. 14 — Concluded. (11) Ballast, miles stone, at S2,900, ........ — 56.85 miles gravel, at $1,450, ........ $82,433 11.66 miles other, at $1,000, ........ 11,660 Total $94,093 {12) Track Laying and Surfacing. 46.23 miles main line, at $800, ........ $36,984 22.31 miles sidings, at $600, ........ 13,286 Total, $50,370 {14) Fencing. 67.97 miles wire, at $300, ......... $20,391 1.24 miles tight board, at $1,800, ....... 2,232 1.40 miles open, at $1,000, ........ 1,400 0.56 miles stone, at $3,000, ........ 1,680 Total, $25,703 {15) Crossings and Signs, 127.90 tons metal in bridges, at $70, ....... $8,953 tons metal in bridges, at $60, ....... - 64.000 M. f. b. m. timber in bridges, at $50, ...... 3,200 36.819 M. f. b. m. timber in crossings, at $30, ..... 1,105 660 cu. yds. 1st class masonry, at $15, ...... 9,900 2,933 cu. yds. 2d class masonry, at $8, ....... 23,464 2,369 cu. yds. 3d class masonry, at $6, ....... 14,214 sq. yds. paving, masonry, at $1.75, ...... - 1,867 cu. yds. dry excavation, at $0.50, ...... 934 cu. yds. other excavation, ........ - 46 cattle guards, per pair, at $30, ....... 1,380 Miscellaneous signs, etc., ........ 2,472 Auditor's statements, etc., ........ 31,169 Total $96,791 568 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District A'o. 15. (4) Grading. 490 acres clearing, at $40, ........ $19,600 129 acres grubbing, at $160, ........ 20,640 4,275,229 cu. yds. earth excavation, at S0.32, ...... 1,368,073 1,061,758 cu. yds. solid rock excavation, at 81.15, ..... 1,221,022 331,894 cu. yds. loose rock excavation, at $0.65, ..... 215,731 1,141,054 cu. yds. borrowed excavation, at $0.32, ..... 365,137 393 cu. yds. 2d class retaining wall, at $8, ...... 3,144 6,487 cu. yds. 3d class retaining wall, at $6, ...... 38,922 Auditor's statements, etc., ........ 274,324 Total $3,526,593 (5) Tunnels. cu. yds. excavation, at $5, ........ - Total, .......... - (6) Bridges, Trestles and Culverts. 1,435.15 tons 1st class deck girders, at $70, ...... $100,461 42.00 tons 2d class deck girders, at $60, ...... 2,520 684.50 tons 1st class through girders, at $75, ...... 51,338 32.50 tons 2d class through girders, at $65, ...... 2,112 632.50 tons 1st class trussed bridges, at $80, ...... 50,600 tons draw ard lift bridges, at $120, ...... - tons counter-weights bridges, at $50, ...... - 851.00 tons viaducts, at $75, ......... 63,825 lin. ft. Howe truss bridges, at $90, ...... - 8,948 lin. ft. timber trestles, at $10, ....... 89,480 lin. ft. solid floor, at $12, ........ - 206.346 M. f, b. m. stringers, etc., at $50, ...... 10,317 20.00 tons I. beam stringers, at $50, ....... 1,000 10,521 cu. yds. 1st class masonry, at $15, ...... 157,815 50,368 cu. yds. 2d class masonry, at $8, ....... 402,944 37,753 cu. yds. 3d class masonry, at $6, . . . . . . . 226,518 32 cu. yds. riprap, at $2.50, ........ 80 4,698 sq. yds. paving, at $1.75, ........ 8,222 17,572 cu. yds. wet excavation, at $1, ....... 17,572 19,756 cu. yds. dry, at $0.50, ........ 9,878 119.097 M. f. b. m. timber, at $30, ........ 3,573 91,274 lin. ft. piling, at $0.40, ......... 36,510 160 lbs. bolts, at $0.05, ......... 8 5.221.6 lin. ft, C. I. pipe culverts, 24" and under, at $3.65, . . . 19,059 1.825.7 lin. ft. C. I. pipe culverts, over 24", at $11, ..... 20,083 6,069 lin. ft. sewer pipe culverts, under 24", at $0.85, .... 5,159 308 lin. ft. sewer pipe culverts, 24" and over, at $3.57, . . • 1,100 Poughkeepsie bridge, 6,334,749 Auditor's statements, etc., 133,500 Total, $7,748,423 VALIDATION REPORT. 569 Tabulation of Quantities and Values — Continued. District No. 15 — Continued. (7) Ties. 786,971 main tracks, at 80.60, 218,407 sidings, at 80.45, 1,617.700 M. b. f. m. switch ties, at $22, 17,541 lin. ft. bridge floor, at $3, Total, $472,183 98,283 35,589 52,623 $658,678 {8) Rails. 2.20 miles main track, 100 lb., at $4,790, 123.23 miles main track, 79-80 lb., at $3,830, . miles main track, 74-78 lb., at $3,590, . 84.46 miles main track, 66-72 lb., at $3,210, . 79.39 miles main track, 50-65 lb., at $2,880, miles sidings, over 75 lb., at $3,590, miles sidings, 66—75 lb., at $3,210, 82.73 miles sidings, 50-65 lb., at $2,880, Total, . . . . . $10,538 471,971 271,117 228,643 238,262 $1,220,531 (P) Frogs and Switches. Turnouts : — 100 lb. rail, at $223, . 54 79-80 lb. rail, at $196, 82 74r-78 lb. rail, at $178, 296 66-72 lb. rail, at $147, 211 50-65 lb. raü, at $140, Derails: — 100 lb. rail, at $18, 12 66-80 lb. rail, at $15, . 28 50-65 lb. rail, at $12, . Slips: — 100 lb. rail, at $500, . 2 74-80 lb. rail, at $300, 2 50-72 lb. rail, at $250, Total, $10,584 14,596 43,512 29,540 180 336 600 500 $99,848 {10) Track Fastenings, etc. Main track: — 2.20 miles 100 lb. rail, at $680, .... 123.23 miles 74-80 lb. rail, at $430, 84.46 miles 66-72 lb. rail, at $397, 79.39 miles 50-65 lb. rail, at $344, Sidings:— miles, over 75 lb. rail, at $430, miles 66-75 lb. rail, at $397, 82.73 miles 50-65 lb. rail, at $344, $1,496 52,989 33,531 27,310 28,459 Total, $143,785 570 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued- District No. IS — Concluded. (11) Ballast. miles stone, at $2,900, ........ - 125.93 miles gravel, at $1,450, ........ $182,599 245,39 miles other, at $1,000, ........ 245,390 Total, $427,989 (12) Track Laying and Surfacing. 289.28 miles main line, at $800, ........ $231,424 82.73 miles sidings, at $600, ........ 49,638 Total, $281,062 (14) Fencing. 464.84 miles wire, at $300, ......... $139,452 0.93 miles tight board, at $1,800, ....... 1,674 13.02 miles open, at $1,000, ........ 13,020 1.30 miles stone, at $3,000, ........ 3,900 Auditor's statements, etc., ........ 1,269 Total $159,315 (15) Crossings and Signs. 230.00 tons metal in bridges, at $70, . , . . . . ■ $16,100 tons metal in bridges, at $60, ....... - 343.000 M. b. f. m. timber in bridges, at $50, ...... 17,150 172.631 M. f. b. m. timber in crossings, at $30, ..... 5,179 201 cu. yds. 1st class masonry, at $15, ...... 3,015 5,045 cu. yds. 2d class masonry, at $8, ....... 40,360 3,991 cu. yds. 3d class masonry, at $6, . . . . . . . 23,946 sq. yds. paving, masonry, at $1.75, ...... - 5,225 cu. yds. dry excavation, at $0.50, ...... 2,613 cu. yds. other excavation, ........ "" 181 cattle guards, per pair, at $30, ....... 5,430 Miscellaneous signs, etc., ........ 10,968 Auditor's statements, etc., ........ 1^5 Total, $124,926 VALIDATION REPORT. 571 Tabulation of Quantities and Values — Continued. District No. 16. (4-) Grading. 20 acres clearing, at $40, ........ $800 3 acres grubbing, at $160, ........ 480 191,656 cu. yds. earth excavation, at $0.32, ...... 61,330 58,956 cu. yds. solid rock excavation, at $1.30, ..... 76,643 cu. yds. loose rock excavation, at $0.65, ..... - 785,878 cu. yds. borrowed excavation, at $0.32, ..... 251,481 467 cu. yds. 2d class retaining wall, at $8, ...... 3,736 2,634 cu. yds. 3d class retaining wall, at $6, . . . . . . 15,804 Auditor's statements, etc., ........ 2,105,576 Total, $2,515,850 (5) Tunnels. cu. yds. excavation, at $5, Total, ..... (Ö) Bridges, Trestles and Culverts. 590.30 tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, tons 1st class through girders, at $75, tons 2d class through girders, at $65, tons 1st class trussed bridges, at $80, tons draw and lift bridges, at $120, tons counter-weights bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90, 700 lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, M. f. b. m. stringers, at $50, tons I. beam stringers, at $50, 343 cu. yds. 1st class masonry, at $15 3,922 cu. yds. 2d class masonry, at $8, 3,039 cu. yds. 3d class masonry, at $6, cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75, 1,100 cu. yds. wet excavation, at $1, 2,936 cu. yds. dry, at $0.50, M. f. b. m. timber, at $50, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, 310 lin. ft. C. I. pipe culverts, 24" and under, at $3.65 lin. ft. C. I. pipe culverts, over 24", at $11, . 115 lin. ft. sewer pipe culverts, under 24", at $0.85, lin. ft. sewer pipe culverts, 24" and over, at $3.57, Auditor's statements, etc., .... .,321 7,000 5,145 31,376 18,234 1,100 1,468 1,132 98 2,685,198 Total, $2,792,072 572 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 16 — Continued. (7) Ties. 15,744 main tracks, at $0.60, 215,716 sidings, at $0.45, 1,144.700 M, b. f. m. switch ties, at $22, 1,200 lin. ft. bridge floor, at $3, Auditor's statements, etc., . Total, .... {8) Rails 5.17 miles main track, 100 lb., at $4,790, miles main track, 79-80 lb., at $3,830, miles main track, 74-78 lb., at $3,590, miles main track, 66-72 lb., at $3,210, miles main track, 50-65 lb., at $2,880, 34.99 miles sidings, over 75 lb., at $3,590, miles sidings, 66-75 lb., at $3,210, 44.60 miles sidings, 50-65 lb., at $2,880, Auditor's statements. $9,446 97,072 25,183 3,600 270,758 $406,059 Total, {9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223, . 79-80 lb. rail, at $196, 495 74-78 lb. rail, at $178, 66-72 lb. rail, at $147, 49 50-65 lb. rail, at $140, Derails: — 100 lb. rail, at $18, 54 66-80 lb. rail, at $15, . 50-65 lb. rail, at $12, . Slips: — 2 100 lb. rail, at $500, . 9 74-80 lb. rail, at $300, 9 50-72 lb. rail, at $250, Auditor's statements. Total, ...... {10) 'Track Fastenings, etc. Main track: — 5.17 miles 100 lb. rail, at $680, . miles 74-80 lb. rail, at $430, miles 66—72 lb. rail, at $397, miles 50-65 lb. rail, at $344, Sidings: — 34.99 miles, over 75 lb. rail, at $430, miles 66—75 lb. rail, at $397, 44.60 miles 50-65 lb. rail, at $344, Auditor's statements. Total, $136,968 VALIDATION REPORT. 573 Tabulation of Quantities and Values ■— Continued. District No. 16 — Concluded. (11) Ballast. 1.92 miles stone, at S2,900, ........ $5,568 47.31 miles gravel, at $1,450, ........ 68,600 32.28 miles other, at $1,000, ........ 32,280 Auditor's statements, ........ 256,559 Total, $363,007 (12) Track Laying and Surfacing. 5.17 miles main line, at $800, ........ $4,136 79,59 miles sidings, at $600, ........ 47,754 Auditor's statements, ........ 522,723 Total, $574,613 (14) Fencing. miles wire, at $300, ......... - miles tight board, at $1,800, ....... - miles open, at $1,000, ........ miles stone, at $3,000, ........ Auditor's statements, ........ $3,608 Total $3.608 (15) Crossings and Signs. tons metal in bridges, at $70, ....... - tons metal in bridges, at $60, ....... — M. f. b. m. timber in bridges, at $50, ...... - 29.754 M. f. b. m. timber in crossings, at $30, ..... $893 eu. yds. 1st class masonry, at $15, ...... - 1,450 cu. yds. 2d class masonry, at $8, . . . . . . . 11,600 cu. yds. 3d class masonry, at $6, ....... - sq. yds. paving, masonry, at $1.75, ...... 2,053 cu. yds. dry excavation, at $0.50, ...... 1,027 cu. yds. other excavation, ........ - cattle guards, per pair, at $30, ....... - Miscellaneous signs, etc., ........ 5,748 Auditor's statements, etc., ........ 2,564,977 Total, $2,584,245 574 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 17. (4) Grading. 209 acres clearing, at $40, ........ $8,360 37 acres grubbing, at $160, ........ 5,920 354,752 cu. yds. earth excavation, at $0.32, ...... 113,521 40,704 cu. yds. solid rock excavation, at $1.15, ..... 46,810 10,544 cu. yds. loose rock excavation, at $0.65, ..... 6,854 114,083 cu. yds. borrowed excavation, at $0.32, . ... . . 36,507 cu. yds. 2d class retaining wall, at $8, ...... - 32 cu. yds. 3d class retaining wall, at $6, . . . . . . 192 287 cu. yds. riprap, at $2.50, ........ 718 Total $218,882 (5) Tunnels. cu, yds. excavation, at $5, . Total, 14.45 39.000 5.00 13,554 611 333 18.116 484.1 30.4 208 255 (ß) Bridges, Trestles and Culverts tons 1st class deck girders, at $70, tons 2d class deck girders, at $60, tons 1st class through girders, at $75, tons 2d class through girders, at $65, tons 1st class truss bridges at $80 tons draw and lift bridges, at $120, tons counter-weights bridges, at $50, tons viaducts, at $75, lin. ft. Howe truss bridges, at $90 lin. ft. timber trestles, at $10, lin. ft. solid floor, at $12, M. f. b. m. stringers, etc., at $l tons I. beam stringers, at $50, cu. yds. 1st class masonry, at $15 cu. yds. 2d class masonry, at $< cu. yds. 3d class masonry, at $( cu. yds. riprap, at $2.50, sq. yds. paving, at $1.75 cu. yds. wet excavation, at $1, cu. yds. dry, at $0.50, M. f. b. m. timber, at $30, . lin. ft. piling, at $0.40, lbs. bolts, at $0.05, lin. ft. C. I. pipe culverts, 24" and under, at $3.65 lin. ft. C. I. pipe culverts, over 24", at $11 lin. ft. sewer pipe culverts, under 24", at $0.85, lin. ft. sewer pipe culverts, 24" and over, at $3.57, Total, $89,045 VALIDATION REPORT. 575 Tabulation of Quantities and Values — Continued. District No. 17 — Continued. (7) Ties. 69,216 main tracks, $0.60, . . . - . . . . • $41,529 12,223 sidings,, at $0.45, ... . . . . . • • 5,500 127.600 M. f. b. m. switch ties, at $22, . . . . . . . 2,807 529 lin. ft. bridge floor, at $3, . . . . . . • - 1,587 Total, $51,423 (5) Rails miles main track, 100 lb., at $4,790, miles main track, 79-80 lb., at $3,830, 0.05 miles main track, 74-78 lb., at $3,590, 0.51 miles main track, 66-72 lb., at $3,210, 25.74 miles main track, 50-65 lb., at $2,880, miles sidings, over 75 lb., at $3,590, miles sidings, 66-75 lb., at $3,210, 4.63 miles sidings, 50-65 lb., at $2,880, $180 1,637 74,131 13,334 Total, >,282 {9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223, . 79-80 lb. rail, at $196, 74-78 lb. rail, at $178, 66-72 lb. rail, at $147, 58 50-65 lb. rail, at $140, Derails: — 100 lb. rail, at $18, 66-80 lb. rail, at $15, . 1 50-65 lb. rail, at $12, . Slips: — 100 lb. rail, at $500, . 74-80 lb. rail, at $300, 50-72 lb. rail, at $250, S,120 12 Total, B,132 {10) Track Fastenings, etc. Main track: — miles 100 lb. rail, at $680, ........ - 0.05 miles 74-80 lb. rail, at $430, $22 0.51 miles 66-72 lb. rail, at $397, ....... 202 25.74 miles 50-65 lb. rail, at $344, ....... 8,855 Sidings: — miles, over 75 lb. rail, at $430, ....... - miles 66-75 lb. rail, at $397, ....... - 4.63 miles 50-65 lb. rail, at $344, 1,593 Total, $10,672 576 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 17 — Concluded. {11) Ballast. miles stone, at S2,900, ........ - 19.81 miles gravel, at $1,450, $28,725 11.12 miles other, at $1,000, ........ 11,120 Total $39,845 {12) Track Laying and Surfacing. 26.30 miles main line, at $800, ........ $21,040 4.63 miles sidings, at $600, ........ 2,778 Total, $23,818 {IJf) Fencing. 32.78 miles wire, at $300, ......... $9,834 miles tight board, at $1,800, ....... - 2.45 miles open, at $1,000, ........ 2,450 2.26 miles stone, at $3,000, ........ 6,780 Total, .......... $19,064 {15) Crossings and Signs. 3.00 tons metal in bridges, at $70, ....... $210 tons metal in bridges, at $60, ....... - 47.000 M. f. b. m. timber in bridges, at $50, ...... 2,350 39.376 M. f. b. m. timber in crossings, at $30, ..... 1,181 en. yds. 1st class masonry, at $15, ...... - cu. yds. 2d class masonry, at $8, ...... . - 4,757 cu. yds. 3d class masonry, at $6, . . . . . . . 28,542 sq. yds. paving, masonry, at $1.75, ...... - 1,761 cu. yds. dry excavation, at $0.50, ...... 881 cu. yds. other excavation, ........ - cattle guards, per pair, at $30, ....... - Miscellaneous signs, etc., ........ 1,813 Total, $34,977 VALIDATION REPORT. 577 Tabulation of Quantities and Values — Continued. District No. 18. (4) Grading, 603 acres clearing, at $40, ........ $24,120 202 acres grubbing, at $160, ........ 32,320 3,096,342 cu. yds. earth excavation, at $0.32, ...... 990,829 305,689 cu. yds. solid rock excavation, at $1.15, ..... 351,542 19,610 cu. yds. loose rock excavation, at $0.65, ..... 12,747 1,250,733 cu. yds. borrowed excavation, at $0.32, ..... 400,234 cu. yds. 2d class retaining wall, at $8, ...... - 21,080 cu. yds. 3d class retaining wall, at $6, ...... 126,480 10,445 cu. yds. at $2.50, 26,113 Auditor's statements, etc., ........ 124,120 Total, $2,088,505 (<5) Tunnels. cu. yds. excavation, at $5, ..... Total, ....... {6) Bridges, Trestles and Culverts. 1,076.65 tons 1st class deck girders, at $70, ...... $75,366 tons 2d class deck girders, at $60, ...... — 1,076.15 tons 1st class through girders, at $75, ...... 80,711 tons 2d class through girders, at $65, ...... - 1,880.00 tons 1st class trussed bridges, at $80, ...... 150,400 tons draw and lift bridges, at $120, ...... - tons counter-weights bridges, at $50, ...... - 342.50 tons viaducts, at $75, ........ 25,688 lin. ft. Howe truss bridges, at $90, ...... - 977 lin. ft. timber trestles, at $10, ....... 9,770 170 lin. ft. solid floor, at $12, ........ 2,040 153.428 M. f. b. m. stringers, etc., at $50, ...... 7,671 30.25 tons I. beam stringers, at $50, ....... 1,513 105 cu. yds. 1st class masonry, at $15, ...... 1,575 30,080 cu. yds. 2d class masonry, at $8, 245,440 52,895 cu. yds. 3d class masonry, at $6, ....... 317,370 cu. yds. riprap, at $2.50, ........ - 5,519 sq. yds. paving, at $1.75, ........ 9,658 14,338 cu. yds. wet excavation, at $1, ....... 14,338 22,352 cu. yds. dry at $0.50, ......... 11,176 82.556 M. f. b. m. timber, at $30, 2,477 2,600 lin. ft. piling, at $0.40, ........ 1,040 6,401 lbs. bolts, at $0.05, ......... 320 2,714.8 lin. ft. C. I. pipe culverts, 24" and under, at $3.65, . . . 9,909 930.2 lin. ft. C. I. pipe culverts, over 24", at $11, ..... 10,232 5,892 lin. ft. sewer pipe culverts, under 24", at $0.85, . . . . . 5,008 365 lin. ft. sewer pipe culverts, 24"and over, at $3.57, .... 1,303 Total $983,005 578 NEW YORK, NEW HAVEN & HARTFORD R.R. CO. Tabulation of Quantities and Values — Continued. District No. 18 — Continued. (7) Ties. 353,198 main tracks, at $0.60, ........ $211,919 138,650 sidings, at $0.45, ......... 62,393 1,052.000 M. f. b. m. switch ties, at $22, ....... 23,144 7,681 lin. ft. bridge floor, at $3, . . . . . . . . 23,043 Total $320,499 (8) Rails. 0.30 miles main track, 100 lb., at $4,790, ...... $1,437 28.90 miles main track, 79-80 lb., at $3,830, ...... 110,687 ,53.20 miles main track, 74-78 lb., at $3,590, ...... 190,988 8.90 miles main track, 66-72 lb., at $3,210, ...... 28,569 35.70 miles main track, 50-65 lb., at $2,880, ...... 102,816 6.56 miles sidings, over 75 lb., at $3,590, ...... 23,550 10.10 miles sidings, 66-75 lb., at $3,210, ...... 32,421 35.71 niiles sidings, 50-65 lb., at $2,880, ...... 102,845 Total $593,313 (.9) Frogs and Switches. Turnouts: — 100 lb. rail, at $223, ......... - 9 79-80 lb. rail, at $196, $1,764 206 74-78 lb. rail, at $178 36,668 66-72 lb. rail, at $147 185 50-65 lb. rail, at $140 25,900 Derails: — 100 lb. rail, at $18 06-80 lb. rail, at $15 2 50-65 lb. rail, at $12, ......... 24 Slips: — 2 100 lb. rail, at $500 1,000 2 74-80 lb. rail, at $300 600 50-72 lb. rail, at $2.50 Total, ...... (lO) Track Fastenings, etc Main track: — 0.30 miles 100 lb. rail, at $680, . 82.10 miles 74-80 lb. rail, at $430, 8.90 miles 06-72 lb. rail at $397, 35.70 miles 50-65 lb. rail, at $344, Sidings:— 6.56 miles, over 75 lb. rail, at $430, 10.10 miles 66-75 lb. rail, at $397, 35.71 miles 50-65 lb. rail, at $344, $65,956 $204 35,303 3,533 12,281 2,821 4,010 12,284 Total, $70,436 VALIDATION REPORT. 579 Tabulation of Quantities and Values — Concluded. District N'a. 18-—Concluded. {11) Ballast. miles stone, at $2,900, ........ — 135.78 miles gravel, at $1,450, ........ $196,881 43.59 miles other, at $1,000, ........ 43,590 Total $240,471 {12) 7'rack Laying and Surfacing. 127.00 miles main line, at $800, ........ $101,600 52.37 miles sidings, at $600, ........ 31,422 Total $133,022 {14) Fencing. 123.24 miles wire, at $300, . . . . . . . . . $36,972 1.29 miles tight board, at $1,800, ....... 2,322 15.19 miles open, at $1,000, ........ 15,190 1.63 miles stone, at $3,000, ........ 4,890 Auditor's statements, etc., ........ 2,024 Total, $61,398 {15) Crossings and Signs. 275.05 tons metal in bridges, at $70, ....... $19,254 tons metal in bridges, at $60, ....... — 290.000 M. f. b. m. timber in bridges, at $50, ...... 14,500 123.008 M. f. b. m. timber in crossings, at $30, ..... 3,690 3,418 cu. yds. 1st class masonry, at $15, ...... 51,270 2,958 cu. yds. 2d class masonry, at $8, ....... 23,664 14,890 cu. yds. 3d class masonry, at $6, ....... 89,340 sq. yds. paving, masonry, at $1.75, ...... - 5,031 cu. yds. dry excavation, at $0.50, ...... 2,516 1,019 cu. yds. other excavation, at $1, ....... 1,019 104 cattle guards, per pair, at $30, ....... 3,120 Miscellaneous signs, etc., ........ 10,161 Auditor's statements, etc., ........ 152,943 Total, $371,477 VALUATION OF NEW YORK, NEW HAVEN & HARTFORD RAILROAD. Tabulation of Values by Districts. Districts. Items. 1- 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 1. Engineering, .... _ _ _ _ _ _ _ _ _ _ _ ;2. Right of way, $18,900,683 $6,890,030 $2,111,717 $732,485 $731,695 $2,409,991 $2,784,664 $287,947 $256,287 $282,910 $73,957 3. Real estate, .... 859,106 2,216,803 203,758 35,975 14,960 72,270 40,168 28,010 195 12,492 - 4. Grading, .... 5,770,109 3,857,169 1,876,992 1,167,092 401,809 1,439,053 1,220,081 1,669.273 309,806 467,585 55,662 5. Tunnels, .... - 1,376,244 - 10,320 17,100 - 65,786 - - - - 6. Bridges, trestles and culverts, 6,094,715 4,372,744 642,517 736.124 392,790 730,182 768,209 836,273 248,916 244,941 14,698 7. Ties, 968,831 643,735 286,769 245,891 103,343 250,091 397,003 147,284 93,170 82,452 13,198 8. Rails, ..... 1,490,036 1,372,214 564,083 424,642 191,707 449,438 872,314 264,923 136,973 150,157 23,252 9. Frogs and switches. 213,943 89,249 71,105 52,501 17,709 54,776 119,310 23,965 12,116 11,775 1,820 10. Tracic fastenings, . 221,656 194,908 67,219 52,428 23,066 53,524 117,773 31,766 16,360 17,755 2,718 11. Ballast, 830,978 675,714 213,904 161,670 79,708 184,361 467,042 111,537 63,033 57,767 11,277 12. Track laying, 254,514 235,092 121,530 87,718 43,402 106,384 153,464 58,716 35,314 34,454 6,154 13. Roadway tools, - - - - - - - - - - - U. Fencing, . . 108,815 118,979 103,548 55,189 28,372 10,139 21,377 23,484 13,894 18,235 5,297 15. Crossings and signs, 1,378,818 512.022 119,591 227,959 7,659 76,137 141,874 154,929 108,504 5,337 2,741 16. Interlocking and signals, 708,773 403,033 37,236 8,213 1,046 105,660 63,919 3,286 917 1,440 2,091 17. Telegraphs and telephones, . - - - - - - - - - - 18. Station buildings. 1,928,951 1,396,820 277,210 180,270 52,835 278,298 855,140 101,040 83,650 44,590 8,695 19. Office buildings, . 541,375 125,600 1,800 - - - - - - - - 20. Shops, engine houses, etc., . 741,957 90,700 231,850 35,650 20,800 190,500 170,665 23,300 116,150 9,500 - 21. Shop machinery and tools, . - - - - - - - - - 22. Water stations, 149,000 42,250 31,470 38,550 15,100 16,120 28,200 8,900 6,300 4,100 - 23. Fu^el stations, 154,820 60,000 151,570 - 3,700 11,450 2,000 1,800 - - - 24. Grain elevators, _ _ - - - 7,500 - - - - - 25. Storage warehouses, _ _ - - - - - - - - - 26. Dock.s and wharf property, . 1,699,740 295,500 648,515 - - - - - - - - 27. Electric light plants. 21,780 - 4,500 - - - - - - - - 28. Electric power plants, . - - - - - - 160,000 - 4,800 - - 29, Electric power transmission, - - - - - - - - - - - 30. Gas-producing plants, . 8,760 12,000 2,700 - - - - - - - 31. Miscellaneous structures, 1,179,729 538,718 72,280 93,215 10,125 76,345 205,210 94,135 85,780 6,186 2,410 VALUATION OF THE NEW YORK, NEW HAVEN & HARTFORD RAILROAD — Concluded. Tabulation of Values by Districts — Conclvded. Districts — Con. Items. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. Engineering, . Right of way, Real estate, . Grading, Tunnels, Bridges, trestles and culverts, Ties Rails, .... Frogs and switches. Track fastenings, . Ballast Track laying. Roadway tools, Fencing, Crossings and signs, Interlocking and signals. Telegraphs and telephones, Station buildings. Office buildings, . Shops, engine houses, etc., Shop machinery and tools, Water stations. Fuel stations. Grain elevators, . Storage warehouses, Docks and wharf property. Electric light plants. Electric power plants, . Electric power transmission. Gas-producing plants, . Miscellaneous structures, 12. 13. $22,891,203 7,232,480 9,047.959 473,699 4,619.386 1,025,243 2,108,571 254,049 256,348 822,655 429,704 153,777 2,003,144 162,809 2,447,840 570 1,022,440 120,890 203,000 300,000 4,762.165 15,400 1,184,413 $4,435,447 91,328 2,981,263 1,216,187 389,648 729.675 92,686 86,532 290,742 163,282 119,229 250,721 18,735 278,970 71,600 39,300 32,700 5,000 34,960 Total. $62,789,016 10,807,545 30,263,853 1,943,149 20,917,682 4,646,658 8,777,985 1,015,004 1,142,053 3,970,388 1.729,728 93,254 780,335 4,989,436 1,517,158 7,934,309 669,345 2,725,112 500,180 621,040 307,500 7,573,705 26,280 185,200 23,460 3,583,506 Districts. $914,500 405,130 296,369 126,345 232,887 29,316 28,074 94,093 50,370 2,650 25,703 96,791 610 152,608 80,680 11,950 12,670 47,725 15. $1,459,430 99,784 3,526,593 7,748,423 658,678 1,220,531 99,848 143,785 427,989 281,062 16,750 159,315 124,926 14,398 266,984 38,800 94,400 74,300 35.910 47,475 211,077 16. $20,607,125 115,120 2,515,850 2,792,072 406,059 636,232 149,995 136,968 363,007 574.613 3,600 3,608 2,584,245 470,857 968,576 143,200 13,350 9,000 1,612,000 37,140 17. $54,989 4,223 218,882 89,045 51,423 89,282 8,132 10,672 39,845 23,818 1,500 19,064 34,977 5 20,750 5,500 6,500 13,359 18. $1,919,091 93,375 2,088,505 983,005 320,499 593,313 65,956 70,436 240,471 133,022 7,350 61,398 371,477 3,950 304,942 119,619 33,700 5,700 58,780 206,425 Total. $24,955,135 312,502 8,754,960 11,908,914 1,563,004 2,762,445 353,247 389,935 1,165,405 1,062,885 31,850 269,088 3,212,416 489,820 1,714,860 38,800 443,399 139,800 63.280 1,718,255 515,726 Note. — Park Square, $5,567,493, deducted from real estate, District No. 12, and appraised separately in final report. 3 5556 041 999822 .-UniHUltiiiMltllHHUiitHiiiiUtliihUlil.MUiiiiiiililliiiliiiliiliMliiliiuiiihiililliilllllillMiilll' .uHiiMuMiiui.iiniiUiuiiiiniiui.iiu.ii'mjiiiii'iiiiiiiHiti;.! llilUlllU.lllllUlliiUiiMlilv