ELEVENTH ANNUAL REPORT OF THE DIRECTORS OF THE WESTERN RAIL-ROAD CORPORATION, TO THE STOCKHOLDERS, February 11, 1846. THE Directors of the Western Rail-road Corporation submit to the Stockholders, their Eleventh Annual Report upon the business of the Corporation for the year 1845, and of the condition of the road and its finances at the close of the year. The operations of the TRANSPORTATION DEPARTMENT have been successfully conducted, and it is believed that the results will be satisfactory to the Stockholders. The ordinary Receipts from the business of the year, were, The table annexed marked A shows these receipts monthly. The excess of expenses over 1844 has occurred in nearly equal proportions under all the above items of expenditure. The payments for repairs of all kinds have been 20 per cent more than in any former year. And they have been liberal, in order to keep the road and its equipment up to its effective value and usefulness. This increase of expenses is principally caused by the increase in the merchandize traffic. As will appear hereafter, the merchandize trains have run 34,243 miles more than in 1844, carrying an excess of tonnage equal to 21,911 tons through the whole 156 miles of road. In addition to the actual receipts of the year as above stated, there is claimed of the Boston and Worcester Rail-road Company, a large sum as earned for an excess of charges by them for business of this Company done on the Worcester road after April 15, 1845, when the award of 1844 expired. When this is recovered, it should be added to the net earnings received for the year. The Company have also received, on now making up the account for sales of 3,266 shares of Stock of the Company, the sum of $31,973 50, which is an advance above the cost. In the Report of last year, this advance then anticipated, was inadvertently put down as capital available for construction. But the Treasurer having, in past years, paid from the income of the road, interest on money borrowed on a pledge of these shares, to an amount greater than the advance now received, because the money to the par amount, could not then be realized on them-holding the shares for such advance-the amount now received on them above cost must be applied to replace in part to interest, or income account, the sums thus heretofore taken from it. The condition of the transportation finances at the close of the last year may, therefore, thus be stated. Net balance of transportation account, Dec. 31, 1845, $76,065 73 A little over 2 per cent on the Capital. The Legislature of last year having authorized a sale of new Stock at par to replace the $50,000 thus taken from income for the sinking fundupon such sale hereafter, this account will be increased by that amount, Exclusive of the claim against the Worcester Since Dec. 31, the Directors have declared a divi- Surplus after the sale of Stock, 50,000 00 $ 126,065 73 60,000 00 $66,065 73 The annexed account of the Treasurer, marked C, presents his statement of all receipts and payments for the year as of January 1, 1846. The whole number of miles run by all the trains was as follows, viz: The expenses averaged upon the mile run, give per mile 69 cents. The Passenger trains have run 10,414 miles less than in 1844. In 1844 there was, through the whole summer season, a large amount of passenger traffic from extraordinary causes peculiar to that year. The constant succession of large mass conventions for various objects, principally for all the political parties, required numero is extra trains which largely increased the miles run as well as the passenger receipts. No such causes were in operation in 1845. The whole number of passengers carried over the road in 1845, was as follows: The following table presents a comparative statement of the number of through and way passengers of each class in the four last years, being all since the road was opened through. |