No CrossRef data available.
Article contents
The Eastern Rail-road Company to 1855*
Published online by Cambridge University Press: 24 July 2012
Extract
Compared with the great inter-regional networks, the Eastern Railroad did not loom large. Its creation, however, is an integral part of New England history and well worthy of inclusion in any first chapter of American railroading history. The development pattern is one of piece-meal extension from several population centers, the linking of the segments, and the proliferation of branch lines. External difficulties took the shape of competition from stage and boat lines, and the rivalry of the fledgling Boston & Maine. Internally, the chief problems revolved around establishment of an effective management organization and the maintenance of adequate financial controls. Threading a populous route from Boston to Portland, Eastern's future seemed bright. Yet, in a faint foreshadowing of events of a far later day, main-line profits were swallowed up by operation of branch connections built or acquired with more enthusiasm than foresight and, once acquired, not easily disowned.
- Type
- Research Article
- Information
- Copyright
- Copyright © The President and Fellows of Harvard College 1957
References
1 The 15 major roads that became a part of the Boston & Maine system by 1900 were the Boston & Lowell, the Boston & Maine, the Boston, Concord & Montreal, the Cheshire, the Concord, the Connecticut River, the Connecticut & Passumpsic Rivers, the Eastern, the Fitchburg, the Nashua & Lowell, the Northern, the Portland, Saco & Portsmouth, the Troy & Boston, the Vermont & Massachusetts, and the Worcester & Nashua. In addition, there were 33 other railroads that were separately operated before becoming a part of one of the 15 major roads.
Although none of these roads used an ampersand in its corporate title, we have substituted the sign in this article to improve readability.
2 Report of the Committee on Railroads on the Matters Relating to the Eastern Railroad, Massachusetts Senate Document 169 (Boston: Wright & Potter, 1876), p. 4Google Scholar.
3 C. J. Kennedy, “The Early Business History of Four Massachusetts Railroads,” originally published serially in the Bulletin of the Business Historical Society, March-December, 1951. See the issue of March, 1951, XXV, 56-58.
4 The Quincy road was constructed to haul granite a few miles to the shore where it went by water to be used in the Bunker Hill Monument. Gridley Bryant, quarryman and engineer, built the road in 1827, using gravity and horses to furnish the motive power. Perkins was influential in overcoming opposition in the Massachusetts legislature to obtain a franchise. He served as president of the company and during the 1820's was the only big capitalist in Boston who was a strong advocate of the new iron railroad.
5 Bradlee, Francis B. C., The Eastern Railroad (Salem: Essex Institute, 1917), 3–4Google Scholar; Massachusetts Senate Documents, 1833, No. 52, p. 13.
6 Report of the Proceedings of the General Committee of the Subscribers to the Stock of the Eastern Rail-Road, Presented at a Meeting of the Subscribers, April, 1836. (Salem [Mass.]Gazette Press, n.d.), pp. 6 and 7Google Scholar; Minutes of Subscribers to Eastern R.R., Aug. 4, 1835 (in Vol. I of Stockholders' Minutes book).
Directors' and stockholders' minutes of all railroads cited in this article are located in the contract bureau of the Boston & Maine Railroad at Boston, except the Boston & Worcester minutes deposited in Baker Library of Harvard University.
7 Act of N. H., June 18, 1836, c. 66. (Copy in Boston & Maine Railroad System, Volume II, Statutes of Maine, New Hampshire and Vermont Relating to Boston & Maine Railroad and Leased Lines (Boston, 1902), p. 279Google Scholar. Hereafter this volume will be cited as B&M … [Statutes]. Volume III includes legislation in Mass., except for the Boston & Lowell system which appears in Volume I.
8 Act of Me., Mar. 30, 1836, c. 179 (copy in B&M … [Statutes], II, 3). Directors' Minutes of the Maine, New Hampshire & Massachusetts Railroad, June 5, 1836.
9 Report of the Committee Appointed at a Meeting of the Stockholders of the Eastern Rail-road Company, to Examine into the Past Doings and Present Condition of Said Company, and to Report at an Adjourned Meeting, to be Held at Boston, May 21, 1840 (Boston: Dutton & Wentworth's Print, 1840), p. 10Google Scholar; Directors' Minutes of Eastern R. R., Sept. 25, 1837, Dec. 22, 1840; Directors' Minutes of Eastern R. R. in N. H., Aug. 16, 1839, Jan. 21, 1840; Directors' Minutes of Portland, Saco & Portsmouth R. R., Dec. 28, 1840, Feb. 16, Apr. 21, Dec. 30, 1841.
10 Directors' Minutes of Eastern R. R. in N. H., July 10 and Aug. 16, 1839, Jan. 21, 1840; Stockholders' Minutes of Eastern R. R., Aug. 4, 1835; Report of … Committee of … Eastern Rail-Road, April, 1836, p. 2; Directors' Minutes of Eastern R. R., Apr. 24, June 1, 1836, Sept. 18, 1837, May 14, Sept. 28, Oct. 8, 1838, Apr. 12, 1839, Mar. 8, 1841; Kennedy, , “Early Business History of Four Mass. Railroads,” loc. cit., XXV, 87–88Google Scholar. When the first portion of the road was opened and Chase became superintendent, his pay remained at $1,500 for 2 years at which time it was increased to $2,500.
11 Stockholders' Minutes of Eastern R. R., Aug. 4, 1835.
12 Engineer J. M. Fessenden's report in Directors' Minutes of Eastern R. R., May 11, 1840.
13 Directors' Minutes of Eastern R. R., Aug. 27, Sept. 23, Nov. 29, 1836, Apr. 24, 1837, Mar. 26, Apr. 14, 1838; Act of Mass., Apr. 18, 1837, c. 190 (copy in B&M … [Statutes] III, 184), Apr. 25, 1838, c. 93 (copy in B&M … [Statutes] III, 187), Apr. 1, 1839, c. 74 (copy in B&M … [Statutes] III, 190), May 20, 1852, c. 82 (copy in B&M … [Statutes] III, 210); Hidy, Ralph W., The House of Baring in American Trade and Finance (Cambridge, 1949), p. 261CrossRefGoogle Scholar; Report of the Committee … of the Stockholders of the Eastern Railroad … May 21, 1840, p. 5. The Railroad purchased land in Boston from the Lewis Wharf Co. for a depot.
14 Directors' Minutes of Eastern R. R., July 22, Nov. 29, 1836, May 14, 1838; Stockholders' Minutes of Eastern R. R., Aug. 4, 1835, May 8, 1837; Address at the Opening of the Eastern Rail Road, between Boston and Salem, August 27, 1838. By George Peabody, President of the Corporation. (Salem: Printed at the Gazette Office, 1838.Google Scholar)
15 Directors' Minutes of Eastern R. R., Sept. 5, 1838, Apr. 5, Oct. 9, 1839; Directors' Minutes of Eastern R. R. in N. H., June 5, 1851.
16 Kirkland, E. C., Men, Cities and Transportation: A Study in New England History, 1820–1900 (Cambridge, 1948), I, 205Google Scholar, fn. 47, citing abstract of the Returns of the Corporations, 1843, Maine Legislative Documents, 1844, pp. 17–23; Boston Daily Advertiser, Feb. 18, 1839, quoting the Portsmouth Journal; Boston Advertiser and Patriot, Dec. 8, 9, 1840; Stockholders' Minutes of Portland, Saco & Portsmouth R. R., Dec. 25, 1840. Directors' Minutes of Portland, Saco & Portsmouth R. R., Dec. 28, 1840, Jan. 8, Dec. 30, 1841.
17 Directors' Minutes of Portland, Saco & Portsmouth R. R., Apr. 22, 1841.
18 Annual Report of Portland, Saco & Portsmouth R. R., 1841. The titles of the published annual reports of the directors to the stockholders of the several railroads vary. For convenience all references to these reports will be cited as Annual Reports.
19 Directors' Minutes of Portland, Saco & Portsmouth R. R., Dec. 24, 1841, Feb. 3, Mar. 29, June 6, 1842, Jan. 13, Dec. 13, 1844, Feb. 10, 1847. The 1847 directors' report to stockholders compares the PS&P to 11 other roads. The statistics used by them included the total cost of original construction and betterments for all roads as of Dec. 31, 1845. Cf., Directors' Minutes of Eastern R. R., Feb. 5 and 18, 1841, Dec. 30, 1841.
20 Amos Binney, Boston, 1837–1847; Isaiah Breed, Lynn, 1836–1855; Daniel Adams, Newburyport, 1837–1849; John Hooper, Marblehead, 1839–1849; John E. Thayer, Boston, 1840–1849; David A. Neal, Salem, 1840–1855; John Bryant, Boston, 1842–1848.
21 Directors' Minutes of Eastern R. R., Sept. 16, 1841; Directors' Minutes of Portland, Saco & Portsmouth R. R., Dec. 30, 1841.
22 Report of the Committee … of the Eastern Rail-road …, May 21, 1840, p. 10; Directors' Minutes of Eastern R. R., Dec. 22, 1840, Feb. 5, 18, Mar. 8, 27, Sept. 16, Dec. 18, 1841, Apr. 4, June 4, 1842; “Railways in Massachusetts,” No. 10, by “Mass.,” Boston Transcript, May 7, 1855.
23 Annual Report of Eastern R. R., 1842, pp. 3, 9, and passim, 1843, 1848.
24 Directors' Minutes of Eastern R. R., May 11, 1840. Besides enjoying a thriving maritime business the Marblehead community began to attract manufacturers of cordage, boots and shoes and other items. By 1855, there were 2,500 persons employed at Marblehead in making boots and shoes, alone. See The Travelers' Railroad Guide from. Boston to Portland (1857). (Copy in Baker Library, Harvard University.) The freight rate was made by a special committee and probably should be classed as a special contract (Directors' Minutes of Eastern R. R., Nov. 18, 1839).
25 Kennedy, , “Early Business History of Four Mass. Railroads,” loc. cit., XXV, 219–20Google Scholar.
26 Directors' Minutes of Eastern R. R., Jan. 18, Mar. 5, May 13, July 1, Sept. 28, Oct. 9, 1839, Jan. 22, Mar. 27, July 12, Dec. 9, 1841, Jan. 16, 1843.
27 Ibid., July 28, 1840, Feb. 5, Aug. 5, Dec. 18, 1841; Aug. 9, 1842. The Minutes of the Boston & Worcester Railroad, July 20, 1840, refer to a contract with a Mr. Leonard. If Leonard had an express business in July, 1840, he would predate all other contenders.
28 Eastern's capital stock totaled only a little less than that of the Boston & Maine. By 1843, Eastern's paid-in capital stock was $1,800,000. It was increased in 1847 and by 1849 was $2,850,000.
29 Computed from President's report in Directors' Minutes of Portland, Saco & Portsmouth R.R., Nov. 30, 1846.
30 Directors' Minutes of Eastern R.R., Jan. 2, Apr. 4, 1842, including contract between Eastern and PS&P, dated Apr. 5, 1842; Directors' Minutes of Portland, Saco & Portsmouth R.R., Jan. 18, 1842.
31 Contract dated Jan. 28, 1843, and signed by (1) B&M, (2) Me., NH&Mass., (3) Eastern, and (4) PS&P railroads. Copy in Senate Document No. 19, Annual Reports of the Rail-Road Corporations in the State of Massachusetts, for 1843 (Boston: Dutton & Wentworth, 1844), p. 51Google Scholar. Hereafter these reports will be cited as Mass. R.R. Returns.
32 Directors' Minutes of Eastern R.R., Jan. 27, Mar. 3, 1843.
33 Annual Report of Eastern R.R., 1848, p. 35; Directors' Minutes of Portland, Saco & Portsmouth R.R., Dec. 13, 1844, Dec. 10, 1845.
34 Ibid., Dec. 10, 1845.
35 The through rate was $3.75 until Sept. 30, 1843, when it was raised to $4.00 on the Eastern route to equal the rate on the Boston & Maine route.
36 The number of passengers by each route and type of train are given for each year in the president's report to the stockholders, November 30, 1846, in the Portland, Saco & Portsmouth directors' minutes. Also see Directors' Minutes of Eastern R.R., Sept. 30, 1843; Annual Report of Eastern R.R., 1848, p. 68.
37 Cf. Directors' Minutes of Eastern R.R., May 24, June 10, 1843.
38 Correspondence in Portland, Saco & Portsmouth Directors' Minutes, Vol. 1, pp. 210–20; Directors' Minutes of Boston & Maine R.R., Sept. 7, 1844, Mar. 11, Apr. 5, June 21, Aug. 23, 1845; Directors' Minutes of Portland, Saco & Portsmouth R.R., July 28, Aug. 4, 1845.
39 Stockholders' Minutes of Boston & Maine R.R., Sept. 10, 1845; Directors' Minutes of Portland, Saco & Portsmouth R.R., May 22, 1846; Stockholders' Minutes of Portland, Saco & Portsmouth R.R., June 1, 1846; Act of Me., July 30, 1846, c. 369 (copy in B&M … [Statutes] II, 83); Directors' Minutes of the Boston & Maine R.R., Oct. 13, Nov. 3, 1846.
40 Directors' Minutes of the Boston & Maine R.R., Dec. 4, 1846; Directors' Minutes of the Portland, Saco & Portsmouth R.R., Dec. 30, 1846; Abstract of contract dated Apr. 1, 1847, in Report of the Committee of Investigation Appointed by the Stockholders of the Boston and Maine Railroad, May 28, 1849 (Boston: Eastburn's Press, 1849), pp. 75–79Google Scholar; Stockholders' Minutes of Eastern R.R., May 24, 1847; Stockholders' Minutes of Portland, Saco & Portsmouth R.R., Feb. 10, 1847.
41 See Charles H. P. Copeland's excellent article on the former prosperity of the Port of Salem in the American Heritage, VI (1955), 10–19, 114–15Google Scholar.
42 Directors' Minutes of Essex R.R., Aug. 24, 1847.
43 Ibid., Aug. 17, Oct. 8, 1847; Stockholders' Minutes of the Essex Railroad, Sept. 30, 1850. Eastern-Essex contract follows Essex report in Mass. R.R. Returns for 1846, pp. 39–41.
44 Annual Report of Eastern R.R., 1849, p. 4; Directors' Minutes of Eastern R.R., Apr. 7, 1849; Stockholders' Minutes of Essex R.R., Sept. 23, 1850; American Railway Times, June 19, 1851; The expenditure for a second track between Salem and Danvers (Peabody) in late 1850 added to the debt. Ibid., Dec. 12, 1850.
45 Annual Report of Eastern R.R., 1852, p. 7. Ibid., 1864, pp 9–10; Directors' Minutes of Eastern R.R., Feb. 19, 1852. When purchasing the Essex, the Easttern became obligated to redeem $214,400 bonds held by owners other than the Eastern Railroad.
46 Report of the Investigating Committee of the … Eastern …, 1855, p. 8. It would appear that the decision to enable the Essex to reach Lawrence probably was made by the Eastern management not later than Oct., 1847. See Directors' Minutes of Essex R.R., Aug. 17, Oct. 8, 1847.
47 Act of Mass., Apr. 26, 1848, c. 204 (copy in B&M … [Statutes], III, 145–46).
48 Directors' Minutes of South Reading Branch R.R., Aug. 21, 27, 1849, Jan. 1, Mar. 2, 1850; American Railway Times, Sept. 5, 1850.
49 See letter from N. I. Lord to the Essex R.R., Aug. 26, 1850, in the Directors' Minutes of the Essex R.R., Aug. 27, 1850, and a letter of Essex directors to Supt. Merritt in Ibid.
50 Ibid., June 13, 1851.
51 Computed from Annual Report of South Reading R.R., 1851, p. 7; Annual Report of Eastern R.R., 1850, n.p., and 1852, p. 9.
52 Ibid.
53 Computed from Annual Report of Eastern R.R., 1850, n.p., 1851, p. 9, and Directors' Minutes of Eastern R.R., July 19, 1851. Of course, the seriousness of this threat depended upon the willingness and ability of Pingree and others to build the Saugus and compete with the Eastern.
54 Special Report of the President … of the Eastern … August 28, 1851, p. 8.
55 Directors' Minutes of Eastern R.R., July 19, 1851. “Strategic charter” was a term openly used in legislative debate during this generation to describe a franchise such as the one held by the Saugus Branch. Fourth Annual Report of Board of Railroad Commissioners [Mass.] (Boston, 1873), p. 19Google Scholar.
56 E.g., see the strong defense of the ferry route in “Railways of Massachusetts,” by “Massachusetts” in Boston Transcript, May 7, 1855. The debate over Eastern's ferry route was very spirited. Sometimes forgotten was the fact that the original location by Fessenden over the marshes to East Boston was initially selected because a large part of it was free from objectionable curves and elevation and less likely to be drifted with snow. Boston Advertiser & Patriot, Dec. 30, 1837, Jan. 14, 1839.
57 Originally incorporated as the Chelsea Branch Railroad Company in 1846. After its reorganization as the Grand Junction the next year the Eastern subscribed $100,000 or 
of the stock. The company had 30 acres of depot ground and wharves in East Boston. American Railway Times, Dec. 4, 1851.
58 Report of Investigating Committe of Eastern Railroad, 1855, pp. 9–11. Edward Crane sold his South Reading stock at 110 and the Saugus stock at 80. Ibid.
59 Ibid., p. 10. The Mass, legislature made this requirement as a condition in granting permission to the Eastern to lease the South Reading and control its stock. Act of Mass., May 2, 1852, c. 305 (copy in B&M … [Statutes], III, 152–54.)
60 On Feb. 1, 1853, 8.4 miles were opened for business. Annual Report of Eastern R.R., 1853, p. 4.
61 Report of Investigating Committee of Eastern Railroad, 1855, pp. 10, 33.
62 Annual Report of Danvers & Georgetown R.R., 1853, p. 2.
63 Ibid., 1853, pp. 2–3; Stockholders' Minutes of the Boston & Maine R.R., Sept. 8, 1852; Annual Report of Boston & Maine R.R., 1853, p. 6.
64 Annual Report of Boston & Maine R.R., 1853, pp. 5–6; copy of lease dated May 27,1853, in Report of the Investigating Committee of the Boston and Maine Railroad, to the Stockholders, September 29, 1855 (Boston: Dutton & Wentworth, 1855), pp. 48–50, 53–55Google Scholar.
65 Annual Report of the Eastern R.R., 1853, p. 6; Annual Report of the Boston & Maine R.R., 1853, p. 6.
66 Ibid., 1855, p. 12. The Portsmouth & Dover, not yet built, was projected as an extension of the Cochecho Railroad and if constructed could divert much of Cochecho's interline traffic that was going over the Boston & Maine. The Cochecho was opened in sections from 1849 to 1851 and terminated at Alton Bay on Lake Winnipesaukee. The project of the Great Falls & South Berwick Branch, not yet constructed, had been revived as an extension of the Great Falls & Conway which had had assistance from the Boston & Maine and served as a feeder to the Boston & Maine. When constructed, the Great Falls & South Berwick Branch would divert business from the Boston & Maine.
67 Annual Report of the Eastern R.R., 1853, p. 6; Annual Report of the Boston & Maine R.R., 1853, p. 6, and 1855, p. 11.
68 Cf., A Short Review of the Minority Report of the Directors of the Boston and Maine Railroad, made September 1, 1856, p. 10. Stockholders' Minutes of Boston & Maine R.R., Sept. 14, 1853; American Railway Times, Mar. 16, 1854; Directors' Minutes of Boston & Maine R.R., Nov. 25, 30, 1853, Feb. 22, June 14, Nov. 18, Nov. 24, Dec. 12, 1854; Report of the Investigating Committee of the Boston and Maine … September 29th, 1855, pp. 5 ff.
69 Agreement between Boston & Maine and Eastern railroads, dated July 14, 1855. A copy follows the report of the Eastern Rail-road in the Mass. R.R. Returns for 1855, pp. 78 ff. Traffic over the Essex R.R. between Lawrence and Salem was not included in this agreement.
70 Directors' Minutes of the Boston & Maine R.R., Nov. 23, Dec. 14, 20, 1841, Mar. 15, 1842; Report of the Investigating Committee of the Eastern Railroad, 1855, pp. 6, 13.
71 Directors' Minutes of the Great Falls & Conway R.R., Apr. 6, May 16, 1848; copy of contract in Investigation … of Roston & Maine, 1849, pp. 73–74; Directors' Minutes of Eastern R.R., Apr. 24, 1841, Apr. 4, Nov. 2, 1842, Dec. 26, 1843, Sept. 24, 1853, June 15, 1854.
72 “First Annual Report of Directors of Great Falls & South Berwick Branch Railroad to the Stockholders, May 1, 1854” (MS copy). Cf. Annual Report of Eastern R.R., 1875, p. 24.
73 Report of Investigating Committee of Eastern Railroad, 1855, pp. 11–12.
74 Computed from Annual Report of Eastern R.R., 1875, pp. 44–45.
75 Annual Report of Eastern R.R., 1847, p. 2.
76 In addition, there was the Wenham Pond Branch of 2,100 feet which had been constructed in 1843–44 for the transportation of ice. Boston Advertiser and Patriot, Dec. 6, 1843. The branch from Beverly to Gloucester, 12.9 miles, was opened Nov. 1, 1847. The branch from Salisbury to Amesbury, 3.78 miles, was opened Jan. 1, 1848. Both branches were constructed at the request of local residents.
77 Report of Investigating Committee of the Eastern Railroad Company, July 30th, 1855 (Boston: C. C. P. Moody, 1855), p. 7Google Scholar; Annual Report of Eastern R.R., 1850, p. 10.
78 Ibid., 1847, p. 2; Bradlee, Eastern Railroad …, p. 35.
79 Ibid., 102, gives annual list of stock prices.
80 Based upon a statistical study of 15 New England railroads, 1835–1900, which we have prepared in connection with a forthcoming volume on the history of the Boston & Maine Railroad.
81 Computed from the 1847 annual reports to the stockholders and to the Mass, legislature.
82 Annual Report of Eastern R.R., 1849, p. 5.
83 At the same time, however, the floating debt was increased $253,313. The precise use of these funds is uncertain. They may have been used for the branches and connections described in the preceding section of this article.
84 This fact was recognized, but only briefly, by Francis B. Crowninshield, chairman of a stockholders' investigating committee, the next year. See Report of the Investigating Committee of Eastern, 1850, p. 2.
85 Cf. “Railways of Massachusetts,” by “Mass.,” Boston Transcript, May 7, 1855.
86 Felt, Charles W., Eastern Railroad of Massachusetts: Its Blunders, Mismanagement, and Corruption. No. 2 (Boston: Wright & Potter, Printers, 1874), p. 7Google Scholar. Cf. Special Report of the President to the Directors of the Eastern Rail Road Company, and Published for the use of the Stockholders, August 28, 1851 (Salem: Observer Office, 1851), p. 5Google Scholar.
87 Mass. R.R. Returns for 1848, p. 59.
88 Interstate Commerce Commission definition. See note 80, above.
89 The deficit of $465 was not shown because $6,000 of “estimated depreciation beyond renewals” in 1846 was not deducted from the surplus as it was in succeeding years. Mass. R.R. Returns for 1846, p. 34.
90 Computed from the 1852 annual reports to the stockholders and to the Mass, legislature.
91 Hidy, House of Baring …, pp. 416, 428–29; Directors' Minutes of Eastern R.R., July 29, 1852, July 20, 1853; Annual Report of Eastern R.R., 1854, p. 11. C. W. Felt, Eastern … No. 2 (1874), p. 7, stated that the loan arranged by Hooper saved the railroad from bankruptcy.
92 Bradlee, Eastern Railroad, 102.
93 In comparison to all the railroads in the U.S. in 1855 which had capital stock exceeding total bonded indebtedness by 42 per cent, the Eastern had capital stock exceeding bonded debt by only 18.4 per cent. William Z. Ripley, Railroads, Finance and. Organization (1927), p. 10.
94 Directors' Minutes of Eastern R.R., Dec. 7, 1854.
95 Computed from the 1855 annual reports to the stockholders and to the Massachusetts legislature.
96 Annual Report of Eastern R.R., 1857, p. 10.
97 Ibid., July 9, 1849.
98 Report of the Investigating Committee of the … Eastern … 1855, p. 17.
99 Annual Report of Eastern R.R., 1856, p. 4.
100 David Neal's manuscript autobiography in the library of Essex Institute does not reveal whether this was a reason he left the Eastern to take a position on the Michigan Central Railroad.
101 E.g., see statements by D. M. Balfour in American Railway Times, May 31, 1855, by Joel W. White in ibid., Feb. 28, 1856, and an unnamed commentator in Ibid., May 29, 1856. Balfour maintained that in 1854, the freight expenses, if realistically computed, exceeded the freight revenues on the Eastern, the Boston & Maine, and the Fitchburg railroads.
102 The level of fares is reflected in the average revenue per passenger-mile which we have computed for 15 New England railroads. See note 80, above.
103 Based on annual reports to stockholders and to the Mass, legislature and adjusted according to present I.C.C. standards.
104 To be described in a following article.
105 Research in progress documents this point.
107 Based on annual reports to the Mass. legislature.