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ye road has been projected and completed Albany
Ra,oed and the New OK and Ere Ra;oad were talked
and how much cl either of hese roads Is finished Had New
YORK. capitalists and prop-rtyowneis ,thc OF the public
spirit or ,ewdne which chnrac;czeS the people "a: Boston,
these enterprises would nct longer ianguish tor want Of funds
The completion of them would add more than their the
value the property New-N"k. The Western Railroad
cost o a. of ,yhici, 3l9 so loaned by the State
business OF the Road IN lsi3 was


RgcEIer-.


T'an'P5,'a'''" s OF ET1sass ssfs5ssds 5 Is f i


Do. Mails. .&c.........-............. 2.05 IS


iFf.y6rrnI:. '''''7- q
Repair, OF Road. Cars, SC ,2 g
,alarc, and Miscellaneous EypcseS. l5.5' "a
SINKING luad for Albany Bonds iOSy 0l
Interest ni all Debts i4s =


Total. 30 s2
This shows small deficiency OF $500 consequence
paying one yer cent. INTO ;iI: sinking fund.


Tie Company independently OF the Road 33o shares
Weston Railroad at s5 share. so %
i, e from SSH aTins jfotic;: and s 3
,ateaI Oh hand 49,
Ca 5lO2 10


5l4 49, Il
They owe exclusively Of the Albany and Massachusetts
n,s tsp, nay.ble si5 So 2


ro,oI - sS2s g3I -
-Four passenger truns and several freight trains passed
the every day throughput the year Sundays eIcepte
The number of miles run by tho locomotives i+i,Gs
Compared with Si1 the receipts show Of SOL
ia g. For eight months of the year. the
:5g79 of which sii sol for freight. This
under reduced rates.


Tie o,; Passengers III lSi3 l6


Do. do 43.............................2z0 ,st5


Increase 10, -
The whole number of tons of Merchandise carried mc
isi5 a. ~ 81
ie1- .o--l,,I


lEcreuse 5,-V-,o0o


Tie increase Of through Freight going West was SO tons
H..
against l2' the previous year. showing of l5,3iO



The quantity of FoR received Boston from Aibaay
IS!3 .ee' 80 - 80 -,


Increase "..,N
The Wool in 1913 II 80 bales against LIB bales in lsi2
system o economy introduced into the eypend
lures OF the road by which sirnS Of 80 per unnum was
made


The amount Of the sinking fund the 3s day of December
1872 ms by Commissioners Report that date. s1602 ~
iccc,yed iUr interest and dividends lV12 "a


slSi,t3' ~
The investments Follows:


On secured by mcrtsns, CT interest s55 @ 20
Tinted nies 81 per fSaits Sea suck, eioo IT." g$
Boston ard Providence Railroad Stock. 2O5 shares o
&; 80 81 is''ty -
Cash on hand 6J ~


Total slS6637 -
Al interest due has been paid.


If there be added 10 this accrued but not due, 1t
viii umoun the lt OF JanHuy, 1874 TO slSV9 %, winch
WI! bc TIE whole amount Of the fund ON that day.


The amount actually in the sinking fund January l. lsli,
For the Massachusetts Sinking Fund
Do. Albany do .......''....'... Igl.9V


Value January l, 1913 50s
This amount, invested ut per cent. compounded
The s5o,Q6 pnd nnnnaly TO the sinking fund will, II


invested Ut per cent. per unnum, compounded an .
nunlly produce IN 81 years 35.sOlO


Accumulated sinking fund January |. 1870. ,sS5
And then road, winch sS.eu00 will revert to the
stockholders. free Of debt. fer s3C0o,OoO.


The following the estimate OF the trends oi tie ROAD OF i'
business IN 1871;


Increase ei receipts the first four months of 1914 over


the FIR, iour months OF let3 S4l a39
Decrease of expenses Tor sad four months. .oOUu
Aei income IN 1913 after paving expenses and interest
E.mair G '' Increase OF receipt, or the la, eight month:


lsli oyer TIE l-st esht months OF 1913 = per c ll39
Deduction from compensation TO W NoFceser karoad yV
Deduct 10 lie paid to the sinking the end Of n 5Oo
Net amount applicable 10 u dividend Jan l. 40
Equal to 80 80 per share.


Thus will be perceived that dividend Of $ 80 shnre
made besides applying per cent. the sinking fund
in eNiinsuishmcm; OF debt.


In addition TO TIN, Of things in ls4l, the Directors
ticipatc IN lsi5 the following improvement:
From the completion in Nov ls44. Of the Hartford
riom iowns open the Ttca and schenectady Rail
road 10 freight IN The winter lV9CpJ
Natural annual ncease ~ per llOU


Excess of 1915 $500 tt0
Being slO per share


The inst estimate showing earning OF 90 per cent div
lend does beyond what promised by the expert
cnce of the past A. the latter estimate, must
have an -pu!on of ieT Our own opinion IS that Is
TOO large No doubt the opening OF these unG
the NewIlaven and NewYork Road also, when completed,
will have very beneficial effect upon the business ofthc West.
crn Roud.


Sales OF Real Estate nt auction, May IS.


Bv lptaony j. BlcccEcr i. Go.