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Full text of "Annual report of the directors of the Boston Elevated Railway Co.: 1898-1942"

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For Reference 

Not to be taken 
from this library 




Eighteenth 

ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1936 



The information contained herein 
is not given in connection with any 
sale, offer for sale or solicitation of 
an offer to buy any securities. 



Eighteenth 

ANNUAL REPORT 



OF THE 



PUBLIC TRUSTEES OF THE BOSTON 
ELEVATED RAILWAY 



FOR THE 

Year Ended December 31, 1936 



IS 



BOARD OF TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 
of the Special Acts of 1918) 

HENRY I. HARRIMAN, Chairman 

ERNEST A. JOHNSON HENRY J. SMITH* 

GEORGE B. JOHNSON EDWARD E. WHITING 



OFFICERS 

(Appointed by the Trustees) 

F.DWARD DANA President and General Manager 

JOHN H. MORAN Vice-president and Treasurer 

MICHAEL H. CULLEN General Auditor 

WILLIS B. DOWNEY General Counsel 

MAURICE P. SPILLANE General Attorney 



Henry J. Smith was appointed and qualified on January 7, 1937 to fill the unexpired term 
of John V. Mahoney, resigned. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 



TABLE OF CONTENTS 

Data of Operation . 

Bonds ..... 

Unemployment Compensation and Old Age Benefits 

Winning of Anthony N. Brady Safety Medal 

Motor Coach Service 

Trolley Coach Service 

Court Cases .... 

Changes in the Board of Trustees 

Changes in Officers . 

Plant and Equipment Changes 

Conclusion .... 



Page 
5 
9 
12 
12 
13 
14 
15 
15 
15 
16 
17 



Tables in the Text 

Basic Data for Period of Public Control, Calendar Years . 6 

Basic Data for Period of Public Control, Trustee Years Ended 

June 30 and March 31 7 

Estimated Savings from Refunding Boston Elevated Railway 

Bonds by Boston Metropolitan District Bonds . . . 10 

Industrial Accidents Since 1926 13 



Graphs in the Text 

Allocation of Cost of Service per Revenue Passenger 
Graphic Record of Operating and Overhead Expenses 
Average Employees on Weekly Payroll . 
Fixed Charges per Year in Per Cent, of 1919 . 
Revenue Miles per Year ...... 



8 

9 

11 

12 

14 



Appendixes 



1. Public Accountants' Certification . 

2. General Balance Sheet 

3. Income Statement .... 

4. Operating Expense Accounts . 

5. Road and Equipment Investment . 

6. Investment in Road Owned and Leased December 31 

1936 

7. Investment and Total Income 1897-1936 

8. Capital Outstanding December 31, 1936 

9. Revenue Passengers Carried— 1897 to 1936 

10. Revenue Mileage - 1898 to 1936 . 

11. Comparative Division of Receipts and Expenditures for 

Years Ended December 31, 1932 to 1936 

12. Traffic Statistics, Years Ended December 31, 1933 to 1936 

13. Comparative Passenger Statistics — Revenue Passengers 

Carried 1927 to 1936 . 

14. Ratio of Maintenance and Depreciation to Total Income 

PerCent. 1927 to 1936 

15. Comparative Power Statistics — 1932 to 1936 . 

16. Loan Assessments on Cities and Towns — Chapter 159 

Special Acts 1918, as Amended . 

17. Passenger Cars, Motor a^d Trolley Coaches Owned De 

cember 31, 1936 



Page 
19 
20 
24 
26 
28 

29 
30 
31 
32 
34 

36 

37 

37 

38 
38 

39 

40 



Report of the Board of Public Trustees of the 
Boston Elevated Railway 



During the calendar year 1936 the Boston Elevated Railway 
carried 15,778,140 more passengers than in 1935 and 28,335,237 
more passengers than in 1933, the last named year being the one 
during which occurred the low level of riding. 

The total income for 1936 was $1,169,729.01 greater than in 
1935 and $1,941,782.38 greater than in 1933. 

The revenue miles operated in 1936 were increased by 458,733 
over 1935, and were 350,958 more than in 1933. 

In 1936, as compared to 1935, there was a net increase of 
$101,094.17 in fixed charges which comprise taxes, dividends, 
subway rentals, bond interests and rent of leased roads. This 
increase resulted from the tax for unemployment compensation 
and from interest charges on account of the acquisition by the 
Elevated of the Chelsea and Revere lines of the Eastern Massachu- 
setts Street Railway, both chargeable for the first time in 1936. 

Operating expenses, which include wages, materials, injuries 
and damages, depreciation and fuel increased $744,929.40 in 1936 
over 1935. Of this increase, payroll accounted for $589,306.78; 
injuries and damages $99,128.06; depreciation $40,643.44 and fuel 
$56,362.74. Materials and other items decreased $40,511.62. 

Payroll increases were accounted for by wage agreement ad- 
justments; the full effect of the 1935 act requiring one guard to 
each two cars on rapid transit trains; the addition of employees 
by reason of the acquisition by the Elevated of the Eastern Massa- 
chusetts Street Railway lines operating in Revere and Chelsea; and 
increases in the hours per week of employees on a short work week. 

The net result was that the cost of service for the year ended 
December 31, 1936 exceeded income by $1,897,469.01 as compared 
with an excess in cost of service of $2,229,251.23 for the calendar year 
1935, an improvement of $331,782.22 for 1936 compared to 1935. 

The fiscal year terminates as of March 31 and a deficit assessment 
is determined upon the basis of the fiscal year and not of the 
calendar year. 

The tables on the two pages following show the basic data 
relating to the operations of the railway from the beginning of 
public control to 1936, one on the basis of calendar years and the 
other on the basis of fiscal years. 

Attention should be called to the fact that included in fixed 
charges as a part of subway and tunnel rentals are payments of 
$353,381.46 by the railway to the city of Boston last year towards 
sinking funds to retire the city's investment in subways and tunnels. 
In similar manner the Commonwealth of Massachusetts received 
$73,695.00 last year from the railway for the retirement of the 
Commonwealth's investment in the Cambridge subway. Likewise 
the Boston Metropolitan District received $1,041,210.84 that year 



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8 



BostonElevatedRailw^ 

Cost of Service 9.45$perRd/enuePassenger 
12MonthsEnded December 31, 1936 

divided as follows 



/ 



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£ DIVIDENDS 






*X /si £-~ ioiB \ 




WAGES 
4.17* 




_^_ -5-fc^ 



toward payment and retirement of bonds of the District. This last 
payment comprised a compensation tax and interest upon the bonds 
of the railway owned by the District, and was in addition to an 
amount sufficient to pay all interest upon the District's bonds. 

These payments, included in the cost of service for 1936 and 
used to reduce the public debt of the Commonwealth, that of 
Boston, and that of the Boston Metropolitan District, amounted 
together to $1,468,287.30, or 77 per cent, of the deficit for the 
calendar year 1936. 

The subway and tunnel rentals paid during 1936 amounted 
to $2,811,558.76 or $914,089.75 more than the deficit for the calendar 
year 1936. 

Bonds 

Four years ago the Legislature instituted and each year since 
has continued the policy of authorizing the Boston Metropolitan 
District to issue its bonds for the purpose of purchasing a particular 
issue or issues of Elevated refunding bonds. 



11 Int onBEBoiids and Notes 
El Subway andTunnel Rekts 
KEY 03 Rent or Leased Roads 
EU Taxes 
O Fuel 



Si Depreciation 

B Ihjuries and Damages 

H Materials etc 

■ Wages 

D Total Or Expenses 



*36,000/)00 
34,000000 
32,000,000 
30,000j000 
28,000,000 
26,000,000 
24.000JD00 
22,OOQPOO 
20,000,000 




16000000 

i4,ooaooo 

12,000,000 
10.000.000 
8,000000 
6,000000 

4ooaooo 

2,000000 

1900 1905 1910 1915 19«7!318 W26 , E7 , ffi'O'303r3t'33 , 34'35 , 36 

Graphjcal Record of Operating and Overhead Expenses 

miscellaneous items included with interest 
Calendar Years 



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11 



The experience of the District with respect to its bond issues 
has been such as to establish beyond a question of doubt the wis- 
dom of the Legislature's policy. A glance at the table on the opposite 
page, listing the District's issues, will show a progressively lower net 
yield starting with the net yield of 3.75 per cent, for the three year 



11,000 
10,000 
9,000 
8,000 
7,000 
6,000 
5,000 
-4,000 





I 




















i 




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Average Employees onWeekwPayroll 










\ 


























M 1 1 1 1 


i 











1909 U '13 '15 '17 '19 '21 "23 '25 "11 '29 "31 '33 '35 
10 '12 '14 '16 "18 '20 '22 '24 '26 '28 '50 '32 '34 '36 



issue of June 1, 1933 and dropping to a net yield of 2.31 per cent, 
for the 25 year serial issue of January 1, 1937. 

The Legislature's purpose in starting and continuing this 
policy of District refinancing of Elevated maturities was simple and 
practical: To save money for the taxpayers within the District. 

That the railway's cost of service, and consequently the deficit, 
has been substantially lowered by reason of this policy is clearly 
indicated by the total estimated saving of $491,512 in cost of service 
from 1933 to 1936. During the balance of the life of the District 
bonds from 1937 to 1962 there will be an additional estimated sav- 
ing of $3,001,186. 

The complete story of the savings is not told by these figures 
because they are based on the difference between the interest paid 
on the original Elevated bonds and the interest charges paid by 
the railway on its refunding bonds issued to the District. Undoubt- 
edly the railway could not have refunded maturities with new 
bonds bearing the same rates, or nearly the same rates, as the 
maturing bonds. The fact that the railway could sell its own bonds 
only at very high interest rates was one of the strong motives 
which led to the passage of the first District refunding act in 1933. 

Apart from the saving in interest charges, there is another 
substantial advantage to be gained by the District in its refund- 
ing operations. By statutory requirement the Elevated pays the 
District two per cent, more in interest than the interest paid by 
the District on its own bonds. This two per cent, additional interest 
is used to retire District serial bonds as they mature. 

Thus, the District will have paid off at maturity, through the 
annual payment of principal made possible by reason of the two 
per cent, higher interest rate, $20,616,000 of a total of $30,014,000 
of District bonds issued to purchase Elevated refunding bonds. 

The purpose and effect of the Legislature's policy relating to 



12 



130 
125 

5 120 

6 U0 
Jj 105 

100 





F/xeo Charges /¥#)fag 
////*/? Cfwr ar/S/9 
































































































— 




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1 





































J920 '21 '22 '23 '24 '25 '26 '27 '28 '29 30 '31 '32 '33 '34 '35 '36 



District refinancing of maturing railway bonds is summed up briefly 
as follows: The taxpayers of the District are saved annually sub- 
stantial amounts in interest charges. Through railway interest pay- 
ments, the District is able to retire gradually a large part of its 
own bonds. 

In view of the experience of the District in financing maturing 
railway and District bonds, an experience which has clearly demon- 
strated the benefits to the District, its taxpayers and the car riders, 
we urge the enactment of legislation placing this sound method of 
refinancing upon a permanent basis. 

As of March 1, 1937, the District will hold $54,944,917 principal 
amount of the total of the outstanding bonds of the railway amount- 
ing to $76,200,917, of which $23,430,917 was issued to provide funds 
for the retirement of preferred stock when the period of public 
control was extended in 1931, and $1,500,000 was issued in 1936 to 
purchase the Chelsea Division of the Eastern Massachusetts Street 
Railway, and $30,014,000 was issued to provide funds to purchase 
Elevated refunding bonds. 

Unemployment Compensation and Old Age Benefits 

During 1936 the railway paid $126,884 in taxes for unemploy- 
ment compensation. 

In 1937, based on the same payroll as in 1936, the estimated 
taxes to be paid by the railway for unemployment compensation 
will be $253,000 and for old age benefits $115,000, making a total 
tax of approximately $368,000. 

In 1937 the employees' contribution for unemployment com- 
pensation is estimated at $120,000 and for old age benefits $115,000, 
making a total estimated employee payment of approximately 
$235,000. 

The estimated total to be paid in 1937 by both the railway 
and its employees is approximately $603,000. 

Winning of Anthony N. Brady Safety Medal 

On September 24, 1936, for the fifth time, the railway was 
awarded the Anthony N. Brady Gold Memorial Medal for "high 



13 

achievement in the promotion of safety in 1935." 

In number of awards and in winning four out of the last 
five medals for which it has been eligible to compete, the railway 
has established a high in safety records unmatched by any other 
railway in the United States and Canada. In fact, because of the 
record of awards won by this railway it is barred from further 
competition until 1940. 

Here, in this official report, the board of trustees wish to 
commend the employees and officials for their intelligent and earnest 
co-operation in making effective the safety work of the railway. 

In the 10 year period from 1926 to 1936 collision accidents 
have been reduced by 45 per cent, on a mileage basis. 

• Because of more hazardous street traffic conditions, this record 
is phenomenal, and is proof of the soundness of the railway's accident 
prevention program, of general co-operation to make it successful 
and of the railway's modern equipment. 

Perhaps the most striking way of expressing the safety of the 
railway system is to point out that in the eight year period from 
1929 to 1936, inclusive, the railway operated 401,985,666 miles in 
passenger service and carried 2,434,915,093 revenue passengers 
without a fatality to a passenger actually riding in a train, car 
or coach. 

Since there is a close relationship between the physical condition 
of transportation employees and the safety of riders, all rapid tran- 
sit motormen and all other transportation employees forty years of 
age and over have been examined annually since 1928. In the last 
nine years 25,283 physical examinations were made, of which 
3,307 were made during the year 1936. 

The following table shows the fine record in reducing industrial 
accidents since 1926. 

Total Number 
Year of Injuries 

1926 1,465 

1927 1,414 

1928 1,121 

1929 921 

1930 852 

1931 835 

1932 698 

1933 565 

1934 . 628 

1935 603 

1936 613 

Motor Coach Service 

The motor coach fleet of the railway has been modernized to 
the point that at the end of 1936 out of a total of 434 coaches 
all but four were of the metropolitan type. During 1936 the railway 
received 60 new motor coaches, including one Diesel power coach 
which is being used for experimental purposes. 

The importance of the motor coach in local transportation is 
indicated from the fact that of the total mileage operated last year, 
10,485,554 miles, or 22.55 per cent, was operated by means of these 
vehicles. In the ten year period since 1926 the miles of street 



14 

over which service is furnished have increased from 56 miles in 
1926 to 149 miles in 1936. In this same period motor coach mileage 
operated increased from 4,717,900 miles to 10,485,554 miles. At the 
end of last year motor coach service was being operated over 696 
miles of round trip routes. 

The following new coach lines were placed in operation during 

Between Hammond and Boylston streets and Lee 
and Boylston streets, Brookline. 

Between Belgrade avenue and Robert street and 
Weld and Maple streets, West Roxbury. 

Between Medford square and Myrtle and Law- 
rence streets, Medford. 

Between Beachmont and Broadway and Beach 
: street, Revere. 

Between Chelsea square and City square, Charles- 
town. 

Trolley Coach Service 

Service by means of trolley coaches, or "trackless trolleys" as 
they are sometimes called, was inaugurated by this railway on 
April 11, 1936 on the line between Lechmere station and the 
Bennett street car yard via Cambridge street and Harvard square. 
On November 28, 1936 trolley coach service was placed in opera- 
tion between the Everett car house, Broadway, in North Everett, 
and the Linden section of Maiden. This line was a part of a 
through line between Linden and the Everett "El" terminal which 



REVENUE- MILES PER YEAR 

10,000,000 20,000,000 30,000.000 4-0,000,000 50,000,000 



1919 p^g%%^^^^ 



1921 



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1922 
!923 



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1924 I 

1925 

1926 

1927 

1328 

1929 

1930 

1931 

1932 

1933 

1934 

1935 

1936 



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KEY: ■ motor Coach 
D TrolleyCoach 



Rapid Transit M 2-Man Surface 
£3 I -Man Surface 



15 

began operation on January 9, 1937. In connection with this last 
line a loop and bridge was constructed over the rapid transit tracks 
at the Everett "El" terminal. 

During the year just closed 32 new trolley coaches, with a 
seating capacity of 40 passengers each, were received by the rail- 
way. The trolley coach lines thus far established have furnished 
satisfactory service and met with a favorable public response. 

Court Cases 
During the year just passed 255 cases were prosecuted in the 
courts for various offences, including the use of "slugs," misuse 
of transfers and pupils' tickets, evasions of fares, riding on the 
rear end of trolley cars and coaches, etc. In all but 19 of these 
cases, convictions were obtained. 

Changes in the Board of Trustees 

John V. Mahoney, a public trustee of the railway since August 
3, 1934, resigned on January 7, 1937 to become chief secretary to 
His Excellency, Governor Charles F. Hurley. Mr. Mahoney served 
on the board with ability and distinction. 

On the above date, the Governor appointed Henry J. Smith 
to the vacancy caused by Mr. Mahoney's resignation. 

Changes in Officers 

Effective as of January 1, 1937 the board of trustees appointed 
Edward Dana president and general manager. Since January 1, 
1932 Mr. Dana had been executive vice president and general 
manager and since October 8, 1919 he had been general manager. 
As of January 1, 1937 the board also appointed John H. Moran 
vice president and treasurer. Mr. Moran had been named vice 
president and comptroller on March 23, 1936 and had served as 
general auditor since February 1, 1920. Michael H. Cullen, who 
had been assistant general auditor, was appointed general auditor 
succeeding Mr. Moran. 

These changes were incident to the retirement of Henry L. 
Wilson as treasurer. Mr. Wilson had been in the employ of this 
railway and its predecessor, the West End Street Railway, for 
almost 49 years. He served as auditor of the West End from 
December 26, 1891, and after the consolidation of the West End 
and the Elevated continued as auditor of the Elevated until March 
25. 1907, when he was appointed comptroller. On October 26, 
1908 Mr. Wilson was appointed treasurer of the Elevated and con- 
tinued in that office until his retirement. 

H. Ware Barnum, who had been general counsel of the railway 
since the fall of 1918 shortly after the effective date of the first 
public control act, died on November 22, 1936. Prior to that Mr. 
Barnum had been an assistant attorney general of the Common- 
wealth. He was a recognized authority on the laws relating to 
street railways, particularly on those affecting this railway. The 
trustees wish to record here their sorrow at the passing of Mr. 
Barnum for whom they had a high personal regard. 

On November 30, 1936 the board of trustees promoted Willis 



16 

B. Downey to the position of general counsel. Mr. Downey had 
been assistant general counsel of the railway since July 15, 1929. 

Plant and Equipment Changes 
Chelsea Division Acquired 
After negotiations extending over several years, final papers 
covering the purchase of most of the Chelsea Division of the Eastern 
Massachusetts Street Railway were signed on June 9. 1936. and 
the Elevated began operations the following day. The purchase 
price was SI, 500. 000 for the Eastern's lines in Chelsea, Everett, East 
Boston and Charlestown, and for most of its lines in Revere, and 
for the buildings, rolling stock, power lines, etc., necessary in the 
operation of these railway lines. Accompanying the purchase, a 
number of the Eastern's employees who worked on the lines were 
transferred to the Elevated. By this extension of the railway's facili- 
ties, lower fares were provided for the residents of a large local 
territory and the cost of riding from other parts of the system to 
Revere Beach and to other sections served by the newly acquired 
lines was reduced. 

New Platform at Park Street Station 
On December 5, 1936, a new platform running along the 
easterly side of the northbound track on the surface-car level at 
Park street station was opened to the public. This provides access 
to the station from the business side of Tremont street at two 
points. Midway of the station, a passageway leads to stairways on 
the two corners of Temple place and Tremont street. At the north- 
erly end of the platform a short passageway connects with the 
rapid transit fare-collection lobby and thence with the business 
side of Tremont street at Park street. A sub-passageway near the 
middle of the new platform connects with the two other surface- 
lines platforms. This enlargement of Park street was a W.P.A. 
project, constructed under the direction of the Transit Department 
of the City of Boston at a total cost of about 5407,000. The in- 
creased investment upon which the railway pavs rental was limited 
to |150,000. 

Addition to Roxbury Motor Coach Garage 
The extension of the Roxbury motor coach storage garage 
at 2561 Washington street, Roxbury, was completed early in 1936. 
This new unit increased the storage capacity of the Roxbury gar- 
age from 30 to 66 motor coaches. The total undercover storage 
capacity of the entire Bartlett street garage, of which the Roxbury 
garage forms a part, was thus increased to 122 coaches. An additional 
area was surfaced for the better maneuvering of coaches and for 
outdoor storage during certain parts of the day. The new unit is 
characterized by simplicity, fireproof ness, operating convenience 
and low cost. 

Dust Control Equipment at South Boston Power Station 
During the past year an electrical system to remove fine dust 
particles from chimney gases was installed in the two large boilers 
using pulverized coal at the South Boston power station. Addi- 
tional equipment was provided to improve the efficiency of the 



17 

two boilers by increasing the chimney draft and by reclaiming 
more heat from the boiler flue gases. These changes were started 
on April 3, 1936 and were completed before the end of the year. 

Snow Fighting Equipment 
During 1936 the railway's equipment for snow removal and 
sand spreading was brought to a higher degree of perfection than 
ever before. For operation on the surface rail lines nearly a 
hundred electric car plows are available, in addition to sand and 
salt cars. Chiefly for the highways, and also for use over track 
areas, 33 powerful multiservice trucks, known as "snow fighters," 
form the backbone of a well-diversified fleet. Comprising a part 
of this fleet are snow loaders, bucket loaders, sand spreaders, and 
numerous trucks equipped with plows, both railway-owned and on 
call for hire. In planning for the winter storms particular atten- 
tion is given to the sanding of the 280 round trip miles of motor 
coach and trolley coach routes, for which work there are available 
56 sand spreaders. In winter, the rapid transit cars carry wire 
brushes to clear the third rail of sleet. For extremely bad weather, 
eight flat cars with wire brushes, sweepers and plows are available 
to clear the rapid transit tracks. 

"Slug" Ejectors on Passimeters 

From late 1934 to the end of 1936, the loss from spurious 
coins and "slugs" dropped in passimeters has been reduced by two- 
thirds through the installation of so-called automatic "slug" ejectors 
on the top of passimeters. The ejector allows a good dime to drop 
through the passimeter but a bad dime or a "slug" prevents the 
passimeter arm from unlocking. At the end of last year, 111 
ejectors had been installed. 

Conclusion 

The business of the railway has improved. Since 1933, the 
low year, riding has increased by 10.58 per cent. There is still, 
however, a considerable distance to go to reach the pre-depression 
level. The trustees, nevertheless, are glad to report a constant and 
encouragingly upward trend in the public's use of its transporta- 
tion facilities over the last three years. This improvement is a 
reflection of better conditions generally, since the level of travel 
on the railway is an excellent barometer. 

The reduction of $331,782.22 in the deficit for the calendar 
year 1936, as compared to the calendar year 1935, indicates that 
as of the end of the current fiscal year, March 31, 1937, the amount 
to be assessed on the cities and towns in the District served will 
be lower than that assessed for the last fiscal year. 

Respectfully submitted, 
BOARD OF TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 
(Signed) HENRY I. HARRIMAN, Chairman 

EDWARD E. WHITING 
HENRY J. SMITH 
ERNEST A. JOHNSON 
February 1, 1937. GEORGE B. JOHNSON 



18 



19 



Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 

To the Trustees of 
Boston Elevated Railway: 

We have made an examination of the accompanying general 
balance sheet of the Boston Elevated Railway as at December 31, 
1936 and of the accompanying income statement for the twelve 
months ended December 31, 1936. In connection therewith we 
examined or tested accounting records of the company and other 
supporting evidence and obtained information and explanations 
from officers and employees of the company; we also made a general 
review of the accounting methods and of the operating and income 
accounts for the period, but we did not make a detailed audit of 
the transactions. 

In our opinion, the provision for depreciation of road and 
equipment in the year 1936 charged to cost of service as shown in 
the accompanying schedule of operating expense accounts and 
determined in accordance with the policy of accounting previously 
adopted by the trustees is fair and reasonable, but the amount of 
accrued depreciation appearing in the balance sheet is inadequate. 

In our opinion, based upon such examination, the accompany- 
ing general balance sheet as at December 31, 1936 (subject to the 
comment in the preceding paragraph) , and income statement for 
the twelve months ended December 31, 1936, fairly present the posi- 
tion of Boston Elevated Railway at that date and the results of 
operations under public control for the year then ended. Further, 
in our opinion, the accounts have been maintained by the company 
consistently during the year in accordance with accepted principles 
of accounting. 

(Signed) Lybrand, Ross Bros. & Montgomery. 

Boston, Massachusetts 
January 29, 1937. 



20 



Appendix 2 



General Balance Sheet 



Assets 



Dec. 31, 1936 



Dec. 31, 1935 



Investments 
Road and Equipment : 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments : 

Bonds 

Notes 

Advances, Road and Equipment : 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



$61,027,201.25 

31,428,281.13 

15,429,916.55 

1,972,702.63 

190,337.66 



$110,048,439.22 
$776,862.87 

$1,217,796.41 
159,300.50 

190,087.63 



$1,567,184.54 
$112,392,486.63 



$59,679,452.68 

30,442,493.95 

15,476,682.82 

1,924,002.63 

56,799.34 



$107,579,431.42 
$892,012.79 

$213,031.25 
165,950.00 

207,808.45 



$586,789.70 
$109,058,233.91 



21 



General Balance Sheet— Continued 





LlABILITI 


ES 




Dec. 31, 1936 


Dec. 31, 1935 




Stock 










Capital Stock: 
















$23,879,400.00 


$23,879,400.00 


Premium 


on Capital Stock : 






Comm 


I Stock .... 






2,707,428.13 


2,707,428.13 


Tot; 


$26,586,828.13 


$26,586,828.13 




Bonus 






Funded 


Debt Unmatured: 










5% 


20 yr. W. E. St. Ry. Co 


Bofids, Due May 1, 


1936 





$815,000.00 


3V 2 % 


3 yr. Boston Elev. Ry. 


Bonds, Due June 1, 


1936 




3,000,000.00 


3% 


3 yr. Boston Elev. Ry. 


Bonds, Due Mar. 1, 


1937 


$2,098,000.00 


2,098,000.00 


4%% 


SO yr. Boston Elev. Ry. 


Bonds, Due Oct. 1, 


1937 


4,800,000.00 


4,800,000.00 


4&% 


30 yr. Boston Elev. Ry. 


Bonds, Due Nov. 1, 


1941 


5,000,000.00 


5,000,000.00 


5% 


30 yr. Boston Elev. Ry. 


Bonds, Due Dec. 1, 


1942 


8,286,000.00 


8,286,000.00 


5% 


30 yr. W. E. St. Ry. Co 


Bonds, Due Mar. 1, 


1944 


2,600,000.00 


2,600,000.00 


7% 


30 yr. W. E. St. Ry. Co. 


Bonds, Due Sept. 1, 


1947 


570,000.00 


570,000.00 


4 y 2 % 


1") yr. Boston Elev. Ry. 


Bonds, Due Aug. 1, 


1949 


1,581,000.00 


1,581,000.00 


5% 


2.3 yr. Boston Elev. Ry. 


Bonds, Due Jan. 1, 


1960 


6,309,000.00 


6,309,000.00 


5% 


25 yr. Boston Elev. Ry. 


Bonds, Due Mar. 1, 


1960 


8,500,000.00 


8,500,000.00 


4y 2 % 


25 yr. Boston Elev. Ry. 


Bonds, Due Dec. 15, 


1960 


7,711,000.00 


7,711,000.00 


4%% 


25 yr. Boston Elev. Ry. 


Bonds, Due June 1, 


1961 


3,815,000.00 


, 


6% 


Boston Elev. Ry. Bonds 


Authorized Under Sec. 4, 










Chapter 333, Acts 1931 


23,430,917.00 


23,430,917.00 


6% 


B. E. Ry. Bonds, Auth 


Sec. 4, Chap. 333, 


Acts 






1931, as amended by Sec 


1, Chap. 299, Acts 1932 


1,500,000.00 




5% 


10 yr. Boston Elev. Ry. 


Bonds, Due Feb. 1, 


1937 








Called for 


Redemption Feb. 1, 


1936 




6,511,000.00 






5% 


10 yr. Boston Elev. Ry. 


Bonds, Due July 1, 


1940 








Called for 


Redemption Jan. 1, 


1936 




1,200,000.00 






Tot; 


$76,200,917.00 


$82,411,917.00 











22 



General Balance Sheet— Con tinu ed 



Assets 


Dec. 81, 1936 


Dec. 31, 1935 


Current Assets 
Special Deposits: 

Reserve Fund, Chap. 159, Spec. Acts, l!WS 


$3,095,773.18 

$328,158.48 
97.11 


$2,603,620.07 

$520,941.22 

149.32 

7,788,110.00 


Interest, Dividends and Rents Receivable 

Other Current Assets 


$328,255.59 

$274.00 

403,826.97 

f,847,683.60 

9,091.75 

38,680.00 


$8,309,200.54 

$274.00 

381 ,602.25 

1,948,251.28 

11,733.72 

39,480.00 


Total Current Assets and Special Deposits . 

Deferred Assets 
Insurance and Other Funds 

Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance 


$5,723,585.09 

$243,000.00 

$54,307.43 

1,195,545.17 

72,202.82 


$13,294,161.86 

$243,000.00 

$171,772.40 

1,213,801.78 

76,627.61 




$1,322,055.42 
$119,681,127.14 


$1,462,201.79 
$124,057,597.56 



23 



General Balance Sheet— Concluded 



Liabilities 


Dec. 31, 1936 


Dec. 31, 1935 


Current Liabilities 

Matured Interest, Dividends and Rents Unpaid 
Accrued Interest, Dividends and Rents Payable 

Accrued Rent of Subways, Tunnels & H. T. L. 








$608,481.34 
$337,042.23 

$942,313.91 
5,678.36 

109,158.32 


$611,699.18 
$367,050.85 

$1,098,824.33 

5,998.02 

107,912.50 


Total Accrued Interest, Dividends and IUnts Payable 
Other Current Liabilities : 
Premium on B. E. Ry Co. Bonds, 

Called for Redemption on Jan. 1, 1936 .... 

Called for Redemption on Feb. 1, 1936 .... 


$1,057,150.59 


$1,212,734.85 

$12,000.00 
$65,110.00 


Deferred Liabilities 




$2,002,674.16 

$24,460.89 

$1,434,095.28 

$28,186.68 

$1,184,096.28 

$15,103,237.42 

$81,532.54 

7,653.72 

234,211.83 


$2,268,594.88 

$14,413.69 

$1,254,455.31 

$32,209.64 

$1,234,094.48 

$13,427,497.66 

$68,932.50 

7,657.00 

222,493.23 


Unadjusted Credits 




Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 


Total Other Unadjusted Credits 

Corporate Surplus 
Profit and Loss : 

Year Ended June 30, 1931 

Cost of Service Deficit 9 months ended Dec-ember 31 . 

Arising out of Consolidation with West End St. Ry. 

Co., June 10, 1922 and Reorganization July 1, 1931 


$323,398.09 
$18,073,013.75 

$12,127.83* 
1,969,473.12* 
1,765,933.86* 

540,768.02 


$299,082.73 
$16,247,339.82 

$12,127.83* 
1,969,473.12* 
2,030,663.03* 

540,768.02 


Total Liabilities . 




$3,206,766.79* $3,471,495.96* 
$119,681,127.14 Ji^d nw W7 w 









* Debit. 

Note: — Amounts advanced by Commonwealth of Massachusetts for deficits in Cost of Service 1932-1930, 
$9,562,686.11 as at December 31, 1936. (See Statement of Loan Assessments, Page 39.) 



24 
Appendix 3 



Income Statement 



Operating Income 

Passenger Revenue 

Special Car and Motor Coach Revenue 

Mail Revenue 

Total Revenue from Transportation . 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues . 
Railway Operating Expenses : 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses 

Net Revenue Railway Operations 

Taxes Assignable to Railway Operations . 
Operating Income 



Twelve 
Months Ended 
Dec. 31, 1936 



$25,395,750.05 

106,666.10 

175.00 



$25,502,591.15 

$459,326.06 

4,584.40 

9,002.19 

52,767.78 

23,341.52 

338.97 



$549,360.92 
^26,051,952.07 

$2,825,340.03 
3,345,697.89 
1,750,222.28 
8,297,342.05 
10,662.86 
2,194,336.78 
fl3,259.90 



$18,410,341.99 
$7,641,610.08 
$1,573,217.91 
$6,068,392.17 



Twelve 
Months Ended 
Dec. 31, 1935 



$24,268,437.55 

78,930.21 

175.00 



$24,347,542.76 

$457,833.71 

8,023.60 

10,122.90 

52,524.63 

11,271.95 

289.62 



$540,066.41 
^24,887,609.17 

$2,787,556.21 
3,237,473.34 
1,708,296.72 
7,955,676.05 
7,438.37 
1,983,329.94 
fl4,358.04 



$17,665,412.59 
$7,222,196.58 
$1,520,923.60 
$5,701,272.98 



tCredit. 



25 



Income Statement— Concluded 





Twelve 
Months Ended 
Dec. 31, 1935 


Twelve 
Months Ended 
Dec. 31, 1936 


Non-Operating Income 

Income from Unfunded Securities and Accounts . 
Income from Sinking Fund and Other Reserves . 


$29,274.37 

10,800.00 

4,022.96 

106.07 


$20,137.00 

465.20 

10,800.00 

7,292.52 

122.57 


Deductions from Gross Income 
Rent for Leased Roads : 

Boston Elevated Railway Co. — Dividend Rental . 


$44,203.40 
$6,112,595.57 

$1,193,970.00 
46,161.00 


$38,817.29 
$5,740,090.27 

$1,193,970.00 
46,647.62 


Net Loss on Miscellaneous Physical Property .... 
Amortization of Discount on Funded Debt .... 


$1,240,131.00 

2,812,255.07 

7,992.91 

3,862,562.10 

78,299.77 
8,823.73 


$1,240,617.62 

2,809,087.75 

14,934.13 

3,816,442.94 

1.10 

79,142.51 

9,115.45 


Total Deductions from Gross Income .... 


$8,010,064.58 
*$1 ,897,469.01 


$7,969,341.50 
*$2,229,251.23 



♦Debit. 



26 



Appendix 4 



Operating Expense Accounts 



Wat axd Structuees 
Superintendence of Way and Structures . 
Maintenance of Track and Roadway .... 

Removal of Snow and lee 

Roadway Structures 

Signals and Interlocking- Apparatus .... 

Telephone and Telegraph Lines 

Other Miscellaneous Expenses 

Maintenance of Electric Line Equipment . 
Maintenance of Buildings and Grounds . 
Depreciation of War and Structures .... 

Total Way and Structures 

Equipment 

Superintendence of Equipment 

Maintenance of Cars aDd Coaches 

Service Equipment 

Maint. of Electric Equipment of Cars and Coaches 

Shop Equipment 

Shop Expenses 

Mi-.cellaneous Equipment 

Depreciation of Equipment 

Depreciation ot Coaches 

Total Equipment 

Power 

Superintendence of Power 

Maintenance of Power Plant Bldgs. k Equipt. 
Depreciation of Power Plant Bldgs. & Equipt. . 

Operation of Power Plants 

Gasoline for Motor Coaches 

Total Power 



Twelve 
Months Ended 
Dec. 31, 1936 



s-239,486.57 

959,317.15 

214,936.04 

91,857.93 

31,976.40 

5,707.49 

39,836.16 

170,989.25 

310,613.04 

701,520.00 

$2,825,340.03 



§146,034.88 

1.218,092.45 

33,162.90 

341,484.06 

30,997.98 

248.378.16 

01,091.10 

821,640.00 

444,S16.3C 



$3,345,697.89 



$85,784.62 
120,515.38 
420,840.00 
B67.1 537.06 
255,545.22 



Twelve 
Months Ended 
Dec. 31, 1935 



$1,750,222.28 



$233,270.60 

919,186.73 

283,464.98 

80,886.14 

39,631.51 

4,533.07 

40,698.53 

177,269.46 

247,095.19 

761,520.00 



$2,787,556.21 



$136,240.74 

1,152,121.08 

40,994.53 

356,200.67 

25,137.38 

237,420.88 

63,545.14 

821,640.00 

404,172.92 



$3,237,473.34 



888,720.81 
152,934.59 
420,840.00 
807,813.44 
237,987 -- 



$1,708,296.72 



27 



Operating Expense Accounts— Co n eluded 



Con duct i xr. Transportation 

Superintendence of Transportation 
Pass. Car, Trainmen and Coach Operators 
Misc. C;ir and Coach Service Employes 
Mi^c. Car and Coach Service Expenses 

Station Employes 

Station Expenses 

Car House and Coach Garage Employes 
Car House and Coach Oarage Expenses 
Operation of Signal & Interlocking Apparatus 
Operation of Telephone & Telegraph Lines . 
Other Transportation Expenses .... 

Total Conducting Transportation 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses . 

Law Expenses 

Relief Department Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses .... 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Motor Coach Garages) 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous . 

Transportation for Investment 
Total Operating Expenses . 



Twelve 
Months Ended 
Dec. 81, 1936 



$1,049,607.95 
4,909,543.68 
188,213.35 
105,249.48 
627,216.89 
191,913.71 
678,603.83 

93,970.64 
223,569.50 

11,704.90 
217,748.12 



$8,297,342.05 

$10,662.86 

$81,647.24 
365,151.57 

72,045.77 

39,091.60 

3,420.00 

219,037.81 
98,417.76 

832,965.84 

139,768.92 
54,773.90 

171,015.10 
88,143.49 
14,761.57 
14,096.15 



$2,194,336.78 

fl3.259.90 
$18,410,341.99 



Twelve 
Months Ended 
Dec. 31, 1935 



$1,036,257.47 

4,685,572.55 

197,751.20 

105,668.34 

612,410.40 

181,775.32 

607,322.33 

92,512.18 

214,183.85 

10,080.38 

212,142.03 

$7,955,676.05 

$7,438.37 

$79,474.02 

305,195.83 

73,351.47 

38,842.29 

3,420.00 

216,666.10 

87,433.70 

720,794.40 

135,591.83 

59,835.45 

160,831.74 

72,381.93 

15,377.61 

14,133.57 



$1,983,329.94 

tl4, 358.04 
$17,665,412.59 



tCredit. 



28 



Appendix 5 



Road and Equipment Investment 



Account 



Way and Structiiiks 

A/c 501 Engineering - and Superintendence . 

502 Right of Way 

503 Other Land 

504 Grading 

505 Ballast 

506 Ties 

507 Rails, Rail Fastenings and Joints . 

508 Special Work 

510 Track and Roadway Labor .... 

511 Paving 

512 Roadway Machinery and Tools . 

513 Tunnels and Subways 

514 Elevated Structures and Foundations . 

515 Bridges, Trestles and Culverts . 

516 Crossings, Fences and Signs .... 

517 Signals and Interlocking Apparatus . 
51 S Telephone and Telegraph Lines . 

519 Poles and Fixtures 

520 Underground Conduit 

521 Distribution System 

523 Shops, Car Houses and Garages . 

524 Stations, Misc. Buildings and Structures 

525 Wharves and Docks 

Total War and Structures . 



Equipment 

A/c 530 Pass. Cars, Motor and Trolley Coaches . 

532 Service Equipment 

533 Electric Equip, of Cars and Trolley Coaches 

536 Shop Equipment 

537 Furniture, Fare Boxes and Passimeters . 

538 Miscellaneous Equipment 

Total Equipment 

Power 

A/c 539 Power Plant Buildings 

540 Sub Station Buildings 

542 Power Plant Equipment 

543 Sub Station Equipment 

544 Transmission System 

Total Power 

General and Miscellaneous 

A/c 546 Law Expenditures 

547 Interest during Construction .... 

548 Injuries and Damages 

549 Taxes 

550 Miscellaneous 

Total General and Miscellaneous 

A/c 551 Unfinished Construction 

Total Road and Equipment 



Total 
Dec. 31, 1936 



$1,733,439 

11,467,432 

5,722,265 

331,462 

759,222 

888,466 
2,098,264 
4,388,957, 
4,285,925, 
1,529,985, 

389,492. 

347,908. 

5,589,137. 

2,002,986. 

88,550. 

1,102,058. 

102,935. 

626,884. 
1,861,653. 
3,702,139. 
7,266,456. 
4,509.276. 

232,301. 



11 
64 
43 
46 
74 
57 
16 
45 
42 
49 
26 
22 
53 
39 
24 
72 
36 
34 
77 
11 
32 
32 
20 



$61,027,201.25 



$21,021,104.60 

1,018,911.49 

7,675,158.63 

742,421.42 

256,116.92 

714,568.07 

$31,428,281.13 



$3,591,627.83 

640,979.22 

6,898,306.02 

2,690,941.28 

1,608,062.20 

$15,429,916.55 



$250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,215.00 

$1,972,702.63 

$190,337.66 

$110,048,439.22 



Total 
Dec. 31, 193.5 



$1,688,731.45 

11,450,453.85 

5,575,931.08 

275,582.43 

748,749.16 

822,556.98 

1,929,969.82 

4,329,980.68 

4,106,989.46 

1,507,605.72 

337,705.60 

347,908.22 

5,589,137.53 

1,915,232.43 

93,497.24 

1,099,367.63 

101,907.36 

582,993.17 

1,817,825.46 

3,561,854.56 

7,114,080.27 

4,449,091.38 

232,301.20 

$59,679,452.68 



$20,421,345.03 

1,021,032.78 

7,488,358.73 

719,792.90 

247,429.99 

544,534.52 

$30,442,493.95 



$3,589,835.31 

640,979.22 

6,939,745.81 

2,698,060.28 

1,608,062.20 

$15,476,682.82 



$250.00 

1,783,601.09 

7,500.00 

145,866.54 

13,215.00 

$1,924,002.63 

$56,799.34 

$107,579,431.42 



Note : — Bold denotes credits 



29 



Appendix 6 



Investment in Road Owned and Leased December 31, 1936 



Boston Elevated Railway 

Road and Equipment 

Miscellaneous Physical Property . 

Total Boston Elevated Railway Investment 



$110,048,439.22 

776,862.87 



$110,825,302.09 



Leased Lines 

Hyde Park Transportation District (City of Boston) 

Eastern Mass. St. Ry. Co. (Part Leased) 
Old Colony Lines, West Roxbury . 

Boston & Northern Lines, Middlesex Fells 
Lines ...... 



Expenditures for Additions and Better- 
ments ...... 

Total Eastern Mass. St. Ry. Co. 

Total Leased Lines 



$672,847.44 
29,546.01 
190,087.63 



S245.931.51 



892,481.08 



1,138,412.59 



City of Boston Investment 

Boylston Subway .... 

Cambridge Connection . . 

Dorchester Tunnel 

Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension 

Tremont Subway .... 

Washington Tunnel 

Total City of Boston Investment 



Commonwealth of Massachusetts Investment 

Cambridge Subway 

Total Commonwealth of Massachusetts Investment . 

TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



$11,483,156.98 
1,654,625.23 
12,240.633.79 
11,006,103.96 
7,279,318.37 
2,346,768.29 
4,624,678.65 
7,969,552.34 



$8,226,759.52 



58,604,837.61 



8,226,759.52 
$178,795,311.81 



30 



Appendix 7 
Investment and Total Income 1897-1936 



Year Ended 



Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

Sept. 30 

June 30 

June 30 

June 30 

June 30 

June 30 

June 30 

Dee. 31 

Dec. 31 

Dee. 31 

Dee. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 

Dec. 31 



1897 
1898 
1899 
1900 
1901 
1902 
1903 
1904 
1905 
1906 
1907 
1908 
1909 
1911 
1912 
1913 
1914 
1915 
1916 
1917 
1918 
1919 
1920 
1921 
1922 
1923 
1924 
1925 
1926 
1927 
1928 
1929 
1930 
1931 
1932 
1933 
1934 
1935 
1936 



Total 


Total 


Investment 


Income 


$25,291,913.22 


$8,719,031.78 


31,251,811.90 


9,257,252.94 


33.187,250.79 


9,756,136.25 


37,793,501.62 


10,236,994.49 


44.087,939.53 


10,869,496.33 


46,466,591.31 


11,321,030.13 


48,398,610.91 


12,019,371.26 


51,886,524.39 


12,436,593.79 


57,187,809.61 


12.741,569.30 


59,873,910.46 


13,634,612.49 


65,979,896.07 


14,011,167.72 


70,957,716.76 


14,074,696.51 


81.592,634.49 


14,493,853.13 


92,904,910.27 


15,980,707.94 


101,864,058.69 


16,522,542.00 


105,019,587.59 


16,968,328.33 


106,990.919.12 


17,785,978.25 


113,166,182.04 


17,886,549.64 


117,116,007.58 


18,781,327.74 


121,807,319.67 


19,818,407.01 


134,181,073.47 


21,062,692.82 


138,117,974.50 


29,498,582.82 


139,156,058.00 


34,031,636.44 


141,345,133.42 


33,277,025.53 


143,345,873.68 


32,699,176.37 


149,001,108.85 


34,096,813.26 


155,490,852.91 


34,175,310.61 


156,474,884.41 


34,547,379.01 


159,025,141.62 


35,481,313.38 


163,901,383.91 


35,193,410.03 


172,480,669.04 


34,843,14 7. ".1 


175,224,091.62 


34,096,623.03 


175,045,256.41 


32,510,721.17 


175,553,658.23 


29,855,107.30 


177,673,869.99 


26,428,493.63 


176,070,985.04 


24,154,373.09 


176,108,007.79 


24,818,625.48 


176,252,570.57 


24,926,426.46 


178,795,311.81 


26,096,155.47 



The permanent investment represents the actual money expended 
leased, including subways, tunnels and rapid transit lines owned by the 
of Massachusetts. 



for property operated, owned and 
Citv of Boston and Commonwealth 



31 



Appendix 8 

Capital Outstanding December 31, 1936 
Outstanding Capital Stock 

COMMON STOCK 



No. 

Shares 

Outstanding 


Par Value 

Shares 

Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 

Dividend 


Dividends 
Payable 


5,000 
95,000 
33,000 
66,500 
39,294 

238,794 


$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 

$23,879,400.00 


$1,815,000.00 
695,958.13 
196,470.00 

$2,707,428.13 


$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 

$26,586,828.13 


Julv 26, 1897 
Julv 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 


5%— $1,193,6 


C Jan. 1 

►70.00 J A P r - x 
] Julv 1 
(.Oct. 1 



outstanding funded debt 











Net Premium 




Date of 






Par 


Rate 


Maturitv 


or 


Amount 


Approval by 


"i early 


Co. 


Value 








Discount 


Realized 


Commission 


Interest 




§$2,098,000.00 


3 % 


Mar. 


1, 1937 


*$14,539.14 


$2,083,460.86 


Feb. 5, 1934 


$62,940.00 


B. E. 


4,800,000.00 


4V 2 % 


Oct. 


1, 1937 


*29,585.04 


4,770,414.96 


June 15, 1907 


216,000.00 


B. E. 


5,000.000.00 


4y 3 % 


Nov. 


1, 1941 


noo.ooo.oo 


4,900,000.00 


Oct. 17,1911 


225,000.00 


B. E. 


4,000,000.00 


5 % 


Dec. 


1, 1942 


*80,000.00 


3,920,000.00 


Dec. 6, 1912 


200,000.00 


B. E. 


1,000,000.00 


5 % 


Dec. 


1, 1942 


*78,410.00 


921,590.00 


May 27, 1914 


50,000.00 


B. E. 


3,286,000.00 


5 % 


Dec. 


1, 1942 


*257,655.26 


3,028,344.74 


Nov. 9, 1915 
| Feb. 4, 1914 
I April 14, 1914 


164,300.00 


B. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


112,832.07 


2,712,832.07 


130,000.00 


W. E. 










- 




S Aug. 24, 1917 






570,000.00 


7 % 


Sept. 


1, 1947 


399.00 


570,399.00 


1 Sept. 4, 1917 


39,900.00 


W. E. 


§ 1,581,000.00 


4V 2 % 


Aug. 


1, 1949 


*77,690.34 


1,503,309.66 


Julv 11, 1934 


71,145.00 


B. E. 


§ 6,309,000.00 


5 % 


Jan. 


1, 1960 


*139,428.90 


6,169,571.10 


Dec. 4, 1934 


315,450.00 


B. E. 


S 8,500,000.00 


5 % 


Mar. 


1, 1960 


69,615.00 


S,569,6JL5.00 


Feb. 21, 1935 


425.000.00 


B. E. 


§ 7,711,000.00 


4%% 


Dec. 


15, 1960 


*186,220.65 


7,524,779.35 


Nov. 15, 1935 


346,995.00 


B. E. 


§ 3,815,000.00 


4y 2 % 


June 


1,1961 


*36,242.50 


3,778,757.50 


Apr. 15, 1936 


171,675.00 


B. E. 


§ 1,500,000.00 


6 % 


* 


* * 




1,500,000.00 


NoteB 


90,000.00 


B. E. 


§23,430,917.00 


6 % 


* 


* * 




23,430,917.00 


Note A 


1,405,855.02 
$3,914,260.02 


B. E. 


$76,200,917.00 


*$816,925.76 


$75,383,991.24 





* Discount. 

A. — Authorized by Section 4, Chapter 333, Acts of 1931. 

B.— Auth. by Amendment to Sec. 4, Chap. 333, Acts of 1931, made by Sec. 1, Chap. 299, Acts of 1932. 

§Held by Boston Metropolitan District. (Total $54,944,917.00.) 

Average Rate of Return 5.009% on Capital Outstanding. 



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36 



Appendix 1 1 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 31 



1936 



1935 



1934 



1933 



1932 



Total Receipts 

Operating Expenses: 

Wages 

Material and other Items 

Injuries and Damages 

Depreciation 

Fuel 

Total Operating Expenses . 

Taxes 

Dividends 

Subway, Tunnel and R. T. L. Rents 
Interest on Bonds and Notes . 
Miscellaneous Items .... 

Total Cost of Service 

Loss for Year 



$26,096,155.47 

12,346,223.40 

2,090,890.27 

676,742.17 

2,448,816.36 

847,669.79 



$24,926,426.46 

11,756,916.62 
2,131,401.89 

577,614.11 
2,408,172.92 

791,307.05 



$24,818,625.48 



$24,154,373.09 



11,332,549.54 11,406,164.52 



2,024,056.24 
484,417.54 

2,310,454.86 
743,612.31 



$18,410,341.99 

1,573,217.91 
1,193,970.00 
2,812,255.07 
3,862,562.10 
141,277.41 



$17,665,412.59 

1,520,923.60 
1,193,970.00 
2,809,087.75 
3,816,444.04 
149,839.71 



$16,895,090.49 



1,907,053.77 
515,616.02 

2,304,096.56 
696,716.18 



$26,428,493.63 

13,390,232.57 
2,193,922.34 

773,076.59 
2,313,952.99 

871,243.67 



$16,829,647.05 



1,407,119.47 1,479,247.50 
1,193,970.00 1,193,970.00 



2,796,255.81 

3,867,092.75 

123,586.71 



2,790,779.35 

3,988,664.89 

119,994.56 



$19,542,428.16 

1,404,811.28 
1,193,970.00 
2,790,925.45 
3,946,631.10 
119,173.09 



$27,993,624.48 



$1,897,469.01 



$27,155,677.69 



$2,229,251.23 



$26,283,115.23 



$1,464,489.75 



$26,402,303.35 



$2,247,930.26 



$28,997,939.08 



$2,569,445.45 



Note: — Profit and Loss Items not included in above. 



37 



Appendix 12 



Traffic Statistics, Years Ended December 31 





1936 


1935 


1934 


1933 


Passenger revenue 

Passenger revenue per mile (cents) . 

Passenger revenue per hour 

Passenger revenue mileage 

Passenger revenue hours .... 

Revenue passengers carried 

Revenue passengers carried per mile . 

Revenue passengers carried per hour. 


G, 222, 871 

$25,502,416,15 

54.85c 

$5,693 

40,492,077 

4,479,552 

296,180,666 

0.371 

06.12 


6,134,988 

$24,347,367.76 

52.89c 

$5,471 

40,033,344 

4,450,340 

280,402,526 

6.091 

63.01 


6,151,314 

$24,187,128.75 

52.78c 

$5,421 

45,822,648 

4,461,771 

277,034,175 

6.046 

62.09 


6,166,659 

$23,475,404.11 

50.88c 

$5,204 

46,140,995 

4,510,925 

267,845,429 

5.805 

59.38 



Appendix 13 



Comparative Passenger Statistics— Revenue Passengers Carried 



Year 



Week Day 
Average 



Saturday 
Average 



Sunday 
Average 



Holiday 
Average 



Total for 
Year 



1936 
1935 
1934 
1933 
1932 
1931 
1930 
1929 
1928 
1927 



887,327 

843,059 

834,409 

805,668 

870,865 

971,487 

1,025,036 

1,049,304 

1,067,980 

1,079,087 



876,626 

828,781 

812,085 

794,068 

879,000 

997,669 

1,050,111 

1,123,058 

1,143,250 

1,166,933 



418,647 
399,801 
397,514 
386,439 
421,070 
460,504 
488,101 
518,093 
539,813 
555,326 



552,292 
521,574 
502,981 
494,365 
504,983 
558,202 
590,810 
602,071 
631,916 
661,840 



296,180,666 
280,402,520 
277,034,175 
267,845,429 
291,753,825 
324,788,577 
342,694,905 
354,214,990 
302,005,033 
366,938,908 



38 



Appendix 14 



Ratio of Maintenance and Depreciation to Total Income, Per Cent. 



Year Ended 


Total Income 


Maintenance 
and Depreciation 


Per Cent 


December 31, 1936 

December 31, 1935 

December 31, 1934 

December 31, 1933 

December 31, 1930 

December 31, 1929 

December 31, 1928 


$26,096,155.47 
24,926,426.46 
24,818,625.48 
24,154,373.09 
20,428,493.63 
29,855,107.30 
32,510,721.17 
34,096,623.03 
34,843,147.51 
35,193,410.03 


$6,505,769.78 
6,326,658.07 
0,007,231.01 
5,899,833.49 
0,661,106.46 
7,903,344.74 
8,311,029.03 
8,284,093.66 
8,595,987.73 
8,639,138.59 


24.93 
25.38 
24.20 
24.4:5 
25.20 
26.4 7 
25.50 
24.29 
24.67 
24.55 



Appendix 15 



Comparative Power Statistics 





1936 


1935 


1934 


1933 


1932 


Tons of coal burned .... 


123,296 


122,240 


122,635 


125,126 


150,758 


Pounds of coal per D. C. kilo- 














1.362 


1.359 


1.355 


1.4 03 


1.531 


Average price of coal per long 












ton (at boilers) .... 


$4.80 


$4.53 


$4.34 


$4.16 


$4.54 


Net cost of power for car service 












per kilowatt hour (cents) . 


0.763 


0.761 


0.716 


0.721 


0.787 


Net cost of power per total car 














4.037 


4.030 


3.778 


3.582 


3.761 


Direct current annual output 














202,736,175 


201,497,540 


202,663,915 


199,808.155 


220,565,340 



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40 



Appendix 17 



Passenger Cars, Motor and Trolley Coaches Owned 
December 31, 1936 

Surface Cars 

Semi-Convertible Cars— Type No. 5 ....... 470 

Semi-Convertible Cars— Type No. 4 ....... . 266 

Semi-Convertible Cars— Type No. 4000 59 

Centre Entrance Cars . 387 

Trailer Cars 84 

Total Surface Cars 1,266 

Rapid Transit Cars 

Elevated Cars , 325 

Cambridge-Dorchester Tunnel Cars 155 

East Boston Tunnel Cars 48 

Total Rapid Transit Cars 528 

Total Surface and Rapid Transit Cars ....... 1,794 

Motor Coaches 

Mechanical Drive . 399 

Mechanical Drive (Diesel) 1 

Gas-Electric Drive 34 

Total Motor Coaches 434 

Trolley Coaches 

Trolley Coaches 32 

Total Passenger Cars, Motor and Trolley Coaches Owned Dec 31, 1936 2,260 



Nineteenth 

ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 

COMPANY 

FOR THE 

Year Ended December 31, 1937 




The information contained herein 
is not given in connection with any 
sale, offer for sale or solicitation of 
an offer to buy any securities. 



Nineteenth 

ANNUAL REPORT 



OF THE 



BOARD OF PUBLIC TRUSTEES 



OF THE 



BOSTON ELEVATED RAILWAY 

COMPANY 



FOR THE 



Year Ended December 31, 1937 



•81 



BOARD OF PUBLIC TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 
WILLIAM P. JOY* HENRY J. SMITH, Secretary 

ERNEST A. JOHNSON PATRICK J. WELSH 



OFFICERS 

(Appointed by the Trustees) 
EDWARD DANA President and General Manager 

JOHN H. MORAN Vice-president and Treasurer 

MICHAEL H. CULLEN General Auditor 

WILLIS B. DOWNEY General Counsel 

MAURICE P. SPILLANE General Attorney 



* William P. Joy was appointed January 18, 1938 and qualified on January 26, 1938 to fill 
the unexpired term of Henry I. Harriman, resigned. 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 



OF THE 



BOSTON ELEVATED RAILWAY COMPANY 



TABLE OF CONTENTS 





Page 


Data of Operation 


5 


Wage Agreements 


9 


Depreciation 


10 


Fixed Charges 


10 


Operating Expenses 


11 


Large Fixed Charges for Rapid Transit Facilities . 


12 


Decentralization of Business Boston .... 


14 


Local Riding 


14 


Universal Five-Cent Fare 


15 


Cost of Operating Rapid Transit Trains 


15 


Trackless Trolley Service 


15 


Purchase of Bus Line 


16 


Huntington Avenue Subway 


17 


Reduction in Complaints 


17 


Reduction in the Use of "Slugs" 


17 


Safety 


17 


Various Improvements 


18 


Changes in the Board of Trustees 


19 



Appendixes 

Page 

1. Public Accountants' Certification 21 

2. General Balance Sheet 22 

3. Income Statement 26 

4. Operating Expense Accounts 28 

5. Road and Equipment Investment 30 

6. Investment in Road Owned and Leased, December 31, 

1937 31 

7. Investment and Total Income, 1897-1937 ... 32 

8. Capital Outstanding, December 31, 1937 . . . 33 

9. Revenue Passengers Carried — 1897 to 1937 ... 34 

10. Revenue Mileage— 1898 to 1937 36 

11. Comparative Division of Receipts and Expenditures for 

Years Ended December 31, 1933 to 1937 ... 38 

12. Traffic Statistics, Years Ended December 31, 1934 to 

1937 39 

13. Comparative Passenger Statistics — Revenue Passengers 

Carried, 1928 to 1937 39 

14. Ratio of Maintenance and Depreciation to Total 

Income, Per Cent, 1928 to 1937 . . . . 40 

15. Comparative Power Statistics, 1933 to 1937 ... 40 

16. Loan Assessments on Cities and Towns — Chapter 159, 

Special Acts of 1918, as Amended . . . . 41 

17. Passenger Cars, Buses and Trackless Trolleys Owned 

December 31, 1937 42 



Report of the Board of Public Trustees 
of the Boston Elevated Railway Company 



During the calendar year 1937 the income of the Boston Ele- 
vated Railway Company was $156,378.32 less than in 1936. 
Revenue was, however, $1,785,404.06 greater than in 1933, 
the year in which occurred the low level of riding. 

The decrease in 1937 indicates how sensitive the riding on 
such a transportation system is to general business activity. Rev- 
enue increased slightly during the first six months but decreases 
occurred as general business activity lessened. The loss in the 
last three months amounted to 2.8%. The effect of reduced busi- 
ness activity was not confined to the Boston Elevated Railway 
Company. Transportation systems generally experienced similar 
losses in riding and revenue. 

Results of Operation 
The following figures summarize operations: 

1937 1936 Increase or (*) Decrease 

Years Ended December 31 Total Per cent. 

Total Receipts .... $23,939,777.15 $26,006,155.47 $156,378.32* 0.60* 

Operating Expenses 

Wages $12,709,180.09 $12,340,223.40 $362,956.69 2.94 

Materials and Other Items . 2,119,136.67 2,090,890.27 28,246.40 1.35 

Injuries and Damages . . 594,605.71 676,742.17 82,126.46* 12.14* 

Depreciation .... 2,447,321.91 2,448,816.36 1,494.45* 0.06* 

Fuel 840.559.47 847,669.79 7,110.32* 0.84* 

Total Operating Expenses . $18,710,803.85 $18,410,341.99 $300,461.86 1.63 
Fixed Charges 

Taxes 1,669,002.46 1,573,217.91 95,784.55 6.09 

Dividends 1,193,970.00 1,193,970.00 — 

Subway, Tunnel & R. T. L. Rents 2,822,629.46 2,812,255.07 10,374.39 0.37 

Interest on Bonds . . . 3,939,114.19 3,862,562.10 76|552,09 1.98 

Miscellaneous Items . . . 130,281.38 141,277.41 10,996.03* 7^78* 

Total Fixed Charges . . $9,754,997.49 $9,583,282.49 $171,715.00 1.79 

Total Cost of Service . . $28,465,801.34 $27,993,624.48 $472,176.86 1.69 

Net Loss $2,526,024.19t $l,897,469.01t $628,555.18 33.12 

Revenue Passengers Carried . 296,397,493 296,180,666 216,827 0.07 

Revenue Miles Operated . . 46,796,328 46,492,077 304,251 0.65 

fA deficit assessment is determined upon the basis of the Railway's fiscal year which 

terminates as of March 31. 
*Indicates decrease. , 

It is not possible to reduce costs sufficiently to meet this situ- 
ation in view of the fact that 34% of the total cost of service 
is comprised of fixed and definite charges which cannot be altered 
and that almost 45% of the total cost is payroll cost 







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CO 


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CN 


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CN 


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o 


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to 


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to 


to 


o 


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to 


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to 


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CN 








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o 


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o 


rj< 


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CN 


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o 




















































w Ih 


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CN 


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CO 


o 


NO 


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CN 


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CN 








CO 


CO 




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to 


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o 


to 


CN 


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CN 


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to 








CN 




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_ 


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CN 


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CO 




oo 


CN 


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CO 


t~~ 


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C 


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oo 


o 


CN 


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CO 


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CN 


vd 


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t-»! 


00 


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6 


CO 


CO 


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CN 


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q 


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CO 


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Fixed 

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co 


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00 


CN 


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oo 


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CN 

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eq 












































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CO 


CO 


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CO 


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CO 


CO 


CO 


CO 


o 








CN 


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On 


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o> 


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+- 


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. Resu 

rations 

ofit an 

Items 

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c*5 


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CN 


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6 


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CN 


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CO 


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d 


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d 


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Net Adj 

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Asse: 


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CN 


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00 


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CN 


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CN 


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IO 


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00 


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cn 


00 


t^ 


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00 


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q 


00 


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CN 


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CN 


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d 


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o 


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CO 


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CN 


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q 


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q 


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r» 


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co" 


CO 


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00 


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CN 


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oo 


r*< 


NO 


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CN 


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8*o 




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r*< 


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CO 


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NO 


C-i. 


NO 


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00 


t^ 


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t^ 


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CO 


t^ 


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CN 


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t^ 


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t^ 


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q 






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oo 


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00 


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00 


q 


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q 


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arges 

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CO 


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8 



Total operating expenses increased $300,461.86. Partial res- 
toration of hours for employees on a short time week and wage 
agreement adjustments cost $362,956.69. 

The payroll of the Elevated in 1926 was $18,537,107.38 as 
compared with $13,098,300.29 in 1937, and the number of em- 
ployees has been kept at a minimum consistent with the require- 
ments of the service. 

Thus it is apparent that the railway has been forced by 
declining revenues and by the weight of fixed charges to reduce 
operating expenses and consequently its service to the public as 
far as reasonably possible. On the other hand, the cities and 
towns served by the railway have expanded their services, as is 



H Int.onEULBonds and Notes 
H Subw/y andTunnel Rents 
K C Y- H Rent of Leased Roads 
U Taxes 
H Fuel 



S3 Depreciation 

■ Injuries and Damages 
H Materials, etc. 

■ Wages 

□ Total Or Expenses 



#38,000,000 
36,000,000 
34,000,000 

32,000,000 
30,000,000 
28,000000 
26,000,000 

24,000,000 
22,000000 
20,000,000 
18/100,000 
16,000,000 
14,000,000 
12,000,000 
10,000,000 
8,000000 

6.000,OOOH 
4,000000 

2,000,000f- 





1900 1905 1910 1915 19171918 I9& 



mwwsr 



Graphical Record of Operating and Overhead Expenses 

MISCELLANEOUS ITEMS INCLUDED WITH INTEREST 

Calendar tears 



11,000 
10,000 
9,000 
8.000 
7,000 
6,000 
5,000 



































































































































































































































































































Average Employees onWeekd/Payrou. 














































1 J 



















10 



II '13 '15 '17 '19 '21 73 '25 "11 '29 '31 '33 '35 '37 
M2 *14 '16 '18 '20 '22 '24 '26 '28 '2.0 '32 '34 '36 



shown by the increase in their total payroll costs, omitting wel- 
fare and pension payments, of from $51,191,468. in 1926 to $62,- 
066,937. in 1935. 

In 1926 the average number of employees was 8,793 and the 
number of revenue passengers carried per employee was 42,220. 
In 1937 the average number of employees was 6,329 and the num- 
ber of revenue passengers carried per employee was 46,830. 



Wage Agreements 

The employees are to a large extent covered by agreements 
with labor organizations. There are in all 25 different organiza- 
tions. The following table shows the number of employees, as 
of the week ending September 17, 1937, under the jurisdiction of 
various labor unions and the number not affiliated with labor 
unions : 

4,070 Amalgamated Association of Street and Electric Railway Em- 
ployees of America, Div. No. 589. 
518 United Building Trades Unions. 
338 International Association of Machinists and Boston Lodge No. 264 

Thereof. 
202 International Brotherhood of Electrical Workers and Local No. 104 
Thereof. 
78 International Brotherhood of Stationary Firemen and Local No. 3 

Thereof. 
54 International Brotherhood of Electrical Workers and Local No. 717 

Thereof. 
33 Order of Railroad Telegraphers and Div. No. 89 Thereof. 
30 Bridge, Structural, Reinforced and Ornamental Iron Workers, Local 

No. 7. 
14 International Union of Steam and Operating Engineers, Local No. 
849. 
4 Foundrymen of Boston and Vicinity. 
3 Metal Polishers Union, Local No. 95. 
3 Pattern Makers' Association of Boston and Vicinity. 
2 International Union of Steam and Operating Engineers, Local No. 
74. 
556 In supervisory positions over union employees, whose rates are af- 
fected by union agreements. 
449 Whose rates are not directly affected by union agreements. 
66 Monthly paid employees. 

5_ Executive officers. 

6,425 



15 


Per cent, of 
Operating 
Expenses 

0.76 


42 


1.70 


43 


1.17 


44 


1.54 



10 

At the end of the year there were 536 employees on the 
pension list. The payments averaged $32.79 per month and 
amounted to $221,858.40 for the year, which is equivalent to 1.69 
per cent, of the amount paid for wages. 

The situation with regard to salaries on the Elevated and 
on other rapid transit properties is shown in the following table 
of officials who receive $6,000. or more per year: 



Boston Elevated Railway Company 
Brooklyn-Manhattan Transit Corp., N. Y. . 
Interborough Rapid Transit Co., N. Y. 
Philadelphia Rapid Transit Co. 

Depreciation 

The depreciation charge amounted to $2,447,321.91 for the 
year. This represents 9.4% of gross income and 3% on the de- 
preciable property. 

It is based upon a careful computation of the estimated life 
of the component parts of the physical plant and is the source 
from which replacements of worn-out equipment are made. 

Fixed Charges 

The fixed charges, over which the Trustees have no control, 
increased $171,715.00 over the previous year. 

Social security taxes amounting to $378,569.78 are included 
in the cost of service. This charge did not exist prior to 1936, 
and in that year amounted to $126,884.71. 

Included in the cost of service during the year 1937 are pay- 
ments made in excess of actual interest requirements for the pur- 
pose of retiring City, State and Boston Metropolitan District 
bonds, as follows: 

City of Boston a/c subways .... $ 401,820.69 
State of Mass. a/c Cambridge Subway . . 78,335.00 

Metropolitan District a/c bonds . . . 1,355,893.34 



$1,836,049.03 



In other words $1,836,049.03 was paid for the year on the 
principal of outstanding subway and district bonds. A continua- 
tion of this policy will rapidly reduce the public investment in 
the system and ultimately will make possible a substantial re- 
duction in the cost of service. 

The operation of the sinking fund provisions has resulted in 
a net reduction of more than one-quarter of the subway debt from 
rentals paid by the Elevated as shown by the following table: 



11 



Subway 

or 
Tunnel 


Total 

Debt 

Issued 


Estimated 

Net Debt 

Dec. 31, 1937 


Net Reduction 
Debt by Car 
Amount 


in Transit 
Riders 
Per cert. 


Tremont Subway 


$4,761,006. 


$129,200. 


$4,631,800. 


97.29 


Washington Tunnel 


8,521,700. 


2,7594,00. 


5,762,300. 


67.62 


Cambridge Connection 


1,653,000. 


972,900. 


680,100. 


41.14 


East Boston Tunnel 


9,794,000. 


6,272,100. 


3,521,900. 


35.95 


Dorchester Tunnel 


12,200,000. 


10,711,500. 


1,488,500. 


12.20 


Boylston Subway . 


6,731,000. 


6,318,500. 


412,500. 


6.13 


Dorchester Rapid Transit 


10,985,000. 


10,480,800. 


504,200: 


4.59 




$54,645,700. 


$37,644,400. 


$17,001,300. 


31.11 


Cambridge Subway 


8,229,500. 


7,242,000. 


987,500. 
$17,988,800. 


12.00' 




$62,875,200. 


$44,886,400. 


28.61 



Payments to the Boston Metropolitan District in excess of 
interest requirements have already reduced the district debt 5.5%. 



Total 

Debt 

Issued 

Boston Metropolitan 

District Bonds $61,457,000. 



Total Debt 
Dec. 31, 1937 



Net Reduction in District 

Debt by Car Riders 
Amount Per cent. 



$58,092,000. $3,365,000. 



5.5 



The deficit assessments for the years 1932 to 1937 totaled 
$11,362,043.38, and during that same period payments which were 
a part of the cost of service and which were used to reduce public 
indebtedness amounted to $5,338,853.60. 

Included in the total of fixed charges is the annual payment of 
$1,193,970 representing the five per cent, dividend upon the common 
stock. The message of His Excellency the Governor, Charles F. 
Hurley, deals with this dividend charge. A reduction in this fixed 
charge would result in savings in the railway's cost of service. 

Operating Expenses 

The operating expenses during the year were $18,710,803.85, 
divided as follows: 



Wages . 

Materials 

Injuries and Damages 

Depreciation . 

Fuel 

Total 



$12,709,180.09 
2,119,136.67 

594,605.71 
2,447,321.91 

840,559.47 

$18,710,803.85 



What would be the result if operating expenses were to be 
reduced by 3 million dollars to avoid any deficit? This would be 
a reduction of 16%. Operating expenses are largely determined 
by the mileage of service operated. A 16% reduction in operating 
expenses would reduce the miles operated by approximately 7 mil- 
lion. This would be about the same mileage as was operated in 
the year 1900. It requires little imagination to picture the effect 
of this reduction upon service and revenue, to say nothing of its 
effect upon employment. It would require the layoff of more 
than 1,000 employees. 

If, instead of reducing all items of operating expenses by re- 
duction of mileage, the payroll alone should be reduced 3 million 



12 

dollars, it would mean an annual reduction from $12,709,180. to 
$9,709,180. or 23.6%. This is equivalent to approximately $9.00 
per week per employee. The deficit cannot be prevented by reduc- 
tion of operating expenses. The deficit results from the fixed 
charges by reason of the enormous investment made to provide 
rapid transit facilities. 

The Department of Public Utilities, which by law is required 
to make an investigation of the operations and expenses of the 
Elevated each year in which a deficit occurs, has stated in four 
reports that there is a point beyond which reduction in operating 
expenses cannot go without serious curtailment in service which 
may result in serious loss of revenue. 

The following figures show the cost of service per revenue 
passenger : 



Taxes ..... 

Dividends . 

Rent of Subways, Tunnels & R.T.L. 
Interest on Bonds and Notes . 

Total Fixed Charges 

Wages 

Materials and other Items 
Injuries and Damages 
Depreciation .... 
Fuel 

Total Operating Expenses 

Total Cost of Service 

Total Revenue per Passenger . 

These figures show that operating expenses per revenue passen- 
ger have been reduced, but that fixed charges (over which the 
Trustees have no control) per revenue passenger have materially 
increased. 



1937 


1927 


1919 


(Cents) 


(Cents) 


(Cents) 


.56 


.51 


.32 


.40 


.84 


.89 


.95 


.61 


.47 


1.33 


.69 


.80 


3.24 


2.65 


2.48 


4.29 


4.56 


4.79 


.76 


.88 


1.16 


.20 


.33 


.21 


.83 


.77 


.62 


.28 


.34 


.56 


6.36 


6.88 


7.34 


9.60 


9.53 


9.82 


8.55 


9.59 


9.08 



Large Fixed Charges for Rapid Transit Facilities 

The simple facts are that the Boston Elevated system, built 
over a long period of years under different conditions, at a total 
cost of $179,031,418.87, was designed to carry, and is capable of 
carrying, many more people than it does carry. 

This heavy investment in transportation facilities came about 
in early days because of Boston's narrow streets and relatively 
small business center, largely surrounded by water, and before the 
automobile was an established fact. 

Other comparable cities have not been required to provide 
subways and the following differences are marked: 





Investment 


Revenue Passengers 


Boston 


179 millions 


296 millions 


Detroit 


59 millions 


273 millions 


Cleveland . 


35 millions 


343 millions 



13 



In the other cities where rapid transit exists the car riders 
do not carry the full costs as in Boston. In New York the tax- 
payers pay SV/2 million dollars annually to support the cost of 
service on their three rapid transit systems, and the taxpayers in 
Philadelphia pay 6 l / 2 million dollars annually to support the cost 
of rapid transit service in that city. 

The following comparison for the 12 months ended June 30, 
1937, of the street railway in Detroit and the Boston Elevated 
indicates the great difference in fixed charges between the two 
cities, Boston's investment being more than three times that of 
Detroit : 



Operating Expenses 
Fixed Charges 

Totals 

Investment 

Revenue Passengers Carried 



DETROIT 

Each 
Amount Dollar 

$15,142,809.45 79.32c 
3,946,974.83 20.68c 



BOSTON" 

Each 
Amount Dollar 

$18,575,456.65 66.03c 
9,556,547.25 33.97c 



$19,089,784.28 

59 millions 
273 millions 



$1.00 



$28,132,003.90 

179 millions 
298 millions 



$1.00 



These figures show that with approximately the same num- 
ber of revenue passengers in each city it requires 33.97 cents out 
of each dollar in Boston for fixed charges and only 20.68 cents 
in Detroit. This means that in Boston only 66.03 cents of each 
dollar are available for operating whereas Detroit has available 
for operating expenses 79.32 cents. 

It is necessary in considering the Elevated problem to look 
at the vital facts. Comparing 1909 with 1937, nearly 30 years 
apart, the figures show the outstanding changes that have taken 
place. 





1909 


1937 


Incr. 


Deer. 




Years ended December 31 


Per cent. 


Investment 


$81,592,634. 


$179,031,419. 


119.4 


— 


Revenue Passengers 


281,008,471 


296,397,493 


5.5 


— 


Miles Operated 


51,127,681 


46,796,328 


— 


8.5 


Total Income . 


$14,493,853. 


$25,939,777. 


79.0 


— 


Operating Expenses 


$ 9,688,484. 


$18,710,804. 


93.1 


— 


Fixed Charges 


4,766,455. 


9,754,997. 


104.6 


— 


Total Cost 








of Service . 


$14,454,939. 


$28,465,801. 


96.9 


— 


Employees 


8,112 


6,329 





22.0 


Average Fare 


4.99c 


8.54c 


71.1 





Revenue Passengers 










per Mile . 


5.50 


6.33 


15.1 





Revenue Passengers 










per Employee . 


34,640 


46,830 


35.2 


— 


Rides per Capita 


278 


196 


— 


29.5 



These figures show that the investment has increased 119.4% 
in this period while revenue passengers only increased 5.5% and 
the rides per capita, because of the automobiles and other busi- 
ness factors, actually decreased 29.5%. They also show that if 
the operating mileage and number of employees had not been re- 
duced, resulting in an increase in the passengers carried per mile 
and per employee, there would have been an even greater deficit. 



14 



Decentralization of Business Boston 

The Boston Elevated Railway was built with radial lines 
serving a limited central section of Boston. Its success, in view 
of the heavy investment, depends upon increased business activity 
in this limited area. The community is vitally interested to 
see that the Elevated receives the greatest possible use. Except 
to the extent of 14.85% (the amount of common stock invest- 
ment), the "El" is in no sense a private affair, because 85.15% 
of its investment is represented by public or private bonds held 
in large measure by fiduciary institutions. 

Under such conditions it is a serious matter to have buildings 
in which car riders were employed torn down and the ground 
utilized to park automobiles used for individual transportation in 
and out of a shrinking central area. It is likewise serious to 
have approximately l,480f taxicabs in a city that could be ade- 
quately served with necessary taxi service with 1,000 cabs, with 
the result that many of them are used in illegal competition with 
the transit system in transporting persons in and out of Boston 
at less than established taxi rates, and add to the traffic conges- 
tion in the narrow, already overcrowded thoroughfares — thorough- 
fares which were supposed to be relieved for free movement of 
vehicles by the expenditure of millions of dollars to place street 
cars underground. 

Boston has limited downtown space. Far-sighted persons saw 
that underground mass transit was an answer to continued activity 
in such a restricted area and built accordingly. Today forces are 
at work diametrically opposed to the purpose for which the sub- 
ways were constructed. The net result will be further decentraliza- 
tion, which will render less essential this vast transportation system 
which was designed to render service predicated upon different 
conditions. 

Local Riding 

During the year 1937, 80,477,621 passengers were carried at 
5 cents. This represented 27% of the total passengers carried and 
the percentage has been increasing during recent years as follows : 



Year 



Total Revenue Per cent, of 
5c Passengers* Passengers 5c Passengers 



1931 . 


67,262,611 


324,788,577 


20.71 


1932 . 


64,321,902 


291,753,825 


22.05 


1933 . 


60,309,151 


267,845,429 


22.52 


1934 . 


64,943,176 


277,034,175 


23.44 


1935 . 


68,881,593 


280,402,526 


24.57 


1936 . 


77,140,864 


296,180,666 


26.05 


1937 . 


80,477,621 


296,397,493 


27.15 



♦Not including pupils' 5c tickets, which totaled 5,935,804 for the year 1937. 

Theoretically, if these persons paid a 10-cent fare the revenue 
would increase by $4,023,881. and there would be no deficit. To 
the extent, however, that they did not continue to ride at an in- 
creased fare this figure would be reduced. 

t Boston has 552 persons per licensed taxicab whereas Chicago has 862 persons. 



15 

296,397,493 revenue passengers were carried during 1937, and 
the average fare was 8.54 cents. 

Universal Five-Cent Fare 

It has been suggested by some that a universal 5-cent fare 
would produce sufficient additional riding to prevent a deficit. 

In the year 1917, with fewer automobiles in use, the railway 
carried for a 5-cent fare 381 million passengers. It now carries 
296 million. Assuming that all the riders returned and that 400 
million could be carried for a 5-cent fare, the revenue would be 
20 million dollars. To carry 104 million more people would in- 
crease operating expenses by approximately $5,000,000., which 
added to the cost of service for the year 1937 would increase it 
from $28,465,801. to $33,465,801. As the revenue from fares would 
be only 20 million dollars, the deficit would be more than 
$13,000,000., or more than five times greater than the actual deficit 
for 1937. 

Cost of Operating Rapid Transit Trains 

The 1935 Act which required a guard to every two cars adds 
under present operation $140,000. to the yearly cost of service. 
The record of accidents does not justify the added cost. Previous 
to multiple door control the door accidents per million miles were 
36.64. While multiple door operation was in effect they were 
23.48 per million miles and since the Act became effective they 
have been 27.22 per million miles. The Act results in a wage cost 
per hour for a six-car train of $3.17 in Boston as compared with 
other rapid transit systems as follows 



New York Municipal 
Interborough Rapid Transit . 
Brooklyn-Manhattan Transit Corp. 
Philadelphia Rapid Transit 



$1.70 per hour 
1.64 " 
1.53 " 
1.53 " 



It is because of these facts that the trustees have filed a bill 
for the repeal of the 1935 Act. 

Trackless Trolley Service 

The Railway has in operation or under construction 27.75 
miles of round trip trackless trolley service. 28.5% of this mileage 
has more than the standard four-wire overhead construction to 
permit surface car operation over car routes which are in part 
trackless trolley routes, and to bring cars from storage yards to 
car routes. 

Our experience thus far indicates that the operating costs per 
mile are slightly less for the trackless trolley than the gas bus, 
reflected largely in the cost of maintenance of the vehicle and 
the power cost. 

The initial cost of both vehicles is substantially the same, 
but the annual depreciation charge, owing to longer life of the 
trackless trolley, is approximately $400. per year less than for 
the gas bus. 



16 



REVENUE-MILES PER YEAR 

10,000,000 20,000,000 30,000,000 4-o,ooo,ooo sqooo,ooo 



1919 
1920 
1921 












T^;;>Y:^. ; V--^?~:: r ;>:: .~W5^ 




Hev: ■ Motor Bus H RapidTransit H 2-Man 5urface 
D Trackless Trolley H 1-Man 6urface 



Because of the substitution of gas buses and trackless trolleys 
for street car service, there has been made available space in car- 
houses for the storage and maintenance of trackless trolleys. Track- 
less trolley operation, therefore, has not resulted in any large 
increase in housing investment. On the other hand, the railway 
has had to construct garages to house and maintain its fleet of 
buses. 

In view of the existing investment in power generation and 
distribution system, and the fact that the cost of a trackless trolley 
and a gasoline bus is approximately the same, it is evident that, 
where practical from a traffic standpoint to operate trackless trol- 
leys, it is more economical to do so than to operate gasoline buses, 
due to the lower per annum cost for depreciation, lower per mile 
operating cost and no gasoline tax. 

Purchase of Bus Line 

At midnight on December 31, 1937, the Rawding Lines, Inc., 
discontinued the operation of service between State street on At- 
lantic avenue and the Commonwealth Pier and between South Station 
and the Army Base and the railway took over from them 18 buses; 
for which they paid $25,000. 

The railway is therefore now operating all service on Sum- 
mer Street Extension to the Commonwealth Pier and to the Army 
Base. 



17 

It is anticipated that the revenue of the railway will be in- 
creased by the amount formerly received by Rawding Lines, Inc., 
and the railway service will be adjusted to the riding requirements 
without adding to its present burden. 

The competitive service formerly operated by the two com- 
panies was not consistent with the uniform transportation service 
furnished by the railway in the Metropolitan district. 

Huntington Avenue Subway 

Contract has been made with the City of Boston for the use 
of the Huntington Avenue Subway and of the equipment to be 
provided and furnished under authority of Chapter 366 of the 
Acts of 1933 as amended by Chapter 159 of the Acts of 1937. 

This subway will connect with the Boylston Street Subway 
at a point near Exeter street and come to the surface in Hunting- 
ton avenue at a point between Garrison and West Newton streets. 

The contract provides that there shall be no obligation to 
pay rental for use of this subway unless earnings are sufficient to 
cover all costs of service and repayment to the Commonwealth 
of outstanding loan assessments. 

This contract is similar to the one for use of the Governor 
Square Extension of the Boylston Street Subway, under which 
there is no obligation to pay rental unless earnings are sufficient 
to cover all costs of service, and restoration of the reserve fund 
originally established under the public control act. 

Reduction in Complaints 

The average number of complaints received during the years 
1923 to 1936 inclusive was 1,285 per year, 22% having reference 
to service and 78% to employees. 

During 1937 the number of complaints was 1,124, or 12^% 
less than the average for the fourteen previous years. All com- 
plaints are given attention. Many of them are due to misunder- 
standings which are satisfactorily adjusted after personal interview 
by a representative of the railway with the complainant. 

Reduction in the Use of "Slugs" 

At the present time the railway has installed 151 slug ejectors, 
an automatic device which prevents bad coins from unlocking the 
passimeter arm. The use of bad coins has been reduced from 
107,501 in 1931 to 19,763 this year. In recent years there have 
been 267 prosecutions in the courts for use of "slugs." 

Safety 

Through the continued whole-hearted and intelligent co-opera- 
tion of employees the number of collision accidents were further 
reduced in 1937, the comparison with 1936 being as follows: 



Collisions 


Total Number 


Involving 


Of Surface 


Buses 


Collisions 


1,230 


4,283 


1,173 


3,790 



18 

Collisions 

Involving 

Street Cars 

1936 .... 3,053 

1937 .... 2,617 

The record was continued during the year of no fatal accident 
to a passenger actually riding in a train, car or bus. In the nine- 
year period from 1929 to 1937, inclusive, the railway operated 
448,781,994 miles in passenger service and carried 2,731,312,586 
revenue passengers without a fatality to a passenger in trains, cars 
or buses. 

The record of the railway in industrial accidents has improved 
as follows : Total No . 

of Injuries 
1926 1,465 



1931 
1936 
1937 



835 
613 
543 



The interruptions to service causing delay of twenty minutes 
or more were less than during the two previous years, as follows: 

1935 276 

1936 284 

1937 204 

Of these 204 delays in 1937, 126 were entirely beyond the 
control of the railway. 

The railway continued the practice, adopted in 1928, of an 
annual physical examination of all rapid transit motormen and 
all other transportation employees forty years of age and over. 
In the last ten years 28,595 physical examinations were made, of 
which 3,312 were made during the year 1937. 

Various Improvements 

During the year 33 new modern buses, 23 trackless trolleys 
and an experimental modern trolley car were added to the rolling 
stock. 

New bus lines were established as follows: 

Blue Hill avenue and Morton street to Forest Hills Station ; 

Woodlawn, Everett, to City Square, Charlestown ; 

Aberdeen avenue and Mt. Auburn street via Huron avenue to 
Harvard Square, Cambridge ; 

Belgrade avenue and Centre street, West Roxbury, line extended 
to Green street "El" Station. 

New trackless trolley service was placed in operation as fol- 
lows: 

Woodlawn to Everett "El" Station ; 

Maiden Sq. to Everett "El" Station via Ferry street ; 

Maiden Sq. to Chelsea via Everett; 

Linden to Everett "El" Station. 

Broadway, the main thoroughfare in the City of Everett, is 
now entirely served by trackless trolleys. 



19 

The last buses placed in operation were equipped with Diesel 
engines, using fuel oil, and the results to date have been encourag- 
ing both as to performance and economy. 

The policy of retiring trailer cars has been continued during 
the year and at the present time only 16 trailers are left in service. 
This policy permits the operation of single cars on more frequent 
intervals and consequently speeds up the general service. 

The record of the experimental street car thus far has been 
satisfactory and no serious difficulties have been encountered in 
the operation of 23,456 revenue miles. 

During the year 184 obsolete surface cars, plows and mis- 
cellaneous cars were scrapped. 

Additional garage space for 36 buses was provided at Wash- 
ington street, Roxbury, and the present capacity at that location 
is now 158 buses. 

A portion of the Charlestown Power Station was utilized to 
provide garage space for 18 snow fighting machines. 

Additional signals were installed in the Trement Street Sub- 
way and also on the elevated structure northbound approaching 
Dudley street to regulate speed of trains entering the Terminal. 

Improved lighting has been provided at several of the under- 
ground stations. 

The track at Guild street, formerly used for storage of elevated 
trains, has been removed. 

The old carhouse at North Cambridge and the three-story 
building at Guild and Washington streets have been removed. 

Changes in the Board of Trustees 

Judge John V. Mahoney resigned as a member of the Board 
on January 7, 1937, and on the same date His Excellency, Governor 
Charles F. Hurley, appointed Mr. Henry J. Smith to fill the va- 
cancy. 

Mr. Henry I. Harriman resigned as Chairman of the Board 
on November 6, 1937. Mr. Edward E. Whiting was elected Chair- 
man on November 8 and Mr. Henry J. Smith was elected Secretary. 

Mr. George B. Johnson resigned as a member of the Board 
on November 8, 1937, and on November 10 the Governor ap- 
pointed Mr. Patrick J. Welsh to fill the vacancy. 

Mr. Henry I. Harriman resigned as a member of the Board 
on January 17, 1938, and on January 18 the Governor appointed 
Mr. William P. Joy to fill the vacancy. 

BOARD OF PUBLIC TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY, 

EDWARD E. WHITING, Chairman 
HENRY J. SMITH, Secretary 
ERNEST A. JOHNSON 
PATRICK J. WELSH 
WILLIAM P. JOY 



21 

Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 



To the Trustees of 

Boston Elevated Railway Company: 

We have made an examination of the accompanying general 
balance sheet of the Boston Elevated Railway Company as at De- 
cember 31, 1937 and of the accompanying income statement for 
the twelve months ended December 31, 1937. In connection there- 
with we examined or tested accounting records of the company and 
other supporting evidence and obtained information and explana- 
tions from officers arid employees of the company ; we also made 
a general review of the accounting methods and of the operating 
and income accounts for the period, but we did not make a detailed 
audit of the transactions. 

In our opinion, the provision for depreciation of road and 
equipment in the year 1937 charged to cost of service as shown 
in the accompanying schedule of operating expense accounts and 
determined in accordance with the policy of accounting previously 
adopted by the trustees is fair and reasonable, but the amount of 
accrued depreciation appearing in the balance sheet is inadequate. 

In our opinion, based upon such examination, the accompany- 
ing general balance sheet as at December 31, 1937 (subject to the 
comment in the preceding paragraph), and income statement for 
the twelve months ended December 31, 1937, fairly present the 
position of Boston Elevated Railway Company at that date and 
the results of operations under public control for the year then 
ended. Further, in our opinion, the accounts have been maintained 
by the company consistently during the year in accordance with 
accepted principles of accounting. 

(Signed) Lybrand, Ross Bros. & Montgomery. 

Boston, Massachusetts 
January 24, 1938. 



22 



Appendix 2 



General Balance Sheet 



Assets 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment .... 
Miscellaneous Physical Property . 

Other Investments: 

Bonds 

U. S. Treasury Notes . . . ... 

Mortgage Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



Dec. 31, 1937 



$60,839,199.65 

31,572,270.07 

15,551,432.51 

1,972,702.63 

204.430.65 



$110,140,035.51 

$847,723.98 



$3,035,955.53 
163,100.50 

191,221.02 



$3,390,277.05 
$114,378,036.54 



Dec. 31, 1936 



$61,027,201.25 

31,428,281.13 

15,429,916.55 

1,972,702.63 

190,337.66 



$110,048,439.22 
$776,862.87 

$1,217,796.41 



159,300.50 
190,087.63 



$1,567,184.54 
$112,392,486.63 



23 



General Balance Sheet — Continued 



Liabilities 



Stock 
Capital Stock: 

Common Stock 

Premium on Capital Stock: 

Common Stock 

Total Stock 

Bonds 
Funded Debt Unmatured: 

3% 3 yr. B. E. Ry. Co. 
4^% 30 yr. B. E. Ry. Co. 
4M% 30 yr. B. E. Ry. Co. 

5% 30 yr. B. E. Ry. Co. 

5% 30 yr. W. E. St. Ry. Co. Bonds, 

7% 30 yr. W. E. St. Ry. Co. Bonds, 
4^% 15 yr. B. E. Ry. Co. Bond, 

5% 25 yr. B. E. Ry. Co. 

5% 25 yr. B. E. Ry. Co. 
4H% 25 yr. B. E. Ry. Co. 
4H% 25 yr. B. E. Ry. Co. 
4M% 25 yr. B. E. Ry. Co. 
4%% 25 yr. B. E. Ry. Co. 



Bonds, 
Bonds, 



Bonds, Due Mar. 1, 1937 

Bonds, " Oct. 1, 1937 

Nov. 1, 1941 

Dec. 1, 1942 

Mar. 1, 1944 

Sept. 1, 1947 

Aug. 1, 1949 

Jan. 1, 1960 

Mar. 1, 1960 

Dec. 15, 1960 

June 1, 1961 

Jan. 1, 1962 

Oct. 1, 1962 



Dec. 31, 1937 



Bond, 
Bond, 
Bond, 
Bond, 
Bond, 
Bond, 



6% B. E. Ry. Co. Bonds Authorized Under Sec. 4, 

Chapter 333, Acts 1931 

6% B. E. Ry. Co. Bond, Auth. Sec. 4, Chap. 333, 
Acts 1931, as amended by Sec. 1, Chap. 299, Acts 1932 



Total Bonds. 



$23,879,400.00 
2,707,428.13 



$26,586,828.13 



$5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 
1,581,000.00 
6,309,000.00 
8,500,000.00 
7,711,000.00 
3,815,000.00 
2,098,000.00 
4,800,000.00 

23,430,917.00 

1,500,000.00 



$76,200,917.00 



Dec. 31, 1936 



$23,879,400.00 
2,707,428.13 



$26,586,828.13 



$2,098,000.00 
4,800,000.00 
5,000,000.00 
8,286,000.00 
2,600,000.00 
570,000.00 
1,581,000.00 
6,309,000.00 
8,500,000.00 
7,711,000.00 
3,815,000.00 



23,430,917.00 
1,500,000.00 



$76,200,917.00 



24 



General Balance Sheet — Continued 



Assets 


Dec. 31. 1937 


Dec. 31, 1936 


Current Assets 

Special Deposits: 

Interest, Dividends and Rents Unpaid .... 

Reserve Fund, Chap. 159, Spec. Acts 1918 .... 


$1,457,891.40 

$324,884.42 

1,791.35 

22,761.64 


$3,095,773.18 

$328,158.48 
97.11 


Interest, Dividends and Rents Receivable .... 


$349,437.41 

$381,740.18 

1,943,916.19 

12,484.80 

39,030.00 


$328,255.59 

$274.00 

403,826.97 

1,847,683.60 

9,091.75 

38,680.00 


Total Current Assets and Special^Deposits 

Deferred Assets 
Insurance and Other Funds . . . 

Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance . 

Other Unadjusted Debits 


$4,184,499.98 

$120,561.00 

1,260,343.02 

81,775.14 


$5,723,585.09 
$243,000.00 

$54,307.43 
1,195,545.17 

72,202.82 




$1,462,679.16 
$120,025,215.68 


$1,322,055.42 
$119,681,127.14 



25 



General Balance Sheet — Concluded 



Liabilities 


Dec. 31, 1937 


Dec. 31, 1936 


Current Liabilities 

Audited Accounts and Wages Payable ..... 
Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable: 

Accrued Rent of Subways, Tunnels & R. T. L. . 


$473,671.08 
333,766.42 

924,333.91 

5,678.36 

110,440.84 


$608,481.34 
337,042.23 

942,313.91 

5,678.36 

109,158.32 


Total Accrued Interest, Dividends and Rents Payable 

• 

• 
Deferred Liabilities 


$1,040,453.11 
$1,847,890.61 

$22,761.64 
12,340.64 


$1,057,150.59 
$2,002,674.16 

$24,460.89 


Unadjusted Credits 
Tax Liability: 


$35,102.28 

$1,517,303.87 
500.00 


$24,460.89 

$1,295,789.46 
138,305.82 


Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 


$1,517,803.87 

$24,260.16 

$1,071,141.97 

$16,226,987.31 

$70,586.28 

7,349.71 

362,548.17 


$1,434,095.28 

$28,186.68 

$1,184,096.28 

$15,103,237.42 

$81,532.54 

7,653.72 

234,211.83 


Corporate Surplus 
Profit and Loss: 

Year Ended June 30, 1931 

Cost of Service Deficit 9 months ended December 31 
Arising out of Consolidation with West End St. Ry. Co., 
June 10, 1922 and Reorganization July 1, 1931 


$440,484.16 
$19,280,677.47 

$12,127.83* 
1,969,473.12* 
2,485,366.88* 

540,768.02 


$323,398.09 
$18,073,013.75 

$12,127.83* 
1,969,473.12* 
1,765,933.86* 

540,768.02 




$3,926,199.81* 
$120,025,215.68 


$3,206,766.79* 
$119,681,127.14 



♦Debit. 

Note: — Amounts advanced by Commonwealth of Massachusetts for deficits in Cost of Service 1932-1937 
$11,362,043.38 as at December 31, 1937. (See Statement of Loan Assessments, Page 41.) 



26 



Appendix 3 



Income Statement 



Operating Income 

Passenger Revenue 

Special Car and Special Bus Revenue 

Mail Revenue 

Total Revenue from Transportation 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues . 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment .... 

Total Railway Operating Expenses . . 
Net Revenue Railway Operations .... 
Taxes Assignable to Railway Operations: 

Federal 

State and Municipalities 

Total Taxes Assignable to Railway Operations 
Operating Income 



Twelve 
Months Ended 
Dec. 31, 1937 



$25,266,522.99 

72,813.63 

175.00 



$25,339,511.62 

$466,900.08 

2,476.92 

8,145.96 

55,968.02 

16,669.39 

536.81 



$550,697.18 
$25,890,208.80 

r 

$2,809,671.96 
3,446,341.68 
1,745,742.03 
8,560,672.52 
12,204.28 
2,155,783.80 
T19.612.42 



$18,710,803.85 
$7,179,404.95 

$660,387.85 
1,008,614.61 



$1,669,002.46 
$5,510,402.49 



Twelve 
Months Ended 
Dec. 31, 1936 



$25,395,750.05 

106,666.10 

175.00 



$25,502,591.15 

$459,326.06 

4,584.40 

9,002.19 

52,767.78 

23,341.52 

338.97 



$549,360.92 
$26,051,952.07 

$2,825,340.03 
3,345,697.89 
1,750,222.28 
8,297,342.05 
10,662.86 
2,194.336.78 
113,259.90 



$18,410,341.99 
$7,641,610.08 

$387,579.96 
1,185,637.95 



$1,573,217.91 
$6,068,392.17 



tCredit. 



27 



Income Statement — Concluded 





Twelve 
Months Ended 
Dec. 31, 1937 


Twelve 
Months Ended 
Dec. 31, 1936 


Non-Operating Income 

Income from Sinking Fund and Other Reserves 
Release of Premiums on Funded Debt .... 


$35,380.45 

2,605.99 

7,043.82 

3,926.52 

611.57 


$29,274.37 

10,800.00 

4,022.96 

106.07 


Deductions from Gross Income 
Rent for Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental 


$49,568.35 
$5,559,970.84 

$1,193,970.00 
45,475.02 


$44,203.40 
$6,112,595.57 

$1,193,970.00 
46,161.00 


Net Loss on Miscellaneous Physical Property . 
Amortization of Discount on Funded Debt 


$1,239,445.02 

2,822,629.46 

1,744.54 

3,939,114.19 

71,597.85 

11,463.97 


$1,240,131.00 

2.812,255.07 

7,992.91 

3,862,562.10 

78,299.77 

8,823.73 


Total Deductions from Gross Income 


$8,085,995.03 
*$2 ,526,024.19 


$8,010,064.58 
*$1,897,469.01 



♦Debit. 



28 



Appendix 4 



Operating Expense Accounts 





Twelve 
Months Ended 
Dec. 31, 1937 


Twelve 
Months Ended 
Dec. 31, 1936 


Way and Structures 

Maintenance of Electric Line Equipment .... 
Maintenance of Buildings, Fixtures and Grounds . 


$261,250.56 

1,020,409.66 

48,169.71 

22,695.37 

71,164.11 

10,585.05 

5,228.19 

30,234.29 

7,557.17 

39,132.77 

169,391.14 

365,693.94 

758,160.00 


$239,486.57 

959,317.15 

214,936.04 

23,627.47 

57,310.82 

7,223.63 

3,696.01 

31,076.40 

5,707.49 

39,836.16 

170,989.25 

310,613.04 

761,520.00 


Equipment 

Elec. Equip. Maint. of Revenue Equipment .... 

Miscellaneous Equip. (Autos, Trucks & Tractors) 
Depreciation of Buses & Trackless Trolleys .... 


$2,809,671.96 

$154,103.81 

1,282,911.80 

32,732.55 

335,283.26 

35,009.92 

253,755.47 

32,742.96 

816,480.00 

503,321.91 


$2,825,340.03 

$146,034.88 

1,218,092.45 

33,162.90 

341,484.06 

30,997.98 

248,378.16 

61,091.10 

821,640.00 

444,816.36 


Power 

Maintenance of Power Plant Bldgs. & Equipment 
Depreciation of Power Plant Bldgs. & Equipment 


$3,446,341.68 

$91,335.15 
165,239.93 
369,360.00 
874,260.28 
245,546.67 


$3,345,697.89 

$85,784.62 
120,515.38 
420,840.00 
867,537.06 
255,545.22 




$1,745,742.03 


$1,750,222.28 



29 



Operating Expense Accounts — Concluded 



Conducting Transportation 
Superintendence of Transportation . 
Pass. Car, Trainmen and Bus Operators 
Misc. Car and Bus Service Employes 
Misc. Car and Bus Service Expenses 
Station Employes .... 

Station Expenses 

Car House and Bus Garage Employes 
Car House and Bus Garage Expenses 
Operation of Signal & Interlocking Apparatus 
Operation of Telephone & Telegraph Lines 
Other Transportation Expenses 

Total Conducting Transportation 



Traffic 



Traffic 



General and Miscellaneous 
Salaries and Expenses of General Officers 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses 

Law Expenses 

Relief Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Bus Garages) 

Rent of Tracks and Facilities .... 

Rent of Equipment 



Total General and Miscellaneous 

Transportation for Investment 
Total Operating Expenses . 



Twelve 
Months Ended 
Dec. 31, 1937 



$1,074,516.61 

5,008,687.44 

188,824.57 

99,795.23 
645,785.03 
223,884.33 
756,369.82 

93,051.61 
248,922.51 
12,085.46 
208,749.91 



$8,560,672.52 

$12,204.28 

$86,170.74 

382,263.07 

83,529.05 

33,773.05 

1,770.00 

221,937.21 

85,315.03 

756,146.50 

147,625.64 

62,740.12 

182,068.60 

85,805.05 

12,753.99 

13,885.75 



$2,155,783.80 

t$19,612.42 
$18,710,803.85 



Twelve 
Months Ended 
Dec. 31, 1936 



$1,049,607.95 
4,909,543.68 
188,213.35 
105,249.48 
627,216.89 
191,913.71 
678,603.83 

93,970.64 
223,569.50 

11,704.90 
217,748.12 



$8,297,342.05 

$10,662.86 

$81,647.24 

365,151.57 

72,045.77 

39,091.60 

3,420.00 

219,037.81 

98,417.76 

832,965.84 

139,768.92 

54,773.90 

171,015.16 

88.143.49 

14,761.57 

14,096.15 



$2,194,336.78 

t$13,259.90 
$18,410,341.99 



fCredit 



30 



Appendix 5 



Road and Equipment Investment 



Account 



Total 
Dec. 31, 1937 



Total 
Dec. 31, 1936 



Way and Structures 

Engineering and Superintendence .... 

Right of Way 

Other Land 

Grading 

Ballast 

Ties .... 

Rails, Rail Fastenings and Joints .... 

Special Work 

Track and Roadway Labor 

Paving 

Roadway Machinery and Tools .... 

Tunnels and Subways 

Elevated Structures and Foundations 

Bridges, Trestles and Culverts 

Crossings, Fences and Signs 

Signals and Interlocking Apparatus .... 
Telephone and Telegraph Lines 

Poles and Fixtures 

Underground Conduit 

Distribution System 

Shops, Car Houses and Garages .... 
Stations, Misc. Buildings and Structures 
Wharves and Docks . . . . 

Total Way and Structures 

Equipment 

Pass. Cars, Buses and Trackless Trolleys 

Service Equipment 

Electric Equipment of Cars and Trackless Trolleys 

Shop Equipment . . 

Furniture, Fare Boxes and Passimeters . 
Miscellaneous Equipment 

Total Equipment 



Power 



Power Plant Buildings 
Sub Station Buildings 
Power Plant Equipment 
Sub Station Equipment 
Transmission System . 



Total Power 



General and Miscellaneous 



$1,722 

11,467, 

5,714 

323 

751 

860 

1,996 

4,388 

4,212 

1,467 

550 

347 

5,549 

2,002 

85 

1,096 

102 

653 

1,896 

3,718 

7,172 

4,527 

232 



,072.11 
555.24 
730.33 
253.23 
736.75 
021.22 
836.16 
393.76 
210.82 
250.67 
494.85 
908.22 
015.53 
986.39 
720.95 
174.41 
935.36 
076.56 
839.80 
267.46 
296.89 
121.74 
301.20 



Law Expenditures .... 
Interest during Construction 
Injuries and Damages .... 

Taxes 

Miscellaneous 

Total General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 



$60,839,199.65 



$21,220,969.95 
972,118.66 
7,658,190.23 
743,287.16 
259,179.99 
718,524.08 

$31,572,270.07 



$3,597,312.57 

640,979.22 

7,016,249.87 

2,688,828.65 

1,608,062.20 

$15,551,432.51 



$250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,215.00* 

$1,972,702.63 

$204,430.65 

$110,140,035.51 



$1,733 

11,467 

5,722 

331 

759 

888 

2,098 

4,388 

4,285 

1,529 

389 

347 

5,589 

2,002 

88 

1,102 

102 

626 

1,861 

3,702 

7,266 

4,509 

232 



,439.11 
,432.64 
,265.43 
,462.46 
,222.74 
,466.57 
,264.16 
,957.45 
,925.42 
,985.49 
,492.26 
,908.22 
,137.53 
,986.39 
,550.24 
,058.72 
,935.36 
,884.34 
,653.77 
,139.11 
,456.32 
,276.32 
,301.20 



$61,027,201.25 



$21,021,104.60 

1,018,911.49 

7,675,158.63 

742,421.42 

256,116.92 

714,568.07 

$31,428,281.13 



$3,591,627.83 

640.979.22 

6,898,306.02 

2,690.941.28 

1,608.062.20 

$15,429,916.55 



$250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,215.00* 

$1,972,702.63 

$190,337.66 

$110,048,439.22 



*Credit. 



31 



Appendix 6 



Investment in Road Owned and Leased December 31, 1937 



Boston Elevated Railway Company 



Road and Equipment 
Miscellaneous Physical Property 



10,140,035.51 
847,723.98 



Total Boston Elevated Railway Company Investment 



10,987,759.49 



Leased Lines 

Hyde Park Transportation District (City of Boston) 

Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, West Roxbury . $672,847.44 

Boston & Northern Lines, Middlesex Fells 

Lines 29,546.01 

Expenditures for Additions and Better- 
ments 191,221.02 



Total Eastern Mass. St. Ry. Co. 
Total Leased Lines 



$245,931.51 



893,614.47 



1,139,545.98 



City of Boston Investment 

Boylston Subway 

Cambridge Connection . 

Dorchester Tunnel 

Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension 

Tremont Subway .... 

Washington Tunnel 

Total City of Boston Investment 



$11,495,417.64 
1,655,083.39 
12,249,134.36 
11,008,108.88 
7,283,542.24 
2,346,851.71 
4,669,691.17 
7,969,524.49 



58,677,353.88 



Commonwealth of Massachusetts Investment 

Cambridge Subway $J 

Total Commonwealth of Massachusetts Investment 
TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



1,226,759.52 



8,226,759.52 
79,031,418.87 



32 



Appendix 7 
Investment and Total Income 1897-1937 



Year Ended 



Sept. 


30, 


1897 


Sept. 


30, 


1898 


Sept. 


30, 


1899 


Sept. 


30, 


1900 


Sept. 


30, 


1901 


Sept. 


30, 


1902 


Sept. 


30, 


1903 


Sept. 


30, 


1904 


Sept. 


30, 


1905 


Sept. 


30, 


1906 


Sept. 


30, 


1907 


Sept. 


30, 


1908 


Sept. 


30, 


1909 


June 


30, 


1911 


June 


30, 


1912 


June 


30, 


1913 


June 


30, 


1914 


June 


30, 


1915 


June 


30, 


1916 


Dec. 


31, 


1917 


Dec. 


31, 


1918 


Dec. 


31, 


1919 


Dec. 


31, 


1920 


Dec. 


31, 


1921 


Dec. 


31. 


1922 


Dec. 


31, 


1923 


Dec. 


31, 


1924 


Dec. 


31, 


1925 


Dec. 


31, 


1926 


Dec. 


31, 


1927 


Dec. 


31, 


1928 


Dec. 


31, 


1929 


Dec. 


31, 


1930 


Dec. 


31, 


1931 


Dec. 


31, 


1932 


Dec. 


31, 


1933 


Dec. 


31, 


1934 


Dec. 


31, 


1935 


Dec. 


31, 


1936 


Dec. 


31, 


1937 



Total 
Investment 


Total 
Income 


Permanent 

Investment 

Per $1 of 

Total 

Income 


$25,291,913.22 


$8,719,031.78 


$2.90 


31,251,811.90 


9,257,252.94 


3.38 


33,187,250.79 


9,756,136.25 


3.40 


37,793,501.62 


10,236,994.49 


3.69 


44,087,939.53 


10,869,496.33 


4.06 


46,466,591.31 


11,321,030.13 


4.10 


48,398,610.91 


12.019,371.26 


4.03 


51,886,524.39 


12,436,593.79 


4.13 


57,187,809.61 


12,741,569.30 


4.49 


59,873,910.46 


13,634,612.49 


4.39 


65,979,896.07 


14,011,167.72 


4.71 


70,957,716.76 


14,074,696.51 


5.04 


81,592,634.49 


14,493,853.13 


5.63 


92,904,910.27 


15,980,707.94 


5.81 


101,864,058.69 


16,522,542.00 


6.17 


105,019,587.59 


16,968,328.33 


6.19 


106,990,919.12 


17,785,978.25 


6.02 


113,166,182.04 


17,886,549.64 


6.33 


117,116,007.58 


18,781,327.74 


6.24 


121,807,319.67 


19,818,407.01 


6.15 


134,181,073.47 


21,062,692.82 


6.37 


138,117,974.50 


29,498,582.82 


4.68 


139,156,058.00 


34,031,636.44 


4.09 


141,345,133.42 


33,277,025.53 


4.25 


143,345,873.68 


32,699,176.37 


4.38 


149,001,108.85 


34,096,813.26 


4.37 


155,490,852.91 


34,175,319.61 


4.54 


156,474,884.41 


34,547,379.61 


4.53 


159,025,141.62 


35,481,313.38 


4.48 


163,901,383.91 


35,193,410.03 


4.67 


172,480,669.04 


34,843,147.51 


4.95 


175,224,091.62 


34,096,623.03 


5.14 


175,045,256.41 


32,510,721.17 


5.38 


175,553,658.23 


29,855,107.30 


5.88 


177,673,869.99 


26,428,493.63 


6.72 


176,070,985.04 


24,154,373.09 


7.29 


176,108,007.79 


24,818,625.48 


7.09 


176,252,570.57 


24,926,426.46 


7.07 


178,795,311.81 


26,096,155.47 


6.85 


179,031,418.87 


25,939,777.15 


6.90 



The permanent investment represents the actual money expended for property operated, owned and leased, 
including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth of Massa- 
chusetts. 



33 
Appendix 8 



Capital Outstanding December 31, 1937 
Outstanding Capital Stock 

COMMON STOCK 



No. 

Shares 
Outstanding 


Par Value 

Shares 

Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 


5.000 
95,000 
33.000 
66,500 
39,294 


$500,000.00 
9.500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 


$1,815,000.00 
695,958.13 
196,470.00 


$500,000.00 
9,500,000.00 
5,115,000.00 
7.345,958.13 
4,125,870.00 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 


f Jan. 1 


238,794 


$23,879,400.00 


$2,707,428.13 


$26,586,828.13 




j July 1 
[Oct. 1 



OUTSTANDING FUNDED DEBT 











Net Premium 




Date of 






Par 








or 


Amount 


Approval by 


Yearly 




Value 


Rate 


Ma 


turity 


Discount 


Realized 


Commission 


Interest 


Co. 


$5,000,000.00 


43^% 


Nov. 


1, 1941 


$*100.000.00 


$4,900,000.00 


Oct. 17, 1911 


$225,000.00 


B. E. 


4,000,000.00 


5 % 


Dec. 


1, 1942 


*80,000.00 


3,920,000.00 


Dec. 6, 1912 


200,000.00 


B. E. 


1,000,000.00 


5 % 


Dec. 


1, 1942 


*78, 410.00 


921,590.00 


May 27, 1914 


50,000.00 


B. E. 


3,286,000.00 


5 % 


Dec. 


1, 1942 


*257,655.26 


3,028,344.74 


Nov. 9, 1915 


164,300.00 


B. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


112,832.07 


2,712,832.07 


( Feb. 4, 1914 
I April 14, 1914 


130,000.00 


W. E. 


















570,000.00 


7 % 


Sept. 


1, 1947 


399.00 


570,399.00 


(Aug. 24, 1917 
{ Sept. 4, 1917 


39,900.00 


W. E. 


















§ 1,581,000.00 


4^% 


Aug. 


1, 1949 


*77,690.34 


1,503,309.66 


July 11. 1934 


71,145.00 


B. E. 


§ 6,309,000.00 


5 % 


Jan. 


1, 1960 


*139,428.90 


6,169,571.10 


Dec. 4, 1934 


315,450.00 


B. E. 


§ 8,500,000.00 


5 % 


Mar. 


1, 1960 


69,615.00 


8,569,615.00 


Feb. 21, 1935 


425,000.00 


B. E. 


§ 7,711,000.00 


4H% 


Dec. 


15, 1960 


*186, 220.65 


7,524,779.35 


Nov. 15, 1935 


346,995.00 


B. E. 


§ 3,815,000.00 


4M% 


June 


1, 1961 


*36,242.50 


3,778,757.50 


Apr. 15, 1936 


171,675.00 


B. E. 


§ 2,098,000.00 


4J€% 


Jan. 


1, 1962 


*13,595.04 


2,084,404.96 


Jan. 8, 1937 


89,165.00 


B. E. 


§ 4,800,000.00 


4M% 


Oct. 


1, 1962 


*100,420.80 


4,699,579.20 


Sept. 15, 1937 


228,000.00 


B. E. 


§ 1,500,000.00 


6 % 


* 


* * 




1,500,000.00 


Note B 


90,000.00 


B. E. 


§23,430,917.00 


6 % 


* 


* * 





23,430,917.00 


Note A 


1,405,855.02 


B. E. 


$76,200,917.00 


*$886,817.42 


$75,314,099.58 


$3,952,485.02 





Discount. 
A.— Authorized by Section 4, Chapter 333, Acts of 1931. 

B.— Auth. by Amendment to Sec. 4, Chap. 333, Acts of 1931, made by Sec. 1, Chap. 299, Acts of 1932. 
§Held by Boston Metropolitan District. (Total $59,744,917.00—78.4% of total outstanding.) 
Average Rate of Return 5.05% on Capital Outstanding. (Bonds 5.25%— Stock 4.49%.) 



34 






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38 
Appendix 11 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 3 1 





1937 


1936 


1935 


1934 


1933 


Total Receipts 


$25,939,777.15 


$26,096,155.47 


$24,926,426.46 


$24,818,625.48 


$24,154,373.09 


Operating Expenses: 












Wages 


12,709,180.09 


12,346,223.40 


11,756,916.62 


11,332,549.54 


11,406,164.52 


Material and other Items . 


2,119,136.67 


2,090,890.27 


2,131,401.89 


2,024,056.24 


1,907,053.77 


Injuries and Damages 


594,605.71 


676,742.17 


577,614.11 


484,417.54 


515,616.02 


Depreciation 


2,447,321.91 


2,448,816.36 


2,408,172.92 


2,310,454.86 


2,304,096.56 




840,559.47 


847,669.79 


791,307.05 


743,612.31 


696,716.18 


Total Operating Expenses 


$18,710,803.85 


$18,410,341.99 


$17,665,412.59 


$16,895,090.49 


$16,829,647.05 


Taxes 


1,669,002.46 


1,573,217.91 


1,520,923.60 


1,407,119.47 


1,479,247.50 


Dividends 


1,193,970.00 


1,193,970.00 


1,193,970.00 


1,193,970.00 


1,193,970.00 


Subway, Tunnel and R. T. L. Rents 


2,822,629.46 


2,812,255.07 


2,809,087.75 


2,796,255.81 


2,790,779.35 


Interest on Bonds 


3,939,114.19 


3,862,562.10 


3,816,444.04 


3,867,092.75 


3,988,664.89 


Miscellaneous Items .... 


130,281.38 


141,277.41 


149,839.71 


123,586.71 


119,994.56 


Total Cost of Service 


$28,465,801.34 


$27,993,624.48 


$27,155,677.69 


$26,283,115.23 


$26,402,303.35 


Loss for Year 


$2,526,024.19 


$1,897,469.01 


$2,229,251.23 


$1,464,489.75 


$2,247,930.26 



Note: — Profit and Loss Items not included in above. 



39 
Appendix 12 

Traffic Statistics, Years Ended December 31 





1937 


1936 


1935 


1934 


Round trips operated 


6,217,978 


6,222,871 


6,134,988 


6,151,314 


Passenger revenue .... 


$25,339,336.62 


$25,502,416.15 


$24,347,367.76 


$24,187,128.75 


Passenger revenue per mile (cents) . 


54.15c 


54.85c 


52.89c 


52.78c 


Passenger revenue per hour 


$5,556 


$5,693 


$5,471 


$5,421 


Passenger revenue mileage 


46,796,328 


46,492,077 


46,033,344 


45,822,648 


Passenger revenue hours . 


4,560,540 


4,479,552 


4,450,340 


4,461,771 


Revenue passengers carried 


296,397,493 


296,180,666 


280,402,526 


277,034,175 


Revenue passengers carried per mile 


6.33 


6.37 


6.09 


6.05 


Revenue passengers carried per hour 


64.99 


66.12 


63.01 


62.09 



Appendix 13 



Comparative Passenger Statistics — Revenue Passengers Carried 



Year 


Week Day 
Average 


Saturday 
Average 


Sunday 
Average 


Holiday 
Average 


Total for 
Year 


1937 

1935 

1931 

1930 

1 1928 


891,844 

887,327 

843,059 

834,409 

805,668 

870,865 

971,487 

1,025,036 

1,049,304 

1,067,980 


879.386 

876,626 

828,781 

812,085 

794,068 

879,000 

997,669 

1,050,111 

1,123,058 

1,143,250 


420,489 
418,647 
399,801 
397,514 
386,439 
421,070 
460,564 
488,101 
518,093 
539,813 


530,056 
552,292 
521,574 
502,981 
494,365 
504,983 
558,262 
590,810 
602,071 
631,916 


296,397,493 
296,180,666 
280,402,526 
277,034,175 
267,845,429 
291,753,825 
324,788,577 
342,694,905 
354,214,990 
362,005,033 



40 
Appendix 14 

Ratio of Maintenance and Depreciation to Total Income, Per Cent 



Year Ended 


Total Income 


Maintenance 
and Depreciation 


Per Cent 


December 31, 1935 

December 31, 1934 


$25,939,777.15 
26,096,155.47 
24,926,426.46 
24,818,625.48 
24,154,373.09 
26,428,493.63 
29,855,107.30 
32,510,721.17 
34,096,623.03 
34,843,147.51 


$6,754,189.56 
6,505,769.78 
6,326,658.07 
6,007,231.01 
5,899,833.49 
6,661,106.46 
7,903,344.74 
8,311,029.03 
8,284,093.66 
8,595,987.73 


26.04 
24.93 
25.38 
24.20 
24.43 
25.20 
26.47 
25.56 
24.29 
24.67 



Appendix 15 



Comparative Power Statistics 





1937 


1936 


1935 


1934 


1933 


Tons of coal burned 


121,749 


123,296 


122,240 


122,635 


125,126 


Pounds of coal per D. C. kilowatt 


1.365 


1.362 


1.359 


1.355 


1.403 


Average price of coal per long ton 
(at boilers) 


$4.89 


$4.80 


$4.53 


$4.34 


$4.16 


Net cost of power for car service 
per kilowatt hour (cents) . 


0.781 


0.753 


0.761 


0.716 


0.721 


Net cost of power per total car 


4.052 


4.037 


4.030 


3.778 


3.582 


Direct current annual output 
(k. w.) 


199,803,250 


202,736,175 


201,497,540 


202,663,915 


199,808,155 



41 

Appendix 16 

Loan Assessments on Cities and Towns 
Chapter 159, Special Acts 1918, as Amended 



Cities and Towns 


1932 A 
For 12 i 
June 


ssessment 
nos. ended 
30. 1932 


1933 Assessment 

For 12 mos. ended 

June 30, 1933 


1934 Assessment 

For 12 mos. ended 

June 30, 1934 




Per Cent 


Amount 


Per Cent 


Amount 


Per Cent 


Amount 




66.3766 

8.4367 

6.3690 

3.7385 

3.1137 

2.9981 

2.0768 

1.0601 

1.5549 

1.0046 

.9437 

.7911 

.6362 


$1,178,409.53 
149,780.01 
113,071.33 
66,371.04 
55,278.72 
53,226.43 
36,870.24 
34,798.42 
27,604.74 
17,835.05 
16,753.87 
14,044.71 
11,294.71 


64.9186 
8.5531 
6.1072 
4.5104 
3.6147 
3.4001 
2.2718 
2.0002 
1.3296 
1.0371 
1.0349 
.5711 
.6512 


$1,787,289.65 

235,477.46 

168.138.80 

124.176.91 

99,517.18 

93,608.97 

62,545.48 

55,067.99 

36.605.54 

28,552.65 

28,492.08 

15,723.09 

17,928.34 


66.3329 

7.6351 

6.1061 

3.9319 

3.7299 

3.6014 

2.0238 

1.7951 

1.3961 

.9786 

1.0065 

.7416 

.7210 


$1,029,242.48 


Cambridge 


118.468.65 




94,744.20 


Brookline 


61,008.62 


Maiden 


57,874.32 




55,880.47 


Everett 


31,401.93 


Watertown 


27.853.35 


Arlington 


21.662.33 


Belmont 


15,184.27 


Chelsea 


15,617.18 


Newton 


11.506.90 


Milton 


11,187.27 






Totals 


100.00% 


$1,775,338.80 


100.00% 


$2,753,124.14 


100.00% 


$1,551,631.97 







Cities and Towns 


1935 Assessment 

For 9 mos. ended 

March 31, 1935 


1936 A 

For 12 i 

March 


ssessment 

nos. ended 

31, 1936 


1937 tr 

For 12 
Marc 


Assessment 
mos. ended 
131. 1937 




Per Cent 


Amount 


Per Cent 


Amount 


Per Cent 


Amount 


Boston 


68.2640 

7.0485 

5.3876 

4.4547 

3.2060 

3.2942 

2.0002 

.9570 

.0000 

1.3526 

1.6729 

.9120 

.7483 

.7020 


$953,230.85 

• 98,424.47 

75,231.85 

62,204.93 

44,768.23 

45,999.85 

27,930.57 

13,363.44 

0.00 

18,887.55 

23,360.19 

12,735.07 

10,449.18 

9.802.65 


67.1546 

8.2764 

5.3853 

3.9949 

3.2638 

3.1767 

2.1187 

.9404 

.0000 

1.7067 

1.5670 

.9694 

.7518 

.6943 


$1,400,980.86 

172,662.45 

112,348.26 

83,341.69 

68,089.47 

66,272.39 

44,200.37 

19,618.65 

0.00 

35,605.22 

32,690.79 

20,223.65 

15.684.07 

14,484.50 


66.2352 

8.1833 

4.9078 

3.8404 

3.1111 

3.1083 

2.2343 

1.9739 

1.3239 

1.5464 

1.2169 

.9583 

.7344 

.6258 


$1,191,807.90 




147,246.80 


Somerville 


88,308.85 


Brookline 


69,102.52 


Medford 


55,979.80 




55,929.42 




40,203.04 


Chelsea 


35,517.51 


Revere 


23,821.69 


Arlington 


27,825.26 


Watertown 


21,896.38 


Belmont 


17,243.24 


Milton 


13,214.48 


Newton 


11,260.38 






Totals 


100.00% 


$1,396,388.83 


100.00% 


$2,086,202.37 


100.00% 


$1,799,357.27 







Based on traffic counts made in accordance with the provisions of Section 14, Chapter 159, Special Acts 1918 on 
July 15. 16, 17, 18, 1932, July 14, 15. 16, 17, 1933, July 20. 21, 22, 23, 1934, April 26, 27, 28, 29, 1935, April 24, 
25, 26, 27, 1936 and April 23, 24, 25, 26, 1937. 

In addition to the above amounts, the expenses of the Commonwealth of Massachusetts for financing the loan 
assessments are also assessed to cities and towns pro-rata on above percentages. The expenses were for 1932. 
$8,261.20; 1933, $6,063.55; 1934, $480.19; 1935, $1,639.59; 1936, $1,975.03, and 1937, $6,738.85. 



42 
Appendix 17 



Passenger Cars, Buses and Trackless Trolleys Owned 
December 31, 1937 



Surface Cars 

Semi-Convertible Cars — Type No. 5 . 
Semi-Convertible Cars — Type No. 4 . 
Semi-Convertible Cars — Type No. 4000 
Centre Entrance Cars . . 

Trailer Cars 

P. C. C. Car 



Total Surface Cars 



470 
266 

54 
314 

16 
1 



1,121 



Rapid Transit Cars 



Elevated Cars .... 
Cambridge-Dorchester Tunnel Cars 
East Boston Tunnel Cars 



Total Rapid Transit Cars . 

Total Surface and Rapid Transit Cars 



325 

155 

48 



528 



1,649 



Buses 



Mechanical Drive . 
Mechanical Drive (Diesel) 
Gas-Electric Drive 



Total Buses 



421 
10 
34 



465 



Trackless Trolleys 



Trackless Trolleys 



Total Passenger Cars, Buses and Trackless Trolleys 
Owned Dec. 31, 1937 



54 



2,168 



Twentieth 

ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
COMPANY 

FOR THE 

Year Ended December 31, 1938 



The information contained herein 
is not given in connection with any 
sale, offer for sale or solicitation of 
an offer to buy any securities. 



Twentieth 

ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
COMPANY 



FOR THE 



Year Ended December 31, 1938 



£P^18 



BOARD OF PUBLIC TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 
of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 

ERNEST A. JOHNSON HENRY J. SMITH, Secretary 

WILLIAM P. JOY PATRICK J. WELSH 



OFFICERS 

(Appointed by the Trustees) 

EDWARD DANA President and General Manager 

JOHN H. MORAN Vice-President and Treasurer 

MICHAEL H. CULLEN General Auditor 

WILLIS B. DOWNEY General Counsel 

MAURICE P. SPILLANE General Claims Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 



OF THE 



BOSTON ELEVATED RAILWAY COMPANY 



TABLE OF CONTENTS 



Data of Operation .... 

Basic Data for Period of Public Control 

Cost of Transporting a Passenger 

Fixed Charges . 

Taxes 

Bill to Retire Common Stock Fails to Pass 

Depreciation . 

Wage Rates 

Departmental Organization 

Wage Adjustments 

Labor Turnover 

Personnel Training 

Safety 

Salaries 

Traffic and Fares 

Five-Cent Local Rides 

Bus Service 

Trackless Trolley Service 

Increase in Ghartered Bus Service 

Discontinuance of Atlantic Avenue Service 

Closing of Charlestown Neck Carhouse . 

Complaints ...... 



Page 
5 

6,7 
9 
9 
10 
11 
11 
11 
13 
13 
15 
15 
17 
17 
18 
18 
19 
20 
20 
20 
20 
21 



Fare Evasions .......... 

Illegal Transportation ........ 

Hurricane .......... 

Plant and Equipment Changes: 

Everett Shops. Washington Street Garage, Roxbury. New 
Emergency Truck Garage. Footbridge at Columbia 
Station .......... 

Track Abandonment. Passenger equipment, including 
table of cars, buses and trackless trolleys owned, ac 
quired and retired, 1918-1938 . . . . 

Conclusion ......... 

Appendixes 

1. Public Accountants' Certification 

2. General Balance Sheet 

3. Income Statement .... 

4. Operating Expense Accounts . 

5. Road and Equipment Investment . 

6. Investment in Road Owned and Leased, December 31 

1938 

7. Investment and Total Income, 1897-1938 . 

8. Capital Outstanding, December 31, 1938 . 

9. Revenue Passengers Carried— 1897 to 1938 

10. Revenue Mileage- 1898 to 1938 

11. Comparative Division of Receipts and Expenditures for 

Years Ended December 31, 1934 to 1938 

12. Traffic Statistics, Years Ended December 31, 1935 to 1938 

13. Comparative Passenger Statistics— Revenue Passengers 

Carried, 1929 to 1938 

14. Ratio of Maintenance and Depreciation to Total Income, 

PerCent, 1929 to 1938 

15. Comparative Power Statistics, 1934 to 1938 

16. 1938 Loan Assessment on Cities and Towns— Chapter 159, 

Special Acts of 1918, as Amended . . . . 



Page 

21 
21 
21 



21 

22 
23 

25 
26 
30 

32 
34 

35 
36 
37 
38 
40 

42 
43 

43 

44 
44 

45 



Report of the Board of Public Trustees of the 
Boston Elevated Railway Company 



THE best index of general business activity in any district is 
the number of fares collected on its local public transporta- 
tion system. 

Repeatedly that fact has been demonstrated in the Boston area. 
The severe loss in riding on the "El" from 1929 to the low of 1935 
and the reversal of the trend from 1933 until the summer of 1937 
was an accurate barometer of business locally. Likewise, the subse- 
quent recession in business was immediately reflected in the riding 
of the railway until the fall of 1938, since when there has been a 
slight improvement. 

Results of Operation 

The results of operations for the calendar year 1938 compared 
with 1937 are shown on the following table: 

Years Ended December 31 Increase or 

1938 1937 Decrease (*) 

Total Receipts $25,383,333.23 $25,939,777.15 $556,443.92* 

Operating Expenses : 

Wages 12,894,549.68 12,709,180.09 185,369.59 

Materials and Other Items . . 2,295,707.22 2,119,136.67 176,570.55 

Injuries and Damages .... 668,632.65 594,605.71 74,026.94 

Depreciation 2,098,119.60 2,447,321.91 349,202.31* 

Fuel 842,277.24 840,559.47 1,717.77 

Total Operating Expenses . . $18,799,286.39 $18,710,803.85 $ 88,482.54 
Fixed Charges : 

Taxes 1,626,769.23 1,669,002.46 42,233.23* 

Dividends . 1,193,970.00 1,193,970.00 

Subway, Tunnel & R.T.L. Rents . 2,822,426.75 2,822,629.46 202 .71* 

Interest on Bonds 3,952,485.02 3,939,114.19 13,370.83 

Miscellaneous Items .... 129,081.78 130,281.38 1,199.60* 

Total Fixed Charges ... $ 9,724,732.78 $ 9,754,997.49 $30,264.71* 

Total Cost of Service $28,524,019.17 $28,465,801.34 $58,217.83 

Net Loss $ 3,140,685.94t $ 2,526,024. 19f $614,661.75 

Revenue Passengers Carried . . . 291,175,017 296,397,493 5,222,476* 

Revenue Miles Operated .... 45,799,029 46,796,328 997,299* 

t A deficit assessment is determined upon the basis of the railway's fiscal year which terminates 
as of March 31. 

* Indicates decrease. 

The net increase in total operating expenses for 1938 as com- 
pared to 1937 was $88,482.54. This increase resulted from a num- 
ber of factors: an increase of $160,490.65 in the cost of removing 
snow and ice; an increased comparative cost on account of wage 
agreement adjustments made July 1, 1937 and the cost of operating 
new bus lines. Offsetting in large part these factors which caused 
increases in operating expenses were: savings in labor cost arising 
from a reduction in the average number of employees on the payroll 
in 1938 as compared to 1937 and a readjustment in the depreciation 
charge. 



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Int onB.LBonds and Notes 



Depreciation 



03 Subway and Tunnel Rents ■ Injuries and Damages 

K E Y- M Rent of Leased Roads H Materials, etc. 

m Taxes ■ Wages 

y Fuel D Total Op Expenses 



♦ 36,000,000 
34000,000 
32,000,000 

3qooo.ooo 
2aooo,ooo 

%00QQ00 

24000000 
22,000.000 
20,000.000 
18.000,000 
16,000.000 
14,000.000 
12,000,000 
10,000,000 

s.ooaooo 

6,000,000 

4,000,000 

2,000,000 






1900 1905 1910 1915 1917 1918 1926 1933 19371938 
Graphical Record of Operating and OverheadExpenses 

— iodicates separation of operating exper>ses and fixed charges 



Cost of Transporting a Passenger 
The following figures show the cost of service per revenue 
passenger: 

Wages 

Materials and Other Items 

Injuries and Damages 

Depreciation 

Fuel 



1938 


1927 


1919 


(cents) 


(cents) 


(cents) 


4.43 


4.56 


4.79 


.79 


.85 


1.12 


.23 


.33 


.21 


.72 


.77 


.62 


.29 


.34 


.56 


6.46 


6.85 


7.30 


.56 


.51 


.32 


.41 


.84 


.89 


.97 


.61 


.47 


1.40 


.72 


.84 


3.34 


2.68 


2.52 


9.80 


9.53 


9.82 


8.72 


9.59 


9.08 



Total Operating Expenses 

Taxes 

Dividends . . . . 
Subways, Tunnels and R.T.L. Rents 
Interest on Bonds and Notes, etc 

Total Fixed Charges . 

Total Cost of Service . 
Total Revenue per Passenger 

These figures show that operating expenses per revenue passen- 
ger carried have been reduced, but that fixed charges, although 
practically constant in total, have increased per revenue passenger 
carried because of the lesser number carried. 

Fixed Charges 

The fixed charges (shown in table above) amounted to $9,724,- 
732.78 in 1938 and represented 38 per cent, of total receipts. 

The magnitude of this sum and the large portion of total income 
that fixed charges consume, taken together with the loss in riding, 
account in large part for the deficit. 

Analysis, however, of these fixed charges shows that in sub- 
stantial part they represented payments which revert to the benefit 
of the general public. 

The table below shows that payments of $2,210,518.45 were 
made in 1938 to retire the principal of bonds of the City of Boston, 
of the Commonwealth of Massachusetts, and of the Boston Metro- 
politan District and indicates the purposes for which these bonds 
were issued. 

City of Boston a/c constructing subways . . . . . . $ 444,419.68 

State of Massachusetts a/c acquiring Cambridge Subway . . . 79,480.00 

Boston Metropolitan District a/c acquiring railway bonds . . 1.686,618.77 

Total $2,210,518.45 

These payments will result ultimately in the ownership, free 
of debt, by the public of the subways and railway bonds and also 
will make possible large future savings in the railway's cost of service. 

Of just what significance is this gradual retirement of public 
debt incurred for construction of the subways and for the purchase of 
railway bonds? 

The simple answer is that the public is gradually acquiring 
free of debt a well developed, comprehensive and consolidated 
railway system. 

In items of property there is a unified system of underground, 
overhead and surface lines; hundreds of rapid transit and surface 



10 



cars; hundreds of buses and trackless trolleys; shops, garages, car- 
houses, and various kinds of equipment; and a power production, 
transmission and distribution system. 

In other words, and briefly stated, Boston and its 13 neighbor- 
ing cities and towns are served, due, in part, to legislative enact- 
ments, by a local transportation system which in extent, character 
and efficiency compares very well indeed with any system serving any 
metropolitan area in the United States. 

Already under the subway Acts funds have been provided from 
rentals paid by the railway for the retirement of nearly 30 per cent, 
of the subway debt, as shown in the following table: 



Subway 
or 

Tunnel 
Tremont Subway .... 
Washington Tunnel . 
Cambridge Connection 
East Boston Tunnel . 
Dorchester Tunnel 
Boylston Subway 
Dorchester Rapid Transit . 


Total 

Debt 

Issued 

$4,761,000. 

8,521,700. 

1,653,000. 

9,794,000. 
12,200,000. 

6,731,000. 
11,020,000. 

$54,680,700. 
8,229,500. 


Estimated 

Net Debt 

Dec. 31, 1938 

$ 290,500. 

2,535,300. 
936,800. 

6,029,800. 
10,418,200. 

6,289,200. 
10,435,200. 

$36,935,000. 
7,157,000. 


Net Reduction in Transit 
Debt by Railway Payments 

Amount Per cent. 

$4,470,500. 93.90% 

5,986,400. 70.25 

716,200. 43.33 

3,764,200. 38.43 

1,781,800. 14.61 

441,800. 6.56 

584,800. 5.31 


Total Boston Subways . 
Cambridge Subway . 


$17,745,700. 32.45% 
1,072,500. 13.03 



Totals $62,910,200. $44,092,000. $18,818,200. 29.91% 

Payments to the Boston Metropolitan District in excess of in- 
terest requirements on its bonds have reduced the District debt as 
shown in the following table: 

Total Net Reduction in District 

Net Debt Total Debt Debt by Railway Payments 

Issued Dec. 31, 1938 Amount Per Cent. 

Boston Metropolitan District 

Bonds $61,457,000. $56,473,000. $4,984,000. 8.1% 

The deficit assessments for the fiscal years 1932 to 1938 totaled 
$13,036,866.69 and during that same period there were charged to 
the cost of service payments of $7,549,372.05 which were made avail- 
able to reduce public indebtedness. 

Taxes 

Total taxes included in cost of service during the year 1938 

amounted to $1,626,769.23, divided as follows: 

State Taxes $167,592.72 

Gasoline Tax $129,338.22 

Registrations — Motor Vehicles and Licenses . . 38,254.50 



Municipal Taxes 

Real Estate and Personal Property Taxes 

Excise Tax on Motor Vehicles . 

Toll Charges, Sumner Vehicular Tunnel 

Federal Taxes 

Social Security Taxes . 

Unemployment Insurance . . $400,366.48 
Old Age Benefit .... 118,922.28 

Gasoline Tax 
Capital Stock Tax 
Miscellaneous Excise Taxes 



*21,194.54 
42,429.10 

8,875.45 



$519,288.76 



43,418.35 

15,000.00 

8,970.31 



872,499.09 



586,677.42 



Total Taxes Accrued During Year 1938 . . . $1,626,769.23 

• It requires 23 1/ 2 average days' receipts of the railway to pay 
these taxes, which represent 16.7 per cent, of the fixed charges. 



11 



11.000 
10.000 
9,000 
8,000 
7000 
6,000 
5JD00 



A000, 

































































































| 








































































































































































































Average Employees on WeeklyPayroll 



































































1909 II 13 "15 *I7 19 '21 '23 '25 '27 '29 '31 '33 '35 '37 
10 12 '14 *16 '18 '20 *22 '24 "26 '28 *30 '32 '34 '36 '3ft 



The unemployment insurance taxes levied on the railway and 
its employees from January 1, 1936 to December 31, 1938 totaled 
$976,925.76, and the employees have received back in benefits only 
$26,568.00, or 2.7 per cent, of the total contributions during this 
period. This section of the social security act places an inequitable 
burden on the railway in relation to the benefits derived therefrom 
by its employees. 

During the year ended December 31, 1938 an amount of 
$519,288.76 for social security taxes was included in the cost of 
service. This is an important element in increasing the deficit. 

Bill to Retire Common Stock Fails to Pass 
In 1938 a bill which authorized the retirement of the common 

stock of the railway and the issue of Boston Metropolitan District 

bonds in an amount sufficient to accomplish that purpose failed to 

pass. 

Had this bill become effective the annual fixed charges of the 

railway would have been reduced substantially. 

Depreciation 

Depreciation is the charge which provides for the inevitable 
wearing out of any property. Unless such a charge is made there 
would be no means available for the replacement of worn out and 
obsolete property. 

The depreciation charge amounted to $2,098,119.60 for the 
year 1938 and $2,447,321.91 for 1937. This represented 8.26 per 
cent, of gross income and 2.68 per cent, on the investment in de- 
preciable property for 1938 as compared with 9.43 per cent, and 3.09 
per cent, respectively, for 1937. 

Wage Rates 

The wage rates for surface car and bus employees on the Boston 
Elevated Railway are in line with rates paid for the same kind of 
work on railways of comparable size in other principal cities of the 
United States. 

The Elevated wage cost per revenue passenger for 1938 was 4.43 
cents compared with 4.77 cents in the year 1926 when 80 million 
more passengers were carried. 

These figures indicate the efforts made to keep operating ex- 
penses in conformity with the decrease in passengers carried and 



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13 

receipts. They show that in spite of increased hourly wage rates, 
the wage cost per revenue passenger carried was lower in 1938 than 
for 1926 when 80 million more passengers were carried. 

Departmental Organization 

The average number of employees on the weekly payroll was 
6,298 in 1938 as compared with 6,329 in 1937. 

In the report of last year the division of employees was shown 
by labor organizations. The following table shows the division of 
employees on the weekly payroll by departments for a representa- 
tive week: 

Transportation Dept. 

Uniformed men, Surface Lines 2,170 

Uniformed men, Rapid Transit Lines 413 

Station & Misc. Transp. Service, Surface Lines . . . 252 

Station & Misc. Transp. Service, Rapid Transit Lines . . 586 

Transp. Offices & Misc 23 

Total Transportation Dept. 3,444 

Rolling Stock & Shops Dept. 

Surface Lines carhouses 311 

Rapid Transit Lines carhouses 131 

Repair shops 498 

Garages 241 

Yard Crew, Offices, Misc 51 

Total R. S. & S. Dept 1,232 

Maintenance Dept. 

Surface Lines Road Div 201 

Rapid Transit Lines Div 277 

Stores & Yard Div. 64 

Building Maintenance Div 93 

Structural Maintenance Div 123 

Engineers and Office 39 

Heating Plants .......... 18 

Total Maintenance Dept 815 

Power Dept. 

Wire & Conduit Service 143 

Power Operation 238 

Elec. Engineering, Storeroom and Office 73 

Total Power Dept 454 

General Offices 283 

Total Weekly Payroll 6,228 

Monthly paid employees* 63 

Executive Officers* 5 

Total 6,296 

* As of December 31, 1938. 

Wage Adjustments 

More than 60 per cent, of the employees belong to the Amal- 
gamated Association of Street and Electric Railway Employees. 

The record of wage adjustments since 1913, arrived at either 
by mutual agreements or as a result of arbitrations, and their effect 
upon operating expenses, is of interest, and is shown on the follow- 
ing page. 



14 



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Labor Turnover 
The following table shows the labor turnover of the blue 
uniformed force for a period of 35 years. It indicates the stability 
of employment since public control as compared with earlier years 
when over one-half of the force was renewed every year, a condition 
not conducive to efficient service for the riding public. 







Returned 


Returned 








Deceased 


Left 




Newly 


from 


from War 


Laid 






and 


for War 


Year 


Hired 


Layoff 


Service 


Off 


Dismissed 


Resigned 


Pensioned 


Service 


1904 


2,029 








1,116 


758 


25 




1905 


1,949 








1,152 


937 


24 




1906 


2,885 








866 


1,222 


26 




1907 


1,975 








932 


1,093 


21 




1908 


1,243 








832 


588 


29 




1909 


2,303 








1,071 


1,137 


30 




1910 


2,632 








1,027 


1,175 


33 




1911 


2,300 








1,116 


1,178 


40 




*1912 


8,699 








5,045 


3,088 


38 




1913 


1,468 








633 


609 


41 




1914 


691 








427 


376 


26 




1915 


663 








404 


255 


40 




1916 


959 








321 


384 


46 




1917 


1,735 








596 


889 


42 


647 


1918 


3,647 




128 




1,285 


1,644 


92 


647 


1919 


171 




902 


448 


424 


338 


57 




1920 




150 


65 


244 


170 


133 


57 




1921 




51 




350 


75 


56 


31 




1922 




321 




26 


60 


66 


48 




1923 


237 


238 






52 


77 


42 




1924 


99 


104 




75 


67 


55 


51 




1925 


83 


153 




149 


29 


34 


55 




1926 


55 


108 




96 


31 


47 


51 




1927 


56 


257 




261 


42 


23 


52 




1928 


38 


140 




181 


37 


13 


82 




1929 




141 




178 


16 


21 


54 




1930 




126 




214 


20 


16 


46 




1931 




74 




244 


20 


6 


52 




1932 








315 


20 


2 


62 




1933 




85 




165 


8 


3 


53 




1934 




38 






12 


10 


58 




1935 




149 






22 


14 


57 




1936 




103 






14 


6 


70 




1937 




39 






16 


8 


82 - 




1938 




43 






6 


13 


78 





* Due to strike. 

Personnel Training 

A well-selected, trained and informed personnel is essential to 
good transportation service. An appropriate merit plan has been in 
effect on the property in making promotions from the ranks to super- 
visory positions. 

Training and instruction work in a large organization is of great 
but intangible value. 

A recent series of lectures on the diesel bus engine and a fifth 
practical laboratory course in arc and acetylene welding, just com- 
pleted, are examples of special instruction. 

To inform "El" employees, a bulletin appropriately entitled 
"Co-operation", is issued. With 1938 it ended its 17th year. It con- 
tains regular operating data, news of construction and other helpful 
material. 

The railway's progress in accident reduction has earned for it an 
unprecedented number of awards of the Anthony N. Brady Me- 
morial Medals by the American Museum of Safety. Its record of 
awards bars the railway from the Brady Medal competition until 
1942. This notable record has been achieved primarily through 



16 



S 1915 '17 '19 '21 '23 '25 17 '29 '31 33 '35 '37 

S^« ' ,6 ''& *20 22 '24 26 '28 '30 32 34 '36 '36 
S400| 




1915 '\7 *»9 '21 73 '25 '27 *29 '31 '33 '35 '37 
'16 '18 '20 '22 '24 *26 '28 '30 '32 '34 '36 '38 



KEY 



□ I0*FARES ■ 7*FARES ■ ^&6iAND C TOKE S HS 

S 8*!Xres H 5*Fares Pupils' 5*Tickets 

DATA OF FARES COLLECTED, 1915-1938 



17 



analysis and follow-up methods supplemented by special instruction 
and the use of every available means for keeping employees supplied 
with up-to-the-minute accident facts. Trophy contests in the two 
surface lines divisions and the award of safe drivers' certificates in 
the maintenance and rolling stock and shops departments have been 
features in 1937-1938. 

Safety 
In spite of the severe weather in the early part of 1938, the 
collision record of the surface lines has continued creditable. The 
figures of surface vehicle accidents for the last three years are shown 

below: 

1938 1937 

Surface vehicle collisions 4,040 3,790 

Surface vehicle boarding and 

alighting accidents 1,047 1,077 

Derailments of surface cars, once a serious cause of delay, were 
59 in 1938, 58 in 1937, and 73 in 1936. For each year, surface car 
derailments were less than a tenth of what they were in the early 
years of trustee control. 

The railway has established an excellent record in the reduction 
of industrial accidents, as indicated below: 

Total No. 
of Injuries 

1938 . 565 



1936 
4,381 

927 



1937 
1936 
1931 
1926 



543 

613 

835 

1 ,460 



Salaries 



Last year's report showed that there were fewer salaries of $6,000 
annually or higher on the railway than on other rapid transit systems 
in the United States and that the total of these salaries on the Ele- 
vated represented three-quarters of one per cent, of operating ex- 
penses, a much lower percentage of operating expenses than on these 
other rapid transit systems. 

The latest reports made to the Department of Public Utilities 
by the utilities and railroads hereabouts indicate that salaries of 
more than $6,000 on the Boston Elevated represent the lowest 
percentage of operating expense of all the comparable companies. 

The following is a comparison of salaries of $6,000 or more on 
the Elevated in 1913 with 1938 and a comparison of the total annual 
weekly payroll for these same two years. 









Per Cent. 




1913 


1938 


Deer. Tncr 


Officials receiving $6,000 or more 


15 


15 




Total amount paid above officials 


$183,500. 


$142,875. 


22.1 


Annual weekly payroll .... 


$7,246,000. 


$12,966,000. 


78.9 


Average weekly wage 


$16.00 


$39.48 


146.8 


Average number of employees on 








weekly payroll 


8,709 


6.298 


27.7 



18 



Traffic and Fares 

That the Boston Elevated Railway has done r 
during 1938 is evidenced by a comparison of the 
passenger receipts, as compared with 1937, of other 
systems, as follows: 



City 

Detroit 
Pittsburgh . 
Cleveland . 
Chicago 
Philadelphia 
New York . 
St. Louis 
Kansas City 
New York . 
Newark 
Baltimore . 
Indianapolis 
Boston 



Company 

. City of Detroit Dept. of St. Rys. 

. Pittsburgh Rys. Co. 

. The Cleveland Ry. Co. . 

. Chicago Surface Lines . 

. Philadelphia R. T. Co. . 

. Interborough Rapid Transit Co. 

. St. Louis Public Service Co. . 

. Kansas City Public Service Co. 

. Brooklyn-Manhattan Transit System 

. Public Service Coordinated Transport 

. Baltimore Transit Co. . 

. Indianapolis Railways, Inc. . 

. Boston Elevated Railway Co. . 



elatively well 
decreases in 
metropolitan 

12 months 
ended Dec. 31 

10.86% 
9.02 
8.46 
7.25 
6.64 
5.29 
4.97 
4.55 
4.18 
3.63 
3.11 
2.96 
2.34 



The Boston Elevated system was planned and constructed to 
bring passengers to a compact downtown central area. 

The subway and rapid transit lines are radial arteries converg- 
ing upon this area. Into these arteries flows the traffic from numerous 
connecting surface car, trackless trolley and bus lines from the outer 
territory. 

Vehicle stagnation, decline of activity in central Boston, and 
demolition of many buildings and the use as parking areas of the 
land upon which they formerly stood, — all these are factors vitally 
affecting the use of the radial transportation lines. 

That the factors just mentioned have affected the Elevated is 
shown by the decrease in the percentage of the total revenues col- 
lected at subway and elevated stations: whereas in 1931 this per- 
centage was 64.27 per cent., in 1938 it was 61.41 per cent. 

Five-Cent Local Rides 

As an experimental step towards reducing the deficit the trustees 
voted to discontinue five-cent local rides from Saturday, November 
19, 1938, for a trial period. A conference between the trustees and 
the mayors and chairmen of boards of selectmen, or their repre- 
sentatives, was held. At this conference, at which were represented 
ten of the fourteen cities and towns served by the railway, the Board 
of Trustees was unanimously asked to postpone the discontinuance 
of five-cent local rides. The trustees assented to this request. 

In recent years there has been an increase in the total of five- 
cent local rides. A more important factor, however, than the actual 
increase in number of five-cent local rides has been the increase in 
the percentage of these local rides to the total fares resulting from 
the severe drop in the number of ten-cent fares. Taken together 
these two factors have resulted in decreasing the average fare from 
8.87 cents in 1931 to 8.49 cents in 1938, or nearly two-fifths of a 
cent. 



19 



1919 g 



REVENUE- MILES PER YEAR 

10,000,000 20,000,000 30,000,000 4-0,000,000 50,000,000 



^•y : i . • . : ': :.-^iU.^ j.^iivni^ ^^P^ 




^^/V^;^v~ t-v S^\^^V^;--- 7 W;::^',^^^-:^ 






- l 7Z^ r ~~^~~T ~^^:^ ~"7^ ; . / . \ ;, ■• ■ ■■ 



i 



^ : ^''>.i''v.-^ ^ V .y :| *V^^-J^y-^>'i^'^fy^'y^r'/>;'^,' 



222273." 



b 



^^^^^^^^^^^^^^^i 



»««s&&$mss3 



^SEZ ^re:, .-; :::: n T',, > a;» 



^ ^^^ r-^ ::: v::/ - -. ■<— ^n 



iszzs:^^^^^^ 






„_:,,, ^> 






Key. 



... ^wmmmm^ 

■ Motor Bue E3 RapidTransit |g! 2- Man 5urface 
□ TRACtcLEee Trolley E3 I-Man Surface 



Bus Service 

Bus mileage operated by the railway during 1938 continued to 
increase. In 1937 the bus revenue miles operated were 10,643,257, 
whereas in 1938 the bus revenue miles operated were 11,032,794. 

As of the end of 1938 the railway operated bus service over 169 
miles of streets as compared to an operation of over 159 miles of 
streets in 1937. 

New bus routes put in operation during 1938 were as follows: 
Fish Pier to State street; and 
Army Base to South Station. 

The two lines above superseded the service formerly operated by 
Rawding Lines, Inc., and supplemented a Rowes Wharf-South Sta- 
tion line operated by the Elevated. Later the Fish Pier-State street 
line was extended to Haymarket square via Atlantic avenue, Han- 
over and Cross streets in connection with the discontinuance of the 
Atlantic avenue elevated train service. 

Allston to Dudley street station, replacing car line. 

South Huntington avenue and Heath street to Dudley station. 

Dudley station to Tremont and Dover streets via Washington 
and Dover streets, replacing a car line between Dudley station and 
North Station. 



20 

Night bus lines replaced night car lines as follows: 

Watertown station to Harvard square via Mt. Auburn street; 

Clarendon Hill station to Lechmere terminal via Highland 
avenue; 

Davis square to Sullivan square station via Somerville avenue, 
Union square and Washington street. 

Trackless Trolley Service 

Trackless trolley operation on the Elevated began on April 11, 
1936 and is now well established. 

The revenue miles operated almost doubled in 1938 as compared 
with the prior year. The revenue mileage for trackless trolley 
operation was 1,434,869 in 1938. The railway operated trackless 
trolley service, as of December 31, 1938, over 18 miles of streets. 

Two new trackless trolley lines were opened during 1938. The 
Huron avenue line in Cambridge, operating from the Harvard 
square station to the intersection of Mt. Auburn street and Huron 
avenue, began service on April 2. Ten units are operating on this 
line. The Lebanon street line, operating from the Everett terminal 
to Lebanon street and Swain's Pond road, Maiden, began service 
on December 31. Twenty-four units operate on this line, either to 
Lebanon street or to Maiden square. 

Increase in Chartered Bus Service 

Due to constant efforts the railway's chartered bus service for 
group outings, picnics, convention meetings and the like has shown 
a satisfactory increase. 

The table below shows the salient figures with respect to the 
amount of chartered bus business performed during three years 
which are relatively comparable. 

1938 

Revenue $81,681.70 

Revenue Mileage 1 14,706 

Number of Orders 5,347 

Number of Buses 6,970 

Discontinuance of Atlantic Avenue Service 

On October 1, 1938 train service on Atlantic avenue was dis- 
continued after having been in operation since August 22, 1901. 

Changed conditions in passenger traffic made possible the dis- 
continuance of this service and will result in an estimated annual 
operating saving of $140,000. 

Passengers formerly using the service have been provided with 
increased service in the Washington street tunnel and with an exten- 
sion of bus lines on Atlantic avenue. 

Closing of Carhouse 

The Charlestown Neck carhouse has been closed as an operating 
carhouse and the passenger cars formerly repaired here have been 
transferred to Salem street carhouse for maintenance. A number 
of service cars will be inspected at this carhouse by the rapid transit 
inspection force, but heavy repairs will be made at the Everett shops. 



1937 


1933 


$70,688.08 
96,138 
4,394 
5,918 


$30,980.53 
40,819 
2,002 
2,905 



21 

Complaints 

During 1938 there were 1,232 complaints registered; 248 con- 
cerning service and 984 concerning employees. Each of these was 
given careful attention and a representative of the railway inter- 
viewed the complainant where possible. This compares with 1,124 
complaints in 1937 and with an annual average of 1,285 during the 
preceding four years. 

Fare Evasions 

During 1938 a total of 338 cases were prosecuted in the Courts 
for various offences, such as use of "slugs", misuse of transfers, 
misuse of tickets, evasion of fares, etc., and convictions were obtained 
in all but 36 cases. 

The use of bad coins in automatic passimeters has been reduced 
from 107,501 in 1931 to 10,793 in 1938, the lowest figure thus far. 

Illegal Transportation 

The extent to which revenue is diverted from the Boston Ele- 
vated by reason of illegal taxicab operations is not generally appre- 
ciated. During the year the railway has, with the co-operation of 
the Police Department of the City of Boston, continued its efforts 
to stop such practices; 727 cases of illegal taxicab operation were 
detected, resulting in license suspensions of 3,696 days. 

Hurricane 

The hurricane of September 21, the worst this section has ever 
experienced, interrupted service on the system to some extent, but 
with the exception of the Fellsway line, where the falling of large 
numbers of trees pulled down poles and wires, all lines were opened 
the morning after the storm. The incidental expense to the railway 
was small. 

Plant and Equipment Changes 

Everett Shops. The railway's shops at Everett are being enlarged 
to provide facilities for economical maintenance of rapid transit and 
surface cars, trackless trolleys and buses. This will permit the 
abandonment of the obsolete shops at Albany street, the transfer 
of unit overhaul of buses from the Somerville garage, where the 
provisions are now inadequate for this purpose, and the closing of 
the Sullivan Square rapid transit machine shop. 

Washi?igton Street Garage, Roxbury. The existing bus garage 
facilities at 2527-2569 Washington street, Roxbury, have been en- 
larged by an additional storage unit which increases the capacity 
at this point from 158 buses to 194 buses. 

New Emergency Truck Garage. A single-unit brick garage, built 
adjoining the Everett carhouse, was put in service on November 19. 
This carhouse is now devoted exclusively to trackless trolleys, and 
the new emergency crew quarters are central to the several trackless 
trolley lines in this region. 

Footbridge at Columbia Station. A footbridge from the island 
platform at Columbia station on the Dorchester rapid transit ex- 
tension to the nearby commercial parking area with a capacity for 



22 



1,000 automobiles was built by the Transit Department of the City 

of Boston late in 1938. It crosses the railway's westbound track and 

four tracks of the N. Y., N. H., & H. R.R. 

Track Abandonment. From July 1, 1918 to December 31, 1938 

(the period of public control) more than 180 miles of surface track 

has been abandoned. 

The surface track rebuilt or repaired recently has been as 

follows: 

1938 . . . . 4.96 miles 
1937 .... 5.63 " 
1936 .... 7.17 " 
1935 .... 8.41 

Passenger Equipment. Over the period of twenty years the 
rolling stock equipment of the railway has undergone an almost 
complete transformation. 

The box and open cars and the so-called articulated cars have 
disappeared from the property. The wooden elevated cars likewise 
have been retired and replaced by steel cars. 

From the beginning of bus operation to date the railway ac- 
quired 777 buses. Of these, 276 have been replacements. The railway 
has also placed in service 92 trackless trolleys. 

The table that follows shows the changes in passenger equip- 
ment during the period of public control. 



Surface Cars 

Semi-Convertible Cars: 

Types No. 1 to No. 4 

Type No. 5 

Type "4000" 
Center Entrance Cars 
Trailer Cars . 
P.C.C. Cars . 
Birney Type Cars . 
Articulated Cars . 
Box Cars 
Open Cars 

Total Surface Cars 

Rapid Transit Cars 

Elevated Cars, Wooden and Steel 
Elevated Cars, Steel 
Camb.-Dorch. Tunnel Cars, Steel 
East Boston Tunnel Cars, Steel . 

Total Rapid Transit Cars 

Buses 

Mechanical Drive . 
Diesel-Electric Drive 
Diesel-Hydraulic Drive 
Gas-Electric Drive 

Total Buses 

Trackless Trolleys 

Totals .... 



Owned 
1918 



Acquired 
1918-1938 



Retired 
1918-1938 



453 




187 




471 


1 


_ 


64 


10 


100 


305 


115 


174 


50 

1 
80 


212 


1 


81 


177 




177 


1,113 




1,113 


1,354 


— 


1,354 


3,372 


971 


3,250 


169 




169 


162 


163 




60 


95 

48 


— 


391 


306 


169 




705 


250 


— 


24 
2 






46 

777 


26 





276 


— 


92 





On Hand 
Dec. 31, 1938 

266 
470 

54 
290 

12 
1 



1,093 



3,763 



2,146 



3,695 



325 
155 

48 

528 



455 

24 

2 

20 

501 
92 

2,214 



23 

Conclusion 

In this annual report the trustees present in detail many of the 
factors affecting the railway. This is done for the purpose of bringing 
before all concerned the difficulties confronting the Board in restor- 
ing the railway to a self-supporting basis. 

The weight of fixed charges, the effects of a decentralizing 
Boston and the lower level of railway revenues prevailing for several 
years present the chief elements in the problem and indicate that 
there is no quick and easy way of making the railway self-supporting. 

In many of its aspects the problem is a community one. The 
railway system, constructed over a long period of years under differ- 
ent conditions than the present, has made possible the highly devel- 
oped central area. The underground rapid transit lines are of vital 
necessity to this business area. 

Considerations of vital importance to the residents of the Metro- 
politan District, for whom an efficient mass transportation system 
is a necessity and upon whom the burden of deficits rests, are: 
freedom in the movement of traffic, reduction in the weight of fixed 
charges on the railway and certainty that the mass transportation 
system shall obtain every item of income that it should properly 
receive. 

All responsible agencies should co-operate to the end of reducing 
or eliminating the deficits for the fact must be faced that there 
are but two alternatives: either the railway must be made self-sup- 
porting or else the principle must be permanently accepted that 
mass transportation is to be partially subsidized through general 
taxation. 

BOARD OF PUBLIC TRUSTEES, 
BOSTON ELEVATED RAILWAY COMPANY, 
EDWARD E. WHITING, Chairman 
HENRY J. SMITH, Secretary 
ERNEST A. JOHNSON 
WILLIAM P. JOY 
PATRICK J. WELSH 



February 1, 1939. 



25 
Appendix 1 

Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 



To the Trustees of 

Boston Elevated Railway Company: 

We have made an examination of the accompanying general 
balance sheet of the Boston Elevated Railway Company as at De- 
cember 31, 1938 and of the accompanying income statement for the 
twelve months ended December 31, 1938. In connection therewith 
we examined or tested accounting records of the company and other 
supporting evidence and obtained information and explanations 
from officers and employees of the company; we also made a general 
review of the accounting methods and of the operating and income 
accounts for the period, but we did not make a detailed audit of 
the transactions. 

In our opinion, the provision for depreciation of road and 
equipment in the year 1938 charged to cost of service as shown in 
the accompanying schedule of operating expense accounts is fair 
and reasonable, but the amount of accrued depreciation appearing 
in the accompanying balance sheet is inadequate. Reference is made 
to the comparison of the depreciation charges to cost of service in 
the years 1938 and 1937, shown in the report of the Board of 
Trustees of the company. 

In our opinion, based upon such examination, and subject to 
the comments in the preceding paragraph, the accompanying general 
balance sheet as at December 31, 1938 and income statement for 
the twelve months ended December 31, 1938, fairly present, in ac- 
cordance with accepted principles of accounting consistently main- 
tained by the company during the year, the position of Boston 
Elevated Railway Company at that date and the results of opera- 
tions under public control for the year then ended. 

(Signed) Lybrand, Ross Bros. & Montgomery. 

Boston, Massachusetts 
January 30, 1939. 



26 

Appendix 2 

General Balance Sheet 



Assets 



Investments 
Road and Equipment: 

Way and Structures 

Equipment 

Power 

General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 

Miscellaneous Physical Property 

Other Investments: 

U. S. Treasury Notes 

Mortgage Notes 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company 

Total Other Investments 

Total Investments 



Dec. 31, 1938 



$60,464,690.61 

31,392,789.78 

15,560,341.82 

1,972,733.17 

888,819.62 



$110,279,375.00 
$815,654.67 

$2,003,908.83 
155,550.50 

206,257.37 



$2,365,716.70 
$113,460,746.37 



Dec. 31, 1937 



$60,839,199.65 

31,572,270.07 

15,551,432.51 

1,972,702.63 

204,430.65 



$110,140,035.51 
$847,723.98 

$3,035,956.53 
163,100.50 

191,221.02 



$3,390,277.05 
$114,378,036.54 



27 



General Balance Sheet— Continued 



Liabilities 


Dec. 31, 1938 


Dec. 31. 1937 


Stock 








Capital Stock : 












$23,879,400.00 


$23,879,400.00 


Premium on Capital Stock : 








2,707,428.13 


2,707,428.13 






Total Stock 


$26,586,828.13 


$26,586,828.13 


Bonds 




Funded Debt Unmatured: 








4y 2 % 30 yr. B. E. Ry. Co. Bonds, Due Nov. 1, 1941 


$5,000,000.00 


$5,000,000.00 


6% 30 yr. B. E. Ry. Co. Bonds, " 


Dec. 1, 1942 


8,286,000.00 


8,286,000.00 


5% 30 yr. W. E. St. Ry. Co. Bonds, " 


Mar. 1, 1944 


2,600,000.00 


2,600,000.00 


7% 30 yr. W. E. St. Ry. Co. Bonds, " 


Sept. 1, 1947 


570,000.00 


570,000.00 


4%% 15 yr. B. E. Ry. Co. Bond, " 


Aug. 1, 1949 


1,581,000.00 


1,581,000.00 


5% 25 yr. B. E. Ry. Co. Bond, " 


Jan. 1, 1960 


6,309,000.00 


6,309,000.00 


5% 25 yr. B. E. Ry. Co. Bond, " 


Mai-. 1, 1960 


8,500,000.00 


8,500,000.00 


4%% 25 yr. B. E. Ry. Co. Bond, " 


Dec. 15, 1960 


7,711,000.00 


7,711,000.00 


4%% 25 yr. B. E. Ry. Co. Bond, " 


June 1, 1961 


3,815,000.00 


3,815,000.00 


4^4 % 25 yr. B. E. Ry. Co. Bond, " 


Jan. 1, 1962 


2,098,000.00 


2,098,000.00 


4%% 25 yr. B. E. Ry. Co. Bond, " 


Oct. 1, 1962 


4,800,000.00 


4,800,000.00 


6% B. E. Ry. Co. Bonds Authorized 


Under Sec. 4, 






Chapter 


333, Acts 1931 


23,430,917.00 


23,430,917.00 


6% B. E. Ry. Co. Bond, Auth. Sec. 4, 


Chap. 333, Acts 






1931, as amended by Sec. 1, Chap. 


299, Acts 1932 


1,500,000.00 


1,500,000.00 


Total Bonds 


$76,200,917.00 


$76,200,917.00 









28 



General Balance Sheet— Continued 



Assets 



Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance 

Discount on Funded Debt 

Other Unadjusted Debits 

Total Unadjusted Debits 

Total Assets 



Current Assets 

Cash 

Special Deposits: 

Interest, Dividends and Rents Unpaid . 
For Preferred Stock Redemption 
Employes' Social Security Taxes 
Reserve Fund, Chap. 159, Spec. Acts, 1918 

Total Special Deposits 

Miscellaneous Accounts Receivable 

Material and Supplies 

Interest, Dividends and Rents Receivable . 
Other Current Assets 

Total Current Assets and Special Deposits 



Dec. 31, 1938 



$1,487,650.14 

$328,769.93 

1,377.39 

29,134.69 



$359,282.01 

$395,217.34 

1,868,802.77 

13,163.25 

39,080.00 



$4,163,195.51 



$88,468.00 

1,187,257.14 

61,449.39 



$1,337,174.53 
$118,961,116.41 



Dec. 31, 1937 



$1,457,891.40 

$324,884.42 

1,791.35 

22,761.64 



$349,437.41 

$381,740,18 

1,943,916.19 

12,484.80 

39,030.00 



$4,184,499.98 



$120,561.00 

1,260,343.02 

81,775.14 



$1,462,679.16 
$120,025,215.68 



Notes : Amounts advanced bv Commonwealth of Massachusetts for deficits in Cost of Service July 1, 
1931 to March 31, 1938 totalled $13,036,866.69 as at December 31, 1938. 

The federal income tax liability, if any, for the years 1931 to 1938 inclusive, has not been finally 
determined. As a result of an unanimous decision of the United States Board of Tax Appeals sustaining 
the contention of the railway from which decision an appeal has been taken by the U. S. Treasury Depart- 
ment, no provision has been made for such taxes in 1938, and the reserves provided at the end of 1937 
for the years 1931 to 1937 inclusive, have been reduced to approximately $300,000. during 1938 by a 
credit to the cost of service deficit for the year ended March 31, 1938. 

Net surplus credits not reflected in the income statement following amounted to $1,363,209.29 
(including $1,262,208.40 reduction of federal tax reserves) for the calendar year 1938 and $7,233.90 
for the calendar year 1937. Under the provisions of the Public Control Act as amended, amounts ad- 
vanced by the Commonwealth of Massachusetts are based on deficits in cost of service for the twelve 
month periods ending March 31. 



29 



General Balance Sheet— Concluded 



Liabilities 


Dec. 31, 1938 


Dec. 31, 1937 


Current Liabilities 

Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable : 

Accrued Rent of Subways, Tunnels & R. T. L. . 


$653,998.52 
337,646.68 

924,333.91 

5,678.36 

111,796.66 


$473,671.08 
333,766.42 

924,333.91 
5,678.36 

110,440.84 


Total Accrued Interest, Dividends and Rents Payable 
Deferred Liabilities 


$1,041,808.93 
$2,033,454.13 

$29,582.23 
11,954.47 


$1,040,453.11 
$1,847,890.61 

$22,761.64 
12,340.64 


Unadjusted Credits 
Tax Liability : 


$41 ,536.70 
$169,507.28 


$35,102.28 

$1,517,303.87 
500.00 


Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 


$169,507.28 

$20,333.64 

$1 ,035,479.00 

$16,304,796.56 

$41,178.63 

6,941.00 

548,997.49 


$1,517,803.87 

$24,260.16 

$1,071,141.97 

$16,226,987.31 

$70,586.28 

7,349.71 

362,548.17 


Corporate Surplus 

Profit and Loss : 

Prior to July 1, 1918 

Year Ended June 30, 1931 

Cost of Service Deficit 9 months ended December 31. 

Arising out of Consolidation with West End St. Ry. 

Co., June 10, 1922 and Reorganization July 1, 1931 


$597,117.12 
$18,127,233.60 

$12,127.83* 
1,969,473.12* 

2,588,020.22* 

540,768.02 


$440,484.16 
$19,280,677.47 

$12,127.83* 
1,969,473.12* 
2,485,366.88* 

540,768.02 




$4,028,853.15* 
$118,961,116.41 


$3,926,199.81* 
$120,025,215.68 



•Debit. 



30 

Appendix 3 

Income Statement 



Twelve 
Months Ended 
Dec. 31, 1938 



Twelve 
Months Ended 
Dec. 31, 1937 



Operating Income 

Passenger Revenue 

Special Car and Special Bub Revenue .... 
Mail Revenue 

Total Revenue from Transportation . 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment ......... 

Rent of Buildings and Other Property . 

Power 

Miscellaneous . 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues . 
Railway Operating Expenses: 

Way and Structures 

Equipment i 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous . . . . . . 

Transportation for Investment : 

Total Railway Operating Expenses . 

Net Revenue Railway Operations 

Taxes Assignable to Railway Operations : 

Federal 

State and Municipalities 

Total Taxes Assignable to Railway Operations 
Operating Income 



$24,663,197.63 

83,625.40 

72.93 



$24,746,895.96 

$491,226.60 

2,342.40 

7,746.48 

53,091.82 

34.214.91 

328.85 



$588,951.06 
$25,335,847.02 

$2,898,926.89 
3,308,852.62 
1,663,194.36 
8,661,957.24 
19,766.21 
2,271,708.88 
t25,119.81 



$18,799,286.39 
$6,536,500.63 



5,677.42 
1,040,091.81 



$1,626,769.23 
$4,909,791.40 



$25,266,522.99 

72,813.63 

175.00 



$25,339,511.62 

$466,900.08 

2,476.92 

8,145.96 

55,968.02 

16,669.39 

536.81 



$550,697.18 

$25,890,208.80 

$2,809,671.96 
3,446,341.68 
1,745,742.03 
8,560,672.52 
12,204.28 
2,155,783.80 
tl9,612.42 



$18,710,803.85 
$7,179,404.95 

$660,387.85 
1,008,614.61 



$1,669,002.46 
$5,510,402.49 



tOredit. 



31 



Income Statement— Concluded 











Twelve 
Months Ended 
Dec. 81, 1938 


Twelve 
Months Ended 
Dec. 31, 1937 


Non-Operating Income 
Income from Sinking Fund and Other Reserves . 


$43,488.72 

3,926.52 
70.97 


$35,380.45 

2,605.99 

7,043.82 

3,926.52 

611.57 


Deductions from Gross Income 
Rent tot Leased Roads: 

Boston Elevated Railway Co. — Dividend Rental . 
Other Roads 


$47,486.21 
$4,957,277.61 

$1,193,970.00 

45,458.24 


$49,568.35 
$5,559,970.84 

$1,193,970.00 
45,475.02 


Net Loss on Miscellaneous Physical Property .... 
Amortization of Discount on Funded Debt .... 


$1,239,428.24 

$2,822,426.75 

2,848.26 

3,952,485.02 

73,085.88 

7,689.40 


$1,239,445.02 

$2,822,629.46 

1,744.54 

3,939,114.19 

71,597.85 

11,463.97 


Total Deductions from Gross Income .... 


$8,097,963.55 
*$3,140,685.94 


$8,085,995.03 
*$2,526,024.1fi 



'Debit. 



32 
Appendix 4 



Operating Expense Accounts 



Way and Structures 
Superintendence of Way and Structures . 
Maintenance of Track and Roadway .... 

Removal of Snow and Ice 

Tunnels and Subways 

Elevated Structures and Foundations .... 

Bridges, Trestles and Culverts 

Crossings, Fences and Signs 

Signals and Interlocking Apparatus .... 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses .... 
Maintenance of Electric Line Equipment . 
Maintenance of Buildings, Fixtures and Grounds 
Depreciation of Way and Structures .... 

Total Way and Structures 

Equipment 

Superintendence of Equipment 

Maintenance of Revenue Equipment .... 
Maintenance of Rail Service Equipment . 
Elec. Equip. Maint. of Revenue Equipment . 

Shop Equipment • 

Shop Expenses 

Miscellaneous Equip. (Autos, Trucks & Tractors) 

Depreciation of Equipment 

Depreciation of Buses k Trackless Trolleys . 

Total Equipment 

POVTBR 

Superintendence of Power 

Maintenance of Power Plant Bldgs. k Equipt. 
Depreciation of Power Plant Bldgs. & Equipt. . 

Operation of Power Plants 

Gasoline and Fuel Oil for Buses 

Total Power 



Twelve 
Months Ended 
Dec. 31, 1938 



$261,208.80 

941,786.64 

208,660.36 

26,572.76 

60,872.76 

3,877.33 

9,708.81 

34,700.43 

6,758.13 

39,075.60 

220,218.34 

382,886.93 

702,600.00 



Twelve 
Months Ended 
Dec. 31, 1937 



§261,250.56 

1,020,409.66 

48,169.71 

22,695.37 

71,164.11 

10,585.05 

5,228.19 

30,234.29 

7,557.17 

39,132.77 

169,391.14 

365,693.94 

758,160.00 



$2,898,926.89 


$2,809,671.96 


$153,850.49 


$154,103.81 


1,294,436.83 


1,282,911.80 


32,499.52 


32,732.55 


342,114.99 


335,283.26 


43,881.08 


35,009.92 


252,911.44 


253,755.47 


43,238.67 


82,742.96 


592,800.00 


816,480.00 


553,119.60 


503,321.91 


$3,308,852.62 


$3,446,341.68 


$91,040.02 


$91,335. 15 


155,693.23 


165,239.93 


249,600.00 


369,360.00 


932,837.17 


874,260.28 


234,023.94 


245,546.67 


$1,663,194.36 


$1,745,742.03 



33 



Operating Expense Accounts— Concluded 



Conducting Transportation 
Superintendence of Transportation 
Pass. Car, Trainmen and Bus Operators . 
Misc. Car and Bus Service Employes . 
Misc. Car and Bus Service Expenses . 

Station Employes 

Station Expenses 

Car House and Bus Garage Employes . 
Car House and Bus Garage Expenses . 
Operation of Signal & Interlocking Apparatus 
Operation of Telephone & Telegraph Lines 
Other Transportation Expenses .... 

Total Conducting Transportation 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses . 

Law Expenses 

Relief Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses .... 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Bus Garages) 

Rent of Tracks and Facilities 

Rent of Equipment 

Total General and Miscellaneous . 

Transportation for Investment 
Total Operating Expenses .... 



Twelve 
Months Ended 
Dec. 31, 1938 



$1,101,714.44 
5,060,044.74 
182,776.27 
109,083.05 
661,575.01 
204,463.42 
779,942.53 

83,526.35 
24.">,964.06 

12,739.21 
220,128.16 



$8,661,957.24 

$19,766.21 

$85,752.17 
385,042.13 

83,292.39 

37,751.41 

120.00 

228,589.12 

91,247.08 
833,469.94 
168,191.01 

57,055.78 
189,952.76 

87,790.90 
9,598.32 

13,855.87 



Twelve 
Months Ended 
Dec. 31, 1937 



$2,271,708.88 

f$25,119.81 
$18,799,286.39 



|l,074 v 516.61 

5,008,687.44 
188,824.57 

99,795.23 
645,785.03 
223,884.33 
756,369.82 

93,051.61 
248,922.51 

12,085.46 
208,749.91 



$8,560,672.52 
$12,204.28 

$86,170.74 

3? 2, 263. 07 

83,529.05 

33,773.05 

1,770.00 

221,937.21 
85,315.03 

756,146.50 

147,625.64 
02.74(1.12 

182,068.60 
65,805.05 
12.753.99 
13,885.7 5 



$2,155,783.80 

+$19,612.42 
$18,710,803.85 



tCredit, 



34 

Appendix 5 
Road and Equipment Investment 



Account 



Total 
Dec. 31, 1938 



Total 
Dec. 31, 193: 



Wat and Structures 

Engineering and Superintendence 

Right of Way 

Other Land 

Grading 

Ballast 

Ties 

Rails, Rail Fastenings and Joints 

Special Work 

Track and Roadway Labor 

Paving 

Roadway Machinery and Tools 

Tunnels and Subways 

Elevated Structures and Foundation 

Bridges, Trestles and Culverts 

Crossings, Fences and Signs 

Signals and Interlocking Apparatus 

Telephone and Telegraph Lines 

Poles and Fixtures 

Underground Conduit 

Distribution System 

Shops, Car Houses and Garages 

Stations, Misc. Buildings and Structures . . . . 
Wharves and Docks 

Total Way and Structure* 

Equipment 

Pass. Cars, Buses and Trackless Trolleys .... 

Service Equipment 

Electric Equip, of Cars and Trackless Trolleys . 

Shop Equipment ... 

Furniture, Fare Boxes and Passimeters .... 
Miscellaneous Equipment 

Total Equipment 

Power 

Power Plant Buildings 

Sub Station Buildings 

Power Plant Equipment 

Sub Station Equipment 

Transmission System 

Total Power 

General and Miscellaneous 

Law Expenditures 

Interest during Construction 

Injuries and Damages ... 

Taxes 

Miscellaneous 

Total General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 



$1,722,072.11 

11,465,1-17.56 

5,714,730.33 

321,233.84 

733,836.64 

804,617.57 

1,796,172.68 

4,341,216.83 

4,094,438.70 

1,373,742.60 

552.990.10 

357,648.36 

5,549,015.53 

2,002,986.39 

85,720.95 

1,138,110.51 

102,935.36 

658,445.59 

1,901,129.79 

3,749,721.13 

7,246,348.70 

4,520,127.84 

232,301.20 



$1,722,072.11 

11,467,555.24 

5,714,730.33 

323,253.23 

751,736.75 

860,021.22 

1,996,836.16 

4,38S,393.76 

4,212,210.82 

1,467,250.67 

550,494.85 

347,908.22 

5.549,015.53 

2,002,986.39 

85,720.95 

1,096,174.41 

102,935.36 

653,076.56 

1,896,839.80 

3,718,267.46 

7,172,296.89 

4.527,121.74 

232,301.20 



$60,464,690.61 



$21,114,212.33 

969,731.29 

7,520,968.56 

741,797.91 

- 264,380.43 

781,699.26 



$60,839,199.65 



$21,220,969.95 
972,118.66 
7,658.190.23 
743.2S7.16 
259,179.99 
718,524.08 



$31,392,789.78 



$3,601,316.77 

640,979.22 

7,021,154.98 

2,688.828.65 

1,608,062.20 



$31,572,270.01 



$3,597,312.57 

640,979.22 

7,016,249.87 

2,688,828.65 

1,608,062.20 



$15,560,341.82 



S250.00 

1,832,301.09 

7.500.00 

145,866.54 

13,184.46* 



$15,551,432.51 



1 2 5 0.00 

1,532,301.09 

7,500.00 

145,866.54 

13,215.00* 



$1,972,733.17 
$888,819.62 



$1,972,702.63 
$204,430.65 



$110,279,375.00 



$110,140,035.51 



♦Credit. 



35 



Appendix 6 



Investment in Road Owned and Leased December 31, 1938 



Boston Elevated Railway Company 



Road and Equipment 

Miscellaneous Physical Property 

Total Boston Elevated Railway Company Investment 



$110,279,375.00 
815,654.67 



$111,095,029.67 



Leased Lines 

Hyde Park Transportation District (City of Boston) . 

Eastern Mass. St. Ry. Co. (Part Leased) 

Old Colony Lines, West Roxbury . $672,847.44 

Boston & Northern Lines, Middlesex Fells 

Lines 29,546.01 

Expenditures for Additions and Better- 
ments 206,257.37 



Total Eastern Mass. St. Ry. Co. 
Total Leased Lines 

City of Boston Investment 

Boylston Subway . 



Cambridge Connection . 

Dorchester Tunnel 

Dorchester Rapid Transit Extension 

East Boston Tunnel 

East Boston Tunnel Extension 

Tremont Subway .... 

Washington Tunnel 

Total City of Boston Investment 



Commonwealth of Massachusetts Investment 

Cambridge Subway 

Total Commonwealth of Massachusetts Investment . 

TOTAL INVESTMENT IN ROAD OWNED AND LEASED 



$245,931.51 



908,650.82 



!1 1,496,772.78 
1,655,304.00 
12,256,278.41 
11,035,801.04 
7,288,765.90 
2,346,851.71 
4,669,561.77 
7,969,518.69 



i ,226,759.52 



1,154,582.33 



58,718,854.30 



8,226,759.52 
$179,195,225.82 



36 
Appendix 7 
Investment and Total Income 1897-1938 



Year Ended 



Sept. 


30, 


1897 


Sept. 


30, 


1898 


Sept. 


30, 


1899 


Sept. 


30, 


1900 


Sept. 


30, 


1901 


Sept. 


30. 


1902 


Sept. 


30, 


1903 


Sept. 


30, 


1904 


Sept. 


30, 


1905 


Sept. 


30, 


1906 


Sept. 


30, 


1907 


Sept. 


30. 


1908 


Sept. 


30, 


1909 


June 


30, 


1911 


June 


30, 


1912 


June 


30, 


1913 


June 


30, 


1914 


June 


30, 


1915 


June 


30, 


1916 


Dec. 


31, 


1917 


Dec. 


81, 


1918 


Dec. 


31, 


1919 


Dec. 


31, 


1920 


Dec. 


31, 


1921 


Dec. 


31, 


1922 


Dec. 


31, 


1923 


Dec. 


31, 


1924 


Dec. 


31, 


1925 


Dec. 


31, 


1926 


Dec. 


31, 


1927 


Dec. 


31, 


1928 


Dec. 


31, 


1929 


Dec. 


31, 


1930 


Dec. 


31, 


1931 


Dec. 


31, 


1932 


Dec. 


31, 


1933 


Dec. 


31, 


1934 


Dec. 


31, 


1935 


Dec. 


31 


1936 


Dec. 


31, 


1937 


Dec. 


31, 


1938 



Total 
Investment 


Total 
Income 


Permanent 

Investment 

Per $1 of 

Total 

Income 


$25,291,913.22 


$8,719,031.78 


$2.90 


31,251,811.90 


9,257,252.94 


3.38 


33,187,250.79 


9,756,136.25 


3.40 


37,793,501.62 


10,236,994.49 


3.69 


44,087,939.53 


10,869,496.33 


4.06 


46,466,591.31 


11,321,030.13 


4.10 


48,398,610.91 


12,019,371.26 


4.03 


51,886,524.39 


12,436,593.79 


4.13 


57,187,809.61 


12,741,569.30 


4.49 


59,873,910.46 


13,634,612.49 


4.39 


65,979,896.07 


14,011,167.72 


4.71 


70,957,716.76 


14,074,696.51 


5.04 


81,592,634.49 


14,493,853.13 


5.63 


92,904,910.27 


15,980,707.94 


5.81 


101,864,058.69 


16,522,542.00 


6.17 


105,019,587.59 


16,968,328.33 


6.19 


106,990,919.12 


17,785,978.25 


6.02 


113,166,182.04 


17,886,549.64 


6.33 


117,116,007.58 


18,781,327.74 


6.24 


121,807,319.67 


19,818,407.01 


6.15 


134,181,073.47 


21,062,692.82 


6.37 


138,117,974.50 


29,498,582.82 


4.68 


139,156,058.00 


34,031,636.44 


4.09 


141,345,133.42 


33,277,025.53 


4.25 


143,345,873.68 


32,699,176.37 


4.38 


149,001,108.85 


34,096,813.26 


4.37 


155,490,852.91 


34,175,319.61 


4.54 


156,474,884.41 


34,547,379.61 


4.53 


159,025,141.62 


35,481,313.38 


4.48 


163,901,383.91 


35,193,410.03 


4.67 


172,480,669.04 


34,843,147.51 


4.95 


175,224,091.62 


34,096,623.03 


5.14 


175,045,256.41 


32,510,721.17 


5.38 


175,553,658.23 


29,855,107.30 


5.88 


177,673,869.99 


26,428,493.63 


6.72 


176,070,985.04 


24,154,373.09 


7.29 


176,108,007.79 


24,818,625.48 


7.09 


176,252,570.57 


24,926,426.46 


7.07 


178,795,311.81 


26,096,155.47 


6.85 


179,031,418.87 


25,939,777.15 


6.90 


179,195,225.82 


25,383,333.23 


7.06 



The permanent investment represents the actual money expended 
leased, including subways, tunnels and rapid transit lines owned by the 
of Massachusetts. 



for property operated, owned and 
City of Boston and Commonwealth 



37 



Appendix 8 

Capital Outstanding December 31, 1938 
Outstanding Capital Stock 

COMMON STOCK 



No. 

Shares 

Outstanding 


Par Value 

Shares 

Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividends 
Payable 


5,000 
95,000 
33,000 
66,500 
39,294 

238,794 


$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 

$23,879,400.00 


$1,815,000.00 
695,958.13 
196,470.00 

$2,707,428.13 


$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 

$26,586,828.13 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 


("Jan. 1 
5 %— $1,193,970.00 J Jpr. 1 

[Oct. 1 



outstanding funded debt 











Net Premium 




Date of 






Par 
Value 


Rate 


Maturity 


or 
Discount 


Amount 
Realized 


Approval by 
Commission 


Yearly 
Interest 


Co. 


$5,000,000.00 


4%% 


Nov. 


1, 1941 


*$100,000.00 


$4,900,000.00 


Oct. 17, 1911 


$225,000.00 


B. E. 


4,000,000.00 


5 % 


Dec. 


1, 1942 


•80,000.00 


3,920,000.00 


Dec. 6, 1912 


200,000.00 


B. E. 


1,000,000.00 


5 % 


Dec. 


1,1942 


•78,410.00 


921,590.00 


May 27, 1914 


50,000.00 


B. E. 


3,286,000.00 


5 % 


Dec. 


1, 1942 


*257,655.26 


3,028,344.74 


Nov. 9, 1915 
I Feb. 4, 1914 
I April 14, 1914 


164,300.00 


B. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


112,832.07 


2,712,832.07 


130,000.00 


W. E. 


570,000.00 


7 % 


Sept. 


1,1947 


399.00 


570,399.00 


f Aug. 24, 1917 
\ Sept. 4, 1917 


39,900.00 


W. E. 


§ 1,581,000.00 


4%% 


Aug. 


1, 1949 


*77,690.34 


1,503,309.66 


July 11, 1934 


71,145.00 


B. E. 


§ 6,309,000.00 


5 % 


Jan. 


1, 1960 


•139,428.90 


6,169,571.10 


Dec. 4, 1934 


315,450.00 


B. E. 


§ 8,500,000.00 


5 % 


Mar. 


1, 1960 


69,615.00 


8,569,6.15.00 


Feb. 21, 1935 


425,000.00 


B. E. 


§ 7,711,000.00 


4%% 


Dec. 


15, 1960 


•186,220.65 


7,524,779.35 


Nov. 15, 1935 


346,995.00 


B. E. 


§ 3,815,000.00 


4V 2 % 


June 


1, 1961 


•36,242.50 


3,778,757.50 


Apr. 15, 1936 


171,675.00 


B. E. 


§ 2,098,000.00 


4%% 


Jan. 


1, 1962 


•13,595.04 


2,084,404.96 


Jan. 8, 1937 


89,165.00 


B. E. 


§ 4,800,000.00 


4%% 


Oct. 


1, 1962 


•100,420.80 


4,699,579.20 


Sept. 15, 1937 


228,000.00 


B. E. 


§ 1,500,000.00 


6 % 


• 


» # 




1,500,000.00 


NoteB 


90,000.00 


B. E. 


§23,430,917.00 


6 % 


* 


* » 




23,430,917.00 
$75,314,099.58 


Note A 


1,405,855.02 

$3,952,485.02 


B. E. 


$76,200,917.00 


•$886,817.42 





•Discount. 

A. — Authorized by Section 4, Chapter 333, Acts of 1931. 

B,— Auth, by Amendment to Sec. 4, Chap. 333, Acts of 1931, made by Sec. 1, Chap. 299, Acts of 1932. 
§Held by Boston Metropolitan District. (Total $59,744,917.00 — 78.4% of total outstanding.) 
Average Rate of Return 5.05% on Capital Outstanding. (Bonds 5.25% — Stock 4.49%.) 



38 



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42 



Appendix 11 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 31 



1938 



1931 



1936 



1935 



1934 



tal Receipts 

erating Expenses : 

kVages 

Material and other Items 
Injuries and Damages . 

Depreciation 

Fuel 

Total Operating Expenses 

xes 

tidends 

bway, Tunnel and R. T. L. Rents 

erest on Bonds 

scellaneous Items .... 

Total Cost of Service 

ss for Year 



$25,383,333.23 

12,894,549.68 
2,295,707.22 

668,632.65 
2,098,119.60 

842,277.24 



$25,939,777.15 

12,709,180.09 
2,119,136.67 

594,605.71 
2,447,321.91 

840,559.47 



$26,096,155.47 

12,346,223.40 
2,090,890.27 

676,742.17 
2,448,816.36 

847,669.79 



$18,799,286.39 

1,626,769.23 
1,193,970.00 
2,822,426.75 
3,952,485.02 
129,081.78 



$18,710,803.85 

1,669,002.46 
1,193,970.00 
2,822,629.46 
3,939,114.19 
130,281.38 



$18,410,341.99 

1,573,217.91 
1,193,970.00 
2,812,255.07 
3,862,562.10 
141,277.41 



$28,524,019.17 



$3,140,685.94 



$28,465,801.34 



$2,526,024.19 



$27,993,624.48 



$1,897,469.01 



$24,926,426.46 

11,756,916.62 
2,131,401.89 

577,614.11 
2,408.172.92 

791,307.05 



$17,665,412.59 

1,520,923.60 
1,193,970.00 
2,809,087.75 
3,816,444.04 
149,839.71 



$27,155,677.69 



$2,229,251.23 



$24,818,625.48 

11,332,549.54 
2,024,056.24 

484,417.54 
2,310,454.86 

743,612.31 



$16,895,090.49 

1,407,119.47 
1,193,970.00 
2,796,255.81 
3,867,092.75 
123,586.71 



$26,283,115.23 



$1,464,489.75- 



Note: — Profit and Loss Items not included in above. 



43 



Appendix 12 



Traffic Statistics, Years Ended December 31 





1938 


1937 


1936 


1935 




6,107,492 


6,217,978 


6,222,871 


6,134,988 




$24,746,823.03 


$25,339,336.62 


$25,502,416.15 


$24,347,367.76 


Passenger revenue per mile (cents) 


54.03c 


54.15c 


54.85c 


52.89c 


Passenger revenue per hour 


$5.47 


$5.55 


$5.69 


$5.47 


Passenger revenue mileage .... 


45,799,029 


46,796,328 


46,492,077 


46,033,344 


Passenger revenue hours .... 


4,523,433 


4,560,540 


4,479,552 


4,450,340 


Revenue passengers carried 


291,175,017 


296,397,493 


296,180,666 


280,402,526 


Revenue passengers carried per mile 


6.36 


6.33 


6.37 


6.09 


Revenue passengers carried per hour 


64.37 


64.99 


66.12 


63.01 



Appendix 13 



Comparative Passenger Statistics— Revenue Passengers Carried 



Year 



Week Day 


Saturday- 


Sunday 


Holiday 


Total for 


Average 


Average 


Average 


Average 


Year 


878,464 


854,214 


411,409 


522,427 


291,175,017 


891,844 


879,386 


420,489 


530,056 


296,397,493 


887,327 


876,626 


418,647 


552,292 


296,180,666 


843,059 


828,781 


399,801 


521,574 


280,402,526 


834,409 


812,085 


397,514 


502,981 


277,034,175 


805,668 


794,068 


386,439 


494,365 


267,845,429 


870,865 


879,000 


421,070 


504,983 


291,763,825 


971,487 


997,669 


460,564 


558,262 


324,788,577 


1,025,036 


1,050,111 


488,101 


590,810 


342,694,905 


1,049,304 


1,123,058 


518,093 


602,071 


354,214,990 



1938 
1937 
1936 
1935 
1934 
1933 
1932 
1931 
1930 
1929 



44 



Appendix 14 



Ratio of Maintenance and Depreciation to Total Income, Per Cent. 



Year Ended 


Total Income 


Maintenance 
and Depreciation 


Per Cent 


December 31, 1937 

December 31, 1936 

December 31, 1935 

December 31, 1934 

December 31, 1932 

December 31, 1931 

December 31, 1929 


$25,383,333.23 
25,939,777.15 
26,096,155.47 
24,926,426.46 
24,818,625.48 
24,154,373.09 
26,428,493.63 
29,855,107.30 
32,510,721.17 
34,096,623.03 


$6,415,127.79 
6,754,189.56 
6,505,769.78 
6,326,658.07 
6,007,231.01 
5,899,833.49 
6,661,106.46 
7,903,344.74 
8,311,029.03 
8,284,093.66 


25.27 
26.04 
24.93 
25.38 
24.20 
24.43 
25.20 
26.47 
25.56 
24.29 



Appendix 15 



Comparative Power Statistics 





1938 


1937 


1936 


1935 


1934 


Tons of coal burned .... 


119,125 


121,749 


123,296 


122,240 


122,635 


Pounds of coal per D. C. kilo- 


1.338 


1.365 


1.36'2" 


1.359 


1.355 


Average price of coal per long 
ton (at boilers) .... 


$5.11 


$4.89 


$4.80 


$4.53 


$4.34 


Net cost of power for car service 
per kilowatt hour (cents) . 


0.757 


0.781 


0.753 


0.761 


0.716 


Net cost of power per total car 


3.961 


4.052 


4.037 


4.030 


3.778 


Direct current annual output 
(kilowatt hours) .... 


199,415,500 


199,803,250 


202,736,175 


201,497,540 


202,663,915 



45 



Appendix 16 



1938 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918, as Amended 



Cities and Towns 






Per Cent 


Amount 


Arlington ...... 1.6406 


$27,477.15 


Belmont . 












1.0490 


17,568.90 


Boston 












65.5097 


1,097,171.72 


Brookline 












3.9025 


65,359.98 


Cambridge 












8.5340 


142,929.42 


Chelsea . 












1.8535 


31,042.85 


Everett 












2.1942 


36,748.97 


Maiden . 












3.2036 


53,654.64 


Medford . 












3.0915 


51,777.16 


Milton 












.6867 


11,501.02 


Newton . 












.6275 


10,509.52 


Revere 












1.3829 


23,161.13 


Somerville 












5.1332 


85,972.03 


Watertown 












1.1911 


19,948.82 


Totals 


100.00% 


$1,674,823.31 



Deficit for year ended March 31, 1938. 

Based on traffic counts, April 29, 30 and May 1, 2, 1938. 

Expense to Comm. of Mass. to finance loan assessment $1,341.36. 






Buck Printing Co., Boston, Mass. 



V 



Twenty-first 

ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
COMPANY 



FOR THE 



Year Ended December 31, 1939 



The information contained herein 
is not given in connection with any 
sale, offer for sale or solicitation of 
an offer to buy any securities. 



Twenty-first 

ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY 
COMPANY 



FUR THE 



Year Ended December 31, 1939 



rnM,, 18 



BOARD OF PUBLIC TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 
of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 

ERNEST A. JOHNSON HENRY J. SMITH, Secretary 

WILLIAM P. JOY PATRICK J. WELSH 



OFFICERS 

(Appointed by the Trustees) 

EDWARD DANA President and General Manager 

JOHN H. MORAN Vice-President and Treasurer 

MICHAEL H. CULLEN General Auditor 

WILLIS B. DOWNEY General Counsel 

MAURICE P. SPILLANE General Claims Attorney 



REPORT OF THE BOARD OF PUBLIC TRUSTEES 



OF THE 



BOSTON ELEVATED RAILWAY COMPANY 



TABLE OF CONTENTS 













Page 


Data of Operation . 5 


Cost of Transporting a Passenger . 










5 


Fixed Charges 










6 


Taxes 










7 


Operating Expenses .... 










8 


Depreciation 










8 


Maintenance and Depreciation 










9 


Employees 










10 


"Merit Plan" of Employee Selection . 










10 


Adjustment of Long 5-Cent Local Rides 










11 


Bus Service 










11 


Trackless Trolley Service 










12 


Chartered Bus Service .... 










12 


Fare Evasions 










12 


Illegal Transportation .... 










12 


Complaints 










12 


Boston, Revere Beach & Lynn Railroad 










13 


Old Colony Railroad .... 


» 






13 


Study by Finance Commission 










13 



Plant and Equipment Changes: 

Everett Shops. Reservoir Carhouse. Escalators. Eleva- 
tors. Lobby Building at Mattapan Station. Rolling 
Stock purchased 

Conclusion 



14 
15 



Page 
Appendixes 

1. Public Accountants 5 Certification 17 

2. General Balance Sheet 18 

3. Income Statement 22 

4. Operating Expense Accounts 24 

5. Road and Equipment Investment, December 31, 1939 

and 1938 26 

6. Investment in Road Owned and Leased, December 31, 

1939 27 

7. Capital Outstanding, December 31, 1939 .... 28 

8. 1 939 Loan Assessment on Cities and Towns — Chapter 1 59, 

Special Acts of 1918, as Amended 29 

9. Revenue Passengers Carried — 1918 to 1939 . 30 

10. Revenue Mileage— 1918 to 1939 31 

11. Comparative Division of Receipts and Expenditures for 

Years Ended December 31, 1935 to 1939 ... 32 

12. Revenue Equipment Acquired and Retired — 1918 to 1939 33 

13. Basic Data for Period of Public Control, Years Ended 

December 31, 1919 to 1939 34 

14. Basic Data for Period of Public Control, Years Ended 

June 30, 1919 to March 31, 1939 35 

15. Traffic Statistics, Years Ended December 31, 1936 to 1939 36 

16. Comparative Passenger Statistics — Revenue Passengers 

Carried — Years Ended December 31, 1930 to 1939 . 36 

17. Comparative Power Statistics — 1935 to 1939 ... 37 

18. Investment and Total Income, 1926 to 1939 ... 37 

19. Wage Adjustments with Amalgamated Association of 

Street and Electric Railway Employees .... 38 

20. Data of Fares Collected, 1915 to 1939 .... 39 



Report of the Board of Public Trustees of the 
Boston Elevated Railway Company 



DURING the year 1939 operating expenses have been reduced 
$83,280.45 and revenue has increased $327,615.17 and the 
calendar year deficit is almost $400,000 less than it was last year. 
The number of revenue passengers transported in 1939 increased 
3,948,060 or 1.36 per cent, compared with last year. This represents 
a gain of 27,277,648 passengers over the low year of 1933. 

Results of Operation 
The following table shows the results for the calendar year 1939: 

Increase or 

Year Ended Decrease (*) 

Dec. 31, 1939 over 1938 

Total Receipts $25,710,948.40 $327,615.17 

Operating Expenses: 

Wages $12,764,185.12 130,364.56* 

Materials and Other Items 2,214,457.49 81,249.73* 

Injuries and Damages 829,610.01 160,977.36 

Depreciation 2,074,456.22 23,663.38* 

Fuel 833,297.10 8,980.14* 

Total Operating Expenses $18,716,005.94 $83,280.45* 

Taxes $1,632,187.57 $5,418.34 

Subway, Tunnel & R.T.L. Rents 2,825,776.56 3,349.81 

Interest on Bonds 3,952,485.02 

Dividends (Chap. 333, Acts of 1931) 1,193,970.00 

Miscellaneous Items 134,813.45 5,731.67 

$9,739,232.60 $14,499.82 

Total Cost of Service $28,455,238.54 $68,780.63* 

Net Loss $2,744,290.14f $396,395.80* 

Revenue Passengers Carried 295,123,077 3,948,060 

Revenue Miles Operated 45,555,636 243,393* 

t A deficit assessment is determined upon the basis of the railwaj^'s fiscal year, which 

terminates as of March 31. 
* Indicates decrease. 



Cost of Transporting a Passenger 

The following figures show the cost of service per revenue 
passenger : 



Wages 

Materials and Other Items 

Injuries and Damages 

Depreciation 

Fuel 



Total Operating Expenses 

Taxes . 

Subways, Tunnels and R.T.L. Rents 
Interest on Bonds and Notes, etc. . 
Dividends (Chap. 333, Acts of 1931) 



Total Fixed Charges 

Total Cost of Service 

Total Revenue per Passenger 



1939 


1927 


1919 


(Cents) 


(Cents) 


(Cents) 


4.33 


4.56 


4.79 


.75 


.85 


1.12 


.28 


.33 


.21 


.70 


.77 


.62 


.28 


.34 


.56 


6.34 


6.85 


7.30 


.55 


.51 


.32 


.96 


.61 


.47 


1.39 


.72 


.84 


.40 


.84 


.89 


3.30 


2.68 


2.52 


9.64 


9.53 


9.82 


8.71 


9.59 


9.08 



These figures show the result of efforts to reduce operating ex- 
penses. They also show that the fixed charges per revenue passenger 
carried have increased 23 per cent, since 1927. 

The Boston Elevated Railway has deficits : first, because of the 
decline in riding; second, because of the fixed charges which cannot 
be reduced in proportion to the decrease in riding. 

The table below, comparing the calendar year ended December 
31, 1939 with the calendar year ended December 31, 1929, (in which 
year there was no deficit assessment) tells the story: 

Operating Fixed 

Year Receipts Expenses Charges 

1939 $25,710,948.40 $18,716,005.94 $9,649,979.64 

1929 34,096,623.03 24,024,747.23 9,871,709.99 

In this period receipts decreased $8,385,674.63 or 24.6 per cent, 
and operating expenses (which are the charges over which the trustees 
have direct control) decreased $5,308,741.29 or 22.1 per cent., whereas 
fixed charges decreased only $221,730.35 or slightly more than two 
per cent. 

Fixed Charges 

For the year ended December 31, 1929, fixed charges represented 
29 per cent, of receipts, whereas 37 Vi per cent, of receipts were con- 
sumed by fixed charges for the year ended December 31, 1939. 

These charges are, as their name implies, fixed and practically 
constant charges against the railway's cost of service over which the 
trustees have no control and at present constitute a crushing burden 
upon the railway. They are comprised of subway and tunnel rentals, 
taxes, rent of leased roads, dividends, and interest on bonds. 

These fixed charges for the year ended December 31, 1939 
included the following: 

Subway and tunnel rentals to the City of Boston and the Com- 
monwealth of Massachusetts amounting to $2,825,776.56, which 
cannot be reduced except through legislative enactment. 

Rent for road leased from Eastern Massachusetts Street Railway 
Company and the City of Boston (excluding subways and tunnels) 
amounting to $45,560.49. 

Taxes amounting to $1,632,187.57, which cannot be reduced 
except through legislative enactment and only at the expense of all 
the cities and towns in the area served and of the State and Federal 
governments. 

Interest on bonds amounting to $3,952,485.02. Of the total of 
$76,200,917.00 of railway bonds outstanding as of December 31, 
1939, the Boston Metropolitan District, comprising the cities and 
towns served, held $59,744,917.00 or 78.4 per cent. 

Dividends amounting to $1,193,970.00, the payment of which 
is required by law. 

The sum total of these fixed charges amounted to $9,649,979.64 
of which 23.5 per cent, was for retirement of the principal of bonds 
of the City of Boston, the Commonwealth of Massachusetts and the 



Boston Metropolitan District, which reverts to the benefit of the 
general public by reduction of public debt. 

The table below shows that payments of $2,265,035.35 were 
made in 1939 to retire the principal of bonds of the City of Boston, 
of the Commonwealth of Massachusetts, and of the Boston Metro- 
politan District. 

City of Boston a/c retiring subway debt $ 454,862.83 

Commonwealth of Massachusetts a/c retiring Cambridge Sub- 
way debt 82,572.50 

Boston Metropolitan District a/c retiring District bonds . . 1,727,600.02 

Total $2,265,035.35 

Under the subway Acts funds have been provided from rentals 
paid by the railway for the retirement of 31.3 per cent, of the subway 
debt, on which the railway pays rental, as shown in the following 
table : 

Total Estimated Net Reduction in Transit 
Debt Net Debt Debt by Railway Payments 
Issued Dec. 31. 1939 Amount Per cent, 
Boston Subways .... $54,739,700. $36,182,600. $18,557,100. 33.9% 
Cambridge Subway (owned by 
Commonwealth of Massachu- 
setts) 8,229,500. 7,069,000. 1,160,500. 14.1% 

Totals $62,969,200. $43,251,600. $19,717,600. 31.3% 

Payments by the railway as interest on Elevated bonds held by 
the Boston Metropolitan District are in excess of the interest require- 
ments on District bonds and these payments have reduced the Dis- 
trict debt as shown in the following table : 

Total Net Reduction in District 

Net Debt Total Debt Debt by Railway Payments 

Issued Dec. 31, 1939 Amount Per cent. 

Boston Metropolitan District 

Bonds $61,457,000. $54,765,000. $6,692,000. 10.9% 

The deficit assessments for the fiscal years 1932 to 1939 totaled 
$15,879,698.42 and during that same period there were charged to 
the cost of service payments of $9,779,807.43 which were made available 
to reduce public indebtedness. 

Taxes 

Total taxes included in cost of service during the year 1939 

amounted to $1,632,187.57 divided as follows: 

State Taxes $ 173,026.07 

Gasoline Tax $132,289.32 

Registrations — Motor Vehicles and Licenses . 40,736.75 

Municipal Taxes 870,649.92 

Real Estate and Personal Property Taxes . . $817,016.14 
Excise Tax on Motor Vehicles .... 44,177.48 

Toll Charges, Sumner Vehicular Tunnel . . 9,456.30 

Federal Taxes 588,511.58 

Social Security Taxes $523,518.72 

Unemployment Tax . . . $393,999.91 

Insurance Contribution Tax . 129,518.81 

Gasoline Tax 44,375.00 

Capital Stock Tax 10,026.00 

Miscellaneous Excise Taxes 10,591.86 

Total Taxes accrued during year 1939 . . . $1,632,187.57 



8 

It requires 23-1/6 average days' receipts of the railway to pay 
these taxes, which represent 16.9 per cent, of the fixed charges. 

During the year ended December 31, 1939, social security taxes 
amounting to $523,518.72 were charged to cost of service. These 
taxes represent 19 per cent, of the net loss. 

Operating Expenses 

Operating expenses under the control of the trustees are divided 
into five major items, of which wages amount to 68.2 per cent. Com- 
pared with the calendar year 1938, these items show increases or 
decreases as follows: 

Wages— a decrease from $12,894,549.68 to $12,764,185.12, or 
one per cent. Any further substantial reduction in this account would 
necessitate the layoff of men and reduction of service or a reduction 
in wage rates. 

Material and other items — a decrease of $81,249.73. 

Injuries and Damages — an increase of $160,977.36. 

Depreciation — a decrease of $23,663.38. 

Fuel, which includes coal for power generation and gasoline for 
operation of buses — a decrease of $8,980.14. 

The operating expenses as a whole were decreased by $83,280.45. 

Depreciation 

The charge for depreciation which enters into the cost of service 
has frequently been misunderstood. 

The necessity for an allowance for depreciation is obvious because 
property wears out no matter how well maintained and has ul- 
timately to be replaced. 

In the interest of good service and in order that replacement of 
worn-out property should not be neglected the Public Control Act 
of 1918, Chap. 159, included the following provisions: 

Sec. 6, that there shall be included in operating expenses "such 
allowance as they (the trustees) may deem necessary or advisable for 
depreciation of property and for obsolescence and losses in respect to 
property sold, destroyed or abandoned." 

Sec. 13. "It shall be the duty of the trustees to maintain the 
property of the company in good operating condition and to make 
such provision for depreciation, obsolescence and rehabilitation that 
upon the expiration of the period of public management and opera- 
tion the property shall be in good operating condition." 

In compliance with these requirements the trustees each year 
determine the amounts to be charged to the cost of service. As of 
December 31, 1938, the total road and equipment and miscellaneous 
physical property amounted to $111,095,029.67, of which amount 
$70,617,030.90 represents property subject to depreciation. This 
property is itemized in detail and the charges for depreciation are 
based upon its estimated useful life as determined from the results of 
actual experience with identical or similar items of property. 

For the year ended December 31, 1939 charges to cost of service 
for depreciation, obsolescence and losses with respect to property sold, 
destroyed or abandoned amounted to $2,074,456.22. 



9 



The Department of Public Utilities, by direction of the Legis- 
lature, made an investigation of transportation facilities within the 
Metropolitan District, and in its report dated January 2, 1923 (House 
No. 1110, pages 45 to 56) the Department discussed depreciation in 
all its aspects and concluded as follows: 

"The argument, based on excessive allowance for deprecia- 
tion by the Public Trustees, seems to us unsound for the reasons 
we have set forth above." 

In a report of the Joint Special Committee on Boston Elevated 
and Metropolitan Transportation District (House No. 501, 1926) 
there was stated 

"The amounts charged to depreciation reserve are in line 

with accepted standards, and are distinctly lower than the 

amounts charged on some systems." 

Depreciation and maintenance charges are both necessary to 
keep the property in efficient and economical operating condition. 
Maintenance charges reflect the cost of repairs during the useful life 
of property. Depreciation charges provide for complete replacement 
of items of property when they are no longer efficient or economical 
to continue in service. 

The following table shows the relationship between the total 
cost of maintenance and depreciation to gross income and to operating 
expenses during a long period of years : 



Maintenance and Depreciation 



Year 

1939 
1938 
1937 
1936 
1935 
1934 
1933 
1932 
1931 
1930 
1929 
1928 
1927 
1926 
1925 
1924 
1923 
1922 
1921 
1920 
1919 
1918 





Per cent. 


Per cent, of 




of 


Operating 


Total 


Receipts 


Expenses 


6,324,014. 


24.60 


33.79 


6,415,128. 


25.27 


34.12 


6,754,190. 


26.04 


36.10 


6,505,770. 


24.93 


35.34 


6,326,658. 


25.38 


35.81 


6,007,231. 


24.20 


35.56 


5,899,833. 


24.43 


35.06 


6,661,106. 


25.20 


34.09 


7,903,345. 


26.47 


35.52 


8,311,029. 


25.56 


35.32 


8,284,094. 


24.29 


34.48 


8,595,988. 


24.67 


34.52 


8,639,139. 


24.55 


34.37 


8,977,313. 


25.30 


34.43 


8,381,452. 


24.26 


34.34 


8,694,550. 


25.44 


34.47 


7,977,111. 


23.40 


33.06 


7,525,000. 


23.01 


34.07 


7,777,505. 


23.37 


34.05 


8,078,270. 


23.74 


31.35 


8,650,267. 


29.32 


36.50 


5,803,016. 


27.55 


32.25 



From these figures it will be observed that the per cent, of income 
allocated to maintenance and depreciation has been practically 
constant in spite of fluctuating gross income. 



10 



1,202 


1,229 


903 


925 


469 


461 


289 


287 



Employees 

The average number of employees on the weekly payroll was 
6,190 in 1939 and 6,298 in 1938. 

The following table shows the average number of employees by 

departments: 

1939 . 1938 

Transportation Department . . . 3,327 3,396 

Rolling Stock and Shops Department 
Maintenance Department 
Power Department .... 
General Offices .... 

Total Weekly Payroll 6,190 6,298 

Monthly paid employees 63 63 

Executive officers 5 5 

Total 6,258 6,366 

These figures serve to correct any impression that the railway is 
employing a large number of new men. 

The following figures show the result of efforts to decrease operat- 
ing expenses over a period of years: 



Year 
1939 
1926 
1919 



Average 

Number 

on Weekly 

Payroll 


Revenue 

Passengers 

Carried 

per Employee 


Miles 

Operated 

per Employee 


6,190 

8,793 

10,362 


47,677 
42,217 
31,341 


7,360 
6,590 
5,184 



"Merit Plan" of Employee Selection 

For several years the list of former operators who were necessarily 
laid off early in the depression period was drawn upon for replace- 
ments for the uniformed service. As the need to select men from the 
outside field approached, a plan was prepared well in advance for 
selection through written and oral examinations, which supplanted 
the former selection procedure. 

The experience of civil service examiners and of the railway 
itself was drawn upon in preparing this plan. The railway had for 
several years used a similar method with satisfactory results for certain 
types of promotions in the transportation department. 

The new procedure was adopted early in 1939, after more than 
five years of preparation. Before any new men were hired, an oppor- 
tunity was given to employees in other departments of the railway, 
who were well recommended by their superiors, to apply for transfer 
to operators. A written examination given these applicants on June 
20, 1939, was followed by oral and physical examinations. About 
50 of the applicants met the requirements and are now operators. 

A similar examination was held in the fall, with more than 
1,800 non-employee applicants. A third of these failed to meet the 
railway's standards as to eyesight, height and general physical re- 
quirements. The others were given a written examination at the 



11 

























































































































































































































































































































Average Employees on WeekiyPayroll 
















































1 























1 1,000 
10,000 
9,000 

aooo 

7,000 
6,000 
SJDOO 



^ ,v " 1909 'II '13 '15 '17 '19 '21 '23 '25 '27 '29 '31 '33 '35 '37 '39 
10 12 'M- '16 J I8 '20 '22 '24 '26 *28 '30 '32 '34 "36 '38 

Boston English High School on October 14, 1939, and oral exami- 
nations later. Credit was also given for education and experience 
tending to qualify the applicants for the duties of an operator. 

As a result, a total of 673 applicants received a passing grade of 
70 per cent, or higher. The first appointments from this list were 
made on December 15, 1939. 

Experience with this merit rating plan, in the use of which the 
railway is a pioneer among public utilities, has been very satisfactory. 

Adjustment of Long 5-Cent Local Rides 

Effective November 1, 1939, the trustees adjusted the limits of 
certain long local 5-cent rides on surface car, bus and trackless trolley 
lines, to bring these local rides in conformity with the original purpose 
of such rides, namely, transportation at a reduced rate for short 
distances to and from local centers. 

Rides at a local rate were started in the early 1920's when the 
railway was earning enough to cover the cost of service. Throughout 
the 1920's the local riding was developed at fares from five to six and 
one-quarter cents in years when the railway was breaking even or 
better. The establishment of many new bus and trackless trolley 
lines resulted in the gradual lengthening of local fare rides to include, 
in many cases, a ride the entire length of the line. 

The adjustment in November placed these local rides on a sound 
basis, restored such riding to its original purpose and will have the 
effect of reducing the deficit. 

Bus Service 

On September 9, 1939, bus service replaced trolley car service 
between Harvard Square and Central Square, except during the rush 
hours. To take care of the relatively heavy demand for service between 
Central Square and the Harvard Bridge, the bus line has been ex- 
tended as far as Technology Yard. During the hours of bus operation 
the trolley cars operate between the Green Street loop and Massachu- 
setts Station. During the rush hours trolley car service is operated 
between Harvard Square and Massachusetts Station. 

A similar partial substitution of bus service for trolley car service 
was placed into effect on the line between the Salem Street carhouse 
and Sullivan Square via Winter Hill. 



12 

During the year just ended, the bus revenue miles operated were 
11,514,941, whereas, in 1938, the mileage operated was 11,032,794. 

As of the end of 1939, bus service was operated over 172 miles 
of street, as compared to an operation of over 169 miles of street during 
the same period in the prior year. 

Trackless Trolley Service 

One new trackless trolley line, the eighth, was inaugurated during 
the year just ended. This line was put in operation between Faulkner 
and the Everett "El" Station, replacing a bus line. 

Revenue mileage operated by this relative newcomer in the field 
of transportation amounted to 2,221,853 miles in 1939 as compared 
to 1,434,869 in 1938. As of the end of 1939, the railway operated 
trackless trolley service over slightly more than 19 miles of street. 
The railway now owns 97 trackless trolley vehicles. 

Chartered Bus Service 

The year just closed again showed a gratifying increase in the 
volume of chartered bus service, a service which has become popular 
for group outings, picnics and convention meetings. 

To show the increase over the last three years, the following 
tabulation is appended: 

1939 1938 1937 

Revenue SI 18,082.85 $81,681.70 $70,688.08 

Revenue Mileage . . . . 167,685 114,706 96,138 

Number of Orders . . . 6,953 5,347 4,394 

Number of Buses .... 9,607 6,970 5,918 

Fare Evasions 

The railway's efforts to control and eliminate the use of "slugs," 
misuse of tickets, evasions of fares, etc., is indicated from the fact 
that during 1939 there were 125 of these cases prosecuted in the 
courts for which convictions were obtained in all but 17 cases. 

The reduction in the use of counterfeit coins or otherwise un- 
current pieces in automatic passimeters has been highly satisfactory. 
In 1931 there were 107,501 such coins used, whereas, in 1938, the 
number had been reduced to 10,793, and for the year just ended the 
number had been further reduced to 8,917, the lowest figure thus far. 

Illegal Transportation 

With the co-operation of the Police Department of the City of 
Boston, the railway continues its efforts to stop illegal taxicab opera- 
tions which result in diverting revenues that properly belong to the 
railway. In the year just ended 503 cases of illegal taxicab operations 
were detected, from which followed a suspension of licenses for 4,960 
days. 

Complaints 

All complaints received by the railway are given careful atten- 
tion, and, wherever possible, a representative of the railway inter- 
views the complainant. During 1939, there were 865 complaints 



13 

concerning employees and 239 complaints concerning service. These 
figures compare favorably with those for 1938, when there were 984 
complaints concerning employees and 248 concerning service. The 
total of these complaints for last year, 1,104, compares with an annual 
average of 1,133 during the preceding five years. 

Boston, Revere Beach & Lynn Railroad 

During 1939 the problem arising out of the difficulties of the 
Boston, Revere Beach & Lynn Railroad was considered. 

At their request the railway co-operated with the authorities of 
the Town of Winthrop and with other public authorities in a study of 
the facts arising from the transportation needs of the communities 
affected. The railway has had no other intent than to face the facts 
as they affect the present metropolitan district. 

The Legislature passed an Act which provided for unified service 
to Winthrop and which would not increase the railway's deficit. 

The Winthrop town meeting twice rejected this Act and as a 
result of suspension of service on the Boston, Revere Beach & Lynn 
Railroad on January 27, 1940, the Department of Public Utilities 
granted a 60-day emergency license for independent bus operation 
from Winthrop to the Maverick Square terminal of the East Boston 
Rapid Transit Tunnel. 

Old Colony Railroad 

During the year the relationship of the Boston Elevated system 
to the difficulties of the Old Colony attracted public attention. 

The trustees made it plain that extending the present Boston 
Elevated system to include an area eight miles from the present 
Dorchester Tunnel, comprising the city of Quincy and the town of 
Braintree, for a ten cent fare would 

1st — Require legislative action; 

2nd — Involve capital expenditures; 

3rd — Increase the deficit paid by taxpayers in the present 14 
cities and towns served by the "El"; 

4th — Impose a deficit also on the taxpayers in the communities 
affected in the eight mile additional zone. 

The trustees of the Boston Elevated Railway have taken no 
action upon the matter. In view of the importance of the problem, 
the railway has co-operated with the State authorities by providing 
information and will continue to do so to assist them in their efforts 
to find a practical solution of the difficulties. It should be clearly 
understood that the railway does not contemplate any action what- 
ever that would increase the Boston Elevated deficit. 

Study by Finance Commission 

In a statement issued on August 2, 1939, the Board of Trustees 
said that it was of opinion that the Finance Commission of the City 
of Boston lacked legal authority to conduct an official investigation 
of the Boston Elevated Railway. * 



14 

Subsequently, after a conference between the Governor of the 
Commonwealth and the Chairman of the Board of Trustees and after 
further conferences between the Mayor of Boston and the Finance 
Commission and members of the Board of Trustees, the Board, without 
changing its position, agreed to co-operate with the Mayor and the 
Finance Commission in a study pertaining to the Boston Elevated 
Railway along lines agreed upon at those conferences. 

Plant and Equipment Changes 

Everett Shops. The new shop unit at Everett, referred to in last 
year's report, has been completed except for the installation of minor 
items of equipment and machinery. 

Except for the section in which the offices are located, it is a 
one-story building approximately 497 feet long, varies in width from 
157 feet to 178 feet and is connected with the woodworking building. 

Woodworking and paint shop units were constructed at Everett 
fifteen years ago and all three of the shop units are connected by a 
transferway to facilitate the movement of equipment from one build- 
ing to another. 

Completion of the new unit has permitted centralization at one 
location of the supervisory and clerical forces and the storeroom of 
the department of rolling stock and shops and of the repair and over- 
hauling of rapid transit and surface cars, buses and trackless trolleys. 
The shop unit has been equipped with cranes and hoists for speedy 
and economical handling of heavy equipment. Obsolete machines 
have been replaced with modern ones and others have been motorized 
and reconditioned. The old shop buildings at Albany Street, including 
the Goodyear Building which the railway has leased since 1910, 
have been vacated. 

The concentration of shop facilities will result in substantial 
economies in maintenance of equipment. 

Reservoir Carhouse. There is under construction a new unit and 
alterations in the existing unit at this carhouse. These changes will 
permit the storage, inspection and repairs of additional cars and will 
result in operating savings. 

Escalators. A modern escalator of the latest design was installed 
by the Transit Department of the City of Boston at Park Street Under 
Station, eastbound platform, replacing the escalator installed in 1912. 
Major repairs were required on the two escalators leading from the 
westbound platform at the South Station. 

Elevators. Thorough repairs were made last year on the four 
passenger elevators at Atlantic Station. 

Lobby Building, Mattapan Station. A new lobby building was 
erected by the Transit Department of the City of Boston and placed 
in service on July 22, 1939. This lobby building is located at the in- 
town end of the station platform and provides a more convenient 
location than the former lobby building fronting on Mattapan Square, 
which building is now being converted into two stores for rental. 



15 

Rolling Stock and Miscellaneous Equipment. Sixty-four modern 
type buses, five trackless trolleys and automotive service equipment 
were purchased during the year. 

Conclusion 

This report considers in detail the operations of the Boston 
Elevated Railway and the underlying financial relations between 
the District served and the railway. The undersigned want to make as 
clear as is possible all the factors relating to the operations of this vast 
transportation system in which the public has so great an interest. 
They also want to make understood the difficulties that exist, with 
the present level of business, in restoring the system to a self-supporting 
basis. 

Because of the factors discussed in the foregoing pages: — the 
lower level of riding, the constant and high level of fixed charges, and 
the large payments for the retirement of public debt — the ultimate 
goal of a railway system operating without a deficit is not in view foi 
the immediate future. Nevertheless, improvement of a definite char- 
acter may be recorded. The 1939 calendar year deficit from opera- 
tions has been reduced by practically $400,000. The re-adjustment 
of the 5c local rides should increase annual revenues, and further 
reduce the deficit. 

We should like to emphasize that in many respects the railway 
problem is a community one and that, therefore, the railway should 
be helped in every reasonable way in bringing about a reduction in 
its fixed charges, in expediting the movement of traffic and in receiv- 
ing all income to which it is entitled. 

BOARD OF PUBLIC TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY. 
EDWARD E. WHITING, Chairman 
HENRY J. SMITH, Secretary 
ERNEST A. JOHNSON 
WILLIAM P. JOY 
PATRICK J. WELSH 

February 1, 1940. 



17 



Appendix 1 



Lybrand, Ross Bros. & Montgomery 
Boston, Massachusetts 



To the Trustees of 

Boston Elevated Railway Company: 

We have made an examination of the accompanying general 
balance sheet of the Boston Elevated Railway Company as at De- 
cember 31, 1939 and of the accompanying income statement for the 
twelve months ended December 31, 1939. In connection therewith 
we examined or tested accounting records of the company and other 
supporting evidence and obtained information and explanations from 
officers and employees of the company ; we also made a general review 
of the accounting methods and of the operating and income accounts 
for the period, but we did not make a detailed audit of the transactions. 

In our opinion, the provision for depreciation of road and equip- 
ment in the year 1939 charged to cost of service as shown in the ac- 
companying schedule of operating expense accounts is fair and rea- 
sonable, but the amount of accrued depreciation appearing in the 
accompanying balance sheet is inadequate. 

In our opinion, based upon such examination, and subject to 
the comment in the preceding paragraph, the accompanying general 
balance sheet as at December 31, 1939 and income statement for the 
twelve months ended December 31, 1939, fairly present, in accord- 
ance with accepted principles of accounting consistently maintained 
by the company during the year, the position of Boston Elevated 
Railway Company at that date and the results of operations under 
public control for the year then ended. 

(Signed) Lybrand, Ross Bros. & Montgomery. 

Boston, Massachusetts. 
January 26, 1940. 



18 



Appendix 2 
General Balance Sheet 



Assets 


Dec. 31, 1939 


Dec. 31, 1938 


Investments 
Road and Equipment : 
Way and Structures 


§01,385,369.19 

31,237,257.97 

15,558,5S2.68 

1,972,733.17 

105,613.06 


$60,464,690.61 

31,392,789.78 

15,560,341.82 

1,972,733.17 

888,819.62 




Power 




Other Investments : 

Reconstruction Finance Corporation Notes .... 

Advances, Road and Equipment: 

Eastern Massachusetts Street Railway Company . 


$110,259,556.07 
$799,061.67 

$1,007,031.25 
400,000.00 
129,500.00 

233,428.26 


$110,279,375.00 
$815,654.67 

$2,003,908.83 

155,550.50 

206,257.37 




$1,769,959.51 
$112,828,577.25 


$2,365,716.70 
$113,460,746.37 



19 



General Balance Sheet— Continued 



Liabilities 


Dec. 31, 1939 


Dec. 31, 1938 




Stock 








Capital Stock: 












$23,879,400.00 


$23,879,400.00 


Premium on Capital Stock : 








2,707,428.13 


2,707,428.13 








Tot 


$26,586,828.13 


$26,586,828.13 




Bonds 




Funded Debt Unmatured: 








4^% 


30 yr. B. E. Ry. Co. Bonds, Due Nov. 1, 


1941 


$5,000,000.00 


$5,000,000.00 


6% 


30 yr. B. E. Ry. Co. Bonds, " Dec. 1, 


1942 


8,286,000.00 


8,286,000.00 


5% 


30 yr. W. E. St. Ry. Co. Bonds, " Mar. 1, 


1944 


2,600,000.00 


2,600,000.00 


7% 


30 yr. W. E. St. Ry. Co. Bonds, " Sept. 1, 


1947 


570,000.00 


570,000.00 


4%% 


15 yr. B. E. Ry. Co. Bond, " Aug. 1, 


1949 


1,581,000.00* 


1,581,000.00* 


5% 


25 yr. B. E. Ry. Co. Bond, " Jan. 1, 


1960 


6,309,000.00* 


6,309,000.00* 


5% 


25 yr. B. E. Ry. Co. Bond, " Mar. 1, 


1960 


8,500,000.00* 


8,500,000.00* 


4%% 


25 yr. B. E. Ry. Co. Bond, " Dec. 15, 


1960 


7,711,000.00* 


7,711,000.00* 


4%% 


25 yr. B. E. Ry. Co. Bond, " June 1, 


1961 


3,815,000.00* 


3,815,000.00* 


4%% 


25 yr. B. E. Ry. Co. Bond, " Jan. 1, 


1962 


2,098,000.00* 


2,098,000.00* 


4%% 


25 yr. B. E. Ry. Co. Bond, " Oct. 1, 


1962 


4,800,000.00* 


4,800,000.00* 


6% 


B. E. Ry. Co. Bonds Authorized Under Sec. 4, 








Chapter 333, Acts 


1931 


23,430,917.00* 


23,430,917.00* 


6% 


B. E. Ry. Co. Bond, Auth. Sec. 4, Chap. 333 


Act^ 








1931, as amended by Sec. 1, Chap. 299, Acts 


1932 


1,500,000.00* 


1,500,000.00* 


Tota 


$76,200,917.00 


$76,200,917.00 



'Held by Boston Metropolitan District. (Total $59,744,917.00—78.4% of Bonds outstanding.) 



20 



General Balance Sheet— Continued 



ASSETS 



Unadjusted Debits 
Rents and Insurance Premiums Paid in Advance 

Discount on Funded Debt 

Other Unadjusted Debits 

Total Unadjusted Debits 

Total Assets 



Current Assets 
Cash 

Special Deposits: 

Interest, Dividends and Rents Unpaid . 
For Preferred Stock Redemption . 
Employes' Social Security Taxes . 
Reserve Fund, Chap. 159, Spec. Acts, 1918 . 

Total Special Deposits 

Miscellaneous Accounts Receivable . 

Material and Supplies 

Interest, Dividends and Rents Receivable . 
Other Current Assets 

Total Current Assets and Special Deposits . 



Dec. 31, 1939 



$2,470,064.01 

§315,108.68 

1,048.36 

31,222.09 



$347,379.13 

$427,341.05 

1,931,359.56 

11,558.46 

39,230.00 



$5,226,932.21 



$63,483.00 

1,114,171.26 

54,019.06 



$1,231,673.32 
$119,287,182.78 



Dec. 31, 1938 



$1,487,650.14 

5328,769.93 

1,377.39 

29,134.69 



$359,282.01 

$395,217.34 

1,868,802.77 

13,163.25 

39,080.00 



$4,163,195.51 



$83,468.00 

1,187,257.14 

61,449.39 



$1,337,174.53 
$118,961,116.41 



Notes : Amounts advanced by Commonwealth of Massachusetts to the Boston Elevated Railway 
Company for deficits in cost of service July 1, 1931 to March 31, 1939 totaled S15.S79.69S. 42 -as at 
December 31, 1939. 

Net credits to cost of service, carried to profit and loss account and not reflected in the income 
statement following, amounted to S60,029.75 for the calendar year 1939 and SI, 363, 209. 29 (including 
SI, 262. 208. 40 reduction of federal tax reserve) for the calendar year 1938. Under the provisions of 
the Public Control Act as amended, amounts advanced by the Commonwealth of Massachusetts to 
the Boston Elevated Railway Company are based on deficits in cost of service for the twelve months' 
period ending March 31. 



21 



General Balance Sheet— Concluded 



Liabilities 


Dec. 31, 1939 


Dec. 31, 1938 


Current Liabilities 

Audited Accounts and Wages Payable 

Matured Interest, Dividends and Rents Unpaid . 
Accrued Interest, Dividends and Rents Payable : 

Accrued Rent of Subways, Tunnels & R. T. L. . . 


$561,664.13 
323,984.56 

924,333.91 

5,678.36 

113,274.14 


$653,998.52 
337,646.68 

924,333.91 

5,678.36 

111,796.66 


Total Accrued Interest, Dividends and Rents Payable 
Deferred Liabilities 


$1,043,286.41 
$1,928,935.10 

$31,485.53 
9,644.03 


$1,041,808.93 
$2,033,454.13 

$29,582.23 
11,954.47 


Unadjusted Credits 

Accrued Depreciation — Road and Equipment 
Other Unadjusted Credits: 

Outstanding Tickets and Tokens 


$41,129.56 

$168,584.42 

$16,407.12 

$969,779.52 

$16,654,629.49 

$52,108.00 
538,146.25 


$41,536.70 

$169,507.28 

$20,333.64 

$1,035,479.00 

$16,304,796.56 

$41,178.63 
555,938.49 


Corporate Surplus 
Profit and Loss: 

Year Ended June 30, 1931 

Cost of Service Deficit 9 months ended December 31 
Arising out of Consolidation with West End St. Ry. 
Co., June 10, 1922 and Reorganization July 1, 1931 


$590,254.25 
$18,399,654.80 

$12,127.83* 
1,969,473.12* 
2,429,448 88* 

540,76S.02 


$597,117.12 
$18,127,233.60 

$12,127.83* 
1,969,473.12* 
2,588,020.22* 

540,768.02 




$3,870,281.81* 
$119,287,182.78 


$4,028,853.15* 
$118,961,116.41 



♦Debit. 



22 

Appendix 3 

Income Statement 



Operating Income 

Passenger Revenue 

Special Car and Special Bus Revenue .... 
Mail Revenue 

Total Revenue from Transportation . 

Station and Car Privileges 

Rent of Tracks and Facilities 

Rent of Equipment 

Rent of Buildings and Other Property . 

Power 

Miscellaneous 

Total Revenue from Other Railway Operations 
Total Railway Operating Revenues . 
Railway Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment 

Total Railway Operating Expenses . 

Net Revenue Railway Operations 

Taxes Assignable to Railway Operations: 

Federal 

State and Municipalities 

Total Taxes Assignable to Railway Operations 
Operating Income 



Twelve 
Months Ended 
Dec. 31, 1939 



$25,003,678.34 
119,788.35 



$25,123,466.69 

$462,127.12 

2,338.87 

8,199.67 

53,122.91 

35,320.09 

176.97 



$561,285.63 
$25,684,752.32 

$2,886,987.35 
3,110,983.98 
1,722,741.79 
8,527,222.15 
22,312.40 
2,459,677.28 
tl3.919.01 



$18,716,005.94 
$6,968,746.38 

$588,511.58 
1,043,675.99 



$1,632,187.57 
$5,336,558.81 



Twelve 
Months Ended 
Dec. 31, 1938 



$24,663,197.63 

83,625.40 

72.93 



$24,746,895.96 

$491,226.60 

2,342.40 

7,746.48 

53,091.82 

34,214.91 

328.85 



$588,951.06 
$25,335,847.02 

$2,898,926.89 
3,308,852.62 
1,663,194.33 
8,661,957.24 
19,766.21 
2,271,708.88 
t25,119.81 



$18,799,286.39 
$6,536,560.63 

$586,677.42 
1,040,091.81 



$1,626,769.23 
$4,909,791.40 



tOredit. 



23 



Income Statement— Concluded 





Twelve 
Months Ended 
Dec. 31, 1939 


Non-Operating Income 


$22,115.13 

3,926.52 

154.43 


Deductions from Gross Income 

Net Loss on Miscellaneous Physical Property .... 

Dividends (Chap. 333, Acts 1931) . . . . . . 

Amortization of Discount on Funded Debt .... 


$26,196.08 

$5,362,754.89 

$45,560.49 

2,825,776.56 

8,100.02 

3,952,485.02 

1,193,970.00 

73,085.88 

8,067.06 


Total Deductions from Gross Income .... 


$8,107,045.03 
*$2,744,290.14 



Twelve 
Months Ended 
Dec. 31, 1938 



$43,488.72 

3,926.52 

70.97 



$47,486.21 
$4,957,277.61 



$45,458.24 

2,822,426.75 

' 2,848.26 

3,952,485.02 

1,193,970.00 

73,085.88 

7,689.40 



$8,097,963.55 
*$3,140,685.94 



♦Debit 



24 

Appendix 4 

Operating Expense Accounts 





Twelve 
Months Ended 
Dec. 31, 1939 


Twelve 
Months Ended 
Dec. 31, 1938 


Wat and Structures 
Maintenance of Buildings, Fixtures and Grounds 


$276,707.84 

956,611.27 

157,576.83 

36,408.79 

63,675.83 

7,457.97 

5,693.28 

29,807.49 

8,901.62 

36,055.07 

236,176.39 

351,914.97 

720,000.00 


$261,208.80 

941,786.64 

208,660.36 

26,572.76 

60,872.76 

3,877.33 

9,708.81 

34,700.43 

6,758.13 

39,075.60 

220,218.34 

382,886.93 

702,600.00 


Equipment 

Elec. Equip. Maint. of Revenue Equipment .... 

Miscellaneous Equip. (Autos, Trucks & Tractors) 
Depreciation of Buses & Trackless Trolleys .... 


$2,886,987.35 

$145,562.36 

1,208,819.16 

18,937.52 

295,784.56 

54,388.15 

264,922.20 

53,113.81 

495,000.00 

574,456.22 


$2,898,926.89 

$153,850.49 

1,294,436.83 

32,499.52 

342,114.99 

43,881.08 

252,911.44 

43,238.67 

592,800.00 

553,119.60 


Power 

Maintenance of Power Plant Bldgs. & Equipt. . 
Depreciation of Power Plant Bldgs. & Equipt. . 


$3,110,983.98 

$92,312.62 
185,870.67 
285,000.00 
921,237.02 
238,321.48 


$3,308,852.62 

$91,040.02 
155,693.23 
249,600.00 
932,837.17 
234,023.94 




$1,722,741.79 


$1,663,194.36 



25 



Operating Expense Accounts— Concluded 



Twelve 
Months Ended 
Dec. 31, 1939 



Twelve 
Months Ended 
Dec. 31, 193S 



Conducting Transportation 
Superintendence of Transportation 
Pass. Car, Trainmen and Bus Operators . 
Misc. Car and Bus Service Employes . 
Misc. Car and Bus Service Expenses . 

Station Employes 

Station Expenses 

Car House and Bus Garage Employes . 
Car House and Bus Garage Expenses . 
Operation of Signal & Interlocking Apparatus 
Operation of Telephone & Telegraph Lines . 
Other Transportation Expenses .... 
Total Conducting Transportation 

Traffic 
Traffic 

General and Miscellaneous 
Salaries and Expenses of General Officers . 
Salaries and Expenses of General Office Clerks 
General Office Supplies and Expenses . 

Law Expenses 

Relief Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses .... 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Bus Garages) 

Rent of Tracks and Facilities 

Rent of Equipment ........ 

Total General and Miscellaneous . 

Transportation for Investment 
Total Operating Expenses .... 

tOredit. 



51,115,567.27 
4,970,203.51 
183,690.70 
103,890.07 
637,921.83 
194,276.76 
771,722.66 

89,749.18 
230,960.02 

13,405.38 
215,834.77 



5,527,222.15 

$22,312.40 

$S6,364.24 
391,043.43 

79,916.45 

34,162.29 

120.00 

250,772.26 

95,213.12 
995,369.46 
150,476.02 

59,557.82 
214,410.22 

88,404.06 



13.867.91 



$2,459,677.28 

f $13,919.01 
$18,716,005.94 



51,101,714.44 
5,060,044.74 
182,776.27 
109,083.05 
661,575.01 
204,463.42 
779,942.53 

83,526.35 
245,964.06 

12,739.21 
220,128.16 



$8,661,957,24 

$19,766.21 

$85,752.17 
385,042.13 

83,292.39 

37,751.41 

120.00 

228.589.12 

91,247.08 
833,469.94 
168,191.01 

57,055.78 
189,952.76 

87,790.90 
9.598.32 

13,855.87 



$2,271,708.88 

t$25,119.81 
$18,799,286.39 



26 

Appendix 5 
Road and Equipment Investment 



Account 



Wat and Structures 

Engineering and Superintendence 

Right of Way 

Other Land 

Grading 

Ballast 

Ties 

Rails, Rail Fastenings and Joints . . . . 

Special Work 

Track and Roadway Labor 

Paving 

Roadway Machinery and Tools 

Tunnels and Subways 

Elevated Structures and Foundations . 

Bridges, Trestles and Culverts 

Crossings, Fences and Signs 

Signals and Interlocking Apparatus . 

Telephone and Telegraph Lines 

Poles and Fixtures 

Underground Conduit 

Distribution System « 

Shops, Car Houses and Garages 

Stations, Misc. Buildings and Structures . 
Wharves and Docks 

Total Way and Structures 

Equipment 

Pass. Cars, Buses and Trackless Trolleys . 

Service Equipment 

Electric Equip, of Cars and Trackless Trolleys . 

Shop Equipment 

Furniture, Fare Boxes and Passimeters . 
Miscellaneous Equipment 

Total Equipment 

Power 

Power Plant Buildings 

Sub Station Buildings 

Power Plant Equipment 

Sub Station Equipment 

Transmission System 

Total Power 



General and Miscellaneous 

Law Expenditures 

Interest during Construction 

Injuries and Damages ... 

Taxes 

Miscellaneous 

Total General and Miscellaneous 

Unfinished Construction 

Total Road and Equipment 



Total 
Dec. 31. 1939 



$1,722,072.11 

11,465,147.56 

5,723,361.72 

317,191.25 

725,403.43 

778,861.11 

1,688,753.86 

4,331,053.86 

4,033,636.20 

1,342,093.71 

585,943.22 

358,535.07 

5,549,015.53 

1,994,721.36 

85,720.95 

1,134,496.61 

102,935.36 

682,406.67 

1,914,536.07 

3,791,105.12 

8,281,556.24 

4,544,520.98 

232,301.20 



$61,385,369.19 



$20,899,714.52 
968,246.59 
7,346,234.63 
906,878.99 
270,935.90 
845,247.34 



$31,237,257.97 



53,601,316.77 

640,979.22 

7,022,436.04 

2,688,678.65 

1,605,172.00 



$15,558,582.68 



$250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,184.46* 



Total 
Dec. 31, 1938 



$1,972,733.17 
$105,613.06 



$110,259,556.07 



$1,722,072.11 

11,465,147.56 

5,714,730.33 

321,233.84 

733,836.64 

804,617.87 

1,796,172.68 

4,341,216.83 

4,094,438.70 

1,373,742.60 

552,990.10 

357,648.36 

5,549,015.53 

2,002,986.39 

85,720.95 

1,138,110.51 

102,935.36 

658,445.59 

1,901,129.79 

3,749,721.13 

7,246,348.70 

4,520,127.84 

232,301.20 



$60,464,690.61 



$21,114,212.33 
969,731.29 
7,520,968.56 
741,797.91 
264,380.43 
781,699.26 



$31,392,789.78 



$3,601,316.77 

640,979.22 

7,021,154.98 

2,688,828.65 

1,608,062.20 



$15,560,341.82 



$250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,184.46* 

$1,972,733.17 

$888,819.62 



$110,279,375.00 



♦Credit. 



27 



Appendix 6 



Investment in Road Owned and Leased December 31, 1939 



Boston Elevated Railway Company 

Road and Equipment .... 
Miscellaneous Physical Property 

Total Boston Elevated Railway Company 
Investment 



;l 10,259,556.07 
799,061.67 



11,058,617.74 



Leased Lines 

Hyde Park Transportation District (City of 
Boston) 

Eastern Mass. St. Ry. Co. 

(Part Leased) Old Colony 

Lines, West Roxbury . $672,847.44 

Boston & Northern Lines, 

Middlesex Fells Lines . 29,546.01 

Expenditures for Additions 

and Betterments . . . 233,428.26 

Total Eastern Mass. St. Ry. Co. . 

Total Leased Lines 



$245,931.51 



935,821.71 



1,181,753.22 



City of Boston Investment 

Boylston Subway .... 
Cambridge Connection . 
Dorchester Tunnel .... 
Dorchester Rapid Transit Extension 
East Boston Tunnel 
East Boston Tunnel Extension 
Tremont Subway .... 
Washington Tunnel 

Total City of Boston Investment 



511,531,627.13 
1,698,002.85 
12,258,994.41 
11,062,820.43 
7,290,858.78 
2,347,069.68 
4,675,011.76 
7,974,216.01 



58.838,601.05 



Commonwealth of Massachusetts Investment 
Cambridge Subway 

Total Commonwealth of Massachusetts 
Investment 



$,226,759.52 



8,226,759.52 



TOTAL INVESTMENT IN ROAD OWNED AND LEASED $179,305,731.53 



28 



Appendix 7 



Capital Outstanding December 31, 1939 
Outstanding Capital Stock 

COMMON STOCK 



No. 

Shares 
Outstanding 


Par Value 

Shares 

Outstanding 


Net 
Premium 


Amount 
Realized 


Date of 
Approval by 
Commission 


Yearly 
Dividend 


Dividendj 

Payable 


5,000 
95,000 
33,000 
66,500 
39,294 


$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 

$23,879,400.00 


$1,815,000.00 
695,958.13 
196,470.00 


$500,000.00 
9,500,000.00 
5,115,000.00 
7,345,958.13 
4,125,870.00 

$26,586,828.13 


July 26, 1897 
July 6, 1900 
Aug. 22, 1902 
Dec. 18, 1908 
Dec. 6, 1912 




("Jan. 1 

70.00 J A P r - J 
] July 1 

[Oct. 1 


238,794 


$2,707,428.13 


5 %— $1,193,9 



OUTSTANDING FUNDED DEBT 



Par 
Value 


Rate 


Maturity 


Net Premium 

or 

Discount 


Amount 
Realized 


Date of 

Approval by 
Commission 


Yearly 
Interest 


Co. 


$5,000,000.00 
4,000,000.00 
1,000,000.00 
3,286,000.00 

2,600,000.00 

570,000.00 
§ 1,581,000.00 
§ 6,309,000.00 
{ 8,500,000.00 
§ 7,711,000.00 
§ 3,815,000.00 
§ 2,098,000.00 
§ 4,800,000*00 
§ 1,500,000.00 
§23,430,917.00 


4%% 
5 % 
5 % 
o % 

5 % 

7 % 

4%% 

5 % 
o % 
4%% 
4%% 
4%% 
4%% 

6 % 
6 % 


Nov. 1, 1941 
Dec. 1, 1942 
Dec. 1. 1942 
Dec. 1, 1942 

Mar. 1, 1944 

Sept. 1, 1947 
Aug. 1, 1949 
Jan. 1, 1960 
Mar. 1, 1960 
Dec. 15, 1960 
June 1, 1961 
Jan. 1, 1962 

Oct. 1, 1962 

* * * 

* * * 


*$100,000.00 

*80,000.00 

♦78,410.00 

♦257,655.26 

112,832.07 

399.00 

♦77,690.34 

♦139,428.90 

69,615.00 

♦186,220.65 

♦36,242.50 

♦13,595.04 

♦100,420.80 


$4,900,000.00 

3.920,000.00 

921,590.00 

3,028,344.74 

2,712,832.07 

570,399.00 

1,503,309.66 
6,169,571.10 
8,569,6,15.00 
7,524,779.35 
3,778,757.50 
2,084,404.96 
4,699,579.20 
1,500,000.00 
23,430,917.00 


Oct. 17, 1911 

Dec. 6, 1912 

May 27, 1914 

Nov. 9, 1915 

( Feb. 4, 1914 

1 Apr. 14, 1914 

i Aug. 24, 1917 

I Sept. 4, 1917 

Julv 11, 1934 

Dec. 4, 1934 

Feb. 21, 1935 

Nov. 15, 1935 

Apr. 15, 1936 

Jan. 8, 1937 

Sept. 15, 1937 

NoteB 

Note A 


$225,000.00 

200,000.00 

50,000.00 

164,300.00 

130,000.00 

39,900.00 

71,145.00 
315,450.00 
425,000.00 
346,995.00 
171,675.00 

89,165.00 
228,000.00 

90,000.00 
1,405,855.02 

$3,952,485.02 


B. E. 
B. E. 
B. E. 

B. E. 

W. E. 

W. E. 
B. E. 
B. E. 
B. E. 
B. E. 
B. E. 
B. E. 
B. E. 
B. E. 
B. E. 


$76,200,917.00 


♦$886,817.42 


$75,314,099.58 





♦Discount. 

A. — Authorized by Section 4, Chapter 333, Acts of 1931. 

B. — Auth. by Amendment to Sec. 4, Chap. 333, Acts of 1931, made by Sec. 1. Chap. 299, Acts of 1932. 

§Held by Boston Metropolitan District. (Total 859,744,917.00 — 75.4% oi total outstanding.) 

Average Rate of Return 5.05% on Capital Outstanding. (Bonds 5.25% — Stock 4.49%.) 



29 



Appendix 8 



1939 Loan Assessment on Cities and Towns 
Chapter 159, Special Acts 1918, as Amended 



Cities and Towns 
Arlington . 
Belmont . 
Boston 
Brookline 
Cambridge 
Chelsea . 
Everett 
Maiden . 
Medford 
Milton 
Newton . 
Revere 
Somerville 
Watertown 

Totals 



Per Cent 


Amount 


1.8836 


$53,547.58 


1.0115 


28,755.24 


64.8984 


1,844,952.29 


3.9985 


113,670.63 


8.1782 


232,492.46 


1.9351 


55,011.64 


2.2536 


64,066.06 


3.1777 


90,336.67 


3.3245 


94,509.94 


.7106 


20,201.16 


.7662 


21,781.78 


1.4125 


40,155.00 


5.1667 


146,880.59 


1.2829 


36,470.69 


100.00% 


$2,842,831.73 



Deficit for year ended March 31, 1939. 

Based on traffic counts, April 28, 29, 30 and May 1, 1939. 

Expense to Comm. of Mass. to finance loan assessment $1,270.83, 



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32 



Appendix 11 



Comparative Division of Receipts and Expenditures for Years Ended Dec. 31 



ital Receipts 

)erating Expenses: 

Wages 

Material and other Items . 
Injuries and Damages .... 

Depreciation 

Fuel 

Total Operating Expenses . 

ixes 

vidends 

ibway, Tunnel and R. T. L. Rents . 

terest on Bonds 

iscellaneous Items 

Total Cost of Service 

»ss for Year 



1939 



$25,710,948.40 

12,764,185.12 

2,214,457.49 

829,610.01 

2,074,456.22 

833,297.10 



$18,716,005.94 

1,632,187.57 
1,193,970.00 
2,825,776.56 
3,952,485.02 
134,813.45 



$28,455,238.54 



$2,744,290.14 



1938 



$25,383,333.23 

12,894,549.68 

2,295,707.22 

668,632.65 

2,098,119.60 

842,277.24 



$18,799,286.39 

1,626,769.23 
1,193,970.00 

2,822,426.75 

3,952,485.02 

129,081.78 



$28,524,019.17 



$3,140,685.94 



1937 



$25,939,777.15 

12,709,180.09 

2,119,136.67 

594,605.71 

2,447,321.91 

840,559.47 



$18,710,803.85 

1,669,002:46 
1,193,970.00 
2,822,629.46 
3,939,114.19 
130,281.38 



$28,465,801.34 



$2,526,024.19 



1936 



$26,090,155.47 

12,346,223.40 
2,090,890.27 

676,742.17 
2,448,816.36 

847,669.79 



$18,410,341.99 

1,573,217.91 
1,193,970.00 
2,812,255.07 
3,862,562.10 
141,277.41 



$27,993,624.48 



$1,897,469.01 



1935 



$24,926,426.46 

11,756,916.62 
2,131,401.89 

577,614.11 
2,408.172.92 

791,307.05 



$17,665,412.59 

1,520,923.60 
1,193,970.00 
2,809,087.75 
3,816,444.04 
149,839.71 



$27,155,677.69 



$2,229,251.23 



Note: — Profit and Loss Items not included in above. 



33 



Appendix 12 

Revenue Equipment Acquired And Retired 
1918-1939 



Surface Cars 

Semi-Convertible Cars 
Types No. 1 to No. 4 
Type No. 5 
Type "4000" . 

Center Entrance Cars 

Trailer Cars . 

P.C.C. Car . 

Birney Type Cars 

Articulated Cars . 

Box Cars 

Open Cars 

Total Surface Cars 



Owned Acquired Retired On Hand 

1918 1918-1939 1918-1939 Dec. 31, 1939 



265 
470 

54 
286 

12 
1 



453 


. . » 


188 


... 


471 


1 


... 


64 


10 


100 


305 


119 


174 


50 


212 


. . . 


1 


. . . 


1 


80 


81 


177 


. . . 


177 


1,113 


. . . 


1,113 


1,354 




1,354 



3,372 



971 



3.255 



1,088 



Rapid Transit Cars 

Elevated Cars, Wood and Steel . 
Elevated Cars, Steel 
Camb.,Dorch. Tunnel Cars, Steel 
East Boston Tunnel Cars, Steel . 

Total Rapid Transit Cars . 



169 


. . . 


169 


. . . 


162 


163 


45 


280 


60 


95 


... 


155 




48 




48 



391 



306 



214 



483 



Buses 
Mechanical Drive. 
Diesel — Electric Drive . 
Diesel — Hydraulic Drive 
Gas, Electric Drive 

Total Buses . 



769 


279 


490 


24 


. . . 


24 


2 


... 


2 


46 


46 





841 



325 



516 



Trackless Trolleys 
Totals . 



3,763 



97 



2,215 



3,794 



97 



2,184 



34 



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36 



Appendix 15 



Traffic Statistics, Years Ended December 31 



Round trips operated .... 
Passenger revenue ..... 
Passenger revenue per mile (cents) 
Passenger revenue per hour 
Passenger revenue mileage . 
Passenger revenue hours 
Revenue passengers carried 
Revenue passengers carried per mile 
Revenue "passengers carried per hour 



1939 



6,012,448 

$25,123,466.69 

55.15c 

$5.54 

45,555,636 

4,530,972 

295,123,077 

6.48 

65.13 



1938 



6,107.492 

$24,746,823.08 

54.03c 

$5.47 

45,799,029 

4,523,433 

291,175,017 

6.36 

64.37 



1937 



6,217,978 

$25,339,336.62 

54.15c 

$5.55 

46,796,328 

4,560,540 

296,397,493 

6.33 

64.99 



1936 



6,222,871 
$25,502,416.15 
54.85c 
$5.69 
46,492,077 
4,479,552 
296,180,666 
6.S7 
66.12 



Appendix 16 



Comparative Passenger Statistics— Revenue Passengers Carried 



Year 



1939 
1938 
1937 
1936 
1935 
1934 
1933 
1932 
1931 
1930 



Week Day 
Average 



892,228 
878,464 
891,844 
887,327 
843,059 
834,409 
805,668 
870,865 
971,487 
1,025,036 



Saturday 
Average 



855,170 
854,214 
879,386 
876,626 
828,781 
812,085 
794,068 
879,000 
997,669 
1,050,111 



Sunday 
Average 



415,141 
411,409 
420,489 
418,647 
399,801 
397,514 
386,439 
421,070 
460,564 
488,101 



Holiday 
Average 



537,524 
522,427 
530,056 
552,292 
521,574 
502,981 
494,365 
504,983 
558,262 
590,810 



Total for 
Year 



295,123,077 
291,175,017 
296,397,493 
296,180,666 
280,402,526 
277,034,175 
267,845,429 
291,753,825 
324,788,577 
342,694,905 



37 



Appendix 17 
Comparative Power Statistics 





1939 


1938 


1937 


1936 


1935 


Tons of coal burned .... 


121,434 


119,125 


121,749 


123,296 


122,240 


Pounds of coal per D. 0. kilo- 














1.344 


1.338 


1.365 


1.362 


1.359 


Average price of coal per long 












ton (at boilers) .... 


$4.90 


$5.11 


$4.89 


$4.80 


$4.53 


Net cost of power for car service 












per kilowatt hour (cents) . 


0.774 


0.757 


0.781 


0.753 


0.761 


Net cost of power per total car 














4.213 


3.961 


4.052 


4.037 


4.030 


Direct current annual output 












(kilowatt hours) .... 


202,281,485 


199,415,500 


199,803,250 


202,736,175 


201,497,540 



Dec. 31, 1926 

Dec. 31, 1927 

Dec. 31, 1928 

Dec. 31, 1929 

Dec. 31, 1930 

Dec. 31, 1931 

Dec. 31, 1932 

Dec. 31, 1933 

Dec. 31, 1934 

Dec. 31, 1935 

Dec. 31, 1936 

Dec. 31, 1937 

Dec. 31, 1938 

Dec. 31, 1939 



Appendix 18 
Investment and Total Income 1926-1939 



Year Ended 



Total 
Investment 


Total 
Income 


Permanent 

1 nvestment 

Per $1 of 

Total 

Income 


$159,025,141.62 


$35,481,313.38 


$4.48 


163,901,383.91 


35,193,410.03 


4.67 


172,480,669.04 


34,843,147.51 


4.95 


175,224,091.62 


34,096,623.03 


5.14 


175,045,256.41 


32,510,721.17 


5.88 


175,553,658.23 


29,855,107.30 


5.88 


177,673,869.99 


26,428,493.63 


6.72 


176,070,985.04 


24,154,373.09 


7.29 


176,108,007.79 


24, 818,625. 48 


7.09 


176,252,570.57 


24,926,426.46 


7.07 


178,795,311.81 


26,096,155.47 


6.85 


179,031,418.87 


25,939,777.15 


6.90 


179,195,225.82 


25,383,333.23 


7.06 


179,305,731.53 


25,710,948.40 


6.97 



The permanent investment represents the actual money expended for property operated, owned and 
leased, including subways, tunnels and rapid transit lines owned by the City of Boston and Commonwealth 
uf Massachusetts. 



38 






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Appendix 20 







Ui 

o: 

6 ill 
> 



Kpy □ 10* FARES 
[1 8* FARES 



7* FARES 
5* FARES 



^*o a1* Tickets & 
6<P8r04? tokens 

Pupils 5*tickets 



DATA OF FARES COLLECTED, 1915-1939 



Buck Printing Co., Boston, Mass. 




TWENTY- SECOND 



ANNUAL REPORT 



OF THE 



iboa\b ok Public nustees 



OF THE 



BOSTON ELEVATED RAILWAY COMPANY 



YEAR ENDED DECEMBER 31, 1940 




TWENTY. SECOND 

ANNUAL REPORT 



OF THE 



&oa\b ok Public nustees 



OF THE 



BOSTON ELEVATED RAILWAY COMPANY 



YEAR ENDED DECEMBER 31, 1940 



BOARD OF PUBLIC TRUSTEES 



(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 



ERNEST A. JOHNSON 
WILLIAM P. JOY 



HENRY J. SMITH, Secretary 
PATRICK J. WELSH 



OFFICERS 

(Appointed by the Trustees) 



EDWARD DANA 
JOHN H. MORAN 
MICHAEL H. CULLEN 
WILLIS B. DOWNEY 
MAURICE P. SPILLANE 



President and General Manager 
Vice-President and Treasurer 
General Auditor 
General Counsel 
General Claims Attorney 



Table of Contents 



INTRODUCTION pace 

THE "EL" AND THE COMMUNITIES IT SERVES 6 

DECENTRALIZATION AND ITS EFFECTS 7 

GOING TO THE PEOPLE 12 

"THE COST OF THE SERVICE" 13 

OPERATING EXPENSES 13 

FIXED CHARGES 14 

Interest 14 

Subway and Rapid Transit Rentals 15 

Taxes 15 

Dividends 16 

Rent of Leased Roads 16 

PURCHASE OF "EL" REFUNDING BONDS BY THE BOSTON 

METROPOLITAN DISTRICT 16 

EMPLOYEES 20 

"MERIT PLAN" OF EMPLOYEE SELECTION , 20 

LEAVE OF ABSENCE FOR MILITARY OR NAVAL SERVICE 21 

BRADY SAFETY AWARD 21 

EQUIPMENT PLANT AND SERVICE CHANGES 22 

NEW CARS 22 

HUNTINGTON AVENUE SUBWAY 23 

RAMP AT DUDLEY STREET STATION 25 

GARAGE AT ALBANY STREET 25 

RESERVOIR CARHOUSE 25 

ESCALATORS 25 

LOUD SPEAKER SYSTEM AT PARK STREET STATION 26 

TRACKLESS TROLLEY LINE 26 

A CONTINUOUS AUDIT OF REVENUES AND 

EXPENDITURES 27 

CONCLUSION 28 

(3) 



Financial Statements and Statistics 



PAGE 

INDEPENDENT PUBLIC ACCOUNTANTS' CERTIFICATE . 33 

FINANCIAL STATEMENTS AND STATISTICS 

General Balance Sheet .34 

Statement of Cost of Service Deficit 36 

Income Statement ........ 37 

Operating Expense Accounts ...... 38 

Road and Equipment Investment 40 

Investment in Road Owned and Leased . . . . .41 

Comparative Division of Receipts and Cost of Service . . 42 

Comparative Statistics 43 

Basic Data for Period of Public Control 

Years Ended December 31, 1919 to 1940 ... 44 

Years Ended June 30, 1919 to March 31, 1940 . . 45 

Capital Outstanding 46 

Revenue Equipment Acquired and Retired — 1918 to 1940 . 47 



(4) 



The 1940 Annual Report of the Board of Public 

Trustees of the Boston Elevated 

Railway Company 



IN this, the twenty-second annual report of the public trustees of 
the Boston Elevated Railway to the Legislature of Massachusetts, 
we have tried to present a more complete picture than ever before of 
the railway, of its operations, of its function and of its place in the 
community which it serves. We have done this in order to help the 
readers of our report understand the facts about a railway which is 
so closely connected with the public at large and with the 14 cities 
and towns composing the area served. An exact and impartial ap- 
praisal of any agency of local transportation, public or private, can 
come only through knowledge. 

In the calendar year 1940 the net result from operations was 
somewhat better than for 1939, the excess of cost of service over re- 
ceipts for the period having been reduced by $142,615.43. 

This improved result was reached through the operation of sev- 
eral favorable factors. The adjustment, on November 1, 1939, of the 
length of certain local five-cent rides. The increased railway receipts 
by reason of the discontinuance of service by the Boston, Revere 
Beach & Lynn Railroad. The American Legion Convention last Sep- 
tember. Better business conditions, especially toward the latter part 
of the year, reflected in a higher level of riding during the Christmas 
shopping season. 

In this connection, two bright spots of the year occurred by rea- 
son of the receipts of two days : first, receipts of $128,630 on the day 
before the American Legion Parade Day, the highest receipts of any 
day since the American Legion Parade Day of 10 years earlier; and, 
second, receipts of $97,216 on Monday, December 23, the largest regu- 
lar day's business since May, 1931. 

After more than 50 years, local public transportation still per- 
forms the main task of moving the people in a great metropolitan area. 

(5) 



•-..'. 



*V -x f" > /i~ 



* J^^^^^^g^^BE^sS^ 1 



-I -I 





THEY CAME BY "EL" TO SEE THE AMERICAN LEGION PARADE 

THE "EL" AND THE COMMUNITIES IT SERVES 

Rarely does any one take time to consider what the "El" means 
to the residents of the 14 cities and towns which it serves directly 
and to the residents of those municipalities who, although not directly 
served by the "El," depend, nevertheless, upon Elevated service 
reached by independent feeder lines. A mere statement of the size 
of the area served directly and of the population within this area (114 
square miles and 1,400,838 population) does not reveal the day by day 
performance of this railway system, the job of moving large numbers, 
amongst them many automobile owners, to and from the most im- 
portant trading, industrial and social centre in New England. 

Historically, what has the Elevated contributed to this large 
metropolitan community ? 

The three major phases of public transportation may be described 
as follows: 

The period, up to the middle 1880's, when several horse car rail- 
roads operated in a relatively small area. The period of consolidation, 
electrification and growth in the last 15 years of the 19th century. 
The period of further expansion and of the construction of rapid tran- 
sit facilities; the latter beginning just prior to the turn of the last 



(6) 



century and continuing up to the present with the expected opening 
on Sunday, February 16, 1941 of the new Huntington avenue subway. 

Throughout the long span of years covered by these changes the 
railway facilities and the cities and towns grew together in size, im- 
portance and vitality. Travel time between the outlying points and 
central Boston was cut with each new improvement. And with the 
shortening of the all important element of time consumed, people 
could live farther and yet farther away and still work and do business 
in central Boston. 

In a word, the railway system made possible this large metropoli- 
tan community. 

Today, what does the railway system mean to the area which it 
serves ? 

Up to 1926, in spite of the automobile which came into being a 
quarter of a century earlier, the railway system showed a constant 
increase in popular use as measured by the number of passengers 
which it carried. For several years subsequent there was a slight 
drop in railway riding, indicating that the number and use of auto- 
mobiles had cut into the increase in railway riding normally to be ex- 
pected from the growth in population and community activity. Then 
came the depression. Comparing 1929 with the low year 1933, the 
railway system lost more than 86 million passengers on an annual 
basis. Since, there has been a recovery of 26 million passengers or 
nearly one-third, a sizeable gain, but not enough. 

Nevertheless, the railway, carrying approximately 300,000,000 
revenue passengers annually, is still the vital arterial system of the 
large business, industrial and social centre which it so greatly helped 
to create. 

DECENTRALIZATION AND ITS EFFECTS 

Why hasn't the riding of the railway system returned to its pre- 
depression level? 

Undoubtedly, the continued and accentuated competition of the 
automobile has had much to do with the failure of the rebound to 

(7) 



reach the levels of 1929 and earlier. Another factor, however, has been 
introduced and it is one of serious implications unless checked. We 
refer to a process called "decentralization" which has been at work 
during the last two decades with particularly harmful effects during 
the last one. Large cities and metropolitan areas throughout the 
nation have experienced a loss of population, a diminishing of activi- 
ties, and a shrinkage of values in their central areas. These central 
areas suffered, first, from the shock of curtailed business activities in 
the depression, and, second, from the effects of increased traffic con- 
gestion. The difficulties of entering, moving within, and leaving 
these central areas had made them less desirable for commercial, in- 
dustrial and social purposes. Generally, the combined factors of con- 
gestion and decentralization have affected what has been the most 
valuable property with the highest tax return. 

In central Boston, for example, many buildings have been torn 
down because they could no longer be profitably used. During the 
last ten years alone, buildings occupying thousands of square feet of 
land have been razed. Much of the land on which these buildings 
formerly stood is now used for outdoor parking of automobiles, a utili- 
zation of a single level, the ground, instead of multilevels of floor 
space. From 1936 to 1939, there was an increase of from 1,029,918 
square feet to 1,461,446 square feet in the land licensed for open air 
parking areas north of Massachusetts avenue. 

The interest of the trustees of this railway system in the pro- 
cesses of decentralization should be clear. The railway was built over 
the years to transport thousands daily to and from the central busi- 
ness district of Boston. Its rapid transit lines converge toward and 
through this centre. The life of the railway depends upon the vigor 
of the central area. Any long continued process which hurts this 
centre hurts the railway. 

As an indication of what has happened in Boston during the last 
ten years, partly due to the effects of decentralization, may we cite 
the reduction in real estate valuation in Boston of from $1,827,460,600 
in 1930 to $1,362,131,500 in 1940, a reduction of $465,329,100, or more 

(8) 



than 25 per cent. Where thousands of potential and actual users of the 
"El" were formerly employed in office and factory buildings, there is 
now vacant land or land used for the parking of automobiles. That 
use of land is, in itself, a new element of competition. And, in spite 
of this use of land, or, should we say, because of it, the volume of traf- 
fic in the streets of central Boston is greater than ever before. No 
way has yet been found to move traffic efficiently and quickly through 
the streets. Greater and greater congestion leads to more and more 
decentralization. What is visible evidence of this process? Sizeable 
and important shopping and business centres have grown up on the 
outskirts of Boston. Although this development may be considered 
as normal and healthy and desirable from the viewpoint of each com- 
munity itself, provided each does not choke up from traffic congestion, 
nevertheless, central Boston must not be allowed to die of slow stran- 
gulation. Too much is at stake. In our opinion, the outstanding 
community problem to be solved is how traffic shall be moved expedi- 
tiously through the streets of central Boston. The trustees' interest 
in freeing the arteries of traffic arises from a natural concern in the 
well-being and prosperity of the keystone city in the district which 
the "El" serves. A busy central Boston whose affairs can be con- 
ducted efficiently, easily, and with as little wasted time and effort as 
possible spells a busy railway operating at or near that limit of capac- 
ity for which it was built. 

Few persons realize the extreme sensitivity of the "El" as a baro- 
meter of conditions within the community. For example, during the 
month just ended, January, there has been considerably more than 
the usual amount of illness for this time of year. Consequently, riding 
on the "El" fell off markedly. Likewise, over a longer period, the 
level of riding on the "El" has been reduced by a decline in business 
activity in central Boston, a decline caused, in part, by traffic conges- 
tion. 

In solving this traffic problem, everybody is concerned. Utiliza- 
tion must be made of the best methods of traffic control. The inter- 
ests of the great majority must be made paramount. All day users 
of the streets for parking must be eliminated. Street space must be 

(9) 



used for the movement of traffic, not for its stoppage. In the inter- 
ests of efficiency, greater use should be made of the railway system, 
especially of its rapid transit lines. 

As a contribution to a more general public understanding of the 
evils of traffic congestion, the railway will show during 1941 a film, 
in color and sound, called "People Come First" which was prepared 
under the auspices of the American Transit Association, the national 
organization of local transportation agencies. This film depicts the 
development of the modern American city, shows how its growth is 
being retarded by traffic congestion and suggests some measures to 
cure the difficulties. 

A realistic approach to the solution of the traffic problem, and, 
from the viewpoint of the railway, to its related problem of automo- 
bile competition, has already been made by the trustees. Of recent 
years, the railway has made use of vacant land adjacent or close to 
rapid transit facilities for the free parking of automobiles of "El" 
patrons. A new parking area on Alford street, near the Sullivan 
square station, with a capacity of 200 automobiles, was opened on 
November 6, 1940. Recently, the railway acquired land on River 



FREE AUTOMOBILE PARKING AREA FOR ''EL," PATRONS 
ADJACENT TO MATTAPAN STATION 




■ ■ IL 



street, near Mattapan station, which will be used to widen the bus- 
way, an improvement needed for some time, and to enlarge the park- 
ing area from a capacity of 120 automobiles to 375 automobiles, an 
additional capacity which will be available soon for "El" riders. On 
December 30, 1940 the railway also acquired on Cambridge and First 
streets, East Cambridge, opposite the Lechmere station, land which 
will be opened shortly to free parking for "El" patrons. This lot has 
a capacity of 325 automobiles. 

These parking facilities are a valuable adjunct to the railway 
property and are helping to increase the use of a one hundred and 
eighty million dollar plant which has an abundance of capacity. As 
to existing capacity, we have only to compare the number of passen- 
gers carried on the day before the American Legion Parade Day of 
last year, 1,403,518, and the number carried on December 23, the bus- 
iest regular day, 1,103,033, with the average number carried on a 
winter weekday, 954,862, and the average number carried on a sum- 
mer weekday, 764,700. 

In the effort to increase the use of the railway facilities, which 
means trying to overcome the competition of private transportation 
through the co-operative use of automobiles and of the railway sys- 
tem, the trustees have been fully aware of the value of advertising 
and publicity. We have sought through the use of the recognized 
media of newspaper, radio, outdoor bulletins, direct mail and railway 
advertising facilities to bring out the real advantages of using the 
railway in going to and coming from the central district of Boston. 
We have urged the use of the "El" for special occasions, as on New 
Year's eve, for Christmas shopping, for parades or other events to 
which crowds are attracted, as the American Legion Parade, horse 
racing, football and baseball games, for Summer recreational riding 
to nearby beaches and parks, and for riding during the Winter months 
when automobile driving conditions are least favorable. 

In one way or another the idea "Park Where the 'El' Begins" has 
been spread. Parking areas near rapid transit facilities are well pa- 
tronized. This intelligent co-ordination of private automobile and 

(11) 



public transit facility we propose to encourage as far as we are able. 
Not only will it increase the use of the railway but it accomplishes 
another desirable end: the reduction of traffic congestion within the 
central business district of Boston by keeping out of Boston the auto- 
mobiles of many all-day parkers. 

In this connection, we would like to advance the suggestion that 
the City of Boston and perhaps other communities served by the 
rapid transit lines might well consider the advantages of converting 
into free parking areas any large areas of vacant land near rapid 
transit stations to which land the municipality holds or may obtain 
title. Such use of vacant land would be of two fold benefit to the dis- 
trict: removal from the streets for many hours of standing automo- 
biles and reduction of the railway deficit through increased revenues. 

GOING TO THE PEOPLE 

From time to time during the last two years the railway has gone 
to the people by means of direct mailings to obtain the public's reac- 
tion to certain changes or aspects of the railway's service in order to 
get first hand information at the sources, and also in order to publi- 
cize certain features of the railway's services. 

The information sought covered such diverse subjects as the new 
Presidents' Conference Car, the trackless trolley, and the service 
rendered in certain sections. 

Letters were sent to groups of from one thousand to twelve thou- 
sand persons. The response to these mailings was highly gratifying, 
disclosing in the main an appreciation of the railway's services, an 
understanding of the difficulties, and a fine spirit of co-operation in 
advancing suggestions and criticisms. From the information gath- 
ered and the comments furnished we have obtained a good cross-sec- 
tion of the opinions of our riders which is a valuable guide in formu- 
lating policies and in making changes. Moreover, we have been able, 
by means of this direct contact with our riders, to bring home to them 
many of the telling points with respect to the use of the "El" for 
everyday transportation. 

(12) 



"THE COST OF THE SERVICE" 

The expenses of the railway which determine the results of oper- 
ation under the public control act are called "the cost of the service," 
and this cost of the service may be divided into two general classes of 
charges : the operating expenses and the fixed charges. 

For 1940, the total cost of the service increased $589,734.12 and 
revenues increased $732,349.55, resulting in the reduction of 
$142,615.43 in the deficit for the 1940 calendar year, to which refer- 
ence was made at the opening of this report. 



OPERATING EXPENSES 

Operating expenses may be generally defined as those expenses 
incurred for the operation and maintenance of the railway. They 
may be grouped under five headings, namely: wages, materials and 
other items, depreciation, injuries and damages, and fuel. 

Of the increase in total cost of service mentioned above, 
$569,450.97 was the increase in operating expenses and was caused by 
various factors of which the more important were : The expenses for 
wages and materials arising from the St. Valentine's Day snow storm. 
The operating expense of an extra day in 1940 as compared with the 
prior year. The cost of operating extra service in connection with the 
American Legion Convention. An increase in the cost of certain ma- 
terials, including coal. An addition to the charge for injuries and 
damages to provide a sufficient reserve for the settlement of outstand- 
ing claims and suits and for payment of court judgments. An adjust- 
ment in the charge for depreciation of property and for obsolescence 
and losses in respect to property sold, destroyed, or abandoned, such 
adjustment arising primarily from the substitution of new property 
subject to depreciation for property which had been fully depreciated 
or retired. 

(13) 



FIXED CHARGES 

The fixed charges are relatively inflexible with little if any rela- 
tionship to the amount or character of the service furnished. 

To find out the relation of fixed charges to net results of opera- 
tions, we had a study made recently of the results of operation for 
1939 of several of the larger transportation systems in the United 
States. This study disclosed the fundamental relationship that exists 
between fixed charges and a deficit from operations. Wherever the 
percentage of revenue needed to meet fixed charges was high, deficits 
invariably followed. In general, the higher the percentage of income 
needed for fixed charges, the greater was the deficit per revenue pas- 
senger. 

On the Elevated there have been deficits from operations because 
of the lower level of riding and because of the heavy weight of fixed 
charges which must be paid regardless of the number of passengers 
carried. Last year 37 cents of every dollar of Elevated revenue was 
consumed by these fixed charges, over which we have no direct control. 

The nature of the fixed charges is fairly well defined by the head- 
ings under which they are divided : interest, subway and rapid tran- 
sit rentals, taxes, dividends and rent of leased road. 



Interest 

In 1940, this charge amounted to $3,952,485.02. Of this amount, 
$3,143,285.02 was paid to the Boston Metropolitan District for inter- 
est on Elevated bonds held by the District. The District used 
81,770,165.02 of this interest payment to retire the principal of bonds 
issued by it to provide funds for the purchase of Elevated bonds and 
81,373,120 to pay interest on its own outstanding bonds. The balance 
of the total interest charge, S809,200, was the interest paid on the 
railway bonds held by the general public. 

(14) 



Subway and Rapid Transit Rentals 

In 1940, the railway accrued $2,828, 570.46 in the cost of service 
for subway and rapid transit rentals payable to the City of Boston 
and to the Commonwealth of Massachusetts. The railway payments 
in the calendar year amounted to $2,827,035.44. Of this amount, 
$2,284,126.25 was used to pay interest on the bonds issued by the 
Commonwealth and the City in order to provide for these facilities, 
and $542,909.19 was made available for the retirement of the princi- 
pal of these bonds. 

Note should be made that $2,313,074.21 of the above payments 
for interest and for subway and rapid transit rentals was made avail- 
able for the retirement of public debt, which sum amounted to prac- 
tically 90 per cent, of the operating deficit for 1940. This amount 
was divided as follows: 

Boston Metropolitan District 

a/c retiring District bonds $1,770,165.02 

City of Boston 

a/c retiring subway and 

rapid transit debt 455,299.19 

Commonwealth of Massachusetts 

a/c retiring Cambridge Subway debt 87,610.00 



Total $2,313,074.21 



Taxes 

The next largest fixed charge against cost of service was in- 
curred for taxes. In 1940 taxes totalled $1,657,498.21 of which 
$825,781.97 was for real estate and personal property taxes paid to the 
various municipalities in the area served. Social Security taxes for 
old age retirement and unemployment insurance accounted for 
$522,730.05. State and Federal gasoline and motor vehicle taxes were 
$271,276.84. Miscellaneous taxes made up the balance of $37,709.35. 

(15) 



Dividends 

This amount is a fixed charge of $1,193,970 annually which the 
trustees must pay under the public control act. The requirement to 
pay dividends was one of the terms in the public control act under 
which the owners turned over the entire management and operation 
of the company and its property to public trustees appointed by the 
Governor. 



Rent of Leased Roads 

In 1940 the railway paid a total of $45,607.07 for the rental of 
surface car lines in West Roxbury and in the Middlesex Fells Reser- 
vation which are owned by the Eastern Massachusetts Street Railway 
Company and of lines in Hyde Park which are owned by the City of 
Boston. 

PURCHASE OF "EL" REFUNDING BONDS 
BY THE BOSTON METROPOLITAN DISTRICT 

The fixed charges totalled $9,678,130.76 for 1940. Of this amount, 
the largest charge, $3,952,485.02, was for interest payments on bonds. 
Clearly everything that can be done to keep this charge as low as pos- 
sible should be done. It is opportune to point out what the Legisla- 
ture has done in the past and may do in the future to save the money 
of the taxpayers in the Boston Metropolitan District, a district com- 
posed of the 14 cities and towns served by the "El." 

In 1933 the Legislature initiated, and by a succession of Acts 
passed in 1934, 1935, 1936 and 1937 has continued, the policy of auth- 
orizing the Boston Metropolitan District to issue bonds for the pur- 
pose of purchasing refunding bonds of the Boston Elevated Railway. 

This policy was adopted because Boston Metropolitan District 
bonds could be sold at so much lower interest rates than bonds of the 
Elevated. 

(16) 



The last issue of Elevated bonds sold to the general public (since 
refunded through issue of District bonds) was for a term of twenty- 
five years and paid a net interest rate of approximately 7 per cent. 
The average net interest rates on twenty-five year serial District 
bonds issued to purchase Elevated refunding bonds were from 2 1/3 
per cent, to slightly more than 3 per cent. This wide difference indi- 
cates the extent of the savings made possible by refinancing through 
the District. A table of District bonds issued for refunding purposes, 
showing the dates, amounts, terms, rates of interest and net yield is 
to be found on page 19. 

The statutes passed since 1933 have all provided that the Elevated 
should pay the District two per cent, more in interest than the inter- 
est paid by the District on its own bonds. This difference in interest 
is used to retire the District bonds as they mature. As a result, over 
two thirds of the District bonds issued to acquire Elevated refunding 
bonds will have been paid off at maturity. 

From this use of the District's credit, two distinct advantages 
have followed: (1) Substantial savings have been made in the rail- 
way's cost of service and consequently the deficits paid by the tax- 
payers have been substantially lower than they would have been 
otherwise. (2) From the interest paid by the Elevated, the District 
has been enabled to pay off gradually a large portion of its own bonds 
while retaining Elevated bonds outstanding in the full amount. 

The District now holds $59,744,917 of the $76,200,917 principal 
amount of Elevated bonds outstanding. Of this $59,744,917 of Ele- 
vated bonds held by the District, $23,430,917 were issued to retire the 
preferred stock under the 1931 Public Control Extension Act, 
$1,500,000 were issued to acquire the Chelsea Division of the Eastern 
Massachusetts Street Railway Company under chapter 299 of the Acts 
of 1932, and the balance of $34,814,000 were issued to refund Elevated 
bonds maturing or called for payment since 1933. 

Of the District bonds issued to acquire these Elevated 
bonds, there will have been retired out of Elevated interest pay- 
ments $8,443,000 as of December 31, 1940, $10,241,000 as of 

(17) 



December 31, 1941, $22,013,000 as of December 31, 1947 and an amount 
of |50,646,000 as of the last maturity of outstanding District bonds 
in 1962. 

The trustees feel that the rapid rate at which District bonds are 
being retired places too great a burden on the present-day taxpayers 
and car riders as compared with those of the future. During the year 
ending March 31, 1940, Elevated interest payments to the District 
totalled 13,143,285.02 of which $1,743,862.52, or about 64% of the 
deficit for that period, was used to retire outstanding District bonds. 
Accordingly, with respect to future refinancing tnrough the District, 
we recommend that the 2 7< excess interest paid annually by the rail- 
way to the District be reduced to 1 % . 

With respect to the rate of retirement of public debt incurred for 
transportation purposes, it should be noted that for retirement of 
Commonwealth and City of Boston subway bonds the Elevated is re- 
quired to pay annually as part of its rentals an average of less than 
1 % of the principal amount of such bonds. 

There are $16,456,000 principal amount of Elevated bonds not held 
by the District which will mature between now and September 1, 
1947, as follows: $5,000,000 on November 1, 1941, $8,286,000 on De- 
cember 1, 1942, $2,600,000 on March 1, 1944 and $570,000 on Septem- 
ber 1, 1947. We recommend the passage of legislation authorizing 
with reference to these bonds the same method of refinancing which 
was instituted by the Legislature in 1933 and has since been continued 
whereby the Boston Metropolitan District is authorized to issue its 
bonds for the purpose of purchasing the refunding bonds of the Ele- 
vated. 

Stated briefly, this is what has been done during the last seven 
years with respect to Elevated refunding bonds : 

From time to time in that period various amounts of "El" bonds 
became due and payable. Had the trustees attempted to issue new 
bonds directly to the investing public in order to pay off these obliga- 
tions, the rate of interest on the new bonds would have been exces- 
sive. In the interest of the taxpayers, the Legislature authorized the 
Boston Metropolitan District to issue its bonds in order to buy Ele- 
vated refunding bonds and thus provided the money to pay off matur- 

(18) 



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(19) 



ing Elevated bonds. The interest which the Elevated pays on bonds 
which the District bought is sufficient to take care of the interest on 
the District bonds and also includes an additional two per cent, which 
is used by the District to retire its serial bonds annually as they be- 
come due. 

The net effect of this process has been to make substantial sav- 
ings for the taxpayers in the 14 cities and towns comprising the Bos- 
ton Metropolitan District, since these are the taxpayers who pay any 
deficit from the railway's operations. While the taxpayers of the 
District have been saving money, and will continue to do so, through 
a reduction in the railway's cost of service, the indebtedness that the 
District incurred to buy Elevated bonds is also being paid off at a 
rapid rate. In fact, we believe that the rate of retirement is too rapid, 
and, in the interest of present day taxpayers, should be made slower 
by reducing from two per cent, to one per cent, the excess interest 
payment by the "El" on future refunding bond issues that may be 
acquired by the District. 

EMPLOYEES 

"MERIT PLAN" OF EMPLOYEE SELECTION 

The average number of employees on the weekly payroll in 1940 
was 6,192 as compared with 6,190 for the prior year. 

Vacancies, of which there are few, in the transportation depart- 
ment are being filled from a list established late in 1939 following 
written, oral and physical examinations and credit for education and 
experience, all together composing what we call a "merit plan" of 
employee selection. 

From this list in order of ranking have been employed from De- 
cember 15, 1939 to the end of last year 127 men who are now working 
as operators of cars, buses and trackless trolleys. These men filled 
vacancies caused by deaths, pensions, resignations and dismissals. 
Among the letters of commendation received from riders as to the 
appearance, courtesy and operating methods of the blue uniformed 
force, the new men are well represented. 

(20) 



The "merit plan" of employee selection to fill vacancies was ex- 
tended in 1940 to include the employment of car cleaners in the de- 
partment of rolling stock and shops. From this group, promotions 
to the position of carhouse repairman are made upon the basis of per- 
formance and length of service. 

LEAVE OF ABSENCE FOR MILITARY OR NAVAL SERVICE 

By vote of the trustees, effective as of July 24, 1940, any person 
in the employ of the railway who is granted a leave of absence for 
compulsory or voluntary service in the uniformed military or naval 
forces of the United States shall be entitled to his rating, so far as the 
railway is concerned, if he reports for duty within 40 days from the 
date he is released from such service. 

BRADY SAFETY AWARD 

For the first time since 1935 the railway is again eligible to com- 
pete for the Anthony N. Brady Safety Medal, an award made annually 
to the local transportation system in the United States and Canada 
with the best record for "high achievement in the promotion of safe- 
ty/' For five years the railway was barred from this competition 

FIVE BRADY SAFETY MEDALS WON BY "EL" 




because of the large number of awards, five in number, that the Ele- 
vated had won. 

The management and the employees are exerting every effort, 
and will continue to do so throughout the year, to merit the award of 
the medal on the basis of the safety record for 1941. 

EQUIPMENT, PLANT AND SERVICE CHANGES 

NEW CARS 

We are pleased to announce the purchase of 20 new cars known 
in the industry as the "Presidents' Conference Committee Car" by 
virtue of having been designed and developed under the direction of 
a committee composed of street railway executives. 

These cars are of light weight, streamlined in appearance, com- 
fortable, fast, smooth in starting and stopping, practically noiseless 
in operation, and with improved ventilating, heating and lighting 
equipment. 




INTERIOR VIEW, NEW 'P.C.C." CAR 



(22) 



Delivery of the first of these 20 new cars is expected in February 
and the remainder soon thereafter. These cars are to be placed in ser- 
vice on the Newton-Brighton-Watertown line operating between Wat- 
ertown station near Watertown square and Park street subway sta- 
tion, via Galen, Tremont, Washington and Cambridge streets and 
Brighton and Commonwealth avenues and the Boylston and Tremont 
street subways. The 20 cars will be enough to take care of all the 
service on this line during the normal hours of travel and will accom- 
modate one-half of the rush-hour riding. This line was chosen for 
the operation of the new cars because it is the most heavily traveled 
line with single cars through the subway. Minor changes were made 
in the design of the car to adapt it for subway service. 

Before deciding to purchase these 20 cars the railway experi- 
mented for several years with a single car of this type which was 
placed in service on July 24, 1937 on the Charles River line. From 
more than 500 answers to a questionnaire sent out to residents in the 
district served by the line, the overwhelming popularity of the car 
was clearly manifested. The performance of this car has been excel- 
lent both from the viewpoints of operating and maintenance costs. 

These 20 new cars will replace a like number of heavy type cars 
which are 30 years old. 

HUNTINGTON AVENUE SUBWAY 

The new Huntington avenue subway, built by the Transit De- 
partment of the City of Boston, is expected to be opened to the public 
on Sunday, February 16, 1941. 

Measured in terms of minutes saved per day by the rider, this 
latest improvement in Boston's transportation system means a sav- 
ing in time of at least 10 minutes during normal hours and of twice 
that much time during hours of congested street traffic conditions. 
Stated in terms of the number of present riders to be benefited by this 
improvement of the Huntington avenue service, this saving in time 
over a year is estimated at more than 950,000 hours, or practically 
40,000 days, or almost three entire days out of a year for each regular 
round-trip rider. 

(23) 



The new subway, which was begun on September 18, 1937, ex- 
tends from Boylston street, under Exeter street and Huntington av- 
enue to Opera Place, and is 4,316 feet in length. There are two sta- 
tions, Mechanics, opposite the building of the same name, and, Sym- 
phony, at the intersection of Huntington and Massachusetts avenues. 

The subway is built with separate tubes for each track. Up to 
Norway street the tubes are parallel and are separated only by a wall 
between them. Beginning at about Norway street the two tubes are 
farther apart in order to allow an automobile underpass to be built 
to take the street traffic on Huntington avenue under Massachusetts 
avenue. When these two tubes reach Gainsborough street they are 
again parallel and close together with only a center wail between them. 

At the junction of the Huntington avenue subway with the 
Boylston street subway, suitable signal and interlocking apparatus 
has been installed to control the operation of the cars in the Hunting- 
ton avenue subway and in the Boylston street subway, so that this 
operation can be made safely and expeditiously. 

Acting under contract with the Transit Department, the rail- 
way constructed the tracks and special work, installed the overhead 
trolley and the signal and interlocking system, the lighting and mis- 
cellaneous electric apparatus, and the station equipment. 

MECHANICS STATION, INBOUND, NEW HUNTINGTON AVENUE SUBWAY 




RAMP AT DUDLEY STREET STATION 

In order to provide for an easier journey between the lower and 
the upper levels at Dudley street station, a ramp was constructed 
from the lower level to the westerly northbound rapid transit plat- 
form. 

There are really two ramps, both at a 15 per cent, grade. One 
extends from the lower level to a gallery from which there is a stair- 
way to the second ramp which leads to the upper level. The ramps are 
of steel and concrete construction. More than 4,600 passengers use 
this ramp on weekdays. 

GARAGE AT ALBANY STREET 

A new garage with a capacity of 32 buses and trucks and with 
lobby and storeroom facilities is now under construction with en- 
trances to it from either Harrison avenue or Albany street. This ga- 
rage is being built on part of the land upon which was located the old 
Albany street shop and office building of the department of rolling 
stock and shops and the boiler room section of the Central power sta- 
tion, both of which were removed after the opening in 1939 of the new 
shop unit at Everett. 

RESERVOIR CARHOUSE 

Construction of a new unit and alterations in the existing unit at 
this carhouse, which were begun in 1939, were completed last Sum- 
mer. The changes provide for the storage, inspection and repairs of 
the cars operating on the Kenmore-Lechmere line, which were form- 
erly serviced at the Bennett street carhouse. 

ESCALATORS 

Thorough repairs were made during the year on one escalator at 
Andrew station, one at State station and both escalators at Scollay 
under station. 

(25) 



LOUD SPEAKER SYSTEM AT PARK STREET STATION 

At Park street station there was installed a loud speaker system 
that the attendant in the information booth may use in order to no- 
tify passengers on the platforms about any interruption of service, 
rerouting or other information relating to the service. 



TRACKLESS TROLLEY LINE 

The trackless trolley line operating from Everett "El" terminal 
to Woodlawn was extended from Woodlawn to the Revere carhouse by 
way of Park avenue with a loop at the Revere carhouse terminal. 
Service on the line as lengthened began on September 7. 




TRACKLESS TROLLEY OX CROSS STREET, MAL.I3EN 



(26) 



A CONTINUOUS AUDIT OF REVENUES AND EXPENDITURES 

All revenue received and all disbursements made by the railway 
are audited by its Bureau of Audit and the methods used produce, in 
effect, a day-to-day or continuous audit of the railway's many activi- 
ties. 

As a result of rules and regulations adopted by the trustees and 
the system of accounts promulgated by the Interstate Commerce 
Commission and adopted by the State Department of Public Utilities, 
the accounting practices of the railway have become well established 
through the years and are directed toward safeguarding its revenues 
and expenditures. The management is provided with an effective 
control over costs and departmental budgets by a detailed system of 
records covering all phases of transportation, including the inspection 
and maintenance of the railway plant. 

The methods of fare collection have been designed to safeguard 
the collection of revenues and to simplify their audit. More than 
sixty per cent, of the revenue from fares is deposited directly by pas- 
sengers into locked boxes within automatic passimeters and into col- 
lectors' fare boxes at prepayment stations. Readings of the passi- 
meters and fare boxes, taken under supervision, are sent directly to 
the Bureau of Audit. Fare revenues collected in surface cars, buses 
and trackless trolleys are audited by means of fare box and register 
readings. Other revenues are checked with provisions of contracts 
and other agreements. 

The chief item of expense is for wages, which are paid by checks. 
The basic payroll cost of blue uniformed men is determined by the 
service schedule, which simplifies the audit of their wages. Payrolls 
of other employees are made up from weekly time cards, properly 
verified. 

Payments for materials purchased, services rendered, and the 
like, are audited in conformity with sound accounting practices. A 
large part of the expenditures of the railway arises from the fixed 
charges and their amounts, some of them determined by law, are 
definite and subject to checking with public records and other sources. 

(27) 



Since 1912, the Department of Public Utilities or its predecessors, 
has made an annual detailed examination of all expenditures for ad- 
ditions and betterments to Road and Equipment. The requirement of 
reporting these expenditures in minute detail makes possible an effec- 
tive check by the accounting and the engineering divisions of the De- 
partment of Public Utilities. 

Included in this report are the comparative balance sheet which 
shows the net change in the asset and liability accounts, and the in- 
come statement which shows the results of operations for the calen- 
dar year 1940. Also appended are several statements of statistical 
data. Together these are a summation of the pertinent facts for this 
calendar year, with comparisons of other years, presented in an earn- 
est effort to project a clear and complete analysis of the railway's 
operations. 

In addition to the continuous audit by the Bureau of Audit, the 
trustees engage the services of a firm of independent public account- 
ants who conduct an independent examination of the railway's ac- 
counts. The certificate of Lybrand, Ross Bros. & Montgomery, Inde- 
pendent Public Accountants, relating to the balance sheet and income 
statement, is contained in this report. This certificate includes their 
opinion as to the accounting practices of the railway, to which we 
refer you. 

CONCLUSION 

We shall continue to fit the service as closely as possible to the 
demand for it, to maintain the plant and the equipment at a fair and 
reasonable level consistent with public safety and convenience and to 
develop the use of the system in such ways as are open to us. 

In the opinion of competent authorities, the service, the plant and 
the equipment of the Boston Elevated Railway rank well as compared 
with other local transportation systems in the nation. We do not 
contend for a moment that the Elevated is perfect, but we do say that 
with the income available and in view of the necessity of keeping the 

(28) 



deficit assessment down at as low a figure as possible, the services and 
tne facilities offered to the public are as good as can reasonably be 
expected. We should like to furnish a more liberal service, we should 
like to experiment more extensively, we should like to modernize the 
equipment at a faster rate, but we cannot do so because there is a 
limit to what can be done within the reduced income from the lower 
level of riding and because we cannot risk adding to the deficit. 

As to the extent of service, we furnished in 1940 a total revenue 
mileage of 45,433,001 miles in 5,940,473 round trips consuming 
4,521,065 hours, transporting in all 294,450,628 revenue passengers. 

Day and night the "El" is ready to serve the people of Boston 
and of the neighboring communities. And it does it. Occasionally 
there is a failure of man or equipment. And then there is a delay, as 
there was on November 19 from the loss of power caused by a short 
circuit due to the breakdown of an insulator at the South Boston 
power station. And that delay stands out, perhaps by contrast with 
the usual railway dependability. 

For 1940 as a whole, the number of delays in service of 20 min- 
utes or longer for which the railway was responsible was lower than 
for any year since 1916, the first year for which records of this type 
were kept. There were 67 such delays in 1940, which number com- 
pares favorably with 103 in 1935 and 137 in 1930. 

We hope that the foregoing account of the affairs of the railway 
has been of some help in enabling the reader to obtain a good under- 
standing of the problems of the railway and of their close relation- 
ship to the problems of the community at large, particularly to those 
of the City of Boston. 

In our opinion, the future of the railway and that of the commun- 
ity are inseparable. As to the railway, there has been a partial recov- 
ery during the past half-dozen years. We are looking forward to and 
want a complete recovery. And, in our minds, that total recovery de- 
pends to a large extent upon a restoration within central Boston of 
that intensity of commercial, industrial and business activity which 
it formerly enjoyed. 

(29) 



Reference was made to the twin problems of decentralization and 
traffic congestion in the annual addresses of His Excellency the Gov- 
ernor of the Commonwealth of Massachusetts and of His Honor the 
Mayor of the City of Boston. A likemindedness on the part of pub- 
lic authorities as to the nature of the problem confronting this com- 
munity is a distinct step toward its solution. To this end, we offer 
our help. 

BOARD OF PUBLIC TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 




* Chairman 
Secretary 



January 31, 1941 



(30) 



FINANCIAL STATEMENTS 



AND 



STATISTICS 



Boston, Massachusetts 



To the Trustees of Boston Elevated Railway Company: 

We have examined the balance sheet of the Boston 
Elevated Railway Company as of December 31, 1940, and the 
accompanying statements of income and of cost of service deficit 
for the twelve months ended December 31, 1940, have reviewed 
the system of internal control and the accounting procedures of 
the company and have examined or tested accounting records of 
the company and other supporting evidence, by methods and to the 
extent we deemed appropriate. In accordance with accepted 
audit procedure, we made an examination In detail of such portion 
of the transactions as we deemed appropriate and no limitation 
as to the scope of our examination was placed upon us by the 
Board of Public Trustees or other officials of the company. 

In our opinion, the provision for depreciation of road 
and equipment in the year 1940 charged to cost of service as shown 
in the accompanying schedule of operating expense accounts is 
fair and reasonable, but the amount of accrued depreciation 
appearing In the accompanying balance sheet Is Inadequate. 

In our opinion, subject to the' comment in the 
preceding paragraph, the accompanying balance sheet and related 
statements of income and of cost of service deficit present 
fairly the position of the Boston Elevated Railway Company at 
December 31, 1940, and the results of its operations under public 
control for the fiscal year then ended, in conformity with 
generally accepted accounting principles applied on a basis con- 
sistent with that of the preceding year, 

Boston, Massachusetts 
January 27, 1941 




(33) 



GENERAL BAI 

DECEMBER 31 



ASSETS 

December 31 



1940 1939 
Fixed assets: 

Road and equipment: 

Way and structures $ 61,161,572.57 $ 61,385,369.19 

Equipment 30,746,971.22 31,237,257.97 

Power 15,570,649.14 15,558,582.68 

General and miscellaneous 1,972,733.17 1,972,733.17 

Unfinished construction 146,878.90 105,613.06 



Total road and equipment $109,598,805.00 $110,259,556.07 

Miscellaneous physical property 688,978.14 799,061.67 

Advances for road and equipment on 

leased roads — Eastern Massachusetts 

Street Railway Company 232,455.28 233,428.26 



Total fixed assets $110,520,238.42 $111,292,046.00 



Current assets: 

Cash in banks and on hand $ 4,972,994.90 $ 2,470,064.01 

Special deposits 348,673.88 347,379.13 

Reconstruction Finance Corporation notes 1,007,031.25 

United States Treasury bonds 400,000.00 

Miscellaneous accounts and rents receiv- 
able 541,139.23 438,899.51 

Material and supplies 2,049,333.41 1,931,359.56 

Other current assets 39,180.00 39,230.00 



Total current assets $ 7,951,321.42 $ 6,633,963.46 



Other investments— mortgage notes receivable $ 112,000.00 $ 129,500.00 



Deferred charges and unadjusted debits: 

Prepaid expenses $ 117,623.00 $ 63,483.00 

Unamortized discount on bonds 1,041,085.38 1,114,171.26 

Other unadjusted debits 71,955.65 54,019.06 

Total deferred charges and 

unadjusted debits $ 1,230,664.03 $ 1,231,673.32 

TOTAL ASSETS $119,814,223.87 $119,287,182.78 



Note • Amounts advanced by Commonwealth of Massachusetts to the Boston Elevated Railway 
Company' for deficits in cost of service July 1, 1931 to March 31, 1940 totaled $18,604,378.29 
December 31, 1940. 



(34) 



^NCE SHEET 

940 AND 1939 

LIABILITIES 

Funded debt (per schedule, page 46) : 



December 31 
1940 1939 



Bonds held by Boston Metropolitan Dis- 
trict $ 59,744,917.00 $ 59,744,917.00 

Bonds held by others: 

Not due within one year 11,456,000.00 16,456,000.00 

Due within one year (November 1, 

1941) .' 5,000,000.00 

Total funded debt $ 76,200,917.00 $ 76,200,917.00 

Current liabilities: 

Accounts and wages payable $ 613,689.08 $ 561,664.13 

Accrued interest, dividends and rents 

payable 1,365,548.26 1,367,270.97 

Accrued taxes 165,690.52 168,584.42 

Unredeemed tickets 52,743.92 52,108.00 

Other current liabilities 41,659.56 41,129.56 

Total current liabilities, exclu- 
sive of bonds due within one 

year shown above $ 2,239,331.34 $ 2,190,757.08 

Reserve for depreciation— road and equipment $ 16,821,801.67 $ 16,654,629.49 

Reserve for injuries and damages $ 1,055,492.57 $ 969,779.52 

Unadjusted credits: 

Unamortized premium on bonds $ 12,480.60 $ 16,407.12 

Suspense credit pending settlement of 

prior year taxes 438,061.70 426,664.58 

Other unadjusted credits 119,212.98 111,481.67 

Total unadjusted credits $ 569,755.28 $ 554,553.37 

Capital stock (per schedule, page 46) : 

Common stock (238,794 shares of $100.00 

par value each) $ 23,879,400.00 $ 23,879,400.00 

Premium on common stock . 2,707,428.13 2,707,428.13 

Total common stock and prem- 
ium $ 26,586,828.13 $ 26,586,828.13 

Profit and loss and surplus accounts: 

Deficit prior to July 1, 1918 $ 12,127.83* $ 12,127.83* 

Deficit year ended June 30, 1931 1,969,473.12* 1,969,473.12* 

Cost of service deficit 9 months ended 

December 31, 1940 or 1939 2,219,069.19* 2,429,448.88* 

Surplus arising from consolidation with 

West End Street Railway Co. June 

10, 1922 and reorganization July 1, 

1931 540,768.02 540,768.02 

Total profit and loss and surplus ac- 
count (debit) $ 3,659,902.12 * $ 3,879,281.81 * 

TOTAL LIABILITIES ... $119,814,22 3.87 $119,287,182 .78 

♦Denotes debit balance. 



(35) 



STATEMENT OF COST OF SERVICE DEFICIT 

YEAR ENDED DECEMBER 31, 1940 

Cost of service deficit as at January 1, 1940 $2,429,448.88 

Operating loss for year per accompanying" income 

statement $2,601,674.71 

Less net credits direct to cost of service deficit not re- 
reflected in the income statement 87,374.53 2,514,300.18 



$4,943,749.06 



Deduct amount advanced by Commonwealth of Massa- 
chusetts for deficit in cost of service at March 
31, 1940 2,724,679.87 



Cost of service deficit for the nine months ended De- 
cember 31, 1940 per balance sheet $2,219,069.19 



(36) 



INCOME STATEMENT 

Years Ended December 31 

1940 1939 
Operating Revenue: 

Passenger Revenue $25,716,456.79 $25,003,678.34 

Special Car and Special Bus Revenue 111,144.00 119,788.35 

Total Revenue from Transportation. . . . $25,827,600.79 $25,123,466.69 

Station and Car Privileges $ 473,789.07 $ 462,127.12 

Rent of Buildings and Other Property 77,792.77 63,661.45 

Power Sales 43,153.55 35,320.09 

Other Operating- Revenue 625.27 176.97 

Total Revenue from Other Operations. $ 595,360.66 $ 561,285.63 

Total Operating Revenue $26,422,961.45 $25,684,752.32 

Operating Expenses: 

Way and Structures $3,105,087.84 $2,886,987.35 

Equipment 3,206,573.34 3,110,983.98 

Power 1,722,674.78 1,722,741.79 

Conducting Transportation 8,623.510.93 8,527,222.15 

Traffic 25,275.24 22,312.40 

General and Miscellaneous 2,611,967.71 2,459,677.28 

Transportation for Investment (Credit) .... 9,6^2.9? 75,9/9.0/ 

Total Operating- Expenses $19,285,456.91 $18,716,005.94 

(Including Depreciation $2,157,709.68 in 
1940 and $2,074,456.22 in 1939) 

Operating Income Before Taxes $7,137,504.54 $6,968,746.38 

Taxes Assignable to Operations: 

Federal $ 602,218.02 $ 588,511.58 

State and Municipal 1,055,280.19 1,043,675.99 

Total Taxes Assignable to Operations.. $1,657,498.21 $1,632,187.57 

Operating Income $5,480,006.33 $5,336,558.81 

Non-Operating Income $ 20,336.50 $ 26,196.08 

Gross Income $5,500,342.83 $5,362,754.89 

Deductions from Gross Income: 

Interest on Funded Debt $3,952,485.02 $3,952,485.02 

Amortization of Discount on Funded Debt. . 73,085.88 73,085.88 

Subway and Rapid Transit Line Rental 2,828,570.46 2,825,776.56 

Dividends (Chap. 333, Acts 1931) 1,193,970.00 1,193,970.00 

Rent for Leased Roads 45,607.07 45,560.49 

Other Deductions 8,299.11 16,167.08 

Total Deductions from Gross Income... $8,102,017.54 $8,107,045.03 

Operating Loss for Year *$2,601,674. 71 * $2,744.290.14 

* Debit 



(37) 



OPERATING EXPENSE ACCOUNTS 

Years Ended December 31 

1940 1939 
Way and Structures: 

Superintendence of Way and Structures $ 278,357.77 $ 276,707.84 

Maintenance of Track and Roadway 932,392.26 956,611.27 

Removal of Snow and Ice 322,660.60 157,576.83 

Tunnels and Subways 27,606.59 36,408.79 

Elevated Structures and Foundations 62,965.12 63,675.83 

Bridges, Trestles and Culverts 8,613.62 7,457.97 

Crossings, Fences and Signs 8,372.54 5,693.28 

Signals and Interlocking Apparatus 24,509.13 29.807.49 

Telephone and Telegraph Lines 6,184.54 8,901.62 

Other Miscellaneous Way Expenses 36,881.28 36,055.07 

Maintenance of Electric Line Equipment 250,004.32 236,176.39 

Maintenance of Buildings, Fixtures and 

Grounds 413,340.07 351,914.97 

Depreciation of Way and Structures 733,200.00 720,000.00 

Total Way and Structures $3,105,087.84 $2,886,987.35 

Equipment: 

Superintendence of Equipment $ 110,874.94 $ 145,562.36 

Maintenance of Revenue Equipment 1,214,766.80 1,208,819.16 

Maintenance of Rail Service Equipment 25,065.86 18,937.52 

Elec. Equip. Maint. of Revenue Equipment. . 329,203.87 295,784.56 

Shop Equipment 56,560.02 54,388.15 

Shop Expenses 262,562.52 264,922.20 

Miscellaneous Equip. (Autos, Trucks and 

Tractors) 63,829.65 53,113.81 

Depreciation of Equipment 546,000.00 495,000.00 

Depreciation of Buses and Trackless Trolleys 597,709.68 574,456.22 

Total Equipment $3,206,573.34 $3,110,983.98 

Power: 

Superintendence of Power $ 88,207.30 $ 92,312.62 

Maintenance of Power Plant Bldgs. and 

Equipment 145,779.35 185,870.67 

Depreciation of Power Plant Bldgs. and 

Equipment 280,800.00 285,000.00 

Operation of Power Plants 965,493.32 921,237.02 

Gasoline and Fuel Oil for Buses 242,394.81 238,321.48 

Total Power §1,722,674.78 $1,722,741.79 



(38) 



OPERATING EXPENSE ACCOUNTS (Concluded) 

Years Ended December 31 

1940 1939 
Conducting Transportation : 

Superintendence of Transportation . $1,133,202.73 $1,115,567.27 

Pass. Car. Trainmen and Bus Operators 5,014,516.81 4,970,203.51 

Misc. Car and Bus Service Employes 186,027.43 183,690.70 

Misc. Car and Bus Service Expenses 111,205.30 103,890.07 

Station Employes 648,127,41 637,921.83 

Station Expenses 204,359.22 194,276.76 

Car House and Bus Garage Employes 779,403.95 771,722.66 

Car House and Bus Garage Expenses 95,419.50 89,749.18 

Operation of Signal and Interlocking Appara- 
tus 228,745.23 230,960.02 

Operation of Telephone and Telegraph Lines 13,815.62 13,405.38 

Other Transportation Expenses 208,687.73 215,834.77 

Total Conducting Transportation $8,623,510.93 $8,527,222.15 

Traffic $ 25,275.24 $ 22,312.40 

General and Miscellaneous: 

Salaries and Expenses of General Officers $ 86,798.53 $ 86,364,24 

Salaries and Expenses of General Office Clerks 404,450.61 391,043.43 

General Office Supplies and Expenses 80,502.75 79,916.45 

Law Expenses 33,994.73 34,162.29 

Relief Expenses 30.00 120.00 

Pensions and Gratuities 242,004.34 250,772.26 

Miscellaneous General Expenses 97,604.26 95,213.12 

Injuries and Damages 1,120,808.69 995,369.46 

Insurance 145,000.03 150,476.02 

Stationery and Printing 70,497.37 59,557.82 

Store Expenses 218,602.23 214,410.22 

Garage Expenses (Excl. Bus Garages) 97,852.43 88,404.06 

Rent of Equipment 13,821.74 13,867.91 

Total General and Miscellaneous $2,611,967.71 $2,459,677.28 

Transportation for Investment ^$9,632.93 ^$13,919.01 

Total Operating Expenses $19,285,456.91 $18,716,005.94 



t Credit 



(39) 



ROAD AND EQUIPMENT INVESTMENT 

Total Total 

Way and Structures Dec. 31, 1940 Dec. 31, 1939 

Engineering and Superintendence $1,722,072.11 $1,722,072.11 

Right of Way 11,465,147.56 11,465,147.56 

Other Land 5,781,262.03 5,723,361.72 

Grading 314,392.48 317,191.25 

Ballast 712,286.38 725,403.43 

Ties 756,034.81 . 778,861.11 

Rails, Rail Fastenings and Joints 1,599,481.52 1,688,753.86 

Special Work 4,314,154.15 4,331,053.86 

Track and Roadwav Labor 3,989,291.91 4,033,636.20 

Paving 1,296,893.88 1,342,093.71 

Roadway Machinery and Tools 610.534.46 585,943.22 

Tunnels and Subways 360,237.98 358,535.07 

Elevated Structures and Foundations 5,549,015.53 5,549,015.53 

Bridges, Trestles and Culverts 1,994,721.36 1,994,721.36 

Crossings, Fences and Signs 85,720.95 85,720.95 

Signals and Interlocking Apparatus 1,134,496.61 1,134,496.61 

Telephone and Telegraph Lines 102,935.36 102,935.36 

Poles and Fixtures 689,210.78 682,406.67 

Underground Conduits 1,931,026.80 1,914,536.07 

Distribution System 3,795,778.15 3,791,105.12 

Shops, Car Houses and Garages 8,182,515.19 8,281,556.24 

Stations, Misc. Buildings and Structures 4 562 061.37 4,544,520.98 

Wharves and Docks 232,301.20 232,301.20 

Total Way and Structures $61,161,572.57 $61,385,369.19 

Equipment 

Pass. Cars, Buses and Trackless Trolleys... $20,455 659.08 $20,899,714.52 

Service Equipment 999,555.00 968,246.59 

Electric Equip, of Cars and Trackless Trolleys 7,119,434.72 7,346,234.63 

Shop Equipment 957,142.42 906,878.99 

Furniture, Fare Boxes and Passimeters 281,631.68 270 935.90 

Miscellaneous Equipment 933,548.34 845,247.34 

Total Equipment $30,746,971.22 $31,237,257.97 

Power 

Power Plant Buildings $3,601,316.77 $3,601,316.77 

Sub Station Buildings : 640,979.22 640,979.22 

Power Plant Equipment 7,024,267.77 7,022,436.04 

Sub Station Equipment 2,689,711.55 2,688,678.65 

Transmission System 1,614,373.83 1,605,172.00 

Total Power 815,570,649.14 S15,558,582.68 

General and Miscellaneous 

Law Expenditures $250.00 $250.00 

Interest during Construction 1,832,301.09 1,832,301.09 

Injuries and Damages 7,500 00 7,500.00 

Taxes 145,866.54 145,866.54 

Miscellaneous 13,184.46* 13,184.46* 

Total General and Miscellaneous 81,972,733.17 81,972,733.17 

Unfinished Construction $146,878.90 $105,613.06 

Total Road and Equipment Investment $109,598,805.00 $110,259,556.07 



* Credit. 



(40) 



INVESTMENT IN ROAD OWNED AND LEASED DECEMBER 31, 1940 

Boston Elevated Railway Company: 

Road and Equipment $109,598,805.00 

Miscellaneous Physical Property 688,978.14 

West Roxbury Lines (E. Mass. St. Ry. Co.).. 232,455.28 



Total Boston Elevated Railway Company 

Investment $110,520,238.42 

Leased Lines: 

Hyde Park Transportation District 

(City of Boston) $245,931.51 

Eastern Mass. St. Ry. Co. (Part Leased) 

West Roxbury Lines $672,847.44 

Middlesex Fells Line 29,546.01 



Total Eastern Mass. St. Ry. Co 702,393.45 



Total Leased Lines 948,324.96 

City of Boston Investment: 

Boylston Subway $11,531,391.46 

Cambridge Connection 1,705,393.34 

Dorchester Tunnel 12,270,947.05 

Dorchester Rapid Transit Extension 11,065,560.70 

East Boston Tunnel 7,294,918.31 

East Boston Tunnel Extension 2,347,492.16 

Tremont Subway 4,675,090.45 

Washington Tunnel 7,977,814.44 



Total City of Boston Investment 58,868,607.91 

Comm. of Massachusetts Investment — 

Cambridge Subway 8,226,759.52 



Total Investment in Road Owned and Leased $178,563,930.81 



(41) 



RECEIPTS AND COST OF SERVICE FOR YEARS ENDED DEC. 31 

Receipts 1940 1939 

Revenue from Transportation $25,827,600.79 $25,123,466.69 

Revenue from Other Operations 595,360.66 561,285.63 

Non-Operating- Income 20,336.50 26,196.08 



Total Receipts $26,443,297.95 $25,710,948.40 

Cost of Service 

Operating- Expenses: 

Wages $12,946,200.09 $12,764,185.12 

Material and Other Items 2,355,747.50 2,214,457.49 

Injuries and Damages 949,991.28 829,610.01 

Depreciation 2,157,709.68 2,074,456.22 

Fuel 875,808.36 833,297.10 



Total Operating Expenses $19,285,456.91 $18,716,005.94 

Interest on Bonds 3,952,485.02 3,952,485.02 

Subway and Rapid Transit Line Rental 2,828,570.46 2,825,776.56 

Taxes 1,657,498.21 1,632,187.57 

Dividends (Chap. 333, Acts 1931) 1,193,970.00 1,193,970.00 

Rent of Leased Roads 45,607.07 45,560.49 

Miscellaneous Items 81,384.99 89,252.96 

Total Cost of Service $29,044,972.66 $28,455,238.54 

Loss for Year , $2,601,674.71 $2,744,290.14 



Notk : Profit and Loss items not included in above. 



(42) 



COMPARATIVE STATISTICS 



Passenger and Traffic Statistics 



Year Ended December 31 



1940 



1939 



Cost of Service Per Revenue Passenger. . . . 9.86c 9.64c 

Total Receipts Per Revenue Passenger.... 8.98c 8.71c 

Loss Per Revenue Passenger 0.88c 0.93c 

Passenger Revenue $25,827,600.79 $25,123,466.69 

Round Trips Operated 5,940,473 6,012,448 

Average Fare per Fare Passenger 8.76c 8.50c 

% of 5c Fares to Total Rev. Passengers. . . 24.71% 29.97% 

Revenue Passengers Per Mile Operated. . . . 6.48 6.48 

Revenue Passengers: 

10c Fares 220,753,483 205,804,629 

5c Fares 63,437,046 82,238,491 

6V 2 c Joint Fares 100,209 20,640 

5c Pupils' Tickets 6,325,943 6,213,354 

Special Car and Special Bus 833,947 845,963 

Total Revenue Passengers 294,450,628 295,123,077 

Revenue Miles: 

Surface Lines 20,541,941 20,877,236 

Bus Lines 11,626,715 11,514,941 

Trackless Trolley Lines 2,203,504 2,221,853 

Rapid Transit Lines 11,060,841 10,941,606 

Total Revenue Miles 45,433,001 45,555,636 

Revenue Hours: 

Surface Lines 2,236,464 2,277,015 

Bus Lines 1,308,973 1,289,195 

Trackless Trolley Lines 239,780 239,398 

Rapid Transit Lines 735,848 725,364 

Total Revenue Hours . 4,521,065 4,530,972 

Power Statistics: 

Tons of coal burned 121,214 121,434 

Pounds of coal per D. C. kilowatt hour 1.323 1.344 

Average price of coal per long ton (at 

boilers) $5.23 $4.90 

Net cost of power for car service per kilo- 
watt hour (cents) 0.756 0.774 

Net cost of power per total car mile 

(cents) 4.199 4.213 

Direct current annual output (kilowatt 

hours) 205,127,940 202,281,485 



(43) 



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§ 














Z . K vs. ++ 



(45) 



CAPITAL OUTSTANDING, DECEMBER 31, 1940 



Outstanding Common Stock 



No. 
Shares 
Outstandin 


Par Value 
Shares 
g Outstanding 


Net 
Premium 


Amount 
Realized 


5% 
Yearly Dividends 
Dividend Payable 


5,000 


$500,000.00 


— 


$500,000.00 




95,000 


9,500,000.00 


— 


9,500,000.00 




33,000 


3,300,000.00 


$1,815,000.00 


5,115,000.00 




66,500 


6,650,000.00 


695,958.13 


7,345,958.13 




39,294 


3,929,400.00 


196,470.00 


4,125,870.00 


i Jan. 1 


238,794 


$23,879,400.00 


$2,707,428.13 


$26,586,828.13 


$1,193,970 00 Pr ' 
Wulyl 

/ Oct. 1 



Outstanding Funded Debt 



Par 
Value 


Rate 


Maturity 


Amount 
Realized 


Yearly 
Interest 


Co. 


$5,000,000.00 


4V 2 % 


Nov. 


1, 


1941 


$4,900,000.00 


$225,000.00 


B. E 


8,286,000.00 


5 % 


Dec. 


1, 


1942 


7,869,934.74 


414,300.00 


B. E 


2,600,000.00 


5 % 


Mar. 


1, 


1944 


2,712,832.07 


130,000.00 


W. E 


570,000.00 


7 % 


Sept. 


1, 


1947 


570,399.00 


39,900.00 


W.E 


§ 1,581,000.00 


4V 2 % 


Aug. 


1, 


1949 


1,503,309.66 


71,145.00 


B.E 


§ 6,309,000.00 


5 % 


Jan. 


1, 


1960 


6,169,571.10 


315,450.00 


B.E 


§ 8,500,000.00 


5 % 


Mar. 


1, 


1960 


8,569,615.00 


425,000.00 


B.E 


§ 7,711,000.00 


4V 2 % 


Dec. 


15, 


1960 


7,524,779.35 


346,995.00 


B.E 


§ 3,815,000.00 


4V 2 % 


June 


1, 


1961 


3,778,757.50 


171,675.00 


B.E. 


§ 2,098,000.00 


4*4% 


Jan. 


1, 


1962 


2,084,404.96 


89,165.00 


B.E, 


§ 4,800,000.00 


4%% 


Oct. 


1, 


1962 


4,699,579.20 


228,000.00 


B.E 


§ 1,500,000.00 


6 % 


* 


* 


* 


1,500,000.00 


90,000.00 


B.E 


§23,430,917.00 


6 % 


* 


* 


* 


23,430,917.00 


1,405,855.02 


B.E, 


$76,200,917.00 


$75,314,099.58 


$3,952,485.02 





§ Held by Boston Metropolitan District. (Total $59,744,917.00 — 78.4% of total bonds outstanding.) 



(46) 



REVENUE EQUIPMENT ACQUIRED AND RETIRED 

1918-1940 



Owned Acquired 
Surface Cars 1918 1918-1940 

Semi-Convertible Cars: 

Types No. 1 to No. 4 453 

Type No. 5 471 

Type "4000" 64 

Center Entrance Cars 100 305 

Trailer Cars 174 50 

P.C.C. Car 1 

Birney Type Cars 1 80 

Articulated Cars 177 

Box Cars 1,113 

Open Cars 1,354 

Total Surface Cars 3,372 971 

Rapid Transit Cars 

Elevated Cars, Wood and Steel 169 

Elevated Cars, Steel . 162 163 

Camb.-Dorch. Tunnel Cars, Steel 60 95 

East Boston Tunnel Cars, Steel 48 

Total Rapid Transit Cars 391 306 

Buses 

Mechanical Drive 831 

Diesel — Electric Drive 24 

Diesel — Hydraulic Drive 2 

Gas-Electric Drive 46 

Total Buses 903 

Trackless Trolleys 97 

Totals 3,763 2,277 



Retired On Hand 
1918-1940 Dec. 31,1910 



188 


265 


1 


470 


10 


54 


174 


231 


212 


12 




1 


81 




177 


. . . 


1,113 




1,354 





3,310 



215 



382 



1,033 



169 




46 


279 




155 




48 



482 



336 


495 


. . . 


24 


. . . 


2 


46 





521 



97 



3,907 2,133 



(47) 



to 100 



THE JEROME PRESS 



TWENTY-THIRD ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY COMPANY 

YEAR ENDED DECEMBER 31, 1941 




TWENTY-TH I RD 

ANNUAL REPORT 

OF THE 

Scald ok Public nustees 

OF THE 

BOSTON ELEVATED RAILWAY 

COMPANY 

Year Ended December 31, 1941 



The information contained herein is not given in connection with any 
sale, offer for sale or solicitation of an offer to buy any securities. 



BOARD OF PUBLIC TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 

ERNEST A. JOHNSON HENRY J. SMITH, Secretary 

WILLIAM P. JOY PATRICK J. WELSH 



OFFICERS 



(Appointed by the Trustees) 



EDWARD DANA 
JOHN H. MORAN 
MICHAEL H. CULLEN . 
WILLIS B. DOWNEY 
MAURICE P. SPILLANE 



President and General Manager 
Vice-President and Treasurer 
General Auditor 
General Counsel 
General Claims Attorney 



TABLE OF CONTENTS 



PAGE 

INTRODUCTION 5 

INCREASE IN RIDING 5 

DIFFICULTIES IN OBTAINING CERTAIN EQUIPMENT 

AND SUPPLIES 7 

COST OF THE SERVICE 8 

OPERATING EXPENSES 8 

FIXED CHARGES ... 9 

INTEREST 10 

SUBWAY AND RAPID TRANSIT RENTALS 12 

TAXES . 13 

DIVIDENDS 13 

RENT OF LEASED ROADS 13 

NON-PAYMENT OF DEFICIT 13 

WAR EMERGENCY PREPARATIONS ..... 16 

POWER 18 

EMPLOYEES 19 

LEAVE OF ABSENCE FOR SERVICE IN ARMED FORCES . . .19 

REDUCTION IN COLLISION ACCIDENTS 19 

EMPLOYEE TRAINING 20 

PHYSICAL EXAMINATION OF TRANSPORTATION EMPLOYEES . 20 

"MERIT PLAN" OF EMPLOYEE SELECTION 21 

CHARTERED BUS BUSINESS 21 

SERVICE, EQUIPMENT AND PLANT CHANGES ... 22 

EXTENSION OF TRACKLESS TROLLEY SERVICE . . . .22 

CHANGES IN BUS SERVICE 23 

NEW CARS ON THE NEWTON-BRIGHTON-WATERTOWN LINE . 23 
OPENING OF THE HUNTINGTON AVENUE SUBWAY . . .24 

BUS PLATFORM AT MAVERICK SQUARE 24 

AUTOMOBILE PARKING AREAS 24 

CHANGES IN STREET CAR RESERVATIONS 25 

ALBANY STREET GARAGE 25 

CONCLUSION 26 

(3) 



FINANCIAL STATEMENTS AND STATISTICS 

PAGE 

INDEPENDENT PUBLIC ACCOUNTANTS' CERTIFICATE 29 
FINANCIAL STATEMENTS AND STATISTICS 

BALANCE SHEET . . .30 

BALANCE SHEET NOTES 32 

STATEMENT OF COST OF SERVICE DEFICIT . . . .32 

INCOME STATEMENT 33 

OPERATING EXPENSE ACCOUNTS 34 

ROAD AND EQUIPMENT INVESTMENT 36 

INVESTMENT IN ROAD OWNED AND LEASED . . . .37 

RECEIPTS AND COST OF SERVICE 38 

COMPARATIVE STATISTICS .39 

BASIC DATA FOR PERIOD OF PUBLIC CONTROL 

CALENDAR YEARS 40 

TRUSTEE YEARS . . . . . . . .41 

CAPITAL OUTSTANDING 42 

REVENUE EQUIPMENT ACQUIRED AND RETIRED — 1918 TO 1941 43 

(4) 



The 1941 Annual Report of the Board of Public 

Trustees of the Boston Elevated 

Railway Company 

THE net result from operations of the Boston Elevated Railway 
for 1941 improved by $1,007,917.75, or approximately 40 per cent., 
as compared with 1940. 

In accordance with an act passed by the Legislature in 1941, the 
date upon which the deficit, if any, is determined was changed from 
March 31 to December 31. Consequently, the deficit of which the 
Treasurer and Receiver General of the Commonwealth was notified 
on January 28, 1942 was based upon the results of operation during 
the nine months' period from April 1 to December 31, 1941 and the 
amount was $1,311,406.44. 

The year 1941 was marked by the effects upon the railway of 
the defense effort of the nation which, in the last month of the year, 
became its war effort. 

The manifold activities resulting from this defense and war work 
have been felt by the railway in several ways: By a considerable 
increase in the use of the railway's services. By the development of 
difficulties in obtaining certain equipment and supplies. By an in- 
crease in the wage cost, in taxes and in the costs of fuel and of 
almost all materials and supplies. 

INCREASE IN RIDING 

Preparations toward defense were reflected in the greater use of 
the railway's facilities from April of 1941. Prior to that time, the rid- 
ing on the "El" — an excellent barometer of general activity locally — 
was about on a level with riding during prior comparable periods. 
In April, however, the level of riding curved definitely upward and 
thereafter maintained a sizable margin of improvement over the pre- 
vious year. 

For the year 1941 the number of revenue passengers was 306,- 
815,525 as compared to 294,450,628 for 1940, an increase of 12,364,897, 
or 4.20 per cent. 

(5) 



The number of revenue passengers carried in 1941 was greater 
than in any year since 1931. 

Fortunately, the increase in riding was not concentrated during 
the rush hours nor confined to the relatively few lines serving plants 
like the Navy Yard, the Army Base or the Watertown Arsenal, 
wherein there were intense defense activities, but was spread over 
the entire system and during all of the hours of operation. This 
diffusion of riding indicated anew the effects upon the business of the 
railway of a greater degree of employment, from whatever cause, 
and manifested itself in a number of ways: More riding to places 
of employment. More riding to shops. More riding to places of 
recreation. More riding for a variety of purposes. 

Early we began to prepare for a greater volume of business 
than the "El" has had for some years. First, we reconditioned for 
operation 25 main line elevated, eight Cambridge-Dorchester subway 
and six East Boston tunnel cars, which were in storage. In addition, 
19 elevated cars and 73 surface cars are now being reconditioned for 
future use. 

Fifty new buses were delivered during 1941. Delivery of 35 ad- 
ditional buses is expected early in 1942. These new buses are for 
replacements of old ones which in normal times would be retired from 
service. Now, however, the old buses are being held in reserve for 
emergency use and because of delays in the delivery of new equipment. 

In terms of miles of passenger service operated, the railway 
furnished in 1941 a total of 45,703,597 revenue miles as compared 
with 45,433,001 miles in 1940. 

As to the capacity of the railway system, a question of much 
interest at this time, may we point out that the railway carried 
371,218,401 passengers in 1926, as compared to 306,815,525 in 1941. 
Moreover, the railway carried 1,403,518 passengers on September 23, 
1940, the day before American Legion Parade Day, and 1,114,635 on 
December 22, 1941, the busiest regular day in 1941, as compared with 
965,550, the average number transported on a winter week day, 
and with 833,857, the average number carried on a summer week 
day in 1941. 

(6) 





TRACKLESS TROLLEYS LEAVING CLARENDON HILL CARHOUSE 
FOR LECHMERE TERMINAL 



Comparing the total number of passengers carried in 1926 with 
the total number carried in 1941, it is evident that there is a con- 
siderable margin of capacity on an annual basis. Nevertheless, there 
is at present a high "peak" of riding in the morning and in the after- 
noon rush hours. These "peaks" are becoming more acute. Because 
of this fact we believe that serious consideration should be given 
to the subject of "staggering" of hours of school attendance and of 
employment, particularly in Boston. A well planned system of 
"staggered" hours would result in lengthening somewhat the periods 
within which the large majority of riders go to and return from work 
and within which students go to high schools, thus enabling this rail- 
way to carry a considerably greater number of riders with the equip- 
ment available. 



DIFFICULTIES IN OBTAINING 
CERTAIN EQUIPMENT AND SUPPLIES 

Priorities have been placed in effect during the past year limiting 
the amount of materials which can be procured or can be used for 
operating supplies or for maintenance or repairs. 

Delays have occurred in obtaining certain equipment and sup- 
plies and delays will undoubtedly continue to occur and will probably 
become more acute. 

(7) 



As the Government stipulates that various essential commodities 
are necessary for war and defense uses, substitutes for these ma- 
terials will have to be found. Already steel has been substituted for 
aluminum in bus bodies. Doubtless there will be even greater diffi- 
culties in obtaining certain materials. In fact, the finding of suitable 
substitutes, although they may not be quite so attractive or service- 
able as those materials which have been used, is a major problem 
of the present and one likely to become more serious in the future. 

COST OF THE SERVICE 

Under the Public Control Act, all expenses of the railway which 
determine the results of operation are called "the cost of the service." 
This cost of the service logically divides into two groups, the oper- 
ating expenses and the fixed charges. 

For the year just ended the total cost of the service increased 
$142,299.11 and revenues increased $1,150,216.86. Therefrom resulted 
the reduction of $1,007,917.75 in the excess of cost of service over 
receipts for 1941 as compared to 1940, to which reference has already 
been made. 

OPERATING EXPENSES 

For the year 1941 operating expenses incurred in the operation 
and maintenance of the railway increased $101,905.24. 

These expenses may be classed under five headings, as follows: 
wages, fuel, depreciation, injuries and damages, and material and 
other items. 

For the year 1941 as compared to 1940 the total wage cost in- 
creased $304,429.20. By agreement, effective as of July 1, 1941, the 
wage rates of employees affiliated with Division 589 of the Amal- 
gamated Association of Street, Electric Railway and Motor Coach 
Operators of America (Boston Carmen's Union) were increased five 
cents an hour. The wage rates of craft unions were also increased 
during the year, becoming effective at various dates according to 
agreements. There were also increases in the wages of unaffiliated 
employees. On an annual basis the total increase in wages effective 
in 1941 will be approximately $820,000 for all employees. 

(8) 



For the year ended December 31, 1941 the cost of fuel increased 
$100,710.98. In this item is included coal, gasoline and Diesel oil for 
buses. There was an increase in consumption of coal of 2,445 tons, 
which, together with its higher price, accounts for an increase of 
$53,064.36 in the cost of coal consumed. In 1941 there were 190,086 
fewer gallons of gasoline consumed and 112,809 more miles operated 
by gasoline driven buses. Because of the higher price, however, the 
cost of gasoline, exclusive of tax, increased by $49,091.75 in 1941 as 
compared to 1940. There was a decrease of $1,445.13 in the cost 
of Diesel oil used due to lesser consumption. 

In the calendar year 1941 there was an increase of $16,646.77 in 
the charge for depreciation of property and for obsolescence and 
losses in respect to property sold, destroyed or abandoned. This 
increase arose entirely from the substitution of new buses and track- 
less trolleys, subject to depreciation, for vehicles which had been fully 
depreciated or retired. 

Offsetting in large part the increases in operating expenses by 
reason of higher wage, fuel and other costs, discussed above, were 
decreases in the charge for injuries and damages and in the charge 
for material and other items. 

For the year 1941 there was a decrease of $184,020.42 in the 
charge to operating expenses for injuries and damages. This charge 
is based, in part, upon the estimated reserve that is necessary to be 
set aside for the payment of outstanding claims and suits. 

For the 1941 calendar year, the charges for material and other 
items decreased $135,861.29 as compared to the prior year. Included 
in the charges under this heading, among the larger items, are ma- 
terial and supplies used, certain costs for snow removal, insurance, 
pensions, rent, stationery and printing, and telephone service. 

FIXED CHARGES 

Fixed charges, for the calendar year 1941, totalled $9,715,546.34. 
This was a net increase of $37,415.58 which was due primarily to an 
increase of $46,787.98 in taxes. 

As the name implies, the fixed charges of the railway are rela- 
tively constant and are affected little by the amount or the character 

(9) 



of the service furnished. These fixed charges are divided under the 
following headings : interest, subway and rapid transit rentals, taxes, 
dividends (required by law) and rent of leased road. 

Interest 

The total interest charge in 1941 amounted to $3,942,068.35. 
The Boston Metropolitan District was paid $3,143,285.02 of this 
amount for interest on Elevated bonds held by the District. Of this 
interest payment the District used $1,813,807.52 to retire the prin- 
cipal of bonds issued by it in order to provide funds for the purchase 
of Elevated bonds and used $1,329,477.50 to pay interest on its own 
outstanding bonds. The remainder, $798,783.33, of the total interest 
charge was the interest paid by the railway on its bonds held by the 
investing public. 

The interest charge for 1941 was $10,416.67 lower than the 
interest charge for 1940. This represents the savings for two 
months, November and December, resulting from refinancing through 
the Boston Metropolitan District of $5,000,000 of Elevated bonds 

HUNTINGTON AVENUE SUBWAY INCLINE AT OPERA PEACE 



: ™ ~ ~™ -- 




maturing on November 1, 1941. Because of the importance to the 
taxpayers of this use of the District's credit we state below, in detail, 
the action taken last year and its effects. 

Acting on a recommendation of the trustees of the railway, the 
Legislature enacted at its last session Chapter 567 of the Acts of 
1941, authorizing the Boston Metropolitan District to purchase 
$16,456,000 principal amount of refunding bonds of the Boston 
Elevated Railway Company. This act is similar to several statutes 
passed since 1933 under which the District had acquired $34,814,000 
principal amount of Elevated refunding bonds. It was designed to 
accomplish the refunding at reasonable interest rates of Elevated 
bonds maturing as follows: $5,000,000 on November 1, 1941; 
$8,286,000 on December 1, 1942; $2,600,000 on March 1, 1944; and 
$570,000 on September 1, 1947. 

Under authority granted by this act the Boston Metropolitan 
District on November 1, 1941 issued $5,000,000 principal amount of 
1% P er cent, serial bonds maturing annually over a 25 year period 
and purchased a $5,000,000 principal amount 25 year bond of the Bos- 
ton Elevated Railway Company bearing interest at the rate of S 1 /^ 
per cent., which interest rate is, under the provisions of the act, two 
per cent, in excess of the interest rate on the District bonds issued 
to provide funds for the purchase. 

The refunding operation on this single issue of bonds will result 
in a saving in the cost of the service to the Boston Elevated Railway 
Company of $60,444.17 annually or of $1,511,104.25 over the twenty- 
five year life of the bond. The savings are shown by the following 
table : 

Cost of Service Saving to Boston Elevated Railway Company Arising out of 
Refunding of $5,000,000 4'/ 2 % Bonds Maturing November 1, 1941 





Annual 






Discount 


Total 


Annual 


and 


Annual 


Interest 


Expense 


Charges 



Amount Rate Maturity 

Elevated Maturing 

Bonds ....$5,000,000 4V 2 % Nov. 1, 1941 $225,000 $3,333.36 $228,333.36 

Elevated Refunding 

Bond $5,000,000 3^% Nov. 1, 1966 $162,500 $5,389.19 $167,889.19 

Annual Cost of Saving over 25 Year 

Service Saving $60,444.17 Life of Bond $1,511,104.25 

(11) 



Not only will there be the savings in the cost of the service 
shown above, but the interest which the Elevated pays the District 
will provide funds during the 25-year period to retire nearly 60 per 
cent, of the principal amount of the District bonds while the District 
retains the Elevated bond outstanding in the full amount. 

Subway and Rapid Transit Rentals 

As a part of the cost of service, the sum of $2,829, 413.73 was 
accrued by the railway in 1941 for subway and rapid transit rentals 
payable to the City of Boston and to the Commonwealth of Massa- 
chusetts. In the calendar year the railway payments amounted to 
$2,827,821.25. Of this amount, $2,278,528.75 was used to pay inter- 
est on the bonds issued by the Commonwealth and by the City in 
order to provide for these facilities and $549,292.50 was made avail- 
able for the retirement of the principal of these bonds. 

We call particular attention to the fact that out of the payments 
for interest and for subway and rapid transit rentals made by the rail- 
way during the year $2,363,100.02 was made available for the retire- 
ment of public debt. This sum is 48 per cent, more than the 
operating loss of the railway for 1941 and it was divided as follows: 

Boston Metropolitan District 

a/c retiring District bonds $1,813,807.52 

City of Boston 

a/c retiring subway and 

rapid transit debt 458,112.50 

Commonwealth of Massachusetts 

a/c retiring Cambridge subway debt 91,180.00 



Total $2,363,100.02 



(12) 



Taxes 

In 1941 taxes totalled $1,704,286.19, an increase of $46,787.98 
over 1940. The following table shows the composition of the tax 
accruals in 1941: 

Real estate and personal property taxes $830,028.77 

(Paid to various municipalities in the area served) 

Social Security taxes 537,525.46 

(For old age retirement and unemployment insurance) 

State and Federal gasoline and motor vehicle taxes 281,177.36 

Miscellaneous taxes 55,554.60 



Total $1,704,286.19 

Dividends 

Annually the trustees pay a fixed amount of $1,193,970 for divi- 
dends as required by the Public Control Act. 

Rent of Leased Road 

For the rental of surface car lines in West Roxbury and in the 
Middlesex Fells Reservation, which are owned by the Eastern Massa- 
chusetts Street Railway Company, and for the rental of lines in Hyde 
Park, which are owned by the City of Boston, the railway paid 
$45,808.07 in 1941. 

NON-PAYMENT OF DEFICIT 

In accordance with the requirements of Section 11 of Chapter 
159 of the Special Acts of 1918, as amended, and commonly referred 
to as the "Public Control Act", the public trustees of the Boston 
Elevated Railway Company today (January 28, 1942) certified to the 
Treasurer and Receiver General of the Commonwealth a deficit for 
the nine months' period ended December 31, 1941 in the sum of 
$1,311,406.44. 

The public trustees have repeatedly expressed the desire that all 
legal questions involving the accuracy of the determination of past 
deficits be speedily adjudicated by the Supreme Judicial Court to the 

(13) 




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end that this much publicized question be settled once and for all in 
the public interest. The length of time that may be consumed in 
the litigation which has just been instituted by the Attorney Gen- 
eral is difficult to estimate. 

At any time the failure to pay a deficit would be a serious matter 
in the operation of the railway. Now, when the railway is facing 
extraordinary conditions and expenditures as a result of the war, 
such non-payment of the deficit may become critical and affect the 
efficient operation of the railway and the service to the public. 

The defense and war efforts have increased the demand for 
service, a demand which we have thus far met and which we will 
continue to try to meet. Under war conditions, expenditures of every 
character will face the railway in its effort to provide service, the de- 
mand for which has greatly increased following the restriction in the 
manufacture of private automobiles and tire rationing. Moreover, 
the railway may be called upon to aid in the evacuation of women and 
children and in the transportation of troops. The cost of protecting 
railway property and of providing effective blackout facilities will be 
substantial. All of these things cost money. 

What can the trustees do to provide funds in the event of a con- 
tinued withholding of the payment of the deficits? 

There are only three ways open: 

1. To attempt to increase revenues by increasing the rates for 
transportation services. 

2. To attempt to save money by a drastic curtailment of existing 
services or by a reduction in wages. 

3. To borrow money for current expenses. 

An increase in the rates for transportation services might be 
tried, but a reduction in wages would be inadvisable, if not impossible, 
under present conditions and a drastic curtailment of services would 
be unwarranted and would seriously hamper the war effort in this 
community. 

With respect to borrowing of money, the Public Control Act pro- 
vides that pending payment of a deficit it shall be the duty of the 
trustees to borrow such amount of money as may be necessary to 
enable them to make all payments as they become due. If money 

(15) 



should be borrowed, the cost of the service would be increased by 
the amount of the interest on the borrowed money. 

Pending approval by the Governor and Executive Council of the 
warrant for payment of the deficit for the year ended March 31, 1941, 
the Commissioner of Corporations and Taxation of the Common- 
wealth of Massachusetts instructed the cities and towns in the area 
served by the railway to include the deficit liability in their tax rates 
and not to spend the money thus raised for other purposes. 

No additional financial burden, therefore, would be imposed upon 
the cities and towns served if the current deficits were paid under 
some arrangement that would afford adequate protection to the 
rights of the Commonwealth and of the cities and towns in the liti- 
gation which has just been started. 

Under all of the circumstances discussed above, we believe that 
the deficits should be paid after agreement of the parties in interest 
that such payments shall be made without prejudice, thus leaving 
the way open, when legal proceedings are finally disposed of, for ad- 
justments, if any, that may be required by court decision. 

The deficit for the 12 months ended March 31, 1941 amounted to 
$2,341,167.29 and for the nine months ended December 31, 1941 to 
$1,311,406.44, or a total of $3,652,573.73. 

It seems to us that a vital transportation system serving the 
most important metropolitan area in the Commonwealth of Massa- 
chusetts and performing a greater and greater part of the job of 
transporting the public should not be unnecessarily hampered in its 
operations when the nation is at war. 

WAR EMERGENCY PREPARATIONS 

Naturally, by virtue of the nature of its business, the railway 
possesses facilities to cope with emergency conditions. One of the 
important functions of a mass transportation system is to be 
prepared to meet emergencies like wrecks, explosions, fires, floods and 
snow blockades. 

War conditions, subjecting a vast transit system to the effects 
of attack, may impose even greater burdens. As has been the case 
in European cities, experience under war conditions will teach us here 

(16) 



what adjustments and modifications must be made to gear our 
emergency procedure to war conditions. 

The railway's personnel and equipment are required for the im- 
portant work of providing transportation for those engaged in de- 
fense and war work and for the general public. Especially during 
and after an air raid or other emergency, the railway's full comple- 
ment of men and equipment would be needed for immediate action in 
order to restore services as speedily as possible. 

For years the railway has been taking precautions against fire 
and has developed measures for its control. Much of the railway 
property is protected by sprinkler systems. Inspection of railway 
premises by insurance associations is made at regular intervals. 
Periodically, fire fighting squads hold drills at shops, garages, car- 
houses, yards and loops. At the request and under the observation of 
fire insurance associations, twice a year, suddenly and without warn- 
ing, these squads are required to hold drills. At such times the pro- 
cedure followed is identical to the one which would be followed in 
the event of an actual fire, even to the extent of turning on the water. 



FREE AITOMOBILE PARKING AREA FOR "EL" PATRONS OPPOSITE 

LECHMEKE TERMINAL, EAST CAMBRIDGE 




Emergency trucks, wrecking trucks and cars equipped with 
cranes, and portable wrecking equipment for emergency uses are kept 
in good operating condition. Men long experienced and trained in the 
use of this equipment are ready for whatever new emergencies may 
arise. Together with other vehicles in Region 5 (generally the Bos- 
ton Metropolitan area), the railway's fleet of buses has been regi- 
mented for speedy use in evacuation proceedings or for such other 
uses as may be required by the military authorities. 

The railway and its emergency facilities have been closely incor- 
porated in the plans for civilian defense made by the Massachusetts 
Committee on Public Safety, the Committee on Public Safety of the 
City of Boston and in the plans formulated by the authorities in out- 
lining cities and towns wherein, of course, there is less railway prop- 
erty than in Boston. 

The regulations formulated by the railway regarding blackouts 
and air raids were approved on January 23, 1942 by the Massachu- 
setts Committee on Public Safety. 

The railway management is fully aware that the war may pre- 
sent emergencies of a new and extremely difficult nature. Much time 
and study have been and are being given to setting up methods and 
procedures to meet such emergencies. Key men have attended lec- 
tures to keep abreast of the instructions being given by the various 
safety committees. Regular meetings of the railway staff are held 
for the purpose of formulating plans to the end that the railway will 
be as well prepared as possible to meet whatever emergencies may 
arise. 

POWER 

In a letter dated May 13, 1941, the Boston Edison Company of- 
fered to purchase the two power generating plants of the Boston 
Elevated Railway for $7,400,000 plus the value of material and sup- 
plies on hand at the railway's cost, and to sell power to the railway 
on a long term contract, the price of which power, based on fuel costs 
and other conditions as of 1940, would be 7.6 mills per K.W.H. 

After thorough consideration of this offer, we wrote to the State 
Department of Public Utilities on May 28, 1941, saying that we had 

(18) 



on that day voted unanimously to reject the offer of the Boston Edi- 
son Company on the grounds that "the proposed sale would not be in 
the public interest," stating the reasons for our conclusion. 

Late in 1941 the presidents of both companies held several con- 
ferences for the purpose of discussing the sale to the Boston Edison 
Company of such power as the railway can generate in excess of its 
own needs. 

The two companies are now engaged in a joint study to de- 
termine the extent of the railway's spare generating capacity and the 
expense and time necessary to make this surplus power available for 
sale to the Boston Edison Company. 



EMPLOYEES 

Leave of Absence for Service in Armed Forces 

During the last two years a number of employees from various 
departments of the railway were granted a leave of absence for serv- 
ice in the military or naval forces of the United States. In the 
table below we show the number who have entered the various serv- 
ices in these two years : 





1941 


1940 


U. S. Army 


25 


3 


U. S. Marine Corps 




2 


U.S. Navy 


6 


1 


Coast Guard 


2 





33 6 

Total 39 

Reduction in Collision Accidents 

During the year just ended, as compared with the prior year, 
the number of collision accidents was reduced by 218 or 4.55 per cent. 
On a comparable revenue passenger mileage basis the reduction in 
1941 as compared with 1940 was 4.71 per cent. In view of the 
greater number of motor vehicle registrations, the increased traffic 

(19) 



congestion and the increase in the railway's mileage, we believe that 
the accident record for 1941 was creditable. 

For the first time since 1935 the railway is again eligible and 
will compete for a national safety award on the basis of the collision 
accident record for 1941. The railway had been barred from com- 
peting for this award for five years because of the large number of 
awards, five in number, that the Elevated had won. 

During 1941, posters were displayed every month in the car- 
houses and garages picturing the most frequent type of collision ac- 
cidents, informing the transportation employees of the progress 
made and stimulating them to greater efforts. During the first six 
months of the year letters were sent to transportation employees who 
had been concerned in a collision accident, urging them to exercise 
greater care in operation in order to prevent the recurrence of such 
accidents. 



• 



Employee Training 

Training of employees in matters of safety, good operating 
methods, courtesy, neatness of appearance and ability to furnish in- 
formation to the public have been subjects of a long-term program. 
The railway's supervisory officials seek to maintain the transporta- 
tion employees on a high level of efficiency with respect to the above 
named qualifications. Re-instruction and special training of individ- 
ual operators, whenever found necessary, is a feature of the program. 
Another method of employee training is the mailing to the homes of 
"Co-operation," published quarterly, wherein is printed all matters of 
interest relating to the operation of the railway, including personnel 
matters. Moreover, last year there were mailed to employees' homes 
a letter on the preparations of the railway incidental to the increase 
in riding arising from the defense activity and a pamphlet on safe 
operation. 

Physical Examination of 
Transportation Employees 

From 1928 until January 1, 1941, a physical examination was re- 
quired of transportation employees 40 years of age or older, engaged 
in car, bus or train service, except that rapid transit motormen were 

(20) 



examined annually regardless of age, and except, furthermore, that 
any employees showing any tendency to physical defects were re- 
examined as frequently as the examining physician considered 
necessary. 

Since January 1, 1941 all transportation employees engaged in 
car, bus or train service, regardless of age, must undergo an annual 
physical examination, and, as in the past, any such employees with 
physical defects are examined as frequently as is necessary. 

During 1941 there were 4,097 physical examinations conducted 
at the Sullivan Square clinic as compared with 3,279 during 1940. 

"Merit Plan" of Employee Selection 

In order to fill vacancies caused by employees leaving the service 
for various reasons and to provide for increased service 227 men were 
engaged in 1941 as operators for the surface lines service. 

These men and all other new operators engaged since late 1939 
have been employed in order of ranking from a list of 675 men estab- 
lished on December 15, 1939 following written, oral and physical ex- 
aminations under a "merit plan" method of employee selection. 

In view of present conditions, plans are now in the making to con- 
duct another series of examinations preparatory to establishing a 
supplementary list. 



CHARTERED BUS BUSINESS 

The year 1941 was the best in the history of the chartered bus 
business of this railway. The increase can be attributed to the 
greater activity in the area served and to a demand for chartered 
services in connection with national defense. 

The tabulation below shows the volume of this business in the 
last four years: 

1941 1940 1939 1938 

Revenue $123,978.55 $109,385.70 $118,082.85 $81,681.70 

Revenue Mileage 178,846 158,188 167,685 114,706 

Number of Orders 7,066 7,146 6,953 5,347 

Number of Buses 9,949 9,517 9,607 6,970 

(21) 



SERVICE, EQUIPMENT AND PLANT CHANGES 

Extension of Trackless Trolley Service 

In the period of five and a half years, from April 11, 1936 to 
November 8, 1941, trackless trolley service has been expanded from a 
single line to 12 lines, serving in whole or in part six communities 
to the north of Boston. As of the end of 1941, the railway had 132 
trackless trolleys, furnished service over almost 27 miles of street, 
and during that year operated 2,320,742 miles of trackless trolley 
service. 

The plan opposite page 15 shows the extension of the trackless 
trolley service from 1936 to the present. The table below lists the 
existing lines and the date when service was started thereon. 

p , Date 

Koute Service Began 

1. Bennett street (Harvard square) — Lechmere terminal, 

via Cambridge st April 11, 1936 

2. Linden-Everett "El" station, via Eastern ave., Broadway January 9, 1937 

3. Woodlawn-Everett "El" station, via Elm st., Ferry St., 

Chelsea st., Broadway June 19, 1937 

4. Maiden square-Everett "El" station, via Ferry st., 

Broadway September 11, 1937 

5. Maiden square-Chelsea square, via Ferry st., Broadway, 
Everett sq., Chelsea st., Everett ave., and via Ferry st., 

Chelsea st., Everett ave December 11, 1937 

6. Aberdeen avenue and Mt. Auburn street — Harvard sta- 
tion (Bennett street), via Aberdeen ave., Huron ave., 

Concord ave., Garden st April 2, 1938 

7. Lebanon street-Everett "El" station, via Lebanon st., 

Salem st., Maiden sq., Main st., Broadway December 31, 1938 

8. Maiden square-Everett "El" station, via Main st., 

Broadway : December 31, 1938 

9. Faulkner-Everett "El" station, via Bryant st., Cross st., 

Main st., Broadway June 17, 1939 

10. Revere carhouse-Everett "El" station, via Park ave., 

Elm st., Ferry st., Chelsea st., Broadway September 7, 1940 

11. Clarendon Hill carhouse-Lechmere terminal, via Broad- 
way, Holland st., Highland ave., Medford st., Somerville 

ave., Bridge st November 8, 1941 

12. Clarendon Hill carhouse-Lechmere terminal, via Broad- 
way, Holland st., Elm st., Somerville ave., Bridge st November 8, 1941 

In connection with the establishment of the last two trackless 
trolley lines listed above, alterations were necessary at the Clarendon 
Hill carhouse to provide for the inspection and repairs of the 35 track- 
less trolleys required for the operation of these two lines. 

(22) 



i I 

I ' 




W^/A&&jg&v*'~'+^ 



NEW ENTRANCE DRIVEWAY AND RAMP LEADING TO CLARENDON 
HILL CARHOUSE FOR USE OF TRACKLESS TROLLEY 



An entrance driveway and ramp from Broadway to thVrear of 
the carhouse was built, which involved the construction of a high re- 
inforced concrete wall to hold the fill, and paved driveways were 
provided alongside and in front of the carhouse. 

At the Lechmere terminal, two trucks were removed and the 
area paved and other changes were made in order to provide suitable 
operating conditions. 

Changes in Bus Service 

A bus line between Norway street and Park square via Hunting- 
ton avenue and Boylston street began operation on September 10, 
1941 and its outer terminal was extended to Brigham Circle on Octo- 
ber 4, 1941. 

The bus line operating between Boylston and Hammond streets 
and Boylston and Lee streets, Brookline, was extended to Cleveland 
Circle via Chestnut Hill avenue on December 13, 1941. The route 
license granted by the local authorities stipulated that no buses shall 
take on or discharge passengers on Chestnut Hill avenue, Brookline. 

New Cars on the Newton-Brighton-Watertown line 

Since March 3, 1941, the 20 new surface cars known as the Presi- 
dents' Conference Committee or P.C.C. cars, described in our report 
for the calendar year 1940, have been in service on the Newton- 

(23) 



Brighton-Watertown line operating between Watertown station near 
Watertown square and the Park street subway station. 

These cars were well received by the riders. 

Opening of the Huntington Avenue Subway 

The new Huntington avenue subway, built by the Transit De- 
partment of the City of Boston, was opened on February 16, 1941. 
This improvement, discussed at some length in last year's report, has 
provided a faster service to commuters using the Huntington avenue 
lines. The riding and, consequently, the amount of service furnished 
on these lines have increased considerably. 

Bus Platform at Maverick Square 

On the street level at Maverick square the Transit Department 
of the City of Boston built a wider platform with a canopy over it and 
provided a well lighted area for the transfer of passengers between 
the Maverick square terminal of the East Boston tunnel and the buses 
of a local carrier serving Winthrop. 

Automobile Parking Areas 

Free for "El" patrons, one new parking area was opened and an 
existing area enlarged during 1941. 

The new area, with a capacity of almost 350 automobiles and 
located at Cambridge and First streets, East Cambridge, opposite the 
Lechmere terminal, was opened on April 23, 1941. 

The parking area on River street, Mattapan, directly adjacent to 
the terminal of the high speed trolley line at Mattapan station was 
enlarged from a capacity of 120 automobiles to a capacity of more 
than 300 automobiles. This greater capacity was made available on. 
December 11, 1941. 

In conjunction with the enlargement of the Mattapan parking 
area, the bus loading platform at the station was lengthened and the 
busway adjacent to this platform widened and a new busway built 
leading to River street, improvements that have been needed for some 
time. 

(24) 



Changes in Street Car Reservations 

In conjunction with repaying work by the City of Boston, the 
street car reservation on Blue Hill avenue from north of Charlotte 
street to north of Columbia road was removed and the car tracks re- 
located from the Franklin Park side to the center of the street. A 
concrete platform was built between the two tracks. 

The physical connection between the tracks on Columbia road 
and Blue Hill avenue was discontinued. At the end of the Columbia 
road reservation adjacent to Blue Hill avenue double crossovers were 
installed for switching cars from one track to the other for the re- 
turn journey. At the end of the Columbia road reservation a plat- 
form was built for passengers to board and alight from cars. 

Albany Street Garage 

With entrances from either Albany street or Harrison avenue, 
a garage with a storage capacity of 32 buses was completed on May 
6, 1941. This garage has a separate area for the inspection and re- 




ENTRANCE TO ALBANY STREET GARAGE FROM HARRISON AVENUE 



(25) 



pair of buses, trucks and automobiles and a service room for the fuel- 
ing and lubrication of vehicles. It has also lobby and storeroom 
facilities. 



CONCLUSION 

As can be seen from a reading of this report, the operation of 
this vast railway system was materially affected by the defense effort, 
which became a total war effort. We are marshalling all of our re- 
sources to meet any additional requirements that may arise as the 
war progresses. A much greater demand is likely to develop for 
transportation services. We can take care of this demand if not 
prevented from so doing by such an obstacle as continued non-pay- 
ment of deficits, which is discussed earlier in this report. 

The net result from operations was improved during 1941. In 
view of the uncertainties of the future, the course of the riding and 
the cost of furnishing the service are unpredictable. We shall con- 
tinue to do our utmost to meet the requirements of the riding public 
and to keep the cost of the service as low as is possible. 

BOARD OF PUBLIC TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 



I 



Chairman 



Secretary 






January 28, 1942 



(26) 



FINANCIAL STATEMENTS 
AND 



STATISTICS 



</, .. /[aMJJrvJ V V 'VUm/a 



fatwwry 



Boston. Massachusetts 



To the Board of Public Trustees of 
Boston Elevated Railway Company, 
Boston, Massachusetts. 

V.'e have examined the balance sheet of the Boston 
Elevated Railway Company as of December $1, 1941, and the ac- 
companying statements of income and of cost of service deficit 
for the twelve months then ended, have reviewed the system of 
internal control and the accounting procedures of the company 
and have examined or tested accounting records of the company 
and other suoporting evidence, by methods and to the extent 
we deemed appropriate. In accordance with accepted audit 
procedure, we made an examination in detail of such portion 
of the transactions as we deemed appropriate and no limitation 
as to the scope of our examination was placed upon us by the 
Board of Public Trustees or officials of the company. 

In our opinion, the provision for depreciation of road 
and equipment in the year 194-1 charged to cost of service as 
shown in the accompanying schedule of operating expense accounts 
is fair and reasonable, but the amount accrued in the reserve 
for depreciation of property and for obsolescence and losses in 
respect to property sold, destroyed or abandoned, appearing in 
the accompanying balance sheet, is inadequate. 

Reference is made to balance sheet note B with respect 
to federal income taxes in litigation. 17 e are unable, at this 
time, to form an opinion as to the ultimate liability, if any, 
for federal income taxes for the years 1933 through 1940. 

In our opinion, subject to the comments in the preceding 
two paragraphs, the accompanying balance sheet and related state- 
ments of income and of cost of service deficit present fairly 
the position of the Boston Elevated Railway Company at December 31, 
1941, and the results of its operations under public control for 
the fiscal year then ended, in conformity with generally accepted 
accounting principles applied on a basis consistent with that of 
the preceding year. 



Boston, Massachusetts 
January 28, 1942 




(29) 



ASSETS 



BALANCE 

DECEMBER 31, 



December 31 



Fixed assets: 

Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous 

Unfinished construction 

Total road and equipment 

(Note A, page 32) 

Miscellaneous physical property 

Advances for road and equipment on 
leased roads — Eastern Massachusetts 
Street Railway Company 

Total fixed assets 

Current assets: 

Cash in banks and on hand 

Special deposits 

Miscellaneous accounts and rents receivable 

Material and supplies 

Other current assets 

Total current assets 



1941 



60,948,149.83 

31,909,641.49 

15,608,358.84 

1,972,733.17 

36,542.64 

110,475,425.97 



688,978.14 



232,455.28 
$111,396,859.39 



$ 3,396,967.08 

352,649.99 

413,019.96 

2,574,653.48 

37,240.00 

$ 6,774,530.51 



1940 



$ 61,161,572.57 

30,746,971.22 

15,570,649.14 

1,972,733.17 

146,878.90 

$109,598,805.00 



688,978.14 



232,455.28 



$110,520,238.42 



$ 4,972,994.90 

348,673.88 

541,139.23 

2,049,333.41 

39,180.00 

$ 7,951,321.42 



Other investments — mortgage notes receivable $ 100,000.00 



$ 112,000.00 



Deferred charges and unadjusted debits: 

Prepaid expenses 

Unamortized discount on bonds 

Other unadjusted debits 


$ 108,202.07 
1,102,386.86 

98,752.85 


$ 117,623.00 

1,041,085.38 

71,955.65 


Total deferred charges and 
unadjusted debits 




$ 1,309,341.78 


$ 1,230,664.03 


TOTAL ASSETS 




$119,580,731.68 


$119,814,223.87 


For Balance Sheet notes see page 32. 




(30) 







SHEET 

1941 AND 1940 

LIABILITIES 



December 31 



1941 1940 

Funded debt (per schedule, page 42): 

Bonds held by Boston Metropolitan District $ 64,744,917.00 S 59,744,917.00 

Bonds held by others: 

Not due within one year 3,170,000.00 11,456,000.00 

Due within one year 8,286,000.00 5,000,000.00 

Total funded debt $ 76,200,917.00 $ 76,200,917.00 

Current liabilities: 

Accounts and wages payable $ 748,060.84 $ 613,689.08 

Accrued interest, dividends and rents 

payable 1,356,355.58 1,365,548.26 

Accrued taxes 184,310.29 165,690.52 

Unredeemed tickets 36,372.46 52,743.92 

Other current liabilities 53,388.23 41,659.56 

Total current liabilities, exclusive 
of bonds due within one year 
shown above $ 2,378,487.40 $ 2,239,331.34 

Reserve for depreciation of property and 
for obsolescence and losses in respect to 
property sold, destroyed or abandoned 
(note A— page 32) $ 18,006,934.07 $ 16,821,801.67 

Reserve for injuries and damages $ 952,409.38 $ 1,055,492.57 

Unadjusted credits: 

Unamortized premium on bonds S 8,554.08 $ 12,480.60 

Suspense credit pending settlement of 

prior year taxes (note B, page 32) 427,236.97 438,061.70 

Other unadjusted credits 112,771.31 119,212.98 

Total unadjusted credits $ 548,562.36 $ 569,755.28 

Capital stock (per schedule, page 42) : 

Common stock (238,794 shares of $100.00 J_ 

par value each) ~ $ 23,879,400.00 $ 23,879,400.00 

Premium on common stock 2,707,428.13 2,707,428.13 

Total common stock and premium $ 26,586,828.13 $ 26,586,828.13 

Profit and loss and surplus accounts: 

Deficit prior to July 1, 1918 $ 12,127.83* $ 12,127.83* 

Deficit year ended June 30, 1931 1,969,473.12* 1,969,473.12* 

Cost of service deficit (notes B and C, 
page 32) : 
Nine months ended December 31, 1940 — 2,219,069.19* 

Year ended March 31, 1941 2,341,167.29* — 

Nine months ended December 31, 1941 1,311,406.44* — 

Surplus arising from consolidation with 
West End Street Railway Co. June 10, 

1922 and reorganization July 1, 1931... 540,768.02 540,768.02 

Total profit and loss and surplus 

accounts (debit) $ 5,093,406.66 * $ 3,659,902.1 2* 

TOTAL LIABILITIES $119,580,731.68 $ 119,814,223.87 

* Denotes debit balance. 



(31) 



BALANCE SHEET NOTES 

Note A — Atlantic Avenue Elevated Structures 

As a result of a decision rendered January 9, 1942 by the Supreme Judicial Court 
of Massachusetts the company is required to remove the Atlantic Avenue elevated 
structure. It is estimated that the recording of the retirement of this property in 1942 
will result in reduction of the account "Road and Equipment" by approximately 
$5,000,000 and in reduction by a like sum of the account "Reserve for Depreciation of 
Property and for obsolescence and losses in respect to property sold, destroyed or 
abandoned." 

Note B — Federal Income Tax Liability 

Under an opinion of the United States Board of Tax Appeals rendered December 
9, 1941, the company was held liable for federal income taxes for the calendar years 
1933 to 1938, inclusive. The Trustees deny any liability with respect to such taxes and 
an appeal is being taken from this decision. Federal income taxes for the years 1933 
through 1940, estimated on the basis of the Board of Tax Appeals decision, with interest 
to December 31, 1941, exceed by approximately $930,000 the amount of $427,236.97 
which has been reserved and is shown in the balance sheet against the caption "Suspense 
credit pending settlement of prior year taxes." It is believed by the Trustees that no 
liability has been incurred for federal income taxes for the calendar year 1941. 

Note C — Advances by the Commonwealth under Public Control Act 

Amounts advanced by Commonwealth of Massachusetts to the Boston Elevated 
Railway Company for deficits in cost of service (July 1, 1931 to March 31, 1940) total 
$18,604,378.29 December 31, 1941. Under certain conditions as provided in Section 11 
of the Public Control Act, as amended, if the company should have an excess of income 
over cost of service it will be obligated to make repayments to the Commonwealth on 
account of the amounts so advanced. 

Under authority of Legislative Resolve of 1941 the Massachusetts Department of 
Public Utilities is authorized under the direction of the Attorney General to bring legal 
proceedings to challenge the propriety of the methods used by the Trustees in deter- 
mining deficits under the terms of the Public Control Act. In the meantime, payment 
to the company of the amount of deficit for the twelve months ended March 31, 1941 
($2,341,167.29 as certified to the Commonwealth by the Board of Trustees) has been 
withheld by the Commonwealth. 



STATEMENT OF COST OF SERVICE DEFICIT 
Year Ended December 31, 1941 

Balance January 1, 1941 $2,219,069.19 

Operating loss for year per accompanying income 

statement $1,593,756.96 

Less net credits direct to cost of service deficit 

not reflected in the income statement 160,252.42 1,433,504.54 



Balance December 31, 1941 $3,652,573.73 



This balance is shown on the balance sheet as follows: 

Deficit for year ended March 31, 1941 $2,341,167.29 

Deficit for nine months ended December 31, 1941 $1,311,406.44 



(32) 



INCOME STATEMENT 



Years Ended December 31 



Operating Revenue: 

Passenger Revenue 

Special Car and Special Bus Revenue 

Total Revenue from Transportation ... 

Station and Car Privileges 

Rent of Buildings and Other Property 

Power Sales 

Other Operating Revenue 

Total Revenue from Other Operations 
Total Operating Revenue 

Operating Expenses: 

Way and Structures 

Equipment 

Power 

Conducting Transportation 

Traffic 

General and Miscellaneous 

Transportation for Investment (credit) 

Total Operating Expenses 

(Including Depreciation $2,174,356.45 
in 1941 and $2,157,709.68 in 1940) 

Operating Income Before Taxes 

Taxes Assignable to Operations: 

Federal (no income tax included) 

State and Municipal 

Total Taxes Assignable to Operations . 
Operating Income 

Non-Operating Income 

Gross Income 

Deductions from Gross Income: 

Interest on Funded Debt 

Amortization of Discount on Funded Debt 
Subway and Rapid Transit Line Rental .... 

Dividends (required by law) 

Rent for Leased Roads 

Other deductions 

Total Deductions from Gross Income . 

Operating Loss for Year 



1941 

$26,910,810.73 
126,072.95 

$27,036,883.68 

$ 452,334.50 

74,077.97 

19,543.60 

374.05 

$ 546,330.12 
$27,583,213.80 



$ 2,965,779.14 
3,217,070.09 
1,850,733.36 
8,887,682.62 

36,348.27 
2,453,090.65 

23 Ml -98 

$19,387,362.15 



$ 8,195,851.65 



$ 647,394.59 
1,056,891.60 

$ 1,704,286.19 
$ 6,491,565.46 

$ 10,301.01 
$ 6,501,866.47 



3,942,068.35 

73,428.21 

2,829,413.73 

1,193,970.00 

45,808.07 

10,935.07 

8,095,623.43 

1,593,756.96* 



1940 

$25,716,456.79 
111,144.00 

$25,827,600.79 

$ 473,789.07 

77,792.77 

43,153.55 

625.27 

$ 595,360.66 
$26,422,961.45 



$ 3,105,087.84 
3,206,573.34 
1,722,674.78 
8,623,510.93 
25,275.24 
2,611,967.71 
9,632.93 

$19,285,456.91 



$ 7,137,504.54 



$ 602,218.02 
1,055,280.19 

$ 1,657,498.21 
$ 5,480,006.33 

$ 20,336.50 
$ 5,500,342.83 



3,952,485.02 

73,085.88 

2,828,570.46 

1,193,970.00 

45,607.07 

8,299.11 

8,102,017.54 

2,601,674.71* 



* Debit 



(33) 



OPERATING EXPENSE ACCOUNTS 



Years Ended December 31 



Way and Structures: 

Superintendence of Way and Structures 

Maintenance of Track and Roadway 

Removal of Snow and Ice 

Tunnels and Subways 

Elevated Structures and Foundations 

Bridges, Trestles and Culverts 

Crossings, Fences and Signs 

Signals and Interlocking Apparatus 

Telephone and Telegraph Lines 

Other Miscellaneous Way Expenses 

Maintenance of Electric Line Equipment 

Maintenance of Buildings, Fixtures and 

Grounds 

Depreciation of Way and Structures 

Total Way and Structures 



1941 



$ 283,764.84 

930,152.93 

215,682.20 

21,144.80 

52,177.63 

13,737.12 

10,923.53 

28,102.67 

6,420.01 

40,178.93 

210,065.40 

404,629.08 
748,800.00 

$2,965,779.14 



1940 



$■ 278,357.77 

932,392.26 

322,660.60 

27,606.59 

62,965.12 

8,613.62 

8,372.54 

24,509.13 

6,184.54 

36,881.28 

250,004.32 

413,340.07 
733,200.00 

$3,105,087.84 



Equipment: 

Superintendence of Equipment $ 105,816.43 $ 110,874.94 

Maintenance of Revenue Equipment 1,233,666.02 1,214,766.80 

Maintenance of Rail Service Equipment 18,768.02 25,065.86 

Elec. Equip. Maint. of Revenue Equipment... 337,513.65 329,203.87 

Shop Equipment 52,579.36 56,560.02 

Shop Expenses 263,303.73 262,562.52 

Miscellaneous Equip. (Autos, Trucks and 

Tractors) 60,666.43 63,829.65 

Depreciation of Equipment 530,400.00 546,000.00 

Depreciation of Buses and Trackless Trolleys 614,356.45 597,709.68 

Total Equipment $3,217,070.09 $3,206,573.34 

Power: 

Superintendence of Power $ 90,821.79 $ 88,207.30 

Maintenance of Power Plant Bldgs. and 

Equipment 165,876.66 145,779.35 

Depreciation of Power Plant Bldgs. and 

Equipment 280,800.00 280,800.00 

Operation of Power Plants 1,023,193.48 965,493.32 

Gasoline and Fuel Oil for Buses 290,041.43 242,394.81 

Total Power $1,850,733.36 $1,722,674.78 



(34) 



OPERATING EXPENSE ACCOUNTS (Concluded) 



Years Ended December 31 



Conducting Transportation: 

Superintendence of Transportation 

Pass. Car, Trainmen and Bus Operators 

Misc. Car and Bus Service Employes 

Misc. Car and Bus Service Expenses 

Station Employes 

Station Expenses 

Car House and Bus Garage Employes 

Car House and Bus Garage Expenses 

Operation of Signal and Interlocking Appara- 
tus 

Operation of Telephone & Telegraph Lines ... 
Other Transportation Expenses 



Total Conducting Transportation 



1941 



$ 1,185,778.53 
5,148,110.77 
186,060.24 
112,547.91 
696,182.43 
208,258.51 
813,030.07 
94,786.02 

230,468.49 

14,645.34 

197,814.31 

$ 8,887,682.62 



1940 



$ 1,133,202.73 
5,014,516.81 
186,027.43 
111,205.30 
648,127.41 
204,359.22 
779,403.95 
95,419.50 

228,745.23 

13,815.62 

208,687.73 

$ 8,623,510.93 



Traffic 



36,348.27 



$ 25,275.24 



General and Miscellaneous: 

Salaries and Expenses of General Officers 

Salaries and Expenses of General Office Clerks 

General Office Supplies and Expenses 

Law Expenses 

Relief Expenses 

Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and Printing 

Store Expenses 

Garage Expenses (Excl. Bus Garages) 

Rent of Equipment 

Total General and Miscellaneous 

Transportation for Investment 

Total Operating Expenses 



$ 87,464.91 

421,519.61 

82,430.29 

48,965.98 

225,901.14 

95,772.22 

941,123.26 

126,876.84 

77,066.69 

231,763.96 

100.330.13 

13,875.62 

$ 2,453,090.65 



86,798.53 
404,450.61 

80,502.75 

33,994.73 

30.00 

242,004.34 

97,604.26 
,120,808.69 
145,000.03 

70,497.37 
218,602.23 

97,852.43 

13,821.74 



$ 2,611,967.71 



23,341 -98 f $ 9,632.93-f 



$19,387,362.15 $19,285,456.91 



f Credit 



(35) 



ROAD AND EQUIPMENT INVESTMENT 

Total 

Way and Structures: Dec. 31, 1941 

Engineering and Superintendence $ 1,722,072.11 

Right of Way 11,465,147.56 

Other Land 5,797,576.21 

Grading 300,783.22 

Ballast 702,146.58 

Ties 692,806.75 

Rails, Rail Fastenings and Joints 1,397,860.04 

Special Work 4,282,974.65 

Track and Roadway Labor 3,815,151.22 

Paving 1,200,129.84 

Roadway Machinery and Tools 633,569.42 

Tunnels and Subways 361,413.88 

Elevated Structures and Foundations 5,549,015.53 

Bridges, Trestles and Culverts 1,991,773.98 

Crossings, Fences and Signs 85,720.95 

Signals and Interlocking Apparatus 1,136,156.43 

Telephone and Telegraph Lines 101,907.36 

Poles and Fixtures 714,202.14 

Underground Conduits 1,921,220.59 

Distribution System 3,827,221.70 

Shops, Car Houses and Garages 8,438,583.81 

Stations, Misc. Buildings and Structures 4,578,414.66 

Wharves and Docks 232,301.20 

Total Way and Structures $ 60,948,149.83 

Equipment: 

Pass. Cars, Buses and Trackless Trolleys $ 21,398,974.51 

Service Equipment 961,812.11 

Electric Equip, of Cars and Trackless Trolleys 7,279,521.27 

Shop Equipment 945,090.70 

Furniture, Fare Boxes and Passimeters 285,475.75 

Miscellaneous Equipment 1,038,767.15 

Total Equipment $31,909,641.49 

Power: 

Power Plant Buildings $ 3,600,974.77 

Sub Station Buildings ' 641,289.06 

Power Plant Equipment 7,035,376.12 

Sub Station Equipment 2,689,711.55 

Transmission System 1,641,007.34 

Total Power $ 15,608,358.84 

General and Miscellaneous: 

Law Expenditures $ 250.00 

Interest during Construction 1,832,301.09 

Injuries and Damages 7,500.00 

Taxes 145,866.54 

Miscellaneous 13,18446* 

Total General and Miscellaneous $ 1,972,733.17 

Unfinished Construction S 36,542.64 



Total 
Dec. 31, 1940 

$ 1,722,072.11 

11,465,147.56 

5,781,262.03 

314,392.48 

712,286.38 

756,034.81 

1,599,481.52 

4,314,154.15 

3,969,291.91 

1,296,893.88 

610,534.46 

360,237.98 

5,549,015.53 

1,994,721.36 

85,720.95 

1,134,496.61 

102,935.36 

689,210.78 

1,931,026.80 

3,795,778.15 

8,182,515.19 

4,562,061.37 

232,301.20 

$ 61,161,572.57 



$ 20,455,659.06 
999,555.00 
7,119,434.72 
957,142.42 
281,631.68 
933,548.34 

$ 30,746,971.22 



$ 3,601,316.77 

640,979.22 

7,024,267.77 

2,689,711.55 

1,614,373.83 

$ 15,570,649.14 



$ 250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,18446* 

$ 1,972,733.17 
$ 146,878.90 



Total Road and Equipment Investment $110,475,425.97 $109,598,805.00 



* Credit. 



(36) 



INVESTMENT IN ROAD OWNED AND LEASED 
DECEMBER 31, 1941 

Boston Elevated Railway Company: 

Road and Equipment $110,475,425.97 

Miscellaneous Physical Property 688,978.14 

West Roxbury Lines (E. Mass. St. Ry. Co.) 232,455.28 

Total Boston Elevated Railway Company In- 
vestment $111,396,859.39 

Leased Lines: 

Hyde Park Transportation District (City of Boston) $245,931.51 

Eastern Mass. St. Ry. Co. (Part Leased) 

West Roxbury Lines $672,847.44 

Middlesex Fells Line 29,546.01 

Total Eastern Mass. St. Ry. Co 702,393.45 

Total Leased Lines 948,324.96 

City of Boston Investment: 

Boylston Subway $11,534,056.91 

Cambridge Connection 1,705,621.69 

Dorchester Tunnel 12,272,570.97 

Dorchester Rapid Transit Extension 11,077,762.51 

East Boston Tunnel 7,307,515.26 

East Boston Tunnel Extension 2,351,542.99 

Huntington Avenue Subway 2,002,215.25 

Tremont Subway 4,675,090.45 

Washington Tunnel 7,977,815.89 

Total City of Boston Investment 60,904,191.92 

Comm. of Massachusetts Investment — 

Cambridge Subway $8,226,759.52 

Total Commonwealth of Massachusetts Investment 8,226,759.52 



Total Investment in Road Owned and Leased $181,476,135.79 



(37) 



RECEIPTS AND COST OF SERVICE 



FOR YEARS ENDED DEC. 31 



Receipts 1941 1940 

Revenue from Transportation $27,036,883.68 $25,827,600.79 

Revenue from Other Operations 546,330.12 595,360.66 

Non-Operating Income 10,301.01 20,336.50 

Total Receipts $27,593,514.81 $26,443,297.95 

Cost of Service 

Operating Expenses: 

Wages $13,250,629.29 $12,946,200.09 

Material and Other Items 2,219,886.21 2,355,747.50 

Injuries and Damages 765,970.86 949,991.28 

Depreciation 2,174,356.45 2,157,709.68 

Fuel 976,519.34 875,808.36 

Total Operating Expenses $19,387,362.15 $19,285,456.91 

Interest on Bonds 3,942,068.35 3,952,485.02 

Subway and Rapid Transit Line Rental 2,829,413.73 2,828,570.46 

Taxes 1,704,286.19 1,657,498.21 

Dividends (required by law) 1,193,970.00 1,193,970.00 

Rent of Leased Roads 45,808.07 45,607.07 

Miscellaneous Items 84,363.28 81,384.99 

Total Cost of Service $29,187,271.77 $29,044,972.66 

Loss for Year $ 1,593,756.96 $ 2,601,674.71 



Note : Profit and Loss items not included in above. 



(38) 



COMPARATIVE STATISTICS 



Years Ended December 31 



Passenger and Traffic Statistics: 1941 

Cost of Service Per Revenue Passenger 9.51c 

Total Receipts Per Revenue Passenger 8.99c 

Loss Per Revenue Passenger 0.52c 

Passenger Revenue $27,036,883.68 

Round Trips Operated 5,930,857 

Average Fare per Fare Passenger 8.80c 

% of 5c Fares to Total Rev. Passengers 23.99% 

Revenue Passengers Per Mile Operated 6.71 

Revenue Passengers: 

10c Fares 232,268,531 

5c Fares 67,471,051 

6V 2 c Joint Fares 118,522 

5c Pupils' Tickets 6,136,961 

Special Car and Special Bus 820,460 

Total Revenue Passengers 306,815,525 

Revenue Miles: 

Surface Lines 20,503,698 

Bus Lines 11,604,593 

Trackless Trolley Lines 2,320,742 

Rapid Transit Lines 11,274,564 

Total Revenue Miles 45,703,597 

Revenue Hours: 

Surface Lines 2,211,622 

Bus Lines 1,302,449 

Trackless Trolley Lines 251,860 

Rapid Transit Lines 750,927 

Total Revenue Hours 4,516,858 

Power Statistics: 

Tons of coal burned 123,659 

Pounds of coal per D. C. kilowatt hour 1.383 

Average price of coal per long ton (at boilers) $5.55 
Net cost of power for car service per kilowatt 

hour (cents) 0.833 

Net cost of power per total car mile (cents).... 4.461 

Direct current annual output (kilowatt hours) 200,274,930 



1940 

9.86c 
8.98c 

0.88c 



$25,827,600.79 
5,940,473 

8.76c 

24.71% 
6.48 



220,753,483 

66,437,046 

100,209 

6,325,943 

833,947 



294,450,628 



20,541,941 

11,626,715 

2,203,504 

11,060,841 

45,433,001 



2,236,464 

1,308,973 

239,780 

735,848 

4,521,065 



121,214 
1.323 
$5.23 

0.756 

4.199 

205,127,940 



(39) 





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(41) 



CAPITAL OUTSTANDING, 


DECEMBER 31, 1941 








Outstanding Common Stock 






No. 

Shares 

Outstanding 


Par Value 

Shares 

Outstanding 


Net 
Premium 


Amount 
Realized 


5% 
Yearly Dividends 
Dividend Payable 


5,000 


$500,000.00 




— 


$500,000.00 






95,000 


9,500,000.00 




— 


9,500,000.00 






33,000 


3,300,000.00 


$1,815,000.00 


5,115,000.00 






66,500 


6,650,000.00 




695,958.13 


7,345,958.13 






39,294 


3,929,400.00 




196,470.00 


4,125,870.00 




Jan. 1 


238,794 $23,879,400.00 


$2,707,428.13 


$26,586,828.13 


$1,193,970.00 < 


Apr. 1 
July 1 














Oct. 1 






Outstanding Funded Debt 






Par 
Value 


Rate 


Maturity 


Amount 
Realized 


Yearly 
Interest 


Co. 


$ 8,286,000.00 


5 ', 


Dec. 


1, 1942 


$ 7,869,934.74 


$ 414,300.00 


B. E. 


2,600,000.00 


5 % 


Mar. 


1, 1944 


2,712,832.07 


130,000.00 


W.E. 


570,000.00 


7 % 


Sept. 


1, 1947 


570,399.00 


39,900.00 


W.E. 


§ 1,581,000.00 


4y 2 % 


Aug. 


1, 1949 


1,503,309.66 


71,145.00 


B. E. 


§ 6,309,000.00 


5 % 


Jan. 


1. 1960 


6,169,571.10 


315,450.00 


B. E. 


§ 8,500,000.00 


5 % 


Mar. 


1, 1960 


8,569,615.00 


425,000.00 


B. E. 


§ 7,711,000.00 


4y 2 % 


Dec. 


15, 1960 


7,524,779.35 


346,995.00 


B. E. 


§ 3,815,000.00 


4 1 / 2 9 / r 


June 


1, 1961 


3,778,757.50 


171,675.00 


B. E. 


§ 2,098,000.00 


4V 4 % 


Jan. 


1, 1962' 


2,084,404.96 


89,165.00 


B. E. 


§ 4,800,000.00 


4%% 


Oct. 


1, 1962 


4,699,579.20 


228,000.00 


B. E. 


§ 5,000,000.00 


3V 4 % 


Nov. 


1, 1966 


4,875,500.00 


162,500.00 


B. E. 


§ 1,500,000.00 


6 % 


* 


* * 


1,500,000.00 


90,000.00 


B. E. 


§23,430,917.00 


6 % 


* 


* * 


23,430,917.00 


1,405,855.02 


B. E. 


$76,200,917.00 


$75,289,599.58 


$3,889,985.02 




§Held by Boston 


Metropolitan 


District 


. (Total $64,744,917.00 — 85% of 


total bonds outstanding.) 



(42) 



REVENUE EQUIPMENT ACQUIRED AND RETIRED 

1918-1941 



Owned Acquired Retired On Hand 
Surface Cars 1918 1918-1941 1918-1941 Dec. 31, 1941 

Semi-Convertible Cars: 

Types No. 1 to No. 4 453 

Type No. 5 ; 

Type "4000" 

Center Entrance Cars 100 

Trailer Cars 174 

P.C.C. Car 

Birney Type Cars 1 

Articulated Cars 177 

Box Cars 1,113 

Open Cars 1,354 

Total Surface Cars 3,372 991 3,309 1,054 

Rapid Transit Cars 

Elevated Cars, Wood and Steel 169 169 

Elevated Cars, Steel 162 163 46 279 

Camb.-Dorch. Tunnel Cars, Steel 60 95 155 

East Boston Tunnel Cars, Steel 48 48 





187 


266 


471 




471 


64 


11 


53 


305 


174 


231 


50 


212 


12 


21 




21 


80 


81 

177 

1,113 

1,354 





Total Rapid Transit Cars 391 306 215 482 



Buses 

Mechanical Drive 881 348 533 

Diesel — Electric Drive 24 24 

Diesel — Hydraulic Drive 2 2 

Gas-Electric Drive 46 46 



Total Buses 953 394 559 

Trackless Trolleys 132 132 



Totals 3,763 2,382 3,918 2,227 



(43) 



L. GRIMES PRINTING CO. 



tmnmmmimms 



TWENTY-FOURTH ANNUAL REPORT 

OF THE 

BOARD OF PUBLIC TRUSTEES 

OF THE 

BOSTON ELEVATED RAILWAY COMPANY 

YEAR ENDED DECEMBER 31,1942 






,0^--i '' "wKB 






W{ ■ 



*1» 



TWENTY-FOURTH 

ANNUAL REPORT 



OF THE 



ooaid ok Public nustee* 

OF THE 

BOSTON ELEVATED RAILWAY 

COMPANY 

Year Ended December 31, 1942 



The information contained herein is not given in connection with any 
sale, offer for sale or solicitation of an offer to buy any securities. 



BOARD OF PUBLIC TRUSTEES 

(Appointed by the Governor of Massachusetts pursuant to Chapter 159 

of the Special Acts of 1918) 

EDWARD E. WHITING, Chairman 
ERNEST A. JOHNSON HENRY J. SMITH, Secretary 

WILLIAM P. JOY PATRICK J. WELSH 



OFFICERS 



(Appointed by the Trustees) 



EDWARD DANA . 
JOHN H. MORAN . 
MICHAEL H. CULLEN . 
WILLIS B. DOWNEY . 
MAURICE P. SPILLANE 



President and General Manager 
Executive Vice-President and Treasurer 
General Auditor 
General Counsel 
General Claims Attorney 



TABLE OF CONTENTS 



INTRODUCTION 

THE COST OF THE SERVICE 

OPERATING EXPENSES 

FIXED CHARGES 

INTEREST 

RENTALS FOR SUBWAYS AND RAPID TRANSIT LINES . 
CAPACITY OF THE RAILWAY SYSTEM 
DIFFICULTIES IN OBTAINING EQUIPMENT AND REPAIR 

PARTS 

THE NEW VICTORY BUS 

CO-OPERATION BY THE RAILWAY WITH GOVERNMENT 

AL AGENCIES 

CONVERSION FROM OIL TO COAL HEATING EQUIPMENT 

SAVING OF RUBBER AND OF GASOLINE .... 

"GETTING IN THE SCRAP'' 

PREPARATIONS FOR AIR RAIDS, BLACKOUTS AND DIMOUTS 

PURCHASE OF WAR SAVINGS BONDS .... 

EMPLOYMENT OF WOMEN TO REPLACE MEN ENTERING THE 

ARMED SERVICES 

EMPLOYEES 

"EL" EMPLOYEES IN THE ARMED FORCES 

REPLACEMENT OF EMPLOYEES 

NATIONAL SAFETY AWARD 

COMPLAINTS 

PROCEEDINGS OF THE ATTORNEY-GENERAL . 
REMOVAL OF THE ATLANTIC AVENUE ELEVATED 

STRUCTURE 

CONCLUSION 



PAGE 

5 

7 
7 
9 
9 
11 
11 

15 

18 

19 
19 
21 
21 
22 
23 

23 
24 
24 
25 
26 
28 
28 

28 
29 



(3) 



Financial Statements and Statistics 

PAGE 

INDEPENDENT PUBLIC ACCOUNTANTS' CERTIFICATE . 33 

FINANCIAL STATEMENTS AND STATISTICS 

BALANCE SHEET 34 

BALANCE SHEET AND INCOME STATEMENT NOTES . . 36 

STATEMENT OF INCOME AND THE COST OF THE SERVICE . 37 

OPERATING EXPENSE ACCOUNTS 38 

ROAD AND EQUIPMENT INVESTMENT 40 

INVESTMENT IN ROAD OWNED AND LEASED . . . .41 

RECEIPTS AND COST OF SERVICE 42 

COMPARATIVE STATISTICS 43 

BASIC DATA FOR PERIOD OF PUBLIC CONTROL 

CALENDAR YEARS .44 

TRUSTEE YEARS 45 

CAPITAL OUTSTANDING 46 

REVENUE EQUIPMENT ACQUIRED AND RETIRED-1918 TO 1942 47 



(4) 



The 1942 Annual Report of the Board of Public 

Trustees of the Boston Elevated 

Railway Company 



THE year ended December 31, 1942 — the first full year during 
which the railway has operated under war conditions — has seen 
an accentuation of the upward trend in riding begun in March, 1941. 
Since then there has ibeen a steady increase in the use of the railway 
facilities. As the war effort intensified and was reflected in manifold 
avenues of activities, there resulted a greatly expanded use of the 
railway. In the month of December, 1942, the railway carried the 
greatest number of passengers ever carried in any single month 
throughout its history. 

Obviously, the many aspects of an economy quickened by the 
war have been reflected in the business of this railway. Not only has 
there been more riding to war plants, but the greater degree of em- 
ployment resulting from the war has meant, in the year just passed, 
a greater volume of riding for shopping and recreational purposes. 
The restrictions upon the use of the private automobile, through gaso- 
line and tire rationing, have caused a large number of persons to turn 
to the railway for their day by day transportation. 

All these factors taken together have increased the volume of 
traffic from 306,815,525 passengers carried in 1941 to 370,265,241 
carried in 1942, an increase of 63,449,716 passengers, or of almost 21 
per cent. The number of revenue passengers carried in 1942 compares 
well with the number carried in the year of the railway's maximum 
business, 1917, when 381,017,338 passengers were carried. In fact, 
the volume of passenger traffic in 1942 was the greatest in any year 
of the railway's history with the exceptions of 1917 and 1926.* 



*The railway records for 1923 and 1924 show a greater number of passen- 
gers carried than in 1917 and 1926, but the figures for 1923 and 1924 include as 
two revenue passengers a considerable number of passengers who made what was, 
in effect, a single trip for which they paid two 5c fares instead of paying a single 
10c fare and obtaining a transfer. 

(5) 



As compared to the revenue mileage operated in 1941 and in 
order to meet the increased demand for service, the railway increased 
its revenue miles operated in 1942 by 8,100,865 miles or an increase 
of almost 18 per cent. The increase in mileage operated was at a les- 
ser rate than the increase in passengers carried and the difference re- 
flects the efforts of the railway to conform with the directives issued 
by the Office of Defense Transportation in Washington that transit 
companies make the fullest possible use of available equipment, sup- 
plies and manpower. 

In past reports we have had occasion to observe that the basic 
cause of deficits from operations was that there existed in Boston a 
railway plant capable of carrying many more passengers annually 
than were then, in fact, using the system. Or, stated in other words, 
the heavy fixed charges upon the large investment in railway plant — 
a plant which was being used far below its capacity — caused the op- 
erating deficits. 

The return of riding to the railway system by reason of war con- 
ditions has restored an equilibrium between fixed and operating costs, 
an equilibrium destroyed between 1929 and 1941, first, by virtue of 
the increased use of private automobiles, and, later, and to an even 
greater extent, by the effects of the economic depression. 

The existence of an integrated transportation system capable, 
without expansion of plant, of meeting effectively an enormous in- 
crease in riding has benefited both the community served by the rail- 
way and the war effort. The problems of meeting the transportation 
requirements in this area under emergency conditions are of a differ- 
ent character than elsewhere because of the existence here of an ex- 
tensive transit plant that has been properly maintained over a period 
of years. 

The increased use of the system brought about a noteworthy im- 
provement in the financial results of operation and in 1942 the railway 
showed an operating profit of $1,855,853.00, which compares with an 
operating loss of $1,593,756.96 in 1941. After profit and loss adjust- 
ments a balance of $924,204.46 remained to be applied toward restora- 
tion of the reserve fund. The principal profit and loss adjustment was 
one which followed a decision of the United States Circuit Court of 
Appeals rendered on November 4, 1942, which held that the railway 

(6) 



Company was liable for Federal income taxes for the years 1933 to 
1937, inclusive. On the basis of this decision, provision was made by 
a charge to profit and loss of $930,005.81 for Federal income taxes for 
the years 1933 through 1941. 

The Public Control Act and the Governor Square Extension 
Act, as (amended, together provide for the disposition of any excess 
over the cost of the service charges as of December 31 in any year in 
the following manner: 

Any excess over the cost of the service is to be applied first to 
the restoration of the one million dollar reserve fund. After the one 
million dollar reserve fund has been restored, any excess in the reserve 
fund over one million dollars is to be applied, first, to pay the current 
Governor Square rental; second, to reimburse the Commonwealth for 
the half of the Governor Square rental which it has paid in the past 
when the Company was not obligated to pay rental ; and, third, to re- 
imburse the Commonwealth for the cost of the service deficits paid 
to the Company. 

Under the terms of the 1918 Public Control Act a reserve fund 
of one million dollars was originally established to be applied toward 
making up cost of service deficiencies when income was insufficient to 
meet the cost of the service and to be restored when income was great- 
er than the cost of the service. The current Governor Square rental 
now amounts to about $228,000.00 annually. As of the end of 1942, 
the past Governor Square rentals which the Commonwealth has paid 
and assessed upon the cities and towns served by the railway 
amounted to $1,045,286.05. 

THE COST OF THE SERVICE 

The total cost of the service increased by $2,209,496.73 in 1942 
as compared with 1941. 

OPERATING EXPENSES 

In 1942, as compared with the previous year, operating expenses 
increased by $2,274,057.04. Among the principal factors which caused 
the increase were the costs of furnishing additional service and the 
higher cost of labor, fuel, material and supplies. 

(7) 




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(8) 



The total wage cost was $1,891,237.94 higher in 1942 than in 
1941. There was an average of 311 more employees on the weekly- 
payroll in 1942 than in 1941. By agreement, effective for one year 
from July 1, 1942, there was an increase of seven cents per hour in 
the wage rates of employees affiliated with Division 589 of the 
Amalgamated Association of Street, Electric Railway and Motor 
Coach Operators of America (Boston Carmen's Union). 

During 1942 the wage rates of employees in the craft unions 
were also increased, becoming effective at various dates according to 
agreements. The wages of unaffiliated employees were increased pro- 
portionately. 

FIXED CHARGES 

Total fixed charges of the railway for 1942 were $9,644,147.67 as 
compared to $9,715,546.34 in 1941, a decrease of $71,398.67 for 1942. 

Interest 

The total interest charge on bonds in 1942 amounted to $3,877,- 
901.26 as compared to an interest charge of $3,942,068.35 in 1941, a 
reduction of $64,167.09 in 1942. 

This reduction in the interest charge was accomplished by virtue 
of savings during 1942 resulting from refinancing through the Boston 
Metropolitan District of $5,000,000 of Elevated bonds which matured 
on November 1, 1941 and by the savings for the last month of 1942 
from refinancing through the District of $8,286,000 of Elevated bonds 
maturing on December 1, 1942. 

The Legislature, under the provisions of Chapter 567, Acts of 
1941, authorized the Boston Metropolitan District to purchase 
$16,456,000 principal amount of refunding bonds of the Boston Ele- 
vated Railway Company. This Act was designed to accomplish the re- 
funding at reasonable interest rates of the then outstanding Ele- 
vated bonds not held by the District. Already under this Act there has 
been refunded $13,286,000 of Elevated bonds referred to above. 

On November 1, 1941 the Boston Metropolitan District issued 
$5,000,000 principal amount of 1%% serial bonds maturing annually 
over a 25 year period and purchased a $5,000,000 principal amount 

(9) 



25 year bond of the Boston Elevated Railway Company bearing inter- 
est at the rate of 3*4%. Under the provisions of this Act the interest 
rate paid by the railway Company is 2 % in excess of the interest rate 
on the District bonds issued to provide funds for the purchase. 

The savings from this refinancing are shown in the table below: 

Cost of Service Saving: to Boston Elevated Railway Company Arising Out of 
iRefunding of $5,000,000 i l A% Bonds Maturing November 1, 1941 

Annual 

Discount Total 

Annual and Annual 

Amount Rate Maturity Interest Expense Charges 

Elevated Maturing 

Bonds |5,000,000 4y 2 % Nov. 1, 1941 $225,000 $3,333.36 $228,333.36 
Elevated Refunding 

Bond $5,000,000 S%% Nov. 1, 1966 $162,500 $5,389.19 $167,889.19 

Annual Cost of Saving over 25 Year 

Service Saving $60,444.17 Life of Bond $1,511,104.25 

On October 15, 1942 the Boston Metropolitan District issued 
$8,286,000 principal amount of l 1 /4% serial bonds maturing annually 
over a 25 year period and purchased a $8,286,000 principal amount 25 
year bond of the Boston Elevated Railway Company bearing interest 
atia rate of 3*4%, which interest rate is likewise 2% in excess of the 
interest rate on the District bonds. 

The savings from the 1942 refunding are shown in the following 
table : 

Cost of Service Saving to Boston Elevated Railway Company Arising Out of 
Refunding of $8,286,000 5% Bonds Maturing December 1, 1942 

Annual 

Discount Total 

Annual and Annual 

Amount Rate Maturity Interest Expense Charges 

Elevated Maturing 

Bonds $8,286,000 5% Dec. 1, 1942 $414,300 $15,232.68 $429,532.68 
Elevated Refunding 

Bond $8,286,000 3*4% Oct. 15, 1967 $269,295 $24,171.04 $293,466.04 

Annual Cost of Saving over 25 Year 

Service Saving $136,066.64 Life of Bond $3,401,666.00 

Thus, on these two issues of bonds alone, there is an annual sav- 
ing of $196,510.81 in the cost of service of the railway and a total 
saving of $4,912,770.25 over the life of the bonds. 

(10) 



The above saving in the railway's cost of service is not the only 
benefit resulting from the refunding operations authorized by the 
Legislature. The interest paid to the District by the Elevated on 
these two issues of bonds will provide funds over the 25-year period 
of the bonds to retire $7,741,000 or more than 58% of the principal 
amount of the District bonds while the District retains the Elevated 
bonds outstanding in the full amount. 

Rentals for Subways and Rapid Transit Lines 

In 1942 the railway accrued $2,831,402.68 for subway and tunnel 
rentals payable to the City of Boston and to the Commonwealth of 
Massachusetts. The railway payments in that year amounted to 
$2,829,752.66. Of this amount $2,252,961.26 was used to pay interest 
on the bonds issued by the Commonwealth and by the City in order 
to provide these facilities and $576,791.40 was made available to re- 
tire the principal of these bonds. 

From the payments for interest and for subway and rapid tran- 
sit rentals made by the railway in 1942 there was made available the 
sum of $2,535,695.17 for the retirement of public debt, which sum was 
divided as follows: 

Boston Metropolitan District 

a/c retiring District bonds $1,958,903.77 

City of Boston 

a/c retiring subway and 

rapid transit debt 481,921.40 

Commonwealth of Massachusetts 

a/c retiring Cambridge subway debt 94,870.00 



Total $2,535,695.17 

CAPACITY OF THE RAILWAY SYSTEM 

By virtue of the heavy surge of riding to the railway there has 
naturally arisen the question of the potential capacity of the system. 

(11) 



BEFORE STAGGERED HOURS - passenger traffic flow during peak 
of TRAVEL hours looked like this = 

SEPTEMBER 30, 1942 



THOUSANDS 1 
P.M. 



8 9 10 11 12 13 14 15 16 17 18 19 




AFTER STAGGERED HOURS - and with 16,708 added passengers 

TRAFFIC FLOW LEVELED OFF TO LOOK MORE LIKE THIS = 

DECEMBER 9, 1942 



THOUSANDS 1 



8 9 10 11 12 13 14 15 16 17 18 19 




PASSENGERS ENTERING DOWNTOWN STATIONS FROM 4 P.M. TO 7 P.M.: — 

SEPTEMBER 30, 1942 = 103,509 
DECEMBER 9, 1942 = 120,217 



How many passengers can the railway system carry in the course of 
24 hours ? That theoretical question has significance only in terms of 
the realities of passenger travel. Obviously, if the riding could be 
spread evenly throughout the 24 hours of the day and night the "ca- 
pacity" of the "El" would be immense, since the "El" is now carrying 
over its entire system about 140,000 passengers at the hour of maxi- 
mum travel, namely, from 5:00 P.M. to 6:00 P.M. Of course, the de- 
mand for riding is not spread evenly throughout a 24-hour period. 
From 7 : 00 to 9 :00 o'clock in the morning there is heavy traffic toward 
the center of Boston and from 4:00 to 6:00 o'clock in the evening 
heavy traffic toward home. The problem of every local transit com- 
pany is to meet the demand for riding in the rush hour periods. The 
amount of service needed to transport the rush hour riders determines 
the manpower and equipment requirements. 

Since the development of the war emergency the riding on the 
railway system has been fairly well spread. The increased riding has 
not been confined to the rush hours nor to the lines serving war plants. 
Nevertheless, because of the large over-all increase in riding, a part 
of which naturally occurred during rush hours, there had developed 
a measure of overcrowding during the rush hours, especially in the 
peak of the evening rush hour from 5:00 to 5:15 o'clock, which was 
not a satisfactory operating condition. 

In order to relieve this condition, the first step in a planned sys- 
tem of staggering of working hours was taken on October 1, 1942. 
This initial step affected four groups of employees working in central 
Boston: the employees of the City of Boston, the Commonwealth of 
Massachusetts, insurance firms and Boston retail stores. Under the 
plan employees of the City of Boston started and ended their working 
day one hour earlier ; State employees working in Boston started and 
ended their working day three-quarters of an hour earlier ; some em- 
ployees in Boston insurance firms started and ended their working day 
one-quarter hour earlier, others one-half hour earlier, and some 
started and ended their working day one-quarter hour later and others 
one-half hour later ; and employees in Boston retail stores started and 
ended their working day one-quarter hour later than before. 

(13) 



The immediate effect of the first step of staggering of working 
hours was beneficial in spreading the rush hour riding over a longer 
period of time. The extreme peak of riding from 5:00 P.M. to 5:15 
P.M., the crucial period to which we have referred, was reduced by 
about 20 per cent. The number of riders from 5:15 P.M. to 5:30 P.M. 
was reduced by about 12 per cent. The number of riders from 5:30 
P.M. to 6:00 P.M. increased. Many cars, trains and buses were able 
to make two rush hour trips instead of one, thus providing, with the 
equipment available, a greater amount of service when it was most 
needed. 

To the members of the City of Boston War Transportation Con- 
servation Committee who developed, approved and made effective the 
staggered working hour plan, and to the employees and employers af- 
fected, we wish to express our sincere thanks. 

In spite of the beneficial effects since October 1, 1942 resulting 
from the initial step taken in the staggering of working hours, riding 
on the railway shows a tendency to increase in the hour from 5:00 to 
6:00 o'clock in the evening. As the second step to be taken in order 
to prevent the development of riding conditions inimical to safe and 
efficient transportation, the City of Boston War Transportation Con- 
servation Committee suggested that there should be an appeal to those 
railway riders who could do so to change voluntarily their hours of 
travel in order to avoid riding in the rush hours and, particularly, be- 
tween 5:00 P.M. and 6:00 P.M. Accordingly, on Saturday, December 
19, 1942, the Committee, in an advertisement sponsored by the rail- 
way, issued a statement asking for public co-operation in this regard 
on a voluntary basis. 

In the event that co-operation on the part of the riders is not 
sufficient to keep the riding in the 5:00 P.M. to 6:00 P.M. "peak" hour 
within the railway's carrying capacity, the City of Boston War Trans- 
portation Conservation Committee will take under consideration an 
extension of the staggered working hour plan to include other rela- 
tively large groups of employees who contribute to this "peak" hour. 

(14) 



DIFFICULTIES IN OBTAINING EQUIPMENT 
AND REPAIR PARTS 

For all practical purposes the carrying capacity of the railway 
system must be considered to be that which can be provided by the 
existing surface and rapid transit cars, buses and trackless trolleys. 
Because critical materials are used in the construction of these ve- 
hicles, governmental authorities have limited sharply the number of 
new vehicles that can be manufactured. In terms of the number of 
new vehicles which transit companies need now, the number of new 
vehicles which is likely to be made available to transit companies 
throughout the nation is extremely small. 

So serious is this question of equipment that the Office of De- 
fense Transportation in Washington has issued a list of directives in- 
tended to bring about the fullest possible use of transit equipment. 
Moreover, as a condition to the purchase of new buses by any transit 
company that company must agree to transfer such buses to any other 
transit company which, in the opinion of the Office of Defense Trans- 
portation, is in greater need of them than the transit company to 
which delivery was originally made. 

We on this railway are proceeding on the assumption that we 
will have to do the best possible job of transporting the public with 
the equipment which we now have. Deliveries of new vehicles in the 
near future are expected to be in such small numbers that, although 
of help, they can not be expected to increase materially the over-all 
capacity of the railway. 

As of January 1, 1942 the railway had on order 39 buses. The 
railway ordered 90 buses during 1942. During that year 34 buses were 
delivered, so that as of the end of 1942 the railway had 95 buses re- 
maining on order, of which seven were delivered in January, 1943. We 
expect delivery during the next two or three months of 12 of the buses 
remaining on order. 

The railway had on order 50 trackless trolleys as of January 1, 
1942. The Office of Defense Transportation certified that 30 of these 
trackless trolleys were needed in this area and the War Production 
Board authorized their construction for probable delivery within the 
first quarter of 1943. 

(15) 



On May 6, 1942 the railway ordered 100 P.C.C. cars, the new 
type of surface car of which the railway now has 21. The War Pro- 
duction Board, in January, 1943, authorized the construction of some 
of the P.C.C. cars on order throughout the country, and 65 cars for 
the Boston Elevated were included in this authorization. 

The table below shows the railway's equipment divided into vari- 
ous age groups as of December 31, 1942: 



Surface Cars 

Under 20 years old 
20 to 30 " " 
Over 30 " " 

Total 





%of 


No. 


Total 


407 


39 


554 


52 


94 


9 



1,055 



100 



Rapid Transit Cars 

Under 20 years old 
20 to 30 " " 
Over 30 " " 

Total 



207 


43 


216 


45 


59 


12 



482 



100 



Buses 



Under 10 years old 


511 


88 


Over 10 " " 


71 


12 


Total 


582 


100 


Trackless Trolleys 






Under 10 years old 


132 


100 



After the war is over and new equipment is again available the 
railway will be required to replace a substantial number of existing 
cars and buses with new equipment. A number of the buses which 
are now in service would have been retired in normal times. Now, 



(16) 



however, these older buses are being maintained in a safe operating 
condition and are performing a useful transportation service, al- 
though, naturally, they are not efficient vehicles from the point of 
view of the relatively high expense of keeping them in operating con- 
dition, nor are they as comfortable or of as good appearance as the 
more modern buses. 

Not only is the delivery of new equipment to any company sub- 
ject to governmental authorities, but delivery of repair parts for 
equipment is subject to the same kind of control through the workings 
of ithe priority system. This difficulty of obtaining parts is further 
accentuated by the fact that the bus builders and the manufacturers 
of most of the unit parts of buses have diverted their major activi- 
ties to the production of war materials and are producing a much 
smaller quantity of parts. In some instances this diversion has led to 
the discontinuance of the manufacture of certain parts. Old parts 
must therefore be continued in service by what would be, in normal 
times, uneconomical methods. In many cases the railway has to re- 
pair, make over and re-adapt parts to continue equipment in operation. 

Effective since December 1, 1942, all buses, trackless trolleys and 
commercial vehicles have been certified and licensed by the Office of 
Defense Transportation for the purpose of controlling the use of rub- 
ber. The regulation provides for the inspection of the tires and steer- 
ing mechanism of all such vehicles every 5,000 miles or every 60 days, 
whichever comes sooner. This inspection must be made by an author- 
ized inspector of the Office of Price Administration. Although certifi- 
cation by the Office of Defense Transportation is necessary to operate 
these vehicles, such certification does not guarantee that the necessary 
tires or fuel for the vehicles will be obtained by authorization from 
the Office of Price Administration. 

The tires for our buses and trackless trolleys can only be obtained 
after issuance of certificates from the rationing boards in the area 
served by the railway. Since the quota allowed the several rationing 
boards does not meet the demands on them, they have not been able 
to furnish us with all of the tire certificates to which we are entitled 
under the rationing regulations and which we require for efficient 
operation. 

(17) 



Under the rationing regulations we were entitled to 894 spare 
tires at the end of 1942. Actually, we had on hand then 386 spare 
tires, or 508 fewer than the number to which we were entitled and 
489 fewer spares than when rationing went into effect on January 5, 
1942. 

We are glad to be able to report that, in spite of the difficulties 
in obtaining repair parts for cars, buses and trackless trolleys, and in 
spite of the decrease in the number of spare tires available, we were 
able to keep all vehicles in passenger service during 1942. 

Before the war broke out and before material was as difficult to 
obtain as it is now we reconditioned many vehicles, both rail and rub- 
ber tired, which were in storage. It would be impossible to carry out 
now some of the work of reconditioning which was performed in 1941. 



THE NEW VICTORY BUS 

Substitutes for various materials have had to be used as the 
Government has stipulated that these materials were necessary for 
war purposes A good example of the use of substitute materials, of 
the simplification of decorations and of the elimination of accessories 
not absolutely necessary is furnished by the new Victory Bus, so- 

THE NEW O.D.T. VICTORY BUS 




called, which is constructed under specifications of the Office of De- 
fense Transportation. We have already referred to the delivery of 
seven of these buses in January, 1943. 

The body and roof of these new Victory buses are of steel, where- 
as the body and roof of previous buses of the same model were of 
aluminum. The upright stanchions, grab rail and seat back grab 
handles are of hickory, whereas these parts in previous buses were of 
stainless steel. The use of stainless steel, chrome and nickel plate has 
been eliminated in these new buses. The painting of the exterior of 
these buses is in two colors, whereas the exterior paint job on previous 
buses was in three colors. On the new Victory buses there is no side 
destination sign such as there was on previous buses. These changes 
were made in the interest of the war effort and have in no way im- 
paired the essential usefulness of the buses. 



CO-OPERATION BY THE RAILWAY WITH 
GOVERNMENTAL AGENCIES 

We have done everything within our power to co-operate with 
the various governmental authorities in their plans to win the war 
and we shall continue so to do. 



Conversion from Oil to Coal Heating Equipment 

Conversion of oil heating equipment to the use of coal at 11 lo- 
cations of the railway, including garages, lobbies, a carhouse and a 
waiting /room, is saving more than 250,000 gallons of fuel oil on an 
annual basis. 

The largest saving of fuel oil is coming from the installation of 
coal burning equipment at the garages, six in number, where a total 
of 165,300 gallons of fuel oil is being saved on an annual basis. The 
conversion from oil burning equipment to the use of coal at a carhouse 
is saving 52,700 gallons of fuel oil on an annual basis. The balance of 
the saving of oil is coming from the conversion to coal burning equip- 
ment at a headquarters building, two lobbies and a waiting room. 

(19) 



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VIKWS FROM SOT TH STATION. BOOKING NORTH. 



The first conversion was completed on July 24, 1942 and the last 
at the end of January, 1943. 

Complete conversion has been mad* at all heating plants operated 
by the railway except at three locations where only about 4,000 gallons 
of fuel oil will be used on an annual basis. 



Saving of Rubber and of Gasoline 

One of the major objectives of the Office of Defense Transporta- 
tion has been directed at the curtailment of bus service, wherever 
possible, to the end of conserving rubber. We on the Elevated have co- 
operated in this effort. Bus service which was in duplication of exist- 
ing rail service has been discontinued or curtailed. Bus service which 
was being furnished on lightly used lines or parts of lines has been 
limited to those parts of lines and to those periods of the day when 
such service was justified under war conditions. The operation of 
chartered buses for private groups has been discontinued except to 
war plants and for military purposes. We estimate that the steps 
taken are saving well over 11,000,000 bus tire miles on an annual basis 
and are, of course, resulting in substantial savings of gasoline. 



"Getting in the Scrap" 

In 1942 the railway made available for war purposes more than 
24,000 tons of steel, iron and copper scrap. Of this amount 10,807 
tons were made available by the railway through the transfer of title 
to abandoned street railway tracks to the cities and towns in which 
the rails were located ; 9,940 tons by the removal of the Atlantic av- 
enue "El" structure and 3,471 tons from the disposal of worn-out 
parts. We are confident that this enormous amount of scrap metal was 
an important contribution to the war effort. 

(21) 



Preparations for Air Raids, Blackouts 
and Dimouts 

The railway has co-operated wholeheartedly with the instructions 
of the Massachusetts Committee on Public Safety relative to executive 
proclamations and with the Army regulations issued as to precautions 
to be taken against air raids and sabotage and in connection with 
blackouts and dimouts. 

The following steps have been taken and procedures developed: 

Operators have been given detailed instructions as to what to do 
in emergencies. 

Various employees have been instructed as to how to extinguish 
incendiary bombs and fires therefrom. 

A considerable number of employees have been instructed in 
first aid. 

All illuminated signs over which the railway has control have 
been extinguished for the duration. 

During blackouts the lights at outdoor stations and those of the 
signal system of the rapid transit lines and all other lights which can 
be seen from the street are to be put out. 

Lights are to be put out in buildings during blackouts. During 
such time, general work requiring light is to stop. The windows, doors 
and skylights of offices which must be used during blackouts have 
been blacked out. 

The upper half of all headlights on passenger and commercial 
vehicles of the railway has been blacked out. 

The upper three-quarter's of the open area of windows in wait- 
ing rooms, garages, shops and miscellaneous buildings has been 
painted. 

Lights in yards, shops and garages and miscellaneous buildings 
have been equipped with metal hoods to throw the light downward. 

A plan has been set up whereby buses are to be used in transport- 
ing persons over short distances in the event of interruption to rail 
services or because of the necessity of evacuating danger zones. In 
mass evacuation, buses are to be used also to move sick persons to 
their destination. 

Equipment has been provided for the purpose of converting buses 

(22) 



into stretcher carrier ambulances in case of mass evacuation of pa- 
tients from institutions and from steamers. 

Additional first aid rooms and fire fighting equipment have been 
provided. 

The management and personnel of the "El" are aware of the 
dangers which may arise at any time. We have obtained special equip- 
ment and developed orderly procedures to meet these dangers. If and 
when the test comes we believe we shall be ready and able to meet it. 

Purchase of War Savings Bonds 

In various ways the railway has urged employees to buy War 
Savings Bonds to the full extent of their ability and since November 
2, 1942, the railway has been designated as an issuing agent for the 
Federal Reserve Bank of Boston. This procedure has enabled buyers 
of bonds under the payroll allotment plan to receive their bonds within 
a short time after payment. 

Several divisions of the railway have received the "Minute Man" 
flag by virtue of having 90 per cent, or more of their employees buy- 
ing War Savings Bonds under this plan. 

For the railway as a whole as of December 31, 1942, there were 
6,000 employees, or 88 per cent, of the entire personnel, who were buy- 
ing War Savings Bonds by means of the payroll allotment plan. 

Employment of Women to Replace Men 
Entering the Armed Services 

The past year has seen a partial replacement of men by women 
in offices of the railway. As the war continues this substitution of 
women for men in offices will undoubtedly continue. 

With the increasing shortage in man power we are giving con- 
sideration to the employment of women in car service. In fact, appli- 
cations of women for work as conductors are now being received. Al- 
though no women have as yet been given examinations for the position 
of conductors, a standard of requirements for the position has been 
set up. How soon the railway will employ women conductors can not 
now be determined. We are preparing, however, to employ women in 
such positions should the need arise. The lines most adaptable for the 

(23) 



use of women conductors are the lines operating through the Boylston 
and Tremont street subways, namely, the Lake street-Lechmere, the 
Reservoir-Lechmere and the Arborway-Park street lines. 

Should man power become unavailable to replace the men of our 
operating force called to the armed services, then the employment of 
women as operators of cars, buses and trackless trolleys would become 
necessary. 

EMPLOYEES 

The number of employees on the weekly payroll of the railway 
was 6,743 in the last week of 1942 as compared to 6,216 in the same 
week of the previous year. This increase was necessary in order to 
operate the greater mileage needed to take care of the much higher 
level of riding due to the war and in order to train the new employees 
needed to replace those who were called into the armed services. 

"El" Employees in the Armed Forces 

The number of "El" employees in the armed forces of the United 
States as of the end of 1942 was 467. The first employee to wear the 
national uniform left the railway on August 16, 1940, two and one 
half years ago. Since then, employees in all branches of the railway 
service and in many occupations have either enlisted or been selected 
for service. 

The following table shows the number of men who, as of the end 
of 1942, were on a leave of absence from the various departments of 
the railway for service in the armed forces : 

Transportation department 259 
Rolling Stock and Shops 

department 89 

Maintenance department 72 

Power department 27 

General offices 20 



Total 467 

Of the above 318 are in the Army, 120 are in the Navy, 17 in the 
Air Corps and 12 are in the Marine Corps. 

(24) 



In this report of the railway's activities for 1942, we wish to pay 
our tribute of respect and honor to these former 'employees who are 
in the service of our country and to express our hope for their well 
being and safe return. 

Replacement of Employees 

Up to the present, the replacement of employees who have left 
for the armed services and for work elsewhere has so far been ac- 
complished without great difficulty. 

Until the middle of January, 1943, vacancies in car, train and bus 
service were filled from a list established following written and physi- 
cal examinations and credit for education and experience, which, taken 
together, constituted what we have called a "merit plan" of employee 
selection. This list for car, train and bus service was originally estab- 
lished on December 15, 1939 and was supplemented by a list of appli- 
cants who qualified for it by virtue of an examination held on May 2, 
1942. Appointments from this list were made in order of ranking. 

Since the list referred to above became exhausted, applicants who 
have the necessary qualifications for employment in car, train and bus 
service are being given a written examination through the United 
States Employment Service, which comes under the control of the 
War Manpower Commission. As we shall need them, the men who 
pass the written examination of the United States Employment Ser- 
vice will be appointed in order of grading after passing a thorough 
physical examination. 

Although up to the present time the railway has been able to 
make replacements in the crafts, the supply of skilled labor is becom- 
ing more and more scarce. Most of our skilled mechanics have been 
with us for a number of years and are not within the age groups now 
being selected for the armed services. These skilled employees have 
realized that they can make their greatst contribution to the war ef- 
fort by continuing to perform for the railway the work for which 
they are best qualified, work which has been classified by the Govern- 
ment as essential to the war effort. Increasing difficulties will be en- 
countered, however, when married men with dependents are called to 
the armed services. 

(25) 



AMERICA* TRANSIT ASSOCIATION SAFETY PLACQIE 



NATIONAL SAFETY AWARD 

We are pleased to report that the railway, for the sixth time in 
its history, won national recognition for safety by being awarded in 
1942 the American Transit Association plaque for "high achievement 
in traffic and passenger safety in 1941." This award crowns a 25-year 
safety record unequalled by any other transit company. 

The good work in accident prevention continued in 1942. Trans- 
porting an average of well over 1,000,000 passengers a day, the "El" 
further reduced its traffic accidents on a mileage basis by more than 
eight per cent, in 1942 as compared to 1941, the year for which the 
safety award was made. 

For their part in making this safety record possible, the "El" is 
glad to acknowledge the co-operation of the various agencies which 
have worked for safety in the community served by the "El" ; the 

(26) 



people of Greater Boston who have been keenly aware of safety prob- 
lems and co-operative in solving them ; and its own employees whose 
splendid work was the most important factor in winning the award. 
Because of the "El's" repeated national successes in the field of 
safety, the railway has been barred from further competition for this 
award. We believe it appropriate, therefore, that as a matter of per- 
manent record the number of safety awards won by the railway should 
be made a part of this report. The "El's" record of safety is shown 
below, each award being based on the safety record of the year previ- 
ous to the one in which the award was made. 

1915 

Won the first Anthony N. Brady Memorial 

Medal for safe operation. 
(Competition suspended from 1917 to 1925) 

1929 

Won Brady Medal for the second time. 

1931 

Won Brady Medal for the third time. 

1932 

Won Brady Medal for the fourth time and, by a 
special ruling of the Committee on Awards, 
barred from the next three competitions. 

1936 

Won Brady Medal for the fifth time and barred 
from the next five competitions. 

1942 

Won American Transit Safety Award, success- 
or to the Brady Medal, and barred from 
further competition. 

(27) 



In brief, the "El" won the first Brady Medal. The "El" is first in 
the number of national awards won, six as compared with a maximum 
of two for any other street railway. Beginning in 1931 the "El" has 
won every competition for which it was eligible. 

Needless to say, although barred from further competition for 
this national safety award, the management and the employees of the 
railway are devoting and will continue to devote their best efforts to 
furnishing the safest possible transportation for its many riders. 

COMPLAINTS 

During 1942 the total number of complaints was 920, which com- 
pares well with 913 for 1941 and with an average number of 1,083 
from 1932 to 1941, inclusive. All complaints received by the railway 
receive careful attention and, whenever possible, a representative of 
the railway interviews the complainant. 

PROCEEDINGS OF THE ATTORNEY-GENERAL 

During the past year proceedings were instituted in the Superior 
Court by the Attorney-General under authority of Chapter 89 of the 
Resolves of 1941 which authorized an action to be brought seeking a 
declaratory judgment interpreting the Public Control Act pertaining 
to the authority of the public trustees to make certain charges to the 
cost of service and their accounting duties incidental to such charges, 
or such other proceeding at law or in equity as the Department of 
Public Utilities and the Attorney-General should deem advisable. The 
City of Boston has intervened in this proceeding and hearings on pre- 
liminary matters ,have been held in the Superior Court. 

REMOVAL OF THE ATLANTIC AVENUE 
ELEVATED STRUCTURE 

On January 21, 1942 a decree was entered in proceedings brought 
by the private Directors of the railway Company in the Supreme Ju- 
dicial Court of Massachusetts under Chapter 482 of the Acts of 1939 

(28) 



determining that the right of the Company to maintain and operate 
the Atlantic avenue elevated structure so-called was forfeited. This 
cleared the way for removal of this structure. 

Immediately after this decision the railway commenced removal 
of those portions of the structure which it desired to retain and con- 
tracted for the removal of the remainder of the structure. The work 
of removal was completed on June 10, 1942 except for minor items 
which were completed during the year. 



CONCLUSION 

As shown by the financial statement appended to this report, the 
income of the railway Company exceeded the cost of the service as 
defined by the terms of the Public Control Act by the sum of 
$924,204.46. 

With respect to the business of this railway, the trend in riding 
is still upward. The expectations are that such will continue, although 
the rate of increase cannot be predicted. Several factors may tend to 
discourage certain types of riding. On the other hand, the war ef- 
fort in this community daily becomes more intense, with an attendant 
greater use of the railway's services. As rubber tires wear out the 
owners of automobiles are turning more and more to the Elevated for 
transportation. Further restrictions on the use of private automobiles 
for pleasure riding have caused an increase in the use of public trans- 
portation facilities. 

In 1943 there will be obstacles of a serious nature to overcome. 
There will be difficulties in obtaining suitable man power replacements, 
new equipment and necessary repair parts. Nevertheless, largely by 
virtue of timely planning and by the existence of an extensive transit 
system properly maintained for years past, we believe that we face 
a crucial year able to perform the task of transporting large numbers 
of people in a war busy metropolitan area. 

Undoubtedly, at certain hours there will be crowded conditions 
in our cars, buses and rapid transit trains. In this respect, we ask 
for an understanding of how the war emergency is affecting trans- 
portation facilities and for co-operation on the part of the riding pub- 

(29) 



lie. Individuals can help. In various advertisements and publicity ma- 
terial issued during 1942 we have indicated the ways in which they 
can do so. A fine spirit of co-operation has been manifested in carry- 
ing out the planned staggering of working hours and in voluntary 
staggering of travel times. Every effort must be made during 1943 to 
prevent any further rise in the "peak" of the evening rush hour. 

In 1943 we ask for the continued co-operation of our riders so 
that with their help and with the facilities and with the man and wo- 
man power now and henceforth available we can continue to be able 
to meet the ever increasing demand for public transportation. When 
and where needed, we shall furnish transportation services to the 
limit of the railway's capacity, keeping always in mind, however, that 
the order of the day calls for the utmost conservation of all transpor- 
tation facilities, so vital are they to the successful advancement of 
war objectives. 

BOARD OF PUBLIC TRUSTEES, 

BOSTON ELEVATED RAILWAY COMPANY 




<-~-*^ Chairman 
/ TJ^ry JJ. V/mit^. Secretary 





February 1, 1943 



(30) 



FINANCIAL STATEMENTS 
AND 



STATISTICS 



Boston Massachusetts 



To the Board of Public Trustees of 
Boston Elevated Railway Company, 
Boston, Massachusetts. 

We have examined the balance sheet of the Boston 
Elevated Railway Company as of December Jl, 1942, and the 
accompanying statement of income and of the cost of the service 
for the year then ended, have reviewed the system of internal 
control and the accounting procedures of the company and have 
examined or tested accounting records of the company and other 
supporting evidence, by methods and to the extent we deemed 
appropriate. In accordance with accepted audit procedure, we 
made an examination in detail of such portion of the transactions 
as we deemed appropriate and no limitation as to the scope of 
our examination was placed upon us by the Board of Public 
Trustees or officials of the company. 

In our opinion, the provision for depreciation of road 
and equipment in the year 1942 charged to the cost of the service 
as shown in the accompanying schedule of operating expense accounts 
is fair and reasonable, but the amount accrued in the reserve for 
depreciation of property and for obsolescence and losses in 
respect to property sold, destroyed or abandoned, appearing in 
the accompanying balance sheet, is inadequate. 

In our opinion, subject to the comments in the 
preceding paragraph, the accompanying balance sheet and related 
statement of income and of the cost of the service present 
fairly the position of the Boston Elevated Railway Company at 
December 31 , 1942, and the results of its operations under public 
control for the fiscal year then ended, in conformity with 
generally accepted accounting principles applied on a basis 
consistent with that of the preceding year. 



Boston, Massachusetts 
January 29, 1945 



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(33) 



BALANCI 



ASSETS 



Fixed assets: 

Road and equipment: 

Way and structures 

Equipment 

Power 

General and miscellaneous 

Unfinished construction 

Total road and equipment 

Miscellaneous physical property 

Advances for road and equipment on leased 
roads — . Eastern Massachusetts Street 
Railway Company 

Total fixed assets 

Current assets: (note C) 

Cash in banks and on hand 

Special deposits 

Miscellaneous accounts and rents receiv- 
able 

Material and supplies 

Other current assets 

Total current assets 

Other investments: (note C) 

United States Treasury Bonds 

United States Treasury Notes 

United States Treasury Certificates of In- 

debtedness 

United States War Savings Bonds . 

Mortgage Notes receivable 

Total other investments 

Deferred charges and unadjusted debits: 

Prepaid expenses • • 

Unamortized discount and expense on bonds 
Other unadjusted debits 

Total deferred charges and unad- 
justed debits 

TOTAL ASSETS 

For Balance Sheet notes see page 36. 



December 31 



1942 



$ 55,655,881.62. 

32,180,726.13 

15,610,685.07 

1,972,311.37 

23,475.60 

$105,443,079.79 
754,378.14 



232,455.28 



1941 



$ 60,948,149.83 

31,909,641.49 

15,608,358.84 

1,972,733.17 

36,542.64 

$110,475,425.97 
688,978.14 



232,455.28 



$106,429,913.21 $111,396,859.39 



$ 2,286,798.13 
396,892.57 

135,062.29 

2,796,139.36 

72,330.00 



$ 3,396,967.08 
352,649.99 

413,019.96 

2,574,653.48 

37,240.00 



$ 5,687,222.35 $ 6,774,530.51 



; 1,760,000.00 
940,000.00 

200,000.00 

100,000.00 

69,000.00 

5 3,069,000.00 
$ 268,720.00 

1,627,754.59 
186,061.76 



$ 100,000.00 

$ 100,000.00 
$ 108,202.07 

1,102,386.86 
98,752.85 



2,082,536.35 $ 1,309,341.78 



$117,268,671.91 $119,580,731.68 



(34) 



3HEET 



LIABILITIES 



Funded debt (per schedule, page 46) : 

Bonds held by Boston Metropolitan District 
Bonds held by others: 

Not due within one year 

Due within Tme year 

Total funded debt 

Current liabilities: 

Accounts and wages payable 

Accrued interest, dividends and rents 

payable 

Accrued taxes (note A) 

Unredeemed tickets 

Other current liabilities 

Total current liabilities, exclusive 
of bonds due within one year 
shown above 

Reserve for depreciation of property and 
for obsolescence and losses in respect to 
property sold, destroyed or abandoned. . 

Reserve for injuries and damages 

Unadjusted credits: 

Unamortized premium on bonds 

Other unadjusted credits 

Total unadjusted credits 

Capital stock (per schedule, page 46) : 

Common stock (238,794 shares of $100.00 

par value each) 

Premium on common stock 

Total common stock and premium 

Profit and loss and surplus accounts: 

Deficit prior to July 1, 1918 

Deficit year ended June 30, 1931 ,. 

Cost of service deficit (note B): 

Year ended March 31, 1941 

Nine months ended December 31, 1941 
Excess of income over the cost of the service 
for the year ended December 31, 1942 

(Note C) 

Surplus arising from consolidation with 

West End Street Railway Co. June 

10, 1922 and reorganization July 1, 1931 

Total profit and loss and surplus 

accounts (debit) 

TOTAL LIABILITIES 



December 31 



1942 
$ 73,030,917.00 
3,170,000.00 



1941 
$ 64,744,917.00 

3,170,000.00 
8,286,000.00 



$ 76,200,917.00 $ 76,200,917.00 



745,184.11 $ 748,060.84 



1,375,196.35 

606,374.59 

49,657.20 

169.415.83 



1,356,355.58 

184,310.29 

36,372.46 

53,388.23 



$ 2,945,828.08 $ 2,378,487.40 



$ 14,650,477.69 $ 18,006,934.07 
$ 938,294.89 $ 952,409.38 



4,627.56 
110,900.76 



8,554.08 
540,008.28 



$ 115,528.32 $ 548,562.36 



$ 23,879,400.00 $ 23,879,400.00 

2,707,428.13 2,707,428.13 

$ 26,586,828.13 $ 26,586,828.13 



$ 12,127.83* $ 12,127.83* 

1,989,473. 12* 1,969,473.12* 



2,341,167.29* 
1,311,406.44* 



924,204.46 



540,768.02 



2,341,167.29* 
1,311,406.44* 



540,768.02 



$ 4,169,202.2 0* $ 5,093,406.66* 
$ 117,268,671.91 $ 1 1 9,580,73 1 .68 



* Denotes debit balance. 



(35) 



NOTES TO BALANCE SHEET AND TO STATEMENT OF INCOME 
AND THE COST OF THE SERVICE 

Note A — Federal Income Taxes 

Under a decision of the United States Circuit Court of Appeals rendered 
November 4, 1942, with respect to which a petition for writ of certiorari is pend- 
ing before the United States Supreme Court, the company was held liable for 
federal income taxes for the years 1933 to 1937, inclusive. The amount of the 
taxes determined in accordance with said decision for the years 1933 through 
1941 with accrued interest thereon to December 31, 1942, is $1,343,901.50. As 
sufficient reserves had not been provided for these taxes in prior years, it was 
necessary to charge the amount of $930,005.81 to profit and loss in 1942. As a 
result of certain deductions which do not enter into the computation of the cost 
of the service but are allowable for federal income tax purposes, it is believed 
that no federal income or excess profits taxes have been incurred for the year 
1942. 



Note B — Advances by the Commonwealth under Public Control Act 

Amounts advanced by the Commonwealth of Massachusetts to the Boston 
Elevated Railway Company for deficits in the cost of the service (July 1, 1931 to 
March 31, 1940) total $18,604,378.29 December 31, 1942. When the company has 
an excess of income over the cost of the service it will be obligated to make re- 
payments to the Commonwealth on account of the amounts so advanced, after 
applying such excess to the restoration of the Reserve Fund to its original amount 
of $1,000,000.00, and to the payment of current rentals on the Governor Square 
Extension of the Boylston Street Subway and reimbursement of the Common- 
wealth for payments made by it to the City of Boston for one-half of similar 
rentals for prior years as required by St. 1930, Ch. 394. 

Under authority of Legislative Resolve of 1941 the Attorney General has 
instituted proceedings with respect to the propriety of the method used by the 
Trustees in determining deficits under terms of the Public Control Act. In the 
meantime, payment to the company of the amounts of the deficits certified to the 
Commonwealth by the Trustees for the twelve months ended March 31, 1941 and 
for the nine months ended December 31, 1941 in the amounts of $2,341,167.29 and 
$1,311,406.44 respectively has been withheld by the Commonwealth. 



Note C — Reserve Fund 

The excess of income over the cost of the service for 1942 ($924,204.46) is 
applicable to the restoration of the Reserve Fund and cash or securities of this 
amount will be transferred to the Reserve Fund as provided in Section 9 of the 
Public Control Act. 



(36) 



STATEMENT OF INCOME AND THE COST OF THE SERVICE 
FOR YEAR ENDED DECEMBER 31, 1942 

(As defined in Section 6. Chapter 159. Special Acts, 1918) 

Operating Revenue: 

Passenger Revenue . . . $32,541,461.46 

Special Car and Special Bus Revenue.... 67,373.10 

Total Revenue from Transportation . . $32,608,834.56 

Station and Car Privileges $ 540,827.77 

Rent of Buildings and Other Property. . . 68,334.01 

Power Sales 11,484.70 

Other Operating Revenue 911.61 

Total Revenue from Other Operations 621,558.09 

Total Operating Revenue $33,230,392.65 

Operating Expenses: 

Way and Structures $ 3,122,156.89 

Equipment 3,300,562.63 

Power 2,145,102.65 

Conducting Transportation 10,309,661.25 

Traffic 51,588.08 

General and Miscellaneous . 2,744,370.51 

Transportation for Investment (credit) . . 12,022.82 

Total Operating Expenses 21,661,419.19 

(Incl. Depreciation $2 184,464.26) 

Operating Income Before Taxes $11,568,973.46 

Taxes Assignable to Operations (note A) . . . . 1,694,905.45 

Operating Income $ 9,874,068.01 

Non-Operating Income 22,228.85 

Gross Income $ 9,896,296.86 

Deductions from Gross Income: 

Interest on Funded Debt $ 3,877,901.26 

Amortization of Discount on Funded Debt 78,908.36 

Subway and Rapid Transit Line Rental. . . 2,831,402.68 

Dividends (required by law) 1,193,970.00 

Rent for Leased Roads 45,968.28 

Other Deductions 12,293.28 

Total Deductions from Gross Income. 8,040,443.86 

Operating Profit for the Year $1,855,853.00 

Profit and Loss Items: 

Additional Federal Income Tax Liability — ■ 

Years 1933-1940 $ 930,005.81 

Other Items (Net) 1,642.73 

Total Profit and Loss Items, Net .... 931,648.54 

Excess of Income over the Cost of the Service 

for the Year $ 924,204.46 

F'or notes to Statement of Income, see page 36 



(37) 



OPERATING EXPENSE ACCOUNTS 



Years Ended December 31 



1942 
Way and Structures: 

Superintendence of Way and Structures . . $ 313,834.70 

Maintenance of Track and Roadway 1,054,261.2° 

Removal of Snow and Ice 162,877.72 

Tunnels and Subways 27,489.61 

Elevated Structures and Foundations . . . 67,979.19 

Bridges, Trestles and Culverts 8,711.11 

Crossings, Fences and Signs 13,384.75 

Signals and Interlocking Apparatus 27,934.92 

Telephone and Telegraph Lines 4,588.58 

Other Miscellaneous Way Expenses 66,785.80 

Maintenance of Electric Line Equipment. . 213,853.29 
Maintenance of Buildings, Fixtures and 

Grounds 411,656.00 

Depreciation of Way and Structures 748,800.00 

Total Way and Structures $ 3,122,156.89 



1941 



$ 283,764.84 

930,152.93 

215,682.20 

21,144.80 

52,177.63 

13,737.12 

10,923.53 

28,102.67 

6,420.01 

40,178.93 

210,065.40 

404,629.08 
748,800.00 

$ 2,965,779.14 



Equipment: 

Superintendence of Equipment $ 113,018.57 

Maintenance of Revenue Equipment 1,234,182.27 

Maintenance of Rail Service Equipment . 16,669.41 

Elec. Equip. Maint. of Revenue Equipment 369,936.44 

Shop Equipment 41,502.32 

Shop Expenses 301,262.77 

Miscellaneous Equip. (Autos, Trucks & 

Tractors) 53,526.59 

Depreciation of Equipment 546,000.00 

Depreciation of Buses & trackless Trolleys 624,464.26 

Total Equipment $ 3,300,562.63 



$ 105,816.43 

1,233,666.02 

18,768.02 

337,513.65 

52,579.36 

263,303.73 

60,666.43 
530,400.00 
614,356.45 

$ 3,217,070.09 



Power: 

Superintendence of Power $ 96,343.26 

Maintenance of Power Plant Bldgs. 

Equipment 165,403.16 

Depreciation of Power Plant Bldgs. & 

Equipment 265,200.00 

Operation of Power Plants 1,227,889.91 

Gasoline and Fuel Oil for Buses 390,266.32 

Total Power $ 2,145,102.65 



£ $90,821.79 

165,876.66 

280,800.00 

1,023,193.48 

290,041.43 

$ 1,850,733.36 



(38) 



OPERATING EXPENSE ACCOUNTS (Concluded) 



Years Ended December 31 



1942 
Conducting Transportation: 

Superintendence of Transportation $ 1,341,618.02 

Pass. Car, Trainmen and Bus Operators.. 6,164,487.41 

Misc. Car and Bus Service Employes 185,360.40 

Misc. Car and Bus Service Expenses 118,185.11 

Station Employes 775,090.10 

Station Expenses 227,537.17 

Car House and Bus Garage Employes 901,233.46 

Car House and Bus Garage Expenses 113,639.22 

Operation of Signal & Interlocking Ap- 
paratus 248,203.16 

Operation of Telephone & Telegraph Lines 16,038.94 

Other Transportation Expenses 218,268.26 

Total Conducting Transportation $10,309,661.25 



1941 



$ 1,185,778.53 
5,148,110.77 
186,060.24 
112,547.91 
696,182.43 
208,258.51 
813,030.07 
94,786.02 

230,468.49 

14,645.34 

197,814.31 

$ 8,887,682.62 



Traffic 



51,588.08 $ 36,348.27 



General and Miscellaneous: 

Salaries and Expenses of General Officers 
Salaries and Expenses of General Office 

Clerks 

General Office Supplies and Expenses .... 

Law Expenses ; 

Pensions and Gratuities 

Miscellaneous General Expenses 

Injuries and Damages 

Insurance 

Stationery and IPrinting 

Store Expenses 

Garage Expenses (Excl. Bus Garages) . . . 
Rent of Equipment 

Total General and Miscellaneous .... 



93,816.38 $ 87,464.91 



476,689.33 

90,230.55 

50,453.40 

235,140.52 

111,807.08 

987,895.30 

207,427.23 

99,801.39 

264,247.12 

105,770.25 

21,091.96 



421,519.61 

82,430.29 

48,965.98 

225,901.14 

95,772.22 

941,123.26 

126,876.84 

77,066.69 

231,763.96 

100,330.13 

13,875.62 



$ 2,744,370.51 $ 2,453,090.65 



Transportation for Investment 



)l2,022.82'\ 



$2s,34i.gS\ 



Total Operating Expenses $21,661,419.19 $19,387,362.15 



1 Credit 



(39) 



ROAD AND EQUIPMENT INVESTMENT 

Total 

Way and Structures: Dec. 31,1942 

Engineering and Superintendence $ 1,376,264.87 

Right of Way 8,543,021.58 

Other Land 5,780,215.59 

Grading 300,369.67 

Ballast 702,100.30 

Ties 663,207.63 

Rails, Rail Fastenings and Joints 1,342,707.06 

Special Work 4,279,799.99 

Track and Roadway Labor 3,793,526.97 

Paving 1,210,830.24 

Roadway Machinery and Tools 650,443.23 

Tunnels and Subways 360,438.88 

Elevated Structures and Foundations . . . 4,004,363.45 

Bridges, Trestles and Culverts 1,991,773.98 

Crossings, Fences and Signs 85,720.95 

Signals and Interlocking Apparatus 1,165,684.27 

Telephone and Telegraph Lines 95,193.71 

Poles and Fixtures 719,040.14 

Underground Conduits 1,921,388.60 

Distribution System 3,713,823.17 

Shops, Car Houses and Garages 8,470,943.21 

Stations, 'Misc. Buildings and Structures. . 4,252,722.93 

Wharves and Docks 232,301.20 

Total Way and Structures $ 55,655,881.62 

Equipment: 

Pass. Cars, Buses and Trackless Trolleys. . $ 21,604,283.27 

Service Equipment 949,409.23 

Electric Equip, of Cars and Trackless 

Trolleys 7,277,959.93 

Shop Equipment 968,812.80 

Furniture, Fare Boxes and Passimeters . . 289,601.06 

Miscellaneous Equipment 1,090,659.84 

Total Equipment $ 32,180,726.13 

Power : 

Power Plant Buildings $ 3,600,974.77 

Sub Station Buildings 641,289.06 

Power Plant Equipment 7,031,642.93 

Sub Station Equipment 2,693,415.14 

Transmission System 1,643,363.17 

Total Power $ 15,610,685.07 

General and Miscellaneous: 

Law Expenditures $ $250.00 

Interest during Construction 1,832,301.09 

Injuries and Damages 7,500.00 

Taxes 145,444.74 

Miscellaneous 13,184,46* 

Total General and Miscellaneous $ 1,972,311.37 

Unfinished Construction $ 23,475.60 

Total Road and Equipment Investment $105,443,079.79 



Total 
Dec. 31, 1941 

$ 1,722,072.11 

11,465,147.56 

5,797,576.21 

300,783.22 

702,146.58 

692,806.75 

1,397,860.04 

4,282,974.65 

3,815,151.22 

1,200,129.84 

633,569.42 

361,413.88 

5,549,015.53 

1,991,773.98 

85,720.95 

1,136,156.43 

101,907.36 

714,202.14 

1,921,220.59 

3,827,221.70 

8,438,583.81 

4,578,414.66 

232,301.20 

$ 60,948,149.83 



$ 21,398,974.51 
961,812.11 

7,279,521.27 
945,090.70 

285,475.75 
1,038,767.15 

$ 31,909,641.49 

$ 3,600,974.77 

641,289.06 

7,035,376.12 

2,689,711.55 

1,641,007.34 

$ 15,608,358.84 

$ $250.00 

1,832,301.09 

7,500.00 

145,866.54 

13,184.46* 

$ 1,972,733.17 
$ 36,542.64 

$110,475,425.97 



* Credit. 



(40) 



INVESTMENT IN ROAD OWNED AND LEASED 
DECEMBER 31, 1942 

Boston Elevated Railway Company: 

Road and Equipment $105,443,079.79 

Miscellaneous Physical Property 754,378.14 

West Roxbury Lines (E. Mass. St. Ry. Co.) . . . 232,455.28 



Total Boston Elevated Railway Company 

Investment $106,429,913.21 



Leased Lines: 

Hyde Park Transportation District (City of 

Boston) $245,931.51 

Eastern Mass. St. Ry. Co. (Part Leased) 

West Roxbury Lines $672,847.44 

Middlesex Fells Line 29,546.01 



Total Eastern Mass. St. Ry. Co 702,393.45 



Total Leased Lines 948,324.98 



City of Boston Investment: 

Boylston Subway $11,528,036.96 

Cambridge Connection 1,705,621.69 

Dorchester Tunnel 12,296,796.49 

Dorchester Rapid Transit Extension 11,138,280.00 

East Boston Tunnel 7,315,038.21 

East Boston Tunnel Extension 2,352,352.24 

Huntington Avenue Subway 2,131,468.78 

Tremont Subway 4,675,090.45 

Washington Tunnel 7,979,613.08 



Total City of Boston Investment 61,122,297.90 

Comm. of Massachusetts Investment: 

Cambridge Subway $8,226,759.52 



Total Commonwealth of Massachusetts Invest- 
ment 8,226,759.52 



Total Investment in Road Owned and Leased $176,727,295.59 



(41) 



RECEIPTS AND COST OF SERVICE 
FOR YEARS ENDED DEC. 31 

Receipts 1942 1941 

Revenue from Transportation $32,608,834.56 $27,036,883.68 

Revenue from Other Operations 621,558.09 546,330.12 

Non-Operating Income 22,228.85 10,301.01 



Note : Profit and Loss items not included in above. 



Total Receipts $33,252,621.50 $27,593,514.81 

Cost of Service 

Operating Expenses: 

Wages $15,141,867.23 $13,250,629.29 

Material and Other Items 2,309,110.86 2,219,886.21 

Injuries and Damages 800,973.57 765,970.86 

Depreciation 2,184,464.26 2,174,356.45 

Fuel 1,225,003.27 976,519.34 



Total Operating Expenses $21,661,419.19 $19,387,362.15 

Interest on Bonds 3,877,901.26 3,942,068.35 

Subway and Rapid Transit Line Rental 2,831,402,68 2,829,413.73 

Taxes 1,694,905.45 1,704,286.19 

Dividends (required by law) 1,193,970.00 1,193,970.00 

Rent of Leased Roads 45,988.28 45,808.07 

Miscellaneous Items 91,201.64 84,363.28 



Total Cost of Service $31,396,768.50 $29,187,271.77 

Profit for Year $ 1,855,853.00 

Loss for Year — $ 1,593,756.96 



(42) 



COMPARATIVE STATISTICS 

Years Ended December 31 
Passenger and Traffic Statistics: 1942 1941 

Cost of Service Per Revenue Passenger. . . . 8.48c 9.51c 

Total Receipts Per Revenue Passenger .... 8.98c 8.99c 

Loss Per Revenue Passenger 0.52c 

Profit Per Revenue Passenger 0.50c 

Passenger Revenue $32,608,834.56 $27,036,883.68 

Round Trips Operated 6,815,436 5,930,857 

Average Fare per Fare Passenger 8.80c 8.80c 

% of 5c Fares to Total Rev. Passengers. . . 23.87% 23.99% 

Revenue Passengers Per Mile Operated . . . 6.88 6.71 



Revenue Passengers: 

10c Fares 

5c Fares 

6V2C Joint Fares 

5c Pupils' Tickets 

12 Ride Commutation Tickets 

Special Car and Special Bus 

Total Revenue Passengers 

Revenue Miles: 

Surface Lines 

Bus Lines 

Trackless Trolley Lines 

Rapid Transit Lines 

Total Revenue Miles 

Revenue Hours: 

Surface Lines 

Bus Lines 

Trackless Trolley Lines 

Rapid Transit Lines 

Total Revenue Hours 

Power Statistics: 

Tons of coal burned 

Pounds of coal per D. C. kilowatt hour 

Average price of coal per long ton (at 
boilers) 

Net cost of power for car service per kilo- 
watt hour (cents) 

Net cost of power per total car mile (cents) 

Direct current annual output (kilowatt 
hours) 



281,105,337 

82,659,201 

145,251 

5,714,184 

30,966 

610,302 

370,265,241 



23,922,237 

11,978,642 

3,268,311 

14,635,272 

53,804,462 



2,577,351 

1,340,099 

349,125 

974,041 

5,240,616 



232,268,531 

67,471,051 

118,522 

6,136,961 

820,460 

306,815,525 



20,503,698 

11,604,593 

2,320,742 

11,274,564 

45,703,597 



2,211,622 

1,302,449 

251,860 

750,927 

4,516,858 



138,983 
1.344 


123,659 
1.383 


$6.01 


$5.55 


0.803 
4.120 


0.833 
4.461 


231,622,125 


200,274,930 



(43) 





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(45) 































CAPITAL OUTSTANDING, DECEMBER 31, 1942 



Outstanding Common Stock 



No. 
Shares 
Outstanding 

5,000 
95,000 
33,000 
66,500 
39,294 



238,794 



Par Value 

Shares 

Outstanding 

$500,000.00 
9,500,000.00 
3,300,000.00 
6,650,000.00 
3,929,400.00 



Net 
Premium 



,815,000.00 
695,958.13 
196,470.00 



$23,879,400.00 $2,707,428.13 



5% 
Amount Yearly Dividends 

Realized Dividend Payable 

$500,000.00 

9,500,000.00 

5,115,000.00 

7,345,958.13 

4,125,870.00 

Jan. 

$26,586,828.13 $1,193,970.00 ) A P r - 

July 

Oct 



Outstanding Funded Debt 



Par 
Value 


Rate 


Maturi 


ty 


Amount 
Realized 


Yearly 
Interest 


Co. 


$ 2,600,000.00 


5 % 


Mar. 


1, 


1944 


$ 2,712,832.07 


$130,000.00 


W.E. 


570,000.00 


7 % 


Sept. 


1, 


1947 


570,399.00 


39,900.00 


W.E. 


§ 1,581,000.00 


4V 2 % 


Aug. 


1, 


1949 


1,503,309.66 


71,145.00 


B. E, 


§ 6,309,000.00 


5 % 


Jan. 


1, 


1960 


6,169,571.10 


315,450.00 


B.E. 


§ 8,500,000.00 


5 % 


Mar. 


1, 


1960 


8,569,615.00 


425,000.00 


B. E. 


§ 7,711,000.00 


4V 2 % 


Dec. 


15, 


1960 


7,524,779.35 


346,995.00 


B. E. 


§ 3,815,000.00 


4V 2 % 


June 


1, 


1961 


3,778,757.50 


171,675.00 


B. E. 


§ 2,098,000.00 


4%% 


Jan. 


1, 


1962 . 


2,084,404.96 


89,165.00 


B.E. 


§ 4,800,000.00 


4%% 


Oct. 


1, 


1962 


4,699,579.20 


228,000.00 


B. E. 


§ 5,000,000.00 


3%% 


Nov. 


1, 


1966 


4,875,500.00 


162,500.00 


B.E. 


§ 8,286,000.00 


3%% 


Oct. 


15, 


1967 


7,729,843.68 


269,295.00 


B.E. 


§ 1,500,000.00 


6 % 


* 


* 


* 


1,500,000.00 


90,000.00 


B.E. 


§23,430,917.00 


6 % 


* 


* 


* 


23,430,917.00 


1,405,855.02 


B.E. 


$76,200,917.00 


$75,149,508.52 


$3,744,980.02 





§Held by Boston Metropolitan District. (Total $73,030,917.00 — 95.8% of total bonds outstanding.) 



(46) 



REVENUE EQUIPMENT ACQUIRED AND RETIRED 

1918-1942 

Owned Acquired Retired On Hand 

Surface Cars 1918 1918-1942 1918-1942 Dec. 31, 1942 

Semi-Convertible Cars: 

Types No. 1 to No. 4 453 ... 187 266 

Type No. 5 471 ... 471 

Type "4000" 64 11 53 

Center Entrance Cars 100 305 173 232 

Trailer Cars 174 50 212 12 

P.C.C. Cars 21 ... 21 

Birney Type Cars 1 80 81 

Articulated Cars 177 ... 177 

Box Cars 1,113 . . . 1,113 

Open Cars 1,354 . . . 1,354 

Total Surface Cars 3,372 991 3,308 1,055 

Rapid Transit Cars 

Elevated Cars, Wood and Steel 169 ... 169 

Elevated Cars, Steel 162 163 46 279 

Camb.-Dorch. Tunnel Cars, Steel ... 60 95 ... 155 

East Boston Tunnel Cars, Steel 48 ... 48 

Total Rapid Transit Cars 391 306 215 482 

Buses 

Mechanical Drive 915 359 556 

Diesel — Electric Drive 24 ... 24 

Diesel — Hydraulic Drive 2 ... 2 

Gas-Electric Drive 46 46 

Total Buses 987 405 582 



Trackless Trolleys 132 ... 132 

Totals 3,763 2,416 3,928 2,251 



(47) 



JEROME PRESS 



BOSTON, MASS. 



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