m\
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
/
/
X
fe*.
\
s
£ 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
0
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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i
/l\
r 1
i i
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
—
^
Q
1
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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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F^m»w'/;/////,wa*^^^ :■. ' -.:>■'■:- 1
m
t
W///////////M/M^^^^^
1924 I
1925
1926
1927
1328
1929
1930
1931
1932
1933
1934
1935
1936
^■^■•:wiiL^:^»a
ZDEIZZZZCZZIZIZ]
^A
m^ms^p^tp7^WQ^H\^ : ;.' -^— ■ -^
?"-^isn::zzrTr"^:iz~~^
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^^^^^^^^m^^^^^^m^
wnzznz%m?m
Z]
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
3V2%
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 y2 %
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
4y2%
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 APr- 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
4V2%
Oct.
1, 1937
*29,585.04
4,770,414.96
June 15, 1907
216,000.00
B. E.
5,000.000.00
4y3%
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
4V2%
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
4y2%
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.
32
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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
39
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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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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-
0
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 6l/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
0
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 ■ ^&6iANDCTOKESHS
S 8*!Xres H 5*Fares 0 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-vS^\^^V^;---7W;::^',^^^-:^
-l7Z^r~~^~~T~^^:^~"7^ ; . / . \ ;, ■• ■ ■■
i
^:^''>.i''v.-^ ^ V .y:|*V^^-J^y-^>'i^'^fy^'y^r'/>;'^,'
222273."
b
^^^^^^^^^^^^^^^i
»««s&&$mss3
^SEZ ^re:,.-; ::::nT',,>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:
4y2% 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,074v516.61
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
4V2%
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 Accountants5 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 JI8 '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 APr- 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,
30
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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
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188
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471
1
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100
305
119
174
50
212
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81
177
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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
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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
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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 ... $119,814,223.87 $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
6V2c 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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(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
4V2%
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
4V2%
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
4V2%
Dec.
15,
1960
7,524,779.35
346,995.00
B.E
§ 3,815,000.00
4V2%
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% Per 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 S1/^
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 4V2% 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
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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* $ 3,659,902.12*
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
6V2c 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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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
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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
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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
4y2%
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
4y2%
Dec.
15, 1960
7,524,779.35
346,995.00
B. E.
§ 3,815,000.00
41/29/r
June
1, 1961
3,778,757.50
171,675.00
B. E.
§ 2,098,000.00
4V4%
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
3V4%
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 ilA% Bonds Maturing November 1, 1941
Annual
Discount Total
Annual and Annual
Amount Rate Maturity Interest Expense Charges
Elevated Maturing
Bonds |5,000,000 4y2% 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 l1/4% 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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REMO V A F/pF ATLANTIC AVE\-j!JE ELEVATED-
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
y^^Cfoy WZ&P. 7m&c£*
(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
$ 4,169,202.20* $ 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 ) APr-
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
4V2%
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
4V2%
Dec.
15,
1960
7,524,779.35
346,995.00
B. E.
§ 3,815,000.00
4V2%
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 $73,030,917.00 — 95.8% of total bonds outstanding.)
(46)
REVENUE EQUIPMENT ACQUIRED AND RETIRED
1918-1942
Owned Acquired Retired On Hand
Surface Cars 1918 1918-1942 1918-1942 Dec. 31, 1942
Semi-Convertible Cars:
Types No. 1 to No. 4 453 ... 187 266
Type No. 5 471 ... 471
Type "4000" 64 11 53
Center Entrance Cars 100 305 173 232
Trailer Cars 174 50 212 12
P.C.C. Cars 21 ... 21
Birney Type Cars 1 80 81
Articulated Cars 177 ... 177
Box Cars 1,113 . . . 1,113
Open Cars 1,354 . . . 1,354
Total Surface Cars 3,372 991 3,308 1,055
Rapid Transit Cars
Elevated Cars, Wood and Steel 169 ... 169
Elevated Cars, Steel 162 163 46 279
Camb.-Dorch. Tunnel Cars, Steel ... 60 95 ... 155
East Boston Tunnel Cars, Steel 48 ... 48
Total Rapid Transit Cars 391 306 215 482
Buses
Mechanical Drive 915 359 556
Diesel — Electric Drive 24 ... 24
Diesel — Hydraulic Drive 2 ... 2
Gas-Electric Drive 46 46
Total Buses 987 405 582
Trackless Trolleys 132 ... 132
Totals 3,763 2,416 3,928 2,251
(47)
JEROME PRESS
BOSTON, MASS.
RUNNING AGAINST 0FHERS.PU$KINQ:
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