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Respondent's Investment in Road and Equipment at Close of Year.

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Average investment per mile of road, exclusive of improvements on leased lines,

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Owned Lines.

$298,093 57 3,007 47 7,572 13

$308,673 17

13.25

$23,296 08

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1845

$300,000 00

$300,000 00

$300,000 00

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NOTE. No obligation of any character has been incurred for the purpose of procuring funds for the payment of any dividend or for the purpose of replenishing the treasury of the respondent after payment of any dividend.

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I hereby certify that the statements contained in the foregoing return are full, just and true.

FRANK E. DUNBAR,

Treasurer.

MIDDLESEX, ss.

THE COMMONWEALTH OF MASSACHUSETTS.

APRIL 16, 1919. Then personally appeared the above-named Frank E. Dunbar, and made oath that the foregoing certificate by him subscribed is, to the best of his knowledge and belief, true.

Before me,

My commission expires October 6, 1922.

ARTHUR P. ATWOOD,
Justice of the Peace.

RETURN

OF THE

UNION FREIGHT RAILROAD COMPANY

FOR THE YEAR ENDING DECEMBER 31, 1918.

IDENTITY OF RESPONDENT.

Exact name of common carrier making this report. Union Freight Railroad Company.

Date of organization. June 8, 1872.

Under laws of what Government, State or Territory organized? Massachusetts, chapter 342, Acts of 1872.

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CORPORATE CONTROL OVER RESPONDENT.

Apart from 130 shares of stock owned by the company itself, the stock of the Union Freight Railroad Company is owned half by the Old Colony Railroad Company and half by the Boston & Providence Railroad Corporation, the railroads of both of which are leased to the New York, New Haven & Hartford Railroad Company.

VOTING POWERS AND ELECTIONS.

The par value of the common stock is $100, each share of which is entitled to one vote. Voting rights are proportional to holdings and are not attached to any security other than stock and no class or issue of securities has any special privilege in the election of directors, trustees or managers, or in the determination of corporate action by any method.

The stock books were not closed during the last fiscal year.

The total voting power of all security holders on December 31, 1918, was 3,000 votes. The total number of stockholders was 3.

The following is a list of the stockholders who on December 31, 1918, had the highest voting powers in the respondent:

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There were 2,870 votes cast for the election of directors at the annual meeting held January 10, 1918, at Boston, Mass.

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