Report of the Directors

12 Months ending accrued BALANCE SHEET BANCROFT bodies Box Cars Boston Elevated Railway Cambridge Subway capital stock cent Co.'s tax cost of service Debenture Bonds December 31 Depreciation Directors Dividend East Boston Tunnel ELECTRIC LINE EQUIPMENT electric return Elevated Cars Elevated Railway Company End Street Railway ending December 31 fare funded debt increase Interest on funded investments June 30 leased roads length of track Massachusetts Miles of underground Months ending Dec Open Cars operating expenses paid Passenger cars Run preferred stock railway operations Rapid Transit receipts reserve revenue passengers carried road and equipment ROBERT WINSOR September 30 Somerville Horse Station stock of West Street Railway Company Subway rental subways and tunnels Sullivan Square SUMMARY OF STOCKHOLDERS Surface cars Surface Passenger cars surface track total length Total revenue track built TRAFFIC STATISTICS Tremont Street Subway trustees U.S. Mail cars unadjusted credits unadjusted debits Washington Street tunnel West End St West End Street ΙΟ