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ilege 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 Dec. 31, 1918, was 40,000 votes. The total number of stockholders was 1,438.

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

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There were 19,268 votes cast for the election of directors at the annual meeting held October 9, 1918, at Boston, Mass.

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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,

$89,567 39

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1 Date fixed by terms of the lease at twentieth day of month prior to date of payment. 2 January 1, April 1, July 1 and October 1.

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