$12,117,018; unproductive, $5,806,594. It is not improbable that the Androscoggin Railroad, and Somerset and Kennebec may earn hereafter a sum sufficient for the payment of the interest on their debts. Statement, shewing the Share Capital and Debt of the several Railroads of the State of Maine, with the amount of productive, and unproductive capital in each: Corporate Titles of Companies. -Share Capital Funded Floating -Total Debts.Total. Productive. Unprod. Debt. Debt. Productive. Unprod Androscoggin .......... 8151,832 $. Atlantic & St. Lawrence. 2,494,900 2,494,900 Total $151,832 $388,439 $213,279 $330,939 $270,779 135,000 40,576 40,576 100,000 114,800 4,737 119,534 12,599 72,599 800,000 751,143 150,000 60,000 307,736 .... ..7,485,711 4,297,300 3,188,411 9,467,496 970,405 7,819,718 2,618,183 From the statement on the next page it appears that the total earnings of all the lines of the State from the date of the opening of the first road has been $12,216,366. Of this sum $6,353.749 have been received from passengers; $5,296,655 from the tranportation of merchandise, and $565,962 from the transportation of mails and from other sources. The current expenses in the meantime have been $6,926,978; net earnings, $5,289,388. A portion of these have been used in construction and in the maintenance of the roads-expenditures that do not appear in the annual statements of the railroad companies. The gross earnings of all the roads have equalled 8.3 per cent. on the cost.; annual expenses 4.7, and the net earnings 3.6 on the cost. The total amount of dividends paid has amounted to $2,335,261. For several years past they have equalled 2.7 per cent. on the Share Capital of all the companies. The general result is an unfavorable one. There is probably no State in which facilities for travel and transportation by water are afforded in so great a degree as they are to the people of Maine. Only a very small proportion of its commerce or travel passes over its railroads. This is seen in the earnings of the railroads, which equal only about two dollars per head of the population, while the average for the whole country is fully twice that sum. The new works proposed are the Penobscot Railroad, and the York and Cumberland Railroad, both partially constructed; the European and North American, and a railroad following up the Penobscot River from Oldtown, and extending into the northeast portions of the State. By the European and North American Railroad it is proposed to connect the railroads of Maine with those of New Brunswick and Nova Scotia The object of the railroad up the Penobscot River is to give railroad facilities to a remote portion of the State, and thereby to aid in settling it and in the development of its resources. RAILROADS IN THE STATE OF MAINE. STATEMENT showing the Share Capital, Indebtedness, Cost, Mileage, Receipts for transportation of Passengers, Receipts for transportation 70,000...1846 150,000 3,650,000 1,639,353 62 200,000 5,200,000 1,406,824 62 3,070,854 112 8,404,778 284 1847... 2,500,000 1,000,000 134,707 29,835 8,677 173,219 72,753 100,466 70,000 ...1847 143,740 40,400 10,588 194,728 78,840 115,888 71,561 ...1848 142,253 32,374 10,410 185,037 81,319 103,718 71,520...1849 249,994 93,747 17,230 365,746 190.288 28,953 360,971 149,912 211,059 750,303 731,262 63,783 1,545,348 1,033,883 511,465 255,838 ...1856 727,899 1,538,519 1,029,650 508,869 1,389,381 833,340 255,838 ...1857 1,416,511 830,429 586,082 254,838 ... 1858 255,838 ..*1859 23 ys. Aver. 556,041 * Including the capital and liabilities of the Machiasport and Penobscot Railroads, etc., not embraced in the Table on p. 11. The Androscoggin Railroad Company was chartered by the Legislature of Maine on 10th Aug., 1848, and was authorized to construct a railroad from Leeds Junction to the village of Farmington. The survey was made in 1849-50, and the work of construction commenced in the summer of the latter year. That portion of road from Leeds Junction to Livermore Falls, a distance of 20 miles, was opened for public use in the fall of 1852, and the remainder in sections as follows:-to North Jay, 26 miles, in 1856; to East Wilton, 32 miles, in 1857, and to Farmington, 36 miles, in June, 1859. At Leeds Junction this road connects with the Androscoggin and Kennebec Railroad, and through it with Portland (444 miles from Leeds) and the roads towards Boston. The Company propose to extend its line from Leeds Junction to the Grand Trunk Railway at Danville. SHARE CAPITAL-Authorized, $250,000, in 5000 $50 shares. Paid in, $151,832. In 1854-5 the Company created a Preferred Stock, entitled to 10 per cent. dividends until the net earnings were equal to 6 per cent. on the cost of the road, when the Preferred was to rank with ordinary Stock. The Company claim that this condition has been fulfilled, and no dividends on Preferred Stock have been paid since 1856. FUNDED DEBT-$700,000: in detail as follows——— 1st Mortgage, 6 per cent. coupon bonds -$100,000 -dated 26th Sept., 1853, and payable, principal in 10 years, and interest semiannually, 1st April and 1st Oct. The interest on this class of bonds is pay able at the Bank of Commerce, New York. 2d Mortgage, 6 per cent. coupon bonds.. -$100,000 -dated 1st Sept., 1854, and payable, principal in 10 years, and interest semiannually, 1st April and 1st Oct. The interest on this class is payable at the Company's office, or at Portland, Me. 3d Mortgage, 6 per cent. bonds -$300,000 -dated 11th Dec., 1856, and payable, principal 1st June, 1877, and interest semi-annually, 1st June and 1st Dec. The mortgage in this case made provision for an issue of $500,000, of which $200,000 are retained to discharge the 1st and 2d Mortgage Bonds at maturity. The interest on this class is payable at the Company's office, or at Portland, Me. Of this class $169,061 remain unsold. Income, 6 per cent. bonds - - --$200,000 -dated 1st Jan., 1858, and are payable, the capital in stock 1st Jan., 1870, and the interest in cash semi-annually, 1st Jan. and 1st July. The interest on this class is payable at the Company's office, or at Portland, Me. Of this class $142,500 remain unsold. INCOME ACCOUNT FOR THE YEAR ENDING 30TH Nov., 1859. $164,763 26,124 7,096 $12,806 Pay rolls.. . $12,643 Joint passengers 21,007 Wood......... 1,140 Local freight. 1,539 Oil and waste...... 626 Local passengers.. Express and extra baggage... 750 Track repairs. · 201 1,836 Mail expenses.• 200 Incidental expenses....... 542 Balance, being net earnings.. 24,678 Total.... $40,155 Total.. $40,155 GENERAL LEDGER BALANCE SHEET, 30TH Nov., 1859. ANDROSCOGGIN AND KENNEBEC RAILROAD. LENGTH OF ROAD-Danville Junc. (Atl. & St. Law.) to Waterville.........55 miles. No second track. Sidings and turnouts about 6 miles. ROLLING STOCK-Locomotive Engines Cars-Passenger, 10; merchandise, etc., 128. 9 138 The Androscoggin and Kennebec Railroad Company was chartered on the 28th of May, 1845, (Spec. Laws, chap. 270). The construction of the road was commenced in July, 1847. The first division, from Danville Junction to Winthrop, 20 miles, was opened on the 3d of July, 1849; the second, from Winthrop to Waterville, 35 miles, on the 27th of Nov., 1849. SHARE CAPITAL-Authorized, $1,400,000, in 28,000 $50 shares. FUNDED DEBT $1,747,457; classified as follows 1st Mortgage, 6 per cent., coupon bonds. $1,000,000 -issued in 1850, $80,500; in 1851, $255,700; in 1852, $436,400; in 1853, $148,900; and in 1854, $78,500-payable in 10 years. Interest semi-annually, (1st June and 1st Dec.,) at Waterville or Portland. Stock, 6 per cent., coupon bonds.- $710,000 -issued in Jan., 1853, $433,800; at different periods the same year, $66,200; March, 1856, $100,000, and 1st December, 1856, $110,000-payable in 10 years. Interest semi-annually, (1st June and 1st Dec.), at Waterville or Portland. Principal payable in stock. Old 1st Mortgage Bonds, 6 per cent., (payable on call). -$29,557 8,900 FLOATING DEBT-$101,209, viz.: bills payable, $92,649; coupons, $6,740, and sundry accounts, $1,820. COST OF ROAD AND EQUIPMENT $2,210,947; in detail as follows→ INCOME ACCOUNT FOR THE YEAR ENDING 31ST MAY, 1859. $82,964 36,245 759,526 $48,972 89,765 $138,737 |