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In the statement for each company no explanations of its acts or policy, or speculation as to the cause of its success or want of success have been offered. All such would be worse than useless, as they would encourage a tendency, so strong in all, to substitute results that are desired for such as actually take place. In the memoirs preceeding each State, more latitude is used, but these are little else than recapitulations of the detailed statements.
Numerous works, which have been discontinued or united with others, have been described, for the purpose of preserving, in a convenient form, a large amount of information collected upon the subject of our public improvements, which otherwise might be lost, and to trace, while it could be done, the very beginpings of an interest, which, in the short period of thirty years, has grown into gigantic proportions.
For convenience of reference, a list of all the Railroad Companies chartered in the several States is given, with a brief abstract of all laws passed in relation thereto. The General Railroad Law of the State of New York is also given, as this is now the organic law for all the companies of that State, and is the model upon which in other States all similar laws have been framed.
The First Volume of the work is illustrated by two large and accurate Maps-one of the New England States, and the other of the Middle Atlantic States-exhibiting their physical features, political divisions, and the lines of the railroads and canals within their limits. The Second Volume is in course of preparation, and will soon follow. It will be illustrated by maps of other portions of the country, and by a new general map of the United States. All the maps are drawn and engraved under the supervision of G. Woolworth Colton, Esq., whose diligence, accuracy and extensive information are sufficient guarantee for their correctness.
The work has been one involving a great amount of labor and research, and the author takes occasion to acknowledge the great obligations he is under to Dr. R. S. Fisher, one of the most accomplished statists of the country, for the very valuable aid rendered by him.
The work will be continued by an annual supplemental statement, to be published soon after the close of each year, presenting a summary of the operations of all the works of the country for the previous one.
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STATE OF MAINE.
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STATE OF NEW HAMPSHIRE.
STATE OF VERMONT.
STATE OF MASSACHUSETTS.
STATE OF RHODE ISLAND.
STATE OF CONNECTICUT.
STATE OF NEW YORK.
The first railroad constructed in the State of Maine was the Bangor, Oldtown and Milford, under the title of the Bangor and Piscataquis Railroad and Canal Company, chartered on the 8th February, 1833. It was opened in the latter part of 1836. It has proved unproductive, in part from the unfortunate location of its line.
The road next constructed was the Portland, Saco and Portsmouth, as a prolongation of the Eastern and the Boston and Maine Railroads of Mas. sachusetts. The means for the construction of the same were furnished chiefly by parties connected with these Companies, to wbich it was leased on the 28th of April, 1847, for a term of 99 years, with a guarantee of dividends at the rate of b per cent. per annum. These, however, have been earned by the road.
The third road undertaken was the Atlantic and St. Lawrence, and was the first attempt at any thing like a railroad system for the State, having for its object the development of its resources and the centralization of its trade and that of the interior at its chief commercial city. It was constructed with a view of uniting with the St. Lawrence and Atlantic of Canada commenced at the same time—the two to form one line between the Atlantic Ocean and the River St. Lawrence. It now forms a part of the Grand Trunk Railway of Canada, to which it is leased at the rate of 6 per cent. per annum on its capital. Since the date of the lease the Grand Trunk
Company has expended in construction about $1,500,000. This enterprise led to the immediate commencement of the Androscoggin and Kennebec, the Kennebec and Portland, and the Buckfield Branch. The Androscoggin and Kennebec Railroad was commenced in July, 1847, and completed in November, 1849. For several years past this road has been united with the Penobscot and Kennebec Railroad, both of which are operated as one line. Its earnings have been sufficient to meet the interest on its indebtedness, but not to divide anything on its share capital.
The construction of the Kennebec and Portland Railroad was commenced in 1847, and finally opened to Augusta early in 1852. It commenced at the point of junction with the Atlantic and St. Lawrence Railroad, but as it adopted a different gauge, the construction of a new road into Portland, a distance of 11 miles, became necessary. This was constructed in 1850–1. The road was necessarily expensive, and the Company for several years past has only been able to meet the interest on its first mortgage amounting to $800,000, and on the extension certificates $202,400, which are a first mortgage on that portion of road. In the season of navigation the road suffers from the competition of a parallel water line.
The Buckfield Branch (Portland and Oxford Central) Railroad was opened in 1849, but having proved unproductive has been abandoned.
York and Cumberland was commenced in 1849, and opened to Gorham, 104 miles, in 1851, and to the Saco River, 20 miles, in 1853. It has been uniformly unfortunate and unproductive.
The Calais and Baring, a local road, was opened in 1837. Its earnings have been sufficient to meet the interest on its indebtedness, and pay 3.2 on its share capital.
The Androscoggin was opened to Livermore Falls in 1852—to its present terminus in 1859. This road has failed to pay the interest on its last class of bonds.
The Penobscot and Kennebec Railroad was commenced in 1852, and completed in 1855. This road and the Androscoggin and Kennebec are operated as one line. Its net earnings have been sufficient to meet the interest on its two first mortgages, amounting to $1,050,200.
The Great Falls and South Berwick Railroad was opened in 1854, and has proved unproductive. After being disused for some time, it has again been put in operation.
The total amount of share capital and debts of the railroad companies of the State is $17,923,612. Of the share capital, $4,297,300 receives, (with the exception of the Calais and Baring), dividends at the rate of 6 per cent. Of the total indebtedness, interest is paid at the rate of six per cent. on $7,819,718; leaving share capital to the amount of $3,188,411, and debts to the amount of $2,618,183, on which neither interest nor dividends are paid. The total amount of productive capital invested in railroads in the State is