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 Massachusetts. The means for the construction of the same were furnished chiefly by parties connected with these Companies, to which it was leased on the 28th of April, 1847, for a term of 99 years, with a guarantee of dividends at the rate of 6 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. 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, 10 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, $1,297,300 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 www $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: -Share Capital Funded Floating-Total Debts.Total. Productive. Unprod. Debt. Debt. Productive. Unprod $151,832 $388,439 $213,279 $330,939 $270,779 457,900 1,747,457 101,209 1,848,666 Corporate Titles $151,932 $.... Androscoggin & Kennebec 457,900 Androscoggin Atlantic & St. Lawrence. 2,494,900 2,494,900 3,472,000 8.000 3,480.000 135,000 40,576 40,576 Total 8.3 -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 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 1,650,000 100,000 1,650,000 1,615,286 62 116,113 1,629,286 62 1846. 2,000,000 500,000 1858. ... * Including the capital and liabilities of the Machiasport and Penobscot Railroads, etc., not embraced in the Table on p. 11. 23 ys. Aver. 26,938 7,129 150,180 64,131 86,049 109,034 32,311 8,903 150,248 70,109 80,139 134,707 29,835 8,677 173,219 72,753 100,466 143,740 40,400 10,588 194,728 78,840 115,888 71,561 ...1848 32,374 10,410 185,037 81,319 103,718 71,520...1849 249,994 93,747 17,230 360,971 149,912 211,059 78,000...1850 190.288 28,953 635,747 545,620 58,272 677,971 657,516 58,492 584,987 275,267 309,720 575,018 243,938 1855 750,303 731,262 63,783 1,545,348 1,033,883 511,465 255,838 ...1856 753,182 57,438 1,538,519 1,029,650 508,869 255,838 ...1857 1,389,381 833,340 556,041 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 lat ter year. That portion of road from Leeds Junction to Livermore Falls, a distance of 20 miles, was opened for public usé 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, 364 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 pèr 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 payable 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 |