The first railroad constructed within the State of New Hampshire was the Nashua and Lowell, which was commenced in 1837, and completed on the 23d December, 1838, three years after the completion of the Boston and Lowell Railroad. The second road constructed was the Eastern, which was commenced in 1839 and completed in December, 1840. The third road constructed was the Boston and Maine-the section of which in New Hampshire was opened in 1840. As the greater portion of the three lines above named lies in the State of Massachusetts, a description of them is embraced in that of the roads of that State. The fourth road constructed, and the first having its route entirely within the State, was the Concord, which was commenced in 1841, and completed in 1842. It was the natural prolongation of the Boston and Lowell and the Nashua and Lowell; was built entirely by stock subscriptions, and has been an uniformly productive work. The fifth road constructed was the Northern, which was commenced in 1845, and completed in November, 1847. The Bristol Branch, now a part of this road, was commenced in 1847, and completed in 1848. This road has been only moderately successful, having returned to its stockholders dividends averaging 2.7 annually. The sixth road constructed was the Cheshire, which was commenced in 1845 and completed in 1848. It is an expensive work, and has paid the stockholders dividends averaging only 1.3 per cent. annually. The seventh road constructed was the Sullivan, commenced in 1847 and completed in the latter part of 1849. This road has proved almost entirely unproductive, paying nothing on its share capital, and for many years past no portion of the interest on its debts. The eighth road constructed was the Manchester and Lawrence, which was commenced in 1848, and completed early in 1850. This road is now run in connection with the Concord Railroad. It has been a successful work, and has paid its stockholders dividends averaging very nearly 6 per cent. In 1848 that portion of the Worcester and Nashua Railroad lying in the State of New Hampshire was opened, and 29 miles of the Boston, Concord and Montreal Railroad. In 1849 portions of several lines were opened, viz.: the Concord and Claremont, from Concord to Contoocookville, 10 miles; the Concord and Portsmouth, from Portsmouth to Epping, 17 miles; the Boston, Concord and Montreal, from Lake Village to Plymouth, 22 miles; the Cochecho, from Dover to Farmington, 183 miles, and the Contoocook Valley, from Contoocookville to Hillsboro', 14 miles. Of these roads only the Boston, Concord and Montreal, and the Cochecho, (and this not uniformly,) have been able to pay the interest on their funded debts. The Concord and Claremont, (subsequently merged in the Merrimac and Connecticut Rivers); the Contoocook Valley and the Portsmouth and Concord have all passed out of the control of their original stockholders, and now belong to new companies. In 1850 the progress of railroads in the State was as follows: the Portsmouth and Concord was extended to Reymond, 6 miles; the Concord and Claremont to Bradford, 17 miles; the New Hampshire Central was constructed from Manchester to Henniker, 26 miles; the Great Falls, from Great Falls to Milton, 12 miles; the Peterboro' and Shirley, from the State line to Mason, 9 miles; the Wilton, from Nashua to Milford, 111⁄2 miles. Of these roads the New Hampshire Central, and the Peterboro' have passed out of the hands of their stockholders. The latter has proved entirely unproductive. The New Hampshire Central has been merged in the Merrimac and Connecticut Rivers Railroad. The Great Falls and Conway has paid the interest on its debts, but nothing to its stockholders. In 1851 the Boston, Concord and Montreal Railroad was extended from Plymouth to Warren, 20 miles; the Cochecho, from Farmington to Alton Bay, 10 miles, and the Atlantic and St. Lawrence, from the boundary line to Gorham, a distance of 10 miles. The Ashuelot was opened 1st Jan., 1851. In 1852, the Concord and Portsmouth Railroad was extended to Concord, a distance of 23 miles, and the Atlantic and St. Lawrence to the Vermont State line, a distance of 33 miles. In 1853, the White Mountains Railroad, 21 miles long, was opened, and the Boston, Concord and Montreal Railroad extended to Wells River, its present terminus, 224 miles. In 1854, the Great Falls and Conway Railroad was extended to Milton Village, a distance of 71⁄2 miles. The total amount of share capital and debts of all the railroad companies, the roads of which are entirely within the State, is $17,302,650, viz. : Share capital, $12,211,480: funded debts, $4,108,380; floating debts, $982,790. Of the share capital $8,406,543 is more or less productive. In this sum is embraced the share capital of the Ashuelot Company, on which 6 per cent. has been paid under the lease, although nothing has been divided; also the share capital of the Concord and Portsmouth Railroad and White Mountains Railroad. The capital of both of these were greatly reduced under the re-organizations. On the funded and floating debts interest at the rate of six per cent. is paid on $3,446,772, embracing the debts of the Cochecho road, the interest on which has not always been regularly paid, and upon $1,644,398 interest is not paid. -Share Capital STATEMENT, showing the share Capital and Debt of the several Railroads of the State of New Hampshire, with the amount of productive, and unproductive capital in each: Corporate Titles Funded Floating-Funded and Fl. Debt.of Companies. Total. Product'e. Unprod. Debt. Debt. Total. Produc'e. Unprod. Ashuelot. $246,018 $246,018 $.. $150,000 $... $150,000 $150,000 Boston, Con. & Montr'1 1,800,000 1,800,000 1,050,000 47,100 1,097,100 1,097,100 738,200 84,327 822,527 822,527 399,146 420,853 420,853 420,853 Cheshire.. Cochecho.. ... 2,085,925 2,085,925 1,500,000 1,500,000 166,748 $.... ... Peterboro' & Shirley. 166,748 209,927 42,019 251,946 251,946 .... .... 178,365 1,012,516 White Mountains.. 200,000 200,000 Wilton..... 211,000 211,000 5,000 5,000 5,000 Total... ... ... .12,211,480 8,406,543 3,804,937 4,108,380 982,790 5,091,170 3,446,772 1,644,398 The total earnings of all the railroads of the State, from the date of the opening of the first road have been $18,474,435. Of this sum, $7,120,605 have been received from passengers; $10,550,334 for transportion of freight, and $803,496 for the transportation of mails and from miscellaneous sources, The current expenses in the meantime have been $10,456,549; net earnings, $8,017,886. The amount paid in dividends has been $3,623,989. The rate of gross earnings upon the total investment has been a very little over 10 per cent.; the net earnings have been 4.74 per cent. The dividends have been equal to very nearly 2.8 per cent. on the share capital of all the roads. The result would have been a little less favorable had not the liabilities of several companies been largely reduced in their re-organizations. With exception of the Wilton, the only roads that have proved in any degree remunerative to their stockholders, are those forming parts of leading, or trunk lines. The only profitable roads are those following up the valley of the Merrimac as far as Concord. The local roads, penetrating agricultural districts, have, without exception, proved unremunerative, as have nearly all the roads in other portions of New England, similarly situated. RAILROADS IN THE STATE OF NEW HAMPSHIRE. STATEMENT showing the Share Capital, Indebtedness, Cost, Mileage, Receipts for transportation of Passengers, Receipts for transportation 800,000 800,000 34.53 109.971. 115,469 3,039 228,479 135,055 93,424 2,499,967 160,747 33,408 331,913 183,663 148,250 80,000 1845-46 57,771 496,280 233,075 263,205 263,285.1847-48 1846-47 2,499,967 199,602 2,499,967 103.43 137,758 The above represents only the railroads wholly within the State: the Atlantic and St. Lawrence being included in the Railroads of Maine, and the Boston LENGTH OF ROAD-Keene, N.H., to South Vernon, Vt.... ..Keene, N.H. ..Springfield, Mass. KEENE, Cheshire Co., N. H. The Ashuelot Railroad Company was chartered under several acts of the Legislature of New Hampshire, approved, respectively, on the 27th Dec., 1844; the 10th July, 1846, and the 21st and 23d June, 1848. In the latter part of 1849 the construction of the road was commenced, and on the 1st Jan., 1851, it was opened for public use. On the 7th Dec., 1849, the Company leased the road to the Connecticut River Railroad Company for a term of 10 years, from the date of its completion, at 7 per cent. on its cost, with privilege in favor of lessees of renewal for a second term, at 8 per cent.; the Connecticut River Company to keep the road in good repair. The amount of the annual rent was subsequently fixed at $30,000, which has been regularly paid by the lessees. The rent has been used solely for the payment of bonds and floating debt, and interest. Up to the 11th May, 1859, the Company had redeemed $109,982 of its debentures, and had on hand $33,000 surplus income. This amount and such other sums as may accrue to the Company under the lease have been appropriated to the final payment of its funded debt, now amounting to $150,000, and which, it is assumed, may be purchased at one half of its nominal value. It is not supposed that the lease will be renewed, as the earnings have not probably much exceeded the operating expenses. SHARE CAPITAL-Authorized, $500,000, in 5,000 $100 shares. Paid in, $246,018 FUNDED DEBT $150,000: 1st mortgage, 6 per cent. bonds, dated 1st Jan., 1851, and payable, principal in 10 years, and coupons semi-annually, 1st Jan. and 1st June. The Company has no floating debt. Masonry and bridges ...... COST OF CONSTRUCTION, ETC.—$506,000: in detail as follows: Land, land-damages and fences.. $10,584 Superstructure, including iron..... Graduation. . . . 161,530 Stations, buildings and fixtures... 95,224 Engineering and other expenses....... 176,805 14,404 17,454 GENERAL LEDGER BALANCE SHEET, 11TH MAY, 1859. |