The State Debt of Pennsylvania, created chiefly on account of public works, and outstanding on the 30th of November, 1859, amounted to $39,482,992, viz: $39,482,992 Bonds of Pennsylvania Railroad Company for main line of works Sunbury and Erie Railroad Company for lateral Canals....... other Companies Unavailable Bank balances..... .$7,400,000 1,708,996 280,000-$13,260,246 Excess of debt· · 71 - $26,222.746 STATE OF DELAWARE. DELAWARE. JUNCTION AND BREAKWATER. MARYLAND AND DELAWARE. NEWCASTLE AND FRENCHTOWN. Soon The railroad first constructed in the State of Delaware was the Newcastle and Frenchtown, extending across the neck of the peninsula from Newcastle on the Delaware River, to Frenchtown on Elk River, an affluent of Chesapeake Bay, a distance of 16.19 miles. This road was completed in 1832 at a cost of about $400,000, and in connection with steamboat lines (owned by the company) on the two waters, for many years formed one of the principal routes of travel between the cities of Philadelphia and Baltimore. after the completion of the Philadelphia, Wilmington and Baltimore Railroad, and for the purpose of avoiding a ruinous competition for the traffic. between the two cities, a union of interests was formed, and in 1840 the two companies were virtually consolidated by an exchange of share-capitals. Since this period both lines have been operated under the same management, but for the purposes of general business the southern line has ceased to be of consequence. At the present time, indeed, only that portion of the road extending from Newcastle to the junction of the Delaware Railroad is in use, and this forms a link in the chain of roads now extending from Wilmington through the length of the State into Maryland. The second railroad constructed was the Wilmington and Susquehanna, which was opened for public use in 1837. The road within Delaware extended from Wilmington to the Maryland State Line. In 1836 the company owning the Delaware and Maryland Railroad, extending from the western terminus of this road to the Susquehanna River, was consolidated with the Delaware Company into one corporation, and in 1838 the three companies then owning the line between Philadelphia and Baltimore were consolidated into the Philadelphia, Wilmington and Baltimore Company. The history of the consolidated company will be found at large on pages 487 489. The earnings of the roads operated by the company have been suflicient to pay an average of 34 per cent. on the share-capital for the 22 years since the consolidation. For the fifteen years from 1837 no further development of the railroad system of the Stato was effected. In November, 1852, the work of constructing the Delaware Railroad was commenced. This road, which was chartered in 1849, extends through the length of the State, and in connection with other roads will form a continuous line from Wilmington to Tangier Sound, and be thence continued by steamboat to Norfolk in Virginia. It was built by section, and opened at various dates from 1855 to 1860, when it was wholly completed. The section in Maryland, in continuation of the Ino, is being rapidly constructed, and it is anticipated that the through-line will be in operation during the year 1861. From the date of its opening this road has been operated under lease by the Philadelphia, Wilmington and Baltimore Company, which has agreed to equip and maintain it for twenty-one years, and pay as rent therefor a sum equal to 6 per cent. annually on its cost. Hitherto the road has been operated at a loss to the lessee. The Junction and Breakwater Railroad leaves the Delaware Railroad at Harrington and will terminate at Lewes, its length being 29 miles. It was completed and opened to Milford, 84 miles, in September, 1859, and has since been operated by the Philadelphia, Wilmington and Baltimore Company, at a fixed rate of payment for services. This arrangement is temporary. The only other railroad requiring mention is the Maryland and Delaware, which will leave the Delaware Railroad at Smyrna, and have its western terminus at Oxford in Maryland. Only a short section is within this State. It is probable that it will be completed within the next two or three years. The following table exhibits the amount of productive and unproductive share-capital and debt of the several companies in the State at the dates of the annual reports for 1859: --Share Capital- Funded Total IndebtednessTotal. Prod'tv. Unprod' tv. Debt. Amount. Prod'tv. Unpro'tv. $361,478 $ $361,478 $854,000 $966,029 $966,029 $43,471 3,987 10,545 10,545 43,471 744,520 744,520 150,000 150,000 .... $1,299,469 894,520 405,949 857,987 976,574 976,574 STATEMENT, showing the Share Capital, Debts, Earnings and Expenses of the Railroads of the State of Delaware, for the ten years ending with 1859: NOTE. The Railroads included in the above statement are the Delaware, the Newcastle and Frenchtown, and the Newcastle and Wilmington The dividends on the Newcastle and Frenchtown share capital are reckoned at the same rates as those paid on the Ph., Wilm. and Balt. Company's stock, and the dividends on the Newcastle and Wilmington at 7 per cent. per annum. Delaware Company has paid no dividends. * Paid in stock of the Philadelphia, Wilmington and Baltimore Company. The LENGTH OF ROAD-Delaware Junction to Delmar (Maryland State Line). 84 miles ROLLING STOCK-None-Operated by the Phila., Wilmington and Balt. RR. Co. The Delaware Railroad Company was chartered on the 224 February, 1849. The work of construction was commenced in November, 1852. The different sections were opened as follows:-from the Delaware Junction (Newcastle and Frenchtown Railroad) to Middletown, 12 miles, in September, 1855; from Middletown to Dover, 23 miles, in January, 1856; thence to Seaford, 36 miles, on the 11th January, 1857, and thence to Delmar, the present southern terminus, 13 miles, in April, 1860. The road was leased for twenty-one years, from the date of its opening, to the Philadelphia, Wilming ton and Baltimore Railroad Company, which agreed to equip, maintain and run it, and pay as rent 6 per cent annually on its cost. SHARE CAPITAL-Paid in, $361,478, in $100 shares. FUNDED DEBT $854,000; in detail as follows -$500,000 1st Mortgage, 6 per cent., coupon bonds. -dated 18th March, 1854, and payable, principal 1st July, 1875; interest semi-annually, 1st Jan. and 1st July, in Philadelphia. These bonds are guaranteed by the Philadelphia, Wilmington and Baltimore Railroad Company. State of Delaware 6 per cent. bonds . .- -. --$170,000 -issued in April, 1855, and payable in 1876; interest payable 1st January and 1st July, in Philadelphia. Bonds guaranteed by the Phila., Wilmington and Baltimore RR. Co..---$100,000 -issued in September, 1855, and payable in July, 1875; interest payable 1st January and 1st July, in Philadelphia. -$71,500 Loan of 18th December, 1856, (6 per cent. bonds)- -. -issued 18th December, 1856, and payable in sums of $3,250 every six months, at Dover. Loan of 4th September, 1856, (6 per cent. bonds)--- . --$13,000 -issued 4th September, 1856, and payable in sums of $3,250 every six months, at Dover. 1st Mortgage, Extension, 6 per cent., bonds.. -$100,000 -dated 1st October, 1859, and payable 1st January, 1880; interest payable 1st January and 1st July, in Philadelphia. These bonds constitute a first mortgage on the road from Seaford to Delmar, 13 miles. The earnings and expenses for the several years since the road has been in operation have been as follows The rent paid the past year was 75,672, being 6 per cent. on the share capital and debts of the company, amounting to 1,261,200. The Junction and Breakwater Railroad Company was chartered in the year 1856, with authority to construct a railroad from the Delaware Railroad to Lewes. The first division of the road from Harrington to Milford, 84 miles, was completed and opened for public use on the 7th September, 1859. It is operated by the Philadelphia, Wilmington and Baltimore Company, which runs two daily trains at a charge for services of $17 per diem. The total length of the road when completed will be 29 miles. SHARE CAPITAL-Authorized, $125,000, in 5,000 $25 shares. Paid in. $43,471 on 2,502 |