This work is designed as a comprehensive statement of the progress, cost, revenues, expenditures and financial condition of the Railroads and Canals of the United States. The need of such a work has long been felt. There is not in this country as in most others, a central point at which the more important companies are either domiciled, or at which all are required to present annual statements of their affairs, for the reason that they derive their existence and powers from the legislatures of the several States. In a few States only is such a duty imposed. Where it is, it is often neglected, no penalty being suffered thereby. It is not uncommon for leading companies to publish no reports whatever. Some make them unwillingly, with no design to convey information upon the subjects to which they relate. Reports that are full and explicit are accessible only to a small number of parties interested. Fewer still have the means of comparing results for consecu tive years, without which it is impossible to form a correct opinion as to the manner in which a work has been conducted, or of its present or prospective value. A single statement, as experience has shown, is a very unsafe ground upon which to base an opinion. A high degree of apparent prosperity that one report may show, has not unfrequently been followed by bankruptcy before the annual occasion for another. What is wanted, consequently, is a work which shall embody within convenient compass a statement of the organization and condition of all our companies, and at the same time. present a history of their operations from year to year, which would necessarily reflect the character of their management, the extent and value of their traffic, and supply abundant illustrations, with which to compare similar enterprises that might be made the subject of investigation and inquiry.

Such a history is now given, in which is shown every important step taken by each company; its present organization and condition; the yearly cost, earnings and expenditures of its works, and the dividends and interest paid—the whole stated in such a manner that both the details and aggregate results can be seen at a glance. The necessary information has been sought from every available source, and it is believed that no errors will be found of sufficient importance to affect the value of the work.

In the statement for each company no explanations of its acts or policy, cr 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 l done, the very beginnings 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 linc of the railroads and canals within their limits. The Second Volume is i course of preparation, and will soon follow. It will be illustrated by map 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.