The railroad first constructed in the State of Vermont was the Vermont Central, chartered in 1843. Its construction was commenced in the latter part of the same year, and the road opened in 1848 as far as Northfield, a distance of fifty-three miles. It was finally completed on the 13th February, 1849. It has proved one of the most disastrous enterprises ever undertaken in this country, having for the past six years failed to pay anything to its stockholders or bondholders. An apparent cause of embarrassment has been the lease of the Vermont Central Railroad, which was entered into in 1849, and which created a lien on the Central for the payment of the stipulated rent of the leased road, which was eight per cent. on its cost. This rent was paid up to June, 1854, since which the earnings of the road have only sufficed to pay the cost of its maintenance, and current expenses. The road in the meantime has earned annually $4,000 per mile, a sum sufficient, with competent management, to have paid the rent of the leased road and the interest on the first mortgage bonds. Several causes have operated to render it unproductive. It has been managed for the greater part of the time by parties who had little or no pecuniary interest in the result of its working. The number and speed of its trains have been much greater than the business of the road called for, while competition with other lines has left little or no profit on its through traffic. The respective rights of the two companies under the lease have been made a matter of legal controversy, which is yet unsettled. In 1848, portions of two other lines-the Connecticut and Passumpsic Rivers, 39.87 miles, and the Vermont and Massachusetts, 10.50 miles-were opened. The latter of these is described among the railroads of Massachusetts. The Connecticut and Passumpsic Rivers has since been extended to Barton, a distance of 90 miles from its southern terminus. It has not been productive, though less unfortunate than the other leading roads of the State. It has paid the interest on its debts, and dividends, averaging 2 per cent. annually. It is the aim of the Company to extend its road northward, so as to connect it with the public works of Canada. In 1849, 44.87 miles of railroad were opened-the Vermont Central was extended 10 miles, and the Connecticut and Passumpsic Rivers, 19.87 miles; the Rutland and Burlington was opened 14 miles. The latter road was extended to Lake Champlain in 1850. It has been unproductive, paying nothing to its stockholders, and no portion of the interest accruing on its bonds since 1st August, 1854. The same causes have operated, that did with the Central, to render this road unproductive. It has been in the hands of trustees under the mortgages since 20th November, 1853. In 1850, 216.93 miles were opened, viz: the Vermont Central was extended to Burlington and to Bellows Falls, 56 miles; the Rutland and Burlington to Burlington, 105.54 miles. The Vermont and Canada, 47 miles, and the Rutland and Whitehall, 8.39 miles, were opened for their entire lengths. The last named has been leased to and operated by the Saratoga and Washington Railroad at an annual rental of 7 per cent. on cost to 1854, when the rate was reduced to 6 per cent. In 1851, 64.70 miles were opened: the Vermont Valley for its whole length, 23.70 miles, and the Western Vermont, 41 miles. Both roads have been almost entirely unproductive, the Vermont earning on an average only about $10,000 above expenses. The coupons on the 1st mortgage falling due since October, 1856, remain unpaid. Proceedings are now in progress for the foreclosure of this mortgage. The Western Vermont road has been foreclosed under its 1st mortgage, and is now owned by the bondholders secured by it, who have leased the road to the Troy and Boston Railroad Company, for 10 years from the 16th January, 1857, at an annual rental of $36,000. In 1852, 57.73 miles were opened, viz: the Western Vermont was extended 13 miles. The Rutland and Washington opened for its entire length 44.73 miles. This road has been unproductive, and has been in the hands of trustees under the mortgages for nearly the whole period since its completion, and has probably only earned running expenses. The mortgage created in 1855 was for paying off the bonds previously issued, and the floating debt of the Company. The exchanges contemplated have only been partially consummated, the rights of the several classes of creditors having been made a subject of litigation, which is still pending. In 1853, the Atlantic and St. Lawrence Railroad was opened to Island Pond, 16 miles. In 1854 this road was extended to the boundary line of the State, 17 miles further. In 1855, the Western Vermont Railroad was extended 51⁄2 miles. In 1858, the Connecticut and Passumpsic Railroad was extended to Barton, 29.26 miles. In 1859, the Southern Vermont Railroad, 8 miles, was opened. This road has been purchased by the Troy and Greenfield Railroad Company for the sum of $200,000. RAILROADS IN THE STATE OF VERMONT. STATEMENT showing the Share Capital, Indebtedness, Cost, Mileage, Receipts for transportation of Passengers, Receipts for transportation of Freight, Receipts for transportation of Mails, Operating Expenses, Net Earnings, and Dividends paid by the Railroad Companies of the State of Vermont, for each year since the opening of the first road: Total Cost of Mile $800,000 1850.. 8,648,942 $1,118,648 $730,550 10,498,140 8,430,960 1851.. 9,939,400 1,800,000 1,600,000 16,339,400 15,753,227 1852.. 11,467,576 5,900,000 2,070,000 19,437,576 ---Receipts- Mails. Total. Operating Earnings Diviexpenses. less exp. dend. Year. $32,211 .... $57,321 $23,761 133,997 123,989 $12,222 270,108 125,514 $33,560 144,594 nil. 66 ..1849 483,097 35,703 881,475 381,784 18,380,569 477.10 428,735 616,131 44,940 1,089,806 835,836 477.10 564,534 855,615 127,424 1,547,573 945,167 19,767,102 477.10 650,330 907,281 93,318 1,630,929 1,253,148 499,691 $189,525.1851 21,762,849 487.60 588,103 911,747 87,106 1,586,956 1,281,277 305,679 8,949 ..1855 487.60 601,809 994,971 82,637 1,679,417 1,311,294 368,123 15,342 ..1856 487.60 562,115 1,027,794 79,521 1,669,430 1,322,532 346,898 15,342 ..1857 511.86 491,559 920,545 87,400 1,499,504 1,223,195 276,309 479,537 1,051,244 87,853 1,618,634 1,167,163 451,471 15,342 .. 1858 51,342 1859 1853.. 11,467,576 8,198,500 2,020,000 21,686,076 19,364,017 11 yrs. 111,448,511 77,316,793 21,813,465 210,578,769 194,095,357 4,576 96 4,868,504 7,924,525 738,125 13,531,154 9,870,671 3,660 483 621,825 11 yrs. 1,230,105 867,880 332,771 56,530 Aver. Aver. 10,131,682 7,028,798 1,983,042 19,143,524 17,645,032 416.09 442,591 720,411 67,102 Of the total amount of share capital, $11,733,740, at present invested in the railroads of Vermont, only $255,700, the share capital of the Rutland and The total earnings of all the roads in the State, since the opening of the first road have been $13,531,154, of which $4,868,504 have been received for the The railroads of Vermont have been less productive than in any other State. This is owing in part to the high cost of the roads, which was greatly en- RAILROADS OF THE STATE IN DETAIL. ATLANTIC AND ST. LAWRENCE RAILROAD. LENGTH OF ROAD-In Vermont... .... 35 miles. The Atlantic and St. Lawrence Railroad Company in Vermont was chartered on the 27th October, 1848. By this act the corporation established by the Legislature of Maine, on the 10th February, 1845, and of New Hampshire, on the 30th June, 1847, was constituted a corporation within this State, and authorized to extend its road from the western line of New Hampshire through the northeastern part of Vermont to the boundary of Canada, there to connect with the St. Lawrence and Atlantic Railroad extending from Montreal to the said boundary line. That portion of the line from New Hampshire to Island Pond (See Maine) was constructed by the Atlantic and St. Lawrence Company, but that portion west of the said point by the Grand Trunk Railway Company of Canada, (which see), under special agreement with the former. The first section was opened for public use in 1853, and the latter in 1854. The whole is now operated under lease by the Canada Company for a period of 999 years from 1853. CONNECTICUT AND PASSUMPSIC RIVERS RAILROAD. (Financial year ending 31st May, 1859.) Josiah Stickney... BOARD OF DIRECTORS AND OFFICERS, 1860 Erastus Fairbanks.....St. Johnsbury, Vt. E. Cleveland... E. B. Chase... Coventry, Benj. Pomeroy. Thomas Upham. .... .St. Johnsbury, " .St. JOHNSBURY, Caledonia County, Vt. LENGTH OF ROAD-White River Junction to Canada Line...... 110 miles. Completed from White River Junction to Barton.... 90 ROLLING STOCK-Locomotive Engines. 66 8 Cars-passenger, 8; baggage, express, and mail, 5; freight, etc.,156......169. The Connecticut and Passumpsic Rivers Railroad Company was chartered on the 10th November, 1835, with an authorized capital of $2,000,000, and power to increase the same to $3,000,000. In 1843 the charter was revived and the Company organized on the 15th January, 1846. The work was commenced in the fall of 1846, and on the 10th October, 1848, the road was opened for use from White River Junction to Bradford, 28 miles; and on 9th November to Wells River Village, 40 miles. In November, 1850, an additional section of 203 miles to St. Johnsbury was opened, northerly, and on the 21st October, 1858, the road was extended to Barton, the present terminus. The northern section, a length of 20 miles, is now in course of |