TROY AND GREENFIELD RAILROAD. BOARD OF DIRECTORS AND OFFICERS, 1859–60. Alvah Crocker.........Fitchburg, Mass. | Herman Haupt.. .... Henry L. Sabin... Lewis Rice.. ... Williamstown, Roger H. Leavitt. James Cheever... .Greenfield, Mass. ....Charlemont, ..North Adams, STATE DIRECTORS-George B. Upton and Silas Pearce, of Boston. D. N. CARPENTER, President... PRINCIPAL OFFICE. ...Boston, 46 .Greenfield, Mass .GREENFIELD, Franklin Co., Mass. LENGTH OF ROAD-Greenfield to N. Adams and State line of Vermont. 42.55 miles (Completed)-N. Adams to State line of Vermont... 7.00 ROLLING STOCK ....Supplied by the Troy and Boston Company The Troy and Greenfield Railroad Company was chartered on the 10th May, 1848, with authority to construct a railroad from Greenfield to the boundary line of Vermont, there to connect with any railroad meeting it from the Hudson River. The leading and most expensive feature of the work is a tunnel under Hoosac Mountain, a high ridge between the valleys of the Connecticut and Hudson Rivers. Towards the construction of the tunnel, the State of Massachusetts, in 1854, authorized a loan of its credit to the Troy and Greenfield Company, in its 5 per cent. sterling bonds, to the amount of $2,000,000, on certain terins, which were modified in 1859, and again in 1860, when the following conditions were affixed: The undelivered portion of the loan $1,770,000, to be divided into two parts, one of which, being $1,120,000 to be issued on account of the works at the tunnel, and the other, $650,000, on account of the railroad from Greenfield to a point one mile east of the eastern entrance to the tunnel. The delivery of the bonds on account of the tunnel are to be made monthly, and at the rate of $50 for every lineal foot excavated. The delivery on account of the road is also to be made monthly, and in the ratio that the work done bears to the whole cost of the road. The road is to have no grades exceeding 40 feet in an easterly and 50 feet in a westerly direction. The work of construction was commenced in 1855. On the 1st April, 1859, the Western Division of 7 miles, from the base of the mountain to the boundary line of Vermont, was opened for business. The tunnel had been excavated 2,100 feet, of which 550 feet is at the western, and 1,550 at the eastern entrance. It is to be four miles and one-half long, with a section 14 by 18 feet. The material is mica slate. The tunnel can only be worked at either end on account of the height of the mountain above it. The Troy and Greenfield Company has also purchased the Southern Vermont Railroad for the sum of $200,000, the means for the same being furnished by the State, in its 5 per cent. sterling bonds, payable in 30 years. As security for the payment of these bonds, the State has received a mortgage of the Southern Vermont road, and also an assignment of a perpetual lease of the same executed by the Troy and Boston Railroad Company, which provides for an annual rental of $12,000. The excess of rent over the interest on the State Loan is to go to a Sinking Fund for its redemption. he stock and bonds of the Southern Vermont Railroad, the former amounting to $50,000, and the latter to $150,000, have also been surrendered to the State for its further security. That portion of the Troy and Greenfield Railroad from the base of the mountains to the boundary line of Vermont has been leased to the Troy and Boston Railroad Company till the completion of the tunnel at an annual rent of $8,000. Upon the completion of the road from Greenfield to North Adams, a distance of 36 miles, a new line of railroad will be formed between Boston and the Hudson River, made up of the following works: Troy and Greenfield. Total 50 miles. Southern Vermont 8 miles. 35 This line will have no grades in an eastern direction exceeding 40 feet to the mile. SHARE CAPITAL-Authorized, $2,500,000, in 25,000 $100 shares. Paid in, Of the share capital, $175,600 were subscribed by several towns on the route of the road: viz.: Adams, $60,000; Williamstown, $33,000; Greenfield, $30,000; Buckland, $12,800; Charlemont, $10,300; Heath, $7,300; Florida, $4,200, and Shelburne, $18,000. FUNDED DEBT-$2,000,000: in detail as follows The Funded debt of the Company consists at present of the State Bonds issued on account of the tunnel which amounted, on the 1st March, 1860, to $229,992. These are secured by a first mortgage on the tunnel and road, and are payable in 20 years. The Company undertakes to pay the principal and interest on the State Bonds as they severally mature. In case of failure to pay the interest, as it may fall due, the same is to be deducted from the next payment to the Company on account of work on the tunnel or road. The Company have also issued second mortgage bonds, but these, it is stated, are invalid and are to be surrendered and cancelled. SINKING FUNDS. The law authorizing the loan of the credit of the State to the Company provides for a Sinking Fund based on the payment thereto of 10 per cent. of the scrip issued. After the completion of the tunnel the Company is required to pay to the fund $25,000 annually. For the payment of the State bonds issued for the Southern Vermont Railroad the excess of rent over the interest on the State bonds is to be paid to a sinking fund. FLOATING DEBT-Amount not stated. COST OF ROAD AND TUNNEL TO 1ST MARCH, 1860-$647,520. The contract price for the road and tunnel is $4,000,000. The Company publishes no statement of its affairs, and no general balance sheet can be given. UNION RAILROAD. (See Boston City Passenger Railroads-postea.) VERMONT AND MASSACHUSETTS RAILROAD. LENGTH OF ROAD-Main Line, Fitchburg, Mass., to Brattleboro, Vt....69.00 miles. (In Mass., 58 miles; in Vermont, 104 miles.) Branch Line, Grout's Corner to Greenfield Total length of road owned by Company.. 8.00 CC .77.00 miles. Sidings and other track, excepting main and branch line, 5.50 miles. ROLLING STOCK-Locomotive engines. 11 Cars-Passenger, 8; baggage 5; merchandise, 171, and gravel, 16..... 200 The Vermont and Massachusetts Railroad Company is a consolidation of the Vermont and Massachusetts, and the Greenfield and Fitchburg in Massachusetts, and the Brattleboro and Fitchburg in Vermont. The Vermont and Massachusetts Railroad Company of Massachusetts was chartered on the 15th March, 1844, and authorized to build a railroad from Fitchburg to the State line of Vermont or New Hampshire. The Brattleboro and Fitchburg Railroad Company of Vermont was chartered in October, 1843, and authorized to build a railroad from Brattleboro to the Massachusetts line, to meet any road from Fitchburg. The Greenfield and Fitchburg Railroad Company of Massachusetts was chartered on the 8th May, 1848, and authorized to construct a railroad from the Vermont and Massachusetts Railroad in the town of Montague to the town of Greenfield. By subsequent legislation, the three companies were authorized to consolidate themselves into one company under the title of the Vermont and Massachusetts Railroad Company, which was effected on the 22d November, 1844. The construction of the road was commenced in 1845, and the section from Fitchburg to Baldwinville, 21 miles, opened in September, 1847, and operated by the Fitchburg Railroad Company, under an agreement to continue till 1st January, 1849, to pay six per cent. on its cost. The section from Baldwinville to Athol, 12 miles, was opened in January, 1848; to Grout's Corner, 15 miles, in Dec., 1848, and to Brattleboro in Feb., 1850. The Greenfield Branch, 8 miles, was opened in the latter part of 1850. SHARE CAPITAL--Authorized, $3,200,000, in 32,000 $100 shares. Subscribed, 2,880,100, in 28,801 66 Paid in, 2,214,225 FUNDED DEBT—$1,003,880: described as follows— $1,003,880 1st Mortgage, 6 per cent., coupon bonds.--dated 1st July, 1856, and payable, principal 1st July, 1865; interest scriannually, 1st Jan. and 1st July, at the office of the Company, in Boston. The mortgage in this case provides for an issue of bonds to the amount of $1,100,000. The amount at present outstanding will not probably be increased. The bonds were issued to retire bonds falling due 1st Jan., 1856, to the amount of $1,000,000. Parties holding the old bonds were allowed a premium of 5 per cent. on their conversion into the new. For the retirement of these bonds a Sinking Fund was created by the annual payment thereto of $10,000, which has been regularly made, and invested in the bonds of the Company. COST OF ROAD AND EQUIPMENT--$3,516,866, in detail, as follows: INCOME ACCOUNT FOR THE YEAR ENDING 30TH Nov., 1859. 13 ys $41,380,966 900,00 814,239 1,266,533 455,934 2,605,998 1,505,669 1,100,329 115,139 41,449 204,461 115,821 88,640 Aver. 3,108,382 69.24 74,021 Total. Operating Earnings, -Div. p. c. 6,292 .... 6,292 nil. nil. $63,000 63,000 166,696 84,432 82,264 แ 203,122 136,713 66,409 .... LENGTH OF ROAD-Worcester to New York State Line....... Total length of road owned by Company.. Length of sidings and other track, excepting 1st and 2d tracks. Leased Road-Pittsfield and North Adams Railroad Total length of line operated by Company.. ROLLING STOCK-Locomotive engines. Cars: Passenger, 47; baggage, 12; merchandise, 1057; gravel, 80......1196 The Western Railroad Company of Massachusetts was chartered on the 15th of February, 1833. The construction of the road, however, was not commenced till 1837. In that, and the two years following, the whole line was placed under contract. The Eastern Division, 62.6 miles, from Worcester to the Connecticut River, was opened on the 1st of Oct., 1839. The Western Division, from the Connecticut River to Albany, was opened as followsfrom the boundary line of New York to Pittsfield, 4th May, 1841; from Springfield to Chester Factories, 24th of May, 1841; from Pittsfield to the Summit, 9th Aug., 1841, and from Chester Factories to the Summit, 13th Sept., 1841. The trains first passed over the whole road 4th Oct., 1841. The bridge across the Connecticut River was completed the 4th July, 1841. That portion of the line lying within the State of New York, 38 miles, was constructed under the charter of the Albany and West Stockbridge Railroad Company of New York, granted in 1836. The construction of this road was commenced in 1838, and the first division, from Albany to Chatham Four Corners, was opened on the 24th Dec., 1840; the second, from Chatham Four Corners to West Stockbridge, on the 12th Sept., 1842. In the meantime, a portion of the line of the Hudson and Berkshire road was used to form the through line to Albany. The road was constructed by the Western Railroad Company, to which it is leased for a term of 50 years, the period of its charter, and for any renewal of the same. Toward the construction of this road the city of Albany subscribed $1,000,000 to its capital stock, paying for the same in its bonds. By the terms of the subscription, the stock taken by the city, and which constitutes the entire share capital of the Albany and West Stockbridge Company, is held by the city as collateral security for its bonds. The Western Company agreed to pay the principal and interest of these, and on their payment the road becomes its property. (See Albany and West Stockbridge Railroad Company.) |