Cr. Capital stock GENERAL LEDGER BALANCE SHEET, 1ST JUNE, 1859. Million-Loan Bonds Interest Bonds. Bonds (old)... Furniture Bonds. Stock Bonds. Stock Coupons Sundry Accounts Bills Payable.. Total.... 1857 1858. 2,210,947 55 74,517 9,468 159,514 76,146 83,368 1859. Average 2,210,947 55 82,462 67,584 2,210,947 55 75,687 76,386 9,032 161,105 $19,119,415 495 $737,619 $608,129 $64,556 $1,410,294 $681,946 $728,348 $2,124.491 55 81,957 67,569 7,173 156'699 75,772 80,929 On the 30th of November, 1856, the Androscoggin and Kennebec Company took a lease of the Penobscot and Kennebec Railroad for a period of 20 years, by which the former agreed to run the latter road, to maintain the same in good condition during the continuance of the lease, and pay to the Penobscot and Kennebec Railroad Company three-sevenths of the net profits of the joint business. The two roads conjointly have a length of 110 miles, and an equipment of 13 locomotives, 20 passenger cars, and 221 merchandise and other cars. The total cost of both roads is stated at $4,004,394. The operations of the united line for the past year are exhibited in the following statement: Receipts INCOME ACCOUNT FOR THE YEAR ENDING MAY 31, 1859. From 101,177 passengers.. 70,455 tons Merchandise.. 66 Express, mails, &c. And, and Ken. Co., 4-7.889,765 74 Since the execution of the lease, the net income of the joint business has been $380,087, divided as follows: Year. 1857.... 1858.... 1859... JOINT COST, EARNINGS, EXPENSES, ETC., YEARLY. Operating Earnings Total. expenses. less exp's. $150,373 $171,937 145,894 157,090 Cost of Miles 133,255 ATLANTIC AND ST. LAWRENCE RAILROAD. BOARD OF DIRECTORS AND OFFICERS, 1859-60. John B. Brown.... John M. Wood.. . Portland, Me. H. J. Libby... ST. JOHN SMITH, President... PRINCIPAL OFFICE. .PORTLAND, Cumberland Co., Me. LENGTH OF ROAD-Portland, Me., to Island Pond, Vt..... Total equivalent single track ..149.00 miles. 25.00 .174.00 miles. 41 366 ROLLING STOCK-Locomotive Engines.. Cars-Passenger, 17; merchandise, etc., 349.. The Atlantic and St. Lawrence Railroad Company received its charter from the three States through which its road has its route-from Maine on the 10th of February, 1845; from New Hampshire on the 30th June, 1848, and from Vermont on the 20th October, 1847. The work of construction was commenced in Maine on the 4th July, 1846, and the road was opened for public use as follows:-On the 4th of July, 1848, from Portland to Yarmouth, 12 miles; in December, 1848, to Danville, 28 miles; on the 8th June, 1850, to Paris, 48 miles; in March, 1851, to Bethel, 70 miles; on the 23d July, 1851, to Gorham, N.H., 91 miles; on the 12th July, 1852, to Northumberland, 122 miles, and on the 29th of January, 1853, to Island Pond Junction, Vermont, 149 miles. On the 5th day of August, 1853, a lease of the Atlantic and St. Lawrence Railroad, with its franchises, and all the property belonging to the same, was executed to the Grand Trunk Company of Canada for a period of 999 years. By the terms of the lease the Grand Trunk Company obliged itself to maintain and run the road for the period named, and to assume all the obligations of the lessors, and to pay on its Share Capital semi-annual dividends equal to six per cent. In case of breach of contract the road to revert to the original owners. Sterling Shares..$1,537,300 in £100, or $484 shs. The dividends on the Dollar Shares are paid at Portland, and on the Ster. ing Shares in London, at the office of the Grand Trunk Company. FUNDED DEBT $3,472,000: in detail as follows: 1st Mortgage, 6 per cent., coupon bonds -$1,500,000 These bonds were created in favor of the city of Portland as security for the payment of bonds to the same amount, issued by the latter for the benefit of the company, in 1848, 1849, and 1850, and in nearly equal instalments. The several issues are payable 20 years from date. The interest on Portland City Bonds is payable as follows These bonds, by statute, constitute a first lien on the road, and equipment. 2d Mortgage, 6 per cent., coupon bonds. -$1,488,000 This class of bonds was issued on the 1st April, 1851, payable in 15 years from that date; interest payable semi-annually, at the Company's Office, in Portland. Of this sum only $988,000 are in circulation, $500,000 of the amount being held by the city of Portland as security for a loan of the bonds of that city to the company to an equal amount, in addition to the $1,500,000 loan already described. Sterling, 6 per cent., coupon bonds £100,000 or $484,000 This class of bonds was issued November 1st, 1853, and is payable on the 1st Nov., 1878, at the office of the Grand Trunk Company in London. Interest payable semi-annually, 1st of Nov. and May. These bonds are not secured by any lien upon the road. SINKING FUNDS. -$284,567 11. The law authorizing the loan of the Credit of the city for the benefit of the railroad, provided for the creation of a Sinking Fund, applicable to the first issues of $1,500,000. To this fund the Railroad Company was required to contribute a sum equal to two per cent. of the scrip issued, and to pay over annually to the same, for a period of five years, one per cent on the amount of scrip issued; and after five years one und a-half per cent. The amount of the Sinking Fund on the 1st July, 1859, was $284,567, as follows: 1. Fund established by the Act of 2. Fund established by the Act of August 1, 1848: July 27, 1850: Principal. Interest MAINE-BANGOR, OLDTOWN AND MILFORD. The state of the investments of both funds is as follows: City Scrip of Railroad Loans, $101.500; Mortgages of Real Estate, $149,132; County Securities, $19,000; Boston and Maine RR., 33 shares, $3,300; Boston and Worcester, 37 shares, $3,700; Portland, Saco and Portsmouth, 53 shares $5,300; Premium Account, $375; Cash, $2,260-Total, $284,567. FLOATING DEBT -$8,000, notes payable. This road being leased to the Grand Trunk Railway Company of Canada, all its accounts are kept by the Company. Reports are, however, made, as required by law, to the Legislatures of the States of Maine, New Hampshire and Vermont. The Report made to the Legislature of Vermont for the year ending June 30th, 1859, states the cost of the road to be $7,217,257. To this sum should be added, probably, $200,000 for materials on hand for working and maintaining the road. The sources from which this sum has been derived are as follows: For share capital.... City of Portland Bonds... 2d Mortgage Bonds... $484,000 87,417,257 The road having been built for a gross sum, its cost cannot be given in detail. The statement of earnings, expenses, etc., from the opening of the road to 1853, the date of the lease, are taken from the Company's Reports. From 1853 to 1856, from Reports made to the Legislature of New Hampshire; and from 1856 to 1859, inclusive, from Reports made to the Legislature of Vermont. The expenses and net earnings for the past year are estimated, no statement having been made of the same.-See Grand Trunk Railway of Canada. Cost of COST, EARNINGS, EXPENSES, ETC., YEARLY. Miles Year. Road, &c. of road. Pass'r. Freight Mails, &c. Total. expenses. earnings. 1850... .. 1851... 1852..... 1853. 1854.. $1,642,214 2,826,171 -Gross Earnings-- Operating Net Dividends 859,594 884,037 $ nil. nil. 46 6 80,321 12,121 173,447 91 81,005 9,110 184,069 80,174 94,785 4,735,258 122 5,763,752 149 101,048 137,210 16,484 254,742 141,222 113,520 6,019,904 149 153,616 296,891 20,141 470,648 311,598 159,050 149,694 1855.. 6,282,172 149 154,094 367,945 20,449 542,488 386,445 156,043 149.694 6 76,141 149,694 6 1856..... 6,368,576 149 151,805 393,072 20,291 565,168 461,312 103,856 149,694 6 1857.... 6,594,828 149 154,275 402,798 19,408 576,481 500,340 1858.- 7,085,045 149 146,870 380,154 18,767 545,791 395,557 150,224 149,694 6 1859... 7,217,357 149 131,614 412,216 18,468 562,298 400,000 162,292 149,694 6 54,535,177 1,304 1,233,649 2,622,282 162,932 4,018,763 2,909,691 1,109,072 898,164 Average. 5,453,517 13.0 123,364 262,228 16,283 401,876 290,969 110,907 89,816 3.6 BANGOR, OLDTOWN AND MILFORD RAILROAD. 3 PRINCIPAL OFFICE.. .BANGOR, Penobscot Co., Me. 12.50 miles. LENGTH OF ROAD-Bangor to Oldtown and Milford... ROLLING STOCK-Locomotive engines.... Cars-Passenger, 3; merchandise, 45 4 .48 The Bangor, Oldtown and Milford Railroad Company was originally chartered by the Maine Legislature, on the 8th Feb., 1833, under the title of the Bangor and Piscataquis Canal and Railroad Company, and was authorized to construct a railroad from Bangor to Oldtown, with other works. The construction of the road was commenced in 1835. It was opened for public use in November, 1836. In 1854-5 the line was carried across the Penobscot River, to Milford, a mile and a half, on which occasion the Company assumed its present title. The cost of the works at the opening of the road in 1836 was $354,000. Proving unproductive, it was sold on the 1st Nov., 1848, to a new company for $60,000, Legislative authority having been obtained therefor in 1847. Å further sum of $75,000 was expended by the new company in relaying the track, and in 1854-5 an additional sum for extending the road to Milford. This was the first railroad constructed within the State of Maine, and the only one until the completion of the Portland, Saco and Portsmouth in 1843. SHARE CAPITAL-Authorized, $600,000. Paid in, by original stockholders, $300,000 (sunk). COST OF ROAD AND EQUIPMENT $623,263, viz.: to present owners, $244,726, and to original owners, $378,536, in detail as follows INCOME ACCOUNT FOR THE YEAR ENDING 30TH JUNE, 1859. $69,472 45,232 15,559 $5,513 4,051 1,138 14.992 7,473 833,167 $135,000 40,576 Paid original purchaser... Dr. $60,000 ............ 75,000 69,150 Paid bridges and other expenses....... 109,726 $244,726 Total .. $244,726 |