LAWS OF THE STATE IN REFERENCE TO RAILROADS. List of all the Railroad Companies chartered in the State of Rhode Island, with the dates of the Acts of their incorporation; and also the dates and abstracts of all laws passed by the Legislature in reference thereto. The asterisk [*] prefixed signifies that the work of construction has not been commenced. Corporate Titles. BOSTON & PROVIDENCE RR. & TRANS Laws. Abstracts of Laws. May construct road over Seekonk River, Jan. May maintain ferry over Provid'ce River, Oct. Act of incorporation, May. 1835, p. 1937, p. 1842, p. 1851, p. 1853, p. *FALL RIVER & PROVIDENCE. 1835, p. HARTFORD, PROVIDENCE & FISHKILL 1859, p. 66 44 1860, p. *NEW BEDFORD & FALL RIVER.. NEW YORK & BOSTON. 1836, p. 1851, p. 1858, p. 1858, p Relative to bonds, January. Time of filing claims against, extended, Jan. Authorized to increase capital stock, June. May unite with N.York and Stonington, June May extend road into Providence, January. Act of incorporation. May Time for organiztng extended, January. Authorized to construct a railroad, January. Supplement to act of incorporation, January. Relative to powers, January. Amends act of incorporation, January. Changed to Prov, Warren and Bristol, Jan. Act of incorporation, June. Authorized to borrow money, January. United with Hartford, Prov., & Fishkill, Jan. Changed from Providence and Bristol, June. 1846, p. 1851, p. 1851, p. City of Providence authorized to loan to, Jan. 1852, p. PROVIDENCE, WARREN & BRISTOL. 1852, p. 1853, p. 1846, p. 1844, p. 1845, p. 1845, p. 1852, p 1832, p. Act of incorporation, October. Act of incorporation, May. Relative to shares, June. Relative to the powers of, October. Relative to placing flagman at crossing, Oct. 1856, p. 158 Relative to payment of witnesses, January. 1859, p. 38 Charter amended, May. 1848, p. 66 1850, p. 1850, p. 1852, p. 1852, p. Act of incorporation, June. Relative to completion of road, August. Charter amended, August. Time for location extended June. All doings of stockholders legalized, October. Act of incorporation, August. The Railroad first constructed in the State of Connecticut was the Hartford and New Haven, which was commenced in 1836, and about one-half of the distance between Hartford and New Haven opened in 1838. It was completed between these points in 1839. In 1844, the entire line from New Haven to Springfield was opened. It has since its completion been a successful work, having paid dividends at the average rate of 10 per cent. per annum. The Railroad next opened was the Norwich and Worcester, which was completed for its whole length early in 1840. It has not been a productive work to its stockholders, having paid dividends at the rate of only 1.5 per cent. The third Railroad opened was the Housatonic. Its construction was commenced in 1837, and completed in 1842. It has been an unfortunate enterprise, having paid nothing to the holders of its common stock, and nothing on its preferred stock since April, 1850. One cause of its ill-success has been the leases taken of the Berkshire, and Stockbridge and Pittsfield Railroads, on which the Housatonic Company pays 7 per cent. on the cost of these roads, which form the least productive part of its line. The rent paid amounts in the aggregate to $74,407 annually, the greater part of which is probably a loss to the Housatonic Company. The fourth Railroad was the New Haven and Northampton, a portion of which, to Plainville, was opened in 1847. It was completed to Granby in 1850. In that year it was leased till 1869 to the New York and New Haven, at a rental which has averaged about $71,000 annually. The road has been run in the mean time at a loss, after payment of rent, of $37,687 annually. The entire loss to the New York and New Haven, and Hartford and New Haven Companies for 10 years past on account of this lease has probably equaled $500,000. The case is a good illustration of the danger of entering into leases having a long time to run, for the absolute payment of large sums where the amount of income of the leased road is a mere matter of estimation. The rent paid has enabled a road, otherwise unpro ductive, to pay regular dividends out of the earnings of another company which is compelled to forego them. In 1849, the Naugatuck Railroad was opened. This road has paid dividends averaging 2.7 per cent. annually. In 1850, the New York and New Haven was opened. This road, though. in possession of a large income, has paid dividends only at the rate of 2.6 per cent. annually. The company have lost $356,442 on account of the New Haven and Northampton Railroad, and $376,842 by the Norwalk accident. For several years past it has made large expenditures from earnings upon its road. In 1854 a fraudulent issue of stock, to a large amount, was made by the President and Transfer Agent of the Company. These issues have not been recognized by the Company. The New London, Willimantic and Palmer was opened in 1851. It has proved an unfortunate enterprise, and, having failed to pay the interest on its funded debts, its first mortgage has been foreclosed, and a new company formed under title of the New London Northern Railroad Company. In 1853, three roads having an aggregate mileage of 124.77 miles were opened, viz: the Danbury and Norwalk, 24 miles; the Hartford, Providence and Fishkill, 50.77 miles, and the New Haven and New London, 50 miles. The Danbury and Norwalk has paid dividends averaging 4.4 per cent. The Hartford, Providence and Fishkill, a portion of which was opened prior to 1853, has been an unfortunate enterprise, and is now in the hands of trustees under its first mortgage for the non-payment of interest. The New Haven, New London and Stonington, which is a consolidation of the New Haven and New London, and the New London and Stonington Railroad Companies, has also been an unproductive work, having made default in the interest on all its bonds. A portion of the New York and Boston has been graded, but not brought into use. The Boston and New York Central and the East Thompson Railroads have been operated by the Boston and New York Central, and the Midland of Massachusetts. STATEMENT, showing the Share Capital and Debts of the several Railroad Companies of the -Share Capital- Total. Productive. Unprod. Funded Total Indebtedness-- 2,042,540 2,055,500 2,161,692 2,161,692 ... ...... 846,452 510,900 2,219,000 2,219,000 2,219,000 2,122,300 714,998 775,280 775,280 Total.. ∙14,978,467 7,564,189 7,414,278 9,163,300 9,500,951 7,602,199 1,898,452 RAILROADS IN THE STATE OF CONNECTICUT. STATEMENT showing the Share Capital, Indebtedness, Cost, Mileage, Receipts for transportation of Passengers, Receipts for transportation of --Capital Account- Year. Length Share of 1843.. 5,023,864 4,708,206 176.22 1845.. 5,771,720 5,268,591 201.75 1846.. 150,000 6,511.000 5,422,898 201.75 1847.. 6,863,529 5,928,418 201.75 1848.. 82,117 7,576,317 6,942,652 201.75 Cost of 1849.. 563,680 160,000 ..1849 1850.. 1851.. 425.006 577.40 1,553,800 443,604 1855.. The total liabilities of all the Railroads Companies are $24,479, 418, viz :-Share capital, $14,978,467; funded debts, $9,163,300; floating debts, $337,651. The rates of gross earnings of all the roads of the State has equaled about 12.50 per cent. of their cost, and of net earnings 5.34 per cent. The rate of RAILROADS OF THE STATE IN DETAIL. BOSTON AND NEW YORK CENTRAL RAILROAD. The Boston and New York Central Railroad Company of Connecticut was chartered in 1849. It is a short link of about 8 miles, designed to connect the Boston and New York Railroad of Massachusetts, with the Norwich and Worcester Railroad, in the town of Thompson. It was constructed in 1853, by the Massachusetts Company, by which it has been operated and managed. By an act of the Legislature of Connecticut, passed in 1858, it was transferred to the Midland Railroad Company of Massachusetts, which see. DANBURY AND NORWALK RAILROAD. BOARD OF DIRECTORS AND OFFICERS, 1859–60. Edgar T. Tweedy..... Lucius P. Hoyt.... Frederick S. Wildman.. David R. Nichols Asa F. Smith.... Eli T. HOYT, President... ... Frederick Belden.. GEORGE W. IVES, Treasurer. JOHN W. BACON, Superintendent.. PRINCIPAL OFFICE... LENGTH OF ROAD-Norwalk to Danbury. ROLLING STOCK-Locomotive engines. ...DANBURY, Fairfield Co., Ct. 23.81 miles. 3 38 The Danbury and Norwalk Railroad Company was chartered in May, 1849. Construction was commenced in 1851, and the road completed in 1852. SHARE CAPITAL-Authorized, $400,000, in 4,000 $100 shares. All 1st Mortgage 7 per cent. coupon bonds issued and made payable as follows:-$50,000, issued 1st Oct., 1851, and payable 1st Oct., 1861; $25,000, issued 1st Jan., 1854, and payable 1st July, 1864; $10,000, issued 1st July, 1855, and payable 1st July, 1870, and $7,000, issued 1st Sept., 1859, and payable 1st Oct., 1880. Interest payable half yearly from the dates of the respective issues, at the Company's office. The mortgage provided for an issue of bonds to the amount of $100.000. Dr . Construction.. Equipment. GENERAL LEDGER BALANCE SHEET, 1ST AUGUST, 1859. Real estate.... Cash and materials for repairs. Total... |