to pay the City and Town Bonds at maturity, with the interest on the same Both classes are dated Nov. 1, 1850, and are payable in 20 years from date. Interest on the city and town loans is due in Boston 1st April and Nov., and has been paid by the Company. 2d Mortgage, 6 per cent. coupon bonds $230,000 -dated 15th Oct., 1851; principal payable in 10 years; interest semi-annually, (15th April and 15th Oct.), at Augusta. No interest has been paid since 15th Oct., 1855. On the 1st of Sept., 1856, the Trustees under this mortgage took possession of the road, and have since operated it. 3d Mortgage, 6 per cent. coupon bonds--- -$250,000 -dated 15th Oct., 1852; principal payable in 10 years; interest semi-annually, (15th April and 15th Oct.) at Augusta. No interest has been paid since 15th Oct., 1855. SINKING FUND____ -$76,874 The act authorizing the issue of the City and Town Bonds provided for a Sinking Fund, to be created as follows: The Company to pay to the same a sum equal to two per cent. on the amount of bonds issued-to pay at the rate of one per cent. on their amount for a period of five years; and thereafter, at the rate of one and a-half per cent. The payments to the fund were made as required up to 1855, since which no additions have been made, except from the interest on the sum invested. The investment of the fund at date named was as follows:-In town scrip of Augusta, Gardiner, Hallowell, Brunswick and Topsham, $45,200; in Yarmouth Stock Bonds, $31,000; cash in hands of trustees, $75. GENERAL LEDGER BALANCE SHEET, 30TH SEPTEMBER, 1856.* Dr. Cr. 1 $23,294,540 640 1,013,851 402,429 102,168 1,548,448 115,983 44,714 Average. 2,588,282 71 11,352 160,935 91,085 86,964 No dividends have been paid, except on the Yarmouth Stock. * The latest published. No change since that time, except accumulations of interest. 819,766 728,682 INCOME ACCOUNT FOR THE YEAR ENDING 31ST August, 1859. The available assets in the hands of the Trustees amount to $29,570, of of which $8,019 was excess of earnings in 1857-8, and $21,551 in 1858-9. ROLLING STOCK-Locomotive Engines Cars-Passenger, 10; merchandise, etc., 93 .55 miles 4 ..103 The Penobscot and Kennebec Railroad Company was chartered on the 7th April, 1845. The construction of the road was commenced in 1852, and completed as follows: from Waterville to Kendall's Mills, in Dec., 1853; thence to Pittsfield in Nov., 1854, and to Bangor in August, 1855. On the 1st day of November, 1856, the road was leased to the Androscoggin and Kennebec Company for a period of 20 years, the latter agreeing to maintain and operate the road, and to pay to the former three-sevenths of the net earnings of the joint business. Under this lease the Company has received $164,020, viz.:—for six months ending 31st May, 1857, $33,170; for the year 1857-8, $63,526, and for the year 1858-9, $67,324.-(See And. & Ken. ŘR.) The earnings from its opening to the date of the lease, (average 18 months) amounted to $145,577, viz. from passenger traffic, $94,537; from freight, traffic, $44,655, and from mails, etc., $6,585. The expenses of working were $82,554; net earnings, $63,023. SHARE CAPITAL-Authorized, $1,000,000, in 10,000 $100 shares. -$800,000 FUNDED DEBT $1,206,800; in detail as followsBangor City, 1st Mortgage, 6 per cent., coupon bonds -of these $500,000 were issued on the 2d Oct., 1854, payable in 20 years; interest semi-annually, (2d April and 2d Oct.,) at Boston; and $300,000 on the 21st April, 1855, payable in annual instalments of $20,000 after 1860; interest semi-annually, (21st April and 21st Oct.,) at Boston. These bonds constitute by statute a first lien on the road, and are further secured by an equal amount of the Company's bonds issued to the city. Interest has been regularly paid by the Company. 2d Mortgage, 6 per cent., coupon bonds.- -$250,200 -issued 1st August, 1856, and payable in 20 years; interest semi-annually, (1st Feb. and 1st Aug.,) at Bangor. Interest has been regularly paid. 3d Mortgage, 6 per cent., coupon bonds - -$156,600 -issued 1st Sept., 1856, and payable, principal in 15 years and interest semi annually, (1st March and 1st Sept.,) at Bangor. Interest unpaid since 1st March, 1858. This mortgage provided for an issue of $300,000. FLOATING DEBT $152,936, viz.: bills payable, $106,616; interest scrip due to stockholders, $21,959; coupons outstanding, $18,061, and unliquidated claims, $6,300. GENERAL LEDGER BALANCE SHEET, 1ST JUNE, 1859. George M. Browne. Nathaniel Hooper..... 66 PORTLAND, SACO AND PORTSMOUTH RAILROAD. BOARD OF DIRECTORS AND OFFICERS, 1859-60. Francis Cogswell... ..Andover, Mass. | Thomas West.. .Haverhill, Mass. Boston, ....Portland, Me. James Hayward. CC Charles E. Barrett. LENGTH OF ROAD-Portland Me., to Portsmouth, N. H.. .51.30 miles. 66 Sidings, turnouts, etc... ROLLING STOCK-Locomotive engines. Cars: Passenger, 13; merchandise, etc., 118..... 11 .131 The Portland, Saco and Portsmouth Railroad Company was chartered by the Maine Legislature on the 14th March, 1837. The construction of the road was commenced in 1841, and the whole line was opened for public use on the 21st Nov., 1842. On the 28th April, 1847, a contract was made between the Portland, Saco and Portsmouth Company, and the Eastern and the Boston and Maine Companies, whereby the two latter took a perpetual lease of the road of the former, agreeing to maintain and operate the same, and to pay a rent to the lessors equal to 6 per cent. Under this contract the dividends have been regularly paid. They have however, as will be seen, been earned by the road. SHARE CAPITAL-Authorized and paid in, $1,500,000, in $100 shares. INCOME ACCOUNT FOR THE YEAR ENDING 1ST MAY, 1859. Year. The Company publish no General Ledger Balance Sheet. In the annual reports, the cost of the road, etc., is stated to equal the capital stock; and, above this, the Company have undivided earnings amounting to $54,873. COST OF ROAD, EARNINGS, EXPENSES, ETC., YEARLY. Mile -Gross Earnings Cost. age. Pass'ger. Freight. Mails. Total. penses. earnings. 1843...$1,048,194 51 $26,614 $1,835 $2,820 Dividend p. c. 1844 ... 1,158,983 51 84,926 10,957 9.062 106,137 18,138 7.129 $31,319 $20,982 $10,337 $36,680 31 46,049 58,899 69,000 6 1846 1,250,000 51 98,991 18,503 8,903 1847... 1,260,817 51 1848 1,271,824 51 1850... 190,801 72,836 117,965 78,000 6 150,847 25,969 10,789 187,605 80,792 106,813 78,510 6 1853 ... 1,302,458 51 1854 ... 1,303,395 51 154,115 32,895 14,255 ... 1,494,791 51 189,487 56,104 8,126 253,717 132,808 120,909 90,000 6 1,500,000 51 ... 1,500,000 51 22,191,972 51 2,387,370 578,462 180,706 3,146,538 1,433,581 1,712,957 1,303,651 Aver'e 1,305,410 51 140,443 34,027 10,630 185,090 84,328 100,762 76,690 6 155,954 48,029 8,014 211,997 110,853 101,144 90,000 6 104,270 104,029 90,000 6 The Penobscot Railroad Company was chartered on the 21st August, 1850, It was placed under contract in 1852. The line is now pretty nearly graded. No portion of it has yet been laid. It follows the immediate bank of the Penobscot River, crossing it at Oldtown. The work of construction has been suspended for some time past. SHARE CAPITAL--Authorized, $600,000, in 6,000 $100 shares. Paid in, $180,497. FUNDED DEBT-$300,000: described as follows 1st Mortgage Bonds____ -$300,000 -dated in 1855, and payable, principal in 20 years; interest semi-annually. Of these bonds, about $45,000 have been sold absolutely; the greater part of the balance is held as collateral to the debts of the Company. No interest has been paid on the bonds. FLOATING DEBT (ESTIMATED)-$75,000. The amount expended on the road (exclusive of iron) has been $328,412. This amount embraces considerable purchases of real estate situated in Bangor for depot, lumber yard, etc., etc. PORTLAND AND OXFORD CENTRAL RAILROAD. F. O. J. SMITH, President and principal owner.... .. Portland, Cumberland Co., Me. LENGTH OF ROAD-From Mechanics' Falls to Sumner... 19 miles The Portland and Oxford Central Railroad Company was chartered in the year 1856, with authority, among other things, to extend the Buckfield Branch Railroad, which was merged in the new company, from Mechanics Falls to Portland, a distance of about 33 miles. No progress has been made in the extension toward Portland. The road has not been run for several years past, and may probably be considered as abandoned. SHARE CAPITAL-Authorized, $1,260,000, in 12,600 $100 shares. Paid in, $144,000, on 1,440 COST OF ROAD AND EQUIPMENT $360,000. No reports have been made by the Company, and no further statement of its financial condition can be given.-(See Buckfield Branch Railroad.) |