LAWS OF THE STATE IN REFERENCE TO RAILROADS. List of all the Railroad Companies chartered in the State of New Hampshire, 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 [*] prexfied signifies that the work of construction has not been commenced. Date. Abstract of Laws. July 14, 1855 Act of incorporation. Dec. 27, 1844 Act of incorporation-may consolidate with July 10, 1846 Act of incorporation. June 23, 1848 Amends act of incorporation. June 21, 1848 Amendatory to act of incorporation. July 12, 1850 Amends act of incorporation. July 12, 1850 Establishes route of road. July 1847 Constitutes Co. a corporation within N. Hamp June 27, 1835 Act of incorporation. June 28, 1838 July 2, 1841 July 2, 1845 Dec. 7, 1844 July 1, 1845 June 22, 1847 July 13, 1850 July 4, 1851 July 12, 1856 Dec. 27, 1844 July 1, 1845 July 2, 1847 July 12, 1853 Additional to act of incorporation. May unite with roads in Mass. and Maine. Any corporation in State may subscribe. Authorizes issue of preferred stock. May unite with the Winchendon Railroad. Domicile of company established. June 12, 1859 Authorizes an issue of bonds. July 13, 1850 July 13, 1850 แ July 4, 1851 July 8, 1853 Dec. 28, 1836 July 14, 1855 Act of incorporation. July 14, 1856 Prescribes amount of capital stock. June 27, 1859 Authorized to construct branch. Act of incorporation. Authorizes the execution of a mortgage. Act of incorporation. July 2, 1839 May lease road, etc. June 19, 1840 June 29, 1841 Amends act of incorporation. May contract with Portsmonth Bridge Co. for a connection with Portland, Saco and Portsmouth RR Act of incorporation. Act of incorporation. *GRAFTON. July 2, 1847 May unite with Northern RR. Company. GREAT FALLS & SOUTH BERWICK July 3, 1841 June 19, 1844 66 July 2, 1845 July 2, 1847 Dec. 30, 1848 May bridge Salmon Falls River, etc. Alters southern terminus. May consolidate with Gt. Falls and South Extends time for completion. Limits number of Directors. June 30, 1855 July 14, 1855 Dec. 24, 1844 Authorizes an issue of bonds. 66 June 26, 1845 May unite with Wor. & Nashua RR. Co. July 2, 1847 Act of incorporation. June 27, 1835 Act of incorporation. *MANCHESTER & CANDIA.. July 6, 1849 Act of incorporation. Jan. 5, 1853 July 15, 1854 Extends time for completion of road. Extends time for commencing work. May increase capital stock. Authorizes issue of preferred stock. *NASHUA & EPPING. Dec. 29, 1848 Act of incorporation. 64 64 46 66 June 30, 1853 Amends act of incorporation. July 2, 1853 Amends act of incorporation. NASHUA & LOWELL. June 23, 1635 Act of incorporation. 66 June 26, 1838 NEW HAMPSHIRE CENTRAL· June 24, 1848 66 66 July 6, 1849 Jan. 8, 1853 May unite with N. & L. of Massachusetts. Amends act of incorporation Authorizes consolidation into Merrimac & Act for relief of creditors. *NEW HAMPSHIRE UNION. July 2, 1851 Act of incorporation. June 18. 1844 Act of incorporation. Dec. 27, 1844 Act of incorporation (2d). July 8, 1846 Act of incorporation. 64 แ Jan. 8, 1853 66 June 26, 1858 Authorizes an increase of capital. Jan. 3, 1849 Act of incorporation. ..... July 2, 1851 Act of incorporation. Amends act of incorporation. 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 stipu lated 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, remein 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. |