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the Genesee at Oramel; the Rocksville reservoirs; a feeder from Oil Creek reservoir two miles north of Cuba; Champlain and Chamberlain's Creeks in the village of Cuba, and a feeder from Ischua Creek near Hinsdale. The last four enter the canal on the summit level. South of the summit, at Smith's Mills, there is a short feeder from Olean Creek. The Dansville Branch is supplied by a feeder from Mill Creek at Dansville, and one from the Canasaragua, two miles north of that place. The supply for the branch is short during the dry season, and is about to be increased by new works. The construction of the Genesee Valley Canal was commenced in 1837, and completed as follows: Rochester to Shakers, 41 miles, and Shakers to Dansville, 11.2 miles, in 1840; Shakers to Oramel 36.4 miles, in 1851; Oramel to Belfast, 1.95 mile, in 1853; Belfast to Rockville, 12.8 miles, in 1854; Rockville to Olean Basin, 25.4 miles, in 1856, and to the Alleghany in 1860. The Extension Canal was commenced in June, 1857, and completed to Portville, about 5 miles, in August, 1859.

STATEMENT of the Receipts and Payments on account of the Genesee Valley Canal, from the commencement of the work to the 30th September, 1859

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Cost of

COST, MILEAGE, TONNAGE, REVENUES AND EXPENSES.

Mile- Ton- Reve- ExCost of Mile- Ton- Reve- ExYear. Works. age. nage. nues. penses. Year. Works. age. nage. nues. penses. 1840. $2,167,380 52.2 13,653 8..... $2,176 1850.84,351,376 522 89,804 $28.822 $18,737 1841. 2,780,140 52.2 26,892 12,275 13,675 1851. 4,580,756 88.6 100,722 25,451 36,706 1842. 3,300,549 52.2 41,860 12,076 19,371 | 1852. 4,789,687 88.6 122.901 25.064 76,383 1843. 3,471,217 52.2 48,313 13,734 15,261 | 1853 4,972,233 905 157,164 30,184 62,093 1844 3,673,324 52.2 65,077 18,587 17,260 1854. 5,071,173 93.3 158.942 30,662 47,883 1845. 3,708,635 52.2 73,546 20,484 17,157 | 1855. 5,194,854 93.3 102,321 28,391 54,295 1846. 3,747,964 52.2 87,615 24,183 19,078 1856 5,318,675 93.3 113,731 23,366 25.560 1847. 3,758,406 522 95,632 25,055 17,288 1857. 5,388,554 117.7 114,576 25,966 44,923 1848. 3,791,442 52.2 98,467 26,012 28,533 | 1858. 5,462,810 117.7 118,303 25,652 53,771 1849. 3,976,211 52.2 84,674 25,234 18,791 | 1859. 5,522,656 122.7 124,263 24,164 36,063

10 ys.$34,375,268 522.0 635,729 177,640 168,590 | 10 ys 50,652,774 957.9 1,202,727 271,722 457,414 Aver. 3,437,526 52.0 63,573 17,764 16,859 | Aver. 5,065,277 95.8 120,272 27,172 45,641

JUNCTION CANAL.

LENGTH-Elmira to State line of Pennsylvania.

.13 miles.

The Junction Canal was constructed by an incorporated company with the design of connecting Chemung Canal, at Elmira, with the Wyoming or Upper North Branch Canal of Pennsylvania, and completed in 1858. By means of this short but important link in the chain of canals, a continuous navigation for boats of 180 tons is secured from the Erie Canal, at Montezuma, to Chesapeake Bay and the Ocean.

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The Railroad first constructed in the State of New Jersey was the Camden and Amboy, which was chartered in 1830, and completed between Bordentown and Hightstown, 14 miles, on the 22d December, 1832, and between Camden and South Amboy, 614 miles, in 1834. The Trenton Branch, 6 miles, and the line between Trenton and New Brunswick were completed in 1839. The Philadelphia and Trenton, which is owned by the Camden and Amboy, and forms a part of its line, was purchased in 1837. This road is probably the most productive work of the kind ever constructed. It has paid dividends averaging nearly 12 per cent. annually for twenty-seven years, accumulating in the mean time a very large surplus. Its extraordinary revenues are in a great measure due to the monopoly it enjoys of the right of way between the cities of New York and Philadelphia. This monopoly was not created in the act incorporating the Company, but was subsequently purchased by a grant to the State of stock in the road to the amount of $200,000, and by an agreement to pay certain transit duties on persons and property passing through its territory. The parties connected with this work were not long in perceiving the value of the exclusive right of way across the State, which may be regarded as the key to the great routes of commerce and travel for the whole country, with the power to levy exorbitant tolls. The State became a willing party to the scheme, under the idea that it could thereby draw the means for supporting its government from citizens of other States, thus relieving its own from the burdens of taxation. Such a result has been gained. The State now derives a revenue of over $200,000 annually from transit duties and dividends on the stock presented to it. The effect, however, has been to build up within it a power, to which, in all matters touching real or fancied interest, the Legislature 377

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itself is the subordinate one-no act being allowed to pass that body against the wishes of the Company. Such a relationship, however, cannot exist without serious injury to the moral and material welfare of the people of the State. It is fortunate that this policy of imposing a tax for the privilege of passing through its territory is confined to two States-New Jersey and Maryland-otherwise the internal commerce of the country might be almost entirely destroyed, and our States converted into hostile communities, intent only in plundering each other. Such precedents are rarely departed from. Although there is no doubt that the State of New Jersey has suffered vastly more than she has gained by the monopoly, the prospective advantages of a liberal policy, necessary to a full development of the energies and resources of the State, weigh nothing against an absolute payment of more than $200,000 annually. The total amount received into the State Treasury from transit duties and dividends on its stock, and including the same, has been $3,870,250. This Company makes no reports, except the meagre ones to the Legislature. It has published no general statement for twenty years past, so that nothing can be known as to the condition of its affairs. All enquiries for information, even to the amount of equipment on the road, were refused.

The railroad next constructed was the New Jersey Transportation, which was commenced in 1832, and opened between Jersey City and Newark, 8.10 miles, in 1834, and to New Brunswick, 33.80 miles, in 1836. This road has been a successful work, and is one of the most productive roads for its length in the United States. It has paid dividends averaging 8 per cent. annually from the date of its opening; and also to the State in transit duties, $1,334,692.

The third railroad constructed in the State was the Paterson and Hudson, which was opened for its whole length, 14 miles, in 1834. In 1852, it was leased for the period of its charter to the New York and Erie Railroad, at an annual rental of $53,400, which is about 8 per cent on its cost. No accounts of this road were obtainable prior to the date of the lease.

The fourth railroad constructed was the Morris and Essex, which was opened, from Newark to Morristown, 23 miles, in 1834. It was extended to Dover, 9 miles, in 1848, and to Hackettstown, 29 miles, in 1854. No statement of the affairs of this Company prior to 1853 could be obtained. Since that time it has paid dividends averaging 5 per cent. annually.

In 1839 two roads were opened-the Camden and Woodbury, 9 miles, and the Elizabeth and Somerville, 25 miles. The Camden and Woodbury, after having been operated some years, was abandoned. Its route is now occupied by the West Jersey Railroad. The Elizabeth and Somerville was merged in the Central New Jersey Railroad in 1850.

No further additions were made to the railroad mileage in the State till 1848, when the Somerville and Easton was opened 9 miles, and the Paterson

and Ramapo, 15.12 miles. The Somerville and Easton was consolidated into the Central New Jersey in 1850. The Paterson and Ramapo was leased to the New York and Erie in 1852, in perpetuity, at an annual rental of $26,500. No information relative to this Company prior to the date of the lease could be obtained.

In 1849, the Burlington and Mt. Holly, 7.12 miles, was opened. It has paid dividends averaging 3.66 per cent.

In 1851, the Belvidere Delaware Railroad was opened 14.50 miles, and completed in 1855. It was constructed under the auspices of the Camden and Amboy Company. It has paid nothing on its stock.

In 1852, the Central New Jersey Railroad was extended to Easton, 29.30 miles. This has been a successful work, having paid dividends averaging 5.75 per cent. The Belvidere Delaware Railroad was also extended 10 miles.

In 1854, the Freehold and Jamesburg was opened 11.50 miles, and the Belvidere Delaware extended 16.50 miles. The Freehold and Jamesburg has paid only one dividend of 30 per cent. on stock in 1857.

In 1854, 90.85 miles were opened. The Camden and Atlantic was opened 60.23 miles; the Flemington, 12 miles; the Millstone and New Brunswick, 6.62; the Belvidere Delaware, 9 miles, and the Sussex, 12 miles. The Morris and Essex was completed this year. The Camden and Atlantic has been entirely unproductive on its stock, and only a portion of the interest due on its bonds has been paid for several years past. The affairs of this Company are in litigation, and an effort is now being made for the re-organization of the Company. Neither the Flemington nor the Sussex Railroads have paid dividends.

In 1855, the Newark and Bloomfield was opened five miles, and the Belvidere Delaware extended 14.27 miles. The Newark and Bloomfield has paid only one dividend of 24 per cent.

In 1856, the Warren Railroad was opened 21.04 miles, and the Newark and Bloomfield extended one mile. The Warren Railroad forms a part of the line of the Delaware, Lackawanna and Western, and is leased to it at an annual rent of 54 per cent. on its stock.

In 1857, the West Jersey Railroad was opened nine miles. The road being a ramification of the Camden and Amboy, the retiscence common to that Company was observed by the officers of this, (who are also connected with the parent line,) by a refusal to answer any enquiries.

In 1858, the Northern Railroad was opened. The Millville and Glassboro' was opened in April, 1860.

The railroads in progress in the State are the Delaware and Raritan Bay, a short portion of which has been recently opened; the Millville and Winslow, and the West Jersey. Work is soon to be commenced on the Miners' and Manufacturers', and the Hackensack and New York Railroads. Several City Railroads are also being constructed in Jersey City and other places.

STATEMENT, showing the Share Capital and Debts of the several Railroad Companies of the State of New Jersey, with the amount of productive and unproductive capital in each:

Corporate Titles of

Total IndebtednessAmount Productive. Unprod. 8. $997,700 $2,049.500 $2,238,388 $2,238,388 $. 100,000 20,000 20,000 20,000

Share Capital--Funded Companies. Amount. Prod. Unprod. Debt. Belvidere Delaware..... .... $997.700 Burlington & Mt. Holly. 100,000 Camden & Amboy (& 3,798,400 3,798,400 657,351

Canal).

Camden & Atlantic..
Central

Flemington

......

8,535,000 8,535,000 8,535,000

....

657,351 1,006,800 1,442,455 600,000 842,455 3,237,000 3,274,761 3,274,761

2,412,000 2,412,000

150,000

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173,225

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Morris & Essex.

New Jersey.

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Newark & Bloomfield...

103,950 103,950

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188,700 213,700 213,700

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100,000

180,146

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..15,856,713 13,224,975 2,631,738 16,957,600 17,789,179 16,867,837 921,342

The total liabilities of all the railroad companies in the State of New Jersey are $33,645,892, viz: Share capital, $15,856,713; funded debts, $16,957,600; and floating debts, $831,579. Of the share capital $13,224,975 is productive, and $2,631,738 unproductive. Interest is regularly paid on $16,867,837 of the debts of the companies, and not paid on $921,347.

The total earnings of all the railroads of the State have been $56,015,855, received from the following sources: passengers, $33,409,184; merchandize, $17,851,892; and miscellaneous sources, $4,756,789. The rate of gross earnings upon the cost of the road has been about 18.3 per cent; and of net earnings, 8.3 per cent.; the dividends have been equal to 6.7 per cent. on the aggregate share capital for all the roads. The ratio of expenses to gross earnings has been 54.39 per cent.

The railroads of New Jersey are probably the most productive in the United States; at least among the northern States. This is owing in a great measure to the position of the State in reference to the great lines of public works. Nearly three-fourths of the aggregate earnings of the railroads of the State are on the comparatively short lines between New York nnd Philadelphia.

The results of the operations of the Delaware and Raritan Canal are not given in the following tabular statement, but are fully shown in the account of the Camden and Amboy Railroad. This is a work of great value and importance to the country, and particularly in reference to the coal trade for which it serves as the great avenue between New York and the coal carriers in Pennsylvania. The same rate of dividends have been paid on the share capital of the canal as upon that of the railroad.

The Morris and Essex Canal, though a valuable work, has not been a productive one to the holders of its common stock.

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