Year. VESSELS, ETC., PASSED THROUGH AND TO PLACES ON THE CANAL. 1854-5.. 1855-6. 1856-7. ANALYSIS OF THE TRADE ON THE CANAL.-TOLLS, 1854-60. The "dividend fund" was created in 1856, in pursuance of the mortgage of that year, which required that $25,000 per annum should be used in the purchase of the company's bonds, if such amount of surplus revenue should be made, and that the bonds purchased should be cancelled and converted into stock at par, and be divided among the stockholders at some future time. The "sinking fund" is simply the loans of the company, purchased for the use of the company, as occasion may require. Dividend No. 1, 3 per cent., was declared 1st June, 1853. No further dividend has been paid. STATE OF MARYLAND. ANNAPOLIS AND ELKRIDge. BALTIMORE CITY PASSENGER. BALTIMORE AND OHIO. BALTIMORE AND PHILADELPHIA, EASTERN SHORE. GEORGE'S CREEK. MARYLAND AND DELAWARE. NEWCASTLE AND FRENCHTOWN. WESTERN MARYLAND. WILMINGTON AND SUSQUEHANNA. Maryland was one of the earliest among the States to engage in the construction of railroads. The Baltimore and Ohio Railroad Company was chartered in 1827, and the Baltimore and Susquehanna Railroad Company in 1828. Both these undertakings were largely aided by the State, and also by the city of Baltimore. The first was designed to connect this city with the Ohio River, and the latter to connect it with the public works of Pennsylvania and New York and the basin of the St. Lawrence. They were works of absolute necessity, and without them the port of Baltimore must have sunk into comparative insignificance. The construction of the Baltimore and Ohio Railroad was commenced on the 4th July, 1828, and shortly after, the first section of the road extending from Baltimore to Ellicott's Mills, 14 miles, was put under contract. This section was completed in 1830. In 1831 the first section of the Baltimore and Susquehanna Railroad, extending from Baltimore to the Relay House, a distance of 7 miles, was brought into use; and in the same year the Baltimore and Ohio Railroad was extended to Frederick City, 47 miles beyond Ellicott's Mills. In 1832 the Baltimore and Ohio Railroad was extended to the Point of Rocks, 8 miles, and the Baltimore and Susquehanna Railroad to Timonium, 4 miles. The Westminster Branch of the latter, extending from the main line, 7 miles N. Baltimore, to Owings' Mills, 9 miles, was also completed. No additional mileage was completed in 1833. In the following year the Baltimore and Ohio Railroad was extended to Harper's Ferry, 12 miles beyond the Point of Rocks. In 1835 the Washington Branch of the Baltimore and Ohio Railroad, extending from the main line, 9 miles W. Baltimore, to the national capital, 30 miles was completed. The State supplied one-third, and the Baltimore and Ohio Company two-thirds of the capital invested in the work. This has been very productive, the earnings having paid for 20 years, an average dividend on the investment of 6 per cent., and for the last three years dividends equal to 9 per cent. per annum. It has also paid to the State since 1839, in transit duty on passengers, $1,096,000, or nearly $50,000 a year, being one-fifth of the gross receipts from passengers, as stipulated for in the charter granted to the company. In 1836 the Maryland and Delaware Company of Maryland, and the Wilmington and Susquehanna of Delaware, were consolidated under the name of the latter. In 1839 the whole length of the road from Wilmington, Del., to the Susquehanna River, about 35 miles, of which about 22 miles are in Maryland, was completed and opened for public use. In the same year the Baltimore and Port Deposit Railroad, extending from the terminus of the road last mentioned to Baltimore, was finished and in connection therewith, and with the Philadelphia, Wilmington and Baltimore Railroad of Pennsylvania, opened a continuous line from Philadelphia to Baltimore. In the following year the several companies owning these roads were consolidated into the present Philadelphia, Wilmington and Baltimore Company.-(See Pennsylvania.) In 1838 that section of the Baltimore and Susquehanna Railroad, extending from Timonium to the State Line of Pennsylvania, 25 miles, was completed, and also the York and Maryland Line Railroad, chartered in Pennsyl vania in 1832, but owned and constructed by the Baltimore and Susquehanna Company. The greater portion of the funds used in the construction of the Baltimore and Susquehanna Railroad was furnished by the State of Maryland and city of Baltimore, by subscription to stock or by loans of their credits. Only $250,000, or about one-twentieth part of its liabilities, were contributed by individuals. No dividends were declared during the exist ence of the company, nor interest paid on its loans from 1840. In 1854 the company was merged into the Northern Central Railroad Company. In 1839 the Maryland section of the Franklin Railroad, about 6 miles, was completed. In 1840 the Annapolis and Elkridge Railroad, 22.51 miles, was completed. To this work the State subscribed $300,000 in bonds, of which $219,378 were issued. It has probably never earned more than its operating expenses. In 1842 the Baltimore and Ohio Railroad was extended from Harper's Ferry to Cumberland, a distance of 97 miles. Towards the construction of this portion of the road the State made a subscription of $1,058,420, being one-fifth of the estimated cost of the line within its limits. From 1842 to 1851 no additional roads were opened, except in the Cumberland mining district, in which the Cumberland and Pennsylvania Company constructed a road from Cumberland to Frostburg, and the Maryland Mining 1 Company one from Cumberland to its own mines, each about 10 miles in length. Several shorter roads were also constructed in the same district. These, however, are used solely for mining purposes. In 1851 the Baltimore and Ohio Railroad was extended from Cumberland to Piedmont, 28 miles; In 1852 the same road was completed from Piedmont to Fairmount, 96 miles; and In 1853 the whole line from Baltimore to Wheeling, 380 miles, was opened for public use. In the meantime several new roads had been opened in the Cumberland mining district, among which was the George's Creek Railroad, completed in 1852. The Cumberland and Pennsylvania Railroad had also been extended about 5 miles beyond Frostburg. For the 30 years ending with 1859 the total earnings of the Baltimore and Ohio Railroad had been $39,349,141, and the net earnings, after deducting current expenses, $17,421,250. From this amount, $4,589,866, or an average of $186,329 per annum had been divided to the stockholders, and $6,092,377 applied to construction, and placed to the credit of profit and loss. The balance was applied to the payment of interest, etc. It is now proposed to capitalize the earnings applied to construction, and divide them among the stockholders. The consolidation of the Northern Central Railroad took effect on the 1st January, 1855, and the unfinished works of the company were at once re sumed. These consisted of the Susquehanna Division, extending from Bridgeport to Sunbury, 54 miles, and the Tide-Water Section, extending from Rockdale to Canton, about 4 miles. The Susquehanna Division (all of which lies within Pennsylvania) was completed in sections as followsIn 1856 from Dauphin to Millersburg, 19 miles; In 1857 from Millersburg to Trevorton, 15 miles; In 1858 from Trevorton to Sunbury, 11 miles; and the section between Dauphin and Bridgeport, including the Susquehanna Bridge, 10 miles. No dividends have been declared by the Northern Central Company. In 1858 there was also completed the first section of the Western Maryland Railroad, extending from the Northern Central Railroad to Owings' Mills, 10 miles. This road to the point completed occupies the place of the Westminster Branch, which has been abandoned. In 1859 the Tide-Water Section of the Northern Central was completed. In the same year the Western Maryland Railroad was extended from Owings' Mills to Reisterstown, 5 miles; and In 1860 the last named road was continued to Finksburg, 3 miles further west. In 1860 there was also opened the first section of the Eastern Shore Railroad, a continuation of the Delaware Railroad into Maryland. The Franklin Railroad having been newly ironed, was also re-opened this year. The Maryland and Delaware, Railroad, which will extend from Smyrna, Del., to Easton and Oxford, Md., is in progress, and also a City Passenger Rai.road in Baltimore. STATEMENT, exhibiting the Share Capital and Debts of the several Railroad Companies, distinguishing the amounts of Productive and Unproductive in each: Corporate Titles of Companies. Share Capital Prod'tv. Unprod' tv. Total. Total. Funded Total IndebtednessDebt. Prod' tv. Unpro'tv. $.... $353,000 8353,000 $73,000 $73,000 13,118,902 10,782,833 11,068,067 13,118,902 ...... 1,650,000 225,600 225,600 23,100 23,100 ...... 2,260,000 2,260,000 5,578,800 6,335,441 1,650,000 25,000 44,869 300,000 300,000 $73,000 11,068,067 23,100 6,335,441 44,869 17,544,477 The preceding table does not include the coal carrying roads of the Cum berland district. Exclusive of these the total capital invested in the railroads of Maryland amounts to $35,478,879. Of this sum $17,957,502 is represented by share capital; $16,482,733 by bonds, and $1,038,644 by floating debt. Of the share capital the sum of $14,768,902, or 82.3 per cent. of the whole amount is productive. The whole sum of the capital derived from bonds and credits is productive or interest paying. To the unproductive capital should be added the balance of the profit and loss account of the Baltimore and Ohio Railroad, from which the stockholders at present derive no revenue. With this sum the total capital invested in the railroads of the State is $41,571,256. A small per centage of this amount, however, has been expended on account of connecting roads outside the State. The mileage, total cost, and cost per mile of the several railroads of the State has been as follows The aggregate earnings of the railroads of Maryland for the term (30) years) embraced in the following table, and on a total mileage of 8,5224 miles, have been $55,543,562. Of this amount there was earned for the transpor. tation of passengers $17,206,386, for the transportation of merchandize $35,740,026, and for the transportation of mails, etc., $2,597,150. The current expenditures for the same term and on the same mileage amounted to $31,883,328, leaving a balance of $23,660,234 as net earnings. The amount paid in dividends was $6,767,766. The ratio of earnings on the cost of the road has been 12.53 per cent., of the current expenses 7.19 per cent., and of net earnings 5.34 per cent. The dividends paid have averaged 2.36 per cent. on the share capital invested. |