Railroad Intelligence.
It is a fact well known, that there is no branch of enterprise so much in vogue at the present time, as the projection and construction of railroads, notwithstanding that the stock in many of them is below par, and some have proved ruinous to the original projectors. As a general thing, however, capital invested in railroad stock, pays better than most other property of equal permanency. The rage for railroads in several parts of Europe, and especially in England, is greater than in this country. (92,921,779, equal to $446,024,500, have already been invested in the various railroads already in operation or nearly completed in England; and Parliament, during it s recent session, sanctioned the construction of 2500 miles of new railway, estimated to cost (38,488,000,—or about $155,204,000. As a further illustration of the readiness with which railroad stock is taken up in England, we may state that the stock of an unpromising railroad from Toronto, U.C., to Port Sarina, Lake Huron, amounting to $5,700,000, was immediately subscribed for in London, and $4,000,000 of the money was put down. In this country there have been a large number of new railroads projected within the year past, many of which are now in progress. The Legislature of New York, at its last session, sanctioned new companies, adding $12,000,000 to the capital stock of railroad companies previously chartered. The reports of the business on the principal railroads, are in general highly encouraging. The net earnings of the Boston and Providence railroad for the last year was $172,590; and after paying a dividend of three and a half per cent in July, there remained a balance to credit of income of $72,402. The receipts of the Norwich and Worcester railroad for the month of June last, were $19,728, being $3,236 more than that of the corresponding month last year. The Housatonic railroad company, which it will be remembered, have been heretofore much embarrassed, have now surmounted all difficulties, and have obtained means to place a substantial T rail on the track. The Long Island road has been doing a fair business; the number of passengers carried on this road during the first and second weeks of August, was upwards of 12,000. The receipts on the Philadelphia and Reading road, for the week ending August 9th, was $29,317. The Eastern railroad—Boston to Portland—has become much more valuable than was at first anticipated. The increase of business on this road for the last five years, is shown by the following statement, which was presented at a recent meeting of the directors:—
Receipts. Expenses. Miles run. In 1840 $193,367.57 $115,433.10 112,047 " 1841 299,574.13 179,958.93 168,527 " 1842 269,168.72 144,039.71 184,127 " 1843 274,641.64 129,640.63 184,156 " 1844 343,899.60 134,318.86 204,962
Among the many new railroads which have recently been projected, and are already in progress, or appear likely to be carried through, are one from New York to Lake Erie; the stock of which ($3,000,000) has been principally taken; one from Portland, Me., to Montreal, to which $1,000,000 have been already subscribed. A railroad from Portland to Augusta, with a branch to Bath is expected to be soon put under contract. The Boston and Fitchburg railroad is to be continued through Keene, N.H. Lebanon and White River to Burlington, Vt. Another road from Concord, N.H. is to intersect with this at Lebanon. The stock of this road has been nearly or quite all taken up. Another road from Concord, N.H. to Montreal, by way of Haverhill, is projected, and a large amount of subscriptions to the stock thereof has been offered. The Connecticut River Railroad from Springfield to Northampton, Mass., is nearly ready for the cars. A railroad from Worcester, Mass. to Nashua, N.H. is in progress, and will form an extension of the Norwich and Worcester road. A railroad from Concord, N.H. to Portsmouth, is expected to go through without delay. Railroads have also been projected, and movements are being made for putting them forward, from Baltimore to the Ohio River; from Georgia to New Orleans;—New York to Albany, on the margin of the river; from Burlington to Ogdensburg; Oswego to Syracuse (about 150,000 of this stock has been taken.) Also a railroad from Hartford, Ct., to New York, via. Dansbury;—Springfield, Ill. to Alton. There are many other roads projected, of the progress or prospects of which we have no particular intelligence; but we have mentioned enough to show that the railroad builders have a fair prospect of business for one year at least. We shall have occasion to speak of various improved facilities in the construction of railroad in future numbers.
P. S. Since the above was written, we have learned that $1,800,000 have already been subscribed to the stock of the New York and Erie railroad.