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MICHIGAN MIDLAND AND CANADA RR. (In progress.)

Line of Road.-St. Clair, Mich., to Fenton, Mich.....

....63 miles. Branch : St. Clair, Mich., to Sarnia, Mich.

Other branches are projected but not yet located.
Rolling Stock.-Locomotive engines, 2. Cars, 20.
Operations.- None reported.

Financial Statement.-Capital stock authorized and subscribed, $2,000,000 ; paid in, $291,000. Cost of road to March 1, 1873, $291,000 ; estimated cost of entire road, $1,800,000. There is no funded debt.

A river frontage of 700 feet has been purchased at St. Clair, and a wharf 300x50 feet completed. It is intended to complete the railroad during the current year, and to form connections in Canada with the Canada Southern and Grand Trunk RRs.; and in Michigan with the Chicago and St. Clair Air Line, and the Detroit and Milwaukee Railroads.

Directors.-Milton Courtwright, Daniel Drew, Sidney Dillon, John Ross, Ken. yon Cox and Benjamin F. Ham, New York City; John E. Kitton, Henry Whiting and John L. Agens, St. Clair, Mich. M. COURTWRIGHT, President.....

New York City. Treas. and Sec.--Allyn Cox. New York City. Chief Eng.-F. W. Finney.... St. Thomas, Ont. Man. Director-John E. Kitton... St. Clair, Mich. | Purch. Agent-B. W. Gough......St. Clair, Mich.

Fiscal Agents—KENYON Cox & Co.....
PRINCIPAL OFFICE AND ADDRESS..

... New York City. ..St. Clair, Mich.

MASSAWIPPI VALLEY RAILWAY.

(Leased and operated by Connecticut and Passumpsic Rivers RR. Company.)

Line of Road.-Stanstead, Can., to Sherbrooke, Can.... Branch : Junction to Derby Line, Vt.....

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Total length of line operated......

.....38 miles. Sidings and other tracks, 2 miles. Gauge, 4 feet 84 inches. Rail, 56 lbs. to yard.

This railway continues the Connecticut and Passumpsic Rivers Railroad to a junction with the Grand Trunk Railway of Canada, and forms a new route to Montreal and Quebec. A third rail, to admit the passage of narrow-gauge cars, has been laid on the Grand Trunk Line between Lenoxville and Sherbrooke, a distance of about 3 miles.

Rolling Stock.- None owned by company. Supplied by lessees.

Operations, (included in lessees' returns.) Payments during year ending December 31, 1872 : Interest on funded debt, $24,000, gold. Dividend, 3 per cent, $24,000.

3 Financial Statement.-Capital stock, $400,000 ; and 1st mortgage 6 per cent gold bonds, interest January and July, and principal July 1, 1889, $400,000, guaranteed by C. & P. R. RR. Co.-total stock and bonds, $800,000; nominal cost of rail. way, $800,000.

Directors, (elected September, 1872.)—A. T. Galt, Montreal, Can.; B. Pomroy,
Compton, Q.; B. P. Cheney, E. Raymond, Thomas Upham, and F. M. Weld, Boston,
Mass.; C. Brooks, Lenoxville, Q.; C. C. Colby, A. Knight, Stanstead, Q.
A. T. Galt, President..

....Montreal, Q. Vice-President-B. Pomroy.

.Stanstead. | Master Machinery 1. Alden .... Lyndonville, Vt. Treasurer--S. Foster.

and Car Repairs Secretary-A. P. Ball

Gen. Tkt. Agt.-N. P. Lovering, Jr.
Gen. Supt.-E. Raymond.

Boston, Mass. Gen. Fgt. Ağt.-H. Alden,
Assist. Supt.-L. Gilmore.. ..St. Johnsbury, Vt. Purchasing Agt.-T. Upham....... Boston, Mass.
PRINCIPAL OFFICE AND ADDRESS..

.Stanstead, Quebec.

66

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MARIETTA AND PITTSBURG RAILROAD. (In progress.)

Line of Road.-Marietta, O., to Canal Dover, (C. and P. RR.,) 0.......100 miles.

The road is in operation for a length of 80 miles. The remaining 20 miles are graded, and the iron delivered. The entire road will be completed during the present season. There is a coal branch of 2 miles from Macksburg (24 miles north of Marietta) to the coal mines. The northwest extension, which branches at Liberty, will be put under contract during the year. Second track, 5 miles. Gauge, 4 feet 8} inches. Rail, 50 lbs. to yard.

Rolling Stock.-Locomotive engines, 6. Cars—passenger, 8; baggage, mail and express, 2 ; and freight, box, 20; cattle, 10; platform, 18 ; and coal, 64—total, 122.

Operations.- No distinct operating and construction accounts have been kept. No report is made of amount of capital stock.

Financial Statement, (January 1, 1873.)-Funded debt, 1st mortgage, gold, 7 per cent bonds, dated August 1, 1870, interest payable February and August, and principal August 1, 1895, $1,150,000.

Directors, (elected 2d Tuesday of February, 1873.)—A, J. Warner, T. W. Ewart,
Samuel Shipman and William P. Cutler, Marietta, O.; W. H. Frazier, Caldwell, O.;
Isaac Morton, Cambridge, O.; and A. Wilhelmi, Canal Dover, 0.

A. J. WARNER, President and General Superintendent. .Marietta, O.
Isaac Morton, Vice-President..

.Cambridge, 0.
Treasurer-Samuel Shipman. . Marietta, o. | Tkt. and Fit: Agt. J. o. Kingsbury. Marietta, o.
Secretary-James McArthur,

Master Machinery-W. J. Adams.....
Road Master-J.J. Kidd....

Purchasing Agent-R. B. Hoover.....
Chief Engineer-James McArthur....
PRINCIPAL OFFICE AND ADDRESS.

Marietta, Washington Co., 0.

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VICKSBURG AND NASHVILLE RAILROAD. (In progress.)

(Formerly the Grenada, Houston and Eastern Railroad Company.)

Line of Road.–Vicksburg, Miss., to Nashville, Tenn.... .about 380 miles. Branch Line : Grenada, Miss., to Miss. River (opp. Eunice, Ark.).

90 Total length of main and branch line projected.....

470 miles. Gauge, 3 feet. Weight of rail, (proposed,) 35 lbs. to yard.

Contracts have been made for the grading of a large portion of the work, and some 26 miles are nearly ready for the iron.

The amount of receipts from stock subscription during the year ending February 31, 1873, was $43,441.74, which was expended on the work.

Financial Statement.--County bonds on hand last report and since received, $263,700. Per contra : sold and hypothecated, $146,500 ; on hand, $117,200. The assets are, $275,607.74, and liabilities, $19,716.34.

Directors, (elected February 4, 1873.)—W. F. Tucker, Simon Meyer and T. J.
Buchanan, Okolona, Miss.; T. N. Martin and Vestal Beeson, Houston, Miss. ; Austin
Woodward, Benala, Miss. ; H. C. Horton, D. C. Dulany and M. M. Bolar, Pittsboro,
Miss.; N. Howard, G. W. Trimble, J. D. Le Flore and L. C. Lee, Grenada, Miss.
W. F. TUCKER, President..

Okolona, Miss.
A. Woodward, Vice-President..

.Benala,
Sec. and Treas.-D. P. Black.... .. Houston, Miss. I Engineer-W. S. Moon....... Okolona, Miss.

PRINCIPAL OFFICE AND ADDRESS. ...Okolona, Chickasaw Co., Miss.

VERMONT CENTRAL RAILROAD.

(Opened for business, 1849.)

Railroads owned or leased.

Line of Road.-Windsor, Vt., to Burlington, Vt......

118 m. Vermont and Canada RR., Essex Junction to Rouse's Point.. 49 Swanton Branch to Canada Line..

8 Montreal and Vermont RR., Canada Line to St. John's, Canada.... 26 Stanstead, Shefford and Chambly RR., St. John's to Waterloo, Can. 43 Ogdensburg and L. Champlain RR., Rouse's Pt., N.Y., to Ogd'g.N.Y.118 Missisquoi RR., St. Albans to Richford, Vt.....

28 Sullivan RR., Windsor to Bellows Falls, Vt...

26 Rutland RR., Bellows Falls to Burlington, Vt.....

..120 Vermont Valley RR., Bellows Falls to Brattleboro, Vt....

24 Vermont and Massachusetts RR., Br'boro, Vt., to Miller's F., Mass. 21 New London Northern RR., Miller's Falls to New London, Ct......100 Ware River Br., Palmer to Gilbertville, Mass..

16 Montreal and Plattsburg RR., Plattsburg, N. Y., to Can. Line, .... 23 Whitehall and Plattsburg RR., Plattsburg to Ausable, N. Y....... 20

Port Henry, N. Y., to Ticonderoga.. 17 Addison County RR., Ticonderoga, N. Y., to Leicester Junction, Vt. 16—655

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773 m.

Total of all roads owned or leased..

No annual report of the operations of the road has been published. The following statements are taken from the report of the trustees and managers made to the stock and bondholders in Boston, Oct. 2, 1872 :

The affairs of the Vermont Central Railroad are conducted by a board of trustees and managers, appointed by the Chancery Court of Vermont. This road had leased the Vermont and Canada Railroad, but failing to pay rent, the two roads, in 1859, were brought into court. The overdue rents to the Vermont and Canada RR. were ordered capitalized, making the capital stock of the Vermont Central company $2,000,000. The overdue coupons were funded, and the 1st mortgage increased to

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$3,000,000. The stock of the Vermont and Canada RR. was increased $250,000, and trustees and managers appointed.

In 1865, authority was given to issue $2,000,000 of equipment bonds. In 1867, the capital stock of the Vermont and Canada RR. was further increased $250,000, ani $500,000 of notes of the managers, to pay coupons, were issued, and authority giren to borrow $300,000. In 1869, a further loan of $500,000 was authorized. In 1871, $500,000 additional stock of Vermont and Canada RR. was authorized. The amount of all these securities is : Vermont and Canada RR., original stock...

$1,348,500 Additional stock to pay rent......

651,500 bondholders.....

250,000 to build Swanton Branch...

250,000 to reimburse trustees, etc.

500,000_$3,000,000 1st mortgage, original......

$2,000,000 increase to pay coupons.

1,000,000 S. S. and C. RR. bonds....

500,000 Equipment

2,000,000 Vt. and C. guaranteed, 8s.

1,000,000 $6,500,000

$9,500,000 The interest on this debt amounts to $725,000 per year. Of the bonded debt $3,750,000 has accrued under the trust. There is also the 1st mortgage on the Missisquoi Railroad, amounting to $500,000, guaranteed by the Vermont Central-making the sum annually chargeable as interest $760,000.

Rolling Stock.–Locomotive engines, 170; cars—passenger, 125; baggage, mail and express, 51; freight, 5,189—total, 5,365.

Operations for two years, ending June 1, 1872.Gross earnings.. 84,395,384 17 Balance net earnings.

$3,004,890 84 Operating expenses..

$1,333,636 48 Earnings Rutland RR.(17 mo.)1,869,589 64

Balance net earnings.

535,953 16 į Operating expenses..

$1,568,281 75 Earnings 0. & L. C.RR.(27 mo)2,232,467 64

Balance net earnings..

$5,906,809 07 Tot. gr.earnings to June 1,'72.8,497,441 45

Gross expenses.
Net...

2,590,632 38 From net earnings are to be deducted amount paid V. & C. Railroad : 2 years' interest on $2,500,000, and one year's on $500,000.. $440,000 17 months' rent Rutland RR. and branches, at $562,000 pr. year 843,000 27

0, & L. C. RR. (less $85,000 loss to lower road). 814,145

1,390,493 33

664,185 89

Total rents and interest on V. & C. stock...

. $2,097,145 00

Leaving balance after payment of all rents and interest on V. & C. stock $493,487 38

In two years ending June 1, 1872, interest on bonded debt has been paid as follows : $3,000,000 1st mortgage, 7 per cent.. 2,000,000 equipment bonds, 8 per cent.. 443,800 S., S. & C. bonds, 7 per cent. 795,500 Vt. Central guaranteed, 8 per cent..

$420,000 00 320,000 00 62, 132 00 58,336 67

Total.....

$860,468 67

There have also been paid for extraordinary expenses, new locomotives, cars, stations, etc. : On Vt. Central Railroad......

. $1,016,580 60 * Rutland Railroad and branches.....

185,568 55 "0. & L. C. Railroad....

93,516 40

Total.....

$1,295,665 55

Which, added to interest paid on bonds, amounts to......

$2,156,134 22 Deduct balance of net earnings after payment of rents.

493,487 38 Balance, expenditures over earnings, two years....

$1,662,646 84 Financial statement, June 1, 1872 : Liabilities.

Assets. Equipment bonds, 8 per cent. $2,000,000 00 Road (cost stated in 1865)... $8,500,000 00 1st mortgage

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3,000,000 00 Rolling stock (appraised val.) 1,895,097 37 Guaranteed 8

795,500 00 S., S. & C. RR. (valued at).. 860,000 000 S., S. & C.

7

443,800 00 2d mortgage

1,500,000 00

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Balance (debt over assets). ..$1,528,914 85 The items composing the floating debt and available assets are as follows: Notes payable & dem'd loans. $1,716,654 69 | Notes receivable.... $146,609 29 Unpaid bills...... 450,441 27 P. O., express, etc...

59,336 68. pay rolls....

227,559 67 Cash and cash memo.... 251,488 79; Sundry accounts. 388,165 05 Due from agents..

234,454 17 Unpaid coupons. 95,343 74 Sundry accounts.

657,360 64

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$1,349,249 57:

.$159,842 00, 396,981 00

49,652 00: 191,337 00 418,000 00 377,000 00

Total floating debt.......$2,878,164 42 | Total assets..

The causes of the deficiency are given as follows:
Losses on 0. & L. C. Railroad.....

Rutland
Advances on Missisquoi Railroad..
Northern Transportation Company..
Notes to Rutland Railroad for materials..
Stock, wood, etc., in excess.....

Total......

Sundries on hand to account for the debt :
Stock, wood, etc..
Work on Addison County Railroad.
Missisquoi bonds .....
Bonds unsold (8 per cent)..
Sundry accounts....
Sinking fund, Northern Transportation Company.

.$1,592,812 00

$1,198,595 00

102,000 00

25,000 00, 204,500 00 200,000 00 104,625 00

Total....

$1,886,720.001

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