Indiana State sentinel. [volume] (Indianapolis) 1841-1853, 1849-09-27
Portland and Montreal Railroad.


We learn that contracts have been made by the
Directors of this great line of railway both 10 Cana
da and the United States, with Messrs. Black and
Wood to construct the unfinished part of this road,
distance of about 200 miles, for S27 900 per mile
for S26 200, in case the companies elect pay the
Engineering and build the Station and Engine houses
The whole line is to be completed within three years.
The contractors, Messrs. Black and Wood, are well
known throughout the whole country as men OF large
property, and most energetic and successful con-
tractors These gentlemen have built the portion of
the road already finished, making about 80 miles, TO
the entire satisfaction of both the American and Ca
madam companies; and as each company has abun-
dant means provided for the whole work, may set
down the completion of IT, road within the time
agreed upon fixed fact We learn verbally, that
the Canadian end of the line, the contractors take
in payment, quarter of the amount in stock of
the company and the balance in the city OF Montreal
bonds, and the guarantee of the Colonial Govern
ment. On the American side they take one quarter
in stock one quarter in the bonds of the company,
and the balance in cash, the work progresses To
provide the cash payment, this company has the bonds
of the city of Portland for about 81 100000, which
can be converted into cash at par, at wilt
We take great pleasure in announcing the above
result. We think that the gentlemen entrusted with
the management OF this work in making the above
contract, have acted with that wisdom and prudence
which has characterized their whole conduct since
the first commencement of the undertaking. When
this road first proposed the entire community.
with the exception of those Immediately interested
in the road. utterly incrcdulous not only to
the ability of those engaged in it to construct it, but
also 10 the practicablity of the whole idea. Not q
could be obtained out of Maine for this portion
OF it, and road of magnitude. in New England
had been built, without the aid of Boston, the mother
Of New England railroads, this fact alone re-
garded settling the whole question, and the efforts
of the people of Portland were looked upon re-
sultine In a loss of all their money expended upon
project which must surely fail Yet despite of all
this, the road was commenced and pushed forward
with extraordinary vigor during a season of unex-
amped pecuniary pressure, which Frustrated so many
Of The Massachusetts enterprises. The prompt pay
ment of ts subscription list has furnished ample
means TO meet all engagements as they have matured
The credit OF the company Is without stain, but very
few shares have been sold, and these very nearly
remunerative price, and most OF the stock still In the
hands Of original stockholders. 1t has created nc
stock at discount, has it wasted its means by
hiring large sums of money at enormous shave
Aud while pains expenses have been spared to
make first class road, and in this respect it is not
inferior to any one in the country, the strices econ
omy has been maintained, and stockholders have the
satisfaction OF finding that the business Of the part
aresdy constructed assures ample return upon
their money invested BY making the above contract
the price of the stock will advance the work pro-
crosses, both the contractors and the stockholders
| have a mutual interest in maintaining its value
| The mere fact that gentlemen OF admitted pecunlary
ability and distinguished for their energy aud saga.
city, the contractors, and who are thoroughly
acquainted with the value of its stocks, should BE-
willing to take large proportion of it in payment
is the very best evidence of its ultimate value, and
must exert very salutary influence upon its market
value. Among the many schemes to bring to the
Atlantic the produce and business of the west BY
railway, the above road has been the last proposed
and bids fair 10 be Of the first to be completed
None have gone forward with such an uniform steE
as this and there none, the affairs Of which hav,
been managed with greater skill aud prudence; ant
we deem it due to Mr.. Morton, the Chief Enginee
of the American, and for lime the Chief Engnee
of the whole line, TO say, that the success of ih,
work thus far, is 10 very considerable extent due t.
his skill as an engineer. 10 his practical good sense
his untring industry, and more than all, to the in
flexible honesty and straigh,forwardness of his char
acer, which qualities, in the end, were certain t
secure the ultimate adoption Of his views, howeve
much in tie outset they may have been opposed L
those Of the Directors OF the public. The success 0
the work under all its obstacles, is the best tribute
his qualities Engineer, and its completion can
not fail to give him high rank among the leading
members Of his profession. Raiiroa
| journal.