Litchfield enquirer., 1867-04-25
Boston, Hartford & Erie Railroad.

Litohdeld, Conn. Thursday, Apr. 25. 1867
 Boston, Hartford & Erie Railroad.
 The report of the Committee on Railroads of the Massachusetts Legislature, to which we referred last week, recommending the loan of the State credit to the Boston, Hart ford & Erie Railroad, presents facts of great interest to the people of this county, rela- tive to the nature of the enterprise and the condition of the company engaged in it.
 Saturdays Palladium contains the follow ing extracts from this report
 "This corporation now comes to this Legsla- ture and represents that in order to form line of railway from Boston to the Erie railway 1t IS nec- essary to construct about 70 mds 't 17 es between Waterbury and Fishklll. They also rep resent that public convenience and necessary re- quire the immediate construction and c9mpletMlon Ion of their railway and that they are unable, at the present time, from the present means or the com panv. to finish the work, and therefore ask this Commonwealth to loan said aid company its credit or scrip to the amount of $3 OOO, 900 and for the pro- lection of the State in the loan, offer security will appear at large in this report hereafter.
 "Among the questions g. business man asks when loan is solicited upon property are these :: Where is your property situated? What has it cost What is it worth? What income or rent will it producer"
 To these questions the report replies at length. In answer to the first it says as follows:
 "The line of railway commences at the foot of Summer street, thence runs through Blackstone, Mechanicsville in Thompson, Willimantic, Hart ford, Waterbury, to the Hudson river at Fishkill ; also commences at Providence and runs to Willi- mantle; also from Thompson to Southbridge; also line from Brookline, through Woonsocket, Pas p,,fp WIllipnontio Haven, 425 miles of chartered and 2355 miles Of constructed and ironed road, and forming line from Boston via New Haven, known the 'A Air Line' some 9 miles shorter to New York City than any other, and line from Boston to the Erie rail- road of which more will be shown hereafter in this report.
 ''Of personal property, the road owns 39 locomo- tives, g passenger cars, b baggage and express cars 316 8-wheel freight cars, 13 4-whecl freight cars, 165 coal cars and considerable other personal estate"
 In reference to the large coal business opened by the competitor of this road the report says:
 "Some of the items which go to make up this business it may be interesting to consider. One of the largest items and perhaps quite the largest is that of coal. It is we'll known that the great coal fields of the country lie in Pennsvlvania, and con- tiguous to the Erie railway. The Pennsylvania and the Wilkesbarre Coal Companies have contracts with the Erie Railway company, in whclf 1t con- tracts to transport from the mines to the Hudson river million tons of coal annually for each ofsaid companies, and the Pennsylvania will the present year probably send forward 800 0O0 tons and when a piece of railway is completed to the mine of the Wikesbarre Co., it Is expected and believed, that at least two millions of tons of coal will annually come the Erie railway to the Hudson river The statement of the witnesses was that if the road was finished from the Hudson to Boston, 1t could bring coal to nearly all of New England at a cost much less than is now paid with handsome profit to itself and to the great benefit ofthe dealer and consumer, as it could furnish continuous sup ply when and as needed, and thus obviate the ne- cessity of the large stocks of it in tho towns and cities required to be laid n in the summer season, and tho laying idle of the large amounts of capital invested in the coal yards of the dealer and consumer and thus benefit all classes of the people"
 "The present financial condition of the road is exhibited by the following statement
 1. How much money will be required to finish and equip the road? The highest sum named for such purpose was about nine millions of dollars bv Mir. Davis and others.
 g. Can that sum be obtained? Three millions of that sum was asked of the state in the form of a loan of State scrip; and it in proof that if this aid is obtained, tho Eric Railroad Company and CoaL Company would doubtless secure the balance of the amount.
 What mortgages are there on the property offer ed as security for State aid?
 The mortgages now existing on the property are
 l. The mortgage of the Norfolk County Railroad Company off road and franchise from Dedham to Blackstone.
 z' 1ie mortgage or the Boston ana New York Central Railroad Company of its franchise and property from foot of Summer street Boston to Mechanicsville and Southbridge.
 3. The mortgage of the Southern Midland Rail- road Company, covering the same property.
 4. The mortgage of the Hartford Providence and Fishkill Railroad Company, covering it's fran chise and property from Providence to Waterbury.
 5. The mortgage of the Boston, Hartford and Erie, covering all the franchises and property in- cluded in the above mortgages. and it's franchise and property from Mechanicsville to Willimantic
 6; The mortgage of the New York and Boston Railroad Company, covering the line from Boston via Woonsocket and Pascoag to the state line of Connecticut.
 The mortgage debts secured by these mortga- ges, amounted last November to $8.f01 900. Thus if you add the bonded debt, (sS 200, ,OO0) to the amount necessary to build and equip. (S) 900 OOO) you will have a bonded debt of s7 200 0OO And then add floating unsecured debts, stated to be less than 000, accrued and overdue interest on the bonded debt, and the result will appear that the road, finished, would pay interest on it's bond- ed debt, taxes, assessments, set aside it's sinking fund and then pay large dividend on it's capital stock.
 It is to be hoped that the ready action of Massa- ehusets in this matter will be equaled by Connec- tcut, and that this road which has been so many years in the process of construction, may be soon finished and put in operation.