The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1871-08-16

Portland and Ogdensburg Railroad.
The first division of the Eastern end of the
Portland and Ogdensburg trunk railrord line
sixty miles in length, is now completed, and on
thursday OF last week regular passenger and
ire'ght traffic was opened to North Conway, in
the heart Of the famous White Mountain region.
Inc history of this enterprise, so lar as it has
been accomplished, illustrates the energy of the
managers, and the skill and experience of the
| contractors. The company was organized on
the 18th of January, 1869, with subscription
| list of about one million dollars. On the 9th OF
| September, of the same year, ground was bro
ken, and on the 10Th of September 1870, the
road was opened to Lake Sebago, IL miles. ON
| the 26th of the following December, passenger
| cars ran to West Baldwin, 80 miles. On the
| 9th of Juue, 1871, Fryebury Was reached
| aud Oh the 10th of August the first train at
| North Conway came from Portland over this
| road, showing that the construction of this sixty
miles of road was perfected in twenty three
months, and during this time two magnificent
iron bridges, as handsome and substantial as
any on the continent, have been thrown across
the Saco at Hiram and Conway As regards
the construction of the road bed, it Is unusually
smooth ami solid having been built by a firm
of contractors who were the builders of other
frst.class roads in the State; and the cost has
been unusually moderate, the contractors
were paid promptly in cash. The business OF
the road has been especially gratifying to its
friends. The first months earnings were about
$4,000; and The amount has increased with the
extension of the road until the figures for
July reached the sum of $13 0O0-sufficient to
pay the expenses and the bonded debt. No ex-
tension Of the road beyond the present termi-
nus is contemplated this year, but the grading
will be pushed onward very soon, and it is ex-
pected that the work to the Connecticut river
will be completed during the year 1872. The
great success of this road has very naturally
given the corporation excellent credit in the
money markets, and the bonds-gold, 6 per
cents-have been sold readily, the amount dis
posed of in.July being $4,000.
The Vermont Division of the line embraces
three distinct companies, consolidated in enc
enterprise, viz: the Lamoille Valley RAILROAD
running from Swanton to West Danvile; the
Montpelier and ST. Johnsbury railroad from
West Danville to st. Johnsbury, and the Es-
sex county railroad, running from St. Johns
bury TO Connecticut river; the whole forming
continuous line of III miles in length, to join
with the Eastern Division. Here we find the
same energy that has been manifested on the
latter division. Before the close of the pres
ent season, eighteen miles of track will be COM
pleted, connecting Swanton and Fairfield on
the extreme western end; and eighteen miles
more further east, connecting South Hardwick
and West Danville. On the st. Johnsbury and
Montpelier section the cars will be in motion by
autumn seventeen miles, or to West Danville,
and from that point on to South Hardwick
On the Essex county, or most eastern section
cars will be running upon eight miles this sea-
son; showing nearly equal progress on each
end of the line, and leaving the construction of
100 miles to be provided for. The first mortgage
bonds of the Vermont section, payable in gold,
with semi-annual interest, have lust been ptlt
upon the market and met with very flatter-
ing reception, especially at home. They have
the endorsement of the Messrs. Fairbanks, of
st. Johnsbury, VT, who are themselves very
heavy stockholders in the line The popular
feeling towards this great enterprise is shown
by the remarkable liberality of the people of
the towns through which the road runs The
land damages in Vermont have been very light
considering the rich and fertile section through
which it passes. On the Eastern Division two
station houses have been built by private en-
terprise and presented to the company
An intelligent examination of the route on
the map, the directness of the line between
Swanton and Portland, with the connections
West and the increased facilities for business
to be afforded by the opening of the Caughna-
waga canal, connecting the waters of the St.
Lawrence With Lake Champlain-an event al
most certain to occur-is all that is necessary to
convince any of the great value of the road as
a business route. The stock subscriptions are
ample to prepare the road for the iron, and the
bonds are now issued to procure the rails and
equip the road. The line, when completed,
will be New England line. owned by the peo-
Pile through whose territory it passes, and man |
aged by officers whose interests are identified |
with those of their neighbors along the road. |
The bonded debt is unusually small, and is So
cured by property already paying the interest |
md with prospective value as through line /
hat can hardly be overestimated. The security /
s. therefore, unusually attractive, and we ask |
hose who have money to read the advertise |
nent of Messrs j. B. Brown & Sons, and con-
er with the gentlemen, who can furnish more
evidence of the desirability of the bonds as an
Investment than we can do in the limits of |
ne wspaper article. -Ilf 1a