FIRST ANNUAL REPORT OP THE DIRECTORS OP THE HUDSON RIVER RAIl-ROAD MPIY, TO THE STOCKHOLDERS, JUNE 12th, 1848. VAN NOR DEN & KING, 45 WALL-STREET. 1S48. Ex Htbrta SEYMOUR DURST When you leave, please leave this hook Because it has heen said "Ever'thing comes t' him who waits Except a loaned hook." Avery Architectural and Fine Arts Library Gift of Seymour B. Durst Old York Library FIRST ANNUAL REPORT HUDSON EIYER RAIL-ROAI) CO, TO THE STOCKHOLDERS, JUNE 12th, 1848. NEW-YORK: VAN NORDEN & KING, 45 WALL-STREET. 1848. Digitized by the Internet Archive in 2013 http://archive.org/details/firstannualreporOOhuds il E P O R T. The Directors of the Hudson River Rail-Road Company respectfully present to the stockholders their first annual Report. On reference to the financial statement, (which will be found appended,) it is a subject of congratulation, that notwithstanding there has been an unnecessary depres- sion of the stock of the Company, we have no good reason to complain of want of punctuality in the stock- holders, and it is only to be regretted that any of the early friends of the Road, affected by extraneous influences, should have been induced, by an uncalled for panic, to sacrifice their stock, by disposing of it at less than the par value. It would-be an invidious and useless task to enter into an explanation and refutation of all the many misrepresenta- tions which have been circulated to the injury of the Com- pany by the opponents of this great public work. One or two, however, of the most prominent and sinister objections that have been urged against the success of the enterprise, we deem it proper to notice. First, that the necessary funds would not be raised to accomplish the Work, which would cost double the amount first reported by Mr. Jervis, the Chief Engineer of the Company ; and next, that if raised, the undertaking was of such difficulty and extent as to require a long series of years to accomplish it. That a work of this magnitude cannot be executed without com- petent means, no one will deny ; and that something more 4 than the original estimate may be found necessary, with- out impugning in any way the correctness of our Chief En- gineer, the Directors are free to admit. This has arisen from two causes, principally ; First, the exorbitant claims for land damages ; these having greatly exceeded every reasonable calculation, so much so, as to have compelled the Directors to ask a modification of the charter in relation to the mode of assessing our land damages, which, we are happy to state, was freely granted by the justice and libe- rality of the legislature of this state, thus removing one of the greatest obstacles to our success, and at the same time enabling us to improve the economy of the work, by dis- pensing hereafter with the services of the several, land agents along the line. Next, the original estimates of Mr. Jervis from Fish kill to Albany, it is made known, were based upon Mr. Morgan's survey and report on the interior route ; subsequent and more careful surveys having con- vinced the Board of Directors almost unanimously that a much better and more level, although in the first instance, a more costly line, could be procured by following the mar- gin of the river, they were induced to adopt it, even at an increased estimate of $53S,6G3, a sum trifling, indeed, when considered in connection with the vast trade and transportation, both of merchandise and passengers, which must eventually pass over the Road, and which would otherwise have been subjected for 54 miles between Pough- keepsie and Albany to a grade of 17 feet to the mile, while the river route presented one practically level, the devia- tions in no case exceeding 10 feet to the mile, and these for short distances only; the aggregate of the whole being with- in Sj miles — but for a more detailed statement and estimate in relation to this subject, the Directors would refer to the report of the Chief Engineer, published by them on the 12th January last. That nearly the whole three millions of dollars originally subscribed will be paid in, the Directors see no good reason 5 to doubt; and although some of the small subscriptions may be forfeited, the forfeiture must inure to the benefit, not to the injury of the other stockholders ; with a policy based upon this foundation, it has been and continues to be the intention of the Directors to urge the completion of the Road, and to put it in operation from New- York to Poughkeepsie in the month of May or June, 1849 ; and in the meantime, to commence with the more difficult sections, those that will require the longest time to complete between that place and Hudson, so as to prepare the remainder of the Road for opening in the year 1850, or earlier if possible, and they are happy to state that the progress of the work is such, as to afford every reasonable assurance that this will be accomplished ; but to do it, and at the same time to procure the necessary engines, freight and passenger cars, with the erection of depots, &c., will require about four millions of dollars. Independently of the three mil- lions subscribed, the Company have authority by the amend- ed charter, to borrow three millions of dollars ; an authority which it is not necessary for the board to exercise, until the three millions subscribed has been expended on the Road. Can it then be a question, \vhelher the loan of the necessary funds, based upon a mortgage of the work as authorized by the charter for the re-payment, at 7 per cent, interest, would not readily be taken in this great com- mercial emporium. Those who doubt it, must have less confidence in the judgment and sagacity, not to say patri- otism of capitalists, than your present Board of Directors. That the work in which we are engaged is a great, and to a certain extent a difficult one, requiring both time and money, we freely acknowledge, but that it presents any difficulty which ordinary energy and perseverance will not overcome, we cannot admit; and we assure the stock- holders that our confidence of success is not only unabated, but strengthened by the events of the last year, which show an enormous increase in the trade and transportation on the 6 canals of the state, and by the increase in freight and pas- sengers on all our Rail-Roads west and north of Albany, in a ratio far beyond the most sanguine expectations. We feel it therefore our duty to state, that we most fully concur in the estimates of the Chief Engineer, herewith presented, and that we believe that the Road when comple- ted with but a single track, will not only yield a return of 10 per cent, on its cost, but that we shall be compelled by the growing trade of the state, and that of the great west and north, which must more or less concentrate on it, to lay a double track throughout the whole line as fast as the circumstances of the Company will permJt. One year and a quarter has now elapsed since the organi- zation of the Company. The Engineer department was established, and the first party took the field for surveys, a little more than fourteen months ago. Since that time it has, under the instructions of the Board, discharged the varied duties devolving on it, namely ; conducting surveys and preparing maps for the location of the line ; plans for the structures required ; forms of contracts and specifica- tions of the manner of constructing the work ; in laying out and superintending the construction ; and in preparing the monthly estimates of work done. From time to time, as the work has progressed, the details of these duties have been communicated by the Chief Engineer in written re- ports. But they have necessarily been detached, and it appears desirable to present at this time a condensed, but more general, statement of the location and other matters relating to the work. The line has been definitely located from this City to Poughkeepsie, (75 miles,) and the maps of the same have been duly deposited, according to the requirements of the acts of incorporation, in the offices of the several counties. The general location has been settled from Poughkeepsie to Albany. A locating party commenced at Poughkeepsie early in April, and have since been proceeding north with 7 a revision of the line, to prepare it for definite location. They have prepared the line for mapping to Rhinebeck landing, about sixteen miles ; and are proceeding with the field work north of that place. Since the Board settled the general question of location from Fishkill Landing to Albany, over 30 miles have been carefully revised. The direction of the line has been somewhat improved, so that there will be no curve between Fishkill Landing and Albany of less than 3,000 feet radius. The revision so far, together with the contracts for the line between Fishkill Landing and Pough^ keepsie, confirms the opinion that the estimate of January last will be sufficient to construct the work. The work on the line between this city and Fishkill Landing has progressed so far that the difficulties of this portion may be considered as generally developed, as also the stability of the work. The river walls have been, in many places, exposed more than they will be when the work is completed. In general the river is shoal, (1 to 3 feet deep at low water,) for a distance of from one hundred to five hundred feet from the shore or wall of the Rail-Road, and the piling of the light ice of last winter was, for the most part, along and near the channel of the river, only reaching the Rail-Road in force at a few places. At those points where the ice reached and piled up against the walls, they success?- fully resisted its action, and no perceptible damage was done. The action of the wind in cold storms was, at several times last winter, very severe, causing the spray to rise with as much force as at any time. This influence was carefully noticed at the most exposed points on the river, and the result has been to show conclusively that no injury need be apprehended from this influence. The action of the surf requires attention at those points of the line where the material of which the embankment is formed is of a light and sandy nature. For the most part, fascines are found a sufficient protection against this influ- 8 €nce, but, to a limited extent, it is necessary to secure the embankment b}^ a course of heavy gravel or small stone. For the main part of the line, the materials of which the embankments are composed are sufficient, with the river wall, to resist every action of the river against the work. Settlement has taken place to some extent in several of the bays and marshes crossed b}'' the line, but in no case has it been such as to give serious ground to apprehend material increase in the expense of a permanent security of the work. There is no doubt the Road will be one of the most substantial character, and of easy maintenance after it is put in operation. The route of the Road required an unusual amount of labour to determine and mamtain the line of location, in- volving extensive hydrographic, as well as geographic sur- veys and investigations. In many places great perseve- rance was necessary to carry the line and set the necessary marks of location. Notwithstanding the impediments to its progress, seventy-five miles have been definitely located and put under contract, and the remaining sixty-eight miles have been approximately located so as to settle the general question of location. Tabular statements, showing the lineal arrangements of the line and the grades of the road, will be found in the Appendix. With the exception of about five miles of the line, there is no curve less than 3000 feet radius. The grade from the point where the line leaves the influence of the streets and avenues of this city to Greenbush, a distance of 138.45 miles, has a total rise and fall of 213.5 feet. This, as will be seen by reference to the table, is made up of several short ascents which have been adopted to avoid points in the river shore difficult to follow. The fifteen feet grade occurs on entering the village of Poughkeepsie, and being half a mile long, reaches the depot where all trains will stop, and is therefore of no practical importance. 9 Except it be in the valley of the Mississippi, a route as to grades and line, can hardly be found in this country of so favourable a character. It will admit of very cheap as well as rapid transportation. The plan for grading is, to provide for a double track to Poughkeepsie, and a single track thence to Albany. For superstructure a single track throughout, with twenty-five miles double at depots, and for the meeting of through trains. The estimate for this, taking the estimate of 1846 for the line from this cit}^ to Fishkill landing, and the estimate of Januar}^ last from the latter place to Alban}^ (including the increase of cost by taking the river line) is, for grading and superstructure, 86,235,748. Expenses for land, with depots, engines and cars necessary to commence business, will cost probably a million more. That increase of cost from taking the river line, will be more th.'in compensated by the superior economy in work- ing the Road, and the command of a much larger amount of business. The line now occupies the best possible route for the great trade it wnll accommodate, and there is no ground to fear a competing line of a more favourable cha- racter, to accommodate this trade. It must be gratifying to all tli^ friends of the Road, that circumstances permitted the adoption of this line, which makes it truly " The Hud- son River Rail-Road." There are now about 3000 men at work on the line be- tween this city and Poughkeepsie, the most of them between the city and Breakneck hill. The line above Break- neck having been recently put under contract, the con- tractors, generally, have not perfected their preparations for employing a large force. It is expected there will be at least 4000 men on the line in the course of a month. The grading will be so far completed that the laying of the superstructure may commence as soon as the next spring opens, and it is expected the rails will be laid down 2 10 from this city to Poughkeepsie, so as to open it for use to that place in June of next year, when an important income may be relied upon. Contracts have been made for the iron rails, and about five hundred tons have been delivered on the line, and are in use, or shortly to be in use, as temporary track to aid in the construction of the Road. Contracts have also been made for about 75,000 cross sleepers. All which we respectfully submit. NeW'YorJc, June 12th, 184:8. By order of the Board, A. C. Flagg, Jas. Bookman, Gouv. Kemble, John B. Jervis, Myndert Van Schaick, Committee. Statistics of Rail-Roads in Massachusetts j terminating in Boston, — Business oflS^l. PaBsengers. Freight. Icurrent Expenses Freight 6c Pas'grs. Velocity per hr. stops included. Cost of Road. Length of Road. Name of Hoad. Milen run hy traiiiR. Totfi) number carried. c td a — H . 11 to Gross Receipts. Miles run by trains. Tons car- ried. — « 'S o. Gross Receipts. Per mile. Total. Passen- gers. Freight Per mile. Total. s 05 -3 a oi 1 Miles. Miles "> Q Mdes. Miles. Miles. Miles. Boston and Lowell,. . . . Boston and Maine, Boston and Providence, Boston and VVorcester.. Boston and FilclihnrE^,.. Boston and Old Colony, Boston and Eastern,....! 161,705 2-27,583 169,107 211, '206 15^,140 105.105 2();},:{r»-j 484,683 728,307 487,478 598,305 491.035 389,991 89J,89(i 58 55 51 51 47 63 $1 27 1 41 1 34 1 44 1 04 1 18 1 68 $209,611 321,181 226,103 304,580 165,091 124,775 313,372 70,749 73,118 51,954 167,363 70,352 27,944 33,804 281,441 120,428 87,605 283,718 244,476 42,707 41,047 100 49 52 64 74 27 34 $3 32 2 46 2 27 2 24 2 96 1 50 1 49 $234,815 179,988 118.172 374,662 208,528 41,527, 50,455^ $1,076 .680 .748 1.009 .706 .654 .570 $253,408 205,026 1 65,-3.53 381 985' 161,433 87,020 135,083 22.1 20. 25. 22. 20. 20. 21. 12 10 12 9 10 12| 15 $70,869 36.589 53,460 70,162 46,533 36,970 50,580 $1,956,719 3,021,172 2,544,715 4,113,609 2,406,723 1,636,632 2,937,206 8 9 7i 10 10 6^ o 25.76 5. 15.75 44.62 5.11 16. 67.927 25.25 46.61 37.26 22.11 1.86 9.65 6.60 14. 7. 19.97 27.62 82.58 47.60 58.62 51.72 44.26 58.08 $4,129 10,334 19,031 i 42,927 j 17,116 1 4,850 31,012 4,075,698 1,694,713 495,284 1,101,422 1,208,147 1,389,308 18,616,776 112.24 199.16 59.08 370.48 129,399 56 1 34 57 2 32 .778 21.4 11.5 52,166 8.43 Western R.R..(from ? Worcester to Albany,) \ | 236,677 383,111 76 2 12 502,322 513,772 274,691 55 1 53 785,345 .902 676,690 23. 10. 56,214 8,769,473 7.4 18.84 137.16 156. i 37,668 11 Office Hudson River Rail-Road Company, E?igineer Department. New- York j Slst May, 1848. To the Board of Directors of the Hudson River Rail-Road Company : Gentlemen — I have prepared the following report on the business prospects of the Road. This subject has been more or less discussed in former reports, and papers submitted to the public. It is not intended to repeat the same here, but to extend somewhat those investigations, and to examine by subsequent statis- tics the probability of realizing the estimates formerly made. The Rail-Roads of Massachusetts, and more par- ticularly those that have their termination in the cily of Boston, are regarded as affording the best means in this country of showing the practical working of such improve- ment, and therefore a table has been prepared exhibiting the details of those roads. A similar table was presented in my report of the 12th of January last, embracing two more roads, but less full in its items. In addition to the table, several comparative and aggregate statements have been prepared, showing very important and interesting particulars relating to the progress of Rail-Road business. Before presenting any reasoning as to their application to this Road, the principal facts above alluded to will be presented. It may be remarked, however, that the average cost per mile of the Rail-Roads in the following table, is about the same as the estimated cost of the Hudson River Rail-Road, and they have about the same average of double track that is proposed for this. Id Summary of the preceding Table. Total Receipts, $3,032,259 Average per mile, S8185 " Expenses, 1,389,308 " " 3750 " Nett Earnings, ^* " $4435 " Number of passengers carried, 4,075,698 Daily average, - - 13,021 Average receipt for each passenger, - - 4l^ct3. Number of passengers per train, - 56 " Receipts for passengers per mile, per train, $1 34 '* Cost of Roads per mile, - - - $52,166 ** Dividends, - - 8j\\ per ct. " Cost per mile per train for passengers ) and freight, for running expenses, > 77.8 cts. including maintenance of way, } Comparison. 1846. 1847. Increase. Total No. of passengers, 3,loi 5,080, 4,075,698, 80 pr ct. " Receipts, $2,448,247 $3,032,259 23-fV " 1846. 1847. Decrease. Current expenses per mile run, 83.4 cts. 77.8 cts. 5.6 cts. The facts presented in the above table show very important results in several particulars ; and I beg the indulgence of the Board while I call attention to some of them : First — The number of passengers carried. This is in numbers equal to about five times the whole population of the state of Massachusetts. The population of the counties through which the seven roads pass, by the census of 1840, was 650,370,* including 97,000 in the coun- ties adjoining, in the states of New-Hampshire and Rhode Island ; or the number of passengers was six and a half 18 times the total population of the counties traversed by the Rail-Roads. It is believed the statistics of travelling do not produce a higher ratio of passengers to adjacent popu- lation by any mode of conve\'-ance. It may be inquired, what is the cause of this extraordinary amount of travel- ling? Probably the active habits of intercourse among those people. But what has caused this habit? It does not appear to have existed to any considerable degree prior to the construction of those Rail-Roads. When the Wor- cester, Lowell and Providence Rail-Roads (three of those in the table) were projected, or in course of construction, the friends and promoters of those roads, after carefully investigating the subject of travelling at that time, and after making allowance for the probable increase that would be realized by opening these new facilities for the public accommodation, estimated the annual number of passen- gers that would be carried on the three roads at 141,440, which is less than one eleventh of the number actually car- ried the past year. The actual number carried before the Rail-Roads were constructed could not have been more than one twentieth of the number in the table. The travel- ling habit has therefore been substantially created by the facilities |he Rail-Roads have afforded. In 1839 a Committee of the Massachusetts Legislature, having the subject of Rail-Roads under consideration, remark, " On every railway yet opened, the actual trans- portation has far exceeded the recorded estimates formed on that existing in any period previous to their construction, and has been constantly increasing," The counties on the immediate borders of the Hudson River, including Rensselaer and Albany, and those south of them, and dependent on the river as a means of commu- nication, including the cities of New-York and Brooklyn, contained in 1840 a population of 757,697. They enjoy the best steam-boat facilities for travelling, which by many persons is supposed to be superior to that of Rail-Roads. 14 If so, then according to population of contiguous counties compared with the Rail-Roads in the preceding table, the annual number of passengers should be 61x757,697 or 4,735,606. But the highest estimate of travelling on the Hudson River boats makes the annual number of passen- gers 1,500,000, or less than one third the ratio of that on the Rail-Roads given in the table. If the average of the Rail-Roads for the whole year, or winter and summer, be compared with the boats for the season of navigation, call- ing the season 230 days for the 1,500,000 passengers, then the ratio is one half as great by the boats as by the Rail- Roads. Now there are other sources besides the contigu- ous counties in both cases that have an important bearing on the amount of travel h'ng. On the Rail-Roads, the travelling between New-York and Boston, and between Boston and a large portion of New-Hampshire, Vermont, Maine and Connecticut, passes over them. On the Hud- son River, exclusive of those on the borders of the route under consideration, is concentrated the travelling of near one and a half millions in the state of New-York, besides that from Vermont, Canada and the Western states. It js the route of a large amount of fashionable travelling to Niagara falls, to Saratoga and other watering places. As a route for general travelling, the Hudson River has a popu- lation and business, probably three times greater than is enjoyed by all the Rail-Roads in the table. So far, then, as population and business is regarded, the Hudson River boats, if they afford facilities for travelling equal to Rail- Roads, should transport annually about 5,000,000 of pas- sengers, or at least three times as many as they do transport. There is also the question of rate of fare or charges, that influence travelling. This is about two and a half times greater on the Rail-Roads in the table than the average rate on the Hudson River boats. ^ ; . . It therefore appears, that leaving out of view the concen- tration of business from a distance, and comparing with 15 population directly along the routes, and comparing the summer business on the boats with the average of the year (winter and summer) on the Rail-Roads, the latter trans- port double the number of passengers at more than double the rate of fare, that is transported by the former. It would be difficult to find more conclusive evidence of the superiority of Rail-Road conveyance over that of the steam-boats on the Hudson River. The distance travelled by each passenger is probably greater on the boats than on the Rail-Roads. The facilities for travelling from place to place, and for distances of five to fifty miles, by Rail-Road, affording the opportunity of going and returning in a short time, greatly increases the number of travellers on them. The boats can only receive and discharge passengers at their regular landings, often ten or fifteen miles apart, which leaves a large amount of way travelling either not accom- modated at all, or but partially accommodated, while the Rail-Road would take them up and set them down at or near their own doors. The time of running in each direction, and the compara- tively slow speed of the boats, require so much time to make a journey and return, as to render the accommodation very indifferent. For instance, a traveller must consume from 12 to 14* hours in the journey from Newburgh to Poiigh- keepsie, and return, while two hours by the Rail-Road w^ould often give time to make the journey, transact his business and be again at his usual occupation at home. There are four steam-boats per day, two up and two down, between Yonkers and New-York, and also between Sing Sing and New-York. Notwithstanding this accom- modation from boats, there are from Sing Sing four daily stages, two out and two in, that run five miles over a hilly road to convey passengers to and from New-York by the Harlem Rail-Road, at double the charge by the boats. From Yonkers six daily stages (three out and three in) run to the Harlem-Rail-Road, a distance of five miles, to obtain twelve miles by Rail-Road to New- York. 16 A little attention will show the great superiority of a Rail-Road over the boats in accommodating the way tra- velling between the towns on the route. The influence of the Rail-Road on the business between New-York to the several towns on the route to Albany, Troy and Saratoga, has been so much discussed in former reports, that it does not appear necessary to notice it further at this time. It will not be doubted, after an intelligent examination, that the waybusiness will be doubled very soon after the Rail-Road is opened, and the greatest part of it will be secured to the Road. My own views of the prosperity of the summer business for the Hudson River Rail-Road have been based on the opi- nion, that this mode of conveying passengers was decidedly superior to that of steam-boats on the best navigation. Every development gives strength to this opinion, and however slow the public mind is in appreciating the sub- ject, the demonstration only awaits the opening of a res- pectable portion of the Road to dissipate all doubts, and show us that a double track, is indispensable to accommo- date the vast traffic that will offer. So far as this can be demonstrated by the working of existing Rail- Roads, as compared with the working of the steam boats on the Hud- son, the question is settled, and there can be no doubt the additional travel on the Rail-Road will induce, will in two years after its opening be equal to the whole present travel by the boats. The Rail-Road must take the best of this travel ; and if the boats now average between 6 and 7,000 per day, the Rail-Road cannot perform its duty, and have a less amount including way and through passengers. This is not more than would be due to it, leaving the boats as many as they now have, on the basis of the pas- senger business presented in the table ; and when it is con- sidered that the character of the Road, and the magnitude of the trade, will permit the transportation at half the rate of fare charged on those roads, this estimate must be re- garded as very moderate. From the great concentration, 17 as before remarked, at Alban}^ and Troy, the proportion of through travel will no doubt be greater on this Road than on any other on this continent. Taking the lowest of the amounts above slated for daily travel, and computing the season at 220 working days, we have an aggregate of, say 1,300,000 passengers. This is but little over half the num- ber carried on some of the English Rail-Roads, that are but little longer, with competing lines to divide the traffic. Three tenths may be considered as through, and seven tenths wa}^ traffic. The latter averages between one quar- ter and one third the distance, or say 40 miles. With a double trnck and furniture complete, the Road could in the Same time transport 2,000,000 passengers. It will be the interest of the Company to have a double track laid as early as possible after the first is opened. That this will be necessary I do not entertain a doubt. No great expectation has been indulged for summer freisjhts, at the same time there are certain kinds of frei2:ht that will seek the Rail-Road, especially that designed to supply the daily market of a great city, and will not regard cost so much as expedition. The reasons for this have been fully presented on former occasions, and will not be dwelt upon at this time. In view of the considerations above presented, the fol- lowing estimate of summer trade is given for the second year of its complete operation : 300,000 through passengers a $1,50 - - $450,000 Summer Business. 700,000 w^ay a 50 cts. 350,000 50,000 Freight, Total Receipts, - - $850,000 It is confidently believed that the above will be regarded a low estimate by any intelligent mind familiar with Railf- 8 18 Road travelling and with the circumstances of the route of this Rail-Road. But it is said the steam-boats will run for one shilling and defeat the Rail-Road. On this point I am of the opinion the Rail-Road will do a handsome business even though steam-boats run for nothing. It has superior powers on this route for accommodating the passenger trade, and if well conducted it can command the best por- tion of the travelling business, notwithstanding anything that can be done with steam-boats. The Winter Business of the Rail-Road. When the river is obstructed by ice there is no question the whole traffic, in both freight and passengers, will be commanded by the Rail-Road. On this point, it is only im- portant to examine as to the probable amount. The ave- rage time the river is closed by ice is about 100 days, and considering the uncertainty that attends the closing and opening of navigation, the Rail-Road may be considered as having the command of the main business from first of De- cember to thirty-first of March, or four months of the year. It has been stated on previous occasions, that the open- ing of facilities by good Rail-Roads would lead to a corres- ponding increase in the amount of winter business. The following statistical facts will show how far experience has supported this opinion : Utica and Schenectady Rail-Road. — 78 Miles. RECEIPTS. Freight and Freight. passengers. From 1st Dec. 1844 to 31st March, 1845, $29,965 86,771 «' 1845 to 1846, 49,881 106,586 « " 1846 to 1847, 91,304 148,049 " " 1847 to " 1848, 109,975 204,768 The increase in three years for freight and passengers together is 135 per cent. The increase in freight alone is 267 per €ent. in three years. 19 Western Rail-Road, Albany to Worcester.-156 Miles. TOTAL RECEIPTS. Dec. 1st, 1S44 to March 31st, 1845, $200,270 1S47 to 1S48, 362,128 Increase in three years SO per cent. In my report of January, 1846, it was estimated the Western Road would reach $220,000 for the winter months of that year. They proved to be about $265,000, (the exact returns in full not obtained.) In the prospectus published by the Commissioners in June of that year, it was esti- mated that the receipts for the four winter months on that Road, for the year 1S49, would be $330,000. It now ap- pears they were $362,128 for the winter of 1847 and 1848, a season of no unusual press of trade. The business is increasing so rapidly on this road (Western) that a double track is found necessary for its accommodation, which is in course of construction ; and it is expected fifty miles will be laid down this season. There can be no reasonable doubt the winter trade of this Road will exceed $400,000 before the Hudson River Rail-Road can be opened to Al- bany, ^'he Western Road is about the same length (a few miles longer) as the Hudson River Rail-Road. What are the comparative advantages for trade? First, as to contiguous population. Taking the entire population of Massachusetts from the west line of the state to the east line of Worcester count}', (being ten miles east of the ter- mination of the road at Worcester,) adding twelve per cent, to the census of 1540, as the increase to 1845, is 262,228. Add to this, the counties of Columbia, Rensse- laer and Alban}^ and the total of what may be regarded contiguous population, is 449,810. On the Hudson River line, taking only the river counties from Albany and Rens- selaer south, less one sixth of Dutchess, one half of Orange and Putnam, three fifths of Westchester, and including the so city of Brooklyn, the total contiguous population is 797,390, or nearly double that on the Western Road. It has been seen that the business of freight on the Utica Schenectady Rail-Road has increased for the same winter monihs 267 per cent, in three years, while the trade of that Road has had but very imperfect means of reaching the ultimate market which it naturally seeks. This Road and others west to Buffalo, are being put in a much better con- dition for business ; — when this is done and canal tolls on the Rail-Road are removed, (as they doubtless will be soon) its trade for the same winter months wiW no doubt be doubled at least. A rail-road will soon be opened to White- hall, 75 miles north of Alban3S which will connect with other northern rail-roads, and contribute a large addition to the present winter business that centres at Albany and Troy. The inevitable tendency of rail-roads is to diffuse business more equally through the year. Instead of a press of business at the close and opening of navigation, (when water borne freights are often equal to or above rail-road freights,) considerations of capital employed, fresh assort- ment of goods, and the condition of markets, will send a large amount of traffic to the rail-roads. The general course of trade from the country north and west of Albany and Troy is to New-York. This concentration can only be compared to the radii of a great circle, gathering a vast trade as to its centre, at the northern depot of the Hudson River Rail-Road, which it must enjoy two thirds of the year. In addition to the consideration of the vast trade that centres to it, the Road will have at its northern termi- nus the political capital of the state, with a population of 60,000, and 40,000 more in its immediate vicinity, and the commercial capital, with a population of half a million at its southern terminus, presenting unusual inducements for winter travelling. The subject only needs examination, and it is confidently believed that any intelligent mind will, on investigation, at 21 once pronounce public opinion far behind the enterprise in regard to the extent of its usefulness and productiveness. After much consideration, I have prepared the following estimate of the gross receipts that may be expected the second year of its operation from the business of the Road. In subniitting it I am fully persuaded of the concurrence of intelh'gent business men, who will take the pains to look into the vast sources of trade that must centre upon it. The friends of this great enterprise have only to look to its construction on a scale commensurate with the extent and character of the business it is to accommodate. Estimated gross receipts the second year the Road is in complete operation from this city to Albany. Summer Business. 300,000 through passengers, a $1 50, - - $450,000 700,000 way do. a 60 cts. - 350,000 Freight, ----- 50,000 Winter Business. Gross amount of freight and passengers doulale that of the Western Rail- Road for the four winter months ending 31st March last. 362,128x2— 7:24,256, say, - - 730,000 U, States Mail for the year, 1st class, 40,000 $850,000 $770,000 Total for the 3^ear, - - 1,620,000 Working ex])enses and maintenance of way, 810,000 Nett earnings, - - . $S 10,000 Respectfully submitted, JOHN B. JERVIS, Chief Enguieer, 22 Statement of Receipts and Expenditures of the Hudson River Rail-Road Comj)amj,from March 1st 1847, to May 31st, 1848. Receipts. ^ Payment on instalments called for, - $1,379,180 In addition to the capital of $3,016,500, the Company have authority to issue stock to the amount of $300,000, for the pur- pose of paying interest. Of this stock there has been issued at par 374 shares, 37,400 Amount received for interest on deposits with the New-York Life Insurance and Trust Co. to November 1st, 1847, - tl4,161 88 Total receipts, . - . . $J, 430,741 88 Expenditures. Grading, - $330,861 37 Land for 46 miles of road, , - 282,839 44 Land for depots, - - - 128,181 51 Expenses, including office sal- ^ aries, rent, sahiries of En- | gineers and Land Commis- )> 93,246 44 sioners, and expenses con- | nected with procuring land, J Iron, 53,673 03 Cross Sleepers, - _ _ 547 20 Interest payment of Nov., 1847, 25,249 13 May, 1848, 28,999 96 943,598 OS Leaving abalance on hand 31st May, 1848, of $487,143 80 JOHN M. HOPKINS, Sccretanj, * Payments have been made in full at the (;ffice of the Company on subscrip- lions to the amount of 479 shares, and in Pou 10. 20. 25. > 127.5 1.503 15. 3.503 15. 2.301 13. 30. 30. 2.240 13.160 30. 30. 0.504 15. 7.5 7.5 f 138.450 113.5 100. 213.5 3.95SDistance from 60th-street to the foot of Canal-slreet, through which the grades are adjusted to the Corporation regu- lations. 142.40S,Total distance from Greenbush (Alban}^) 1 to the foot of Canal-street, New-York. 24 SUMMARY OF CURVES AND STRAIGHT LINES. Number of Curves. Longtli of Curve :)f sume deflection in miles. Radii in i'eet. 1 Defleclion in degreed. Total deflection in degrees. 2 .3249 J 000 117° 42' P'kskill Depot.- 4 .5320 2000 80 29 9 2.3442 2062 334 35 1 0.3725 2475 191 10 1.S036 2507 217 30 8 1.1 100 3000 112 59 92 19.5662 30t^4 1776 30 1 0.6640 3375 33 4 0.S920 3570 75 35 7 1.5230 3713 124 10 3 0.3990 4000 30 17 3.6200 4036 271 13 30 6.7160 4125 495 29 2 0.3570 4528 23 51 10 2.9760 4641 194 3 0.5700 5000 34 24 14 2.5411 5156 149 7 5 1.0930 5305 51 20 2 0.2660 6000 13 15 3G 6.2715 6188 304 35 1 0.3150 7000 13 37 1 0.0200 7140 50 J. n 1 QzLO U.lo'iU 7426 18 1 0.3S35 7735 15 2 0.4990 8000 18 49 2 0.5451 8071 20 28 7 1.8500 9282 60 20 1 0.1850 10000 5 32 3 0.4926 10313 14 27 47970 47, 279 58.4162 Miles curved line. 83.9918 " straight, (to foot of Canal-street.)? I 9 \