and stations below Bradford are like those on the Northern main line, and for the same reason some of them should be soon renewed, and must be when it is known whose business it is to rebuild them. The stations at West Concord, Contoocook, Warner lower village, Waterloo, Northville, Melvin's, Bradford, Newbury, Mt. Sunapee, and Newport received general repairs last year, as did the bridges near Mast Yard, Contoocook, Roby's, and Melvin's, the Wheeler, Todd pond, and Blood bridges in Bradford, the Crowell's Meadow and Trask stringer bridges in Sunapee, the Huntoon and Eads in Newport, Chandler's and Wright's near Chandler's station, and Chase's at Claremont. Rogers bridge at Melvin's was rebuilt, also the Rounseville trestle at Newport.

PETERBOROUGH & HILLSBOROUGH RAILROAD.

Line of Road. From Hillsborough Bridge to Peterborough, 18.5 miles. Single track, iron rails.

History and Condition. The first charter for a road between Peterborough and Hillsborough was included in the Contoocook River. The next was for an independent road, and was obtained July 18, 1869. This was extended in 1876, and work upon the road began that year. It was opened in July, 1878. Its capital stock, which was nominally $500,000, is valueless. Its bonds, which consist of $100,000 first mortgage and $65,000 second mortgage, are guaranteed by the Northern, which operates the road. The bridges at Childs's pond, Kimball's brook, and Hubbard's brook were rebuilt, those at Colby's brook, Austin's brook, the three at West Deering, and the Henniker pile and Hillsborough pile bridges were repaired. The engine-house at Hillsborough was rebuilt, and several of the stations somewhat repaired.

BOSTON, CONCORD & MONTREAL RAILROAD.

Main Line. From Concord to Wells River, Vt., thence to Groveton Junction, 145.877 miles. Branch: From Wing road to Mt. Washington, 20.39 miles. Leased Road: Pemigewasset Valley, 20 miles. Whole length of track, 186.267 miles. (To this might properly be added the Whitefield & Jefferson road, 13.36 miles, which is virtually a part of the Boston, Concord & Montreal system, making a total of 199.62 miles.)

History and Condition. The Boston, Concord & Montreal charter was granted December 27, 1848. It authorized a road connecting the Merrimack and Connecticut rivers, by way of Lake Winnipesaukee, and for some time the grantees were in doubt whether to locate the northern terminus at White River, or farther up the Connecticut; but it was finally decided to go to Wells River. It was opened to Sanbornton Bridge May 22, 1848, to Lake village October 1, and to Meredith village March 19, 1849. The first train ran to Wells River in May, 1853, but it was not fully opened to that place until the following August. Its slow progress was largely due to the difficulty experienced in raising the necessary funds. When the construction account closed in May, 1856, it footed up $2,580,134.78, and $282,288.33 had been spent for equipment. The liabilities were $850,000 in bonds, a floating debt of $239,743.82, $800,000 of preferred, $541,600 of new, and $421,700 of old stock. The income for the year ending April 30, 1856, was $286,949.83, and the operating expense $163,378.67, showing a net income of $123,949.83. But this did not enable the directors to stem the swelling tide of liabilities, and January 1, 1857, the property was assigned to trustees, and a committee appointed to devise some method of providing for the floating debt and the maturing bonds. This committee succeeded in a measure, and three years afterwards the management reverted to the

directors. In the mean time John E. Lyon had become interested in the enterprise, and in 1857 was chosen one of the directors. He succeeded Hon. Josiah Quincy as president of the board in 1860. From that time on until his death in April, 1877, he was the controlling spirit in the B., C. & M. He had the sagacity to see and the strength to grasp the possibilities connected with it as an avenue to the mountain region. He was a man of immense resources, and he devoted them all to the support and extension of the road; and step by step, in spite of great obstacles, he carried it through the wilderness and over the steeps to Groveton and to Fabyan's. The White Mountain Railroad was chartered in 1848, and opened to Littleton in August, 1853. As it had no equipment, the B., C. & M. agreed to run its trains over the track for $7,000 per year, and in 1859 leased the road at an annual rental of $10,000 for five years. This lease was extended for twenty years, but in 1873 the White Mountain road was consolidated with the B., C. & M., its stockholders exchanging their stock for $300,000 in 6 per cent consolidated bonds. Prior to this the White Mountain road had been extended to the Wing road in Bethlehem, which it reached October 1, 1869, to Pierce's Mills January 1, 1872, to Lancaster November, 1870, and to Groveton in Northumberland August, 1872. The branch road from Pierce's to the Twin Mountains was completed in July, 1873, and extended to Fabyan's in July, 1874. The cost of the extension from Littleton to Groveton, from Wing road to Fabyan's, and the Y at Woodsville, was about $1,440,000, and was provided for as far as possible by the sale of mortgage bonds. In July, 1876, the road was extended from Fabyan's to the base of Mt. Washington. In December, 1881, the B., C. & M. voted to lease the Pemigewasset Valley road from Plymouth to Woodstock at 6 per cent on its cost for ninety-nine years, and the result was the construction of that road.

The benefits growing out of the construction of this road have accrued to the State rather than its builders. The original stock, amounting to a million dollars, has paid none but scrip dividends, and the preferred, of which there is $800,000 outstanding, paid nothing until 1869. After that it paid 3 per cent semi-annually until 1885.

In 1884 the Boston, Concord & Montreal was leased to the Boston & Lowell for ninety-nine years, the rental being 25 per cent of the gross receipts of the Northern, Concord & Claremont (N. H.) railroads, and the Boston, Concord & Montreal Railroad, less $200,000 per year, with a guarantee that said rental should be sufficient to pay the interest on its indebtedness, the rental due the Pemigewasset Valley Railroad, and 6 per cent on the preferred stock of the Boston, Concord & Montreal Railroad for the first year of the lease, and 5 per cent thereafter. At that time the road was badly out of repair, and the lessee began a comprehensive and costly system of improvements, designed to fit it for a largely increased business. But the validity of the lease being called in question in the litigation growing out of that of the Northern road, made at the same time, the work of making permanent betterments has been to a large extent suspended to await the decision of the court. Nevertheless, considerable has been accomplished, and what has been done is of the most thorough and enduring character. All the main line from Concord to Fabyan's, except about six miles, is now in steel, and the road-bed is well ballasted, surfaced, and supplied with ties. The rest of the track is iron and the road-bed more cheaply built, but in the main both are in serviceable condition. Many of the small and a few of the large bridges have been rebuilt in the most substantial manner. The others require constant care, and must soon be renewed from foundation to roof.

The depot accommodations are of all descriptions. Those at Tilton, Weirs, Plymouth, Ashland, Lancaster,

Littleton, Lisbon, and Fabyan's answer every requirement, and some of them are elegant structures, while those between Concord and Tilton are unfit for use, and the one at Laconia is a relic of a poverty-stricken era, - small, dilapidated, and filthy, — and that at Woodsville falls far short of being what the business there demands. There is also need of renewals and repairs at many other points.

There have been large additions to the equipment of the road, and the train service is most excellent. No more elegant passenger coaches run anywhere than those which make up the White Mountain expresses of the Boston & Lowell road, and the accommodation and freight trains convene local patrons.

Last year the bridges at Sewall's Falls and Wild Cat brook in Concord, at the Lake Village station, the Smith bridge at Ashland, the over and under passes at Woodsville, and the Kelsea and Mountain brook bridges at Lisbon, were rebuilt. Those at Tilton, East Tilton, and Laconia, and the three-mile bridge above Littleton, have been repaired, the last at a cost of $1,400. New bridges were built at the Lake, New Hampton, Rumney, West Rumney, Littleton, Warren Summit, and at Bridgewater over the Pemigewasset. This is now a most substantial double-lattice bridge, 435 feet long, with massive and welllaid masonry. It cost $15,000.

At Ashland a temporary trestle, 75 feet high and 525 feet long, was erected to use while a new bridge is being built, and the timber for this much-needed improvement is on the ground.

The stations at East Tilton, Lisbon, Ashland, Littleton, Lancaster, Bethlehem, Zealand, Twin Mountain, and Fabyan's were repaired. The freight-houses at Tilton and Meredith were enlarged, and the engine-houses and shops at Woodsville extended and improved, at a cost of $5,000. An addition to the engine-house at Wing road was also built.