STEAM NAVIGATION, COMMERCE, MINING, MANUFACTURES.

HENRY V. POOR, Editor.

ESTABLISHED 1831.

PUBLISHED WEEKLY, AT No. 136 NASSAU ST., NEW YORK, AT FIVE DOLLARS PER ANNUM IN ADVANCE.

SECOND QUARTO SERIES, VOL. VIIL, No. 3]

[WHOLE NO. 822, VOL. XXV.

Published by J. H. SCHULTZ & Co., 136 Nassau St.

Saturday, January 17, 1852.

SATURDAY, JANUARY 17, 1852.

Now, gentlemen, it will be for you to choose and officers pending, the convention at half past 1 ad-
elect the officers whom you desire to preside over journed to 6 P. M., to allow the committee on offi-
this convention, as we feel ourselves bound in cour-
cers time to report.
tesy to yield you that privilege, confident that in
.33 the exercise of this duty, you will be actuated by
.34 the sole desire of doing ample and even-handed jus- The convention, pursuant to adjournment, met
35 tice to all the various interests that may be in-punctually at 6 o'clock.
.35 volved.

..37 This friendly meeting of representatives of pop-

EVENING SESSION.

Mr. Robb, from the Committee on Officers, re-

37 ular interest for the common consideration of so ported the following; and the nominations, as they
39 profound a question, is entirely in accordance with were announced, seriatim, were unanimously ap-
39 the character of our age and day, and we sincerely proved, with applause:

.40 trust, gentlemen, that the result of our deliberations

.42 will be equally compatible with the all-accomplish-

.42 ing genius of our country.

.42

Again, gentlemen, we bid you welcome.

Ex-Gov. ALEX. MOUTON, of La., President.

Vice Presidents-C. S. Tarpley, of Mississippi;

.42 The meeting is now prepared for organisation. Joseph Forsyth, of Florida; Gen. Lucius Polk, of
43 May He who alone presides in an unquestionable Tennessee; Wm. N. Burwell, of Virginia; Amos
43 wisdom, bless and direct your proceedings.
Moore, of Texas; H. Chouteau, of Missouri; P.

.43 On motion of J. E. Caldwell, C. S. Tarpley, cf P. Parham of Alabama; J. N. Beadles of Ken-
.44 Mississippi, was chosen President, pro tem., and tucky; Judge Jas. Campbell, of La; Absalom
J. M. Burke, of Lafayette, Secretary pro tem.
Fowler, of Ark.

.44, 45

...

44

...44

Mr. Tarpley, on taking the chair, said he was

.45 profoundly sensible of the high compliment that
46 had been paid him, in being chosen to preside tem-
porarily over the deliberations of so great a conven-

Secretaries--John Calhoun and Victor Wiltz, of

Louisiana; R. C. Farrely, of Arkansas, and John

Duncan, of Mississippi.

Governor Mouton, on taking the chair, express-

American Railroad Journal. tion. Should a suitable occasion present itself, he ed his thanks for the honor that had been conferred

would give his views on some of the great matters on him, and declaring that he assumed the position

that would engage the attention of the body. But with diffidence, but with confidence in the disposi-

this, he trusted, would be a working convention, tion of the gentlemen whom he was addressing to

and the first proceeding in order was for the chair- assist him and conduct their proceedings harmoni-

We have begun to receive our accounts of the man of delegates to hand in a list of the delegates. ously, he complimented highly the intelligence and

great Southwestern Railroad Convention, held at Joshua Baldwin, of New Orleans, moved that a elevated motives of the delegates.

New Orleans on the 5th inst. We are indebted for committee of three persons from each State repre- Mr. Robb, with a few introductory remarks of an

our account to the N. O. Commercial Bulletin.-sented in the convention be appointed to nominate explanatory nature, offered a resolution, which

Numerous delegates were in attendance from the permanent officers, and after some Ciscussion the was adopted, providing for the appointment of a

States of Mississippi, Missouri, Florida, Alabama, resolution was adopted with an amendment substi- Committee on Routes, a Committee on Ways and

Tennessee, Kentucky, Virginia, Texas, Arkansas tuting two instead of three delegates from each

and Louisiana.

State.

The meeting was called to order by Maunsel On motion of M. M. Cohen, of New Orleans,

White, Esq, President of the N. Orleans and Ope- the convention voted an invitation to the ladies to

lousas railroad, who addressed the meeting as fol- attend its deliberations.

lows:

A recess of half an hour having been taken, and

Gentlemen Delegates from our sister states, we the convention having again come to order, the fol-
tender you a cordial and hearty welcome. We re-lowing committee on officers was announced:
cognise you as friends and brothers, come among
us by special invitation to deliberate on a matter
worthy of American enterprise; in which the whole
of the southwestern States are deeply interested.
Our design offers abundant inducement for the

ready co-operation of all who may honor us with

their attention.

Viewed as public undertakings, the whole Union

must acknowledge their importance, and even in

the smaller consideration of individual interests,

perhaps there never were roads contemplated of

higher promise.

Means, and a Committee on Resolutions, all re-

solves having reference to the objects for which

the convention was convened to be referred to the

latter.

An inquiry from one of the delegates as to the

powers of the Committee on Routes, and the scope
of its actions, brought Mr. Robb again on the floor,
and, in a speech of about fifteen minutes, he strong-
deprecated all attempts to dissipate the power
and influence of the convention, and declared that
the committee referred to was proposed with the
view of concentrating the action of the body upon
best calculated to benefit the southwest.
plans of improvement feasible in themselves and

Mississippi-General Acee, Rev. R. T. Gladney.ly
Missouri-H. Choteau, Wm. Wade.
Florida-J. M Landrum, Joseph Forsyth.
Alabama-J. P. Parham, T. B. Goldsby.
Tennessee-Col. Herman, Col. G. W. Peck.
Kentucky Wm. Loery, J. N. Beadles.
Virginia-Wm. M. Burwell, James McDowell.
Texas-John T. Mills, J. G. Wright.
Arkansas-Albert Pike, John Martin.
Louisiana-James Robb, J. H. Overton.
Several propositions as to the mode of electing

Mr. Hampson, of Texas, presented a resolution
limiting the vote of each State, represented in the
convention, to an unit.

332-Gideon Hard.
333-N. G. King & co.
334-Geo. Raynale & co.
335-Thomas King.
336-Hawley & Barton.
337-W. & H. Lewis.
338 to 353-Cauncey Joslin.
354 to 359-Oswald & Buel.
360-John McCabe & co.
361-Jacob Hinds.
362-T. D, Barton.
363-Oswald & Buel.
364-Martindale & Ferrell.
365-G. M. Lawman.
366-Williams & Palmeter.
367-Clark & Tift.
368-Sutton & Philips.
369-Wood & Clark.

370-Ball & Barton.

On section 207, 208, 209, 212, 214, 215, 217, 226, to Robert Ennis.

On 210, 246 to 262, 266 to B. Birchard & co. on 213, 231, 336 to Chamberlin & co., on 332 to 339 to Levi P. Chase, on 241 to 245, to S. J. Hunt, on 267, 268 and 3 on 270 to Isaac Hall, 2 on 270 and 9 on 271, 277 to L. Jones Peck, on 278 to 281 to A Wilder, 2 to Wm. Walker, 2 to G. Hard, 2 to H. Brintnall & co., 1 to J. B. King, 5 to M. A Harrington, 4 to Soper & Fields, 4 to J. Ellicott & co., 6 to Ryan & Swan, 1 to C. A. Donalds, 6 to Hawley & Baiton, 3 to Sutton & Philips, 1 to M. W. Baldwin, 2 to J. Pierce & co., 9 to Clark & Tift.

GENESEE VALLEY CANAL.

Lock 105-H. M. Severance. 106-Chester, Kays & co.

Section 91-Nelson Hewitt.

98-E. Hammond.

107-James Napier & co.

Oil Creek Reservoir to Ab'm Vernam.
Rockville Reservoir to Wm. Ridsdale & co.
Ischua Feeder

316-0. Turner.
317-J. N. Stage.
318-Barton & O'Maley.
319,322,329,333,336,360,362—S.
lee & co.

323, 326, 327-Thomas King.
330--H. N. Hewes.

331 to 335-Hawley & Barton.
332-Gideon Hard.

extending civilization, to one of the noblest regions of country under the sun.

The State of Arkansas, in salubrity and variety Parma- of climate, soil, and production, when these advantages shall have been fully developed, is, perhaps, surpassed by no State in the Union. As a planting and agricultural, as well as a manufacturing State, she has immense advantages; and her undeveloped mineral resources, including immense beds of superior coal, are of themselves sufficient to sustain an empire. She only needs a great central highway, connecting her with her sisters, and with the Secs. 1 to J. N. Stage, I to Ethan Clark, 3 to J. marts of commerce, untolding the dormant wealth W. Clark, I to L. Seciev, 2 to J. R. Thompson, 3 within her borders; and attracting industry and to O. Butler & co., 1 to J. M. K. Hilton, 1 to Hil-capital to come and enjoy, in order to relieve herton & Tenney, I to B. & J. Carpenter, and I to A.

Webster.

334-S. Pierce & co.

348 to 359 to 367-H. S. Wells.
WASTE WEIRS.

Arkansas.

self in proper time from the embarassments which early and perhaps short-sighted legislation threw around her, and to occupy the elevated position for which she was by nature intended.

Arkansas Central Railroad.-Below we give the memorial of the Arkansas central railroad com-lightened body, that grants of this kind, carefully It would be useless for us to suggest to your enpany to Congress, for a grant of land to aid in the guarded, and protected from misapplication, are construction of that work. If Arkansas could often much more economically and usefully excarry out a judicious system of internal improve pended for the public good, under the direction of ments, she might soon take high rank with her individual and incorporated enterprise, acting under the high responsibilities of interest and of sister States. In natural wealth she is hardly in- character, than when placed directly under legisferior to any one; but her resources have remained lative control. To give examples would be equally undeveloped, for the reason that they have been in-out of place. And in requesting this grant, we can only pledge ourselves, personally, as far as personal action and influence can extend, for ourselves and our associates and successors, that if made, as we trust it will be, it shall be faithfully applied to its legitimate objects-the making of the road, and the best interests of the State and the country. Respectfully,

accessible.

People will not settle in new States without the prospective benefits of railroads, which Arkansas has not yet held out. That State will remain as she is, unless she offers to immigrants and capital, the same attractions presented by the other States. To secure this end she has only to open up her ter ritory with a few leading lines of railroad, and all her other material interests will take care of themselves.

MEMORIAL TO CONGRESS.

To the Senate and House of Representatives of the
United States, in Congress assembled:

ROSWELL BEEBE, Chairman.
GEORGE C. WATKINS,
THOMAS W. NEWTON,
ABSALOM FOWLER,
WILLIAM E. ASHLEY.

Little Rock, Arkansas. December 15, 1851.

Reading Railroad.
General Account of the Philadelphia and Reading
Railroad, November 30, 1851.

Railroad
Depots

Your Memorialists, the undersigned, for themselves and other Stockholders, in the “Arkansas Central Railroad Company"And for the benefit of the citizens of Arkansas gen- Locomovive engines and cars.. erally, in view of the utility and nationality of the Real estate.... great work resolved upon, respectfully ask your Ischua Aqueduct and Bridges on Section 107 to honorable body for a grant of the public lands, to be made to said company, for the purpose of aiding in making the railroad, designed in the accompanying charter, from Memphis, by the way of Lit

Nelson Hewitt.

do.

Valve gates to Seymour & Wood.

CULVERTS.

Irondequoit creek culvert and Allen's creek cul-tle Rock, to the boundary of Texas, embracing alvert to J. H. Sherrill & co.

On sec. 207-H. E. Storrs & co.

208-Robert Ennis.

209-J. N. Stage.

210, 11 and 14-Chamberlin & co.
215-Williams & Palmeter.
216-H. E. Storrs & co.

218-J. Leach & co.

228-R. Ennis.

229-S. Moore.

232-H. E. Storrs & co.

234, 238-D. Kenyon.
239-J. Vernam.

246-J. H. Sherrill & co.
253-B. Pringle.

260-Elias Knapp.

Culvert under Genesee feeder to J. L. Clark.
Sections 265, 267, 270, 275, 277-J. R. Thompson.
271, 274, 276-Butler & Stanberry.
278-A Wilder.

279-H. E. Storrs & co.

280-Gideon Hard.

281-E. S. Reed & co.

281-W. S. Lewis & co.

287-Reed & St. John.

288, 291, 292, 293--Benj. Pringle.
290, 298-Ryan & Swan.

296-A. D. Wood & co.

300-O. Butler & co.

302, 304-Soper & Fields.
305 J. N. Stage.

307, 308, 309-C. A. Donalds.
311-O. Butler.

312, 313, 314-S. Kneeland.

ternate sections, for six sections in width, on each
side of said road, with the privilege of selecting
other lands, where these have been appropriated,
and subject to such restrictions, conditions, and re-
servations, as may be just and proper, analogous
to grants heretofore made to Illinois, Alabama and
other States, for similar objects.

And in presenting his application, we desire es-
pecially to call the attention of Congress to the fact
that this work is not, in its character, merely local;
but is emphatically, in its main features, and its
certain effect, general and national; connecting, at
one of its termini, with the Mississippi river, and
with one of the principal points of concentration of
the great railroad system east of that river, it tra-
verses the centre of our State, and, with the other,
it doubly annexes Texas to the Union, points di-
rectly to the vulnerable part of our frontier, and to
distant California, to which it must finally be ex-
tended; thus binding the Union together with iron
cords of interest and affection-affording at all
times a highway for the transportation of troops
and munitions of war, for defence, as well as the
arts of peace and civilization.

$13,350,521 90 212,396 39 2,276.576 36 485,827 35

This road will also serve as a basis for a system
of roads, west of the Mississippi, by an extension
from Little Rock or White river to St. Louis, and
from some convenient southern point to New O-
leans, to be connected with the river at suftable
points by lateral roads. From this basis, railroads Sinking fund, 1836-60.....3,953 66
will doubtless be extended, within a few years, fa
up the valleys of White river, the Arkansas, and
Red river, into the boundless prairies of the west,
developing the vast native resources, peopling, and Total

1849-70..... 83 27

324,183 43 $16,649,505 43 Dr. $324,283 43

217,781 68

130,174 66

413,122 41

221,725 70

207.963 44 18,716 29

4,036 93 .$1,537,804 54

The increase over the previous year in coal trans- when new wharves on the present unimproved riv ported over the road, is 298,768 tons, and the num-jer front at the depot were erected.

ber of passengers and quantity of merchandise have The managers, therefore, felt it their duty to as1,028,437 06 augmented in about the same proportion. sume the responsibility of securing additional The cost of transportation for the year has been ground to the extent of fifty feet in width, for tracks diminished thus: from the wharves to the engine house, a distance of about 14 miles.

$1,537,804 51
Cr.

On coal......... 731-100 per ton.
On merchandise.. 5.70-100 per ton.

Induced by the same reasons, and influenced by On passengers...17 49-100 per through passenger. annual meeting, directing improvements on the the resolutions of the stockholders, at their last The managers believe that the fund appropriated railroad purchased of the commonwealth, they have 348,003 for renewals is ample for all ordinary purposes, and secured sufficient ground for a large passenger and as these salutary improvements have been made to merchandise depot, at the corner of Broad and Wilguard against serious damage by freshets, that the low-sts., which improved by the erection of suitable 161,363 78 balance of $18,716 29 to the debit of this account buildings, will enable the company to start the will be repaid by the usual appropriations of the trains with the locomotive attached, from the very coming year. heart of the city, and entirely avoid all the expense The double track railway, of 34 miles in length, and delay necessarily incident to the use of horse purchased of the commonwealth of Pennsylvania, power. has been relaid with new rails and superstructure, This, even with the present passenger and merand the bridge across the river Schuylkill thorough-chandise business, is most desirable; but, if it is ly repaired and strengthened. Such parts as re- permitted to look forward to the completion of the quired it have been renewed, and the bridge is thus great lines of road now projected, to connect the adapted for the use of locomotives, in lieu of horse works of the company with others extending to power as heretofore. Lake Erie, to the completion of the Lebanon ValThe entire cost of this work, and improvements ley, railroad, the connecting link at Reading with upon it, is $324,183 43. The advantages of this the Pnnsylvania railroad, extending from Harrispurchase are already clearly exhibited, inasmuch burg to Pittsburgh, and thus with various lines as the expenses on this portion of the road for the westward, the policy and necessity of securing 6,105.332 00 past year have diminished $25,836 61; although a such advantages for present and future purposes much larger business has been done; and it will cannot be doubted. A few months might prevent hereafter show more favorable results, as until Jan their being obtained at all, except at such exaguary last, horse power was required on the long gerated prices as these prospects would command. bridge across the Schuylkill, a heavy item in the transportation of an article of great weight.

Bonds and mortages real estate. Balance of capital account carried to debts and assets account viz:

10,009,800 00
210,100 00

Freight on merchandise, 63,807 tons.
Do. on coal, 1,650,270 tons at 122 c.
U. S. mail...

Miscellaneous receipts.

.493,671 09 account... ..272,826 98 34,845 70

Depot account...

.....

The managers are, however, able to state that if the acquisition of this real estate does not meet The instalments to the state, which have matur- your hearty approval, it can be at once disposed of ed, and the renewals of the road and bridges am't without loss; it could not be again purchased on to $224,470 97. The remaining payments, for as favorable terms. Should it, however, meet apwhich the notes of the company have been given, probotion, provision should be made for its payare $99,712 46, which mature in ten monthly payment. Some few lots of ground at other points, which

ments.

The assets of the company have been again val- the company had heretofore leased, were offered ued. There has been some depreciation in a por- for sale and purchased, their use being indispention of them, while others are enhanced in value. sable.

The accruing interest, however, has not been suffi- These purchases amount to $90,116 01, indecient to meet interest paid, and to cover this defi- pendent of the mortgage and ground rents for $88,ciency, and provide for any depreciation of the as-704.

sets, it has deemed proper to appropriate the sur- The bonded debt of the company is reduced by plus dividend fund of 1849, amounting to $19,757 the investment of the sinking fund $117,800, there 09, for these purposes, for which it is deemed suffi- having been over invested in previous years $4,976,92.

cient.

The "debts due the company," include
those incurred in the current business
and immediately available, amount-
ing to...

68.171 02
Do. abundantly secured by real estate.. 95,003 50
Do. with security (chiefly of
real estate).

Do. without security.

152,431 64
123,672 34 Less probable loss.......
2,018,870 79
9,400 00
9,955 63

Total

.209,220 73

64,915 75

The managers not having disposed of the bonds or other securities, authorized at your last annual meeting, for the reasons already assigned, and hav. ing obtained the very valuable real estate heretofore referred to, the company is thus left with an increased floating debt, and the importaut question naturally arose as to the proper disposition of the surplus profits.

Two years since it was adopted as the permanent policy of the company, that the profits should be annually divided. It was then determined that, even if the assets did not equal the floating debt, other provisions should be made for the payment, rather than resort to the appropriation of the annual profits for that purpose.

$413,122 41 The stocks and bonds held by the company con.$2,314,330 40 sist chiefly of those bonds payable in 1860, which ously diminished the cash dividend fund. If this The investments in the sinking funds have seriwere appropriated to settle the then floating debt. sum had not been so expended, it would have equaFor reasons already stated, the managers have not ted six per cent, and it is to be remembered that thought it proper to dispose of these securities. this investment is for account of the stockholders, The increase of floating liabilities amounts to and that in January next, the accumulation for 4 $588,222 34, which is represented by the following years will then be divided among them, in stock, and will equal about twelve and a half per cent, of which about nine and a half per cent is now in the possession of the company; and that thereafter the division will be made annually.

The prospect for the future was never more encouraging for all, directly or indirectly interested in the anthracite coal trade. Without glutting the market, without depression in prices, with profitable results to producer, carrier, and consumer, 1,101,051 more tons have been transported during 30,723 29 the past than the preceding year. With the peace and prosperity of the country, the demand seems $588,222 34 surely to increase. New channels of trade, and The very great increase in the business of the its application to new purposes, are daily present$606,684 09 company rendered it apparent that, for immediate ing wider fields for its consumption. The supply 716,531 28 use, and to meet the future demand, more track is inexhaustible, and no one can safely venture to 408,862 51 room at the terminus of the road at Richmond was place a limit to the demand for future years. Common stock dividend fund for 1851 149,697 63 necessary, and especially would it become essential It may well be, that in 1852, all other channels

Net profit for the year....

1,188,936 61

rent accounts....

.$1,125,393 79

The estimated cost of the proposed road. The comparative distance by it and other routes. The cost, receipts and expenditures of the present lines of communication between Lake Erie and the east. The trade of the lakes.

for the trade will be employed to the extent of their double track-with a single track laid, and with capacity, and that this company may be compelled sixty miles of siding-completed ready for the loto use to the uttermost all their means for transcomotive, it is estimated will not exceed six milportation. The machinery, with such locomotives lions. as may be purchased from renewal fund, in the It is believed that at least one-fourth of the whole coming year, may be equal to 1,900,000 tons, and cost can be raised by subscriptions to the stock of this may supply for that time the wants of the con- the company, along the line of the route, and that The increase of the population of the Northwestsumer. But it may be proper for you, even now the road can be built and all the materials furnish-ern States bordering on the lakes. to consider what will be the condition of the comed upon the most favorable terms by responsible Which, if thought proper, may be annexed to pany and the trade of 1853. If the other works are contractors and friends of the enterprise, payable the report. Very respectfully, employed to their utmost capacity, upon this road one fourth or more in stock at par. D. MILLER, JR. will then be cast the necessity of transporting every and the abundance of labor, would enable contracts The present low prices of iron and provisions. Estimated cost of building the road from Erie to ton which the increased demand may require. Williamsport. It rests with you to decide how far it may be pruto be made at prices materially below those paid Grading and bridging 681 miles, Erie dent to authorize the managers, should the busi-by most railroad companies now in operation. ness of the present year, in their judgment, war- The estimate of cost is based on the report of rant it, to prepare for such results, by erecting Edward Miller, the engineer, by whom the route Grading and bridging 171 miles, Warren to Williamsport.... more wharves upon the property already owned a was surveyed. Richmond, and purchasing such machinery as may The advantages possessed by our terminus are Superstructure-240 miles of single track, at $5,000 per mile.... be thus required. The cost of erecting a whari very great; the harbor of Eric is by far the best upon the company's property, of sufficient capacity and safest on the lake, if not the only one worthy Superstructure-60 miles of siding, at $5,000 per mile.... to ship from 200,000 tons per annum, is about $45, the name. 000, and the expense of machinery will be- Its capacity is very great, being about six square Laying 300 miles at $2,000 per mile.. Other expenses. 3 locomotives at $8,5000 each... miles in extent, and having an average depth of .$25,500 280 coal cars, at $130 each... $36,400 about 20 feet. It is free from obstruction by ice considerably Engineering and contingent expenses, or, at the rate of say $62,000 for each additional earlier in the spring and later in the fall. 100,000 tons transported. The machinery, even at the low rates of the past year, produces a net profit of 59 cents per ton, or $59,000 per annum.

The results of the business for the past year, now communicated to you, are regarded by the managers as a just subject of congratulation. It is true that the severe competition has, in some degree, diminished the profits; but, even if it should continue, the proprietors have the satisfaction to know that, while contending under such unfavorable circumstances, six per cent upon the whole capital has been earned."

The small advance of only ten cents per ton on the average freight, (which cannot fail to satisfy the public) will, without any increase in the tonnage, equal $165,000, or, in other words, an additional profit of 4 per cent the amount of common

stock.

the Atlantic cities must take place for the passenger
It is the point at which the competition between
and freight trade of all the railroads running west-
ward from it, by reason of the law of our last Le-
gislatu e compelling the break of gauge between
the Eastern and Western railroads to occur there.

We shall connect at Erie with the entire network
of railroads, penetrating in every direction through
the western and northwestern States, the aggregate
length of which roads, built and in progress of
construction, exceeds 3000 miles.

There is probably no country in the world traversed by a railroad, the extent and variety of whose sources of intrinsic wealth exceed those of the country lying between Philadelphia and Erie. The forest not only offers an opening for the most extensive lumbering operations, but also abounds in the most valuable ship timber.

to Warren....

10 per cent.....

Interest on stock during construction,

and margin to cover contingencies,
and toward the equipment of the
road....

Ohio.

$498,923 00

1,715,000 00

1,200,000 00

300,000 00 600,000 00 350,000 00

4,663,923 00

465,392 00

869,685 00 $6,000,000 00

Report of the Directors of the Little Miami Railroad, submitted Dec. 1, 1851.

The gross receipts of the present year have amounted to $487,815 89, while the same item for the last year was but $405,697 24, making an increase in favor of this year of 82,118 65, or nearly twenty per cent upon the receipts of last year. The expenditures for transportation this year have been $190,358 32, against the same item last ses of only 8,129 74 dollars. The net earnings of the road for this

That the demand for Pennsylvania's great sta- The Mines possess an inexhaustible supply not ple will continue to increase, none can doubt. It only of anthracite and bituminous coal, but also of year of $182,228 58, making an increase of expenhas become, by its price, by its ease of transporta-iron ore. tion, by its economy in use, forever connected with the steam engine, and is thus inseparable from the commerce and manufactures of our country. In their progress will be found the secure basis of the prosperity of this company.

Sunbury and Erie Railroad.

We copy the following letter of the president of this road, which is annexed to an address to the people of Pennsylvania in reference to the above project. It contains a large amount of statistical information which will interest our readers.

We propose first to build that portion of the road between Williamsport and Erie, a distance of 240

miles.

The Land embraces a vast extent and variety of soil, of great agricultural capacity, much of it of the limestone formation.

year are.... .$297,457 57 The net earnings of last year were.... 223,468 66

The construction of the proposed road must inevitably induce a very extensive improvement in Difference in favor of this year.. 73,988 91 each of those branches of industry, and develop an From this exhibit it appears that while the gross incalculable amount of wealth now comparatively time those improvements will add largely and rap-than 5 per cent, and the net profits have increased unproductive for want of such an outlet; while in receipts of the road have increased in the last year about 20 per cent, the expenses have increased less idly to the business and profits of the road and revenues of the State.

about 33 per cent.

The number of passengers carried this year is.....

..174,089

.144.486 29,603

The great Western Lake country with which the proposed road will unite us, contained, in 1810, a PHILADELPHIA, Nov. 6, 1851. population of only 272,000. The five States which The number carried last year was.... Esteemed Friend :-In reply to thy note of yes have been tormed out of the Northwest Territory, Difference in favor of this year.. terday, it affords me pleasure to state that the char-bordering on the lakes, now number a population Making an increase in the whole number of ter of the company, which is one of the most liberal of four millions and a half: being 50 per cent more through and way passengers of about 20 per cent. ever granted by the Legislature of Pennsylvania, than the entire population of the United States at It appears from these figures that the business of authorises the construction of a railroad from Sun- the time of the Declaration of Independence. the road has sustained the same regular increase bury to Erie, a distance of 256) miles. The territory embraced between the Ocio river during the present year, which has characterised it and the lakes, from the western boundary of Penn- from the commencement; and which we have reasylvania to the Upper Mississippi, containing son to believe will be continued for some years to about 180 millions acres of arable land, measures come, by the growth of the country, the developeThis accomplished, will form, in connection with 280,000 square miles, being nearly twice as large ment of its resources, and the extension of railtheCattawissa," "Little Schuylkill" and Read- as France, and about six times as large as the roads. The slight addition to the running expensing roads, a continuous chain of railroads from Phil- whole of England. es of this year over the last, on the other hand, adelphia to Erie, without transhipment. The trade of the lakes, with which we seek a di- amounts to a sensible reduction, it viewed in conThe entire roule is within the State of Penneyl-rect connection, in the aggregate of foreign and do- nection with the increased business carried over vania mestic imports and exports at the several ports, the road. The increase of the net earnings therelargely exceeds $200,000,000 per annum. fore, is not only very satisfactory in itself, but bears The present avenues of travel between the lakes with it the evidence of a healthy growth, which afand the seaboard, are not only all doing a profitablefords assurance of its probable permanency. business, but they are entirely inadequate to the Under these circumstances, the board have been prompt and satisfactory execution of the business enabled to declare the usual dividend of five per already offering. cent, payable in stock, and to reserve out of their I have thus hastily thrown together some of the profits a surplus of $134,121 15-a result which facts and reasons which we think should induce we trust will be satisfactory to our stockholders. the citizens of Pennsylvania to furnish the means We indulge the confident hope that all future divifor building the Sunbury and Erie railroad. and dends will be made payable in cash, and with this thus open a connection with the lakes shorter and cheaper than any now in existence or projected. With this, I also send some statements and tables showing~~

The distance is only 425 miles, being 80 miles nearer than to New York, and 193 miles nearer than to Boston.

The highest grade will be 52 8-10 feet to the mile, and that for only 8 miles.

We propose to pay interest on the instalments from the date of payment, in the same manner as is done by the Pennsylvania railroad company. The time necessarily required to complete the road will be short. We are informed, on the authority of the first engineering talent of the country, that no portion of the work need exceed two Fears in construction.

The cost of the road, graded and bridged for a

prospect in view, so desirable to the holders of our stock, I deem it a suitable time to recur to the recommendation contained in my report of December, 1848, namely, the adoption of a fixed rate of