The Sun.
London, England, 1867-06-01 00:00:00

of passes to cases of charity, and those required by the in-

Spirit of the A anerican Press.
THE PACIFI C RAILWAY.

terests of the company.
In regard to private freight expresses there are none
upon the road, but there are fast freight lines—two owned
by incorporated companies, and running to and from west-
ern States. These aro run also over about 900 miles of
other roads, and the effect is to bring over said roads to
the Pennsylvania Central much freight which would not
otherwise be obtained. They have, therefore, been posi-

By reference to the recent statements of the Se-
cretary of the Treasury ri;lative to the condition of
the connecting lines of -the Pacific Railway, it will
be seen that six hundre I and thirty-four miles of
this important work have been completed. The
Government subsidy paid for this extent of mileage
amounts to $12,920,000. The Californian end of
the line has made an .eastward advance of a hun-
dred miles over an ascent of six thousand feet ele-
vation. The tunnel through the summit of the Si-
erras is nearly half completed, and the grading has
so far been finished upon this side as to lead t,) the
confident expectation the t in less than three months
the rails will be laid to the mining region of Ne-
vada. It is noteworthy that this end of the road
has already proved largely remunerative, the net
earnings for one quarter amounting to the hand-
some sum of $281,363.35. The estimate of the
entire cost of the several lines composing this great
road, from the Missouri to the Pacific, is set down
at one hundred millions of dollars. Ten millions
additional will be required for equipment. At the
present rate of progress of construction, and
with correspondingly rapid returns for capital
invested, it is evident that the country will
not have to wait long for the final completion of
the great connecting line between the two oceans.
Conjoined with the line of Pacific steamers projected,
and already in partial communication with China
and Japan, it will become the great highway to Asia
for European nations, as well as ourselves. The
time between Hong Kong and New York will be
reduced to thirty days, and between Hong Kong
and Liverpool to forty days. A column of trade
will be poured over this avenue, whose far-reaching
consequences upon the future growth of the great
West can scarcely be grasped by the most com-
prehensive flight of imagination. The spread eagle
orators, who are so fond of expatiating upon " mani-
fest destiny," will find here an ample field for the
exercise of their rhetoric, while the practical busi-
ness man will see in such developments of material
greatness opportunities for the investment of capital
altogether beyond his previous experience.

tively beneficial.
The committee found that the officers and employers of
the road were interested in these private express lines to a
very limited extent, while neither the president, vice-
president, nor any of the directors are interested pecu-
niarly at all, and that by giving six months' notice they
may at any time terminate the contracts.
In regard to the expediency of issuing stock and bor-
rowing more money, a sub-committee of three carefully
investigated the financial condition of the company, while
another sub-committee of three investigated the subject of

original issues, but their investigations disclosed nothing
in any way at variance with the last annual report of the

directors.

The value of the rolling stock is much greater than the
amount standing to the debit of equipment of road in the
last annual report. The system of accounts is perfect and

accurate.
In conclusion, the committee referred to the extended
trips which they bad made over the various branches of
the road, for the purposes of their investigation, and are
more convinced that the policy of the managers has for its
object the increase of the commerce of our city, the
development of State resources, and the direct interest of

the stockholders.
But unless ample pecuniary means are provided, the
policy cannot be successfully carried out. Believing that
such means, if provided, will be so used as to conduce to
the public good, the committee recommend to the share-
holders the acceptance of the report of the Board of
Directors and the adoption of the resolutions appended
thereto. The 'epee was signed by Israel H. Johnson,
Henry Winsor, John C. Davis, Alan Wood, William P.

Cresson, and Charles Wheeler.
When Mr. Johnson had finished the reading there was
considerable manifestation of approval.

The statement prepared by the chairman of the com-
mittee was then read by him. It set forth the object for
which the committee had been raised, and said that al-

though ordered on the 19th of February it was not selected
until the 9th of March. Five of those chosen refused to
serve. Two new names were selected, and not ono of them
consented. It was not until twenty-one gentlemen were
notified and heard from that a committee was obtained.
On the 26th of March, thirty-five days after the annual
meeting, the committee was organised, and but twenty-
seven days were left for the discharge of their duties.
The chairman could not say anything as to the condition
of the road, as he did not accept the invitation to travel
over it with the remainder of the committee, but he had no
doubt that his colleagues had a pleasant time of it.
Some discrepancies were then noticed between the an-
nual report, as submitted to the stockholders, and the
statement made to the Auditor General of the Common-
wealth.

In reference to the system of free passes, it was stated
that its abuses elsewhere wore given as the reason for
continuing it hero. They have been issued in abundance,
and without any regard to the hands they might fall into.
The members of the Legislature have bad all they
wished of them. No record was kept, and it was
impossible to obtain the number during 1866. Time will
develop° whether the new system inaugurated this year
will work any better.
The claims of and objections to the fast freight expresses
were then alluded to, and tho report of the special com-
mittee to the Ohio Legislature on the subject was spoken
of, and its perusal advised by all who were interested in
the matter.
The subject of authorising the company to borrow money
was treated of at length.
Mr. John S. Mullen then submitted a resolution of thanks
to the committee, which was unanimously adopted.
On the motion of Mr. Theodore Cuyler, a formal reso-
lution was adopted, which endorsed the views of the ma-
jority of the comn.ittee, and approved the resolutions
attached to the report of the board of directors submitted
in February.
While these resolutions were under consideration, John
Mime, Esq., gave to the meeting his views in respect to
the act of the Legislature amending the charter of the
company. He said that it must be accepted or rejected
unconditionally. If he understood the question before the
meeting, the result of the stockholders responding " aye "
would be to grant to the president and board of directors
the power to act, without further consent, in such manner
and for such purposes as they may choose, to an extent that
will eventually increase the present capital stock of twenty
millions by an addition of fifteen millions, and the present
bonded debt of, say, ten millions by an addition of twenty-
five millions, making in all a prodigious total of seventy
millions. lie would ask what is the enormous increase
of stock and bonds of forty millions required for ? Is it to
complete the ten miles of double track? Is it to erect a
passenger depot at West Philadelphia ? Is it to aid a
steamship line to Liverpool ? All of these and other
legitimate objects would net require one-tenth of forty
millions. The annual report of the president for the past
few years had shown that the surplus revenue of the road,
after making good cash dividends, has enabled the
managers to invest annually about two and a quarter
millions of dollars for extraordinary expenses. This, the
gentleman thought, a very liberal margin, to meet the re-
quirements of increased traffic, and enough without in-
volving the company in forty millions of increased capital
and debt, and he for one solemnly protested against
his property being thus disturbed and encumbered. Ile
further protested against granting such vast power to any
agents without knowing in advance the specific objects
and purposes for which it is wanted.
Mr. Hulme proceeded to argue against the policy of the
stockholders giving up everything into the hands of the
president and directors. On the subject of fast freight
lines, the gentleman said that it was a fallacy to argue that
by secret organisations increased tonnage and profits are
realised by railroad companies. He would assert without
hesitation that fast freight lines, operated and run by rail-
road companies, can secure every pound of freight that
could be found by fast outsiders. The gentleman closed
by denying that there was any present necessity for action
on the important act of the Legislature submitted to the

meeting.
Theodore Cnyler, Esq., reminded Mr. Hulmo that ho
had, when a director of the company, voted in favour of
the establishment of a fast freight lino.
Mr. Hulme replied to the effect that at that time ho re-
garded the measure as a necessity in order to compete
with other roads. He now thought it was no longer
necessary.
The act which was pissed by the Legislature, authoris-
ing the increase of stock and the borrowing of money,
was then submitted to the meeting for its approval.
Mr. Isaac llazlehurst then offered a series of resolutions,
which were submitted to the stockholders for their vote.
These provided for the acceptance of the law as passed by
the Legislature.
A stock vote was demanded.
A recess of one hour was then agreed to, in which the
tellers were directed to take the vote in the specified
manner.

Resolutions of thanks to the officers of the company and
to the chairman of the meeting were the❑ passed.
Upon the meeting reassembling the vote was announced
as follows :—For the resolutions, 127,630 ; against, 2,319.
—Majority, 125,311. The meeting then adjourned.

The Erie Railroad will use coal burning loco-
motives exclusively hereafter, and has commenced
onselling h and*
woffestthee rn
railroads have suffered heavily by
wood
the recent floods, and it is estimated that the repair
of its lowa division will cost the Chicago and North
Western $700,000.
Nitro-glycerine is cutting the Pacific Railroad
Tunnel through the summit of the Sierra Nevadan
at the rate of 50 feet per week, and by mid-summer
50 miles of road will be added to the 91 already in
operation at the California end.
The car masters from a large number of leading
railroads have held a convention in Springfield, to
talk over matters of mutual interest and to examine
new inventions. They will form a national associa-
tion at Altoona, Pennsylvania, in September.
The Greenfield Gazette says that work on the old
Troy and Greenfield Railroad is rapidly progress-
ing. The grading bas been nearly done out to
Bardweil's Ferry, and the track through Wisdom
(Deerfield) laid for two or three miles. It is cal-
culated the road will be in a conditian to be run
over as far as Bardwell's Ferry by the last of July,
and to Shelburne Falls the forepart of November.
The road between the falls and the tunnel has been
let, and work commenced. The grading is to be
done this season, and the road in a running condi-
tion to the tunnel in July, 1868. Good progress is
being made upon the tunnel. In one week twenty-
six feet were completed.
One hundred and fifty workmen are engaged on
the grade for the second track of the Western Rail-
road between Middlefield and Washington.
The Housatonic Railroad has declared a dividend
of $1 per share on the preferred capital stock, pay-
able on the 25th.

FARMS IN LouIsIANA.--The Commissioner of
the General Land Office has official information showing
that during the months of January, February, and March
last, one hundred and fifty-nine farms, comprising in the
aggregate over twenty thousand acres, were added to the
product force of the State of Louisiana, under the Act
approved June 21st, 1866.
A strange disease has broken out in Long Is-
land, in the vicinity of Great Neck. It attacks animals in
their throats, incapacitates them from swallowing, and
death is sure to ensue, if not in twenty-four, in forty-
eight hours. One gentleman has lost seven fine horses,
valued at $B,OOO, within ten days. The most experienced
farriers have been at the stables, and state that they have
never, during their experience, seen animals affected with
a similar disease. The horses fallen victims to the disease
ipe 1244 facet breed.

THE SUN, LON UO.N, SATUR DAY EVENING, JUNE 1, 1867.

has been made, we cannot blame it so severely if
springing from the second class of motives as if
from the first. It does, however, seem strange that
trustworthy, intelligent, and unexcitable men can-
not be found to send us the real news of the day,
and not the distorted fictions of their own brains.
As used now, the news by the cable is simply a
fraud upon the public, and it is not the less repre-
hensible because the statements in large type are
contradicted immediately afterwards in small.
\\That everybody wants is a single truthful account,
and not two contradictory accounts, which cannot
both be true, and may possibly both be false.—
. Frank Leslie's Illustrated Newspaper.