The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1847-08-14

Quotations for government securities have slightly
fallen of within the past fortnight while State stocks
and others in the list have pretty firmly maintained
Good dividend paying Railroad stocks command large
premium upon par, and they much sought after by
most cautious capitalists Stocks of the regenerated
delinquent States steadily advancing, and holders
have much faith in their ultimate value that inns
in the market price does not bring them
as rapidly as in times past They held almost en-
trey for investment and such the best securities
In the market Holders of Ilines and Indiana realize
about four per cent the investment at the present
market price, those who purchased when prices were
more depressed realize from six seven per cent on
the outlay Under these circumstances capitalists can
afford to hold the dividend is equal to the legal rate
of interest in this State and the margin foran advance
both in the market price and In the rate of interest is
80 great that they mnch sought after, and must
steadily improve
Those who intimately acquainted with the re-
of thewestern States that the estimates
relative to the revenue Of the public works of those
States much below what will without doubt be real
ized. We form idea of the rapid growth Of such
States as Indiana and Illinois, and 1t is utterly impos-
sibe to calculate with any degree of correctness what
the revenue from their public works will be from year
TO year, after they finished.
Those engaged in the arrangement of the financial af-
fairs Of the State Of Indiana have made an estimate of
each to 1853 showing after that year. the
whole interest the public debt that State can be
paid II such is the result of calculations based upon
the Of that portion of the canal now finished
do not hesitate to predict that the revenue will ak
coed the most sapgune expectations Long before the
period stipulated, the revenue will exceed the amount
named but 1t would not be good policy to resume the
payment Of the full interest moment before the wear
1889 no matter how favorable the condition of the
finances of the State may in the meantime be.
The Illinois and Michigan Canal will be completed by
the LIST OF November IN time however for the trans
poraton of produce this year. but it is expected every
thing will be ready upon the opening Of the spring Of
lei9. The annexed account Of this work, will give
better idea of it than any have heretofore SEEN and
will be interesting to the bondhoders of the State
ILLINOIS AND MICHIGAN CAsAL
The Illinois and Michigan Canal extends from Chica-
90, on Lake Michigan to La Sae ut the head of steam
boat Navigation on the Illinois river, distance of 10l
miles. Inc canal IL constructed the same size as the
proposed enlargement of the Erie Canal of New York
the water being feet in depth and sixty feet wide Mt
It's surface Inc locks are Ito feet long between the
gates ana 10 eet wide admitting the passage of boats
conveying 100 tons burden Upon the original plan this
canal was to be- supplied with drawn from
Lake Michigan II Ia now constructed with a symmit
level raised eight feet above the surface of th nd
the supply OF water is obtained part THROUGH fs.der
about miles long, from the Calumet river and In mart
by introducing the Des PLANES river which runs Tor
considerable distance along side Of the canal and
the surface OF which IL a level with tbs wstsr
In the canal at the summit These two sources viii, ann
ply in all ordinary seasons sufficient quantity Of vatr
for maximum trade the canal but In sea- aons ~ 49,
IRENE drought there will be deficiency of ao0 c,M.
feet per minute and to supply this periodical deAcien
the Of erection at the junction of tbe ,th
the Chicago river miles south OF the o,tv ~ Chio.
The power Of these engines to be applied In part to
cast iron cylinder pumps OF ~ diameter and in part 10