New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-11-06

arc tLlplOjGbi did AY-tYVY D Il4tiIIS' 1A8|J ~
sume $4,000 bales Of cotton per annum.
The Directors Of the Cleveland and Erie Rail
road have determined to put the Cleveland end
Of the road into the hands Of the contractors I'M
mediately, 1t is intended to have the portion OF
the road between Cleveland and gainesville, 80
miles completed and open for use by the lst ct
August next. The western connection with the
New-York and Erie Railroad at Dunkirk, will be
early completed.
The Directors Of the Buffalo and Conhocton
Valley Railroad Company have resolved to con
struct the road from Painted Post to Batavia, and
TO put it under contract with the least possible
delay A large proportion Of the capital stock
has already been subscribed and the Directors
with other wealthy individuals, have entered into
written obligations to procure subscriptions ior
the remainder OF the stock,
The remainder of the western division of the
PENNSYLVANIA Railroad was let on last Friday. The
contracts stipulase for the completion Of the work
by the Spring of 1852. Thus, the whole of this
great Improvement is now under contract, except
ing the mountain division and as the Portage
Railroad will be used temporarily part Of the
line the completion ofthe portions now in the hands
of contractors will establish continuous railway
communication between Philadelphia and Pitts
bureh
At Providence the money market was also easy
although there had been little alarm occasioned
by the developments in regard to the Mechanics
and Manufacturers Bank.
The Southern Bank of Alabama, has gone into
operation one-haf Of the capital stock having
been paid in in coin.
The Prorideuce JouJaa2 says holders of Print
ing Cloths have rather stiffened, but none OF the
LARGE printers have been in the market. Some
nprcLases have been made on speculation, and
negotiations were pending at the close OF the
week which may terminate in further operations.
Iii New York large sales are reported, with bet
ter feeling in the market, and tendency to adj
vance The sales have been 10000 pieces 60X64
28 in. private terms 900 pieces j2X50, % in. at
4lc.. 1000 pieces 48x56 27 IN at &C.; total $4,000
pieces
The receipts on the Old Colony Road show an
increase of 81 600 per week. The Providence
and Boston Road is also showing considerable
increase. The Northern Railroad has earned six
per cent. on its capital during the year ending
October 81.
The annexed reply to an attack on the South
crn Michigan Road which has appeared in several
city papers, is furnished by highly respectable
party fully competent to speak Understandings
and whose representations worthy of all con-
fdence His name is at the service ofany person
disposed to deny any of the statements herein.
Some enemy of the Michigan Southern Railroad signing
himself Michigan has taken the pains TO pay for an ad
vertsemcn in the Courier and Enquirer and Erress OF
Monday and the Journal Of Commerce of yesterday in
assai that Company, and msrcpresent its condition
The article to which we allude is substantially the same
article which appeared III the EEes' OF me LIN OF
MAY last Its misslaemens and perveisons were fully an
swered and exposed in reply which appeared IN inc RI
pre over the signature Of Michigan on the 25ih DAY OF
May last All who feel any interest IN the mater eau oasly
refer 10 that publication Ii only necessary mere 10 aluue
to few OF the points suggested III. ,t
The article in question speaks OF the debt owing by the
Company the State of Michigan, as that had been con
ccaled from unknown 10, the public so lar from
his being true the contrary the fact for the Com
pany in their printed statement issued by Committee OF
The Directors in offering their mortgage bonds for sale use
No other mortgage lien OF any kind exists on the
part this roud norris there any affecting the old por
ton othe road except that the State OF Michigan tusaen
upon The Of the balance OF purchase money still
unpaid the State TO the amount OF S75OO0 but vii! be
reduced December S2j00Q0 aud IS payable IN equal
semiamual lstaments But this lien is considered as
ely nominal and IN way affecting the value OF the Sc
cunynow oiered for amount is owing 10 the Compa
ny from the original Stockholders falling due al the times
The insalments the State fall due well secured. to an
amount considerably beyond the debt to the State Gpplca
bic only to the eXngUismen OF that debt Those install
mems have been regularly and promptly met the install
mems TO the State have fallen due Sixty per cent those
nstamens have already been paid the residue subject 10
forfeiture together with individual liability"
The article, also through ignorance or design gives an
erroneous impression tile net earnings OF the Company
II ' well known that the Eric and Kalamazoo Railroad
extending from Toledo Adrian, operated by the Alcl
gan Southern Road under permanent lease. The reYe
nues the Michigan Southern Railroad Company embrace
the earnings of the Erie and Kalamazoo Road as well us
those of The Road from Monroe llillsdale which was
built under the charter OF the Michigan Southern Company
Yet the Corporations are distinct Companies aud as
such required make separate reports TO the Secretary
Of State.
rave statement only the earnings otte Michigan South
ern Road ercusivc Of The earnings OF the Erie and hat1
na.oo Road From lst August, l84S, TO Slst December,
l849, the earnings on the Ere ana haazoo 'oaq mus
omitted from the statements exceeded $4,000. Making
this correction the earnings for l849 would, uponhe show
Ing of the article Itself, exceed $4,000.
A few simple facts will set tins matter right Preyous 10
ls August 1870 the Michigan Southern and the Erie and
Kalamazoo Roads hnd been rlyal roads cohles or os
mess and travel tending to or from Lake Ere-one erm
mating al Monroe, tile other at Toledo On Isl August
1919 both ROADS came under common managc9ent me
te of capacity OF the united Touds viii be found IN results
OF business since Their union For the first year ending 3st
of july 1885, the earnings exceeded SO2n torhe hrst
quarter the second year. ending Sst ct October last the
a quarter of a million OF dollars per year.
On the Isl OF July lac. the Company PAID from lis net
earnings dividend OF 81 per cent 10 rs iochhocs anu
it will be able the LIST OF january next 10 pay stil
larger dividend from the earnings OF The current SIX months
ana lis dividends will be regularly continued thereafter
The road covered by the mortgage has already cost I'M
Guiding the outlay by the State III Inc original colsucoh
than Sl600,OOQ, and when competed 10 me Slale
line OF Indiana and the present track aid viii have cost
more than S250O000 There will then be about 100 miles
Of road i'll Mclhgnn-hnshed IN Inc best manner witha
rail IS pounds the yard Tor the entire dstaucc-wh
ample equipment OF Engines and Cars, and the necessary
buildings aud station accommodations OF winch VIII
be htl by the mortgages security for SVJ0ON The
Capitalist who wishes invest viii look a. the intrinsic
security afforded.
Amortgage OF $O0oO00 road of $50 miles long, is
the rate OF about $500 per mile This must be
ceded 10 be one of The best securities in the West
The Michigan Central Road, with Glengh OF 2l8t miles
has bonded debt OF Siol0Hd equal 10 more than
SlS.0OQ per mile These Bonds have been readily negu
aed and held in this market and regarded as
good investment, although they not secured by mort
gage issued by virtue OF any particular statutory aUhO
MY the Michigan Central Road money enough
pay interest at per cent ON debt equal TO $4,000 per
mile ud the Ilme pay per dividends It's
stockholders las does ii quite evident that the Aich
gan Southern Road which IS beng built upon shorter and
more direct route from Lake Enc Chicago and which
mus, ultimately command the bulk ofhe lhroaghravel aud
business can sustain debt OF $500 per mile upon which
10 ninrasi AMi ihaI s Rnnis